UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09102
iShares, Inc. |
|
(Exact name of registrant as specified in charter) |
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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, 2020 |
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Date of reporting period: | February 29, 2020 |
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Item 1. Reports to Stockholders.
Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.
FEBRUARY 29, 2020 |
2020 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® MSCI Austria ETF |
Investment Objective
The iShares 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 | (4.50 | )% | (8.10 | )% | 4.47 | % | 2.25 | % | (8.10 | )% | 24.44 | % | 24.98 | % | |||||||
Fund Market | (3.13 | ) | (6.74 | ) | 4.79 | 2.39 | (6.74 | ) | 26.38 | 26.70 | |||||||||||
Index | (4.29 | ) | (8.09 | ) | 4.63 | 2.39 | (8.09 | ) | 25.37 | 26.59 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 955.00 | $ | 2.43 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 36.0 | % | ||
Energy | 13.7 | |||
Real Estate | 12.1 | |||
Industrials | 11.5 | |||
Materials | 11.2 | |||
Utilities | 8.0 | |||
Communication Services | 3.0 | |||
Information Technology | 2.0 | |||
Consumer Discretionary | 1.6 | |||
Consumer Staples | 0.9 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Erste Group Bank AG | 21.0 | % | ||
OMVAG | 12.4 | |||
Verbund AG | 6.3 | |||
Raiffeisen Bank International AG | 5.3 | |||
BAWAG Group AG | 4.6 | |||
ANDRITZAG | 4.6 | |||
CA Immobilien Anlagen AG | 4.6 | |||
voestalpine AG | 4.6 | |||
IMMOFINANZAG | 4.5 | |||
Wienerberger AG | 4.4 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI Belgium ETF |
Investment Objective
The iShares 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 | (7.65 | )% | (3.33 | )% | 1.83 | % | 6.07 | % | (3.33 | )% | 9.49 | % | 80.34 | % | |||||||
Fund Market | (5.90 | ) | (1.27 | ) | 2.32 | 6.28 | (1.27 | ) | 12.16 | 83.81 | |||||||||||
Index | (7.57 | ) | (3.34 | ) | 1.84 | 6.87 | (3.34 | ) | 9.54 | 94.35 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 923.50 | $ | 2.39 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 25.0 | % | ||
Consumer Staples | 22.7 | |||
Health Care | 18.8 | |||
Materials | 10.3 | |||
Real Estate | 9.6 | |||
Communication Services | 4.8 | |||
Information Technology | 2.8 | |||
Utilities | 1.8 | |||
Consumer Discretionary | 1.6 | |||
Energy | 1.4 | |||
Industrials | 1.2 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Anheuser-Busch InBev SA/NV | 20.2 | % | ||
KBC Group NV | 9.8 | |||
UCB SA | 7.0 | |||
Galapagos NV | 5.6 | |||
Umicore SA | 4.6 | |||
Groupe Bruxelles Lambert SA | 4.5 | |||
Ageas | 4.3 | |||
Solvay SA | 4.1 | |||
Argenx SE | 3.6 | |||
Cofinimmo SA | 2.5 |
(a) | Excludes money market funds. |
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Fund Summary as of February 29, 2020 | iShares® MSCI France ETF |
Investment Objective
The iShares 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 | (2.34 | )% | 0.45 | % | 4.00 | % | 4.73 | % | 0.45 | % | 21.67 | % | 58.68 | % | |||||||
Fund Market | (1.45 | ) | 1.58 | 4.35 | 4.88 | 1.58 | 23.71 | 61.10 | |||||||||||||
Index | (2.15 | ) | 0.40 | 3.95 | 4.70 | 0.40 | 21.37 | 58.37 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 976.60 | $ | 2.46 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Industrials | 22.1 | % | ||
Consumer Discretionary | 18.6 | |||
Consumer Staples | 10.6 | |||
Financials | 10.5 | |||
Health Care | 8.1 | |||
Energy | 6.8 | |||
Information Technology | 6.3 | |||
Materials | 5.3 | |||
Communication Services | 5.1 | |||
Utilities | 4.0 | |||
Real Estate | 2.6 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
LVMH Moet Hennessy Louis Vuitton SE | 7.6 | % | ||
Sanofi | 7.0 | |||
TOTALSA | 6.8 | |||
Airbus SE | 4.6 | |||
L'Oreal SA | 4.4 | |||
Air Liquide SA | 4.3 | |||
Schneider Electric SE | 3.7 | |||
BNP Paribas SA | 3.6 | |||
Vinci SA | 3.4 | |||
Safran SA | 3.0 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® MSCI Netherlands ETF |
Investment Objective
The iShares 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 | (0.97 | )% | 4.58 | % | 5.60 | % | 7.05 | % | 4.58 | % | 31.34 | % | 97.70 | % | |||||||
Fund Market | (0.18 | ) | 5.63 | 5.85 | 7.14 | 5.63 | 32.85 | 99.34 | |||||||||||||
Index | (0.76 | ) | 5.06 | 6.10 | 7.43 | 5.06 | 34.48 | 104.71 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 990.30 | $ | 2.47 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Information Technology | 28.2 | % | ||
Consumer Staples | 23.8 | |||
Financials | 11.2 | |||
Industrials | 10.6 | |||
Materials | 8.0 | |||
Consumer Discretionary | 7.2 | |||
Health Care | 6.7 | |||
Communication Services | 2.1 | |||
Energy | 1.4 | |||
Real Estate | 0.8 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
ASML Holding NV | 19.4 | % | ||
Unilever NV | 12.7 | |||
Koninklijke Philips NV | 6.5 | |||
ING Groep NV | 6.0 | |||
Prosus NV | 4.7 | |||
Koninklijke Ahold Delhaize NV | 4.4 | |||
NXP Semiconductors NV | 4.4 | |||
Heineken NV | 3.6 | |||
Wolters Kluwer NV | 3.5 | |||
Koninklijke DSM NV | 3.5 |
(a) | Excludes money market funds. |
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Fund Summary as of February 29, 2020 | iShares® MSCI Sweden ETF |
Investment Objective
The iShares 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 | 7.60 | % | 3.74 | % | 1.05 | % | 6.13 | % | 3.74 | % | 5.35 | % | 81.32 | % | |||||||
Fund Market | 9.30 | 5.88 | 1.42 | 6.35 | 5.88 | 7.29 | 85.05 | ||||||||||||||
Index | 7.45 | 2.85 | 0.29 | 5.70 | 2.85 | 1.44 | 74.12 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,076.00 | $ | 2.68 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.61 | 0.52 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Industrials | 37.0 | % | ||
Financials | 28.1 | |||
Information Technology | 10.5 | |||
Consumer Staples | 8.5 | |||
Consumer Discretionary | 6.5 | |||
Communication Services | 6.1 | |||
Materials | 1.7 | |||
Energy | 1.6 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Nordea Bank Abp | 6.8 | % | ||
Telefonaktiebolaget LM Ericsson, Class B | 6.6 | |||
Volvo AB, Class B | 6.4 | |||
Atlas Copco AB, Class A | 6.4 | |||
Investor AB, Class B | 6.1 | |||
Assa Abloy AB, Class B | 6.0 | |||
Essity AB, Class B | 4.5 | |||
Sandvik AB | 4.4 | |||
Hennes & Mauritz AB, Class B | 4.2 | |||
Skandinaviska Enskilda Banken AB, Class A | 4.1 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 5 |
Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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.
8 | 2 0 2 0 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) | iShares® MSCI Austria ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.8% | ||||||||
FACC AG(a) | 54,194 | $ | 529,812 | |||||
Air Freight & Logistics — 2.6% | ||||||||
Oesterreichische Post AG | 56,512 | 1,793,984 | ||||||
Banks — 30.4% | ||||||||
BAWAG Group AG(b) | 73,502 | 3,156,865 | ||||||
Erste Group Bank AG | 418,020 | 14,248,167 | ||||||
Raiffeisen Bank International AG | 176,617 | 3,623,041 | ||||||
21,028,073 | ||||||||
Chemicals — 2.2% | ||||||||
Lenzing AG | 23,122 | 1,544,220 | ||||||
Construction & Engineering — 0.9% | ||||||||
Porr AG(a) | 33,616 | 593,762 | ||||||
Construction Materials — 4.3% | ||||||||
Wienerberger AG | 116,869 | 2,962,888 | ||||||
Diversified Telecommunication Services — 3.0% | ||||||||
Telekom Austria AG | 273,174 | 2,055,465 | ||||||
Electric Utilities — 7.8% | ||||||||
EVN AG | 67,147 | 1,118,165 | ||||||
Verbund AG | 90,989 | 4,285,721 | ||||||
5,403,886 | ||||||||
Electrical Equipment — 0.8% | ||||||||
Zumtobel Group AG(c) | 73,210 | 579,006 | ||||||
Electronic Equipment, Instruments & Components — 1.9% | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 51,853 | 897,656 | ||||||
Kapsch TrafficCom AG | 19,185 | 442,549 | ||||||
1,340,205 | ||||||||
Energy Equipment & Services — 1.3% | ||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 22,975 | 935,026 | ||||||
Food Products — 0.9% | ||||||||
Agrana Beteiligungs AG | 32,521 | 627,290 | ||||||
Hotels, Restaurants & Leisure — 1.6% | ||||||||
DO & CO AG | 12,687 | 1,102,340 | ||||||
Insurance — 5.0% | ||||||||
UNIQA Insurance Group AG | 204,888 | 1,831,982 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 66,146 | 1,598,477 | ||||||
3,430,459 |
Security | Shares | Value | ||||||
Machinery — 6.3% | ||||||||
ANDRITZ AG | 89,712 | $ | 3,145,528 | |||||
Palfinger AG | 29,635 | 734,060 | ||||||
Semperit AG Holding(a)(c) | 37,293 | 446,513 | ||||||
4,326,101 | ||||||||
Metals & Mining — 4.5% | ||||||||
voestalpine AG | 142,846 | 3,103,663 | ||||||
Oil, Gas & Consumable Fuels — 12.2% | ||||||||
OMV AG. | 202,222 | 8,407,646 | ||||||
Real Estate Management & Development — 11.9% | ||||||||
CA Immobilien Anlagen AG | 77,307 | 3,141,960 | ||||||
IMMOFINANZ AG | 119,145 | 3,049,383 | ||||||
S IMMO AG | 77,257 | 2,036,710 | ||||||
8,228,053 | ||||||||
Total Common Stocks — 98.4% | ||||||||
(Cost: $86,976,770) | 67,991,879 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 1,066,637 | 1,067,384 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 27,000 | 27,000 | ||||||
1,094,384 | ||||||||
Total Short-Term Investments — 1.6% | ||||||||
(Cost: $1,093,944) | 1,094,384 | |||||||
Total Investments in Securities — 100.0% | ||||||||
(Cost: $88,070,714) | 69,086,263 | |||||||
Other Assets, Less Liabilities — 0.0% | 3,051 | |||||||
Net Assets — 100.0% | $ | 69,089,314 |
(a) | All or a portion of this security is on loan. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Non-income producing security. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
(f) | All or a portion of this security was purchased with 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 | 9 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Austria ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 1,211,200 | (144,563 | ) | 1,066,637 | $ | 1,067,384 | $ | 35,578 | (b) | $ | (53 | ) | $ | 200 | |||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 24,000 | 3,000 | 27,000 | 27,000 | 287 | — | — | ||||||||||||||||||
$ | 1,094,384 | $ | 35,865 | $ | (53 | ) | $ | 200 |
(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 | 29 | 03/20/20 | $ | 1,056 | $ | (134,792 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 134,792 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 156,162 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (172,950 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,148,087 |
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.
10 | 2 0 2 0 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) | iShares® MSCI Austria ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 67,991,879 | $ | — | $ | — | $ | 67,991,879 | ||||||||
Money Market Funds | 1,094,384 | — | — | 1,094,384 | ||||||||||||
$ | 69,086,263 | $ | — | $ | — | $ | 69,086,263 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (134,792 | ) | $ | — | $ | — | $ | (134,792 | ) |
(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 |
Schedule of Investments (unaudited) | iShares® MSCI Belgium ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.6% | ||||||||
bpost SA | 26,900 | $ | 218,894 | |||||
Banks — 9.8% | ||||||||
KBC Group NV | 50,039 | 3,299,019 | ||||||
Beverages — 20.1% | ||||||||
Anheuser-Busch InBev SA/NV | 121,906 | 6,793,133 | ||||||
Biotechnology — 9.2% | ||||||||
Argenx SE(a) | 8,928 | 1,216,063 | ||||||
Galapagos NV(a)(b) | 9,119 | 1,876,139 | ||||||
3,092,202 | ||||||||
Capital Markets — 0.8% | ||||||||
Gimv NV | 4,942 | 282,827 | ||||||
Chemicals — 9.6% | ||||||||
Recticel SA | 16,325 | 120,504 | ||||||
Solvay SA | 15,171 | 1,367,829 | ||||||
Tessenderlo Group SA(a) | 7,258 | 217,651 | ||||||
Umicore SA(b) | 36,860 | 1,529,264 | ||||||
3,235,248 | ||||||||
Construction & Engineering — 0.6% | ||||||||
Cie. d'Entreprises CFE | 2,170 | 189,022 | ||||||
Distributors — 1.0% | ||||||||
D'ieteren SA/NV | 6,100 | 353,789 | ||||||
Diversified Financial Services — 10.0% | ||||||||
Ackermans & van Haaren NV | 5,150 | 732,584 | ||||||
Groupe Bruxelles Lambert SA | 16,779 | 1,509,121 | ||||||
KBC Ancora | 9,225 | 393,168 | ||||||
Sofina SA | 3,391 | 727,089 | ||||||
3,361,962 | ||||||||
Diversified Telecommunication Services — 2.4% | ||||||||
Proximus SADP | 32,975 | 809,910 | ||||||
Electric Utilities — 1.8% | ||||||||
Elia Group SA/NV | 6,180 | 611,636 | ||||||
Electronic Equipment, Instruments & Components — 1.3% | ||||||||
Barco NV | 2,125 | 452,369 | ||||||
Entertainment — 0.6% | ||||||||
Kinepolis Group NV | 4,162 | 218,529 | ||||||
Equity Real Estate Investment Trusts (REITs) — 9.6% | ||||||||
Aedifica SA | 5,416 | 698,437 | ||||||
Befimmo SA | 5,704 | 304,819 | ||||||
Cofinimmo SA | 5,309 | 840,927 | ||||||
Intervest Offices & Warehouses NV | 6,238 | 174,044 | ||||||
Montea CVA | 2,875 | 268,749 | ||||||
Retail Estates NV | 2,571 | 202,489 | ||||||
Warehouses De Pauw CVA | 27,775 | 738,328 | ||||||
3,227,793 | ||||||||
Food & Staples Retailing — 1.7% | ||||||||
Colruyt SA | 12,479 | 573,250 | ||||||
Health Care Equipment & Supplies — 0.6% | ||||||||
Biocartis NV(a)(b)(c) | 18,307 | 99,943 | ||||||
Ion Beam Applications(a)(b) | 9,539 | 92,889 | ||||||
192,832 |
Security | Shares | Value | ||||||
Health Care Providers & Services — 1.0% | ||||||||
Fagron | 15,497 | $ | 324,112 | |||||
Health Care Technology — 0.6% | ||||||||
AGFA-Gevaert NV(a) | 45,547 | 199,524 | ||||||
Insurance — 4.3% | ||||||||
Ageas | 31,213 | 1,435,894 | ||||||
IT Services — 0.4% | ||||||||
Econocom Group SA/NV | 50,321 | 139,956 | ||||||
Media — 1.2% | ||||||||
Telenet Group Holding NV | 10,910 | 413,691 | ||||||
Metals & Mining — 0.6% | ||||||||
Bekaert SA | 10,050 | 215,158 | ||||||
Oil, Gas & Consumable Fuels — 1.4% | ||||||||
Euronav NV | 42,528 | 383,763 | ||||||
Exmar NV(a)(b) | 18,108 | 93,188 | ||||||
476,951 | ||||||||
Personal Products — 0.8% | ||||||||
Ontex Group NV | 18,256 | 272,725 | ||||||
Pharmaceuticals — 7.4% | ||||||||
Mithra Pharmaceuticals SA(a)(b) | 5,475 | 133,270 | ||||||
UCB SA | 25,785 | 2,366,714 | ||||||
2,499,984 | ||||||||
Semiconductors & Semiconductor Equipment — 1.0% | ||||||||
Melexis NV | 4,976 | 340,525 | ||||||
Textiles, Apparel & Luxury Goods — 0.6% | ||||||||
Sioen Industries NV | 4,455 | 90,629 | ||||||
Van de Velde NV | 3,645 | 98,495 | ||||||
189,124 | ||||||||
Wireless Telecommunication Services — 0.5% | ||||||||
Orange Belgium SA | 9,287 | 175,462 | ||||||
Total Common Stocks — 99.5% | ||||||||
(Cost: $43,737,545) | 33,595,521 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 9.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 3,090,195 | 3,092,358 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 14,000 | 14,000 | ||||||
3,106,358 | ||||||||
Total Short-Term Investments — 9.2% | ||||||||
(Cost: $3,105,853) | 3,106,358 | |||||||
Total Investments in Securities — 108.7% | ||||||||
(Cost: $46,843,398) | 36,701,879 | |||||||
Other Assets, Less Liabilities — (8.7)%. | (2,930,242 | ) | ||||||
Net Assets — 100.0% | $ | 33,771,637 |
(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. |
12 | 2 0 2 0 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) | iShares® MSCI Belgium ETF |
February 29, 2020 |
(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 1,699,780 | 1,390,415 | 3,090,195 | $ | 3,092,358 | $ | 20,013 | (b) | $ | 145 | $ | 89 | |||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 19,000 | (5,000 | ) | 14,000 | 14,000 | 192 | — | — | |||||||||||||||||
$ | 3,106,358 | $ | 20,205 | $ | 145 | $ | 89 |
(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 | 1 | 03/20/20 | $ | 36 | $ | (4,652 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 4,652 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 3,078 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (4,652 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | �� | |||
Average notional value of contracts — long | $ | 52,953 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S c h e d u l e o f I n v e s t m e n t s | 13 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Belgium ETF |
February 29, 2020 |
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 29, 2020. 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 | $ | 33,595,521 | $ | — | $ | — | $ | 33,595,521 | ||||||||
Money Market Funds | 3,106,358 | — | — | 3,106,358 | ||||||||||||
$ | 36,701,879 | $ | — | $ | — | $ | 36,701,879 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (4,652 | ) | $ | — | $ | — | $ | (4,652 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
14 | 2 0 2 0 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) | iShares® MSCI France ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 8.5% | ||||||||
Airbus SE | 319,716 | $ | 37,963,847 | |||||
Dassault Aviation SA | 1,361 | 1,403,795 | ||||||
Safran SA | 179,189 | 24,426,615 | ||||||
Thales SA | 58,600 | 5,844,719 | ||||||
69,638,976 | ||||||||
Auto Components — 1.8% | ||||||||
Cie. Generale des Etablissements Michelin SCA | 93,808 | 9,916,894 | ||||||
Faurecia SE | 41,726 | 1,873,690 | ||||||
Valeo SA | 131,990 | 3,302,744 | ||||||
15,093,328 | ||||||||
Automobiles — 1.1% | ||||||||
Peugeot SA | 321,442 | 6,180,803 | ||||||
Renault SA | 105,725 | 3,076,959 | ||||||
9,257,762 | ||||||||
Banks — 6.1% | ||||||||
BNP Paribas SA | 616,050 | 29,629,305 | ||||||
Credit Agricole SA | 633,208 | 7,518,864 | ||||||
Societe Generale SA | 443,538 | 12,467,555 | ||||||
49,615,724 | ||||||||
Beverages — 2.4% | ||||||||
Pernod Ricard SA | 116,184 | 18,683,901 | ||||||
Remy Cointreau SA | 12,443 | 1,247,206 | ||||||
19,931,107 | ||||||||
Building Products — 1.1% | ||||||||
Cie. de Saint-Gobain | 269,087 | 9,340,281 | ||||||
Capital Markets — 0.6% | ||||||||
Amundi SA(a) | 33,134 | 2,353,004 | ||||||
Natixis SA | 521,697 | 2,101,403 | ||||||
4,454,407 | ||||||||
Chemicals — 4.7% | ||||||||
Air Liquide SA | 259,161 | 34,986,596 | ||||||
Arkema SA | 37,819 | 3,533,585 | ||||||
38,520,181 | ||||||||
Construction & Engineering — 4.6% | ||||||||
Bouygues SA | 122,411 | 4,770,723 | ||||||
Eiffage SA | 42,827 | 4,535,915 | ||||||
Vinci SA | 281,856 | 28,167,829 | ||||||
37,474,467 | ||||||||
Diversified Financial Services — 0.4% | ||||||||
Eurazeo SE | 21,496 | 1,430,904 | ||||||
Wendel SA | 14,816 | 1,801,601 | ||||||
3,232,505 | ||||||||
Diversified Telecommunication Services — 1.9% | ||||||||
Iliad SA | 8,161 | 1,132,209 | ||||||
Orange SA | 1,093,972 | 14,648,396 | ||||||
15,780,605 | ||||||||
Electric Utilities — 0.6% | ||||||||
Electricite de France SA | 334,850 | 4,630,802 | ||||||
Electrical Equipment — 5.0% | ||||||||
Legrand SA | 145,966 | 11,066,412 | ||||||
Schneider Electric SE | 302,913 | 30,112,488 | ||||||
41,178,900 | ||||||||
Electronic Equipment, Instruments & Components — 0.6% | ||||||||
Ingenico Group SA | 33,040 | 4,643,661 |
Security | Shares | Value | ||||||
Entertainment — 2.1% | ||||||||
Bollore SA | 484,660 | $ | 1,652,491 | |||||
Ubisoft Entertainment SA(b) | 49,539 | 3,666,556 | ||||||
Vivendi SA | 453,985 | 11,479,606 | ||||||
16,798,653 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.6% | ||||||||
Covivio | 26,346 | 2,778,216 | ||||||
Gecina SA | 25,108 | 4,432,086 | ||||||
ICADE | 16,465 | 1,632,259 | ||||||
Klepierre SA | 108,011 | 3,205,778 | ||||||
Unibail-Rodamco-Westfield. | 75,804 | 9,076,090 | ||||||
21,124,429 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
Carrefour SA | 332,239 | 5,709,609 | ||||||
Casino Guichard Perrachon SA(c) | 29,143 | 1,126,506 | ||||||
6,836,115 | ||||||||
Food Products — 2.9% | ||||||||
Danone SA | 338,300 | 23,678,703 | ||||||
Health Care Equipment & Supplies — 0.3% | ||||||||
BioMerieux | 22,402 | 2,051,032 | ||||||
Hotels, Restaurants & Leisure — 1.0% | ||||||||
Accor SA | 96,339 | 3,457,255 | ||||||
Sodexo SA | 48,285 | 4,600,572 | ||||||
8,057,827 | ||||||||
Household Durables — 0.2% | ||||||||
SEB SA | 12,450 | 1,630,143 | ||||||
Insurance — 3.5% | ||||||||
AXA SA | 1,058,583 | 24,366,477 | ||||||
CNP Assurances | 94,677 | 1,471,570 | ||||||
SCOR SE | 86,949 | 3,104,046 | ||||||
28,942,093 | ||||||||
IT Services — 3.1% | ||||||||
Atos SE | 53,714 | 3,970,843 | ||||||
Capgemini SE | 87,110 | 9,493,960 | ||||||
Edenred | 133,463 | 6,915,235 | ||||||
Worldline SA(a)(b) | 69,962 | 5,291,104 | ||||||
25,671,142 | ||||||||
Life Sciences Tools & Services — 0.7% | ||||||||
Eurofins Scientific SE(c) | 6,311 | 3,152,817 | ||||||
Sartorius Stedim Biotech | 15,247 | 2,875,642 | ||||||
6,028,459 | ||||||||
Machinery — 0.6% | ||||||||
Alstom SA | 104,602 | 5,111,902 | ||||||
Media — 1.1% | ||||||||
Eutelsat Communications SA | 94,205 | 1,266,589 | ||||||
JCDecaux SA | 46,734 | 1,067,767 | ||||||
Publicis Groupe SA | 118,713 | 4,561,401 | ||||||
SES SA | 200,490 | 2,285,968 | ||||||
9,181,725 | ||||||||
Metals & Mining — 0.6% | ||||||||
ArcelorMittal SA | 364,793 | 5,143,472 | ||||||
Multi-Utilities — 3.4% | ||||||||
Engie SA | 1,001,444 | 16,533,538 | ||||||
Suez | 187,713 | 2,944,440 |
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) | iShares® MSCI France ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Multi-Utilities (continued) | ||||||||
Veolia Environnement SA | 295,252 | $ | 8,409,604 | |||||
27,887,582 | ||||||||
Oil, Gas & Consumable Fuels — 6.8% | ||||||||
TOTAL SA | 1,314,951 | 55,436,358 | ||||||
Personal Products — 4.4% | ||||||||
L'Oreal SA | 137,589 | 36,423,436 | ||||||
Pharmaceuticals — 7.1% | ||||||||
Ipsen SA | 20,750 | 1,335,660 | ||||||
Sanofi | 617,842 | 56,960,633 | ||||||
58,296,293 | ||||||||
Professional Services — 1.4% | ||||||||
Bureau Veritas SA | 161,204 | 3,904,492 | ||||||
Teleperformance | 32,182 | 7,769,998 | ||||||
11,674,490 | ||||||||
Semiconductors & Semiconductor Equipment — 1.2% | ||||||||
STMicroelectronics NV | 373,805 | 10,022,892 | ||||||
Software — 1.4% | ||||||||
Dassault Systemes SE | 71,967 | 11,225,402 | ||||||
Textiles, Apparel & Luxury Goods — 14.4% | ||||||||
EssilorLuxottica SA | 155,482 | 21,024,144 | ||||||
Hermes International | 17,363 | 12,015,600 | ||||||
Kering SA | 41,501 | 23,057,783 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 152,304 | 62,042,565 | ||||||
118,140,092 | ||||||||
Transportation Infrastructure — 0.8% | ||||||||
Aeroports de Paris | 16,336 | 2,400,944 | ||||||
Getlink SE | 241,150 | 3,862,112 | ||||||
6,263,056 | ||||||||
Total Common Stocks — 99.8% | ||||||||
(Cost: $962,853,410) | 818,418,002 |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 4,056,959 | $ | 4,059,799 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 501,000 | 501,000 | ||||||
4,560,799 | ||||||||
Total Short-Term Investments — 0.6% | ||||||||
(Cost: $4,559,593) | 4,560,799 | |||||||
Total Investments in Securities — 100.4% | ||||||||
(Cost: $967,413,003) | 822,978,801 | |||||||
Other Assets, Less Liabilities — (0.4)% | (3,251,313 | ) | ||||||
Net Assets — 100.0% | $ | 819,727,488 |
(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. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 9,131,775 | (5,074,816 | ) | 4,056,959 | $ | 4,059,799 | $ | 136,231 | (b) | $ | 662 | $ | 835 | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 436,000 | 65,000 | 501,000 | 501,000 | 3,789 | — | — | ||||||||||||||||||
$ | 4,560,799 | $ | 140,020 | $ | 662 | $ | 835 |
(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. |
16 | 2 0 2 0 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) | iShares® MSCI France ETF |
February 29, 2020 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
CAC 40 Index | 20 | 03/20/20 | $ | 1,166 | $ | (165,258 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 165,258 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 138,732 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (219,265 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,541,740 |
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 29, 2020. 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 | $ | 818,418,002 | $ | — | $ | — | $ | 818,418,002 | ||||||||
Money Market Funds | 4,560,799 | — | — | 4,560,799 | ||||||||||||
$ | 822,978,801 | $ | — | $ | — | $ | 822,978,801 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (165,258 | ) | $ | — | $ | — | $ | (165,258 | ) |
(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) | iShares® MSCI Netherlands ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.2% | ||||||||
PostNL NV | 246,681 | $ | 372,579 | |||||
Banks — 7.2% | ||||||||
ABN AMRO Bank NV, CVA(a) | 162,575 | 2,221,541 | ||||||
ING Groep NV | 1,342,478 | 12,695,214 | ||||||
NIBC Holding NV(a) | 23,744 | 252,731 | ||||||
15,169,486 | ||||||||
Beverages — 6.6% | ||||||||
Coca-Cola European Partners PLC | 87,363 | 4,452,018 | ||||||
Heineken Holding NV | 22,440 | 1,967,007 | ||||||
Heineken NV | 75,954 | 7,527,203 | ||||||
13,946,228 | ||||||||
Biotechnology — 0.2% | ||||||||
Pharming Group NV(b) | 318,656 | 391,856 | ||||||
Capital Markets — 0.2% | ||||||||
Flow Traders(a) | 19,930 | 474,621 | ||||||
Chemicals — 7.4% | ||||||||
Akzo Nobel NV | 83,211 | 6,594,733 | ||||||
Corbion NV | 29,286 | 1,058,367 | ||||||
Koninklijke DSM NV | 66,027 | 7,379,656 | ||||||
OCI NV(b) | 40,608 | 676,002 | ||||||
15,708,758 | ||||||||
Construction & Engineering — 1.2% | ||||||||
Arcadis NV | 38,583 | 877,297 | ||||||
Boskalis Westminster(c) | 40,540 | 881,494 | ||||||
Koninklijke BAM Groep NV | 144,244 | 389,140 | ||||||
Koninklijke Volkerwessels NV | 17,273 | 415,520 | ||||||
2,563,451 | ||||||||
Diversified Financial Services — 0.0% | ||||||||
SRH NV(b)(c)(d) | 68,952 | 1 | ||||||
Diversified Telecommunication Services — 1.5% | ||||||||
Koninklijke KPN NV | 1,335,796 | 3,229,537 | ||||||
Electrical Equipment — 1.3% | ||||||||
Kendrion NV | 13,982 | 278,296 | ||||||
SIF Holding NV(c) | 12,575 | 181,503 | ||||||
Signify NV(a) | 50,801 | 1,495,503 | ||||||
TKH Group NV | 19,630 | 883,203 | ||||||
2,838,505 | ||||||||
Energy Equipment & Services — 0.7% | ||||||||
Fugro NV, CVA(b)(c) | 43,976 | 347,412 | ||||||
SBM Offshore NV | 75,629 | 1,182,568 | ||||||
1,529,980 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.9% | ||||||||
Eurocommercial Properties NV | 24,397 | 534,102 | ||||||
NSI NV | 12,198 | 612,999 | ||||||
Vastned Retail NV | 11,846 | 297,330 | ||||||
Wereldhave NV(c) | 21,756 | 345,324 | ||||||
1,789,755 | ||||||||
Food & Staples Retailing — 4.4% | ||||||||
Koninklijke Ahold Delhaize NV | 398,323 | 9,267,050 | ||||||
Food Products — 0.1% | ||||||||
ForFarmers NV | 34,073 | 205,851 |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies — 6.5% | ||||||||
Koninklijke Philips NV | 320,367 | $ | 13,625,840 | |||||
Hotels, Restaurants & Leisure — 0.3% | ||||||||
Basic-Fit NV(a)(b) | 16,474 | 549,209 | ||||||
Household Durables — 0.2% | ||||||||
TomTom NV | 39,560 | 396,785 | ||||||
Insurance — 3.8% | ||||||||
Aegon NV | 690,958 | 2,330,835 | ||||||
ASR Nederland NV | 54,150 | 1,791,569 | ||||||
NN Group NV | 114,328 | 3,872,997 | ||||||
7,995,401 | ||||||||
Internet & Direct Marketing Retail — 6.5% | ||||||||
Just Eat Takeaway(a)(b) | 44,596 | 3,884,627 | ||||||
Prosus NV(b) | 140,020 | 9,792,759 | ||||||
13,677,386 | ||||||||
IT Services — 2.8% | ||||||||
Adyen NV(a)(b) | 3,915 | 3,428,303 | ||||||
InterXion Holding NV(b) | 28,888 | 2,452,302 | ||||||
5,880,605 | ||||||||
Leisure Products — 0.2% | ||||||||
Accell Group NV | 17,222 | 471,046 | ||||||
Machinery — 0.7% | ||||||||
Aalberts NV | 41,214 | 1,527,913 | ||||||
Media — 0.6% | ||||||||
Altice Europe NV(b) | 240,352 | 1,278,623 | ||||||
Metals & Mining — 0.5% | ||||||||
AMG Advanced Metallurgical Group NV(c) | 16,849 | 388,663 | ||||||
Constellium SE, Class A(b) | 55,129 | 683,600 | ||||||
1,072,263 | ||||||||
Oil, Gas & Consumable Fuels — 0.7% | ||||||||
Koninklijke Vopak NV | 30,118 | 1,427,536 | ||||||
Personal Products — 12.7% | ||||||||
Unilever NV | 512,274 | 26,793,303 | ||||||
Professional Services — 5.0% | ||||||||
Brunel International NV | 22,596 | 185,161 | ||||||
Intertrust NV(a) | 36,598 | 611,458 | ||||||
Randstad NV | 47,011 | 2,412,068 | ||||||
Wolters Kluwer NV | 102,172 | 7,443,147 | ||||||
10,651,834 | ||||||||
Semiconductors & Semiconductor Equipment — 25.4% | ||||||||
ASM International NV | 19,794 | 2,281,898 | ||||||
ASML Holding NV | 149,672 | 40,789,415 | ||||||
BE Semiconductor Industries NV | 34,649 | 1,335,912 | ||||||
NXP Semiconductors NV | 80,565 | 9,159,435 | ||||||
53,566,660 | ||||||||
Trading Companies & Distributors — 2.0% | ||||||||
AerCap Holdings NV(b) | 48,748 | 2,538,796 | ||||||
IMCD NV | 21,868 | 1,776,345 | ||||||
4,315,141 | ||||||||
Total Common Stocks — 99.8% | ||||||||
(Cost: $225,615,363) | 210,717,203 |
18 | 2 0 2 0 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) | iShares® MSCI Netherlands ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(e)(f)(g) | 1,490,343 | $ | 1,491,386 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(e)(f) | 125,000 | 125,000 | ||||||
1,616,386 | ||||||||
Total Short-Term Investments — 0.8% | ||||||||
(Cost: $1,615,937) | 1,616,386 | |||||||
Total Investments in Securities — 100.6% | ||||||||
(Cost: $227,231,300) | 212,333,589 | |||||||
Other Assets, Less Liabilities — (0.6)% | (1,249,688 | ) | ||||||
Net Assets — 100.0% | $ | 211,083,901 |
(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) | 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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 2,182,420 | (692,077 | ) | 1,490,343 | $ | 1,491,386 | $ | 23,911 | (b) | $ | 133 | $ | 228 | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 102,000 | 23,000 | 125,000 | 125,000 | 751 | — | — | ||||||||||||||||||
$ | 1,616,386 | $ | 24,662 | $ | 133 | $ | 228 |
(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 | 7 | 03/20/20 | $ | 255 | $ | (35,314 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 35,314 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
S c h e d u l e o f I n v e s t m e n t s | 19 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Netherlands ETF |
February 29, 2020 |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 50,901 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (51,382 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 435,416 |
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 29, 2020. 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 | $ | 210,717,202 | $ | — | $ | 1 | $ | 210,717,203 | ||||||||
Money Market Funds | 1,616,386 | — | — | 1,616,386 | ||||||||||||
$ | 212,333,588 | $ | — | $ | 1 | $ | 212,333,589 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (35,314 | ) | $ | — | $ | — | $ | (35,314 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
20 | 2 0 2 0 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) | iShares® MSCI Sweden ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 18.3% | ||||||||
Nordea Bank Abp | 1,912,908 | $ | 14,932,170 | |||||
Skandinaviska Enskilda Banken AB, Class A | 952,092 | 8,979,721 | ||||||
Svenska Handelsbanken AB, Class A | 897,733 | 8,933,717 | ||||||
Swedbank AB, Class A | 528,289 | 7,887,472 | ||||||
40,733,080 | ||||||||
Building Products — 5.9% | ||||||||
Assa Abloy AB, Class B | 591,599 | 13,113,287 | ||||||
Commercial Services & Supplies — 1.3% | ||||||||
Securitas AB, Class B | 214,244 | 2,881,602 | ||||||
Communications Equipment — 6.4% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,818,091 | 14,379,554 | ||||||
Construction & Engineering — 2.1% | ||||||||
Skanska AB, Class B | 219,412 | 4,727,663 | ||||||
Diversified Financial Services — 9.2% | ||||||||
Industrivarden AB, Class C | 119,036 | 2,655,721 | ||||||
Investor AB, Class B | 268,997 | 13,243,006 | ||||||
Kinnevik AB, Class B | 135,472 | 2,717,796 | ||||||
L E Lundbergforetagen AB, Class B | 45,575 | 1,866,229 | ||||||
20,482,752 | ||||||||
Diversified Telecommunication Services — 3.1% | ||||||||
Telia Co. AB | 1,770,627 | 6,927,198 | ||||||
Electronic Equipment, Instruments & Components — 3.9% | ||||||||
Hexagon AB, Class B | 163,125 | 8,624,756 | ||||||
Food & Staples Retailing — 1.0% | ||||||||
ICA Gruppen AB | 59,802 | 2,219,344 | ||||||
Household Durables — 2.3% | ||||||||
Electrolux AB, Series B | 156,188 | 3,132,588 | ||||||
Husqvarna AB, Class B | 296,556 | 1,964,377 | ||||||
5,096,965 | ||||||||
Household Products — 4.4% | ||||||||
Essity AB, Class B | 330,823 | 9,813,689 | ||||||
Machinery — 26.9% | ||||||||
Alfa Laval AB | 195,137 | 4,349,528 | ||||||
Atlas Copco AB, Class A | 396,799 | 13,878,613 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Atlas Copco AB, Class B | 226,963 | $ | 6,924,700 | |||||
Epiroc AB, Class A | 391,847 | 4,468,101 | ||||||
Epiroc AB, Class B | 225,874 | 2,498,683 | ||||||
Sandvik AB. | 590,882 | 9,653,919 | ||||||
SKF AB, Class B | 247,336 | 4,285,922 | ||||||
Volvo AB, Class B | 911,031 | 13,982,467 | ||||||
60,041,933 | ||||||||
Metals & Mining — 1.6% | ||||||||
Boliden AB | 175,839 | 3,598,360 | ||||||
Oil, Gas & Consumable Fuels — 1.6% | ||||||||
Lundin Petroleum AB. | 129,232 | 3,588,334 | ||||||
Specialty Retail — 4.1% | ||||||||
Hennes & Mauritz AB, Class B. | 508,797 | 9,097,900 | ||||||
Tobacco — 2.9% | ||||||||
Swedish Match AB | 110,809 | 6,395,882 | ||||||
Wireless Telecommunication Services — 2.9% | ||||||||
Millicom International Cellular SA, SDR | 51,317 | 2,332,134 | ||||||
Tele2 AB, Class B. . | 285,809 | 4,110,949 | ||||||
6,443,083 | ||||||||
Total Common Stocks — 97.9% | ||||||||
(Cost: $276,100,495) | 218,165,382 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(a)(b) | 102,000 | 102,000 | ||||||
Total Short-Term Investments — 0.0% | ||||||||
(Cost: $102,000) | 102,000 | |||||||
Total Investments in Securities — 97.9% | ||||||||
(Cost: $276,202,495) | 218,267,382 | |||||||
Other Assets, Less Liabilities — 2.1% | 4,609,879 | |||||||
Net Assets — 100.0% | $ | 222,877,261 |
(a) | Affiliate of the Fund. |
(b) | 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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | — | — | — | $ | — | $ | 364 | (b) | $ | — | $ | — | |||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 78,000 | 24,000 | 102,000 | 102,000 | 1,312 | — | — | ||||||||||||||||||
$ | 102,000 | $ | 1,676 | $ | — | $ | — |
(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) | iShares® MSCI Sweden ETF |
February 29, 2020 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
OMXS 30 Index | 263 | 03/20/20 | $ | 4,534 | $ | (581,554 | ) |
Forward Foreign Currency Exchange Contracts
Unrealized | |||||||||||||||
Appreciation | |||||||||||||||
Currency | Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||
USD | 878,179 | EUR | 786,934 | SCB | 03/20/20 | $ | 12,863 | ||||||||
USD | 8,236,470 | SEK | 77,306,278 | SCB | 03/20/20. | 256,266 | |||||||||
269,129 | |||||||||||||||
SEK | 1,784,216 | USD | 190,792 | SCB | 03/20/20 | (6,611 | ) | ||||||||
Net unrealized appreciation | $ | 262,518 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | Foreign Currency Exchange Contracts | Total | ||||||||||
Assets — Derivative Financial Instruments | ||||||||||||
Forward foreign currency exchange contracts | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ | — | $ | 269,129 | $ | 269,129 | ||||||
Liabilities — Derivative Financial Instruments | ||||||||||||
Futures contracts | ||||||||||||
Unrealized depreciation on futures contracts(a) | $ | 581,554 | $ | — | $ | 581,554 | ||||||
Forward foreign currency exchange contracts | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | $ | — | $ | 6,611 | $ | 6,611 | ||||||
$ | 581,554 | $ | 6,611 | $ | 588,165 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | Foreign Currency Exchange Contracts | Total | ||||||||||
Net Realized Gain (Loss) from: | ||||||||||||
Futures contracts | $ | 1,017,660 | $ | — | $ | 1,017,660 | ||||||
Forward foreign currency exchange contracts | — | 259,844 | 259,844 | |||||||||
$ | 1,017,660 | $ | 259,844 | $ | 1,277,504 | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures contracts | $ | (749,215 | ) | $ | — | $ | (749,215 | ) | ||||
Forward foreign currency exchange contracts | — | (249,726 | ) | (249,726 | ) | |||||||
$ | (749,215 | ) | $ | (249,726 | ) | $ | (998,941 | ) |
22 | 2 0 2 0 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) | iShares® MSCI Sweden ETF |
February 29, 2020 |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 4,748,459 | ||
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 63,597 | ||
Average amounts sold — in USD | $ | 8,985,086 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:
Assets | Liabilities | |||||||
Derivative Financial Instruments: | ||||||||
Futures contracts | $ | — | $ | 581,554 | ||||
Forward foreign currency exchange contracts | 269,129 | 6,611 | ||||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | $ | 269,129 | $ | 588,165 | ||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (581,554 | ) | |||||
Total derivative assets and liabilities subject to an MNA | $ | 269,129 | $ | 6,611 |
The following tables present 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) | |||||||||
Standard Chartered Bank | $ | 269,129 | $ | (6,611 | ) | $ | 262,518 |
Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Net Amount of Derivative Liabilities | |||||||||
Standard Chartered Bank | $ | 6,611 | $ | (6,611 | ) | $ | — |
(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.
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) | iShares® MSCI Sweden ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 218,165,382 | $ | — | $ | — | $ | 218,165,382 | ||||||||
Money Market Funds | 102,000 | — | — | 102,000 | ||||||||||||
$ | 218,267,382 | $ | — | $ | — | $ | 218,267,382 | |||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 269,129 | $ | — | $ | 269,129 | ||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | (6,611 | ) | — | (6,611 | ) | ||||||||||
Futures Contracts | (581,554 | ) | — | — | (581,554 | ) | ||||||||||
$ | (581,554 | ) | $ | 262,518 | $ | — | $ | (319,036 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
24 | 2 0 2 0 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 29, 2020
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan) (a): | ||||||||||||||||
Unaffiliated (b) | $ | 67,991,879 | $ | 33,595,521 | $ | 818,418,002 | $ | 210,717,203 | ||||||||
Affiliated (c) | 1,094,384 | 3,106,358 | 4,560,799 | 1,616,386 | ||||||||||||
Cash | 719 | 951 | 73 | 14,396 | ||||||||||||
Foreign currency, at value(d) | — | 19,022 | 1,234,129 | 79,978 | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | 77,990 | 3,296 | 91,172 | 19,772 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 2,811,449 | 878,566 | 596,816 | 1,510,449 | ||||||||||||
Securities lending income — Affiliated | 8,048 | 1,987 | 6,158 | 4,044 | ||||||||||||
Capital shares sold | — | — | — | 247,602 | ||||||||||||
Dividends | 40 | 21 | 796 | 182,453 | ||||||||||||
Tax reclaims | 1,074,413 | 39,423 | — | — | ||||||||||||
Total assets | 73,058,922 | 37,645,145 | 824,907,945 | 214,392,283 | ||||||||||||
LIABILITIES | ||||||||||||||||
Foreign bank overdraft(f) | 7,158 | — | — | — | ||||||||||||
Collateral on securities loaned, at value | 1,067,537 | 3,089,904 | 4,060,067 | 1,488,219 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 2,818,719 | 756,688 | 743,239 | 1,724,035 | ||||||||||||
Variation margin on futures contracts | 46,126 | 1,596 | 49,839 | 11,164 | ||||||||||||
Capital shares redeemed | — | 8,363 | — | — | ||||||||||||
Investment advisory fees | 30,068 | 16,957 | 327,312 | 84,964 | ||||||||||||
Total liabilities | 3,969,608 | 3,873,508 | 5,180,457 | 3,308,382 | ||||||||||||
NET ASSETS | $ | 69,089,314 | $ | 33,771,637 | $ | 819,727,488 | $ | 211,083,901 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 128,500,301 | $ | 60,317,624 | $ | 945,024,178 | $ | 244,386,580 | ||||||||
Accumulated loss | (59,410,987 | ) | (26,545,987 | ) | (125,296,690 | ) | (33,302,679 | ) | ||||||||
NET ASSETS | $ | 69,089,314 | $ | 33,771,637 | $ | 819,727,488 | $ | 211,083,901 | ||||||||
Shares outstanding | 3,850,000 | 2,000,000 | 28,600,000 | 7,000,000 | ||||||||||||
Net asset value | $ | 17.95 | $ | 16.89 | $ | 28.66 | $ | 30.15 | ||||||||
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 | $ | 991,067 | $ | 2,309,687 | $ | 3,853,021 | $ | 1,358,059 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 86,976,770 | $ | 43,737,545 | $ | 962,853,410 | $ | 225,615,363 | ||||||||
(c) Investments, at cost — Affiliated | $ | 1,093,944 | $ | 3,105,853 | $ | 4,559,593 | $ | 1,615,937 | ||||||||
(d) Foreign currency, at cost | $ | — | $ | 19,004 | $ | 1,242,511 | $ | 79,604 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 79,132 | $ | 3,328 | $ | 91,654 | $ | 19,748 | ||||||||
(f) Foreign bank overdraft, at cost | $ | 7,742 | $ | — | $ | — | $ | — |
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 Assets and Liabilities (unaudited) (continued)
February 29, 2020
iShares MSCI Sweden ETF | ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 218,165,382 | ||
Affiliated(b) | 102,000 | |||
Cash | 322 | |||
Foreign currency, at value(c) | 411,954 | |||
Foreign currency collateral pledged: | ||||
Futures contracts(d) | 435,561 | |||
Receivables: | ||||
Investments sold | 539,556 | |||
Dividends | 475 | |||
Tax reclaims | 409,575 | |||
Foreign withholding tax claims | 13,943,022 | |||
Unrealized appreciation on: | ||||
Forward foreign currency exchange contracts | 269,129 | |||
Total assets | 234,276,976 | |||
LIABILITIES | ||||
Payables: | ||||
Investments purchased. | 769,701 | |||
Variation margin on futures contracts | 3 19,639 | |||
Investment advisory fees. | 95,533 | |||
Professional fees. | 1,434,302 | |||
IRS compliance fee for foreign withholding tax claims | 8,773,929 | |||
Unrealized depreciation on: | ||||
Forward foreign currency exchange contracts | 6,611 | |||
Total liabilities. | 11,399,715 | |||
NET ASSETS | $ | 222,877,261 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital. | $313,081,100 | |||
Accumulated loss. | (90,203,839 | ) | ||
NET ASSETS | $ | 222,877,261 | ||
Shares outstanding. | 7,425,000 | |||
Net asset value. | $ | 30.02 | ||
Shares authorized. | 63.6 million | |||
Par value. | $ | 0001 | ||
(a) Investments, at cost — Unaffiliated | $ | 276,100,495 | ||
(b) Investments, at cost — Affiliated | $ | 102,000 | ||
(c) Foreign currency, at cost. | $ | 369,667 | ||
(d) Foreign currency collateral pledged, at cost | $ | 440,034 |
See notes to financial statements.
26 | 2 0 2 0 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 29, 2020
iShares | ||||||||||||||||
iShares | iShares | iShares | MSCI | |||||||||||||
MSCI Austria | MSCI | MSCI France | Netherlands | |||||||||||||
ETF | Belgium ETF | ETF | ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 51,979 | $ | 330,483 | $ | 4,444,663 | $ | 802,310 | ||||||||
Dividends — Affiliated | 287 | 192 | 3,789 | 751 | ||||||||||||
Securities lending income — Affiliated — net | 35,578 | 20,013 | 136,231 | 23,911 | ||||||||||||
Foreign taxes withheld | (7,918 | ) | (49,610 | ) | (657,207 | ) | (113,422 | ) | ||||||||
Total investment income | 79,926 | 301,078 | 3,927,476 | 713,550 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 170,463 | 122,205 | 2,528,510 | 450,006 | ||||||||||||
Total expenses | 170,463 | 122,205 | 2,528,510 | 450,006 | ||||||||||||
Net investment income (loss) | (90,537 | ) | 178,873 | 1,398,966 | 263,544 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (1,681,631 | ) | (1,275,603 | ) | (3,229,566 | ) | (2,251,228 | ) | ||||||||
Investments — Affiliated | (53 | ) | 145 | 662 | 133 | |||||||||||
In-kind redemptions — Unaffiliated | 101,872 | 1,482,020 | 69,580,494 | 3,316,416 | ||||||||||||
Futures contracts | 156,162 | 3,078 | 138,732 | 50,901 | ||||||||||||
Foreign currency transactions | (382 | ) | (425 | ) | (9,221 | ) | (9,206 | ) | ||||||||
Net realized gain (loss) | (1,424,032 | ) | 209,215 | 66,481,101 | 1,107,016 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (3,375,196 | ) | (2,509,325 | ) | (68,718,944 | ) | (8,102,181 | ) | ||||||||
Investments — Affiliated | 200 | 89 | 835 | 228 | ||||||||||||
Futures contracts | (172,950 | ) | (4,652 | ) | (219,265 | ) | (51,382 | ) | ||||||||
Foreign currency translations | (1,613 | ) | 288 | 10,180 | 9,058 | |||||||||||
Net change in unrealized appreciation (depreciation) | (3,549,559 | ) | (2,513,600 | ) | (68,927,194 | ) | (8,144,277 | ) | ||||||||
Net realized and unrealized loss | (4,973,591 | ) | (2,304,385 | ) | (2,446,093 | ) | (7,037,261 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (5,064,128 | ) | $ | (2,125,512 | ) | $ | (1,047,127 | ) | $ | (6,773,717 | ) |
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) (continued)
Six Months Ended February 29, 2020
iShares MSCI Sweden ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated. | $ | 1,135,382 | ||
Dividends — Affiliated. | 1,312 | |||
Non-cash dividends — Unaffiliated | 699,737 | |||
Securities lending income — Affiliated — net | 364 | |||
Foreign taxes withheld. | (16,903 | ) | ||
Foreign withholding tax claims. | 226,240 | |||
Total investment income. | 2,046,132 | |||
EXPENSES | ||||
Investment advisory fees. | 550,538 | |||
Professional fees. | 22,624 | |||
Total expenses. | 573,162 | |||
Net investment income | 1,472,970 | |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (322,646 | ) | ||
In-kind redemptions — Unaffiliated | 72,639 | |||
Futures contracts | 1,017,660 | |||
Forward foreign currency exchange contracts | 259,844 | |||
Foreign currency transactions | 26,076 | |||
Net realized gain | 1,053,573 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | 11,827,150 | |||
Futures contracts | (749,215 | ) | ||
Forward foreign currency exchange contracts | (249,726 | ) | ||
Foreign currency translations | 138,184 | |||
Net change in unrealized appreciation (depreciation) | 10,966,393 | |||
Net realized and unrealized gain | 12,019,966 | |||
NET INCREASE IN NETASSETS RESULTING FROM OPERATIONS | $ | 13,492,936 |
See notes to financial statements.
28 | 2 0 2 0 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 | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | (90,537 | ) | $ | 1,991,632 | $ | 178,873 | $ | 1,205,284 | |||||||
Net realized gain (loss) | (1,424,032 | ) | (14,361,944 | ) | 209,215 | (1,884,910 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (3,549,559 | ) | (6,282,218 | ) | (2,513,600 | ) | (1,629,193 | ) | ||||||||
Net decrease in net assets resulting from operations | (5,064,128 | ) | (18,652,530 | ) | (2,125,512 | ) | (2,308,819 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (418,122 | ) | (2,792,866 | ) | (543,193 | ) | (1,172,255 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 19,804,617 | (70,251,096 | ) | (10,864,972 | ) | (9,116,599 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 14,322,367 | (91,696,492 | ) | (13,533,677 | ) | (12,597,673 | ) | |||||||||
Beginning of period | 54,766,947 | 146,463,439 | 47,305,314 | 59,902,987 | ||||||||||||
End of period | $ | 69,089,314 | $ | 54,766,947 | $ | 33,771,637 | $ | 47,305,314 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 (continued)
iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,398,966 | $ | 23,186,901 | $ | 263,544 | $ | 4,692,606 | ||||||||
Net realized gain | 66,481,101 | 19,210,568 | 1,107,016 | 12,102,764 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (68,927,194 | ) | (81,679,760 | ) | (8,144,277 | ) | (9,530,024 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (1,047,127 | ) | (39,282,291 | ) | (6,773,717 | ) | 7,265,346 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,712,762 | ) | (22,272,214 | ) | (782,943 | ) | (4,709,077 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (306,712,691 | ) | 251,536,596 | 85,598,170 | 1,318,549 | |||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (309,472,580 | ) | 189,982,091 | 78,041,510 | 3,874,818 | |||||||||||
Beginning of period | 1,129,200,068 | 939,217,977 | 133,042,391 | 129,167,573 | ||||||||||||
End of period | $ | 819,727,488 | $ | 1,129,200,068 | $ | 211,083,901 | $ | 133,042,391 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2 0 2 0 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 | ||||||||
02/29/20 | Year Ended | |||||||
(unaudited) | 08/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 1,472,970 | $ | 7,235,753 | ||||
Net realized gain (loss) | 1,053,573 | (6,956,310 | ) | |||||
Net change in unrealized appreciation (depreciation) | 10,966,393 | (21,010,780 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 13,492,936 | (20,731,337 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (2,836,934 | ) | (7,255,549 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | 6,705,453 | (14,965,695 | ) | |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 17,361,455 | (42,952,581 | ) | |||||
Beginning of period | 205,515,806 | 248,468,387 | ||||||
End of period | $ | 222,877,261 | $ | 205,515,806 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 |
(For a share outstanding throughout each period)
iShares MSCI Austria ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 18.89 | $ | 22.88 | $ | 22.87 | $ | 15.58 | $ | 15.59 | $ | 17.55 | ||||||||||||
Net investment income (loss)(a) | (0.03 | ) | 0.48 | 0.58 | 0.53 | 0.38 | 0.25 | |||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.79 | ) | (3.69 | ) | 0.11 | 7.13 | (0.06 | ) | (1.96 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (0.82 | ) | (3.21 | ) | 0.69 | 7.66 | 0.32 | (1.71 | ) | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.12 | ) | (0.78 | ) | (0.68 | ) | (0.37 | ) | (0.33 | ) | (0.25 | ) | ||||||||||||
Total distributions | (0.12 | ) | (0.78 | ) | (0.68 | ) | (0.37 | ) | (0.33 | ) | (0.25 | ) | ||||||||||||
Net asset value, end of period | $ | 17.95 | $ | 18.89 | $ | 22.88 | $ | 22.87 | $ | 15.58 | $ | 15.59 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (4.50 | )%(d) | (14.07 | )% | 3.03 | % | 49.52 | % | 2.11 | % | (9.76 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income (loss) | (0.26 | )%(e) | 2.34 | % | 2.37 | % | 2.75 | % | 2.47 | % | 1.54 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 69,089 | $ | 54,767 | $ | 146,463 | $ | 233,322 | $ | 60,780 | $ | 56,130 | ||||||||||||
Portfolio turnover rate(f) | 8 | %(d) | 17 | % | 19 | % | 18 | % | 15 | % | 18 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
32 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 18.48 | $ | 19.70 | $ | 20.59 | $ | 18.16 | $ | 17.00 | $ | 17.02 | ||||||||||||
Net investment income(a) | 0.07 | 0.44 | 0.50 | 0.43 | 0.34 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.45 | ) | (1.22 | ) | (0.77 | ) | 2.51 | 1.05 | (0.00 | )(c) | ||||||||||||||
Net increase (decrease) from investment operations | (1.38 | ) | (0.78 | ) | (0.27 | ) | 2.94 | 1.39 | 0.34 | |||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.21 | ) | (0.44 | ) | (0.62 | ) | (0.51 | ) | (0.23 | ) | (0.36 | ) | ||||||||||||
Total distributions | (0.21 | ) | (0.44 | ) | (0.62 | ) | (0.51 | ) | (0.23 | ) | (0.36 | ) | ||||||||||||
Net asset value, end of period | $ | 16.89 | $ | 18.48 | $ | 19.70 | $ | 20.59 | $ | 18.16 | $ | 17.00 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (7.65 | )%(e) | (3.80 | )% | (1.34 | )% | 16.44 | % | 8.20 | % | 1.95 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 0.73 | %(f) | 2.43 | % | 2.40 | % | 2.31 | % | 1.92 | % | 2.01 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 33,772 | $ | 47,305 | $ | 59,903 | $ | 74,128 | $ | 132,203 | $ | 153,659 | ||||||||||||
Portfolio turnover rate(g) | 9 | %(e) | 11 | % | 13 | % | 8 | % | 19 | % | 7 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI France ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 29.41 | $ | 31.10 | $ | 29.64 | $ | 23.84 | $ | 25.01 | $ | 27.64 | ||||||||||||
Net investment income(a) | 0.04 | 0.83 | 0.80 | 0.69 | 0.67 | 0.74 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.72 | ) | (1.67 | ) | 1.40 | 5.69 | (1.14 | ) | (2.69 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (0.68 | ) | (0.84 | ) | 2.20 | 6.38 | (0.47 | ) | (1.95 | ) | ||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.07 | ) | (0.85 | ) | (0.74 | ) | (0.58 | ) | (0.70 | ) | (0.68 | ) | ||||||||||||
Total distributions | (0.07 | ) | (0.85 | ) | (0.74 | ) | (0.58 | ) | (0.70 | ) | (0.68 | ) | ||||||||||||
Net asset value, end of period | $ | 28.66 | $ | 29.41 | $ | 31.10 | $ | 29.64 | $ | 23.84 | $ | 25.01 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.34 | )%(d) | (2.64 | )% | 7.46 | % | 26.93 | % | (1.87 | )% | (7.17 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 0.28 | %(e) | 2.84 | % | 2.53 | % | 2.57 | % | 2.77 | % | 2.85 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 819,727 | $ | 1,129,200 | $ | 939,218 | $ | 640,201 | $ | 329,054 | $ | 350,139 | ||||||||||||
Portfolio turnover rate(f) | 1 | %(d) | 2 | % | 4 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
34 | 2 0 2 0 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 02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 30.58 | $ | 31.12 | $ | 30.56 | $ | 24.78 | $ | 24.48 | $ | 24.64 | ||||||||||||
Net investment income(a) | 0.05 | 0.88 | 0.62 | 0.46 | 0.71 | 0.50 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.34 | ) | (0.56 | ) | 0.62 | 5.98 | 0.08 | (0.27 | ) | |||||||||||||||
Net increase (decrease) from investment operations | (0.29 | ) | 0.32 | 1.24 | 6.44 | 0.79 | 0.23 | |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.14 | ) | (0.86 | ) | (0.68 | ) | (0.66 | ) | (0.49 | ) | (0.39 | ) | ||||||||||||
Total distributions | (0.14 | ) | (0.86 | ) | (0.68 | ) | (0.66 | ) | (0.49 | ) | (0.39 | ) | ||||||||||||
Net asset value, end of period | $ | 30.15 | $ | 30.58 | $ | 31.12 | $ | 30.56 | $ | 24.78 | $ | 24.48 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.97 | )%(d) | 1.16 | % | 4.08 | % | 26.44 | % | 3.32 | % | 0.87 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 0.29 | %(e) | 2.97 | % | 1.95 | % | 1.74 | % | 2.97 | % | 2.01 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 211,084 | $ | 133,042 | $ | 129,168 | $ | 192,540 | $ | 184,587 | $ | 176,282 | ||||||||||||
Portfolio turnover rate(f) | 8 | %(d) | 13 | % | 7 | % | 14 | % | 24 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 Sweden ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 28.25 | $ | 31.85 | $ | 34.68 | $ | 28.54 | $ | 30.26 | $ | 34.11 | ||||||||||||
Net investment income(a) | 0.21 | 0.95 | 1.14 | 0.86 | 1.05 | 1.30 | (b) | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | 1.98 | (3.58 | ) | (2.19 | ) | 6.04 | (1.63 | ) | (3.75 | ) | ||||||||||||||
Net increase (decrease) from investment operations | 2.19 | (2.63 | ) | (1.05 | ) | 6.90 | (0.58 | ) | (2.45 | ) | ||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.42 | ) | (0.97 | ) | (1.78 | ) | (0.76 | ) | (1.14 | ) | (1.40 | ) | ||||||||||||
Total distributions | (0.42 | ) | (0.97 | ) | (1.78 | ) | (0.76 | ) | (1.14 | ) | (1.40 | ) | ||||||||||||
Net asset value, end of period | $ | 30.02 | $ | 28.25 | $ | 31.85 | $ | 34.68 | $ | 28.54 | $ | 30.26 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 7.60 | %(e) | (8.41 | )% | (2.88 | )% | 24.30 | % | (1.91 | )% | (7.46 | )%(b) | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.52 | %(f) | 0.55 | % | 0.53 | % | 0.53 | % | 0.48 | % | 0.92 | % | ||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.50 | %(f) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 1.34 | %(f) | 3.16 | % | 3.34 | % | 2.74 | % | 3.65 | % | 3.97 | %(b) | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 222,877 | $ | 205,516 | $ | 248,468 | $ | 460,315 | $ | 284,709 | $ | 331,387 | ||||||||||||
Portfolio turnover rate(g) | 2 | %(e) | 4 | % | 5 | % | 9 | % | 7 | % | 4 | % |
(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, 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
36 | 2 0 2 0 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”):
Diversification | ||||
iShares ETF | 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 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 29, 2020, 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.
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 | 37 |
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. |
● | 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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. 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
38 | 2 0 2 0 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 29, 2020, 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 29, 2020 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 o r 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 29, 2020:
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received | (a) | Received | Net Amount | |||||||||||
MSCI Austria | ||||||||||||||||
Credit Suisse AG Dublin Branch | $ | 96,803 | $ | 96,803 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. | 388,113 | 388,113 | — | — | ||||||||||||
JPMorgan Securities LLC | 5,935 | 5,935 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 385,212 | 385,212 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 63,746 | 63,746 | — | — | ||||||||||||
UBSAG | 51,258 | 51,258 | — | — | ||||||||||||
$ | 991,067 | $ | 991,067 | $ | — | $ | — | |||||||||
MSCI Belgium | ||||||||||||||||
Barclays Capital Inc. | $ | 10,809 | $ | 10,809 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 3,439 | 3,439 | — | — | ||||||||||||
Credit Suisse AG Dublin Branch | 81,759 | 81,759 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 51,462 | 51,462 | — | — | ||||||||||||
Goldman Sachs & Co. | 841 | 841 | — | — | ||||||||||||
HSBC Bank PLC | 1,951,029 | 1,951,029 | — | — | ||||||||||||
JPMorgan Securities LLC | 62,253 | 62,253 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 59,245 | 59,245 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 75,884 | 75,884 | — | — | ||||||||||||
UBSAG | 12,966 | 12,966 | — | — | ||||||||||||
$ | 2,309,687 | $ | 2,309,687 | $ | — | $ | — | |||||||||
MSCI France | ||||||||||||||||
Deutsche Bank Securities Inc. | $ | 140,432 | $ | 140,432 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. | 977,416 | 977,416 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 2,735,173 | 2,735,173 | — | — | ||||||||||||
$ | 3,853,021 | $ | 3,853,021 | $ | — | $ | — | |||||||||
MSCI Netherlands | ||||||||||||||||
BofA Securities, Inc. | $ | 20,507 | $ | 20,507 | $ | — | $ | — | ||||||||
Credit Suisse AG Dublin Branch | 65,910 | 65,910 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 1 | 1 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 106,997 | 106,997 | — | — | ||||||||||||
JPMorgan Securities LLC | 219,764 | 219,764 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 944,880 | 944,880 | — | — | ||||||||||||
$ | 1,358,059 | $ | 1,358,059 | $ | — | $ | — |
(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 to the extent 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
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)
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 iShares MSCI Sweden ETF uses forward foreign currency exchange contracts to better match benchmark currency exposures in order to facilitate tracking of the investment results of its Index. 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 traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-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 the mark-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 counterparty non-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).
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Notes to Financial Statements (unaudited) (continued)
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.
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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
MSCI Austria | $ | 8,036 | ||
MSCI Belgium | 4,703 | |||
MSCI France | 30,782 | |||
MSCI Netherlands | 5,643 | |||
MSCI Sweden | 89 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
Net Realized | ||||||||||||
iShares ETF | Purchases | Sales | Gain (Loss) | |||||||||
MSCI Austria | $ | 253,679 | $ | 520,502 | $ | (219,091 | ) | |||||
MSCI Belgium | 3,130,929 | 302,142 | (115,612 | ) | ||||||||
MSCI France | 657,460 | — | — | |||||||||
MSCI Netherlands | 589,519 | 1,546,813 | (178,095 | ) | ||||||||
MSCI Sweden | 662,882 | 379,316 | (6,400 | ) |
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.
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)
7. | PURCHASES AND SALES |
For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Austria | $ | 5,494,703 | $ | 5,519,038 | ||||
MSCI Belgium | 4,040,460 | 4,553,681 | ||||||
MSCI France | 6,961,058 | 7,866,896 | ||||||
MSCI Netherlands | 1 4,552,628 | 14,246,221 | ||||||
MSCI Sweden | 5,406,503 | 3,336,955 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
MSCI Austria | $ | 22,446,498 | $ | 3,013,272 | ||||
MSCI Belgium | 2,957,536 | 13,726,035 | ||||||
MSCI France | 211,614,365 | 517,432,612 | ||||||
MSCI Netherlands | 101,923,009 | 16,909,636 | ||||||
MSCI Sweden | 17,076,473 | 12,936,768 |
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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Austria | $ | 37,451,920 | ||
MSCI Belgium | 15,794,208 | |||
MSCI France | 35,111,271 | |||
MSCI Netherlands | 18,093,630 | |||
MSCI Sweden | 29,293,453 |
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 29, 2020, 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:
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
iShares ETF | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
MSCI Austria | $ | 89,310,482 | $ | 1,205,193 | $ | (21,564,204 | ) | $ | (20,359,011 | ) | ||||||
MSCI Belgium | 47,472,405 | 2,708,339 | (13,483,517 | ) | (10,775,178 | ) | ||||||||||
MSCI France | 979,693,461 | 14,157,565 | (171,037,483 | ) | (156,879,918 | ) | ||||||||||
MSCI Netherlands | 228,714,744 | 10,329,717 | (26,746,186 | ) | (16,416,469 | ) | ||||||||||
MSCI Sweden | 277,686,168 | 5,701,985 | (65,439,807 | ) | (59,737,822 | ) |
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.
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Notes to Financial Statements (unaudited) (continued)
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index du ring 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The impact of the pandemic may be short term or may last for an extended period of time.
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 | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Austria | ||||||||||||||||
Shares sold | 1,100,000 | $ | 22,873,476 | 1,000,000 | $ | 21,691,523 | ||||||||||
Shares redeemed | (150,000 | ) | (3,068,859 | ) | (4,500,000 | ) | (91,942,619 | ) | ||||||||
Net increase(decrease) | 950,000 | $ | 19,804,617 | (3,500,000 | ) | $ | (70,251,096 | ) | ||||||||
MSCI Belgium | ||||||||||||||||
Shares sold | 160,000 | $ | 2,968,551 | 560,000 | $ | 9,945,400 | ||||||||||
Shares redeemed | (720,000 | ) | (13,833,523 | ) | (1,040,000 | ) | (19,061,999 | ) | ||||||||
Net decrease | (560,000 | ) | $ | (10,864,972 | ) | (480,000 | ) | $ | (9,116,599 | ) |
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)
Six Months Ended | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI France | ||||||||||||||||
Shares sold | 6,800,000 | $ | 212,092,787 | 19,200,000 | $ | 569,122,479 | ||||||||||
Shares redeemed | (16,600,000 | ) | (518,805,478 | ) | (11,000,000 | ) | (317,585,883 | ) | ||||||||
Net increase(decrease) | (9,800,000 | ) | $ | (306,712,691 | ) | 8,200,000 | $ | 251,536,596 | ||||||||
MSCI Netherlands | ||||||||||||||||
Shares sold | 3,150,000 | $ | 102,537,915 | 4,050,000 | $ | 117,319,587 | ||||||||||
Shares redeemed | (500,000 | ) | (16,939,745 | ) | (3,850,000 | ) | (116,001,038 | ) | ||||||||
Net increase | 2,650,000 | $ | 85,598,170 | 200,000 | $ | 1,318,549 | ||||||||||
MSCI Sweden | ||||||||||||||||
Shares sold | 600,000 | $ | 19,956,541 | 2,400,000 | $ | 71,346,070 | ||||||||||
Shares redeemed | (450,000 | ) | (13,251,088 | ) | (2,925,000 | ) | (86,311,765 | ) | ||||||||
Net increase(decrease) | 150,000 | $ | 6,705,453 | (525,000 | ) | $ | (14,965,695 | ) |
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 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 the Swedish tax authorities. Professional and other fees associated with the filing of these 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 any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 29, 2020, is $6,419,847 or $0.86 per share.
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&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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
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.
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Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m | 45 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions | % Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||
for the Fiscal Year-to-Date | Distributions for the Fiscal Year-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 Austria(a) | $ | 0.100659 | $ | — | $ | 0.015486 | $ | 0.116145 | 87 | % | —% | 13 | % | 100 | % | |||||||||||||||
MSCI Belgium(a) | 0.145472 | — | 0.060283 | 0.205755 | 71 | — | 29 | 100 | ||||||||||||||||||||||
MSCI Sweden(a) | 0.303324 | — | 0.112344 | 0.415668 | 73 | — | 27 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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 2 0 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 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at 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
SDR | Swedish Depositary Receipt |
Counterparty Abbreviations
SCB | Standard Chartered Bank |
Currency Abbreviations
EUR | Euro |
SEK | Swedish Krona |
USD | United States Dollar |
48 | 2 0 2 0 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 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-802-0220
FEBRUARY 29, 2020 |
2020 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® MSCI Eurozone ETF |
Investment Objective
The iShares 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 | (1.85 | )% | (0.94 | )% | 1.56 | % | 3.84 | % | (0.94 | )% | 8.05 | % | 45.73 | % | ||||||||
Fund Market | (0.76 | ) | 0.34 | 1.87 | 3.99 | 0.34 | 9.68 | 47.89 | ||||||||||||||
Index | (1.65 | ) | (0.86 | ) | 1.67 | 3.93 | (0.86 | ) | 8.62 | 47.09 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 981.50 | $ | 2.46 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Financials | 16.4 | % | |
Industrials | 14.5 | ||
Consumer Discretionary | 14.1 | ||
Information Technology | 11.0 | ||
Consumer Staples | 9.9 | ||
Health Care | 8.2 | ||
Utilities | 7.6 | ||
Materials | 6.8 | ||
Communication Services | 4.9 | ||
Energy | 4.4 | ||
Real Estate | 2.2 |
TEN LARGEST GEOGRAPHIC ALLOCATION | |||
Country/Geographic Region | Percent of Total Investments | (a) | |
France | 35.1 | % | |
Germany | 26.8 | ||
Netherlands | 12.7 | ||
Spain | 8.9 | ||
Italy | 7.0 | ||
Finland | 3.1 | ||
Belgium | 2.8 | ||
Ireland | 1.8 | ||
Austria | 0.7 | ||
United Kingdom | 0.6 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI Germany ETF |
Investment Objective
The iShares 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 | (1.14 | )% | (2.23 | )% | (0.45 | )% | 4.88 | % | (2.23 | )% | (2.22 | )% | 61.04 | % | ||||||||
Fund Market | (0.11 | ) | (1.29 | ) | (0.21 | ) | 5.01 | (1.29 | ) | (1.07 | ) | 63.00 | ||||||||||
Index | (0.95 | ) | (2.05 | ) | (0.28 | ) | 5.02 | (2.05 | ) | (1.39 | ) | 63.28 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 988.60 | $ | 2.47 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Consumer Discretionary | 16.7 | % | |
Financials | 16.7 | ||
Information Technology | 14.2 | ||
Health Care | 13.1 | ||
Industrials | 13.0 | ||
Materials | 8.6 | ||
Communication Services | 5.2 | ||
Real Estate. | 4.6 | ||
Utilities | 4.6 | ||
Consumer Staples | 3.3 |
TEN LARGEST HOLDINGS | |||
Security | Percent of Total Investments | (a) | |
SAP SE | 10.6 | % | |
Allianz SE | 7.9 | ||
Siemens AG | 6.9 | ||
Bayer AG | 6.2 | ||
Deutsche Telekom AG | 4.8 | ||
BASF SE. | 4.7 | ||
adidas AG | 4.4 | ||
Daimler AG | 3.3 | ||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3.2 | ||
Volkswagen AG | 2.7 |
(a) | Excludes money market funds. |
4 | 2 0 2 0 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 29, 2020 | iShares® MSCI Italy ETF |
Investment Objective
The iShares 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 | 0.96 | % | 3.09 | % | 1.15 | % | 0.62 | % | 3.09 | % | 5.89 | % | 6.35 | % | ||||||||
Fund Market | 2.04 | 4.66 | 1.49 | 0.77 | 4.66 | 7.69 | 8.01 | |||||||||||||||
Index | 1.00 | 3.17 | 1.26 | 0.72 | 3.17 | 6.46 | 7.40 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,009.60 | $ | 2.50 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Financials | 30.3 | % | |
Utilities | 27.0 | ||
Consumer Discretionary | 13.2 | ||
Industrials | 11.3 | ||
Energy | 10.2 | ||
Communication Services. | 3.9 | ||
Consumer Staples | 2.1 | ||
Health Care | 2.0 |
TEN LARGEST HOLDINGS | |||
Security | Percent of Total Investments | (a) | |
Enel SpA. | 19.8 | % | |
Intesa Sanpaolo SpA | 9.9 | ||
Eni SpA | 8.3 | ||
UniCredit SpA | 6.6 | ||
Fiat Chrysler Automobiles NV | 4.8 | ||
Assicurazioni Generali SpA | 4.5 | ||
Ferrari NV | 4.4 | ||
Atlantia SpA | 3.9 | ||
Snam SpA | 3.7 | ||
CNH Industrial NV | 3.5 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® MSCI Spain ETF |
Investment Objective
The iShares 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 | (0.33 | )% | (7.43 | )% | (2.38 | )% | 0.10 | % | (7.43 | )% | (11.3 | 2)% | 1.02 | % | ||||||||
Fund Market | 0.90 | (6.03 | ) | (2.08 | ) | 0.24 | (6.03 | ) | (9.97 | ) | 2.42 | |||||||||||
Index | (0.05 | ) | (7.14 | ) | (2.00 | ) | 0.04 | (7.14 | ) | (9.62 | ) | 0.40 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 996.70 | $ | 2.48 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Financials | 31.6 | % | |
Utilities | 27.9 | ||
Industrials | 13.0 | ||
Communication Services. | 8.5 | ||
Consumer Discretionary | 6.8 | ||
Information Technology | 4.5 | ||
Energy | 4.3 | ||
Health Care | 3.4 |
TEN LARGEST HOLDINGS | |||
Security | Percent of Total Investments | (a) | |
Iberdrola SA | 17.0 | % | |
Banco Santander SA | 14.7 | ||
Banco Bilbao Vizcaya Argentaria SA | 7.0 | ||
Industria de Diseno Textil SA | 6.8 | ||
Amadeus IT Group SA | 4.5 | ||
Ferrovial SA | 4.5 | ||
Repsol SA | 4.3 | ||
Telefonica SA | 4.3 | ||
Cellnex Telecom SA | 4.2 | ||
Aena SME SA | 3.7 |
(a) Excludes money market funds.
6 | 2 0 2 0 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 29, 2020 | iShares® MSCI Switzerland ETF |
Investment Objective
The iShares 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 | 0.64 | % | 10.47 | % | 4.72 | % | 7.96 | % | 10.47 | % | 25.94 | % | 115.11 | % | ||||||||
Fund Market | 1.31 | 11.97 | 5.05 | 8.08 | 11.97 | 27.93 | 117.46 | |||||||||||||||
Index | 0.85 | 10.62 | 4.88 | 7.96 | 10.62 | 26.92 | 115.00 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,006.40 | $ | 2.49 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Health Care | 33.1 | % | |
Consumer Staples | 23.0 | ||
Financials | 18.0 | ||
Industrials | 9.9 | ||
Materials | 7.9 | ||
Consumer Discretionary | 4.7 | ||
Communication Services | 1.4 | ||
Real Estate. | 1.0 | ||
Information Technology | 1.0 |
TEN LARGEST HOLDINGS | |||
Security | Percent of Total Investments | (a) | |
Nestle SA | 20.4 | % | |
Roche Holding AG | 14.1 | ||
Novartis AG | 11.0 | ||
Zurich Insurance Group AG | 4.3 | ||
UBS Group AG | 3.5 | ||
ABB Ltd. | 3.3 | ||
Cie. Financiere Richemont SA | 3.0 | ||
Lonza Group AG | 2.6 | ||
Givaudan SA | 2.5 | ||
Credit Suisse Group AG | 2.5 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 7 |
Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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.
8 | 2 0 2 0 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) | iShares® MSCI Eurozone ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||
Common Stocks | ||||||
Austria — 0.6% | ||||||
ANDRITZ AG | 86,126 | $ | 3,019,794 | |||
Erste Group Bank AG | 353,149 | 12,037,046 | ||||
OMV AG | 174,021 | 7,235,153 | ||||
Raiffeisen Bank International AG | 175,839 | 3,607,081 | ||||
Verbund AG | 80,534 | 3,793,274 | ||||
voestalpine AG | 137,762 | 2,993,201 | ||||
32,685,549 | ||||||
Belgium — 2.8% | ||||||
Ageas | 211,171 | 9,714,515 | ||||
Anheuser-Busch InBev SA/NV | 897,625 | 50,019,570 | ||||
Colruyt SA | 65,322 | 3,000,707 | ||||
Galapagos NV(a) | 53,360 | 10,978,266 | ||||
Groupe Bruxelles Lambert SA | 95,093 | 8,552,765 | ||||
KBC Group NV | 294,570 | 19,420,690 | ||||
Proximus SADP | 177,100 | 4,349,812 | ||||
Solvay SA | 87,594 | 7,897,541 | ||||
Telenet Group Holding NV | 55,871 | 2,118,544 | ||||
UCB SA | 148,680 | 13,646,810 | ||||
Umicore SA | 232,486 | 9,645,482 | ||||
139,344,702 | ||||||
Finland — 3.1% | ||||||
Elisa OYJ | 167,459 | 9,554,118 | ||||
Fortum OYJ | 525,080 | 11,120,202 | ||||
Kone OYJ, Class B | 400,549 | 22,439,128 | ||||
Metso OYJ | 123,436 | 3,961,888 | ||||
Neste OYJ | 497,884 | 19,502,472 | ||||
Nokia OYJ | 6,640,310 | 25,127,989 | ||||
Nokian Renkaat OYJ | 147,865 | 3,829,917 | ||||
Orion OYJ, Class B | 123,220 | 4,865,867 | ||||
Sampo OYJ, Class A | 522,144 | 21,152,483 | ||||
Stora Enso OYJ, Class R | 686,505 | 8,076,317 | ||||
UPM-Kymmene OYJ | 629,660 | 19,179,449 | ||||
Wartsila OYJ Abp | 520,217 | 5,373,748 | ||||
154,183,578 | ||||||
France — 34.9% | ||||||
Accor SA | 207,980 | 7,463,643 | ||||
Aeroports de Paris | 34,802 | 5,114,939 | ||||
Air Liquide SA | 556,593 | 75,139,755 | ||||
Airbus SE | 687,601 | 81,647,398 | ||||
Alstom SA | 225,572 | 11,023,709 | ||||
Amundi SA(b) | 71,968 | 5,110,791 | ||||
Arkema SA | 81,127 | 7,580,030 | ||||
Atos SE | 116,033 | 8,577,816 | ||||
AXA SA | 2,275,690 | 52,381,861 | ||||
BioMerieux | 48,694 | 4,458,217 | ||||
BNP Paribas SA | 1,325,145 | 63,733,667 | ||||
Bollore SA | 1,035,675 | 3,531,225 | ||||
Bouygues SA | 262,798 | 10,242,025 | ||||
Bureau Veritas SA | 341,179 | 8,263,633 | ||||
Capgemini SE | 187,243 | 20,407,273 | ||||
Carrefour SA | 711,444 | 12,226,339 | ||||
Casino Guichard Perrachon SA(c) | 64,647 | 2,498,894 | ||||
Cie. de Saint-Gobain | 579,592 | 20,118,223 | ||||
Cie. Generale des Etablissements Michelin SCA | 201,247 | 21,274,785 | ||||
CNP Assurances | 203,171 | 3,157,900 | ||||
Covivio | 56,751 | 5,984,459 | ||||
Credit Agricole SA | 1,363,106 | 16,185,849 | ||||
Danone SA | 727,258 | 50,903,123 |
Security | Shares | Value | ||||
France (continued) | ||||||
Dassault Aviation SA | 2,942 | $ | 3,034,509 | |||
Dassault Systemes SE | 154,621 | 24,117,760 | ||||
Edenred | 283,099 | 14,668,455 | ||||
Eiffage SA | 92,549 | 9,802,097 | ||||
Electricite de France SA | 717,514 | 9,922,846 | ||||
Engie SA | 2,154,809 | 35,575,246 | ||||
EssilorLuxottica SA | 333,784 | 45,133,989 | ||||
Eurazeo SE | 46,494 | 3,094,922 | ||||
Eurofins Scientific SE(c) | 13,597 | 6,792,720 | ||||
Eutelsat Communications SA | 206,508 | 2,776,505 | ||||
Faurecia SE | 89,301 | 4,010,028 | ||||
Gecina SA | 53,830 | 9,502,118 | ||||
Getlink SE. | 517,556 | 8,288,864 | ||||
Hermes International | 37,314 | 25,822,157 | ||||
ICADE | 35,423 | 3,511,662 | ||||
Iliad SA | 17,573 | 2,437,976 | ||||
Ingenico Group SA | 71,516 | 10,051,333 | ||||
Ipsen SA | 44,824 | 2,885,283 | ||||
JCDecaux SA | 100,896 | 2,305,247 | ||||
Kering SA | 89,241 | 49,581,928 | ||||
Klepierre SA | 233,682 | 6,935,707 | ||||
Legrand SA | 314,474 | 23,841,845 | ||||
L’Oreal SA | 296,010 | 78,361,651 | ||||
LVMH Moet Hennessy Louis Vuitton SE. | 327,541 | 133,427,119 | ||||
Natixis SA | 1,120,537 | 4,513,540 | ||||
Orange SA | 2,353,579 | 31,514,661 | ||||
Pernod Ricard SA | 249,973 | 40,198,915 | ||||
Peugeot SA | 690,894 | 13,284,759 | ||||
Publicis Groupe SA | 250,012 | 9,606,403 | ||||
Remy Cointreau SA | 26,917 | 2,697,986 | ||||
Renault SA | 227,349 | 6,616,634 | ||||
Safran SA | 385,599 | 52,563,931 | ||||
Sanofi | 1,327,722 | 122,406,514 | ||||
Sartorius Stedim Biotech | 32,364 | 6,103,974 | ||||
Schneider Electric SE | 651,358 | 64,751,299 | ||||
SCOR SE | 187,559 | 6,695,784 | ||||
SEB SA | 26,911 | 3,523,597 | ||||
SES SA | 433,477 | 4,942,465 | ||||
Societe Generale SA | 953,455 | 26,800,978 | ||||
Sodexo SA(c) | 104,459 | 9,952,804 | ||||
STMicroelectronics NV | 804,268 | 21,564,963 | ||||
Suez | 400,291 | 6,278,909 | ||||
Teleperformance | 69,292 | 16,729,807 | ||||
Thales SA | 126,029 | 12,570,035 | ||||
TOTAL SA | 2,827,831 | 119,217,106 | ||||
Ubisoft Entertainment SA(a). | 106,586 | 7,888,807 | ||||
Unibail-Rodamco-Westfield. | 162,865 | 19,499,991 | ||||
Valeo SA | 283,540 | 7,094,932 | ||||
Veolia Environnement SA | 632,411 | 18,012,836 | ||||
Vinci SA | 606,391 | 60,600,866 | ||||
Vivendi SA | 976,710 | 24,697,393 | ||||
Wendel SA | 32,049 | 3,897,106 | ||||
Worldline SA(a)(b). | 150,747 | 11,400,733 | ||||
1,748,535,249 | ||||||
Germany — 25.1% | ||||||
adidas AG | 212,529 | 58,491,500 | ||||
Allianz SE, Registered | 491,730 | 105,219,398 | ||||
Aroundtown SA | 1,436,612 | 12,352,944 | ||||
BASF SE | 1,083,540 | 63,176,566 | ||||
Bayer AG, Registered | 1,157,983 | 82,946,208 |
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) | iShares® MSCI Eurozone ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||
Germany (continued) | ||||||
Bayerische Motoren Werke AG | 390,613 | $ | 25,285,019 | |||
Beiersdorf AG | 119,226 | 12,428,461 | ||||
Brenntag AG | 181,946 | 8,076,283 | ||||
Carl Zeiss Meditec AG, Bearer | 47,859 | 4,981,074 | ||||
Commerzbank AG | 1,175,956 | 6,731,197 | ||||
Continental AG | 130,111 | 14,523,569 | ||||
Covestro AG(b) | 204,738 | 7,756,607 | ||||
Daimler AG, Registered | 1,070,648 | 44,149,027 | ||||
Delivery Hero SE(a)(b) | 133,895 | 10,001,230 | ||||
Deutsche Bank AG, Registered | 2,310,141 | 19,993,542 | ||||
Deutsche Boerse AG | 223,597 | 34,888,907 | ||||
Deutsche Lufthansa AG, Registered | 282,376 | 3,625,955 | ||||
Deutsche Post AG, Registered | 1,167,076 | 34,767,141 | ||||
Deutsche Telekom AG, Registered | 3,925,947 | 63,634,587 | ||||
Deutsche Wohnen SE | 422,019 | 16,901,639 | ||||
E.ON SE | 2,648,647 | 30,345,098 | ||||
Evonik Industries AG | 247,182 | 6,084,696 | ||||
Fraport AG Frankfurt Airport Services Worldwide | 48,943 | 3,061,175 | ||||
Fresenius Medical Care AG & Co. KGaA | 251,323 | 19,136,872 | ||||
Fresenius SE & Co. KGaA | 493,036 | 22,970,913 | ||||
GEA Group AG | 179,743 | 4,726,681 | ||||
Hannover Rueck SE | 71,340 | 12,616,507 | ||||
HeidelbergCement AG | 175,682 | 10,389,926 | ||||
Henkel AG & Co. KGaA | 121,860 | 10,286,916 | ||||
HOCHTIEF AG | 29,494 | 2,881,773 | ||||
Infineon Technologies AG | 1,475,014 | 30,450,577 | ||||
KION Group AG | 77,203 | 4,087,534 | ||||
Knorr-Bremse AG | 57,520 | 5,812,188 | ||||
LANXESS AG | 98,502 | 5,118,918 | ||||
Merck KGaA | 152,118 | 18,221,597 | ||||
METRO AG | 212,984 | 2,452,989 | ||||
MTU Aero Engines AG | 61,398 | 14,884,584 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 170,255 | 43,144,717 | ||||
Puma SE | 97,306 | 7,396,493 | ||||
QIAGEN NV(a) | 268,460 | 9,790,341 | ||||
RWE AG | 688,486 | 23,565,286 | ||||
SAP SE | 1,157,976 | 141,901,903 | ||||
Siemens AG, Registered | 901,353 | 92,276,471 | ||||
Siemens Healthineers AG(b) | 176,057 | 7,088,701 | ||||
Symrise AG | 152,181 | 14,733,761 | ||||
Telefonica Deutschland Holding AG | 1,052,589 | 2,729,826 | ||||
thyssenkrupp AG(a)(c) | 474,523 | 4,535,827 | ||||
Uniper SE | 236,443 | 6,944,932 | ||||
United Internet AG, Registered(d) | 121,001 | 3,589,994 | ||||
Volkswagen AG | 38,403 | 6,424,587 | ||||
Vonovia SE | 607,848 | 32,436,401 | ||||
Wirecard AG(c) | 138,176 | 17,447,040 | ||||
Zalando SE(a)(b) | 163,575 | 7,102,707 | ||||
1,254,568,785 | ||||||
Ireland — 1.8% | ||||||
AIB Group PLC | 971,164 | 2,238,093 | ||||
Bank of Ireland Group PLC | 1,137,406 | 4,192,930 | ||||
CRH PLC(a) | 931,540 | 31,178,421 | ||||
Flutter Entertainment PLC | 93,244 | 9,830,640 | ||||
Irish Bank Resolution Corp. Ltd.(a)(e) | 446,666 | 5 | ||||
Kerry Group PLC, Class A | 187,041 | 23,627,339 | ||||
Kingspan Group PLC | 180,894 | 11,336,003 |
Security | Shares | Value | ||||
Ireland (continued) | ||||||
Smurfit Kappa Group PLC. | 265,647 | $ | 8,818,192 | |||
91,221,623 | ||||||
Italy — 6.9% | ||||||
Assicurazioni Generali SpA. | 1,296,380 | 23,154,373 | ||||
Atlantia SpA | 584,595 | 12,448,042 | ||||
CNH Industrial NV | 1,195,280 | 10,963,173 | ||||
Davide Campari-Milano SpA. | 680,270 | 5,634,207 | ||||
Enel SpA | 9,582,999 | 79,748,324 | ||||
Eni SpA | 2,994,052 | 36,696,602 | ||||
Ferrari NV | 142,202 | 22,110,356 | ||||
FinecoBank Banca Fineco SpA | 725,940 | 7,570,597 | ||||
Intesa Sanpaolo SpA | 17,518,820 | 42,306,926 | ||||
Leonardo SpA | 480,806 | 4,878,968 | ||||
Mediobanca Banca di Credito Finanziario SpA | 735,950 | 6,620,829 | ||||
Moncler SpA. | 213,120 | 8,245,058 | ||||
Pirelli & C SpA(b). | 473,104 | 2,210,203 | ||||
Poste Italiane SpA(b) | 611,796 | 6,460,868 | ||||
Prysmian SpA | 285,437 | 6,703,446 | ||||
Recordati SpA | 123,849 | 5,262,100 | ||||
Snam SpA. | 2,399,960 | 11,786,608 | ||||
Telecom Italia SpA/Milano(a) | 10,788,723 | 5,926,620 | ||||
Tenaris SA | 553,700 | 4,967,872 | ||||
Terna Rete Elettrica Nazionale SpA | 1,664,108 | 10,949,354 | ||||
UniCredit SpA | 2,363,969 | 29,960,735 | ||||
344,605,261 | ||||||
Netherlands — 12.7% | ||||||
ABN AMRO Bank NV, CVA(b) | 500,301 | 6,836,470 | ||||
Adyen NV(a)(b) | 12,213 | 10,694,729 | ||||
Aegon NV | 2,098,347 | 7,078,435 | ||||
AerCap Holdings NV(a)(c) | 145,083 | 7,555,923 | ||||
Akzo Nobel NV | 238,425 | 18,895,930 | ||||
Altice Europe NV(a) | 727,976 | 3,872,681 | ||||
ArcelorMittal SA | 785,621 | 11,077,020 | ||||
ASML Holding NV. | 501,531 | 136,679,915 | ||||
EXOR NV | 127,636 | 8,984,126 | ||||
Heineken Holding NV | 136,289 | 11,946,587 | ||||
Heineken NV | 304,921 | 30,218,320 | ||||
ING Groep NV | 4,587,695 | 43,383,781 | ||||
Just Eat Takeaway(a)(b) | 135,484 | 11,801,613 | ||||
Koninklijke Ahold Delhaize NV | 1,297,426 | 30,184,828 | ||||
Koninklijke DSM NV. | 213,765 | 23,891,927 | ||||
Koninklijke KPN NV | 4,225,185 | 10,215,178 | ||||
Koninklijke Philips NV | 1,068,025 | 45,425,208 | ||||
Koninklijke Vopak NV | 83,496 | 3,957,552 | ||||
NN Group NV. | 364,461 | 12,346,549 | ||||
NXP Semiconductors NV. | 328,121 | 37,304,076 | ||||
Prosus NV(a). | 573,726 | 40,125,415 | ||||
Randstad NV | 139,837 | 7,174,838 | ||||
Unilever NV | 1,729,064 | 90,434,681 | ||||
Wolters Kluwer NV | 321,806 | 23,443,303 | ||||
633,529,085 | ||||||
Portugal — 0.5% | ||||||
EDP - Energias de Portugal SA | 3,019,558 | 13,997,033 | ||||
Galp Energia SGPS SA | 592,878 | 8,055,921 | ||||
Jeronimo Martins SGPS SA | 299,410 | 5,230,944 | ||||
27,283,898 | ||||||
Spain — 8.9% | ||||||
ACS Actividades de Construccion y Servicios SA | 296,535 | 8,745,817 | ||||
Aena SME SA(b) | 79,836 | 12,715,895 |
10 | 2 0 2 0 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) | iShares® MSCI Eurozone ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||
Spain (continued) | ||||||
Amadeus IT Group SA | 507,611 | $ | 35,406,655 | |||
Banco Bilbao Vizcaya Argentaria SA | 7,847,054 | 37,361,629 | ||||
Banco de Sabadell SA | 6,629,896 | 5,761,999 | ||||
Banco Santander SA | 19,579,448 | 71,553,915 | ||||
Bankia SA | 1,422,678 | 2,234,718 | ||||
Bankinter SA | 798,965 | 4,686,506 | ||||
CaixaBank SA | 4,233,918 | 10,794,381 | ||||
Cellnex Telecom SA(b) | 294,767 | 14,204,523 | ||||
Enagas SA | 287,485 | 7,389,434 | ||||
Endesa SA | 375,576 | 9,583,567 | ||||
Ferrovial SA | 578,206 | 16,437,169 | ||||
Grifols SA | 351,958 | 11,211,636 | ||||
Iberdrola SA | 7,253,809 | 82,229,182 | ||||
Industria de Diseno Textil SA | 1,286,926 | 39,765,227 | ||||
Mapfre SA | 1,281,337 | 2,850,156 | ||||
Naturgy Energy Group SA | 348,398 | 8,048,132 | ||||
Red Electrica Corp. SA | 516,056 | 9,832,213 | ||||
Repsol SA | 1,669,412 | 18,576,040 | ||||
Siemens Gamesa Renewable Energy SA | 281,985 | 4,499,065 | ||||
Telefonica SA | 5,512,735 | 32,457,275 | ||||
446,345,134 | ||||||
United Kingdom — 0.6% | ||||||
Coca-Cola European Partners PLC | 272,916 | 13,907,799 | ||||
Fiat Chrysler Automobiles NV | 1,280,599 | 15,813,824 | ||||
29,721,623 | ||||||
Total Common Stocks — 97.9% (Cost: $6,044,549,851) | 4,902,024,487 | |||||
Preferred Stocks | ||||||
Germany — 1.6% | ||||||
Bayerische Motoren Werke AG, Preference | ||||||
Shares, NVS | 66,086 | 3,376,987 | ||||
Fuchs Petrolub SE, Preference Shares, NVS | 82,434 | 3,125,772 | ||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 209,792 | 19,283,717 | ||||
Porsche Automobil Holding SE, Preference Shares, NVS | 179,670 | 11,107,333 | ||||
Sartorius AG, Preference Shares, NVS | 41,882 | 9,523,091 | ||||
Volkswagen AG, Preference Shares, NVS | 218,943 | 35,733,172 | ||||
82,150,072 | ||||||
Italy — 0.1% | ||||||
Telecom Italia SpA/Milano, Preference Shares, NVS | 7,020,666 | 3,885,229 | ||||
Total Preferred Stocks — 1.7% (Cost: $127,959,469) | 86,035,301 |
Security | Shares | Value | ||||
Rights | ||||||
Spain — 0.0% | ||||||
ACS Actividades de Construccion y Servicios SA, (Expires 03/03/20)(a) | 311,704 | $ | 136,374 | |||
Total Rights — 0.0% (Cost: $151,473) | 136,374 | |||||
Short-Term Investments | ||||||
Money Market Funds — 1.0% | ||||||
BlackRock Cash Funds: Institutional, SL Agency Shares,1.74%(f)(g)(h) | 46,783,147 | 46,815,895 | ||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(f)(g) | 2,026,000 | 2,026,000 | ||||
48,841,895 | ||||||
Total Short-Term Investments — 1.0% (Cost: $48,827,828) | 48,841,895 | |||||
Total Investments in Securities — 100.6% (Cost: $6,221,488,621). | 5,037,038,057 | |||||
Other Assets, Less Liabilities — (0.6)% | (30,059,113 | ) | ||||
Net Assets — 100.0% | $ | 5,006,978,944 |
(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) | 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. |
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) | iShares® MSCI Eurozone ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 40,300,373 | 6,482,774 | 46,783,147 | $ | 46,815,895 | $ | 423,530 | (b) | $ | 9,081 | $ | 3,030 | |||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,795,000 | (769,000 | ) | 2,026,000 | 2,026,000 | 20,085 | — | — | |||||||||||||
$ | 48,841,895 | $ | 443,615 | $ | 9,081 | $ | 3,030 |
(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 | 497 | 03/20/20 | $ | 18,092 | $ | (1,814,750 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | |||
Liabilities — Derivative Financial Instruments | |||
Futures contracts | |||
Unrealized depreciation on futures contracts(a) | $ | 1,814,750 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | |||
Net Realized Gain (Loss) from: | |||
Futures contracts | $ | 2,466,209 | |
Net Change in Unrealized Appreciation (Depreciation) on: | |||
Futures contracts | $ | (2,098,132 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | |||
Average notional value of contracts — long | $ | 21,604,011 |
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.
12 | 2 0 2 0 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) | iShares® MSCI Eurozone ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 4,902,024,482 | $ | — | $ | 5 | $ | 4,902,024,487 | ||||
Preferred Stocks | 86,035,301 | — | — | 86,035,301 | ||||||||
Rights | 136,374 | — | — | 136,374 | ||||||||
Money Market Funds | 48,841,895 | — | — | 48,841,895 | ||||||||
$ | 5,037,038,052 | $ | — | $ | 5 | $ | 5,037,038,057 | |||||
Derivative financial instruments(a) | ||||||||||||
Liabilities | ||||||||||||
Futures Contracts | $ | (1,814,750 | ) | $ | — | $ | — | $ | (1,814,750 | ) |
(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 | 13 |
Schedule of Investments (unaudited) | iShares® MSCI Germany ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||
Common Stocks | ||||||
Aerospace & Defense — 1.1% | ||||||
MTU Aero Engines AG | 91,897 | $ | 22,278,391 | |||
Air Freight & Logistics — 2.6% | ||||||
Deutsche Post AG, Registered | 1,743,245 | 51,931,189 | ||||
Airlines — 0.3% | ||||||
Deutsche Lufthansa AG, Registered | 421,787 | 5,416,115 | ||||
Auto Components — 1.1% | ||||||
Continental AG | 194,323 | 21,691,199 | ||||
Automobiles — 5.6% | ||||||
Bayerische Motoren Werke AG | 583,479 | 37,769,551 | ||||
Daimler AG, Registered | 1,602,542 | 66,082,101 | ||||
Volkswagen AG | 57,417 | 9,605,513 | ||||
113,457,165 | ||||||
Banks — 0.5% | ||||||
Commerzbank AG | 1,773,958 | 10,154,173 | ||||
Capital Markets — 4.1% | ||||||
Deutsche Bank AG, Registered | 3,468,468 | 30,018,497 | ||||
Deutsche Boerse AG | 334,824 | 52,244,187 | ||||
82,262,684 | ||||||
Chemicals — 7.2% | ||||||
BASF SE | 1,618,606 | 94,373,968 | ||||
Covestro AG(a) | 306,824 | 11,624,189 | ||||
Evonik Industries AG | 369,569 | 9,097,405 | ||||
LANXESS AG | 146,397 | 7,607,908 | ||||
Symrise AG | 227,106 | 21,987,802 | ||||
144,691,272 | ||||||
Construction & Engineering — 0.2% | ||||||
HOCHTIEF AG | 44,202 | 4,318,849 | ||||
Construction Materials — 0.8% | ||||||
HeidelbergCement AG | 262,244 | 15,509,249 | ||||
Diversified Telecommunication Services — 5.2% | ||||||
Deutsche Telekom AG, Registered | 5,873,699 | 95,205,160 | ||||
Telefonica Deutschland Holding AG | 1,563,738 | 4,055,460 | ||||
United Internet AG, Registered(b) | 180,820 | 5,364,771 | ||||
104,625,391 | ||||||
Food & Staples Retailing — 0.2% | ||||||
METRO AG | 321,825 | 3,706,537 | ||||
Health Care Equipment & Supplies — 0.9% | ||||||
Carl Zeiss Meditec AG, Bearer | 71,413 | 7,432,530 | ||||
Siemens Healthineers AG(a) | 265,031 | 10,671,121 | ||||
18,103,651 | ||||||
Health Care Providers & Services — 3.1% | ||||||
Fresenius Medical Care AG & Co. KGaA | 375,426 | 28,586,636 | ||||
Fresenius SE & Co. KGaA | 736,341 | 34,306,674 | ||||
62,893,310 | ||||||
Household Products — 0.8% | ||||||
Henkel AG & Co. KGaA | 183,189 | 15,464,056 | ||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||
Uniper SE | 355,783 | 10,450,252 | ||||
Industrial Conglomerates — 6.9% | ||||||
Siemens AG, Registered | 1,348,137 | 138,016,209 |
Security | Shares | Value | ||||
Insurance — 12.0% | ||||||
Allianz SE, Registered | 735,216 | $ | 157,320,043 | |||
Hannover Rueck SE | 106,254 | 18,791,061 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 254,320 | 64,447,825 | ||||
240,558,929 | ||||||
Internet & Direct Marketing Retail — 1.3% | ||||||
Delivery Hero SE(a)(c) | 199,376 | 14,892,306 | ||||
Zalando SE(a)(c) | 243,812 | 10,586,735 | ||||
25,479,041 | ||||||
IT Services — 1.3% | ||||||
Wirecard AG(d) | 207,014 | 26,138,993 | ||||
Life Sciences Tools & Services — 0.7% | ||||||
QIAGEN NV(c) | 399,974 | 14,586,463 | ||||
Machinery — 1.1% | ||||||
GEA Group AG | 272,051 | 7,154,094 | ||||
KION Group AG | 115,396 | 6,109,672 | ||||
Knorr-Bremse AG | 85,850 | 8,674,832 | ||||
21,938,598 | ||||||
Metals & Mining — 0.3% | ||||||
thyssenkrupp AG(c)(d) | 716,024 | 6,844,265 | ||||
Multi-Utilities — 4.0% | ||||||
E.ON SE | 3,956,519 | 45,329,165 | ||||
RWE AG | 1,029,183 | 35,226,558 | ||||
80,555,723 | ||||||
Personal Products — 0.9% | ||||||
Beiersdorf AG | 177,632 | 18,516,870 | ||||
Pharmaceuticals — 7.5% | ||||||
Bayer AG, Registered | 1,731,401 | 124,020,083 | ||||
Merck KGaA. | 227,910 | 27,300,412 | ||||
151,320,495 | ||||||
Real Estate Management & Development — 4.6% | ||||||
Aroundtown SA | 2,146,257 | 18,454,943 | ||||
Deutsche Wohnen SE. | 633,906 | 25,387,602 | ||||
Vonovia SE | 907,846 | 48,445,099 | ||||
92,287,644 | ||||||
Semiconductors & Semiconductor Equipment — 2.3% | ||||||
Infineon Technologies AG | 2,203,262 | 45,484,719 | ||||
Software — 10.5% | ||||||
SAP SE | 1,731,970 | 212,240,874 | ||||
Textiles, Apparel & Luxury Goods — 4.9% | ||||||
adidas AG | 317,869 | 87,482,812 | ||||
Puma SE | 146,736 | 11,153,802 | ||||
98,636,614 | ||||||
Trading Companies & Distributors — 0.6% | ||||||
Brenntag AG | 272,728 | 12,105,946 | ||||
Transportation Infrastructure — 0.2% | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 74,125 | 4,636,202 | ||||
Total Common Stocks — 93.3% (Cost: $2,483,449,433) | 1,876,301,068 |
14 | 2 0 2 0 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) | iShares® MSCI Germany ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||
Preferred Stocks | ||||||
Automobiles — 3.8% | ||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 99,332 | $ | 5,075,853 | |||
Porsche Automobil Holding SE, Preference Shares, NVS | 269,839 | 16,681,648 | ||||
Volkswagen AG, Preference Shares, NVS | 327,045 | 53,376,246 | ||||
75,133,747 | ||||||
Chemicals — 0.2% | ||||||
Fuchs Petrolub SE, Preference Shares, NVS | 124,140 | 4,707,201 | ||||
Health Care Equipment & Supplies — 0.7% | ||||||
Sartorius AG, Preference Shares, NVS | 62,993 | 14,323,290 | ||||
Household Products — 1.4% | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 314,214 | 28,882,006 | ||||
Total Preferred Stocks — 6.1% (Cost: $170,836,181) | 123,046,244 | |||||
Short-Term Investments | ||||||
Money Market Funds — 1.8% | ||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(e)(f)(g) | 35,141,393 | 35,165,992 |
Security | Shares | Value | ||||
Money Market Funds (continued) | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(e)(f) | 1,300,000 | $ | 1,300,000 | |||
36,465,992 | ||||||
Total Short-Term Investments — 1.8% (Cost: $36,454,211) | 36,465,992 | |||||
Total Investments in Securities — 101.2% (Cost: $2,690,739,825) | 2,035,813,304 | |||||
Other Assets, Less Liabilities — (1.2)% | (24,939,347 | ) | ||||
Net Assets — 100.0% | $ | 2,010,873,957 |
(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) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(c) | Non-income producing security. |
(d) | All or a portion of this security is on loan. (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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 39,070,907 | (3,929,514 | ) | 35,141,393 | $ | 35,165,992 | $ | 229,680 | (b) | $ | 180 | $ | 7,521 | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 839,000 | 461,000 | 1,300,000 | 1,300,000 | 8,856 | — | — | ||||||||||||||
$ | 36,465,992 | $ | 238,536 | $ | 180 | $ | 7,521 |
(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 | 34 | 03/20/20 | $ | 11,035 | $ | (1,546,693 | ) |
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) | iShares® MSCI Germany ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | |||
Liabilities — Derivative Financial Instruments | |||
Futures contracts | |||
Unrealized depreciation on futures contracts(a) | $ | 1,546,693 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | |||
Net Realized Gain (Loss) from: | |||
Futures contracts | $ | 852,066 | |
Net Change in Unrealized Appreciation (Depreciation) on: | |||
Futures contracts | $ | (1,378,783 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | |||
Average notional value of contracts — long | $ | 11,958,493 |
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 29, 2020. 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 | $ | 1,876,301,068 | $ | — | $ | — | $ | 1,876,301,068 | ||||
Preferred Stocks | 123,046,244 | — | — | 123,046,244 | ||||||||
Money Market Funds | 36,465,992 | — | — | 36,465,992 | ||||||||
$ | 2,035,813,304 | $ | — | $ | — | $ | 2,035,813,304 | |||||
Derivative financial instruments(a) | ||||||||||||
Liabilities | ||||||||||||
Futures Contracts | $ | (1,546,693 | ) | $ | — | $ | — | $ | (1,546,693 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
16 | 2 0 2 0 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) | iShares® MSCI Italy ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.5% | ||||||||
Leonardo SpA | 449,570 | $ | 4,562,002 | |||||
Auto Components — 1.2% | ||||||||
Pirelli & C SpA(a) | 770,671 | 3,600,348 | ||||||
Automobiles — 9.2% | ||||||||
Ferrari NV | 87,650 | 13,628,308 | ||||||
Fiat Chrysler Automobiles NV | 1,183,805 | 14,618,537 | ||||||
28,246,845 | ||||||||
Banks — 20.6% | ||||||||
FinecoBank Banca Fineco SpA | 533,238 | 5,560,969 | ||||||
Intesa Sanpaolo SpA | 12,530,920 | 30,261,440 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 786,959 | 7,079,721 | ||||||
UniCredit SpA | 1,602,297 | 20,307,371 | ||||||
63,209,501 | ||||||||
Beverages — 2.1% | ||||||||
Davide Campari-Milano SpA | 762,298 | 6,313,589 | ||||||
Diversified Financial Services — 2.9% | ||||||||
EXOR NV | 128,749 | 9,062,469 | ||||||
Diversified Telecommunication Services — 2.2% | ||||||||
Telecom Italia SpA/Milano(b) | 12,263,718 | 6,736,885 | ||||||
Electric Utilities — 23.2% | ||||||||
Enel SpA | 7,280,986 | 60,591,306 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,627,791 | 10,710,398 | ||||||
71,301,704 | ||||||||
Electrical Equipment — 2.4% | ||||||||
Prysmian SpA | 308,565 | 7,246,604 | ||||||
Energy Equipment & Services — 1.9% | ||||||||
Tenaris SA | 647,879 | 5,812,859 | ||||||
Gas Utilities — 3.7% | ||||||||
Snam SpA | 2,321,345 | 11,400,516 | ||||||
Insurance — 6.8% | ||||||||
Assicurazioni Generali SpA | 769,775 | 13,748,791 | ||||||
Poste Italiane SpA(a) | 663,635 | 7,008,314 | ||||||
20,757,105 | ||||||||
Machinery — 3.5% | ||||||||
CNH Industrial NV | 1,182,974 | 10,850,302 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels — 8.3% | ||||||||
Eni SpA | 2,086,446 | $ | 25,572,528 | |||||
Pharmaceuticals — 2.0% | ||||||||
Recordati SpA | 144,397 | 6,135,144 | ||||||
Textiles, Apparel & Luxury Goods — 2.8% | ||||||||
Moncler SpA | 222,196 | 8,596,185 | ||||||
Transportation Infrastructure — 3.9% | ||||||||
Atlantia SpA | 557,200 | 11,864,708 | ||||||
Total Common Stocks — 98.2% | ||||||||
(Cost: $345,715,729) | 301,269,294 | |||||||
Preferred Stocks | ||||||||
Diversified Telecommunication Services — 1.7% | ||||||||
Telecom Italia SpA/Milano, Preference Shares, NVS | 9,324,750 | 5,160,307 | ||||||
Total Preferred Stocks — 1.7% | ||||||||
(Cost: $6,755,316) | 5,160,307 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(c)(d) | 175,000 | 175,000 | ||||||
Total Short-Term Investments — 0.1% | ||||||||
(Cost: $175,000) | 175,000 | |||||||
Total Investments in Securities — 100.0% | ||||||||
(Cost: $352,646,045) | 306,604,601 | |||||||
Other Assets, Less Liabilities — 0.0% | 36,790 | |||||||
Net Assets — 100.0% | $ | 306,641,391 |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss)(a) | (Depreciation) | ||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | — | — | — | $ | — | $ | 23 | (b) | $ | — | $ | — | |||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 103,000 | 72,000 | 175,000 | 175,000 | 1,655 | — | — | ||||||||||||||||||
$ | 175,000 | $ | 1,678 | $ | — | $ | — |
(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 | 17 |
Schedule of Investments (unaudited)(continued) | iShares® MSCI Italy ETF |
February 29, 2020 |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
FTSE/MIB Index | 1 | 03/20/20 | $ | 121 | $ | (10,823 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 10,823 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 71,447 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (4,600 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 371,557 |
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 29, 2020. 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 | $ | 301,269,294 | $ | — | $ | — | $ | 301,269,294 | ||||||||
Preferred Stocks | 5,160,307 | — | — | 5,160,307 | ||||||||||||
Money Market Funds | 175,000 | — | — | 175,000 | ||||||||||||
$ | 306,604,601 | $ | — | $ | — | $ | 306,604,601 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (10,823 | ) | $ | — | $ | — | $ | (10,823 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
18 | 2 0 2 0 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) | iShares® MSCI Spain ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 30.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 13,197,113 | $ | 62,834,490 | |||||
Banco de Sabadell SA | 21,634,888 | 18,802,738 | ||||||
Banco Santander SA | 35,719,787 | 130,539,461 | ||||||
Bankia SA | 7,222,281 | 11,344,636 | ||||||
Bankinter SA | 2,812,066 | 16,494,795 | ||||||
CaixaBank SA | 11,134,474 | 28,387,360 | ||||||
268,403,480 | ||||||||
Biotechnology — 3.4% | ||||||||
Grifols SA | 956,557 | 30,471,161 | ||||||
Construction & Engineering — 7.2% | ||||||||
ACS Actividades de Construccion y Servicios SA | 832,755 | 24,560,754 | ||||||
Ferrovial SA | 1,398,621 | 39,759,825 | ||||||
64,320,579 | ||||||||
Diversified Telecommunication Services — 8.5% | ||||||||
Cellnex Telecom SA(a) | 780,834 | 37,627,598 | ||||||
Telefonica SA | 6,445,383 | 37,948,418 | ||||||
75,576,016 | ||||||||
Electric Utilities — 22.9% | ||||||||
Endesa SA | 1,079,639 | 27,549,132 | ||||||
Iberdrola SA | 13,333,437 | 151,147,847 | ||||||
Red Electrica Corp. SA | 1,331,194 | 25,362,719 | ||||||
204,059,698 | ||||||||
Electrical Equipment — 2.0% | ||||||||
Siemens Gamesa Renewable Energy SA | 1,116,611 | 17,815,507 | ||||||
Gas Utilities — 5.0% | ||||||||
Enagas SA | 806,507 | 20,730,232 | ||||||
Naturgy Energy Group SA | 1,027,235 | 23,729,535 | ||||||
44,459,767 | ||||||||
Insurance — 1.5% | ||||||||
Mapfre SA | 5,853,835 | 13,021,040 | ||||||
IT Services — 4.5% | ||||||||
Amadeus IT Group SA | 577,020 | 40,248,041 | ||||||
Oil, Gas & Consumable Fuels — 4.3% | ||||||||
Repsol SA | 3,422,379 | 38,081,821 |
Security | Shares | Value | ||||||
Specialty Retail — 6.8% | ||||||||
Industria de Diseno Textil SA | 1,973,805 | $ | 60,989,368 | |||||
Transportation Infrastructure — 3.7% | ||||||||
Aena SME SA(a) | 206,678 | 32,918,680 | ||||||
Total Common Stocks — 99.9% | ||||||||
(Cost: $1,195,512,922) | 890,365,158 | |||||||
Rights | ||||||||
Construction & Engineering — 0.0% | ||||||||
ACS Actividades de Construccion y Servicios SA, (Expires 03/03/20)(b) | 841,195 | 368,033 | ||||||
Total Rights — 0.0% | ||||||||
(Cost: $408,781) | 368,033 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(c)(d) | 387,000 | 387,000 | ||||||
Total Short-Term Investments — 0.1% | ||||||||
(Cost: $387,000) | 387,000 | |||||||
Total Investments in Securities — 100.0% | ||||||||
(Cost: $1,196,308,703) | 891,120,191 | |||||||
Other Assets, Less Liabilities — 0.0% | 315,693 | |||||||
Net Assets — 100.0% | $ | 891,435,884 |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss)(a) | (Depreciation) | ||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | — | — | — | $ | — | $ | 1,533 | (b) | $ | 107 | $ | — | |||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 419,000 | (32,000 | ) | 387,000 | 387,000 | 6,250 | — | — | |||||||||||||||||
$ | 387,000 | $ | 7,783 | $ | 107 | $ | — |
(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 | 19 |
Schedule of Investments (unaudited)(continued) | iShares® MSCI Spain ETF |
February 29, 2020 |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
IBEX 35 Index | 5 | 03/20/20 | $ | 477 | $ | (72,880 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 72,880 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 82,653 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (96,766 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,159,585 |
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 29, 2020. 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 | $ | 890,365,158 | $ | — | $ | — | $ | 890,365,158 | ||||||||
Rights | 368,033 | — | — | 368,033 | ||||||||||||
Money Market Funds | 387,000 | — | — | 387,000 | ||||||||||||
$ | 891,120,191 | $ | — | $ | — | $ | 891,120,191 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (72,880 | ) | $ | — | $ | — | $ | (72,880 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
20 | 2 0 2 0 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) | iShares® MSCI Switzerland ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Building Products — 1.7% | ||||||||
Geberit AG, Registered | 35,437 | $ | 17,536,363 | |||||
Capital Markets — 8.4% | ||||||||
Credit Suisse Group AG, Registered | 2,263,346 | 25,276,895 | ||||||
Julius Baer Group Ltd. | 240,675 | 9,997,977 | ||||||
Partners Group Holding AG | 18,448 | 15,837,892 | ||||||
UBS Group AG, Registered | 3,319,881 | 36,355,947 | ||||||
87,468,711 | ||||||||
Chemicals — 5.8% | ||||||||
Clariant AG, Registered | 294,591 | 6,172,122 | ||||||
EMS-Chemie Holding AG, Registered | 11,315 | 6,587,120 | ||||||
Givaudan SA, Registered | 8,368 | 25,987,094 | ||||||
Sika AG, Registered | 118,368 | 20,960,045 | ||||||
59,706,381 | ||||||||
Construction Materials — 2.0% | ||||||||
LafargeHolcim Ltd., Registered | 455,667 | 21,047,442 | ||||||
Diversified Financial Services — 0.5% | ||||||||
Pargesa Holding SA, Bearer | 68,640 | 5,002,895 | ||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Swisscom AG, Registered | 26,193 | 13,898,161 | ||||||
Electrical Equipment — 3.3% | ||||||||
ABB Ltd., Registered | 1,603,101 | 34,465,139 | ||||||
Food Products — 22.8% | ||||||||
Barry Callebaut AG, Registered | 3,809 | 7,803,344 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS | 1,226 | 9,537,455 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 117 | 10,117,155 | ||||||
Nestle SA, Registered | 2,052,628 | 209,620,619 | ||||||
237,078,573 | ||||||||
Health Care Equipment & Supplies — 4.5% | ||||||||
Alcon Inc.(a) | 380,286 | 23,164,071 | ||||||
Sonova Holding AG, Registered | 56,289 | 13,363,513 | ||||||
Straumann Holding AG, Registered | 11,350 | 10,564,957 | ||||||
47,092,541 | ||||||||
Insurance — 8.9% | ||||||||
Baloise Holding AG, Registered | 55,664 | 8,907,850 | ||||||
Swiss Life Holding AG, Registered | 32,547 | 14,747,780 | ||||||
Swiss Re AG | 262,014 | 24,805,995 | ||||||
Zurich Insurance Group AG | 115,472 | 44,246,671 | ||||||
92,708,296 | ||||||||
Life Sciences Tools & Services — 2.6% | ||||||||
Lonza Group AG, Registered | 67,716 | 26,752,000 | ||||||
Machinery — 1.6% | ||||||||
Schindler Holding AG, Participation Certificates, NVS | 45,343 | 10,048,116 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Schindler Holding AG, Registered | 29,326 | $ | 6,277,542 | |||||
16,325,658 | ||||||||
Marine — 0.9% | ||||||||
Kuehne + Nagel International AG, Registered | 62,595 | 9,089,031 | ||||||
Pharmaceuticals — 25.8% | ||||||||
Novartis AG, Registered | 1,350,011 | 113,320,310 | ||||||
Roche Holding AG, NVS | 452,956 | 144,925,330 | ||||||
Vifor Pharma AG | 53,911 | 8,950,356 | ||||||
267,195,996 | ||||||||
Professional Services — 2.4% | ||||||||
Adecco Group AG, Registered | 177,108 | 9,401,115 | ||||||
SGS SA, Registered | 6,085 | 15,074,983 | ||||||
24,476,098 | ||||||||
Real Estate Management & Development — 1.0% | ||||||||
Swiss Prime Site AG, Registered | 87,368 | 10,470,260 | ||||||
Software — 1.0% | ||||||||
Temenos AG, Registered(a) | 71,165 | 10,090,807 | ||||||
Specialty Retail — 0.5% | ||||||||
Dufry AG, Registered. | 68,213 | 4,948,517 | ||||||
Textiles, Apparel & Luxury Goods — 4.2% | ||||||||
Cie. Financiere Richemont SA, Registered | 459,062 | 31,016,741 | ||||||
Swatch Group AG (The), Bearer | 35,490 | 8,135,990 | ||||||
Swatch Group AG (The), Registered | 107,029 | 4,566,659 | ||||||
43,719,390 | ||||||||
Total Common Stocks — 99.2% | ||||||||
(Cost: $1,014,521,072) | 1,029,072,259 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(b)(c) | 526,000 | 526,000 | ||||||
Total Short-Term Investments — 0.0% | ||||||||
(Cost: $526,000) | 526,000 | |||||||
Total Investments in Securities — 99.2% | ||||||||
(Cost: $1,015,047,072) | 1,029,598,259 | |||||||
Other Assets, Less Liabilities — 0.8% | 7,842,250 | |||||||
Net Assets — 100.0% | $ | 1,037,440,509 |
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | 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 | 21 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Switzerland ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss)(a) | (Depreciation) | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 516,000 | 10,000 | 526,000 | $ | 526,000 | $ | 4,293 | $— | $ | — |
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
Euro STOXX 50 Index | 170 | 03/20/20 | $ | 6,188 | $ | (846,852 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 846,852 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 1,197,883 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (1,019,745 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 8,946,256 |
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 2 0 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) | iShares® MSCI Switzerland ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 1,029,072,259 | $ | — | $ | — | $ | 1,029,072,259 | ||||||||
Money Market Funds | 526,000 | — | — | 526,000 | ||||||||||||
$ | 1,029,598,259 | $ | — | $ | — | $ | 1,029,598,259 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (846,852 | ) | $ | — | $ | — | $ | (846,852 | ) |
(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 29, 2020
iShares | iShares | iShares | |||||||||||||||
MSCI Eurozone | MSCI Germany | MSCI Italy | iShares | ||||||||||||||
ETF | ETF | ETF | MSCI Spain ETF | ||||||||||||||
ASSETS | |||||||||||||||||
Investments in securities, at value (including securities on loan)(a) | |||||||||||||||||
Unaffiliated(b) | $ | 4,988,196,162 | $ | 1,999,347,312 | $ | 306,429,601 | $ | 890,733,191 | |||||||||
Affiliated(c) | 48,841,895 | 36,465,992 | 175,000 | 387,000 | |||||||||||||
Cash | 936 | 28 | 458 | 823 | |||||||||||||
Foreign currency, at value(d) | 5,230,690 | 5,161,702 | 330,790 | 1,311,440 | |||||||||||||
Foreign currency collateral pledged: | |||||||||||||||||
Futures contracts(e) | 1,038,035 | 1,123,934 | 10,985 | 115,667 | |||||||||||||
Receivables: | |||||||||||||||||
Investments sold | 10,261,455 | 2,737,515 | 20,324,091 | 33,194,811 | |||||||||||||
Securities lending income — Affiliated | 67,775 | 71,579 | — | — | |||||||||||||
Dividends | 1,424,367 | 2,010 | 1,783 | 1,022 | |||||||||||||
Tax reclaims | 8,695,793 | 9,078,875 | — | 58,724 | |||||||||||||
Foreign withholding tax claims | 1,109 | — | — | — | |||||||||||||
Total assets | 5,063,758,217 | 2,053,988,947 | 327,272,708 | 925,802,678 | |||||||||||||
LIABILITIES | |||||||||||||||||
Collateral on securities loaned, at value | 46,809,183 | 35,167,990 | — | — | |||||||||||||
Payables: | |||||||||||||||||
Investments purchased | 6,671,521 | 6,304,406 | 8,178,151 | 33,941,547 | |||||||||||||
Variation margin on futures contracts | 629,394 | 700,487 | 4,318 | 36,112 | |||||||||||||
Capital shares redeemed | 455,161 | 63,363 | 12,311,287 | — | |||||||||||||
Investment advisory fees | 2,214,003 | 878,744 | 137,561 | 389,135 | |||||||||||||
Professional fees | 11 | — | — | — | |||||||||||||
Total liabilities | 56,779,273 | 43,114,990 | 20,631,317 | 34,366,794 | |||||||||||||
NET ASSETS | $ | 5,006,978,944 | $ | 2,010,873,957 | $ | 306,641,391 | $ | 891,435,884 | |||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||
Paid-in capital | $ | 6,725,100,524 | $ | 2,902,990,871 | $ | 550,692,009 | $ | 1,420,486,789 | |||||||||
Accumulated loss | (1,718,121,580 | ) | (892,116,914 | ) | (244,050,618 | ) | (529,050,905 | ) | |||||||||
NET ASSETS | $ | 5,006,978,944 | $ | 2,010,873,957 | $ | 306,641,391 | $ | 891,435,884 | |||||||||
Shares outstanding | 135,100,000 | 77,400,000 | 11,400,000 | 34,275,000 | |||||||||||||
Net asset value | $ | 37.06 | $ | 25.98 | $ | 26.90 | $ | 26.01 | |||||||||
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 | $ | 43,466,724 | $ | 32,192,187 | $ | — | $ | — | |||||||||
(b) | Investments, at cost — Unaffiliated | $ | 6,172,660,793 | $ | 2,654,285,614 | $ | 352,471,045 | $ | 1,195,921,703 | |||||||||
(c) | Investments, at cost — Affiliated | $ | 48,827,828 | $ | 36,454,211 | $ | 175,000 | $ | 387,000 | |||||||||
(d) | Foreign currency, at cost | $ | 5,183,057 | $ | 5,114,591 | $ | 330,752 | $ | 1,305,325 | |||||||||
(e) | Foreign currency collateral pledged, at cost | $ | 1,049,919 | $ | 1,135,017 | $ | 11,014 | $ | 116,213 |
See notes to financial statements.
24 | 2 0 2 0 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 29, 2020
iShares | ||||
MSCI Switzerland | ||||
ETF | ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 1,029,072,259 | ||
Affiliated(b) | 526,000 | |||
Cash | 853 | |||
Foreign currency, at value(c) | 64,647 | |||
Foreign currency collateral pledged: | ||||
Futures contracts(d) | 456,955 | |||
Receivables: | ||||
Investments sold | 4,432,205 | |||
Dividends | 2,233 | |||
Tax reclaims | 8,101,456 | |||
Total assets | 1,042,656,608 | |||
LIABILITIES | ||||
Payables: | ||||
Investments purchased | 4,386,427 | |||
Variation margin on futures contracts | 270,924 | |||
Capital shares redeemed | 99,000 | |||
Investment advisory fees | 459,748 | |||
Total liabilities | 5,216,099 | |||
NET ASSETS | $ | 1,037,440,509 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 1,040,075,822 | ||
Accumulated loss | (2,635,313 | ) | ||
NET ASSETS | $ | 1,037,440,509 | ||
Shares outstanding | 27,625,000 | |||
Net asset value | $ | 37.55 | ||
Shares authorized | 318.625 million | |||
Par value | $ | 0.001 | ||
(a) Investments, at cost — Unaffiliated | $ | 1,014,521,072 | ||
(b) Investments, at cost — Affiliated | $ | 526,000 | ||
(c) Foreign currency, at cost | $ | 60,627 | ||
(d) Foreign currency collateral pledged, at cost | $ | 458,022 |
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)
Six Months Ended February 29, 2020
iShares | iShares | |||||||||||||||
MSCI | MSCI | iShares | iShares | |||||||||||||
Eurozone | Germany | MSCI Italy | MSCI Spain | |||||||||||||
ETF | ETF | ETF | ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 31,065,778 | $ | 6,763,283 | $ | 3,081,876 | $ | 11,250,722 | ||||||||
Dividends — Affiliated | 20,085 | 8,856 | 1,655 | 6,250 | ||||||||||||
Non-cash dividends — Unaffiliated | 2,723,154 | — | — | 4,525,737 | ||||||||||||
Securities lending income — Affiliated — net | 423,530 | 229,680 | 23 | 1,533 | ||||||||||||
Foreign taxes withheld | (4,296,413 | ) | (1,000,763 | ) | (453,607 | ) | (1,664,234 | ) | ||||||||
Total investment income | 29,936,134 | 6,001,056 | 2,629,947 | 14,120,008 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 14,403,479 | 5,244,047 | 736,697 | 2,267,963 | ||||||||||||
Total expenses | 14,403,479 | 5,244,047 | 736,697 | 2,267,963 | ||||||||||||
Net investment income | 15,532,655 | 757,009 | 1,893,250 | 11,852,045 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (50,265,378 | ) | (18,539,789 | ) | (8,682,380 | ) | (60,012,070 | ) | ||||||||
Investments — Affiliated | 9,081 | 180 | — | 107 | ||||||||||||
In-kind redemptions — Unaffiliated | 87,522,783 | (5,041,736 | ) | 1,657,246 | 7,528,953 | |||||||||||
Futures contracts | 2,466,209 | 852,066 | 71,447 | 82,653 | ||||||||||||
Foreign currency transactions | (75,051 | ) | (120,088 | ) | (20,352 | ) | (16,172 | ) | ||||||||
Net realized gain (loss) | 39,657,644 | (22,849,367 | ) | (6,974,039 | ) | (52,416,529 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (117,890,277 | ) | (11,711,516 | ) | 2,210,521 | 30,830,811 | ||||||||||
Investments — Affiliated | 3,030 | 7,521 | — | — | ||||||||||||
Futures contracts | (2,098,132 | ) | (1,378,783 | ) | (4,600 | ) | (96,766 | ) | ||||||||
Foreign currency translations | 144,069 | 46,065 | 3,388 | 13,772 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (119,841,310 | ) | (13,036,713 | ) | 2,209,309 | 30,747,817 | ||||||||||
Net realized and unrealized loss | (80,183,666 | ) | (35,886,080 | ) | (4,764,730 | ) | (21,668,712 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (64,651,011 | ) | $ | (35,129,071 | ) | $ | (2,871,480 | ) | $ | (9,816,667 | ) |
See notes to financial statements.
26 | 2 0 2 0 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 29, 2020
iShares | ||||
MSCI | ||||
Switzerland | ||||
ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 1,010,495 | ||
Dividends — Affiliated | 4,293 | |||
Foreign taxes withheld | (83,944 | ) | ||
Total investment income | 930,844 | |||
EXPENSES | ||||
Investment advisory fees | 2,850,690 | |||
Total expenses | 2,850,690 | |||
Net investment loss | (1,919,846 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (6,920,221 | ) | ||
In-kind redemptions — Unaffiliated | 52,867,100 | |||
Futures contracts | 1,197,883 | |||
Foreign currency transactions | (156,799 | ) | ||
Net realized gain | 46,987,963 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (28,260,307 | ) | ||
Futures contracts | (1,019,745 | ) | ||
Foreign currency translations | 346,867 | |||
Net change in unrealized appreciation (depreciation) | (28,933,185 | ) | ||
Net realized and unrealized gain | 18,054,778 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 16,134,932 |
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
iShares | iShares | |||||||||||||||
MSCI Eurozone ETF | MSCI Germany ETF | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 15,532,655 | $ | 188,336,497 | $ | 757,009 | $ | 58,499,817 | ||||||||
Net realized gain (loss) | 39,657,644 | (256,286,586 | ) | (22,849,367 | ) | (85,758,069 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (119,841,310 | ) | (541,585,755 | ) | (13,036,713 | ) | (329,119,184 | ) | ||||||||
Net decrease in net assets resulting from operations | (64,651,011 | ) | (609,535,844 | ) | (35,129,071 | ) | (356,377,436 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (25,144,798 | ) | (193,219,136 | ) | — | (58,677,042 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (134,736,419 | ) | (3,523,968,012 | ) | 43,318,343 | (933,488,410 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (224,532,228 | ) | (4,326,722,992 | ) | 8,189,272 | (1,348,542,888 | ) | |||||||||
Beginning of period | 5,231,511,172 | 9,558,234,164 | 2,002,684,685 | 3,351,227,573 | ||||||||||||
End of period | $ | 5,006,978,944 | $ | 5,231,511,172 | $ | 2,010,873,957 | $ | 2,002,684,685 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
28 | 2 0 2 0 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 | iShares | |||||||||||||||
MSCI Italy ETF | MSCI Spain ETF | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,893,250 | $ | 10,103,171 | $ | 11,852,045 | $ | 34,269,377 | ||||||||
Net realized loss | (6,974,039 | ) | (42,250,592 | ) | (52,416,529 | ) | (28,332,161 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 2,209,309 | 35,984,260 | 30,747,817 | (96,440,348 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | (2,871,480 | ) | 3,836,839 | (9,816,667 | ) | (90,503,132 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,367,408 | ) | (10,603,637 | ) | (21,359,646 | ) | (32,499,998 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 76,423,518 | (163,401,382 | ) | 97,401,049 | 72,772,356 | |||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 71,184,630 | (170,168,180 | ) | 66,224,736 | (50,230,774 | ) | ||||||||||
Beginning of period | 235,456,761 | 405,624,941 | 825,211,148 | 875,441,922 | ||||||||||||
End of period | $ | 306,641,391 | $ | 235,456,761 | $ | 891,435,884 | $ | 825,211,148 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 (continued)
iShares | ||||||||
MSCI Switzerland ETF | ||||||||
Six Months Ended | ||||||||
02/29/20 | Year Ended | |||||||
(unaudited) | 08/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income (loss) | $ | (1,919,846 | ) | $ | 20,527,971 | |||
Net realized gain | 46,987,963 | 4,112,266 | ||||||
Net change in unrealized appreciation (depreciation) | (28,933,185 | ) | 53,854,421 | |||||
Net increase in net assets resulting from operations | 16,134,932 | 78,494,658 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | — | (21,371,038 | ) | |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | (116,730,180 | ) | 46,825,869 | |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | (100,595,248 | ) | 103,949,489 | |||||
Beginning of period | 1,138,035,757 | 1,034,086,268 | ||||||
End of period | $ | 1,037,440,509 | $ | 1,138,035,757 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 37.91 | $ | 41.29 | $ | 41.71 | $ | 34.20 | $ | 36.04 | $ | 39.98 | ||||||||||||
Net investment income(a) | 0.11 | 1.05 | 1.03 | 0.99 | 0.92 | (b) | 0.96 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.79 | ) | (3.22 | ) | (0.23 | ) | 7.38 | (1.84 | ) | (3.95 | ) | |||||||||||||
Net increase (decrease) from investment operations | (0.68 | ) | (2.17 | ) | 0.80 | 8.37 | (0.92 | ) | (2.99 | ) | ||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.17 | ) | (1.21 | ) | (1.22 | ) | (0.86 | ) | (0.92 | ) | (0.95 | ) | ||||||||||||
Total distributions | (0.17 | ) | (1.21 | ) | (1.22 | ) | (0.86 | ) | (0.92 | ) | (0.95 | ) | ||||||||||||
Net asset value, end of period | $ | 37.06 | $ | 37.91 | $ | 41.29 | $ | 41.71 | $ | 34.20 | $ | 36.04 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (1.85 | )%(e) | (5.22 | )% | 1.87 | % | 24.72 | % | (2.53 | )%(b) | (7.62 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.49 | % | N/A | 0.49 | % | 0.48 | % | N/A | |||||||||||||||
Net investment income | 0.54 | %(f) | 2.74 | % | 2.36 | % | 2.63 | % | 2.69 | %(b) | 2.50 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,006,979 | $ | 5,231,511 | $ | 9,558,234 | $ | 13,286,216 | $ | 8,293,591 | $ | 10,134,616 | ||||||||||||
Portfolio turnover rate(g) | 2 | %(e) | 6 | % | 5 | % | 4 | % | 4 | % | 5 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (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 | 31 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Germany ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 26.28 | $ | 30.36 | $ | 30.71 | $ | 26.18 | $ | 26.34 | $ | 28.97 | ||||||||||||
Net investment income(a) | 0.01 | 0.65 | 0.64 | 0.59 | 0.49 | 0.58 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.31 | ) | (3.99 | ) | (0.16 | ) | 4.54 | (0.04 | ) | (2.70 | ) | |||||||||||||
Net increase (decrease) from investment operations | (0.30 | ) | (3.34 | ) | 0.48 | 5.13 | 0.45 | (2.12 | ) | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | — | (0.74 | ) | (0.83 | ) | (0.60 | ) | (0.61 | ) | (0.51 | ) | |||||||||||||
Total distributions | — | (0.74 | ) | (0.83 | ) | (0.60 | ) | (0.61 | ) | (0.51 | ) | |||||||||||||
Net asset value, end of period | $ | 25.98 | $ | 26.28 | $ | 30.36 | $ | 30.71 | $ | 26.18 | $ | 26.34 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (1.14 | )%(d) | (11.07 | )% | 1.52 | % | 19.63 | % | 1.81 | % | (7.50 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 0.07 | %(e) | 2.38 | % | 1.99 | % | 2.08 | % | 1.90 | % | 2.03 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,010,874 | $ | 2,002,685 | $ | 3,351,228 | $ | 4,809,899 | $ | 3,596,902 | $ | 6,607,056 | ||||||||||||
Portfolio turnover rate(f) | 1 | %(d) | 9 | % | 6 | % | 3 | % | 3 | % | 3 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
32 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17(a) | 08/31/16(a) | 08/31/15(a) | |||||||||||||||||||
Net asset value, beginning of period | $ | 26.83 | $ | 27.18 | $ | 30.21 | $ | 22.60 | $ | 29.50 | $ | 32.03 | ||||||||||||
Net investment income(b) | 0.18 | 1.00 | 0.82 | 0.57 | 0.66 | 0.70 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.09 | (0.12 | ) | (2.86 | ) | 7.76 | (6.82 | ) | (2.49 | ) | ||||||||||||||
Net increase (decrease) from investment operations | 0.27 | 0.88 | (2.04 | ) | 8.33 | (6.16 | ) | (1.79 | ) | |||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.20 | ) | (1.23 | ) | (0.99 | ) | (0.72 | ) | (0.72 | ) | (0.74 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | (0.20 | ) | (1.23 | ) | (0.99 | ) | (0.72 | ) | (0.74 | ) | (0.74 | ) | ||||||||||||
Net asset value, end of period | $ | 26.90 | $ | 26.83 | $ | 27.18 | $ | 30.21 | $ | 22.60 | $ | 29.50 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.96 | %(e) | 3.46 | % | (6.98 | )% | 37.37 | % | (20.97 | )% | (5.66 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 1.28 | %(f) | 3.72 | % | 2.64 | % | 2.59 | % | 2.54 | % | 2.34 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 306,641 | $ | 235,457 | $ | 405,625 | $ | 840,630 | $ | 461,031 | $ | 1,077,437 | ||||||||||||
Portfolio turnover rate(g) | 4 | %(e) | 13 | % | 10 | % | 18 | % | 16 | % | 22 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (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 | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Spain ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 26.71 | $ | 29.85 | $ | 33.63 | $ | 26.49 | $ | 31.96 | $ | 40.61 | ||||||||||||
Net investment income(a) | 0.37 | 1.04 | 0.99 | 0.94 | 1.00 | 1.32 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.39 | ) | (3.26 | ) | (3.72 | ) | 7.19 | (5.40 | ) | (8.35 | ) | |||||||||||||
Net increase (decrease) from investment operations | (0.02 | ) | (2.22 | ) | (2.73 | ) | 8.13 | (4.40 | ) | (7.03 | ) | |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.68 | ) | (0.92 | ) | (1.05 | ) | (0.99 | ) | (1.07 | ) | (1.62 | ) | ||||||||||||
Total distributions | (0.68 | ) | (0.92 | ) | (1.05 | ) | (0.99 | ) | (1.07 | ) | (1.62 | ) | ||||||||||||
Net asset value, end of period | $ | 26.01 | $ | 26.71 | $ | 29.85 | $ | 33.63 | $ | 26.49 | $ | 31.96 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.33 | )%(d) | (7.53 | )% | (8.28 | )% | 31.48 | % | (13.82 | )% | (17.63 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 2.61 | %(e) | 3.65 | % | 3.02 | % | 3.10 | % | 3.53 | % | 3.70 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 891,436 | $ | 825,211 | $ | 875,442 | $ | 1,528,533 | $ | 599,944 | $ | 1,666,091 | ||||||||||||
Portfolio turnover rate(f) | 7 | %(d) | 12 | % | 21 | % | 16 | % | 9 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
34 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 37.31 | $ | 34.91 | $ | 34.27 | $ | 30.22 | $ | 31.90 | $ | 33.64 | ||||||||||||
Net investment income (loss)(a) | (0.07 | ) | 0.72 | 0.66 | 0.69 | 0.81 | 0.83 | |||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.31 | 2.43 | 0.79 | 4.11 | (1.70 | ) | (1.77 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 0.24 | 3.15 | 1.45 | 4.80 | (0.89 | ) | (0.94 | ) | ||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | — | (0.75 | ) | (0.81 | ) | (0.75 | ) | (0.79 | ) | (0.80 | ) | |||||||||||||
Total distributions | — | (0.75 | ) | (0.81 | ) | (0.75 | ) | (0.79 | ) | (0.80 | ) | |||||||||||||
Net asset value, end of period | $ | 37.55 | $ | 37.31 | $ | 34.91 | $ | 34.27 | $ | 30.22 | $ | 31.90 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.64 | %(d) | 9.07 | % | 4.43 | % | 15.90 | % | (2.76 | )% | (2.92 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income (loss) | (0.34 | )%(e) | 2.06 | % | 1.91 | % | 2.18 | % | 2.68 | % | 2.49 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,037,441 | $ | 1,138,036 | $ | 1,034,086 | $ | 1,259,258 | $ | 1,091,735 | $ | 1,200,164 | ||||||||||||
Portfolio turnover rate(f) | 4 | %(d) | 11 | % | 9 | % | 13 | % | 6 | % | 7 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 |
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”):
Diversification | ||||
iShares ETF | 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 29, 2020, 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.
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.
36 | 2 0 2 0 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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. 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 29, 2020, 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
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)
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 29, 2020 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 29, 2020:
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received | (a) | Received | Net Amount | |||||||||||
MSCI Eurozone | ||||||||||||||||
BNP Paribas Prime Brokerage International Ltd. | $ | 2,239,440 | $ | 2,239,440 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 9,952,804 | 9,952,804 | — | — | ||||||||||||
Goldman Sachs & Co. | 7,034,721 | 7,034,721 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 24,239,759 | 24,239,759 | — | — | ||||||||||||
$ | 43,466,724 | $ | 43,466,724 | $ | — | $ | — | |||||||||
MSCI Germany | ||||||||||||||||
Goldman Sachs & Co. | $ | 6,817,740 | $ | 6,817,740 | $ | — | $ | — | ||||||||
Morgan Stanley & Co. LLC | 25,374,447 | 25,374,447 | — | — | ||||||||||||
$ | 32,192,187 | $ | 32,192,187 | $ | — | $ | — |
(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 to the extent 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.
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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 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.
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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
MSCI Eurozone | $ | 99,575 | ||
MSCI Germany | 56,520 | |||
MSCI Italy | 7 | |||
MSCI Spain | 486 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
Net Realized | ||||||||||||
iShares ETF | Purchases | Sales | Gain (Loss) | |||||||||
MSCI Eurozone | $ | 59,409,495 | $ | 1,284,467 | $ | (1,400,562 | ) | |||||
MSCI Germany | 3,978,637 | 1,128,707 | (1,988,350 | ) | ||||||||
MSCI Italy | 731,936 | 5,798,209 | (3,507,297 | ) | ||||||||
MSCI Spain | 17,465,603 | 6,480,344 | (7,529,714 | ) | ||||||||
MSCI Switzerland | 25,787,041 | 7,839,047 | (1,001,376 | ) |
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)
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 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Eurozone | $ | 117,321,335 | $ | 117,572,061 | ||||
MSCI Germany | 32,755,024 | 16,144,735 | ||||||
MSCI Italy | 17,324,063 | 12,404,249 | ||||||
MSCI Spain | 69,393,729 | 66,951,029 | ||||||
MSCI Switzerland | 43,044,650 | 42,375,299 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
MSCI Eurozone | $ | 542,165,082 | $ | 675,203,828 | ||||
MSCI Germany | 314,772,792 | 271,788,008 | ||||||
MSCI Italy | 91,752,731 | 20,298,749 | ||||||
MSCI Spain | 171,979,941 | 90,935,230 | ||||||
MSCI Switzerland | 128,814,278 | 241,954,732 |
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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Eurozone | $ | 485,612,043 | ||
MSCI Germany | 176,437,193 | |||
MSCI Italy | 185,184,703 | |||
MSCI Spain | 149,483,044 | |||
MSCI Switzerland | 48,001,982 |
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 29, 2020, 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:
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
iShares ETF | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
MSCI Eurozone | $ | 6,312,246,803 | $ | 389,115,669 | $ | (1,666,139,165 | ) | $ | (1,277,023,496 | ) | ||||||
MSCI Germany | 2,727,499,852 | 119,908,917 | (813,142,158 | ) | (693,233,241 | ) | ||||||||||
MSCI Italy | 359,817,828 | 16,420,279 | (69,644,329 | ) | (53,224,050 | ) | ||||||||||
MSCI Spain | 1,220,313,925 | 43,587,836 | (372,854,450 | ) | (329,266,614 | ) | ||||||||||
MSCI Switzerland | 1,028,561,025 | 100,220,889 | (100,030,507 | ) | 190,382 |
40 | 2 0 2 0 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)
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
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 | 41 |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
Six Months Ended | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Eurozone | ||||||||||||||||
Shares sold | 13,700,000 | $ | 549,085,543 | 9,500,000 | $ | 367,902,543 | ||||||||||
Shares redeemed | (16,600,000 | ) | (683,821,962 | ) | (103,000,000 | ) | (3,891,870,555 | ) | ||||||||
Net decrease | (2,900,000 | ) | $ | (134,736,419 | ) | (93,500,000 | ) | $ | (3,523,968,012 | ) | ||||||
MSCI Germany | ||||||||||||||||
Shares sold | 10,800,000 | $ | 317,241,894 | 12,300,000 | $ | 337,288,125 | ||||||||||
Shares redeemed | (9,600,000 | ) | (273,923,551 | ) | (46,500,000 | ) | (1,270,776,535 | ) | ||||||||
Net increase(decrease) | 1,200,000 | $ | 43,318,343 | (34,200,000 | ) | $ | (933,488,410 | ) | ||||||||
MSCI Italy | ||||||||||||||||
Shares sold | 3,375,000 | $ | 97,469,039 | 13,050,000 | $ | 348,776,931 | ||||||||||
Shares redeemed | (750,000 | ) | (21,045,521 | ) | (19,200,000 | ) | (512,178,313 | ) | ||||||||
Net increase(decrease) | 2,625,000 | $ | 76,423,518 | (6,150,000 | ) | $ | (163,401,382 | ) | ||||||||
MSCI Spain | ||||||||||||||||
Shares sold | 6,750,000 | $ | 193,540,553 | 27,900,000 | $ | 803,958,247 | ||||||||||
Shares redeemed | (3,375,000 | ) | (96,139,504 | ) | (26,325,000 | ) | (731,185,891 | ) | ||||||||
Net increase | 3,375,000 | $ | 97,401,049 | 1,575,000 | $ | 72,772,356 | ||||||||||
MSCI Switzerland | ||||||||||||||||
Shares sold | 3,500,000 | $ | 132,582,113 | 9,500,000 | $ | 333,118,780 | ||||||||||
Shares redeemed | (6,375,000 | ) | (249,312,293 | ) | (8,625,000 | ) | (286,292,911 | ) | ||||||||
Net increase(decrease) | (2,875,000 | ) | $ | (116,730,180 | ) | 875,000 | $ | 46,825,869 |
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 receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for 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. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.
The Internal Revenue Service (“IRS”) 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 Preferred and Income Securities 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
42 | 2 0 2 0 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)
Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
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 | 43 |
Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares MSCI Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock FundAdvisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.
| |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.
| |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.
| |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.
| |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
44 | 2 0 2 0 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 are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net | Net | Return of | Total Per | Net Income | Net | Return of | Total Per | ||||||||||||||||||||||||
MSCI Eurozone(a) | $ | 0.147179 | $ | — | $ | 0.022489 | $ | 0.169668 | 87 | % | — | % | 13 | % | 100 | % | ||||||||||||||||
MSCI Spain(a) | 0.528020 | — | 0.150064 | 0.678084 | 78 | — | 22 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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 | 45 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
46 | 2 0 2 0 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 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-807-0220
FEBRUARY 29, 2020 |
2020 Semi-Annual Report |
(Unaudited) |
iShares, Inc.
● | iShares MSCI Hong Kong ETF | EWH | NYSE Arca |
● | iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca |
● | iShares MSCI Malaysia ETF | EWM | NYSE Arca |
● | iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca |
● | iShares MSCI Singapore ETF | EWS | NYSE Arca |
● | iShares MSCI Taiwan ETF | EWT | NYSE Arca |
● | iShares MSCI Thailand ETF | THD | NYSE Arca |
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
Fund Summary as of February 29, 2020 | iShares® MSCI Hong Kong ETF |
Investment Objective
The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 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 | 0.17 | % | (9.36 | )% | 4.18 | % | 7.20 | % | (9.36 | )% | 22.73 | % | 100.48 | % | |||||||
Fund Market | 1.61 | (8.58 | ) | 4.34 | 7.26 | (8.58 | ) | 23.67 | 101.56 | ||||||||||||
Index | 0.41 | (8.87 | ) | 4.79 | 7.80 | (8.87 | ) | 26.34 | 111.85 |
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 | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,001.70 | $ | 2.49 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 38.9 | % | ||
Real Estate | 22.2 | |||
Industrials | 13.0 | |||
Utilities | 11.0 | |||
Consumer Discretionary | 7.5 | |||
Consumer Staples | 3.7 | |||
Communication Services. | 1.7 | |||
Health Care | 1.3 | |||
Information Technology | 0.7 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
AIA Group Ltd. | 24.4 | % | ||
Hong Kong Exchanges & Clearing Ltd. | 8.0 | |||
CK Hutchison Holdings Ltd. | 4.8 | |||
Sun Hung Kai Properties Ltd. | 4.6 | |||
Hong Kong & China Gas Co. Ltd. | 4.0 | |||
Link REIT | 4.0 | |||
CLP Holdings Ltd. | 3.5 | |||
CK Asset Holdings Ltd. | 3.3 | |||
Hang Seng Bank Ltd. | 3.3 | |||
Galaxy Entertainment Group Ltd. | 2.9 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI Japan Small-Cap ETF |
Investment Objective
The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||
Fund NAV | (4.64 | )% | (4.91 | )% | 5.05 | % | 6.88 | % | (4.91 | )% | 27.94 | % | 94.59 | % | |||||||
Fund Market | (5.66 | ) | (6.15 | ) | 4.82 | 6.76 | (6.15 | ) | 26.52 | 92.37 | |||||||||||
Index | (4.56 | ) | (4.71 | ) | 5.36 | 7.25 | (4.71 | ) | 29.83 | 101.35 |
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 | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 953.60 | $ | 2.43 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Industrials | 24.0 | % | ||
Consumer Discretionary | 14.6 | |||
Real Estate | 13.6 | |||
Information Technology | 12.8 | |||
Consumer Staples | 9.8 | |||
Materials | 8.7 | |||
Financials | 6.3 | |||
Health Care | 5.4 | |||
Communication Services | 3.1 | |||
Utilities | 1.0 | |||
Energy | 0.7 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
GLP J-REIT | 0.7 | % | ||
TIS Inc. | 0.7 | |||
Nihon M&A Center Inc. | 0.6 | |||
Advance Residence Investment Corp. | 0.6 | |||
Sojitz Corp. | 0.6 | |||
Lasertec Corp. | 0.6 | |||
Taiyo Yuden Co. Ltd. | 0.5 | |||
Haseko Corp. | 0.5 | |||
Activia Properties Inc. | 0.5 | |||
Sekisui House Reit Inc. | 0.5 |
(a) | Excludes money market funds. |
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Fund Summary as of February 29, 2020 | iShares® MSCI Malaysia ETF |
Investment Objective
The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||
Fund NAV | (8.00 | )% | (15.00 | )% | (4.90 | )% | 1.46 | % | (15.00 | )% | (22.23 | )% | 15.59 | % | |||||||
Fund Market | (7.74 | ) | (14.11 | ) | (4.91 | ) | 1.41 | (14.11 | ) | (22.25 | ) | 15.05 | |||||||||
Index | (7.79 | ) | (14.59 | ) | (4.60 | ) | 1.84 | (14.59 | ) | (20.98 | ) | 20.05 |
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 | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 920.00 | $ | 2.39 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 32.2 | % | ||
Consumer Staples | 15.2 | |||
Utilities | 12.4 | |||
Industrials | 10.1 | |||
Communication Services | 9.6 | |||
Health Care | 7.1 | |||
Materials | 4.5 | |||
Consumer Discretionary | 4.5 | |||
Energy | 4.4 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Public Bank Bhd | 12.3 | % | ||
Tenaga Nasional Bhd | 8.8 | |||
Malayan Banking Bhd | 7.7 | |||
CIMB Group Holdings Bhd | 5.6 | |||
Petronas Gas Bhd | 3.1 | |||
Petronas Chemicals Group Bhd | 3.0 | |||
DiGi.Com Bhd | 3.0 | |||
Maxis Bhd | 3.0 | |||
IHH Healthcare Bhd | 2.9 | |||
Dialog Group Bhd | 2.8 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® MSCI Pacific ex Japan ETF |
Investment Objective
The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||
Fund NAV | (2.90 | )% | (3.79 | )% | 2.34 | % | 4.78 | % | (3.79 | )% | 12.27 | % | 59.44 | % | |||||||
Fund Market | (2.29 | ) | (3.38 | ) | 2.43 | 4.83 | (3.38 | ) | 12.73 | 60.23 | |||||||||||
Index | (2.70 | ) | (3.40 | ) | 2.76 | 5.21 | (3.40 | ) | 14.60 | 66.17 |
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 | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 971.00 | $ | 2.35 | $ | 1,000.00 | $ | 1,022.50 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 37.7 | % | ||
Real Estate | 13.1 | |||
Industrials | 9.3 | |||
Materials | 8.9 | |||
Health Care | 8.3 | |||
Consumer Discretionary | 5.9 | |||
Consumer Staples | 5.1 | |||
Utilities | 4.9 | |||
Communication Services | 3.0 | |||
Energy | 3.0 | |||
Information Technology | 0.8 |
GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
Australia | 56.2 | % | ||
Hong Kong | 30.4 | |||
Singapore | 10.7 | |||
New Zealand | 2.4 | |||
China | 0.3 | |||
Malta | 0.0 | (b) |
(a) | Excludes money market funds. | |
(b) | Rounds to less than 0.1%. |
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Fund Summary as of February 29, 2020 | iShares® MSCI Singapore ETF |
Investment Objective
The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||
Fund NAV | (2.63 | )% | (3.61 | )% | 0.59 | % | 3.73 | % | (3.61 | )% | 3.01 | % | 44.28 | % | |||||||
Fund Market | (1.47 | ) | (2.39 | ) | 0.80 | 3.85 | (2.39 | ) | 4.09 | 45.97 | |||||||||||
Index | (2.40 | ) | (3.21 | ) | 1.04 | 4.12 | (3.21 | ) | 5.31 | 49.68 |
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 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 973.70 | $ | 2.45 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 49.0 | % | ||
Real Estate | 17.2 | |||
Industrials | 16.9 | |||
Communication Services | 6.2 | |||
Consumer Discretionary | 4.3 | |||
Consumer Staples | 3.9 | |||
Information Technology | 2.5 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
DBS Group Holdings Ltd. | 18.0 | % | ||
Oversea-Chinese Banking Corp. Ltd. | 14.6 | |||
United Overseas Bank Ltd. | 12.9 | |||
Singapore Telecommunications Ltd. | 4.5 | |||
Keppel Corp. Ltd. | 4.5 | |||
Ascendas REIT | 4.3 | |||
Wilmar International Ltd. | 3.9 | |||
Singapore Exchange Ltd. | 3.5 | |||
Singapore Technologies Engineering Ltd. | 3.4 | |||
Genting Singapore Ltd. | 2.6 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 7 |
Fund Summary as of February 29, 2020 | iShares® MSCI Taiwan ETF |
Investment Objective
The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||
Fund NAV | 12.21 | % | 15.65 | % | 6.64 | % | 7.73 | % | 15.65 | % | 37.92 | % | 110.49 | % | |||||||
Fund Market | 10.23 | 15.84 | 6.13 | 7.50 | 15.84 | 34.65 | 106.03 | ||||||||||||||
Index | 12.55 | 16.30 | 7.33 | 8.31 | 16.30 | 42.43 | 122.08 |
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 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,122.10 | $ | 3.06 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Information Technology | 55.1 | % | ||
Financials | 20.2 | |||
Materials | 8.9 | |||
Consumer Discretionary | 4.7 | |||
Communication Services | 3.8 | |||
Consumer Staples | 3.2 | |||
Industrials | 2.8 | |||
Other (each representing less than 1%) | 1.3 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 22.8 | % | ||
Hon Hai Precision Industry Co. Ltd. | 5.4 | |||
MediaTek Inc. | 2.9 | |||
Largan Precision Co. Ltd. | 2.3 | |||
CTBC Financial Holding Co. Ltd. | 2.2 | |||
Chunghwa Telecom Co. Ltd. | 2.1 | |||
Formosa Plastics Corp. | 2.1 | |||
Mega Financial Holding Co. Ltd. | 1.9 | |||
Uni-President Enterprises Corp. | 1.9 | |||
Nan Ya Plastics Corp. | 1.8 |
(a) | Excludes money market funds. |
8 | 2 0 2 0 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 29, 2020 | iShares® MSCI Thailand ETF |
Investment Objective
The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand IMI 25/50 Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||
Fund NAV | (22.00 | )% | (20.43 | )% | (0.51 | )% | 8.02 | % | (20.43 | )% | (2.51 | )% | 116.31 | % | |||||||
Fund Market | (21.25 | ) | (19.62 | ) | (0.39 | ) | 8.05 | (19.62 | ) | (1.92 | ) | 116.89 | |||||||||
Index | (21.89 | ) | (20.17 | ) | (0.24 | ) | 8.40 | (20.17 | ) | (1.18 | ) | 123.93 |
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 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 780.00 | $ | 2.57 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Energy | 15.7 | % | ||
Consumer Staples | 13.3 | |||
Financials | 11.9 | |||
Industrials | 10.3 | |||
Communication Services | 9.9 | |||
Utilities | 9.0 | |||
Materials | 8.8 | |||
Real Estate | 7.7 | |||
Health Care | 6.6 | |||
Consumer Discretionary | 6.0 | |||
Information Technology | 0.8 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
PTT PCL | 9.3 | % | ||
CP ALL PCL | 8.0 | |||
Airports of Thailand PCL | 5.4 | |||
Siam Cement PCL (The) | 5.1 | |||
Advanced Info Service PCL | 5.0 | |||
Bangkok Dusit Medical Services PCL | 4.4 | |||
PTT Exploration & Production PCL | 3.1 | |||
Kasikornbank PCL | 2.9 | |||
Intouch Holdings PCL | 2.5 | |||
Central Pattana PCL | 2.5 |
(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. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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 | 2020 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) | iShares® MSCI Hong Kong ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 6.4% | ||||||||
Bank of East Asia Ltd. (The)(a) | 4,997,610 | $ | 10,619,773 | |||||
BOC Hong Kong Holdings Ltd. | 14,244,000 | 48,893,181 | ||||||
Hang Seng Bank Ltd. | 2,943,200 | 61,371,350 | ||||||
120,884,304 | ||||||||
Beverages — 0.8% | ||||||||
Budweiser Brewing Co. APAC Ltd.(a)(b)(c) | 5,083,200 | 15,263,200 | ||||||
Biotechnology — 1.3% | ||||||||
BeiGene Ltd., ADR(c) | 148,864 | 23,572,614 | ||||||
Capital Markets — 8.0% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 4,610,600 | 151,338,883 | ||||||
Diversified Telecommunication Services — 1.7% | ||||||||
HKT Trust & HKT Ltd. | 14,584,500 | 21,821,401 | ||||||
PCCW Ltd. | 16,292,169 | 9,804,925 | ||||||
31,626,326 | ||||||||
Electric Utilities — 7.0% | ||||||||
CK Infrastructure Holdings Ltd. | 2,552,000 | 17,388,724 | ||||||
CLP Holdings Ltd. | 6,316,700 | 66,303,445 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 10,177,500 | 10,238,815 | ||||||
Power Assets Holdings Ltd. | 5,339,500 | 38,026,479 | ||||||
131,957,463 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 4.0% | ||||||||
Link REIT | 8,069,400 | 74,760,290 | ||||||
Food & Staples Retailing — 0.3% | ||||||||
Dairy Farm International Holdings Ltd. | 1,318,800 | 6,330,240 | ||||||
Food Products — 2.5% | ||||||||
Vitasoy International Holdings Ltd.(a) | 2,878,000 | 10,322,031 | ||||||
WH Group Ltd.(b) | 36,813,000 | 37,412,689 | ||||||
47,734,720 | ||||||||
Gas Utilities — 4.0% | ||||||||
Hong Kong & China Gas Co. Ltd. | 39,049,100 | 75,161,394 | ||||||
Hotels, Restaurants & Leisure — 7.1% | ||||||||
Galaxy Entertainment Group Ltd. | 8,337,000 | 55,041,178 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 841,216 | 14,586,685 | ||||||
Sands China Ltd. | 9,324,800 | 43,375,059 | ||||||
SJM Holdings Ltd. | 7,624,000 | 8,628,673 | ||||||
Wynn Macau Ltd. | 6,028,800 | 12,145,714 | ||||||
133,777,309 | ||||||||
Industrial Conglomerates — 9.0% | ||||||||
CK Hutchison Holdings Ltd. | 10,384,267 | 90,410,368 | ||||||
Jardine Matheson Holdings Ltd. | 851,600 | 46,327,040 | ||||||
Jardine Strategic Holdings Ltd. | 852,400 | 24,472,404 | ||||||
NWS Holdings Ltd. | 5,983,000 | 7,316,518 | ||||||
168,526,330 | ||||||||
Insurance — 24.4% | ||||||||
AIA Group Ltd. | 46,501,000 | 458,861,024 |
Security | Shares | Value | ||||||
Machinery — 2.3% | ||||||||
Techtronic Industries Co. Ltd. | 5,280,647 | $ | 42,723,297 | |||||
Real Estate Management & Development — 18.3% | ||||||||
CK Asset Holdings Ltd. | 9,941,767 | 62,127,672 | ||||||
Hang Lung Properties Ltd. | 7,809,000 | 17,054,835 | ||||||
Henderson Land Development Co. Ltd. | 5,588,762 | 25,638,003 | ||||||
Hongkong Land Holdings Ltd. | 4,488,000 | 22,036,080 | ||||||
Kerry Properties Ltd. | 2,514,500 | 7,146,903 | ||||||
New World Development Co. Ltd. | 23,575,066 | 30,311,901 | ||||||
Sino Land Co. Ltd. | 1 1,758,000 | 15,993,071 | ||||||
Sun Hung Kai Properties Ltd. | 6,128,500 | 87,133,767 | ||||||
Swire Pacific Ltd., Class A | 1,917,000 | 17,268,387 | ||||||
Swire Properties Ltd. | 4,508,200 | 13,334,190 | ||||||
Wharf Real Estate Investment Co. Ltd. | 4,691,150 | 21,279,493 | ||||||
Wheelock & Co. Ltd. | 3,171,357 | 24,152,294 | ||||||
343,476,596 | ||||||||
Road & Rail — 1.8% | ||||||||
MTR Corp. Ltd. | 5,940,083 | 33,423,710 | ||||||
Semiconductors & Semiconductor Equipment — 0.7% | ||||||||
ASM Pacific Technology Ltd. | 1,178,200 | 13,962,026 | ||||||
Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
Yue Yuen Industrial Holdings Ltd. | 2,790,500 | 6,724,657 | ||||||
Total Common Stocks — 100.0% | ||||||||
(Cost: $2,052,621,197) | 1,880,104,383 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (d)(e)(f) | 21,142,228 | 21,157,028 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (d)(e) | 799,000 | 799,000 | ||||||
21,956,028 | ||||||||
Total Short-Term Investments — 1.1% | ||||||||
(Cost: $21,953,582) | 21,956,028 | |||||||
Total Investments in Securities — 101.1% | ||||||||
(Cost: $2,074,574,779) | 1,902,060,411 | |||||||
Other Assets, Less Liabilities — (1.1)% | (21 ,367,135) | |||||||
Net Assets — 100.0% | $ | 1,880,693,276 |
(a) | All or a portion of this security is on loan. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Non-income producing security. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
(f) | All or a portion of this security was purchased with 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) | iShares® MSCI Hong Kong ETF |
February 29, 2020
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 16,773,322 | 4,368,906 | 21,142,228 | $ | 21,157,028 | $ | 20,898 | (b) | $ | (1,731 | ) | $ | 4,123 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 613,000 | 186,000 | 799,000 | 799,000 | 21,625 | — | — | |||||||||||||||||||||
$ | 21,956,028 | $ | 42,523 | $ | (1,731 | ) | $ | 4,123 |
(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 | ||||||||||||||||
Hang Seng Index | 1 | 03/30/20 | $ | 168 | $ | (3,779 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 3,779 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 432,703 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts. | $ | (4,230 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 4,420,027 |
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.
12 | 2 0 2 0 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) | iShares® MSCI Hong Kong ETF |
February 29, 2020
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 1,880,104,383 | $ | — | $ | — | $ | 1,880,104,383 | ||||||||
Money Market Funds | 21,956,028 | — | — | 21,956,028 | ||||||||||||
$ | 1,902,060,411 | $ | — | $ | — | $ | 1,902,060,411 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (3,779 | ) | $ | — | $ | — | $ | (3,779 | ) |
(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 | 13 |
Schedule of Investments (unaudited) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.0% | ||||||||
Jamco Corp. | 1,200 | $ | 11,959 | |||||
Air Freight & Logistics — 0.3% | ||||||||
Kintetsu World Express Inc. | 4,800 | 75,339 | ||||||
Konoike Transport Co. Ltd. | 3,600 | 44,556 | ||||||
Maruwa Unyu Kikan Co. Ltd. | 2,400 | 38,848 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 2,400 | 34,932 | ||||||
SBS Holdings Inc. | 2,400 | 35,556 | ||||||
229,231 | ||||||||
Auto Components — 3.1% | ||||||||
Aisan Industry Co. Ltd. | 3,600 | 20,793 | ||||||
Daido Metal Co. Ltd. | 4,800 | 26,121 | ||||||
Daikyonishikawa Corp. | 4,800 | 26,967 | ||||||
Eagle Industry Co. Ltd. | 2,400 | 18,223 | ||||||
Exedy Corp. | 2,400 | 44,878 | ||||||
FCC Co. Ltd. | 3,600 | 64,447 | ||||||
Futaba Industrial Co. Ltd. | 6,000 | 31,873 | ||||||
G-Tekt Corp. | 2,400 | 28,992 | ||||||
Ichikoh Industries Ltd. | 3,600 | 21,794 | ||||||
Kasai Kogyo Co. Ltd. | 2,400 | 14,685 | ||||||
Keihin Corp. | 4,800 | 115,077 | ||||||
KYB Corp.(a) | 2,400 | 53,267 | ||||||
Mitsuba Corp. | 3,600 | 20,425 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 4,800 | 53,000 | ||||||
NHK Spring Co. Ltd. | 22,800 | 174,173 | ||||||
Nifco Inc./Japan | 9,600 | 233,269 | ||||||
Nihon Tokushu Toryo Co. Ltd. | 1,200 | 11,147 | ||||||
Nippon Seiki Co. Ltd. | 6,000 | 79,266 | ||||||
Nissin Kogyo Co. Ltd. | 4,800 | 99,458 | ||||||
NOK Corp. | 10,800 | 137,272 | ||||||
Pacific Industrial Co. Ltd. | 4,800 | 52,332 | ||||||
Piolax Inc. | 3,600 | 51,765 | ||||||
Press Kogyo Co. Ltd. | 10,800 | 31,039 | ||||||
Riken Corp. | 1,200 | 33,653 | ||||||
Shoei Co. Ltd. | 1,200 | 53,456 | ||||||
Showa Corp. | 6,000 | 127,215 | ||||||
Sumitomo Riko Co. Ltd. | 3,600 | 23,997 | ||||||
Tachi-S Co. Ltd. | 3,600 | 33,976 | ||||||
Taiho Kogyo Co. Ltd. | 2,400 | 12,682 | ||||||
Tokai Rika Co. Ltd. | 6,000 | 90,502 | ||||||
Topre Corp. | 3,600 | 47,025 | ||||||
Toyo Tire Corp. | 13,200 | 175,731 | ||||||
Toyota Boshoku Corp. | 7,200 | 99,524 | ||||||
TPR Co. Ltd. | 2,400 | 33,486 | ||||||
TS Tech Co. Ltd. | 4,800 | 125,401 | ||||||
Unipres Corp. | 4,800 | 51,887 | ||||||
Yorozu Corp. | 2,400 | 28,636 | ||||||
2,347,434 | ||||||||
Automobiles — 0.1% | ||||||||
Nissan Shatai Co. Ltd. | 7,200 | 66,350 | ||||||
Banks — 3.9% | ||||||||
77 Bank Ltd. (The) | 6,000 | 77,819 | ||||||
Aichi Bank Ltd. (The) | 1,200 | 35,822 | ||||||
Akita Bank Ltd. (The) | 1,200 | 18,657 | ||||||
Aomori Bank Ltd. (The) | 1,200 | 24,831 | ||||||
Awa Bank Ltd. (The) | 3,600 | 72,958 | ||||||
Bank of Iwate Ltd. (The) | 2,400 | 49,440 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Bank of Nagoya Ltd. (The) | 1,200 | $ | 32,218 | |||||
Bank of Okinawa Ltd. (The) | 2,400 | 67,418 | ||||||
Bank of Saga Ltd. (The) | 1,200 | 15,241 | ||||||
Bank of the Ryukyus Ltd. | 4,800 | 45,079 | ||||||
Chugoku Bank Ltd. (The) | 16,800 | 133,634 | ||||||
Chukyo Bank Ltd. (The) | 1,200 | 23,563 | ||||||
Daishi Hokuetsu Financial Group Inc. | 4,800 | 99,680 | ||||||
Ehime Bank Ltd. (The) | 3,600 | 33,909 | ||||||
Gunma Bank Ltd. (The) | 40,800 | 123,310 | ||||||
Hachijuni Bank Ltd. (The) | 42,000 | 143,680 | ||||||
Hiroshima Bank Ltd. (The) | 27,600 | 120,261 | ||||||
Hokkoku Bank Ltd. (The) | 2,400 | 61 ,499 | ||||||
Hokuhoku Financial Group Inc. | 14,400 | 122,420 | ||||||
Hyakugo Bank Ltd. (The) | 24,000 | 68,308 | ||||||
Hyakujushi Bank Ltd. (The) | 2,400 | 40,606 | ||||||
Iyo Bank Ltd. (The) | 27,600 | 124,867 | ||||||
Juroku Bank Ltd. (The) | 3,600 | 61 ,410 | ||||||
Kansai Mirai Financial Group Inc. | 12,074 | 56,864 | ||||||
Keiyo Bank Ltd. (The) | 10,800 | 50,964 | ||||||
Kiyo Bank Ltd. (The) | 7,200 | 95,186 | ||||||
Kyushu Financial Group Inc. | 42,000 | 143,290 | ||||||
Miyazaki Bank Ltd. (The) | 1,200 | 23,974 | ||||||
Musashino Bank Ltd. (The) | 3,600 | 49,729 | ||||||
Nanto Bank Ltd. (The) | 3,600 | 71 ,756 | ||||||
Nishi-Nippon Financial Holdings Inc. | 14,400 | 82,770 | ||||||
North Pacific Bank Ltd. | 32,400 | 61,277 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 3,600 | 67,584 | ||||||
Oita Bank Ltd. (The) | 1,200 | 23,051 | ||||||
San ju San Financial Group Inc. | 2,400 | 32,796 | ||||||
San-in Godo Bank Ltd. (The) | 16,800 | 85,040 | ||||||
Senshu Ikeda Holdings Inc. | 27,600 | 42,475 | ||||||
Shiga Bank Ltd. (The) | 4,800 | 108,447 | ||||||
Shikoku Bank Ltd. (The) | 3,600 | 28,135 | ||||||
Suruga Bank Ltd.(a) | 19,200 | 69,064 | ||||||
Toho Bank Ltd. (The) | 21,600 | 44,055 | ||||||
Tokyo Kiraboshi Financial Group Inc. | 3,630 | 36,716 | ||||||
TOMONY Holdings Inc. | 16,800 | 47,036 | ||||||
Towa Bank Ltd. (The) | 3,600 | 23,229 | ||||||
Yamagata Bank Ltd. (The) | 2,400 | 24,586 | ||||||
Yamaguchi Financial Group Inc. | 24,000 | 127,938 | ||||||
Yamanashi Chuo Bank Ltd. (The) | 3,600 | 27,301 | ||||||
3,019,893 | ||||||||
Beverages — 0.7% | ||||||||
Ito En Ltd. | 6,000 | 264,775 | ||||||
Sapporo Holdings Ltd. | 7,200 | 144,447 | ||||||
Takara Holdings Inc. | 18,000 | 139,675 | ||||||
548,897 | ||||||||
Biotechnology — 0.4% | ||||||||
AnGes Inc.(a) | 12,000 | 43,165 | ||||||
GNI Group Ltd. (a) | 4,197 | 50,077 | ||||||
HEALIOS KK(a) | 2,400 | 37,135 | ||||||
Japan Tissue Engineering Co. Ltd.(a) | 1,200 | 7,654 | ||||||
SanBio Co. Ltd.(a) | 3,600 | 56,270 | ||||||
Takara Bio Inc. | 6,000 | 103,908 | ||||||
298,209 | ||||||||
Building Products — 1.6% | ||||||||
Aica Kogyo Co. Ltd. | 6,000 | 177,722 | ||||||
Bunka Shutter Co. Ltd. | 6,000 | 43,054 | ||||||
Central Glass Co. Ltd. | 4,800 | 91 ,314 |
14 | 2 0 2 0 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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Building Products (continued) | ||||||||
Maeda Kosen Co. Ltd. | 2,400 | $ | 44,478 | |||||
Nichias Corp. | 7,200 | 149,053 | ||||||
Nichiha Corp. | 2,400 | 50,107 | ||||||
Nippon Sheet Glass Co. Ltd. | 10,800 | 48,561 | ||||||
Nitto Boseki Co. Ltd. | 2,600 | 100,273 | ||||||
Noritz Corp. | 3,600 | 36,946 | ||||||
Okabe Co. Ltd. | 3,600 | 25,365 | ||||||
Sankyo Tateyama Inc. | 2,400 | 24,141 | ||||||
Sanwa Holdings Corp. | 22,800 | 209,684 | ||||||
Sekisui Jushi Corp. | 3,600 | 70,822 | ||||||
Shin Nippon Air Technologies Co. Ltd. | 1,200 | 20,259 | ||||||
Sinko Industries Ltd. | 2,400 | 33,687 | ||||||
Takara Standard Co. Ltd. | 3,600 | 51,064 | ||||||
Takasago Thermal Engineering Co. Ltd. | 4,800 | 74,226 | ||||||
1,250,756 | ||||||||
Capital Markets — 0.8% | ||||||||
GMO Financial Holdings Inc. | 4,800 | 23,273 | ||||||
Ichiyoshi Securities Co. Ltd. | 4,800 | 23,629 | ||||||
Jafco Co. Ltd. | 3,600 | 137,005 | ||||||
Kyokuto Securities Co. Ltd. | 3,600 | 21,727 | ||||||
M&A Capital Partners Co. Ltd.(a) | 1,200 | 34,877 | ||||||
Marusan Securities Co. Ltd. | 6,000 | 24,086 | ||||||
Matsui Securities Co. Ltd. | 14,400 | 111,740 | ||||||
Monex Group Inc. | 19,200 | 37,024 | ||||||
Okasan Securities Group Inc. | 14,400 | 45,523 | ||||||
SPARX Group Co. Ltd. | 10,800 | 22,228 | ||||||
Strike Co. Ltd. | 1,200 | 44,778 | ||||||
Tokai Tokyo Financial Holdings Inc. | 22,800 | 60,031 | ||||||
Uzabase Inc.(a) | 1,200 | 17,722 | ||||||
603,643 | ||||||||
Chemicals — 5.6% | ||||||||
Achilles Corp. | 1,200 | 18,979 | ||||||
ADEKA Corp. | 9,600 | 126,647 | ||||||
C.I. Takiron Corp. | 3,600 | 20,726 | ||||||
Chugoku Marine Paints Ltd. | 4,800 | 41,074 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 1,200 | 26,088 | ||||||
Denka Co. Ltd. | 9,600 | 242,792 | ||||||
DIC Corp. | 8,400 | 199,283 | ||||||
Fujimi Inc. | 2,400 | 61,588 | ||||||
Fujimori Kogyo Co. Ltd. | 1,200 | 31,929 | ||||||
Fuso Chemical Co. Ltd. | 2,400 | 66,416 | ||||||
Hodogaya Chemical Co. Ltd. | 1,200 | 40,662 | ||||||
Ishihara Sangyo Kaisha Ltd. | 3,600 | 23,897 | ||||||
JCU Corp. | 2,400 | 55,848 | ||||||
JSP Corp. | 1,200 | 18,100 | ||||||
Kaneka Corp. | 6,000 | 161,813 | ||||||
Kanto Denka Kogyo Co. Ltd. | 4,800 | 41,029 | ||||||
KH Neochem Co. Ltd. | 3,600 | 69,821 | ||||||
Koatsu Gas Kogyo Co. Ltd. | 3,600 | 22,094 | ||||||
Konishi Co. Ltd. | 3,600 | 44,789 | ||||||
Kumiai Chemical Industry Co. Ltd. | 8,449 | 56,789 | ||||||
Kureha Corp. | 2,400 | 121,485 | ||||||
Lintec Corp. | 4,800 | 102,795 | ||||||
Nihon Nohyaku Co. Ltd. | 3,600 | 16,854 | ||||||
Nihon Parkerizing Co. Ltd. | 10,800 | 99,525 | ||||||
Nippon Kayaku Co. Ltd. | 15,600 | 172,683 | ||||||
Nippon Shokubai Co. Ltd. | 3,600 | 182,895 | ||||||
Nippon Soda Co. Ltd. | 2,400 | 62,256 | ||||||
NOF Corp. | 7,200 | 231,289 |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
Okamoto Industries Inc. | 1,200 | $ | 36,101 | |||||
Osaka Soda Co. Ltd. | 1,200 | 28,402 | ||||||
Sakai Chemical Industry Co. Ltd. | 1,200 | 21 ,282 | ||||||
Sakata INX Corp. | 4,800 | 42,008 | ||||||
Sanyo Chemical Industries Ltd. | 1,200 | 48,839 | ||||||
Sekisui Plastics Co. Ltd. | 2,400 | 13,906 | ||||||
Shikoku Chemicals Corp. | 3,600 | 36,145 | ||||||
Shin-Etsu Polymer Co. Ltd. | 4,800 | 37,603 | ||||||
Stella Chemifa Corp. | 1,200 | 29,704 | ||||||
Sumitomo Bakelite Co. Ltd. | 3,600 | 108,135 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 1,200 | 31 ,239 | ||||||
T. Hasegawa Co. Ltd. | 3,600 | 66,950 | ||||||
Taiyo Holdings Co. Ltd. | 2,400 | 95,453 | ||||||
Takasago International Corp. | 1,200 | 22,550 | ||||||
Tanaka Chemical Corp.(a) | 1,200 | 6,631 | ||||||
Tayca Corp. | 1,200 | 16,343 | ||||||
Tenma Corp. | 2,400 | 36,067 | ||||||
Toagosei Co. Ltd. | 12,000 | 119,928 | ||||||
Tokai Carbon Co. Ltd. | 22,800 | 203,977 | ||||||
Tokuyama Corp. | 7,200 | 162,470 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 3,600 | 129,662 | ||||||
Toyo Ink SC Holdings Co. Ltd | 3,600 | 70,121 | ||||||
Toyobo Co. Ltd. | 9,600 | 120,773 | ||||||
Ube Industries Ltd. | 12,000 | 218,940 | ||||||
Valqua Ltd. | 1,200 | 22,706 | ||||||
Zeon Corp. | 16,800 | 160,890 | ||||||
4,246,971 | ||||||||
Commercial Services & Supplies — 1.7% | ||||||||
Aeon Delight Co. Ltd. | 2,400 | 73,203 | ||||||
Bell System24 Holdings Inc. | 3,600 | 42,987 | ||||||
Central Security Patrols Co. Ltd. | 1,300 | 53,090 | ||||||
Daiseki Co. Ltd. | 3,660 | 87,679 | ||||||
Duskin Co. Ltd. | 4,800 | 124,155 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 2,400 | 46,147 | ||||||
Kokuyo Co. Ltd. | 9,600 | 135,992 | ||||||
Matsuda Sangyo Co. Ltd. | 1,260 | 16,482 | ||||||
Mitsubishi Pencil Co. Ltd. | 3,600 | 49,662 | ||||||
Nichiban Co. Ltd. | 1,200 | 16,999 | ||||||
Nippon Kanzai Co. Ltd. | 2,400 | 39,672 | ||||||
Nippon Parking Development Co. Ltd. | 22,800 | 25,576 | ||||||
Okamura Corp. | 7,200 | 60,342 | ||||||
Oyo Corp. | 2,400 | 27,679 | ||||||
Pilot Corp. | 3,600 | 1 17,313 | ||||||
Prestige International Inc. | 12,000 | 92,783 | ||||||
Raksul Inc.(a) | 2,400 | 62,945 | ||||||
Relia Inc. | 4,800 | 53,667 | ||||||
Sato Holdings Corp. | 3,600 | 81 ,135 | ||||||
Toppan Forms Co. Ltd. | 6,000 | 57,238 | ||||||
1,264,746 | ||||||||
Communications Equipment — 0.1% | ||||||||
Denki Kogyo Co. Ltd. | 1,200 | 30,115 | ||||||
Icom Inc. | 1,200 | 25,788 | ||||||
55,903 | ||||||||
Construction & Engineering — 5.1% | ||||||||
Chiyoda Corp.(a) | 19,200 | 54,112 | ||||||
Chudenko Corp. | 3,600 | 75,060 | ||||||
COMSYS Holdings Corp. | 14,400 | 355,644 | ||||||
Dai-Dan Co. Ltd. | 1,200 | 28,969 | ||||||
Daiho Corp. | 1,200 | 25,532 |
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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Construction & Engineering (continued) | ||||||||
Hazama Ando Corp. | 21,600 | $ | 158,398 | |||||
Hibiya Engineering Ltd. | 2,400 | 39,004 | ||||||
JDC Corp. | 3,600 | 16,921 | ||||||
Kandenko Co. Ltd. | 10,800 | 91,614 | ||||||
Kinden Corp. | 15,600 | 235,884 | ||||||
Kumagai Gumi Co. Ltd. | 3,600 | 95,720 | ||||||
Kyowa Exeo Corp. | 12,000 | 262,439 | ||||||
Kyudenko Corp. | 4,800 | 128,650 | ||||||
Maeda Corp. | 16,800 | 150,455 | ||||||
Maeda Road Construction Co. Ltd. | 7,200 | 213,266 | ||||||
Meisei Industrial Co. Ltd. | 3,600 | 23,830 | ||||||
Mirait Holdings Corp. | 8,800 | 115,604 | ||||||
Nippo Corp. | 6,000 | 136,115 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 3,600 | 65,715 | ||||||
Nippon Koei Co. Ltd. | 1,200 | 32,908 | ||||||
Nippon Road Co. Ltd. (The) | 1,200 | 72,313 | ||||||
Nishimatsu Construction Co. Ltd. | 6,200 | 130,593 | ||||||
Okumura Corp. | 3,600 | 87,576 | ||||||
OSJB Holdings Corp. | 15,600 | 36,012 | ||||||
Penta-Ocean Construction Co. Ltd. | 31,200 | 166,319 | ||||||
Raito Kogyo Co. Ltd. | 4,800 | 58,340 | ||||||
Raiznext Corp. | 3,600 | 40,617 | ||||||
Sanki Engineering Co. Ltd. | 4,800 | 56,649 | ||||||
Shinnihon Corp. | 3,600 | 25,265 | ||||||
SHO-BOND Holdings Co. Ltd. | 3,600 | 131,498 | ||||||
Sumitomo Densetsu Co. Ltd. | 2,400 | 49,239 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 18,000 | 91,448 | ||||||
Taihei Dengyo Kaisha Ltd. | 1,200 | 25,476 | ||||||
Taikisha Ltd. | 2,400 | 69,086 | ||||||
Takamatsu Construction Group Co. Ltd. | 1,200 | 25,988 | ||||||
Tekken Corp. | 1,200 | 26,622 | ||||||
Toa Corp./Tokyo | 2,400 | 35,133 | ||||||
Toda Corp. | 26,400 | 158,109 | ||||||
Toenec Corp. | 1,200 | 36,434 | ||||||
Tokyu Construction Co. Ltd. | 9,640 | 60,593 | ||||||
Totetsu Kogyo Co. Ltd. | 2,400 | 61,722 | ||||||
Toyo Construction Co. Ltd. | 8,400 | 35,122 | ||||||
Yahagi Construction Co. Ltd. | 3,600 | 26,667 | ||||||
Yokogawa Bridge Holdings Corp. | 3,600 | 65,549 | ||||||
Yurtec Corp. | 4,800 | 25,231 | ||||||
3,903,441 | ||||||||
Construction Materials — 0.2% | ||||||||
Sumitomo Osaka Cement Co. Ltd. | 3,600 | 123,321 | ||||||
Consumer Finance — 0.5% | ||||||||
Aiful Corp.(a) | 36,000 | 88,444 | ||||||
Hitachi Capital Corp. | 6,000 | 153,636 | ||||||
J Trust Co. Ltd. | 7,200 | 23,095 | ||||||
Jaccs Co. Ltd. | 2,400 | 48,194 | ||||||
Orient Corp. | 52,800 | 65,104 | ||||||
378,473 | ||||||||
Containers & Packaging — 0.5% | ||||||||
FP Corp. | 2,400 | 144,180 | ||||||
Fuji Seal International Inc. | 4,800 | 85,485 | ||||||
Pack Corp. (The) | 1,200 | 39,104 | ||||||
Rengo Co. Ltd. | 20,400 | 138,251 | ||||||
407,020 | ||||||||
Distributors — 0.3% | ||||||||
Arata Corp. | 1,200 | 45,947 |
Security | Shares | Value | ||||||
Distributors (continued) | ||||||||
Doshisha Co. Ltd. | 2,400 | $ | 30,816 | |||||
PALTAC Corp. | 3,600 | 152,524 | ||||||
229,287 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Japan Best Rescue System Co. Ltd. | 2,400 | 16,799 | ||||||
Meiko Network Japan Co. Ltd. | 2,400 | 18,022 | ||||||
Riso Kyoiku Co. Ltd. | 12,000 | 34,043 | ||||||
Studio Alice Co. Ltd. | 1,200 | 17,244 | ||||||
86,108 | ||||||||
Diversified Financial Services — 0.9% | ||||||||
eGuarantee Inc. | 3,600 | 40,451 | ||||||
Financial Products Group Co. Ltd. | 7,200 | 57,138 | ||||||
Fuyo General Lease Co. Ltd. | 2,400 | 135,503 | ||||||
Japan Investment Adviser Co. Ltd. | 1,200 | 16,665 | ||||||
Japan Securities Finance Co. Ltd. | 9,600 | 41 ,563 | ||||||
Mizuho Leasing Co. Ltd. | 3,600 | 95,052 | ||||||
NEC Capital Solutions Ltd. | 1,200 | 23,529 | ||||||
Ricoh Leasing Co. Ltd. | 1,200 | 41 ,329 | ||||||
Zenkoku Hosho Co. Ltd. | 6,000 | 225,004 | ||||||
676,234 | ||||||||
Diversified Telecommunication Services — 0.2% | ||||||||
ARTERIA Networks Corp. | 2,400 | 39,583 | ||||||
Internet Initiative Japan Inc. | 3,600 | 98,757 | ||||||
Vision Inc./Tokyo Japan (a)(b) | 2,600 | 25,743 | ||||||
164,083 | ||||||||
Electric Utilities — 0.6% | ||||||||
Hokkaido Electric Power Co. Inc. | 21,600 | 94,118 | ||||||
Hokuriku Electric Power Co.(a) | 20,400 | 138,061 | ||||||
Okinawa Electric Power Co. Inc. (The) | 4,812 | 82,754 | ||||||
Shikoku Electric Power Co. Inc.. | 19,200 | 146,316 | ||||||
461,249 | ||||||||
Electrical Equipment — 1.6% | ||||||||
Chiyoda Integre Co. Ltd. | 1,200 | 20,058 | ||||||
Cosel Co. Ltd. | 2,400 | 22,317 | ||||||
Daihen Corp. | 2,400 | 63,034 | ||||||
Denyo Co. Ltd. | 2,400 | 41 ,296 | ||||||
Fujikura Ltd. | 27,600 | 88,533 | ||||||
Furukawa Electric Co. Ltd. | 8,400 | 185,109 | ||||||
Futaba Corp. | 3,600 | 34,844 | ||||||
GS Yuasa Corp. | 7,200 | 127,292 | ||||||
Idec Corp./Japan | 3,600 | 55,035 | ||||||
Mabuchi Motor Co. Ltd. | 4,800 | 166,653 | ||||||
Nippon Carbon Co. Ltd.(b) | 1,200 | 39,883 | ||||||
Nissin Electric Co. Ltd. | 4,800 | 45,924 | ||||||
Nitto Kogyo Corp. | 2,400 | 42,142 | ||||||
Sanyo Denki Co. Ltd. | 1,200 | 48,894 | ||||||
Sinfonia Technology Co. Ltd. | 2,400 | 22,562 | ||||||
Tatsuta Electric Wire and Cable Co. Ltd. | 4,800 | 23,007 | ||||||
Toyo Tanso Co. Ltd. | 1,200 | 18,801 | ||||||
Ushio Inc. | 12,000 | 150,188 | ||||||
1,195,572 | ||||||||
Electronic Equipment, Instruments & Components — 5.1% | ||||||||
Ai Holdings Corp. | 3,600 | 50,897 | ||||||
Amano Corp. | 6,000 | 147,406 | ||||||
Anritsu Corp.(b) | 15,600 | 256,565 | ||||||
Azbil Corp. | 14,400 | 356,846 | ||||||
Canon Electronics Inc. | 2,400 | 41 ,207 | ||||||
Canon Marketing Japan Inc. | 6,000 | 138,729 |
16 | 2 0 2 0 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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
Citizen Watch Co. Ltd. | 34,800 | $ | 137,761 | |||||
CMK Corp. | 4,800 | 20,826 | ||||||
CONEXIO Corp. | 1,200 | 14,974 | ||||||
Daiwabo Holdings Co. Ltd. | 2,500 | 126,779 | ||||||
Dexerials Corp. | 6,000 | 44,055 | ||||||
Elematec Corp. | 1,200 | 10,235 | ||||||
Enplas Corp. | 1,200 | 28,524 | ||||||
ESPEC Corp. | 2,400 | 44,300 | ||||||
Hioki E.E. Corp. | 1,200 | 35,934 | ||||||
Hochiki Corp. | 1,200 | 13,339 | ||||||
Horiba Ltd. | 4,700 | 256,645 | ||||||
Hosiden Corp. | 6,000 | 51,843 | ||||||
Ibiden Co. Ltd. | 13,200 | 292,354 | ||||||
Iriso Electronics Co. Ltd. | 2,400 | 81,658 | ||||||
Japan Aviation Electronics Industry Ltd. | 6,000 | 96,398 | ||||||
Japan Cash Machine Co. Ltd. | 2,400 | 14,485 | ||||||
Japan Display Inc.(a) | 68,400 | 38,682 | ||||||
Kaga Electronics Co. Ltd. | 2,400 | 44,033 | ||||||
Koa Corp. | 2,400 | 23,363 | ||||||
Macnica Fuji Electronics Holdings Inc. | 4,800 | 67,151 | ||||||
Maruwa Co. Ltd./Aichi | 1,200 | 76,429 | ||||||
Meiko Electronics Co. Ltd. | 2,400 | 35,622 | ||||||
Nichicon Corp. | 4,800 | 35,378 | ||||||
Nippon Ceramic Co. Ltd. | 2,400 | 48,594 | ||||||
Nippon Chemi-Con Corp. | 1,200 | 17,188 | ||||||
Nippon Electric Glass Co. Ltd. | 9,600 | 162,247 | ||||||
Nippon Signal Co. Ltd. | 4,800 | 51,086 | ||||||
Nissha Co. Ltd. | 3,600 | 28,135 | ||||||
Nohmi Bosai Ltd. | 2,400 | 45,145 | ||||||
Ohara Inc. | 1,200 | 11,815 | ||||||
Oki Electric Industry Co. Ltd. | 9,600 | 105,910 | ||||||
Optex Group Co. Ltd. | 3,600 | 41,018 | ||||||
Osaki Electric Co. Ltd. | 3,600 | 18,256 | ||||||
Restar Holdings Corp. | 2,400 | 35,311 | ||||||
Riken Keiki Co. Ltd. | 1,200 | 22,105 | ||||||
Ryosan Co. Ltd. | 2,400 | 49,662 | ||||||
Ryoyo Electro Corp. | 1,200 | 19,647 | ||||||
Sanshin Electronics Co. Ltd. | 1,200 | 16,643 | ||||||
Siix Corp. | 3,600 | 40,350 | ||||||
Taiyo Yuden Co. Ltd. | 14,400 | 403,171 | ||||||
Tamura Corp. | 8,400 | 38,159 | ||||||
Topcon Corp. | 12,000 | 119,816 | ||||||
V Technology Co. Ltd. | 1,200 | 42,219 | ||||||
Yokowo Co. Ltd. | 1,200 | 27,012 | ||||||
3,925,907 | ||||||||
Energy Equipment & Services — 0.1% | ||||||||
Modec Inc. | 2,400 | 40,206 | ||||||
Entertainment — 1.7% | ||||||||
Amuse Inc. | 1,200 | 25,020 | ||||||
Ateam Inc. | 1,200 | 8,633 | ||||||
Avex Inc. | 3,600 | 33,842 | ||||||
Capcom Co. Ltd. | 9,600 | 261,482 | ||||||
COLOPL Inc. | 7,200 | 55,336 | ||||||
Daiichikosho Co. Ltd. | 4,800 | 196,245 | ||||||
DeNA Co. Ltd. | 13,200 | 169,979 | ||||||
GungHo Online Entertainment Inc. | 4,800 | 75,962 | ||||||
KLab Inc.(a)(b) | 3,600 | 20,325 | ||||||
Koei Tecmo Holdings Co. Ltd. | 6,068 | 150,821 | ||||||
Marvelous Inc. | 3,600 | 20,459 |
Security | Shares | Value | ||||||
Entertainment (continued) | ||||||||
Shochiku Co. Ltd. | 1,200 | $ | 129,162 | |||||
Toei Animation Co. Ltd. | 1,200 | 49,173 | ||||||
Toei Co. Ltd. | 1,000 | 1 13,383 | ||||||
UUUM Inc.(a) | 1,200 | 25,821 | ||||||
1,335,643 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 11.2% | ||||||||
Activia Properties Inc. | 84 | 400,278 | ||||||
Advance Residence Investment Corp. | 156 | 464,970 | ||||||
AEON REIT Investment Corp. | 168 | 204,344 | ||||||
Comforia Residential REIT Inc. | 72 | 220,609 | ||||||
Daiwa Office Investment Corp. | 36 | 278,014 | ||||||
Frontier Real Estate Investment Corp. | 48 | 178,890 | ||||||
Fukuoka REIT Corp. | 84 | 130,752 | ||||||
Global One Real Estate Investment Corp. | 108 | 129,262 | ||||||
GLP J-REIT | 409 | 518,715 | ||||||
Hankyu Hanshin REIT Inc. | 72 | 106,533 | ||||||
Heiwa Real Estate REIT Inc. | 108 | 133,367 | ||||||
Hoshino Resorts REIT Inc. | 24 | 103,463 | ||||||
Hulic Reit Inc. | 132 | 222,845 | ||||||
Ichigo Office REIT Investment Corp. | 144 | 140,442 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 180 | 283,187 | ||||||
Invesco Office J-Reit Inc. | 1,044 | 212,739 | ||||||
Invincible Investment Corp. | 720 | 293,367 | ||||||
Japan Excellent Inc. | 132 | 220,765 | ||||||
Japan Hotel REIT Investment Corp. | 528 | 295,658 | ||||||
Japan Logistics Fund Inc. | 108 | 268,736 | ||||||
Japan Rental Housing Investments Inc. | 204 | 184,586 | ||||||
Kenedix Office Investment Corp. | 48 | 358,671 | ||||||
Kenedix Residential Next Investment Corp. | 108 | 185,332 | ||||||
Kenedix Retail REIT Corp. | 48 | 106,667 | ||||||
LaSalle Logiport REIT | 144 | 210,930 | ||||||
MCUBS MidCity Investment Corp. | 180 | 187,902 | ||||||
Mirai Corp. | 192 | 89,000 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. | 34 | 120,410 | ||||||
Mitsui Fudosan Logistics Park Inc. | 48 | 214,713 | ||||||
Mori Hills REIT Investment Corp. | 204 | 321,135 | ||||||
Mori Trust Hotel Reit Inc. | 48 | 56,604 | ||||||
Mori Trust Sogo REIT Inc. | 120 | 203,922 | ||||||
Nippon Accommodations Fund Inc. | 48 | 294,145 | ||||||
NIPPON REIT Investment Corp. | 48 | 207,370 | ||||||
One REIT Inc. | 24 | 72,980 | ||||||
Premier Investment Corp. | 156 | 214,045 | ||||||
Samty Residential Investment Corp. | 36 | 31 ,673 | ||||||
Sekisui House Reit Inc. | 480 | 379,586 | ||||||
Star Asia Investment Corp. | 48 | 44,767 | ||||||
Starts Proceed Investment Corp. | 24 | 43,477 | ||||||
Takara Leben Real Estate Investment Corp. | 48 | 47,927 | ||||||
Tokyu REIT Inc. | 108 | 193,642 | ||||||
8,576,420 | ||||||||
Food & Staples Retailing — 3.4% | ||||||||
Ain Holdings Inc. | 2,500 | 144,625 | ||||||
Arcs Co. Ltd. | 4,800 | 76,896 | ||||||
Axial Retailing Inc. | 1,200 | 38,214 | ||||||
Belc Co. Ltd. | 1,200 | 57,628 | ||||||
Cawachi Ltd. | 1,200 | 22,339 | ||||||
cocokara fine Inc. | 2,400 | 1 10,249 | ||||||
Cosmos Pharmaceutical Corp. | 1,200 | 260,659 | ||||||
Create SD Holdings Co. Ltd. | 3,600 | 81 ,569 | ||||||
Daikokutenbussan Co. Ltd. | 1,200 | 33,876 |
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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Food & Staples Retailing (continued) | ||||||||
G-7 Holdings Inc. | 1,200 | $ | 24,341 | |||||
Genky DrugStores Co. Ltd. | 1,200 | 19,903 | ||||||
Halows Co. Ltd. | 1,200 | 27,557 | ||||||
Heiwado Co. Ltd. | 3,600 | 55,903 | ||||||
JM Holdings Co. Ltd. | 1,200 | 23,607 | ||||||
Kansai Super Market Ltd. | 1,200 | 9,656 | ||||||
Kato Sangyo Co. Ltd. | 2,400 | 66,973 | ||||||
Kobe Bussan Co. Ltd. | 7,200 | 262,662 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 2,200 | 134,613 | ||||||
Life Corp. | 1,200 | 26,155 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 8,400 | 275,289 | ||||||
Ministop Co. Ltd. | 1,200 | 15,942 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 1,200 | 29,181 | ||||||
Nihon Chouzai Co. Ltd. | 1,200 | 39,772 | ||||||
Okuwa Co. Ltd. | 2,400 | 29,570 | ||||||
Qol Holdings Co. Ltd. | 2,400 | 27,634 | ||||||
Retail Partners Co. Ltd. | 3,000 | 19,246 | ||||||
San-A Co. Ltd. | 1,200 | 43,554 | ||||||
Shoei Foods Corp. | 1,200 | 35,656 | ||||||
Sogo Medical Holdings Co. Ltd. | 2,400 | 56,626 | ||||||
Sugi Holdings Co. Ltd. | 4,200 | 198,971 | ||||||
United Super Markets Holdings Inc. | 6,000 | 47,559 | ||||||
Valor Holdings Co. Ltd. | 4,800 | 72,758 | ||||||
YAKUODO Holdings Co. Ltd. | 1,300 | 26,744 | ||||||
Yaoko Co. Ltd. | 2,400 | 129,940 | ||||||
Yokohama Reito Co. Ltd. | 4,800 | 37,959 | ||||||
2,563,826 | ||||||||
Food Products — 4.4% | ||||||||
Ariake Japan Co. Ltd. | 2,500 | 159,459 | ||||||
Chubu Shiryo Co. Ltd. | 2,400 | 31,684 | ||||||
DyDo Group Holdings Inc. | 1,200 | 39,104 | ||||||
Ezaki Glico Co. Ltd. | 4,800 | 197,803 | ||||||
Feed One Co. Ltd. | 13,200 | 18,968 | ||||||
Fuji Oil Holdings Inc. | 6,000 | 139,341 | ||||||
Fujicco Co. Ltd. | 2,400 | 38,826 | ||||||
Fujiya Co. Ltd. | 1,200 | 21,316 | ||||||
Hokuto Corp. | 2,400 | 40,896 | ||||||
House Foods Group Inc. | 7,200 | 212,599 | ||||||
Itoham Yonekyu Holdings Inc. | 16,800 | 92,827 | ||||||
J-Oil Mills Inc. | 1,200 | 44,778 | ||||||
Kagome Co. Ltd. | 8,400 | 181,293 | ||||||
Kameda Seika Co. Ltd. | 1,200 | 48,672 | ||||||
Kenko Mayonnaise Co. Ltd. | 1,200 | 21,894 | ||||||
Kewpie Corp. | 12,000 | 220,832 | ||||||
KEY Coffee Inc. | 2,400 | 45,346 | ||||||
Kotobuki Spirits Co. Ltd. | 2,400 | 115,478 | ||||||
Marudai Food Co. Ltd. | 2,400 | 39,316 | ||||||
Maruha Nichiro Corp. | 4,800 | 100,837 | ||||||
Megmilk Snow Brand Co. Ltd. | 6,000 | 120,985 | ||||||
Mitsui Sugar Co. Ltd. | 1,200 | 21,126 | ||||||
Morinaga & Co. Ltd./Japan | 4,800 | 189,793 | ||||||
Morinaga Milk Industry Co. Ltd. | 3,600 | 127,826 | ||||||
Nagatanien Holdings Co. Ltd. | 1,200 | 22,417 | ||||||
Nichirei Corp. | 12,200 | 311,376 | ||||||
Nippon Beet Sugar Manufacturing Co. Ltd. | 1,200 | 19,135 | ||||||
Nippon Flour Mills Co. Ltd. | 4,800 | 71,378 | ||||||
Nippon Suisan Kaisha Ltd. | 32,400 | 153,492 | ||||||
Nisshin Oillio Group Ltd. (The) | 2,400 | 74,204 | ||||||
Prima Meat Packers Ltd. | 3,600 | 74,159 | ||||||
Riken Vitamin Co. Ltd. | 1,200 | 42,108 |
Security | Shares | Value | ||||||
Food Products (continued) | ||||||||
Rock Field Co. Ltd. | 2,400 | $ | 28,124 | |||||
Rokko Butter Co. Ltd. | 1,200 | 14,974 | ||||||
S Foods Inc. | 2,400 | 49,862 | ||||||
Sakata Seed Corp. | 3,600 | 100,292 | ||||||
Showa Sangyo Co. Ltd. | 2,400 | 65,504 | ||||||
Starzen Co. Ltd. | 1,200 | 46,781 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 1,200 | 18,067 | ||||||
3,362,872 | ||||||||
Gas Utilities — 0.3% | ||||||||
K&O Energy Group Inc. | 1,200 | 16,943 | ||||||
Nippon Gas Co. Ltd. | 4,800 | 152,635 | ||||||
Shizuoka Gas Co. Ltd. | 6,000 | 48,116 | ||||||
217,694 | ||||||||
Health Care Equipment & Supplies — 1.8% | ||||||||
CYBERDYNE Inc.(a) | 13,200 | 53,600 | ||||||
Eiken Chemical Co. Ltd. | 3,600 | 63,313 | ||||||
Hogy Medical Co. Ltd. | 2,400 | 68,641 | ||||||
Jeol Ltd. | 4,800 | 126,425 | ||||||
Mani Inc. | 8,400 | 178,490 | ||||||
Menicon Co. Ltd. | 2,400 | 98,123 | ||||||
Nagaileben Co. Ltd. | 2,400 | 49,106 | ||||||
Nakanishi Inc. | 7,200 | 108,602 | ||||||
Nihon Kohden Corp. | 9,600 | 285,690 | ||||||
Nikkiso Co. Ltd. | 6,000 | 53,623 | ||||||
Nipro Corp. | 16,800 | 179,113 | ||||||
Paramount Bed Holdings Co. Ltd. | 2,400 | 93,116 | ||||||
1,357,842 | ||||||||
Health Care Providers & Services — 1.3% | ||||||||
As One Corp. | 1,200 | 90,224 | ||||||
BML Inc. | 2,400 | 64,725 | ||||||
Elan Corp. | 1,200 | 15,030 | ||||||
Japan Lifeline Co. Ltd. | 7,200 | 87,643 | ||||||
Japan Medical Dynamic Marketing Inc. | 1,200 | 17,889 | ||||||
Miraca Holdings Inc. | 6,000 | 149,354 | ||||||
NichiiGakkan Co. Ltd. | 4,800 | 49,929 | ||||||
Ship Healthcare Holdings Inc. | 4,800 | 194,910 | ||||||
Solasto Corp. | 6,000 | 54,624 | ||||||
Toho Holdings Co. Ltd. | 6,000 | 1 13,475 | ||||||
Tokai Corp./Gifu | 2,400 | 51 ,798 | ||||||
Tsukui Corp. | 6,000 | 27,590 | ||||||
Vital KSK Holdings Inc. | 6,000 | 55,959 | ||||||
973,150 | ||||||||
Health Care Technology — 0.1% | ||||||||
EM Systems Co. Ltd. | 3,600 | 29,704 | ||||||
Medical Data Vision Co. Ltd.(a) | 2,400 | 16,287 | ||||||
45,991 | ||||||||
Hotels, Restaurants & Leisure — 3.9% | ||||||||
Aeon Fantasy Co. Ltd. | 1,200 | 20,559 | ||||||
Arcland Service Holdings Co. Ltd. | 2,400 | 36,868 | ||||||
Atom Corp. | 10,800 | 90,012 | ||||||
BRONCO BILLY Co. Ltd. | 1,200 | 23,752 | ||||||
Colowide Co. Ltd. | 7,200 | 1 18,481 | ||||||
Create Restaurants Holdings Inc. | 9,600 | 76,095 | ||||||
Curves Holdings Co. Ltd.(a) | 5,200 | 39,097 | ||||||
Daisyo Corp. | 1,200 | 14,985 | ||||||
Doutor Nichires Holdings Co. Ltd. | 3,600 | 60,509 | ||||||
Fuji Kyuko Co. Ltd. | 2,400 | 62,055 | ||||||
Fujio Food System Co. Ltd. | 2,400 | 31 ,751 | ||||||
Fujita Kanko Inc. | 1,200 | 22,005 |
18 | 2 0 2 0 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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
Hiday Hidaka Corp. | 2,484 | $ | 37,560 | |||||
HIS Co. Ltd. | 3,600 | 71,089 | ||||||
Ichibanya Co. Ltd. | 1,300 | 53,029 | ||||||
Kappa Create Co. Ltd. | 3,600 | 42,620 | ||||||
Kisoji Co. Ltd. | 2,400 | 55,803 | ||||||
KNT-CT Holdings Co. Ltd.(a) | 1,200 | 10,458 | ||||||
KOMEDA Holdings Co. Ltd. | 6,000 | 101,683 | ||||||
Koshidaka Holdings Co. Ltd. | 4,800 | 25,054 | ||||||
Kourakuen Holdings Corp. | 1,200 | 16,765 | ||||||
Kura Sushi Inc. | 1,200 | 50,118 | ||||||
Kyoritsu Maintenance Co. Ltd.(b) | 3,680 | 113,097 | ||||||
Matsuyafoods Holdings Co. Ltd. | 1,200 | 42,331 | ||||||
Monogatari Corp. (The) | 600 | 37,881 | ||||||
MOS Food Services Inc. | 2,400 | 54,735 | ||||||
Ohsho Food Service Corp. | 1,200 | 63,524 | ||||||
Pepper Food Service Co. Ltd. | 1,200 | 7,765 | ||||||
Plenus Co. Ltd. | 2,400 | 37,981 | ||||||
Renaissance Inc. | 1,200 | 15,186 | ||||||
Resorttrust Inc. | 9,600 | 126,914 | ||||||
Ringer Hut Co. Ltd.(b) | 2,400 | 46,525 | ||||||
Round One Corp. | 7,200 | 53,801 | ||||||
Royal Holdings Co. Ltd. | 3,600 | 59,808 | ||||||
Saizeriya Co. Ltd. | 3,600 | 68,352 | ||||||
SFP Holdings Co. Ltd. | 1,200 | 19,458 | ||||||
Skylark Holdings Co. Ltd. | 22,800 | 342,005 | ||||||
St. Marc Holdings Co. Ltd. | 2,400 | 42,898 | ||||||
Sushiro Global Holdings Ltd. | 3,100 | 221,295 | ||||||
TKP Corp.(a) | 1,600 | 37,973 | ||||||
Tokyo Dome Corp. | 9,600 | 73,336 | ||||||
Tokyotokeiba Co. Ltd. | 2,400 | 73,091 | ||||||
Toridoll Holdings Corp. | 2,400 | 48,372 | ||||||
Tosho Co. Ltd. | 1,200 | 17,489 | ||||||
WATAMI Co. Ltd. | 2,400 | 21,427 | ||||||
Yoshinoya Holdings Co. Ltd. | 7,200 | 143,179 | ||||||
Zensho Holdings Co. Ltd. | 9,600 | 175,419 | ||||||
3,004,190 | ||||||||
Household Durables — 1.8% | ||||||||
Chofu Seisakusho Co. Ltd. | 2,400 | 47,103 | ||||||
Corona Corp. | 1,200 | 10,636 | ||||||
ES-Con Japan Ltd. | 3,600 | 23,129 | ||||||
Foster Electric Co. Ltd. | 2,400 | 31,973 | ||||||
France Bed Holdings Co. Ltd. | 2,400 | 19,113 | ||||||
Fujitsu General Ltd. | 7,200 | 143,246 | ||||||
Haseko Corp. | 31,200 | 402,058 | ||||||
Hinokiya Group Co. Ltd. | 1,200 | 20,114 | ||||||
JVCKenwood Corp. | 20,400 | 41,419 | ||||||
LEC Inc. | 3,000 | 26,227 | ||||||
Pressance Corp. | 3,600 | 38,048 | ||||||
Sangetsu Corp. | 6,000 | 91,837 | ||||||
Starts Corp. Inc. | 3,600 | 74,226 | ||||||
Sumitomo Forestry Co. Ltd. | 15,600 | 232,557 | ||||||
Tama Home Co. Ltd. | 1,200 | 14,084 | ||||||
Tamron Co. Ltd. | 1,200 | 26,511 | ||||||
Token Corp. | 1,220 | 84,602 | ||||||
Zojirushi Corp. | 3,600 | 55,736 | ||||||
1,382,619 | ||||||||
Household Products — 0.1% | ||||||||
Earth Corp. | 1,200 | 62,411 |
Security | Shares | Value | ||||||
Household Products (continued) | ||||||||
S.T. Corp. | 1,200 | $ | 16,243 | |||||
78,654 | ||||||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
eRex Co. Ltd. | 2,400 | 28,881 | ||||||
RENOVA Inc.(a) | 2,400 | 21 ,271 | ||||||
50,152 | ||||||||
Industrial Conglomerates — 0.4% | ||||||||
Katakura Industries Co. Ltd. | 2,400 | 27,612 | ||||||
Mie Kotsu Group Holdings Inc. | 6,000 | 27,145 | ||||||
Nisshinbo Holdings Inc. | 16,800 | 143,290 | ||||||
Noritsu Koki Co. Ltd. | 2,400 | 28,525 | ||||||
TOKAI Holdings Corp. | 12,000 | 98,234 | ||||||
324,806 | ||||||||
Insurance — 0.1% | ||||||||
Anicom Holdings Inc. | 2,100 | 65,220 | ||||||
Interactive Media & Services — 0.5% | ||||||||
Bengo4.com Inc.(a) | 1,200 | 43,610 | ||||||
COOKPAD Inc.(a) | 6,000 | 15,241 | ||||||
Dip Corp. | 3,600 | 87,209 | ||||||
Gree Inc. | 14,400 | 58,740 | ||||||
Gurunavi Inc. | 3,600 | 24,230 | ||||||
Itokuro Inc.(a) | 1,200 | 15,219 | ||||||
Kamakura Shinsho Ltd. | 2,400 | 29,281 | ||||||
Lifull Co. Ltd. | 7,200 | 27,635 | ||||||
Mixi Inc. | 4,800 | 76,229 | ||||||
MTI Ltd. | 2,400 | 12,482 | ||||||
ZIGExN Co. Ltd. | 6,000 | 21 ,138 | ||||||
411,014 | ||||||||
Internet & Direct Marketing Retail — 0.3% | ||||||||
ASKUL Corp. | 2,400 | 67,640 | ||||||
Belluna Co. Ltd. | 6,000 | 30,149 | ||||||
Demae-Can Co. Ltd. | 2,400 | 22,028 | ||||||
Enigmo Inc. | 2,400 | 16,576 | ||||||
Istyle Inc.(a) | 4,800 | 12,994 | ||||||
Media Do Holdings Co. Ltd. | 1,200 | 31 ,562 | ||||||
Oisix ra daichi Inc.(a) | 2,400 | 23,963 | ||||||
Open Door Inc.(a) | 1,200 | 11 ,403 | ||||||
216,315 | ||||||||
IT Services — 3.4% | ||||||||
Argo Graphics Inc. | 1,200 | 35,600 | ||||||
Change Inc.(a) | 1,200 | 37,603 | ||||||
Comture Corp. | 2,400 | 47,059 | ||||||
Digital Garage Inc. | 3,600 | 1 12,641 | ||||||
Digital Hearts Holdings Co. Ltd. | 1,200 | 9,000 | ||||||
DTS Corp. | 4,800 | 87,843 | ||||||
Future Corp. | 2,400 | 35,378 | ||||||
GMO internet Inc. | 8,400 | 139,630 | ||||||
Ines Corp. | 2,400 | 32,797 | ||||||
Infocom Corp. | 2,400 | 60,498 | ||||||
Information Services International-Dentsu Ltd. | 1,200 | 51,119 | ||||||
Kanematsu Electronics Ltd. | 1,200 | 34,265 | ||||||
LAC Co. Ltd. | 2,400 | 19,424 | ||||||
Mitsubishi Research Institute Inc. | 1,200 | 41 ,941 | ||||||
NEC Networks & System Integration Corp. | 2,400 | 88,444 | ||||||
NET One Systems Co. Ltd. | 9,600 | 199,627 | ||||||
Nihon Unisys Ltd. | 8,400 | 253,484 | ||||||
NS Solutions Corp. | 3,600 | 99,858 | ||||||
NSD Co. Ltd. | 9,600 | 153,525 |
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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
IT Services (continued) | ||||||||
Oro Co. Ltd. | 1,200 | $ | 30,193 | |||||
SB Technology Corp. | 1,200 | 22,651 | ||||||
SCSK Corp. | 6,056 | 312,723 | ||||||
SHIFT Inc.(a) | 1,200 | 71,534 | ||||||
TechMatrix Corp. | 2,400 | 54,757 | ||||||
TIS Inc. | 8,448 | 500,466 | ||||||
TKC Corp. | 1,200 | 54,401 | ||||||
Transcosmos Inc. | 2,400 | 52,755 | ||||||
2,639,216 | ||||||||
Leisure Products — 0.5% | ||||||||
Heiwa Corp. | 6,016 | 112,328 | ||||||
Mars Group Holdings Corp. | 1,200 | 19,691 | ||||||
Mizuno Corp. | 2,400 | 47,682 | ||||||
Tomy Co. Ltd. | 9,600 | 84,995 | ||||||
Universal Entertainment Corp. | 3,600 | 97,422 | ||||||
Yonex Co. Ltd. | 6,000 | 30,482 | ||||||
392,600 | ||||||||
Life Sciences Tools & Services — 0.1% | ||||||||
CMIC Holdings Co. Ltd. | 1,200 | 15,252 | ||||||
EPS Holdings Inc. | 3,600 | 37,547 | ||||||
52,799 | ||||||||
Machinery — 5.8% | ||||||||
Aichi Corp. | 3,600 | 20,759 | ||||||
Aida Engineering Ltd. | 6,000 | 44,723 | ||||||
Anest Iwata Corp. | 3,600 | 32,741 | ||||||
Asahi Diamond Industrial Co. Ltd. | 6,000 | 29,314 | ||||||
Bando Chemical Industries Ltd. | 3,600 | 23,296 | ||||||
CKD Corp. | 6,000 | 92,449 | ||||||
Daiwa Industries Ltd. | 3,600 | 33,242 | ||||||
DMG Mori Co. Ltd. | 13,200 | 166,797 | ||||||
Ebara Corp. | 10,800 | 257,422 | ||||||
Fuji Corp./Aichi | 7,200 | 115,811 | ||||||
Fujitec Co. Ltd. | 7,200 | 100,192 | ||||||
Fukushima Galilei Co. Ltd. | 1,200 | 38,604 | ||||||
Furukawa Co. Ltd. | 3,600 | 40,517 | ||||||
Giken Ltd. | 1,800 | 60,075 | ||||||
Glory Ltd. | 6,000 | 159,866 | ||||||
Harmonic Drive Systems Inc. | 4,800 | 202,030 | ||||||
Hirata Corp. | 1,200 | 55,848 | ||||||
Hisaka Works Ltd. | 2,400 | 17,822 | ||||||
Hitachi Zosen Corp. | 19,200 | 66,750 | ||||||
Iseki & Co. Ltd. | 2,400 | 25,632 | ||||||
Japan Steel Works Ltd. (The) | 7,200 | 105,131 | ||||||
Kitz Corp. | 8,400 | 50,152 | ||||||
Komori Corp. | 6,000 | 45,779 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,600 | 41,452 | ||||||
Makino Milling Machine Co. Ltd. | 2,400 | 81,658 | ||||||
Max Co. Ltd. | 2,400 | 39,672 | ||||||
Meidensha Corp. | 3,600 | 57,872 | ||||||
METAWATER Co. Ltd. | 1,200 | 42,386 | ||||||
Mitsubishi Logisnext Co. Ltd. | 2,400 | 30,038 | ||||||
Mitsuboshi Belting Ltd. | 2,400 | 32,886 | ||||||
Mitsui E&S Holdings Co. Ltd.(a) | 8,400 | 60,431 | ||||||
Miura Co. Ltd. | 9,600 | 314,170 | ||||||
Morita Holdings Corp. | 3,600 | 56,204 | ||||||
Nachi-Fujikoshi Corp. | 1,200 | 39,605 | ||||||
Nihon Trim Co. Ltd. | 1,200 | 35,044 | ||||||
Nippon Sharyo Ltd.(a) | 1,200 | 28,758 | ||||||
Nippon Thompson Co. Ltd. | 6,000 | 20,693 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Nissei ASB Machine Co. Ltd. | 1,200 | $ | 38,381 | |||||
Nitta Corp. | 2,400 | 54,157 | ||||||
Nitto Kohki Co. Ltd. | 1,200 | 22,840 | ||||||
Nittoku Co. Ltd. | 1,200 | 35,044 | ||||||
Noritake Co. Ltd./Nagoya Japan | 1,200 | 42,275 | ||||||
NTN Corp. | 48,000 | 116,145 | ||||||
Obara Group Inc. | 1,200 | 32,151 | ||||||
Oiles Corp. | 2,496 | 32,813 | ||||||
OKUMA Corp. | 2,400 | 101,905 | ||||||
Organo Corp. | 1,200 | 70,755 | ||||||
OSG Corp. | 9,600 | 144,091 | ||||||
Rheon Automatic Machinery Co. Ltd. | 2,400 | 25,810 | ||||||
Ryobi Ltd. | 2,400 | 31 ,239 | ||||||
Shibuya Corp. | 1,200 | 29,114 | ||||||
Shima Seiki Manufacturing Ltd. | 3,600 | 56,504 | ||||||
Shinmaywa Industries Ltd. | 4,800 | 54,201 | ||||||
Sintokogio Ltd. | 4,800 | 34,310 | ||||||
Sodick Co. Ltd. | 4,800 | 32,263 | ||||||
Star Micronics Co. Ltd. | 3,600 | 40,484 | ||||||
Tadano Ltd. | 12,000 | 100,459 | ||||||
Takeuchi Manufacturing Co. Ltd. | 3,600 | 55,236 | ||||||
Takuma Co. Ltd. | 8,400 | 92,204 | ||||||
Teikoku Sen-I Co. Ltd. | 2,400 | 42,742 | ||||||
Tocalo Co. Ltd. | 6,800 | 60,142 | ||||||
Toshiba Machine Co. Ltd. | 2,400 | 65,971 | ||||||
Tsubaki Nakashima Co. Ltd. | 4,800 | 45,657 | ||||||
Tsubakimoto Chain Co. | 2,400 | 65,482 | ||||||
Tsugami Corp. | 4,800 | 38,982 | ||||||
Tsukishima Kikai Co. Ltd. | 3,600 | 41 ,452 | ||||||
Tsurumi Manufacturing Co. Ltd. | 2,400 | 38,470 | ||||||
Union Tool Co. | 1,200 | 29,459 | ||||||
YAMABIKO Corp. | 3,600 | 29,036 | ||||||
Yamashin-Filter Corp. | 3,600 | 22,562 | ||||||
Yushin Precision Equipment Co. Ltd. | 2,400 | 18,000 | ||||||
4,406,157 | ||||||||
Marine — 0.2% | ||||||||
Iino Kaiun Kaisha Ltd. | 9,600 | 29,459 | ||||||
Kawasaki Kisen Kaisha Ltd.(a) | 9,600 | 108,224 | ||||||
NS United Kaiun Kaisha Ltd. | 1,200 | 19,024 | ||||||
156,707 | ||||||||
Media — 0.6% | ||||||||
F@N Communications Inc. | 4,800 | 19,625 | ||||||
Kadokawa Dwango(a) | 4,808 | 62,983 | ||||||
Macromill Inc. | 4,800 | 37,558 | ||||||
OPT Holding Inc. | 1,200 | 18,256 | ||||||
Proto Corp. | 2,400 | 24,119 | ||||||
RPA Holdings Inc.(a) | 2,400 | 19,647 | ||||||
SKY Perfect JSAT Holdings Inc. | 15,600 | 67,251 | ||||||
Tokyo Broadcasting System Holdings Inc. | 3,600 | 56,204 | ||||||
TV Asahi Holdings Corp. | 2,400 | 40,606 | ||||||
ValueCommerce Co. Ltd. | 2,400 | 45,768 | ||||||
Vector Inc.(a) | 3,600 | 30,204 | ||||||
Wowow Inc. | 1,200 | 26,934 | ||||||
Zenrin Co. Ltd. | 3,600 | 42,086 | ||||||
491,241 | ||||||||
Metals & Mining — 1.9% | ||||||||
Aichi Steel Corp. | 1,200 | 33,331 | ||||||
Asahi Holdings Inc. | 4,800 | 109,159 | ||||||
Daido Steel Co. Ltd. | 2,400 | 87,331 |
20 | 2 0 2 0 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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Metals & Mining (continued) | ||||||||
Dowa Holdings Co. Ltd. | 6,000 | $ | 198,304 | |||||
Godo Steel Ltd. | 1,200 | 27,479 | ||||||
Kobe Steel Ltd. | 36,000 | 133,834 | ||||||
Kyoei Steel Ltd. | 2,400 | 36,379 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 7,200 | 172,816 | ||||||
Nakayama Steel Works Ltd. | 2,400 | 9,145 | ||||||
Neturen Co. Ltd. | 3,600 | 22,728 | ||||||
Nippon Denko Co. Ltd.(a) | 12,000 | 16,243 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 62,400 | 109,915 | ||||||
Nittetsu Mining Co. Ltd. | 1,200 | 42,776 | ||||||
Osaka Steel Co. Ltd. | 1,200 | 15,653 | ||||||
OSAKA Titanium Technologies Co. Ltd | 2,400 | 24,497 | ||||||
Pacific Metals Co. Ltd. | 1,200 | 21,749 | ||||||
Sanyo Special Steel Co. Ltd | 2,400 | 26,144 | ||||||
Toho Titanium Co. Ltd. | 3,600 | 24,063 | ||||||
Toho Zinc Co. Ltd. | 1,200 | 16,932 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 12,000 | 76,540 | ||||||
Topy Industries Ltd. | 1,200 | 16,799 | ||||||
UACJ Corp. | 3,614 | 63,525 | ||||||
Yamato Kogyo Co. Ltd. | 4,800 | 100,570 | ||||||
Yodogawa Steel Works Ltd. | 2,400 | 40,428 | ||||||
1,426,340 | ||||||||
Multiline Retail — 0.7% | ||||||||
Fuji Co. Ltd./Ehime | 2,400 | 35,778 | ||||||
H2O Retailing Corp. | 10,835 | 83,675 | ||||||
Izumi Co. Ltd. | 3,600 | 98,890 | ||||||
Kintetsu Department Store Co. Ltd. | 1,200 | 28,035 | ||||||
Matsuya Co. Ltd. | 3,600 | 21,327 | ||||||
Seria Co. Ltd. | 4,800 | 128,516 | ||||||
Takashimaya Co. Ltd. | 16,800 | 157,152 | ||||||
553,373 | ||||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 7,200 | 120,284 | ||||||
Itochu Enex Co. Ltd. | 6,000 | 46,836 | ||||||
Iwatani Corp. | 3,600 | 118,315 | ||||||
Japan Petroleum Exploration Co. Ltd. | 3,600 | 77,130 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 2,400 | 22,561 | ||||||
San-Ai Oil Co. Ltd. | 6,000 | 52,510 | ||||||
Sinanen Holdings Co. Ltd. | 1,200 | 22,328 | ||||||
459,964 | ||||||||
Paper & Forest Products — 0.5% | ||||||||
Daiken Corp. | 1,200 | 18,423 | ||||||
Daio Paper Corp. | 8,400 | 111,595 | ||||||
Hokuetsu Corp. | 14,400 | 58,607 | ||||||
Nippon Paper Industries Co. Ltd. | 12,000 | 173,995 | ||||||
Tokushu Tokai Paper Co. Ltd. | 1,200 | 39,939 | ||||||
402,559 | ||||||||
Personal Products — 1.2% | ||||||||
Euglena Co. Ltd.(a) | 8,400 | 60,275 | ||||||
Fancl Corp. | 8,400 | 206,992 | ||||||
Kitanotatsujin Corp. | 7,200 | 34,777 | ||||||
Mandom Corp. | 4,800 | 102,617 | ||||||
Milbon Co. Ltd | 2,400 | 115,923 | ||||||
Noevir Holdings Co. Ltd. | 1,200 | 51,175 | ||||||
Rohto Pharmaceutical Co. Ltd. | 10,800 | 307,384 | ||||||
YA-MAN Ltd. | 3,600 | 17,422 | ||||||
896,565 | ||||||||
Pharmaceuticals — 1.8% | ||||||||
ASKA Pharmaceutical Co. Ltd. | 2,400 | 21,671 |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Fuji Pharma Co. Ltd. | 1,200 | $ | 11,826 | |||||
JCR Pharmaceuticals Co. Ltd. | 1,300 | 115,580 | ||||||
Kaken Pharmaceutical Co. Ltd. | 3,600 | 174,885 | ||||||
Kissei Pharmaceutical Co. Ltd. | 3,600 | 87,276 | ||||||
KYORIN Holdings Inc. | 4,800 | 96,209 | ||||||
Mochida Pharmaceutical Co. Ltd. | 2,400 | 84,439 | ||||||
Nichi-Iko Pharmaceutical Co. Ltd. | 6,050 | 65,175 | ||||||
Sawai Pharmaceutical Co. Ltd. | 4,800 | 272,340 | ||||||
Seikagaku Corp. | 4,800 | 45,079 | ||||||
Sosei Group Corp.(a) | 8,400 | 128,105 | ||||||
Torii Pharmaceutical Co. Ltd. | 1,200 | 35,878 | ||||||
Towa Pharmaceutical Co. Ltd. | 2,400 | 47,704 | ||||||
Tsumura & Co. | 7,200 | 167,943 | ||||||
ZERIA Pharmaceutical Co. Ltd | 3,600 | 59,174 | ||||||
1,413,284 | ||||||||
Professional Services — 2.6% | ||||||||
Altech Corp. | 1,380 | 20,777 | ||||||
BayCurrent Consulting Inc. | 1,200 | 71 ,645 | ||||||
Benefit One Inc. | 8,400 | 128,182 | ||||||
BeNEXT Group Inc. | 2,400 | 18,668 | ||||||
en-japan Inc | 3,600 | 99,324 | ||||||
FULLCAST Holdings Co. Ltd. | 2,400 | 42,052 | ||||||
Funai Soken Holdings Inc. | 4,800 | 1 10,672 | ||||||
Insource Co. Ltd. | 1,200 | 28,369 | ||||||
IR Japan Holdings Ltd. | 1,200 | 72,201 | ||||||
JAC Recruitment Co. Ltd. | 1,200 | 15,542 | ||||||
Link And Motivation Inc.(b) | 3,600 | 14,885 | ||||||
Meitec Corp. | 2,400 | 1 13,475 | ||||||
Nihon M&A Center Inc. | 15,600 | 474,371 | ||||||
Nomura Co. Ltd. | 9,600 | 87,487 | ||||||
Outsourcing Inc. | 12,000 | 87,554 | ||||||
Pasona Group Inc. | 2,400 | 24,631 | ||||||
SMS Co. Ltd. | 8,400 | 161,124 | ||||||
S-Pool Inc. | 6,000 | 37,324 | ||||||
Tanseisha Co. Ltd. | 3,600 | 32,641 | ||||||
TechnoPro Holdings Inc. | 3,700 | 220,220 | ||||||
UT Group Co. Ltd.(b) | 3,600 | 71 ,756 | ||||||
WDB Holdings Co. Ltd. | 1,200 | 24,531 | ||||||
World Holdings Co. Ltd. | 1,200 | 18,501 | ||||||
YAMADA Consulting Group Co. Ltd. | 1,200 | 14,474 | ||||||
Yumeshin Holdings Co. Ltd.(b) | 4,800 | 31 ,595 | ||||||
2,022,001 | ||||||||
Real Estate Management & Development — 2.3% | ||||||||
Daibiru Corp. | 4,800 | 53,533 | ||||||
Goldcrest Co. Ltd. | 1,200 | 18,423 | ||||||
Heiwa Real Estate Co. Ltd. | 3,600 | 100,292 | ||||||
Ichigo Inc. | 30,000 | 91,225 | ||||||
Japan Asset Marketing Co. Ltd.(a) | 24,000 | 27,145 | ||||||
Katitas Co. Ltd. | 2,400 | 80,545 | ||||||
Keihanshin Building Co. Ltd. | 3,600 | 44,022 | ||||||
Kenedix Inc. | 25,200 | 135,970 | ||||||
Leopalace21 Corp.(a) | 28,800 | 87,843 | ||||||
Open House Co. Ltd. | 7,200 | 181,694 | ||||||
Raysum Co. Ltd. | 1,200 | 8,967 | ||||||
Relo Group Inc. | 12,000 | 262,662 | ||||||
SAMTY Co. Ltd. | 2,500 | 35,739 | ||||||
Sun Frontier Fudousan Co. Ltd. | 3,600 | 35,611 | ||||||
Takara Leben Co. Ltd. | 9,600 | 37,914 | ||||||
TOC Co. Ltd. | 4,800 | 30,438 |
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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Tokyo Tatemono Co. Ltd. | 22,800 | $ | 311,356 | |||||
Tosei Corp. | 3,600 | 38,782 | ||||||
Unizo Holdings Co. Ltd. | 3,600 | 197,914 | ||||||
1,780,075 | ||||||||
Road & Rail — 2.2% | ||||||||
Fukuyama Transporting Co. Ltd. | 3,600 | 108,135 | ||||||
Hamakyorex Co. Ltd. | 1,200 | 31,317 | ||||||
Hitachi Transport System Ltd. | 4,800 | 129,317 | ||||||
Maruzen Showa Unyu Co. Ltd. | 1,200 | 26,678 | ||||||
Nankai Electric Railway Co. Ltd. | 12,000 | 265,220 | ||||||
Nikkon Holdings Co. Ltd. | 7,200 | 139,308 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 7,200 | 158,398 | ||||||
Sakai Moving Service Co. Ltd. | 1,200 | 57,183 | ||||||
Sankyu Inc. | 6,000 | 255,597 | ||||||
Seino Holdings Co. Ltd. | 16,800 | 182,228 | ||||||
Senko Group Holdings Co. Ltd. | 13,200 | 96,921 | ||||||
Sotetsu Holdings Inc. | 8,400 | 191,261 | ||||||
Trancom Co. Ltd. | 1,200 | 76,540 | ||||||
1,718,103 | ||||||||
Semiconductors & Semiconductor Equipment — 2.0% | ||||||||
Ferrotec Holdings Corp. | 3,600 | 21,694 | ||||||
Japan Material Co. Ltd. | 7,200 | 85,707 | ||||||
Lasertec Corp. | 9,500 | 433,760 | ||||||
Megachips Corp. | 1,200 | 16,220 | ||||||
Micronics Japan Co. Ltd. | 3,600 | 31,673 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 1,200 | 22,217 | ||||||
Mitsui High-Tec Inc. | 2,400 | 30,460 | ||||||
Optorun Co. Ltd. | 2,400 | 63,746 | ||||||
Rorze Corp. | 1,200 | 36,824 | ||||||
RS Technologies Co. Ltd. | 1,200 | 26,266 | ||||||
Sanken Electric Co. Ltd. | 2,400 | 56,893 | ||||||
SCREEN Holdings Co. Ltd. | 4,900 | 248,487 | ||||||
Shindengen Electric Manufacturing Co. Ltd. | 1,200 | 33,431 | ||||||
Shinko Electric Industries Co. Ltd. | 7,200 | 79,232 | ||||||
Tokyo Seimitsu Co. Ltd. | 3,600 | 112,808 | ||||||
Tri Chemical Laboratories Inc. | 1,100 | 86,071 | ||||||
Ulvac Inc. | 4,800 | 139,730 | ||||||
1,525,219 | ||||||||
Software — 1.5% | ||||||||
Broadleaf Co. Ltd. | 10,800 | 44,355 | ||||||
Computer Engineering & Consulting Ltd. | 2,400 | 37,558 | ||||||
Cybozu Inc. | 2,400 | 40,473 | ||||||
Digital Arts Inc. | 1,200 | 56,849 | ||||||
Fixstars Corp. | 2,400 | 24,920 | ||||||
Fuji Soft Inc. | 2,400 | 79,321 | ||||||
Fukui Computer Holdings Inc | 1,200 | 29,926 | ||||||
Gunosy Inc.(a) | 1,200 | 10,936 | ||||||
Infomart Corp. | 24,000 | 141,955 | ||||||
Justsystems Corp. | 3,600 | 172,215 | ||||||
Miroku Jyoho Service Co. Ltd. | 2,400 | 53,467 | ||||||
Money Forward Inc.(a)(b) | 1,600 | 68,233 | ||||||
OBIC Business Consultants Co. Ltd. | 2,400 | 83,549 | ||||||
Optim Corp.(a) | 1,000 | 35,276 | ||||||
PKSHA Technology Inc.(a) | 1,200 | 26,667 | ||||||
Rakus Co. Ltd. | 4,800 | 67,685 | ||||||
Sansan Inc.(a) | 1,200 | 55,569 | ||||||
Sourcenext Corp. | 9,600 | 27,590 | ||||||
Systena Corp | 8,400 | 108,636 |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
UNITED Inc./Japan | 1,200 | $ | 10,658 | |||||
1,175,838 | ||||||||
Specialty Retail — 2.6% | ||||||||
Adastria Co. Ltd. | 3,600 | 58,406 | ||||||
Alpen Co. Ltd. | 2,400 | 35,511 | ||||||
AOKI Holdings Inc. | 4,800 | 40,406 | ||||||
Aoyama Trading Co. Ltd. | 4,800 | 53,623 | ||||||
Arcland Sakamoto Co. Ltd. | 2,400 | 24,342 | ||||||
Asahi Co. Ltd. | 1,200 | 12,015 | ||||||
Autobacs Seven Co. Ltd. | 8,400 | 107,701 | ||||||
Bic Camera Inc. | 12,000 | 106,021 | ||||||
Chiyoda Co. Ltd. | 2,400 | 27,078 | ||||||
DCM Holdings Co. Ltd. | 12,000 | 109,359 | ||||||
EDION Corp. | 9,600 | 80,634 | ||||||
Geo Holdings Corp. | 3,600 | 39,149 | ||||||
IDOM Inc. | 6,000 | 28,480 | ||||||
JINS Holdings Inc. | 1,200 | 73,759 | ||||||
Joshin Denki Co. Ltd. | 2,400 | 40,072 | ||||||
Joyful Honda Co. Ltd. | 6,000 | 63,246 | ||||||
Keiyo Co. Ltd. | 4,800 | 20,960 | ||||||
Kohnan Shoji Co. Ltd. | 3,600 | 72,557 | ||||||
Komeri Co. Ltd. | 3,600 | 65,081 | ||||||
K's Holdings Corp. | 21,600 | 237,697 | ||||||
LIXIL VIVA Corp. | 2,600 | 48,908 | ||||||
Nextage Co. Ltd. | 3,600 | 28,335 | ||||||
Nishimatsuya Chain Co. Ltd. | 4,800 | 34,710 | ||||||
Nojima Corp. | 3,600 | 64,114 | ||||||
PAL GROUP Holdings Co. Ltd. | 2,400 | 32,240 | ||||||
Sac's Bar Holdings Inc. | 2,400 | 16,131 | ||||||
Sanrio Co. Ltd. | 6,000 | 90,780 | ||||||
Shimachu Co. Ltd. | 4,800 | 1 17,881 | ||||||
T-Gaia Corp. | 2,400 | 45,902 | ||||||
Tokyo Base Co. Ltd.(a) | 1,200 | 4,194 | ||||||
United Arrows Ltd. | 2,400 | 53,645 | ||||||
VT Holdings Co. Ltd. | 8,400 | 28,191 | ||||||
World Co. Ltd. | 2,400 | 44,789 | ||||||
Xebio Holdings Co. Ltd. | 2,400 | 21 ,872 | ||||||
Yellow Hat Ltd. | 3,600 | 48,594 | ||||||
1,976,383 | ||||||||
Technology Hardware, Storage & Peripherals — 0.6% | ||||||||
Eizo Corp. | 1,200 | 38,437 | ||||||
Elecom Co. Ltd. | 2,400 | 80,768 | ||||||
Maxell Holdings Ltd. | 6,000 | 71 ,701 | ||||||
MCJ Co. Ltd. | 7,200 | 41 ,518 | ||||||
Melco Holdings Inc. | 1,200 | 23,707 | ||||||
Riso Kagaku Corp. | 2,400 | 37,269 | ||||||
Roland DG Corp. | 1,200 | 18,056 | ||||||
Toshiba TEC Corp. | 2,400 | 88,555 | ||||||
Wacom Co. Ltd. | 15,600 | 48,305 | ||||||
448,316 | ||||||||
Textiles, Apparel & Luxury Goods — 1.2% | ||||||||
Asics Corp. | 18,900 | 203,079 | ||||||
Descente Ltd. | 3,600 | 49,228 | ||||||
Fujibo Holdings Inc. | 1,200 | 32,941 | ||||||
Goldwin Inc. | 2,400 | 146,405 | ||||||
Gunze Ltd. | 1,200 | 42,609 | ||||||
Japan Wool Textile Co. Ltd. (The) | 4,800 | 39,872 | ||||||
Kurabo Industries Ltd. | 2,400 | 43,321 | ||||||
Onward Holdings Co. Ltd. | 10,800 | 52,366 |
22 | 2 0 2 0 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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Textiles, Apparel & Luxury Goods (continued) | ||||||||
Seiko Holdings Corp. | 2,400 | $ | 46,569 | |||||
Seiren Co. Ltd. | 4,800 | 61,766 | ||||||
TSI Holdings Co. Ltd. | 7,200 | 27,902 | ||||||
Wacoal Holdings Corp. | 4,800 | 112,318 | ||||||
Yondoshi Holdings Inc. | 2,400 | 45,813 | ||||||
904,189 | ||||||||
Thrifts & Mortgage Finance — 0.1% | ||||||||
Aruhi Corp. | 3,600 | 52,866 | ||||||
Trading Companies & Distributors — 2.0% | ||||||||
Advan Co. Ltd. | 2,400 | 23,184 | ||||||
Chori Co. Ltd. | 1,200 | 19,825 | ||||||
Daiichi Jitsugyo Co. Ltd. | 1,200 | 37,102 | ||||||
Gecoss Corp. | 1,200 | 9,923 | ||||||
Hanwa Co. Ltd. | 3,600 | 73,926 | ||||||
Inaba Denki Sangyo Co. Ltd. | 4,800 | 106,400 | ||||||
Inabata o. Ltd. | ,800 | 55,93 | ||||||
& C | 4 | 7 | ||||||
Japan Pulp & Paper Co. Ltd. | 1,200 | 38,715 | ||||||
Kamei Corp. | 2,400 | 21,961 | ||||||
Kanamoto Co. Ltd. | 3,600 | 79,733 | ||||||
Kanematsu Corp. | 8,400 | 91,270 | ||||||
Nagase & Co. Ltd. | 12,000 | 144,291 | ||||||
Nichiden Corp. | 1,200 | 19,046 | ||||||
Nippon Steel Trading Corp. | 1,344 | 54,575 | ||||||
Nishio Rent All Co. Ltd. | 2,400 | 59,051 | ||||||
Sojitz Corp. | 151,200 | 437,347 | ||||||
Trusco Nakayama Corp. | 4,800 | 95,764 | ||||||
Wakita & Co. Ltd. | 4,800 | 38,804 | ||||||
Yamazen Corp. | 7,200 | 58,073 | ||||||
Yuasa Trading Co. Ltd. | 2,400 | 67,751 | ||||||
1,532,678 |
Security | Shares | Value | ||||||
Transportation Infrastructure — 0.3% | ||||||||
Mitsubishi Logistics Corp | 7,200 | $ | 166,275 | |||||
Nissin Corp | 1,200 | 16,465 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 7,200 | 84,305 | ||||||
267,045 | ||||||||
Total Common Stocks — 99.6% | ||||||||
(Cost: $107,648,889) | 76,194,819 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (c)(d)(e) | 726,014 | 726,523 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (c)(d) | 39,000 | 39,000 | ||||||
765,523 | ||||||||
Total Short-Term Investments — 1.0% | ||||||||
(Cost: $765,026) | 765,523 | |||||||
Total Investments in Securities — 100.6% | ||||||||
(Cost: $108,413,915) | 76,960,342 | |||||||
Other Assets, Less Liabilities — (0.6)% | (473,828 | ) | ||||||
Net Assets — 100.0% | $ | 76,486,514 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 3,094,708 | (2,368,694 | ) | 726,014 | $ | 726,523 | $ | 32,431 | (b) | $ | 1,094 | $ | (951 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 48,000 | (9,000 | ) | 39,000 | 39,000 | 616 | — | — | ||||||||||||||||||||
$ | 765,523 | $ | 33,047 | $ | 1,094 | $ | (951 | ) |
(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 | 26 | 03/12/20 | $ | 361 | $ | (41,448 | ) |
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) | iShares® MSCI Japan Small-Cap ETF |
February 29, 2020
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 41,448 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 80,076 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (28,554 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 521,011 |
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 29, 2020. 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 | $ | 76,194,819 | $ | — | $ | — | $ | 76,194,819 | ||||||||
Money Market Funds | 765,523 | — | — | 765,523 | ||||||||||||
$ | 76,960,342 | $ | — | $ | — | $ | 76,960,342 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (41,448 | ) | $ | — | $ | — | $ | (41,448 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
24 | 2 0 2 0 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) | iShares® MSCI Malaysia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.3% | ||||||||
AirAsia Group Bhd | 5,1 15,900 | $ | 1,213,737 | |||||
Banks — 32.2% | ||||||||
AMMB Holdings Bhd | 5,639,037 | 4,950,044 | ||||||
CIMB Group Holdings Bhd | 16,884,512 | 19,308,030 | ||||||
Hong Leong Bank Bhd | 2,212,340 | 8,030,558 | ||||||
Hong Leong Financial Group Bhd | 780,800 | 2,834,221 | ||||||
Malayan Banking Bhd | 13,383,581 | 26,735,410 | ||||||
Public Bank Bhd (a) | 10,564,280 | 42,858,645 | ||||||
RHB Bank Bhd | 5,456,502 | 7,184,718 | ||||||
RHB Capital Bhd(b)(c) | 1,621,200 | 4 | ||||||
111,901,630 | ||||||||
Beverages — 2.2% | ||||||||
Carlsberg Brewery Malaysia Bhd | 520,200 | 3,929,577 | ||||||
Fraser & Neave Holdings Bhd | 499,300 | 3,639,027 | ||||||
7,568,604 | ||||||||
Chemicals — 3.0% | ||||||||
Petronas Chemicals Group Bhd | 8,164,100 | 10,459,345 | ||||||
Construction & Engineering — 2.6% | ||||||||
Gamuda Bhd | 5,891,100 | 4,626,225 | ||||||
IJM Corp. Bhd | 9,284,480 | 4,273,284 | ||||||
8,899,509 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
Telekom Malaysia Bhd | 3,842,800 | 3,373,276 | ||||||
Electric Utilities — 8.8% | ||||||||
Tenaga Nasional Bhd | 10,639,512 | 30,542,846 | ||||||
Energy Equipment & Services — 2.8% | ||||||||
Dialog Group Bhd | 12,474,154 | 9,884,620 | ||||||
Food Products — 12.9% | ||||||||
Genting Plantations Bhd | 916,000 | 2,177,537 | ||||||
IOI Corp. Bhd | 6,413,230 | 6,344,761 | ||||||
Kuala Lumpur Kepong Bhd | 1,452,700 | 7,527,157 | ||||||
Nestle Malaysia Bhd | 239,400 | 8,121,993 | ||||||
PPB Group Bhd | 1,935,819 | 8,312,770 | ||||||
QL Resources Bhd | 2,207,700 | 4,273,982 | ||||||
Sime Darby Plantation Bhd | 7,025,855 | 8,267,673 | ||||||
45,025,873 | ||||||||
Gas Utilities — 3.0% | ||||||||
Petronas Gas Bhd | 2,692,500 | 10,616,690 | ||||||
Health Care Equipment & Supplies — 4.2% | ||||||||
Hartalega Holdings Bhd | 5,162,300 | 7,593,419 | ||||||
Top Glove Corp. Bhd | 5,226,000 | 6,992,797 | ||||||
14,586,216 | ||||||||
Health Care Providers & Services — 2.9% | ||||||||
IHH Healthcare Bhd | 7,461,300 | 10,090,014 | ||||||
Hotels, Restaurants & Leisure — 4.4% | ||||||||
Genting Bhd | 7,253,300 | 8,518,110 | ||||||
Genting Malaysia Bhd | 10,099,500 | 6,924,687 | ||||||
15,442,797 |
Security | Shares | Value | ||||||
Industrial Conglomerates — 2.6% | ||||||||
HAP Seng Consolidated Bhd | 2,1 17,400 | $ | 4,501,045 | |||||
Sime Darby Bhd(a) | 9,254,355 | 4,391,153 | ||||||
8,892,198 | ||||||||
Marine — 2.4% | ||||||||
MISC Bhd | 4,555,420 | 8,202,998 | ||||||
Metals & Mining — 1.5% | ||||||||
Press Metal Aluminium Holdings Bhd (a) | 4,807,900 | 5,315,496 | ||||||
Multi-Utilities — 0.5% | ||||||||
YTL Corp. Bhd | 9,368,762 | 1,878,198 | ||||||
Oil, Gas & Consumable Fuels — 1.6% | ||||||||
Petronas Dagangan Bhd | 1,013,900 | 5,494,063 | ||||||
Tobacco — 0.0% | ||||||||
British American Tobacco Malaysia Bhd. . | 1 1,800 | 34,826 | ||||||
Transportation Infrastructure — 2.2% | ||||||||
Malaysia Airports Holdings Bhd | 3,388,700 | 5,298,110 | ||||||
Westports Holdings Bhd | 2,900,200 | 2,366,948 | ||||||
7,665,058 | ||||||||
Wireless Telecommunication Services — 8.6% | ||||||||
Axiata Group Bhd | 9,352,300 | 9,274,642 | ||||||
DiGi.Com Bhd | 10,579,200 | 10,441,156 | ||||||
Maxis Bhd (a) | 7,980,900 | 10,281,444 | ||||||
29,997,242 | ||||||||
Total Common Stocks — 99.7% | ||||||||
(Cost: $254,190,935) | 347,085,236 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (d)(e)(f) | 3,058,522 | 3,060,663 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (d)(e) | 319,000 | 319,000 | ||||||
3,379,663 | ||||||||
Total Short-Term Investments — 1.0% | ||||||||
(Cost: $3,377,812) | 3,379,663 | |||||||
Total Investments in Securities — 100.7% | ||||||||
(Cost: $257,568,747) | 350,464,899 | |||||||
Other Assets, Less Liabilities — (0.7)% | (2,548,525 | ) | ||||||
Net Assets — 100.0% | $ | 347,916,374 |
(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) | 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 | 25 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Malaysia ETF |
February 29, 2020
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 3,581,320 | (522,798 | ) | 3,058,522 | $ | 3,060,663 | $ | 52,067 | (b) | $ | 737 | $ | 772 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 198,000 | 121,000 | 319,000 | 319,000 | 3,198 | — | — | |||||||||||||||||||||
$ | 3,379,663 | $ | 55,265 | $ | 737 | $ | 772 |
(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 29, 2020. 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 | $ | 347,085,232 | $ | — | $ | 4 | $ | 347,085,236 | ||||||||
Money Market Funds | 3,379,663 | — | — | 3,379,663 | ||||||||||||
$ | 350,464,895 | $ | — | $ | 4 | $ | 350,464,899 |
See notes to financial statements.
26 | 2 0 2 0 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) | iShares® MSCI Pacific ex Japan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 56.0% | ||||||||
AGL Energy Ltd. | 815,904 | $ | 10,068,674 | |||||
Alumina Ltd. | 3,092,620 | 3,868,295 | ||||||
AMP Ltd.(a) | 4,217,736 | 4,554,970 | ||||||
APA Group | 1,490,672 | 10,322,328 | ||||||
Aristocrat Leisure Ltd. | 730,103 | 15,585,997 | ||||||
ASX Ltd. | 244,587 | 11,691,688 | ||||||
Aurizon Holdings Ltd. | 2,483,589 | 7,734,249 | ||||||
AusNet Services | 2,355,344 | 2,574,040 | ||||||
Australia & New Zealand Banking Group Ltd. | 3,585,680 | 57,403,653 | ||||||
Bendigo & Adelaide Bank Ltd. | 619,118 | 3,668,430 | ||||||
BHP Group Ltd. | 3,726,430 | 80,727,876 | ||||||
BlueScope Steel Ltd. | 649,434 | 4,949,300 | ||||||
Boral Ltd. | 1,481,117 | 4,316,374 | ||||||
Brambles Ltd. | 1,967,197 | 15,169,467 | ||||||
Caltex Australia Ltd. | 315,479 | 6,651,345 | ||||||
Challenger Ltd. | 695,228 | 4,074,576 | ||||||
CIMIC Group Ltd. | 124,118 | 1,907,798 | ||||||
Coca-Cola Amatil Ltd. | 640,290 | 4,743,381 | ||||||
Cochlear Ltd. | 73,644 | 9,856,780 | ||||||
Coles Group Ltd. | 1,441,859 | 13,210,162 | ||||||
Commonwealth Bank of Australia | 2,239,310 | 118,073,546 | ||||||
Computershare Ltd. | 617,372 | 6,098,134 | ||||||
Crown Resorts Ltd. | 470,536 | 3,082,321 | ||||||
CSL Ltd. | 574,132 | 114,545,884 | ||||||
Dexus | 1,397,890 | 10,959,680 | ||||||
Flight Centre Travel Group Ltd. | 71,556 | 1,504,947 | ||||||
Fortescue Metals Group Ltd. | 1,763,626 | 11,461,945 | ||||||
Goodman Group | 2,089,343 | 20,179,613 | ||||||
GPT Group (The) | 2,461,002 | 9,171,304 | ||||||
Harvey Norman Holdings Ltd. | 726,215 | 1,737,122 | ||||||
Incitec Pivot Ltd. | 2,028,739 | 3,570,920 | ||||||
Insurance Australia Group Ltd. | 2,937,535 | 12,083,563 | ||||||
James Hardie Industries PLC | 559,111 | 10,176,541 | ||||||
Lendlease Group | 712,888 | 8,103,356 | ||||||
Macquarie Group Ltd. | 425,870 | 37,021,573 | ||||||
Magellan Financial Group Ltd. | 161,096 | 5,791,603 | ||||||
Medibank Pvt Ltd. | 3,479,389 | 6,348,640 | ||||||
Mirvac Group | 4,970,117 | 9,741,627 | ||||||
National Australia Bank Ltd. | 3,647,083 | 59,021,555 | ||||||
Newcrest Mining Ltd. | 970,645 | 16,459,152 | ||||||
Oil Search Ltd. | 1,733,720 | 6,136,809 | ||||||
Orica Ltd. | 480,819 | 6,138,158 | ||||||
Origin Energy Ltd. | 2,225,103 | 10,013,752 | ||||||
Qantas Airways Ltd. | 918,116 | 3,273,512 | ||||||
QBE Insurance Group Ltd. | 1,661,017 | 14,554,082 | ||||||
Ramsay Health Care Ltd. | 204,248 | 8,956,161 | ||||||
REA Group Ltd. | 67,159 | 4,257,331 | ||||||
Rio Tinto Ltd. | 470,394 | 26,467,811 | ||||||
Santos Ltd. | 2,253,693 | 9,924,457 | ||||||
Scentre Group | 6,646,074 | 14,826,292 | ||||||
Seek Ltd. | 422,492 | 5,633,267 | ||||||
Sonic Healthcare Ltd. | 568,981 | 10,565,293 | ||||||
South32 Ltd. | 6,252,280 | 8,949,168 | ||||||
Stockland | 3,012,374 | 9,147,893 | ||||||
Suncorp Group Ltd. | 1,592,946 | 11,646,767 | ||||||
Sydney Airport | 1,414,156 | 7,084,507 | ||||||
Tabcorp Holdings Ltd. | 2,551,168 | 6,234,040 | ||||||
Telstra Corp. Ltd. | 5,259,068 | 11,630,388 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
TPG Telecom Ltd. | 473,502 | $ | 2,298,836 | |||||
Transurban Group . | 3,434,706 | 32,885,716 | ||||||
Treasury Wine Estates Ltd . | 909,323 | 6,466,734 | ||||||
Vicinity Centres . . | 4,050,510 | 5,640,982 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 153,104 | 1,926,893 | ||||||
Wesfarmers Ltd. . | 1,435,890 | 37,633,361 | ||||||
Westpac Banking Corp. . | 4,514,593 | 68,810,919 | ||||||
WiseTech Global Ltd.(b) | 183,899 | 1,790,390 | ||||||
Woodside Petroleum Ltd.. . | 1,186,779 | 21,363,704 | ||||||
Woolworths Group Ltd | 1,594,000 | 39,875,976 | ||||||
Worley Ltd | 426,211 | 3,440,490 | ||||||
1,135,786,098 | ||||||||
China — 0.2% | ||||||||
Budweiser Brewing Co. APAC Ltd.(a)(b)(c) | 1,673,000 | 5,023,476 | ||||||
Hong Kong — 30.2% | ||||||||
AIA Group Ltd | 15,292,014 | 150,898,028 | ||||||
ASM Pacific Technology Ltd. . | 384,200 | 4,552,886 | ||||||
Bank of East Asia Ltd. (The)(b) | 1,674,720 | 3,558,730 | ||||||
BeiGene Ltd., ADR(a) | 49,138 | 7,781,002 | ||||||
BOC Hong Kong Holdings Ltd | 4,675,500 | 16,048,867 | ||||||
CK Asset Holdings Ltd. . | 3,265,732 | 20,408,075 | ||||||
CK Hutchison Holdings Ltd | 3,421,732 | 29,791,226 | ||||||
CK Infrastructure Holdings Ltd | 837,708 | 5,707,944 | ||||||
CLP Holdings Ltd.. . | 2,075,500 | 21,785,553 | ||||||
Dairy Farm International Holdings Ltd. . | 438,400 | 2,104,320 | ||||||
Galaxy Entertainment Group Ltd. | 2,737,000 | 18,069,774 | ||||||
Hang Lung Properties Ltd. | 2,559,736 | 5,590,457 | ||||||
Hang Seng Bank Ltd | 97 1,000 | 20,247,207 | ||||||
Henderson Land Development Co. Ltd | 1,836,442 | 8,424,532 | ||||||
HK Electric Investments & HK Electric Investments Ltd | 3,382,000 | 3,402,375 | ||||||
HKT Trust & HKT Ltd | 4,785,338 | 7,159,846 | ||||||
Hong Kong & China Gas Co. Ltd. | 12,828,366 | 24,691,936 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,518,000 | 49,827,013 | ||||||
Hongkong Land Holdings Ltd | 1,474,500 | 7,239,795 | ||||||
Jardine Matheson Holdings Ltd. . | 278,200 | 15,134,080 | ||||||
Jardine Strategic Holdings Ltd | 280,100 | 8,041,671 | ||||||
Kerry Properties Ltd . | 845,500 | 2,403,145 | ||||||
Link REIT | 2,652,386 | 24,573,469 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 268,728 | 4,659,744 | ||||||
MTR Corp. Ltd. | 1,944,786 | 10,942,938 | ||||||
New World Development Co. Ltd. | 7,751,921 | 9,967,118 | ||||||
NWS Holdings Ltd. | 2,009,000 | 2,456,775 | ||||||
PCCW Ltd. . | 5,431,867 | 3,268,997 | ||||||
Power Assets Holdings Ltd.(b) | 1,754,000 | 12,491,515 | ||||||
Sands China Ltd. | 3,065,600 | 14,259,885 | ||||||
Sino Land Co. Ltd | 3,876,800 | 5,273,170 | ||||||
SJM Holdings Ltd. | 2,540,000 | 2,874,715 | ||||||
Sun Hung Kai Properties Ltd | 2,013,500 | 28,627,534 | ||||||
Swire Pacific Ltd., Class A . | 630,000 | 5,675,057 | ||||||
Swire Properties Ltd. | 1,478,800 | 4,373,941 | ||||||
Techtronic Industries Co. Ltd | 1,735,207 | 14,038,766 | ||||||
Vitasoy International Holdings Ltd.(b) | 944,000 | 3,385,683 | ||||||
WH Group Ltd.(c) | 12,088,000 | 12,284,915 | ||||||
Wharf Real Estate Investment Co. Ltd. . | 1,535,600 | 6,965,625 | ||||||
Wheelock & Co. Ltd. | 1,037,000 | 7,897,543 | ||||||
Wynn Macau Ltd | 1,995,200 | 4,019,561 | ||||||
Yue Yuen Industrial Holdings Ltd. | 907,000 | 2,185,724 | ||||||
613,091,137 |
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) | iShares® MSCI Pacific ex Japan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malta — 0.0% | ||||||||
BGP Holdings PLC(a)(d) | 27,004,595 | $ | 297 | |||||
New Zealand — 2.4% | ||||||||
a2 Milk Co. Ltd.(a) | 928,809 | 9,390,329 | ||||||
Auckland International Airport Ltd. | 1,224,296 | 5,976,239 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 725,152 | 11,595,214 | ||||||
Fletcher Building Ltd. | 1,049,560 | 3,378,636 | ||||||
Mercury NZ Ltd. | 874,354 | 2,594,992 | ||||||
Meridian Energy Ltd. | 1,619,038 | 4,639,443 | ||||||
Ryman Healthcare Ltd . | 513,515 | 4,857,243 | ||||||
Spark New Zealand Ltd. | 2,319,834 | 6,525,308 | ||||||
48,957,404 | ||||||||
Singapore — 10.7% | ||||||||
Ascendas REIT | 3,649,705 | 8,001,789 | ||||||
CapitaLand Commercial Trust | 3,397,293 | 4,527,452 | ||||||
CapitaLand Ltd. | 3,281,400 | 8,299,307 | ||||||
CapitaLand Mall Trust | 3,262,300 | 5,305,883 | ||||||
City Developments Ltd. | 574,600 | 4,022,241 | ||||||
ComfortDelGro Corp. Ltd. | 2,737,000 | 3,823,995 | ||||||
DBS Group Holdings Ltd. | 2,275,400 | 39,306,365 | ||||||
Genting Singapore Ltd. | 7,639,900 | 4,461,216 | ||||||
Jardine Cycle & Carriage Ltd. | 124,200 | 2,389,317 | ||||||
Keppel Corp. Ltd. | 1,836,700 | 8,343,253 | ||||||
Mapletree Commercial Trust | 2,528,000 | 3,803,683 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 4,182,524 | 31,765,246 | ||||||
SATS Ltd.(b) | 876,800 | 2,531,707 | ||||||
Sembcorp Industries Ltd.(b) | 1,264,440 | 1,657,896 | ||||||
Singapore Airlines Ltd. | 682,300 | 3,910,869 | ||||||
Singapore Exchange Ltd. | 1,016,700 | 6,184,555 | ||||||
Singapore Press Holdings Ltd.(b) | 2,066,817 | 2,798,799 | ||||||
Singapore Technologies Engineering Ltd. | 1,972,600 | 5,893,632 | ||||||
Singapore Telecommunications Ltd. | 10,355,328 | 22,258,354 | ||||||
Suntec REIT | 2,474,500 | 3,014,007 | ||||||
United Overseas Bank Ltd. | 1,597,700 | 28,022,996 | ||||||
UOL Group Ltd.(b) | 592,200 | 3,127,115 |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Venture Corp. Ltd. | 352,600 | $ | 4,155,814 | |||||
Wilmar International Ltd. | 2,427,200 | 6,904,051 | ||||||
Yangzijiang Shipbuilding Holdings Ltd | 2,980,400 | 2,017,968 | ||||||
216,527,510 | ||||||||
Total Common Stocks — 99.5% | ||||||||
(Cost: $2,217,231,836) | 2,019,385,922 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (e)(f)(g) | 15,172,776 | 15,183,397 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (e)(f) | 823,000 | 823,000 | ||||||
16,006,397 | ||||||||
Total Short-Term Investments — 0.8% | ||||||||
(Cost: $15,999,406) | 16,006,397 | |||||||
Total Investments in Securities — 100.3% | ||||||||
(Cost: $2,233,231,242) | 2,035,392,319 | |||||||
Other Assets, Less Liabilities — (0.3)% | (5,652,794 | ) | ||||||
Net Assets — 100.0% | $ | 2,029,739,525 |
(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) | 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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 10,671,267 | 4,501,509 | 15,172,776 | $ | 15,183,397 | $ | 64,858 | (b) | $ | 440 | $ | 1,739 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 831,000 | (8,000 | ) | 823,000 | 823,000 | 10,054 | — | — | ||||||||||||||||||||
$ | 16,006,397 | $ | 74,912 | $ | 440 | $ | 1,739 |
(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. |
28 | 2 0 2 0 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) | iShares® MSCI Pacific ex Japan ETF |
February 29, 2020
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
ASX SPI 200 Index | 58 | 03/19/20 | $ | 5,959 | $ | (469,671 | ) | |||||||||
Hang Seng Index | 16 | 03/30/20 | 2,686 | (55,480 | ) | |||||||||||
MSCI Sing Index | 63 | 03/30/20 | 1,553 | (76,783 | ) | |||||||||||
$ | (601,934 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 60 1,934 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 673,083 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (713,410) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 13,864,586 |
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 29, 2020. 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 | $ | 2,019,385,625 | $ | — | $ | 297 | $ | 2,019,385,922 | ||||||||
Money Market Funds | 16,006,397 | — | — | 16,006,397 | ||||||||||||
$ | 2,035,392,022 | $ | — | $ | 297 | $ | 2,035,392,319 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (601,934 | ) | $ | — | $ | — | $ | (601,934 | ) |
(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 |
Schedule of Investments (unaudited) | iShares® MSCI Singapore ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 3.4% | ||||||||
Singapore Technologies Engineering Ltd. | 5,618,400 | $ | 16,786,364 | |||||
Airlines — 2.4% | ||||||||
Singapore Airlines Ltd. | 2,061,367 | 11,815,531 | ||||||
Banks — 45.4% | ||||||||
DBS Group Holdings Ltd. | 5,183,200 | 89,537,115 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 9,540,150 | 72,455,105 | ||||||
United Overseas Bank Ltd. | 3,636,700 | 63,786,212 | ||||||
225,778,432 | ||||||||
Capital Markets — 3.5% | ||||||||
Singapore Exchange Ltd. | 2,840,300 | 17,277,457 | ||||||
Distributors — 1.6% | ||||||||
J ardine C cle & Carria e Ltd. | 425,344 | 8,182,62 3 | ||||||
Diversified Telecommunication Services — 4.5% | ||||||||
Singapore Telecommunications Ltd. | 10,392,968 | 22,339,259 | ||||||
Electronic Equipment, Instruments & Components — 2.5% | ||||||||
Venture Corp. Ltd. | 1,064,800 | 12,549,946 | ||||||
Equity Real Estate Investment Trusts (REITs) — 10.2% | ||||||||
Ascendas REIT | 9,792,549 | 21,469,657 | ||||||
CapitaLand Commercial Trust | 3,108,983 | 4,143,232 | ||||||
CapitaLand Mall Trust | 3,601,800 | 5,858,054 | ||||||
Mapletree Commercial Trust | 6,153,900 | 9,259,289 | ||||||
Suntec REIT | 8,295,900 | 10,104,628 | ||||||
50,834,860 | ||||||||
Food Products — 3.9% | ||||||||
Wilmar International Ltd. | 6,740,300 | 19,172,452 | ||||||
Hotels, Restaurants & Leisure — 2.6% | ||||||||
Genting Singapore Ltd.(a) | 22,366,942 | 13,060,871 | ||||||
Industrial Conglomerates — 5.7% | ||||||||
Keppel Corp. Ltd. | 4,904,800 | 22,280,169 | ||||||
Sembcorp Industries Ltd.(a) | 4,470,700 | 5,861,848 | ||||||
28,142,017 | ||||||||
Machinery — 1.4% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 10,552,500 | 7,144,883 |
Security | Shares | Value | ||||||
Media — 1.7% | ||||||||
Singapore Press Holdings Ltd.(a) | 6,243,700 | $ | 8,454,964 | |||||
Real Estate Management & Development — 6.9% | ||||||||
CapitaLand Ltd. | 4,782,200 | 12,095,125 | ||||||
City Developments Ltd. | 1,748,500 | 12,239,625 | ||||||
UOL Group Ltd. | 1,924,000 | 10,159,691 | ||||||
34,494,441 | ||||||||
Road & Rail — 2.4% | ||||||||
ComfortDelGro Corp. Ltd. | 8,413,400 | 11,754,768 | ||||||
Transportation Infrastructure — 1.7% | ||||||||
SATS Ltd. | 2,882,400 | 8,322,757 | ||||||
Total Common Stocks — 99.8% | ||||||||
(Cost: $571,216,069) | 496,111 ,625 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (b)(c)(d) | 7,949,549 | 7,955,113 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (b)(c) | 263,000 | 263,000 | ||||||
8,218,113 | ||||||||
Total Short-Term Investments — 1.7% | ||||||||
(Cost: $8,213,549) | 8,218,113 | |||||||
Total Investments in Securities — 101.5% | ||||||||
(Cost: $579,429,618) | 504,329,738 | |||||||
Other Assets, Less Liabilities — (1.5)% | (7,267,411 | ) | ||||||
Net Assets — 100.0% | $ | 497,062,327 |
(a) | All or a portion of this security is on loan. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period-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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 15,443,253 | (7,493,704 | ) | 7,949,549 | $ | 7,955,113 | $ | 84,945 | (b) | $ | 430 | $ | (111 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 236,000 | 27,000 | 263,000 | 263,000 | 2,932 | — | — | |||||||||||||||||||||
$ | 8,218,113 | $ | 87,877 | $ | 430 | $ | (111 | ) |
(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 2 0 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) | iShares® MSCI Singapore ETF |
February 29, 2020 |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
MSCI Sing Index | 39 | 03/30/20 | $ | 961 | $ | (50,437 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 50,437 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 144,400 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (113,534 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 2,484,422 |
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 29, 2020. 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 | $ | 496,111,625 | $ | — | $ | — | $ | 496,111,625 | ||||||||
Money Market Funds | 8,218,113 | — | — | 8,218,113 | ||||||||||||
$ | 504,329,738 | $ | — | $ | — | $ | 504,329,738 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (50,437 | ) | $ | — | $ | — | $ | (50,437 | ) |
(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 | 31 |
Schedule of Investments (unaudited) | iShares® MSCI Taiwan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.5% | ||||||||
China Airlines Ltd. | 33,028,761 | $ | 8,900,896 | |||||
Eva Airways Corp. | 24,898,101 | 9,908,424 | ||||||
18,809,320 | ||||||||
Auto Components — 0.5% | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 14,170,670 | 18,509,222 | ||||||
Banks — 13.1% | ||||||||
Chang Hwa Commercial Bank Ltd. | 34,390,576 | 26,349,886 | ||||||
CTBC Financial Holding Co. Ltd. | 102,265,325 | 76,666,487 | ||||||
E.Sun Financial Holding Co. Ltd. | 59,730,826 | 57,305,454 | ||||||
First Financial Holding Co. Ltd. | 58,825,013 | 46,042,795 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 47,965,103 | 34,136,890 | ||||||
Mega Financial Holding Co. Ltd. | 61,540,271 | 65,748,370 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 20,815,306 | 34,578,176 | ||||||
SinoPac Financial Holdings Co. Ltd. | 66,970,724 | 28,752,767 | ||||||
Taishin Financial Holding Co. Ltd. | 61,540,660 | 28,860,363 | ||||||
Taiwan Business Bank(a) | 43,440,950 | 17,215,984 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 54,300,400 | 37,569,755 | ||||||
453,226,927 | ||||||||
Chemicals — 5.5% | ||||||||
Formosa Chemicals & Fibre Corp.(a) | 19,910,610 | 54,051,492 | ||||||
Formosa Plastics Corp. | 24,435,518 | 73,436,884 | ||||||
Nan Ya Plastics Corp. | 28,055,938 | 63,099,106 | ||||||
190,587,482 | ||||||||
Communications Equipment — 0.5% | ||||||||
Accton Technology Corp. | 3,498,000 | 18,888,126 | ||||||
Construction Materials — 1.8% | ||||||||
Asia Cement Corp.(a) | 15,385,136 | 22,534,414 | ||||||
Taiwan Cement Corp. | 28,960,139 | 40,409,051 | ||||||
62,943,465 | ||||||||
Diversified Financial Services — 1.9% | ||||||||
Chailease Holding Co. Ltd. | 7,441,863 | 28,263,817 | ||||||
Yuanta Financial Holding Co. Ltd. | 58,825,248 | 37,300,641 | ||||||
65,564,458 | ||||||||
Diversified Telecommunication Services — 2.1% | ||||||||
Chunghwa Telecom Co. Ltd. | 20,815,648 | 74,244,621 | ||||||
Electrical Equipment — 0.0% | ||||||||
Ya Hsin Industrial Co. Ltd.(b)(c) | 6,845,461 | 2 | ||||||
Electronic Equipment, Instruments & Components — 13.3% | ||||||||
AU Optronics Corp.(a) | 64,255,830 | 20,159,857 | ||||||
Delta Electronics Inc.(a) | 1 1,852,180 | 54,799,624 | ||||||
Foxconn Technology Co. Ltd. | 7,154,499 | 14,058,775 | ||||||
Hon Hai Precision Industry Co. Ltd. | 70,590,002 | 187,201,809 | ||||||
Innolux Corp.(a) | 66,065,873 | 17,236,757 | ||||||
Largan Precision Co. Ltd. | 541,794 | 79,266,415 | ||||||
Pacific Electric Wire & Cable Co. Ltd.(b)(c) | 197 | 0 | (d) | |||||
Synnex Technology International Corp | 1 1,765,364 | 14,609,808 | ||||||
Walsin Technology Corp.(a) | 2,629,000 | 18,493,601 | ||||||
WPG Holdings Ltd. | 1 1,679,604 | 14,966,186 | ||||||
Yageo Corp.(a) | 1,810,125 | 24,510,023 | ||||||
Zhen Ding Technology Holding Ltd. | 3,628,072 | 13,839,143 | ||||||
459,141,998 | ||||||||
Food & Staples Retailing — 1.0% | ||||||||
President Chain Store Corp. | 3,620,215 | 35,449,520 |
Security | Shares | Value | ||||||
Food Products — 2.2% | ||||||||
Standard Foods Corp | 4,525,056 | $ | 10,147,172 | |||||
Uni-President Enterprises Corp. | 27,150,189 | 65,634,962 | ||||||
75,782,134 | ||||||||
Household Durables — 0.7% Nien | ||||||||
Made Enterprise Co. Ltd. | 1,328,000 | 10,701,365 | ||||||
Tatung Co. Ltd.(a)(c) | 18,006,000 | 12,517,588 | ||||||
23,218,953 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
Far Eastern New Century Corp.(a) | 22,539,843 | 21,029,098 | ||||||
Insurance — 5.2% | ||||||||
Cathay Financial Holding Co. Ltd. | 47,060,315 | 62,245,599 | ||||||
China Development Financial Holding Corp. | 84,165,508 | 25,461,320 | ||||||
China Life Insurance Co. Ltd.(c) | 20,721,479 | 16,526,816 | ||||||
Fubon Financial Holding Co. Ltd. | 37,105,515 | 54,470,521 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) | 68,780,049 | 20,920,565 | ||||||
179,624,821 | ||||||||
Leisure Products — 0.4% | ||||||||
Giant Manufacturing Co. Ltd. | 2,715,590 | 14,753,036 | ||||||
Machinery — 0.9% | ||||||||
Airtac International Group | 905,000 | 14,391,172 | ||||||
Hiwin Technologies Corp. | 1,637,339 | 16,303,364 | ||||||
30,694,536 | ||||||||
Marine — 0.3% | ||||||||
Evergreen Marine Corp. Taiwan Ltd.(c) | 26,245,533 | 10,011,259 | ||||||
Metals & Mining — 1.6% | ||||||||
China Steel Corp.(a) | 71,495,977 | 54,307,616 | ||||||
Oil, Gas & Consumable Fuels — 0.7% | ||||||||
Formosa Petrochemical Corp.(a) | 8,059,950 | 22,918,532 | ||||||
Real Estate Management & Development — 0.6% | ||||||||
Highwealth Construction Corp.(a) | 8,056,790 | 11,933,719 | ||||||
Ruentex Development Co. Ltd . | 6,249,076 | 8,471,889 | ||||||
20,405,608 | ||||||||
Semiconductors & Semiconductor Equipment — 33.2% | ||||||||
ASE Technology Holding Co. Ltd.(a) | 19,910,432 | 46,883,661 | ||||||
Globalwafers Co. Ltd.(a) | 1,450,000 | 19,609,802 | ||||||
MediaTek Inc. | 8,403,175 | 99,907,297 | ||||||
Nanya Technology Corp. | 9,050,000 | 23,103,585 | ||||||
Novatek Microelectronics Corp.(a) | 3,620,544 | 23,376,091 | ||||||
Phison Electronics Corp. | 1,254,698 | 13,819,310 | ||||||
Powertech Technology Inc. | 5,430,036 | 18,291,705 | ||||||
Realtek Semiconductor Corp. | 3,1 13,063 | 23,132,455 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 75,609,882 | 789,072,564 | ||||||
United Microelectronics Corp.(a) | 71,495,501 | 36,126,130 | ||||||
Vanguard International Semiconductor Corp.(a) | 7,154,000 | 17,530,897 | ||||||
Win Semiconductors Corp. | 2,715,000 | 24,523,275 | ||||||
Winbond Electronics Corp. | 24,435,000 | 12,911,706 | ||||||
1,148,288,478 | ||||||||
Specialty Retail — 1.1% | ||||||||
Hotai Motor Co. Ltd. | 1,810,000 | 37,479,813 | ||||||
Technology Hardware, Storage & Peripherals — 8.1% | ||||||||
Acer Inc.(a) | 23,530,737 | 12,705,875 | ||||||
Advantech Co. Ltd. | 2,425,614 | 23,591,649 | ||||||
Asustek Computer Inc. | 4,525,857 | 30,790,685 | ||||||
Catcher Technology Co. Ltd. | 3,797,743 | 29,725,230 |
32 | 2 0 2 0 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) | iShares® MSCI Taiwan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals (continued) | ||||||||
Chicony Electronics Co. Ltd. | 5,385,405 | $ | 14,851,015 | |||||
Compal Electronics Inc.(a) | 29,779,554 | 18,145,371 | ||||||
Inventec Corp. | 19,910,868 | 15,091,214 | ||||||
Lite-On Technology Corp. | 14,480,071 | 20,969,670 | ||||||
Micro-Star International Co. Ltd. | 5,430,000 | 16,283,096 | ||||||
Pegatron Corp. | 12,670,037 | 26,235,946 | ||||||
Quanta Computer Inc. | 16,290,240 | 33,355,732 | ||||||
Wistron Corp. | 19,910,921 | 17,787,295 | ||||||
Wiwynn Corp. | 819,000 | 19,582,754 | ||||||
279,115,532 | ||||||||
Textiles, Apparel & Luxury Goods — 1.9% | ||||||||
Eclat Textile Co. Ltd. | 1,297,601 | 15,427,479 | ||||||
Feng TAY Enterprise Co. Ltd.(a) | 2,715,623 | 15,336,169 | ||||||
Formosa Taffeta Co. Ltd.(a) | 8,956,515 | 9,909,122 | ||||||
Pou Chen Corp. | 16,290,103 | 18,345,498 | ||||||
Ruentex Industries Ltd. | 3,620,157 | 8,082,122 | ||||||
67,100,390 | ||||||||
Transportation Infrastructure — 0.5% | ||||||||
Taiwan High Speed Rail Corp. | 14,480,000 | 16,498,291 | ||||||
Wireless Telecommunication Services — 1.7% | ||||||||
Far EasTone Telecommunications Co. Ltd. | 10,860,259 | 23,707,892 | ||||||
Taiwan Mobile Co. Ltd. | 9,955,609 | 34,522,993 | ||||||
58,230,885 | ||||||||
Total Common Stocks — 99.9% | ||||||||
(Cost: $1,757,862,596) | 3,456,824,123 |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 3.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(e)(f)(g) | 116,590,653 | $ | 116,672,267 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (e)(f) | 2,896,000 | 2,896,000 | ||||||
119,568,267 | ||||||||
Total Short-Term Investments — 3.4% | ||||||||
(Cost: $119,511,109) | 119,568,267 | |||||||
Total Investments in Securities — 103.3% | ||||||||
(Cost: $1,877,373,705) | 3,576,392,390 | |||||||
Other Assets, Less Liabilities — (3.3)% | (115,465,400 | ) | ||||||
Net Assets — 100.0% | $ | 3,460,926,990 |
(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) | Rounds to less than $1. |
(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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 155,033,037 | (38,442,384 | ) | 116,590,653 | $ | 116,672,267 | $ | 1,153,324 | (b) | $ | 591 | $ | 16,231 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares . | 14,551,000 | (11,655,000 | ) | 2,896,000 | 2,896,000 | 60,474 | — | — | ||||||||||||||||||||
$ | 119,568,267 | $ | 1,213,798 | $ | 591 | $ | 16,231 |
(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 | ||||||||||||||||
MSCI Taiwan Index | 16 | 03/30/20 | $ | 674 | $ | (42,529 | ) |
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) | iShares® MSCI Taiwan ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 42,529 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 1,386,420 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (31 9,277) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 8,668,027 |
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 29, 2020. 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 | $ | 3,456,824,121 | $ | — | $ | 2 | $ | 3,456,824,123 | ||||||||
Money Market Funds | 1 19,568,267 | — | — | 119,568,267 | ||||||||||||
$ | 3,576,392,388 | $ | — | $ | 2 | $ | 3,576,392,390 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (42,529 | ) | $ | — | $ | — | $ | (42,529 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements
34 | 2 0 2 0 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) | iShares® MSCI Thailand ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.2% | ||||||||
Asia Aviation PCL, NVDR(a)(b) | 6,467,600 | $ | 264,402 | |||||
Bangkok Airways PCL, NVDR | 1,725,500 | 254,820 | ||||||
Thai Airways International PCL, NVDR(a)(b) | 2,038,966 | 252,003 | ||||||
771,225 | ||||||||
Auto Components — 0.2% | ||||||||
Sri Trang Agro-Industry PCL, NVDR | 2,180,145 | 815,266 | ||||||
Banks — 9.4% | ||||||||
Bangkok Bank PCL, Foreign | 1,1 19,800 | 4,666,573 | ||||||
Kasikornbank PCL, NVDR | 1,404,000 | 5,294,755 | ||||||
Kasikornbank PCL | 2,751,800 | 10,421,173 | ||||||
Kiatnakin Bank PCL, NVDR(b) | 500,473 | 987,306 | ||||||
Krung Thai Bank PCL, NVDR | 8,198,900 | 3,637,604 | ||||||
Siam Commercial Bank PCL (The), NVDR | 1,991,900 | 5,507,630 | ||||||
Thanachart Capital PCL, NVDR(b) | 680,300 | 1,137,247 | ||||||
TMB Bank PCL, NVDR(b) | 56,528,366 | 1,952,651 | ||||||
33,604,939 | ||||||||
Beverages — 0.6% | ||||||||
Osotspa PCL, NVDR | 1,762,200 | 2,331,543 | ||||||
Building Products — 0.1% | ||||||||
Dynasty Ceramic PCL, NVDR | 5,986,440 | 326,309 | ||||||
Chemicals — 3.1% | ||||||||
Eastern Polymer Group PCL, NVDR | 2,382,000 | 304,968 | ||||||
Global Green Chemicals PCL, NVDR(b) | 721,100 | 211,383 | ||||||
Indorama Ventures PCL, NVDR(b) | 3,946,810 | 3,252,006 | ||||||
PTT Global Chemical PCL, NVDR | 5,290,307 | 6,915,708 | ||||||
Vinythai PCL, NVDR(b) | 556,400 | 410,842 | ||||||
11,094,907 | ||||||||
Commercial Services & Supplies — 0.1% | ||||||||
JMT Network Services PCL, NVDR | 734,700 | 423,754 | ||||||
Construction & Engineering — 1.0% CH | ||||||||
Karnchang PCL, NVDR(b) | 2,772,900 | 1,652,053 | ||||||
Italian-Thai Development PCL, NVDR(b) | 9,366,248 | 344,315 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 2,343,628 | 1,106,641 | ||||||
Unique Engineering & Construction PCL, NVDR | 1,533,400 | 306,145 | ||||||
3,409,154 | ||||||||
Construction Materials — 5.5% | ||||||||
Siam Cement PCL (The) NVDR | 1,830,300 | 17,981,081 | ||||||
Tipco Asphalt PCL, NVDR | 1,490,600 | 888,077 | ||||||
TPI Polene PCL, NVDR(b) | 15,870,000 | 628,664 | ||||||
19,497,822 | ||||||||
Consumer Finance — 2.1% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR(b) | 177,400 | 778,637 | ||||||
Muangthai Capital PCL, NVDR | 1,492,400 | 2,719,474 | ||||||
Ratchthani Leasing PCL, NVDR | 3,123,685 | 504,858 | ||||||
Srisawad Corp PCL, NVDR | 1,710,360 | 3,645,119 | ||||||
7,648,088 | ||||||||
Containers & Packaging — 0.1% | ||||||||
Polyplex Thailand PCL, NVDR(b) | 655,000 | 236,634 | ||||||
Diversified Telecommunication Services — 1.2% | ||||||||
Jasmine International PCL, NVDR(b) | 8,585,768 | 1,316,911 | ||||||
True Corp. PCL, NVDR(b) | 27,405,218 | 2,883,388 | ||||||
4,200,299 |
Security | Shares | Value | ||||||
Electrical Equipment — 0.2% | ||||||||
Gunkul Engineering PCL, NVDR(b) | 9,448,922 | $ | 736,630 | |||||
Electronic Equipment, Instruments & Components — 0.8% | ||||||||
Hana Microelectronics PCL, NVDR | 1,319,000 | 1,400,301 | ||||||
KCE Electronics PCL, NVDR(b) | 1,783,400 | 1,249,030 | ||||||
SVI PCL, NVDR | 1,650,800 | 122,417 | ||||||
2,771,748 | ||||||||
Entertainment — 0.4% | ||||||||
Major Cineplex Group PCL, NVDR(b) | 1,480,500 | 886,752 | ||||||
RS PCL, NVDR(b) | 919,600 | 305,999 | ||||||
Workpoint Entertainment PCL, NVDR | 517,100 | 142,569 | ||||||
1,335,320 | ||||||||
Food & Staples Retailing — 8.9% | ||||||||
Berli Jucker PCL, NVDR(b) | 2,820,700 | 3,262,733 | ||||||
CP ALL PCL, NVDR | 13,701,700 | 28,549,732 | ||||||
31,812,465 | ||||||||
Food Products — 3.7% | ||||||||
Charoen Pokphand Foods PCL, NVDR | 9,087,600 | 7,703,796 | ||||||
GFPT PCL, NVDR(b) | 1,177,300 | 399,211 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 3,731,478 | 250,697 | ||||||
Taokaenoi Food & Marketing PCL, Class R, NVDR(b) . | 1,175,400 | 296,131 | ||||||
Thai Union Group PCL, NVDR | 7,828,100 | 3,795,593 | ||||||
Thai Vegetable Oil PCL, NVDR | 956,053 | 833,195 | ||||||
13,278,623 | ||||||||
Health Care Providers & Services — 6.4% | ||||||||
Bangkok Chain Hospital PCL, NVDR | 2,914,925 | 1,210,126 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 22,365,700 | 15,735,019 | ||||||
Bumrungrad Hospital PCL, NVDR | 1,026,176 | 4,178,850 | ||||||
Chularat Hospital PCL, NVDR | 10,401,400 | 824,069 | ||||||
Thonburi Healthcare Group PCL, NVDR(b) | 1,204,300 | 858,715 | ||||||
22,806,779 | ||||||||
Hotels, Restaurants & Leisure — 1.9% | ||||||||
Central Plaza Hotel PCL, NVDR(b) | 1,1 17,100 | 637,230 | ||||||
Erawan Group PCL (The), NVDR(b) | 3,226,800 | 366,089 | ||||||
Minor International PCL, NVDR. | 6,497,710 | 5,662,717 | ||||||
6,666,036 | ||||||||
Independent Power and Renewable Electricity Producers — 8.3% | ||||||||
B Grimm Power PCL, NVDR . | 1,835,200 | 2,631,684 | ||||||
BCPG PCL, NVDR(b) | 1,417,900 | 651,547 | ||||||
CK Power PCL, NVDR(b) | 5,650,960 | 676,933 | ||||||
Electricity Generating PCL, NVDR | 679,500 | 5,878,736 | ||||||
Energy Absolute PCL, NVDR(b) | 3,935,400 | 4,863,907 | ||||||
Global Power Synergy PCL, NVDR . | 1,654,100 | 3,302,434 | ||||||
Gulf Energy Development PCL, NVDR | 1,251,500 | 6,563,881 | ||||||
Ratch Group PCL, NVDR | 1,701,300 | 3,181,008 | ||||||
SPCG PCL, NVDR | 1,151,500 | 638,607 | ||||||
Super Energy Corp. PCL, NVDR(b) | 32,078,850 | 396,474 | ||||||
TPI Polene Power PCL, NVDR(b) | 5,957,000 | 751,350 | ||||||
29,536,561 | ||||||||
Industrial Conglomerates — 0.1% | ||||||||
Thoresen Thai Agencies PCL, NVDR | 3,233,289 | 282,804 | ||||||
Insurance — 0.3% | ||||||||
Bangkok Life Assurance PCL, NVDR(b) | 1,211,200 | 594,949 | ||||||
TQM Corp. PCL, NVDR | 248,300 | 572,455 | ||||||
1,167,404 | ||||||||
Marine — 0.1% | ||||||||
Precious Shipping PCL, NVDR(a)(b) | 1,830,500 | 268,005 |
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) | iShares® MSCI Thailand ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Media — 0.3% | ||||||||
BEC World PCL, NVDR(a) | 2,836,700 | $ | 393,749 | |||||
Plan B Media PCL, NVDR | 4,589,300 | 741,734 | ||||||
1,135,483 | ||||||||
Metals & Mining — 0.1% | ||||||||
STP & I PCL, NVDR(b) | 2,304,900 | 343,306 | ||||||
Multiline Retail — 1.2% | ||||||||
Central Retail Corp. PCL, NVDR(a) | 4,222,234 | 4,214,875 | ||||||
Oil, Gas & Consumable Fuels — 15.6% | ||||||||
Bangchak Corp. PCL, NVDR | 2,416,900 | 1,838,238 | ||||||
Banpu PCL, NVDR | 10,295,800 | 2,316,596 | ||||||
Esso Thailand PCL, NVDR(b) | 2,456,200 | 467,032 | ||||||
IRPC PCL, NVDR(b) | 26,325,700 | 1,835,416 | ||||||
Prima Marine PCL, NVDR(b) | 1,819,500 | 274,467 | ||||||
PTT Exploration & Production PCL, NVDR | 3,260,584 | 10,953,000 | ||||||
PTT PCL, NVDR | 26,810,100 | 33,135,601 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 1,725,500 | 431,990 | ||||||
Star Petroleum Refining PCL,NVS(b) | 4,100,200 | 1,026,512 | ||||||
Thai Oil PCL, NVDR(b) | 2,632,800 | 3,608,576 | ||||||
55,887,428 | ||||||||
Pharmaceuticals — 0.2% | ||||||||
Mega Lifesciences PCL, NVDR(b) | 824,700 | 653,383 | ||||||
Real Estate Management & Development — 7.6% | ||||||||
Amata Corp. PCL, NVDR | 1,891,900 | 869,357 | ||||||
Ananda Development PCL, NVDR(b) | 3,223,700 | 157,328 | ||||||
AP Thailand PCL, NVDR | 5,577,786 | 1,078,260 | ||||||
Bangkok Land PCL, NVDR(b) | 24,478,900 | 799,026 | ||||||
Central Pattana PCL, NVDR | 5,263,000 | 8,839,772 | ||||||
Land & Houses PCL, NVDR | 19,592,900 | 5,215,667 | ||||||
LPN Development PCL, NVDR(b) | 3,139,847 | 417,916 | ||||||
MBK PCL, NVDR | 2,379,700 | 1,342,375 | ||||||
Origin Property PCL, NVDR(b) | 1,736,900 | 280,722 | ||||||
Platinum Group PCL (The), NVDR(b) | 1,972,300 | 186,261 | ||||||
Pruksa Holding PCL, NVDR(b) | 1,293,700 | 586,275 | ||||||
Quality Houses PCL, NVDR | 18,802,632 | 1,346,663 | ||||||
Sansiri PCL, NVDR(b) | 29,864,137 | 671,955 | ||||||
SC Asset Corp. PCL, NVDR(b) | 3,530,204 | 252,837 | ||||||
Siam Future Development PCL, NVDR(b) | 2,754,053 | 462,573 | ||||||
Singha Estate PCL, NVDR | 7,239,000 | 486,347 | ||||||
Supalai PCL, NVDR | 3,770,900 | 1,935,940 | ||||||
U City PCL, NVDR(a) | 8,169,541 | 318,445 | ||||||
Univentures PCL, NVDR(b) | 1,538,000 | 154,019 | ||||||
WHA Corp. PCL, NVDR(b) | 20,586,940 | 1,787,616 | ||||||
27,189,354 | ||||||||
Road & Rail — 1.6% | ||||||||
BTS Group Holdings PCL, NVDR | 16,459,400 | 5,685,548 | ||||||
Specialty Retail — 2.7% | ||||||||
Beauty Community PCL, NVDR(b) | 5,331,200 | 321,004 | ||||||
Com7 PCL, NVDR | 1,418,400 | 997,892 | ||||||
Dohome PLC, NVDR(a)(b) | 1,316,400 | 348,342 | ||||||
Home Product Center PCL, NVDR | 13,887,073 | 5,633,166 | ||||||
PTG Energy PCL, NVDR | 1,776,500 | 793,809 | ||||||
Siam Global House PCL, NVDR(b) | 3,438,743 | 1,503,871 | ||||||
9,598,084 |
Security | Shares | Value | ||||||
Transportation Infrastructure — 6.9% | ||||||||
Airports of Thailand PCL, NVDR(b) | 10,054,400 | $ | 19,038,200 | |||||
Bangkok Aviation Fuel Services PCL, NVDR(b) | 452,500 | 341,293 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 17,933,653 | 5,257,052 | ||||||
24,636,545 | ||||||||
Water Utilities — 0.6% | ||||||||
Eastern Water Resources Development and Management PCL, NVDR | 1,367,100 | 463,571 | ||||||
TTW PCL, NVDR | 3,267,966 | 1,439,541 | ||||||
WHA Utilities and Power PCL, NVDR(b) | 2,712,900 | 381,723 | ||||||
2,284,835 | ||||||||
Wireless Telecommunication Services — 8.0% | ||||||||
Advanced Info Service PCL, NVDR | 2,790,719 | 17,687,967 | ||||||
Intouch Holdings PCL, NVDR | 5,266,900 | 9,013,234 | ||||||
Total Access Communication PCL, NVDR | 1,666,700 | 1,927,890 | ||||||
28,629,091 | ||||||||
Total Common Stocks — 99.5% | ||||||||
(Cost: $495,964,931) | 355,280,247 | |||||||
Warrants | ||||||||
Media — 0.0% | ||||||||
VGI PCL, (Expires 09/10/22)(a) | 1 | 0 | (c) | |||||
Road & Rail — 0.0% | ||||||||
BTS Group Holdings PCL, (Expires 02/16/21)(a) | 1,888,970 | 51,482 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 51 ,482 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 5.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (d)(e)(f) | 19,006,163 | 19,019,468 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (d)(e) | 453,000 | 453,000 | ||||||
19,472,468 | ||||||||
Total Short-Term Investments — 5.4% | ||||||||
(Cost: $19,465,528) | 19,472,468 | |||||||
Total Investments in Securities — 104.9% | ||||||||
(Cost: $515,430,459) | 374,804,197 | |||||||
Other Assets, Less Liabilities — (4.9)% | (17,545,789 | ) | ||||||
Net Assets — 100.0% | $ | 357,258,408 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rounds to less than $1. |
(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. |
36 | 2 0 2 0 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) | iShares® MSCI Thailand ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 14,300,710 | 4,705,453 | 19,006,163 | $ | 19,019,468 | $ | 514,537 | (b) | $ | (82 | ) | $ | 4,356 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 860,000 | (407,000 | ) | 453,000 | 453,000 | 8,199 | — | — | ||||||||||||||||||||
$ | 19,472,468 | $ | 522,736 | $ | (82 | ) | $ | 4,356 |
(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 | ||||||||||||||||
MSCI Emerging Markets E-Mini | 23 | 03/20/20 | $ | 1,160 | $ | (87,286 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 87,286 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 38,649 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (87,286 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 628,907 |
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 | 37 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Thailand ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 355,280,247 | $ | — | $ | — | $ | 355,280,247 | ||||||||
Warrants | 51,482 | — | — | 51,482 | ||||||||||||
Money Market Funds | 19,472,468 | — | — | 19,472,468 | ||||||||||||
$ | 374,804,197 | $ | — | $ | — | $ | 374,804,197 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (87,286 | ) | $ | — | $ | — | $ | (87,286 | ) | ||||||
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements
38 | 2 0 2 0 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 29, 2020
iShares | iShares | |||||||||||||||
iShares | MSCI Japan | MSCI | iShares | |||||||||||||
MSCI Hong Kong | Small-Cap | Malaysia | MSCI Pacific ex | |||||||||||||
ETF | ETF | ETF | Japan ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan) (a): | ||||||||||||||||
Unaffiliated (b) | $ | 1,880,104,383 | $ | 76,194,819 | $ | 347,085,236 | $ | 2,019,385,922 | ||||||||
Affiliated (c) | 21,956,028 | 765,523 | 3,379,663 | 16,006,397 | ||||||||||||
Cash | 735 | 298 | 44 | 400 | ||||||||||||
Foreign currency, at value(d) | 3,922,607 | 152,787 | 105,793 | 2,894,968 | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | 360,911 | 9,585 | — | 538,843 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 4,082,566 | 29,517 | 12,195,970 | 3,669,454 | ||||||||||||
Securities lending income — Affiliated | 7,580 | 2,921 | 2,774 | 11,433 | ||||||||||||
Variation margin on futures contracts | 67,326 | — | — | — | ||||||||||||
Dividends | 138,120 | 305,373 | 294,645 | 7,081,428 | ||||||||||||
Total assets | 1,910,640,256 | 77,460,823 | 363,064,125 | 2,049,588,845 | ||||||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 21,154,582 | 721,147 | 3,058,569 | 15,154,863 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,300,501 | 97,348 | 4,162,469 | 3,520,701 | ||||||||||||
Variation margin on futures contracts . | — | 23,985 | — | 332,930 | ||||||||||||
Capital shares redeemed | 6,697,660 | 95,498 | 7,762,245 | — | ||||||||||||
Investment advisory fees | 794,237 | 36,331 | 164,468 | 840,826 | ||||||||||||
Total liabilities | 29,946,980 | 974,309 | 15,147,751 | 19,849,320 | ||||||||||||
NET ASSETS | $ | 1,880,693,276 | $ | 76,486,514 | $ | 347,916,374 | $ | 2,029,739,525 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 2,522,689,471 | $ | 122,969,926 | $ | 370,039,988 | $ | 2,693,642,797 | ||||||||
Accumulated loss | (641,996,195 | ) | (46,483,412 | ) | (22,123,614 | ) | (663,903,272 | ) | ||||||||
NET ASSETS | $ | 1,880,693,276 | $ | 76,486,514 | $ | 347,916,374 | $ | 2,029,739,525 | ||||||||
Shares outstanding | 82,350,000 | 1,200,000 | 13,650,000 | 48,300,000 | ||||||||||||
Net asset value | $ | 22.84 | $ | 63.74 | $ | 25.49 | $ | 42.02 | ||||||||
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 . | $ | 20,109,458 | $ | 653,189 | $ | 2,897,563 | $ | 14,384,724 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 2,052,621,197 | $ | 107,648,889 | $ | 254,190,935 | $ | 2,217,231,836 | ||||||||
(c) Investments, at cost — Affiliated . | $ | 21,953,582 | $ | 765,026 | $ | 3,377,812 | $ | 15,999,406 | ||||||||
(d) Foreign currency, at cost | $ | 4,035,396 | $ | 149,769 | $ | 105,793 | $ | 2,911,924 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 257,819 | $ | 9,464 | $ | — | $ | 551,576 |
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 Assets and Liabilities (unaudited) (continued)
February 29, 2020
iShares | ||||||||||||
MSCI | iShares | |||||||||||
Singapore | iShares | MSCI | ||||||||||
ETF | MSCI Taiwan ETF | Thailand ETF | ||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan) (a): | ||||||||||||
Unaffiliated (b) | $ | 496,111,625 | $ | 3,456,824,123 | $ | 355,331,729 | ||||||
Affiliated(c) | 8,218,113 | 119,568,267 | 19,472,468 | |||||||||
Cash | 308 | 326 | 892 | |||||||||
Foreign currency, at value(d) | 1,342,242 | 904 | — | |||||||||
Cash pledged: | ||||||||||||
Futures contracts | — | 29,000 | 61,000 | |||||||||
Foreign currency collateral pledged: | ||||||||||||
Futures contracts(e) | 62,592 | — | — | |||||||||
Receivables: | ||||||||||||
Investments sold | 4,574,800 | 28,240,519 | 2,653,710 | |||||||||
Securities lending income — Affiliated | 14,192 | 176,412 | 103,487 | |||||||||
Dividends | 239,444 | 194,244 | 1,343,784 | |||||||||
Total assets | 510,563,316 | 3,605,033,795 | 378,967,070 | |||||||||
LIABILITIES | ||||||||||||
Foreign bank overdraft | — | — | 21 | |||||||||
Collateral on securities loaned, at value | 7,952,303 | 116,622,591 | 18,996,740 | |||||||||
Payables: | ||||||||||||
Investments purchased | 4,003,344 | 25,767,075 | 2,491,137 | |||||||||
Variation margin on futures contracts | 53,901 | 17,119 | 4,140 | |||||||||
Capital shares redeemed | 1,278,919 | — | 25,919 | |||||||||
Investment advisory fees | 212,522 | 1,631,766 | 190,705 | |||||||||
Foreign taxes | — | 68,254 | — | |||||||||
Total liabilities | 13,500,989 | 144,106,805 | 21,708,662 | |||||||||
NETASSETS | $ | 497,062,327 | $ | 3,460,926,990 | $ | 357,258,408 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 740,527,473 | $ | 2,090,182,874 | $ | 564,262,670 | ||||||
Accumulated earnings (loss) | (243,465,146 | ) | 1,370,744,116 | (207,004,262 | ) | |||||||
NETASSETS | $ | 497,062,327 | $ | 3,460,926,990 | $ | 357,258,408 | ||||||
Shares outstanding | 23,000,000 | 90,500,000 | 5,100,000 | |||||||||
Net asset value | $ | 21.61 | $ | 38.24 | $ | 70.05 | ||||||
Shares authorized | 300 million | 900 million | 200 million | |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
(a) Securities loaned, at value | $ | 7,527,802 | $ | 94,871,932 | $ | 17,223,004 | ||||||
(b) Investments, at cost — Unaffiliated | $ | 571,216,069 | $ | 1,757,862,596 | $ | 495,964,931 | ||||||
(c) Investments, at cost — Affiliated . | $ | 8,213,549 | $ | 119,511,109 | $ | 19,465,528 | ||||||
(d) Foreign currency, at cost | $ | 1,351,562 | $ | 913 | $ | (21 | ) | |||||
(e) Foreign currency collateral pledged, at cost . | $ | 64,043 | $ | — | $ | — |
See notes to financial statements
40 | 2 0 2 0 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 29, 2020
iShares | iShares | iShares | ||||||||||||||
iShares | MSCI Japan | MSCI | MSCI Pacific | |||||||||||||
MSCI Hong | Small-Cap | Malaysia | ex Japan | |||||||||||||
Kong ETF | ETF | ETF | ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 14,064,708 | $ | 1,098,496 | $ | 5,456,023 | $ | 35,280,080 | ||||||||
Dividends — Affiliated | 21,625 | 616 | 3,198 | 10,054 | ||||||||||||
Interest — Unaffiliated | 1,099 | — | — | 67 | ||||||||||||
Securities lending income — Affiliated — net | 20,898 | 32,431 | 52,067 | 64,858 | ||||||||||||
Foreign taxes withheld | — | (105,670 | ) | — | (612,444 | ) | ||||||||||
Total investment income | 14,108,330 | 1,025,873 | 5,511,288 | 34,742,615 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 4,320,046 | 259,982 | 1,124,152 | 5,446,129 | ||||||||||||
Total expenses | 4,320,046 | 259,982 | 1,124,152 | 5,446,129 | ||||||||||||
Net investment income | 9,788,284 | 765,891 | 4,387,136 | 29,296,486 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (9,387,907 | ) | (486,418 | ) | (15,965,018 | ) | (19,772,794 | ) | ||||||||
Investments — Affiliated | (1,731 | ) | 1,094 | 737 | 440 | |||||||||||
In-kind redemptions — Unaffiliated | 6,801,495 | (5,363,487 | ) | — | 25,444,328 | |||||||||||
Futures contracts | 432,703 | 80,076 | — | 673,083 | ||||||||||||
Foreign currency transactions | 47,049 | (13,208 | ) | (301,878 | ) | (70,881 | ) | |||||||||
Net realized gain (loss) | (2,108,391 | ) | (5,781,943 | ) | (16,266,159 | ) | 6,274,176 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (46,070,160 | ) | 2,736,214 | (22,584,511 | ) | (86,857,817 | ) | |||||||||
Investments — Affiliated | 4,123 | (951 | ) | 772 | 1,739 | |||||||||||
Futures contracts | (4,230 | ) | (28,554 | ) | — | (713,410 | ) | |||||||||
Foreign currency translations | (15,791 | ) | 1,061 | (26,907 | ) | (169,231 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (46,086,058 | ) | 2,707,770 | (22,610,646 | ) | (87,738,719 | ) | |||||||||
Net realized and unrealized loss | (48,194,449 | ) | (3,074,173 | ) | (38,876,805 | ) | (81,464,543 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS. | $ | (38,406,165 | ) | $ | (2,308,282 | ) | $ | (34,489,669 | ) | $ | (52,168,057 | ) |
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 Operations (unaudited) (continued)
Six Months Ended February 29, 2020
iShares | ||||||||||||
MSCI | iShares | iShares | ||||||||||
Singapore | MSCI Taiwan | MSCI | ||||||||||
ETF | ETF | Thailand ETF | ||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — Unaffiliated . | $ | 4,485,625 | $ | 14,388,357 | $ | 4,516,178 | ||||||
Dividends — Affiliated | 2,932 | 60,474 | 8,199 | |||||||||
Interest — Unaffiliated | — | 5,159 | 75 | |||||||||
Securities lending income — Affiliated — net(a) | 84,945 | 1,153,324 | 514,537 | |||||||||
Foreign taxes withheld | (124,951 | ) | (2,983,826 | ) | (372,196 | ) | ||||||
Other foreign taxes | — | (31,983 | ) | — | ||||||||
Total investment income | 4,448,551 | 12,591,505 | 4,666,793 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees | 1,330,199 | 9,498,391 | 1,380,619 | |||||||||
Total expenses | 1,330,199 | 9,498,391 | 1,380,619 | |||||||||
Net investment income | 3,1 18,352 | 3,093,114 | 3,286,174 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — Unaffiliated | (9,942,463 | ) | (2,339,534 | ) | (10,658,984 | ) | ||||||
Investments — Affiliated | 430 | 591 | (82 | ) | ||||||||
In-kind redemptions — Unaffiliated | 2,014,487 | — | 5,883,837 | |||||||||
Futures contracts | 144,400 | 1,386,420 | 38,649 | |||||||||
Foreign currency transactions | 32,290 | (18,107 | ) | (89,998 | ) | |||||||
Net realized loss | (7,750,856 | ) | (970,630 | ) | (4,826,578 | ) | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — Unaffiliated | (9,939,445 | ) | 317,183,006 | (107,801,978 | ) | |||||||
Investments — Affiliated | (111 | ) | 16,231 | 4,356 | ||||||||
Futures contracts | (1 13,534) | (319,277 | ) | (87,286 | ) | |||||||
Foreign currency translations | (12,335 | ) | 34,284 | (15,061 | ) | |||||||
Net change in unrealized appreciation (depreciation) | (10,065,425 | ) | 316,914,244 | (107,899,969 | ) | |||||||
Net realized and unrealized gain (loss) | (17,816,281 | ) | 315,943,614 | (112,726,547 | ) | |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (14,697,929 | ) | $ | 319,036,728 | $ | (109,440,373 | ) | ||||
(a) Net of securities lending income tax paid of | $ | — | $ | 292,726 | $ | — |
See notes to financial statements
42 | 2 0 2 0 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 | iShares | |||||||||||||||
MSCI Hong Kong ETF | MSCI Japan Small-Cap ETF | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income . | $ | 9,788,284 | $ | 62,074,964 | $ | 765,891 | $ | 4,101,539 | ||||||||
Net realized gain (loss) | (2,108,391 | ) | 171,568,216 | (5,781,943 | ) | (35,779,750 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (46,086,058 | ) | (205,108,906 | ) | 2,707,770 | (2,339,583 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (38,406,165 | ) | 28,534,274 | (2,308,282 | ) | (34,017,794 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (14,933,383 | ) | (67,889,451 | ) | (3,185,539 | ) | (4,647,949 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 509,370,258 | (1,265,603,711 | ) | (28,014,920 | ) | (136,251,360 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 456,030,710 | (1,304,958,888 | ) | (33,508,741 | ) | (174,917,103 | ) | |||||||||
Beginning of period | 1,424,662,566 | 2,729,621,454 | 109,995,255 | 284,912,358 | ||||||||||||
End of period | $ | 1,880,693,276 | $ | 1,424,662,566 | $ | 76,486,514 | $ | 109,995,255 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 | iShares | |||||||||||||||
MSCI Malaysia ETF | MSCI Pacific ex Japan ETF | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income . | $ | 4,387,136 | $ | 17,432,270 | $ | 29,296,486 | $ | 89,927,097 | ||||||||
Net realized gain (loss) | (16,266,159 | ) | (37,554,258 | ) | 6,274,176 | (10,840,856 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (22,610,646 | ) | (52,528,128 | ) | (87,738,719 | ) | (79,567,765 | ) | ||||||||
Net decrease in net assets resulting from operations | (34,489,669 | ) | (72,650,116 | ) | (52,168,057 | ) | (481,524 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (5,324,752 | ) | (16,938,304 | ) | (47,058,472 | ) | (103,540,539 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net decrease in net assets derived from capital share transactions | (3,158,228 | ) | (76,742,616 | ) | (137,149,689 | ) | (4,695,754 | ) | ||||||||
NET ASSETS | ||||||||||||||||
Total decrease in net assets | (42,972,649 | ) | (166,331,036 | ) | (236,376,218 | ) | (108,717,817 | ) | ||||||||
Beginning of period | 390,889,023 | 557,220,059 | 2,266,115,743 | 2,374,833,560 | ||||||||||||
End of period | $ | 347,916,374 | $ | 390,889,023 | $ | 2,029,739,525 | $ | 2,266,115,743 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements
44 | 2 0 2 0 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 | iShares | |||||||||||||||
MSCI Singapore ETF | MSCI Taiwan ETF | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income . | $ | 3,1 18,352 | $ | 21,402,424 | $ | 3,093,114 | $ | 89,438,292 | ||||||||
Net realized gain (loss) | (7,750,856 | ) | (4,573,908 | ) | (970,630 | ) | 171,832,639 | |||||||||
Net change in unrealized appreciation (depreciation) | (10,065,425 | ) | (21,563,424 | ) | 316,914,244 | (507,317,120 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (14,697,929 | ) | (4,734,908 | ) | 319,036,728 | (246,046,189 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (14,978,438 | ) | (21,305,119 | ) | (89,350,677 | ) | (104,188,903 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 13,087,891 | (39,601,577 | ) | 568,746,028 | (1,070,161,394 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (16,588,476 | ) | (65,641,604 | ) | 798,432,079 | (1,420,396,486 | ) | |||||||||
Beginning of period | 513,650,803 | 579,292,407 | 2,662,494,911 | 4,082,891,397 | ||||||||||||
End of period | $ | 497,062,327 | $ | 513,650,803 | $ | 3,460,926,990 | $ | 2,662,494,911 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 Thailand ETF | ||||||||
Six Months | ||||||||
Ended | ||||||||
02/29/20 | Year Ended | |||||||
(unaudited) | 08/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 3,286,174 | $ | 11,152,769 | ||||
Net realized gain (loss) | (4,826,578 | ) | 13,591,553 | |||||
Net change in unrealized appreciation (depreciation) | (107,899,969 | ) | (19,971,905 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (109,440,373 | ) | 4,772,417 | |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (4,102,360 | ) | (10,822,599 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 4,564,246 | 36,445,341 | ||||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | (108,978,487 | ) | 30,395,159 | |||||
Beginning of period | 466,236,895 | 435,841,736 | ||||||
End of period | $ | 357,258,408 | $ | 466,236,895 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements
46 | 2 0 2 0 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 | |||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 23.00 | $ | 24.18 | $ | 24.69 | $ | 21.08 | $ | 19.42 | $ | 21.89 | |||||||||||||
Net investment income(a) | 0.13 | 0.62 | 0.71 | 0.68 | 0.54 | 0.52 | |||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.08 | ) | (1.08 | ) | (0.12 | ) | 3.54 | 1.72 | (2.50 | ) | |||||||||||||||
Net increase (decrease) from investment operations | 0.05 | (0.46 | ) | 0.59 | 4.22 | 2.26 | (1.98 | ) | |||||||||||||||||
Distributions(c) | |||||||||||||||||||||||||
From net investment income | (0.21 | ) | (0.72 | ) | (1.10 | ) | (0.61 | ) | (0.60 | ) | (0.49 | ) | |||||||||||||
Total distributions | (0.21 | ) | (0.72 | ) | (1.10 | ) | (0.61 | ) | (0.60 | ) | (0.49 | ) | |||||||||||||
Net asset value, end of period | $ | 22.84 | $ | 23.00 | $ | 24.18 | $ | 24.69 | $ | 21.08 | $ | 19.42 | |||||||||||||
Total Return | |||||||||||||||||||||||||
Based on net asset value | 0.17 | %(d) | (2.00 | )% | 2.33 | % | 20.38 | % | 11.94 | % | (9.29 | )% | |||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.49 | % | 0.48 | % | 0.49 | % | 0.48 | % | 0.48 | % | |||||||||||||
Net investment income | 1.13 | %(e) | 2.52 | % | 2.83 | % | 3.08 | % | 2.73 | % | 2.36 | % | |||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,880,693 | $ | 1,424,663 | $ | 2,729,621 | $ | 1,855,447 | $ | 1,596,576 | $ | 2,722,224 | |||||||||||||
Portfolio turnover rate(f) | 3 | %(d) | 12 | % | 7 | % | 8 | % | 9 | % | 7 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 47 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Japan Small-Cap ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 68.75 | $ | 77.00 | $ | 72.78 | $ | 60.95 | $ | 56.79 | $ | 56.61 | ||||||||||||
Net investment income(a) | 0.54 | 1.37 | 0.94 | 1.02 | 0.84 | 0.70 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.43 | ) | (7.90 | ) | 4.24 | 12.62 | 4.29 | 0.71 | ||||||||||||||||
Net increase (decrease) from investment operations | (2.89 | ) | (6.53 | ) | 5.18 | 13.64 | 5.13 | 1.41 | ||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (2.12 | ) | (1.72 | ) | (0.96 | ) | (1.81 | ) | (0.97 | ) | (1.23 | ) | ||||||||||||
Total distributions | (2.12 | ) | (1.72 | ) | (0.96 | ) | (1.81 | ) | (0.97 | ) | (1.23 | ) | ||||||||||||
Net asset value, end of period | $ | 63.74 | $ | 68.75 | $ | 77.00 | $ | 72.78 | $ | 60.95 | $ | 56.79 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (4.64 | )%(d) | (8.42 | )% | 7.09 | % | 22.81 | % | 9.10 | % | 2.63 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 1.47 | %(e) | 1.94 | % | 1.18 | % | 1.53 | % | 1.44 | % | 1.26 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 76,487 | $ | 109,995 | $ | 284,912 | $ | 189,216 | $ | 164,553 | $ | 159,004 | ||||||||||||
Portfolio turnover rate(f) | 3 | %(d) | 10 | % | 9 | % | 8 | % | 12 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements
48 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17(a) | 08/31/16(a) | 08/31/15(a) | |||||||||||||||||||
Net asset value, beginning of period | $ | 28.02 | $ | 32.87 | $ | 32.03 | $ | 33.13 | $ | 40.75 | $ | 64.53 | ||||||||||||
Net investment income(b) | 0.27 | 1.03 | 0.91 | 0.56 | 1.00 | 1.44 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (2.49 | ) | (4.85 | ) | 2.06 | (0.05 | ) | 2.79 | (23.47 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (2.22 | ) | (3.82 | ) | 2.97 | 0.51 | 3.79 | (22.03 | ) | |||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.31 | ) | (1.03 | ) | (2.13 | ) | (1.61 | ) | (1.81 | ) | (1.57 | ) | ||||||||||||
From net realized gain | — | — | — | — | (9.60 | ) | (0.18 | ) | ||||||||||||||||
Total distributions | (0.31 | ) | (1.03 | ) | (2.13 | ) | (1.61 | ) | (11.41 | ) | (1.75 | ) | ||||||||||||
Net asset value, end of period | $ | 25.49 | $ | 28.02 | $ | 32.87 | $ | 32.03 | $ | 33.13 | $ | 40.75 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (8.00 | )%(e) | (11.69 | )% | 9.59 | % | 2.14 | % | 12.58 | % | (34.62 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 1.95 | %(f) | 3.41 | % | 2.69 | % | 2.73 | % | 2.86 | % | 2.61 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 347,916 | $ | 390,889 | $ | 557,220 | $ | 437,224 | $ | 335,455 | $ | 263,579 | ||||||||||||
Portfolio turnover rate(g) | 33 | %(e)(h) | 48 | %(h) | 63 | %(h) | 24 | %(h) | 72 | %(h) | 24 | %(h) |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | 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"). |
(h) | Portfolio turnover rate excluding cash creations was as follows: | 7 | % | 9 | % | 17 | % | 10 | % | 17 | % | 5 | % |
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 Pacific ex Japan ETF | |||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 44.17 | $ | 46.02 | $ | 46.43 | $ | 40.94 | $ | 38.01 | $ | 51.21 | |||||||||||||
Net investment income(a) | 0.59 | 1.74 | 1.66 | 1.60 | 1.54 | 1.97 | |||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.78 | ) | (1.58 | ) | 0.03 | 5.55 | 2.98 | (13.09 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | (1.19 | ) | 0.16 | 1.69 | 7.15 | 4.52 | (11.12 | ) | |||||||||||||||||
Distributions(c) | |||||||||||||||||||||||||
From net investment income | (0.96 | ) | (2.01 | ) | (2.10 | ) | (1.66 | ) | (1.59 | ) | (2.08 | ) | |||||||||||||
Total distributions | (0.96 | ) | (2.01 | ) | (2.10 | ) | (1.66 | ) | (1.59 | ) | (2.08 | ) | |||||||||||||
Net asset value, end of period | $ | 42.02 | $ | 44.17 | $ | 46.02 | $ | 46.43 | $ | 40.94 | $ | 38.01 | |||||||||||||
Total Return | |||||||||||||||||||||||||
Based on net asset value | (2.90 | )%(d) | 0.56 | % | 3.63 | % | 18.06 | % | 12.20 | % | (22.19 | )% | |||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 0.48 | %(e) | 0.48 | % | 0.48 | % | 0.49 | % | 0.49 | % | 0.49 | % | |||||||||||||
Net investment income | 2.59 | %(e) | 3.89 | % | 3.52 | % | 3.69 | % | 4.00 | % | 4.31 | % | |||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,029,740 | $ | 2,266,116 | $ | 2,374,834 | $ | 3,120,426 | $ | 2,357,962 | $ | 1,984,205 | |||||||||||||
Portfolio turnover rate(f) | 3 | %(d) | 7 | % | 6 | % | 3 | % | 6 | % | 7 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements
50 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | (a) | 08/31/16 | (a) | 08/31/15 | (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 22.83 | $ | 23.84 | $ | 24.70 | $ | 21.22 | $ | 21.25 | $ | 27.93 | ||||||||||||
Net investment income(b) | 0.14 | 0.91 | 1.04 | 0.56 | 0.84 | 0.82 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.68 | ) | (1.02 | ) | (0.77 | ) | 3.84 | (0.24 | ) | (6.64 | ) | |||||||||||||
Net increase (decrease) from investment operations | (0.54 | ) | (0.11 | ) | 0.27 | 4.40 | 0.60 | (5.82 | ) | |||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.68 | ) | (0.90 | ) | (1.13 | ) | (0.92 | ) | (0.63 | ) | (0.86 | ) | ||||||||||||
Total distributions | (0.68 | ) | (0.90 | ) | (1.13 | ) | (0.92 | ) | (0.63 | ) | (0.86 | ) | ||||||||||||
Net asset value, end of period | $ | 21.61 | $ | 22.83 | $ | 23.84 | $ | 24.70 | $ | 21.22 | $ | 21.25 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.63 | )%(e) | (0.41 | )% | 0.91 | % | 21.51 | % | 2.87 | % | (21.27 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.50 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 1.17 | %(f) | 3.86 | % | 4.03 | % | 3.00 | % | 3.96 | % | 3.15 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 497,062 | $ | 513,651 | $ | 579,292 | $ | 600,268 | $ | 562,418 | $ | 609,927 | ||||||||||||
Portfolio turnover rate(g) | 4 | %(e) | 9 | % | 26 | % | 12 | % | 7 | % | 10 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Taiwan ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | (a) | 08/31/16 | (a) | 08/31/15 | (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 34.94 | $ | 37.91 | $ | 37.35 | $ | 30.30 | $ | 27.17 | $ | 32.89 | ||||||||||||
Net investment income(b) | 0.04 | 0.92 | 0.98 | 0.87 | 0.68 | 0.74 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 4.28 | (2.89 | ) | 0.60 | 6.88 | 3.25 | (5.88 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 4.32 | (1.97 | ) | 1.58 | 7.75 | 3.93 | (5.14 | ) | ||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (1.02 | ) | (1.00 | ) | (1.02 | ) | (0.70 | ) | (0.80 | ) | (0.58 | ) | ||||||||||||
Total distributions | (1.02 | ) | (1.00 | ) | (1.02 | ) | (0.70 | ) | (0.80 | ) | (0.58 | ) | ||||||||||||
Net asset value, end of period | $ | 38.24 | $ | 34.94 | $ | 37.91 | $ | 37.35 | $ | 30.30 | $ | 27.17 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 12.21 | %(e) | (4.92 | )% | 4.43 | % | 26.17 | % | 15.02 | % | (15.79 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(f) | 0.59 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | ||||||||||||
Net investment income | 0.19 | %(f) | 2.70 | % | 2.65 | % | 3.10 | % | 2.51 | % | 2.36 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,460,927 | $ | 2,662,495 | $ | 4,082,891 | $ | 3,764,790 | $ | 2,656,889 | $ | 3,276,410 | ||||||||||||
Portfolio turnover rate(g) | 6 | %(e)(h) | 7 | %(h) | 12 | %(h) | 11 | %(h) | 27 | %(h) | 14 | %(h) |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | 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"). |
(h) | Portfolio turnover rate excluding cash creations was as follows: | 6 | % | 6 | % | 11 | % | 8 | % | 9 | % | 4 | % |
See notes to financial statements
52 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 90.53 | $ | 90.80 | $ | 82.70 | $ | 75.94 | $ | 65.01 | $ | 83.41 | ||||||||||||
Net investment income(a) | 0.59 | 2.10 | 2.12 | 1.99 | 2.05 | 1.66 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (20.39 | ) | (0.33 | ) | 8.13 | 6.90 | 10.54 | (17.98 | ) | |||||||||||||||
Net increase (decrease) from investment operations | (19.80 | ) | 1.77 | 10.25 | 8.89 | 12.59 | (16.32 | ) | ||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.68 | ) | (2.04 | ) | (2.15 | ) | (2.13 | ) | (1.66 | ) | (2.08 | ) | ||||||||||||
Total distributions | (0.68 | ) | (2.04 | ) | (2.15 | ) | (2.13 | ) | (1.66 | ) | (2.08 | ) | ||||||||||||
Net asset value, end of period | $ | 70.05 | $ | 90.53 | $ | 90.80 | $ | 82.70 | $ | 75.94 | $ | 65.01 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (22.00 | )%(d) | 2.03 | % | 12.55 | % | 12.01 | % | 19.87 | % | (19.92 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(e) | 0.59 | % | 0.59 | % | 0.62 | % | 0.63 | % | 0.62 | % | ||||||||||||
Net investment income | 1.38 | %(e) | 2.36 | % | 2.30 | % | 2.63 | % | 3.08 | % | 2.09 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 357,258 | $ | 466,237 | $ | 435,842 | $ | 355,590 | $ | 448,075 | $ | 237,304 | ||||||||||||
Portfolio turnover rate(f) | 6 | %(d) | 17 | % | 10 | % | 7 | % | 16 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 53 |
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”):
Diversification | |
iShares ETF | Classification |
MSCI Hong Kong | Non-diversified |
MSCI Japan Small-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 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 29, 2020, 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.
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.
54 | 2 0 2 0 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund m ight reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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 valu 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) an d 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. 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 29, 2020, 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
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)
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 29, 2020 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 o r 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 29, 2020:
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received | (a) | Received | Net Amount | |||||||||||
MSCI Hong Kong | ||||||||||||||||
BofA Securities, Inc. | $ | 510,334 | $ | 510,334 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 7,173,058 | 7,173,058 | — | — | ||||||||||||
Morgan Stanley & Co. LLC. | 12,426,066 | 12,426,066 | — | — | ||||||||||||
$ | 20,109,458 | $ | 20,109,458 | $ | — | $ | — | |||||||||
MSCI Japan Small-Cap | ||||||||||||||||
Credit Suisse Securities (USA) LLC. | $ | 43,207 | $ | 43,207 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. | 312,174 | 312,174 | — | — | ||||||||||||
HSBC Bank PLC | 95,272 | 95,272 | — | — | ||||||||||||
JPMorgan Securities LLC. | 86,265 | 86,265 | — | — | ||||||||||||
Macquarie Bank Limited | 100,145 | 100,145 | — | — | ||||||||||||
UBS AG | 16,126 | 16,126 | — | — | ||||||||||||
$ | 653,189 | $ | 653,189 | $ | — | $ | — | |||||||||
MSCI Malaysia | ||||||||||||||||
Macquarie Bank Limited. | $ | 99,037 | $ | 99,037 | $ | — | $ | — | ||||||||
Morgan Stanley & Co. International PLC | 2,798,526 | 2,798,526 | — | — | ||||||||||||
$ | 2,897,563 | $ | 2,897,563 | $ | — | $ | — | |||||||||
MSCI Pacific ex Japan | ||||||||||||||||
BofA Securities, Inc. | $ | 3,216,399 | $ | 3,216,399 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. | 3,442,200 | 3,442,200 | — | — | ||||||||||||
Morgan Stanley & Co. LLC. | 7,701,291 | 7,701,291 | — | — | ||||||||||||
State Street Bank & Trust Company | 24,834 | 24,834 | — | — | ||||||||||||
$ | 14,384,724 | $ | 14,384,724 | $ | — | $ | — | |||||||||
MSCI Singapore | ||||||||||||||||
Goldman Sachs & Co. | $ | 5,371,752 | $ | 5,371,752 | $ | — | $ | — | ||||||||
JPMorgan Securities LLC. | 583,936 | 583,936 | — | — | ||||||||||||
Morgan Stanley & Co. LLC. | 1,572,114 | 1,572,114 | — | — | ||||||||||||
$ | 7,527,802 | $ | 7,527,802 | $ | — | $ | — | |||||||||
MSCI Taiwan | ||||||||||||||||
Citigroup Global Markets Ltd. | $ | 24,754,328 | $ | 24,754,328 | $ | — | $ | — | ||||||||
Credit Suisse Securities (Europe) Ltd. | 14,243,248 | 14,243,248 | — | — | ||||||||||||
JPMorgan Securities PLC | 13,470,169 | 13,470,169 | — | — | ||||||||||||
Macquarie Bank Limited | 23,441,053 | 23,441,053 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 18,963,134 | 18,963,134 | — | — | ||||||||||||
$ | 94,871,932 | $ | 94,871,932 | $ | — | $ | — |
56 | 2 0 2 0 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 Thailand | ||||||||||||||||
Barclays Capital Inc. | $ | 509,760 | $ | 509,760 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 1,383,242 | 1,383,242 | — | — | ||||||||||||
Goldman Sachs & Co. | 2,441,944 | 2,441,944 | — | — | ||||||||||||
JPMorgan Securities LLC | 2,083,219 | 2,083,219 | — | — | ||||||||||||
Macquarie Bank Limited | 231,342 | 231,342 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 9,285,137 | 9,285,137 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 48,730 | 48,730 | — | — | ||||||||||||
SG Americas Securities LLC | 910,406 | 910,406 | — | — | ||||||||||||
UBS AG | 329,224 | 329,224 | — | — | ||||||||||||
$ | 17,223,004 | $ | 17,223,004 | $ | — | $ | — |
(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 to the extent 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 cas h 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 u nderlying 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 Hong Kong, iShares MSCI Japan Small-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 |
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 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.
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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
MSCI Hong Kong | $ | 5,756 | ||
MSCI Japan Small-Cap | 7,424 | |||
MSCI Malaysia | 12,322 | |||
MSCI Pacific ex Japan | 18,150 | |||
MSCI Singapore | 22,000 | |||
MSCI Taiwan | 343,378 | |||
MSCI Thailand | 115,925 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
58 | 2 0 2 0 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)
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Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
Net Realized | ||||||||||||
iShares ETF | Purchases | Sales | Gain (Loss) | |||||||||
MSCI Hong Kong | $ | 13,896,548 | $ | 6,092,693 | $ | (13,653,367 | ) | |||||
MSCI Japan Small-Cap | 360,348 | 2,225,918 | 313,700 | |||||||||
MSCI Pacific ex Japan | 2,957,462 | 8,122,218 | (7,407,228 | ) | ||||||||
MSCI Singapore | 9,775,375 | 3,040,462 | (2,672,782 | ) |
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 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Hong Kong | $ | 595,080,070 | $ | 57,736,593 | ||||
MSCI Japan Small-Cap | 3,368,108 | 5,863,164 | ||||||
MSCI Malaysia | 145,190,300 | 147,749,940 | ||||||
MSCI Pacific ex Japan | 65,817,287 | 81,999,687 | ||||||
MSCI Singapore | 25,931,979 | 21,768,804 | ||||||
MSCI Taiwan | 695,346,523 | 188,872,904 | ||||||
MSCI Thailand | 29,141,475 | 29,541,583 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
MSCI Hong Kong | $ | 40,890,099 | $ | 66,783,372 | ||||
MSCI Japan Small-Cap | 14,751,309 | 42,386,688 | ||||||
MSCI Pacific ex Japan | — | 130,175,971 | ||||||
MSCI Singapore | 19,446,491 | 19,282,677 | ||||||
MSCI Thailand | 171,461,773 | 166,961,071 |
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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Hong Kong | $ | 420,080,374 | ||
MSCI Japan Small-Cap | 6,835,514 | |||
MSCI Malaysia | 54,1 08,940 | |||
MSCI Pacific ex Japan | 386,018,900 | |||
MSCI Singapore | 1 32,911,937 | |||
MSCI Taiwan | 146,686,322 | |||
MSCI Thailand | 51,274,844 |
N o t e s to 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)
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 29, 2020, 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:
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
iShares ETF | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
MSCI Hong Kong | $ | 2,099,089,370 | $ | 86,911,474 | $ | (283,944,212 | ) | $ | (197,032,738 | ) | ||||||
MSCI Japan Small-Cap | 1 10,283,485 | 2,155,643 | (35,520,234 | ) | (33,364,591 | ) | ||||||||||
MSCI Malaysia | 302,402,032 | 98,789,515 | (50,726,648 | ) | 48,062,867 | |||||||||||
MSCI Pacific ex Japan | 2,311,644,770 | 260,965,284 | (537,819,669 | ) | (276,854,385 | ) | ||||||||||
MSCI Singapore | 597,690,247 | 12,739,027 | (106,149,973 | ) | (93,410,946 | ) | ||||||||||
MSCI Taiwan | 2,053,333,941 | 1,729,535,934 | (206,520,014 | ) | 1,523,015,920 | |||||||||||
MSCI Thailand | 527,010,882 | 2,357,192 | (154,651,163 | ) | (152,293,971 | ) |
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 su bject 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 du ring 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The impact of the pandemic may be short term or may last for an extended period of time.
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.
60 | 2 0 2 0 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)
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 | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Hong Kong | ||||||||||||||||
Shares sold | 23,700,000 | $ | 584,919,221 | 26,400,000 | $ | 641,855,226 | ||||||||||
Shares redeemed | (3,300,000 | ) | (75,548,963 | ) | (77,325,000 | ) | (1,907,458,937 | ) | ||||||||
Net increase(decrease) | 20,400,000 | $ | 509,370,258 | (50,925,000 | ) | $ | (1,265,603,711 | ) | ||||||||
MSCI Japan Small-Cap | ||||||||||||||||
Shares sold | 200,000 | $ | 14,987,192 | 2,600,000 | $ | 188,325,229 | ||||||||||
Shares redeemed | (600,000 | ) | (43,002,112 | ) | (4,700,000 | ) | (324,576,589 | ) | ||||||||
Net decrease | (400,000 | ) | $ | (28,014,920 | ) | (2,100,000 | ) | $ | (136,251,360 | ) | ||||||
MSCI Malaysia | ||||||||||||||||
Shares sold | 4,275,000 | $ | 120,064,883 | 6,825,000 | $ | 211,840,133 | ||||||||||
Shares redeemed | (4,575,000 | ) | (123,223,111 | ) | (9,825,000 | ) | (288,582,749 | ) | ||||||||
Net decrease | (300,000 | ) | $ | (3,158,228 | ) | (3,000,000 | ) | $ | (76,742,616 | ) | ||||||
MSCI Pacific ex Japan | ||||||||||||||||
Shares sold | — | $ | — | 6,000,000 | $ | 271,812,469 | ||||||||||
Shares redeemed | (3,000,000 | ) | (137,149,689 | ) | (6,300,000 | ) | (276,508,223 | ) | ||||||||
Net decrease | (3,000,000 | ) | $ | (137,149,689 | ) | (300,000 | ) | $ | (4,695,754 | ) | ||||||
MSCI Singapore | ||||||||||||||||
Shares sold | 1,550,000 | $ | 37,044,705 | 4,000,000 | $ | 93,905,772 | ||||||||||
Shares redeemed | (1,050,000 | ) | (23,956,814 | ) | (5,800,000 | ) | (133,507,349 | ) | ||||||||
Net increase(decrease) | 500,000 | $ | 13,087,891 | (1,800,000 | ) | $ | (39,601,577 | ) | ||||||||
MSCI Taiwan | ||||||||||||||||
Shares sold | 14,300,000 | $ | 568,746,028 | 100,000 | $ | 13,078,670 | ||||||||||
Shares redeemed | — | — | (31,600,000 | ) | (1,083,240,064 | ) | ||||||||||
Net increase(decrease) | 14,300,000 | $ | 568,746,028 | (31,500,000 | ) | $ | (1,070,161,394 | ) | ||||||||
MSCI Thailand | ||||||||||||||||
Shares sold | 1,950,000 | $ | 172,556,067 | 4,300,000 | $ | 384,240,938 | ||||||||||
Shares redeemed | (2,000,000 | ) | (167,991,821 | ) | (3,950,000 | ) | (347,795,597 | ) | ||||||||
Net increase(decrease) | (50,000 | ) | $ | 4,564,246 | 350,000 | $ | 36,445,341 |
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. 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 Preferred and Income Securities 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
N o t e s to 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)
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 holdin g 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
12. 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.
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Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projectio ns. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m en t P r o g r a m | 63 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions | % Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||||
For the Fiscal Year-to-Date | Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
Net | Net | |||||||||||||||||||||||||||||||
Investment | Net Realized | Return of | Total Per | Investment | Net Realized | Return of | Total Per | |||||||||||||||||||||||||
iShares ETF | Income | Gains | Capital | Share | Income | Capital Gains | Capital | Share | ||||||||||||||||||||||||
MSCI Japan Small-Cap(a) | $ | 1.642501 | $ | — | $ | 0.481192 | $ | 2.123693 | 77 | % | —% | 23 | % | 100 | % | |||||||||||||||||
MSCI Pacific ex Japan(a) | 0.855782 | — | 0.100691 | 0.956473 | 89 | — | 11 | 100 | ||||||||||||||||||||||||
MSCI Singapore(a) | 0.181629 | — | 0.500760 | 0.682389 | 27 | — | 73 | 100 | ||||||||||||||||||||||||
MSCI Taiwan(a) | 0.957024 | — | 0.066466 | 1.023490 | 94 | — | 6 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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. |
64 | 2 0 2 0 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 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
G e n e r a l I n f o r m a t i o n | 65 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-803-0220
FEBRUARY 29, 2020 |
2020 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® MSCI Brazil ETF |
Investment Objective
The iShares 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 | (5.53 | )% | (9.25 | )% | 4.19 | % | (3.01 | )% | (9.25 | )% | 22.79 | % | (26.35 | )% | |||||||||||||||
Fund Market | (4.91 | ) | (8.25 | ) | 4.27 | (2.92 | ) | (8.25 | ) | 23.24 | (25.63 | ) | |||||||||||||||||
Index | (5.14 | ) | (8.54 | ) | 4.91 | (2.41 | ) | (8.54 | ) | 27.10 | (21.63 | ) |
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 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 944.70 | $ | 2.80 | $ | 1,000.00 | �� | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR |
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 33.3 | % | ||
Energy | 13.0 | |||
Materials | 12.2 | |||
Consumer Staples | 11.3 | |||
Consumer Discretionary | 9.1 | |||
Industrials | 7.8 | |||
Utilities | 6.1 | |||
Communication Services. | 2.5 | |||
Health Care | 2.5 | |||
Real Estate | 1.6 | |||
Information Technology | 0.6 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Itau Unibanco Holding SA (Preferred) | 8.7 | % | ||
Vale SA | 7.8 | |||
Banco Bradesco SA (Preferred) | 6.8 | |||
Petroleo Brasileiro SA (Preferred) | 5.8 | |||
Petroleo Brasileiro SA | 5.4 | |||
B3 SA - Brasil, Bolsa, Balcao | 5.1 | |||
Ambev SA | 3.6 | |||
Itausa-Investimentos Itau SA (Preferred) | 2.7 | |||
Lojas Renner SA | 2.7 | |||
Banco do Brasil SA | 2.5 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI Chile ETF |
Investment Objective
The iShares 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 | (25.14 | )% | (39.61 | )% | (6.43 | )% | (5.63 | )% | (39.61 | )% | (28.28 | )% | (43.97 | )% | |||||||||||||||
Fund Market | (23.28 | ) | (38.16 | ) | (6.14 | ) | (5.48 | ) | (38.16 | ) | (27.16 | ) | (43.06 | ) | |||||||||||||||
Index | (25.07 | ) | (39.49 | ) | (6.37 | ) | (5.14 | ) | (39.49 | ) | (28.04 | ) | (41.03 | ) |
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 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 748.60 | $ | 2.52 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Utilities | 30.1 | % | ||
Financials | 21.6 | |||
Materials | 12.1 | |||
Consumer Staples | 11.9 | |||
Energy | 6.6 | |||
Industrials | 5.9 | |||
Consumer Discretionary | 5.7 | |||
Real Estate | 3.0 | |||
Communication Services | 2.1 | |||
Information Technology | 1.0 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Enel Americas SA | 15.1 | % | ||
Banco de Chile | 9.5 | |||
Empresas COPEC SA | 6.7 | |||
Sociedad Quimica y Minera de Chile SA (Preferred), Series | ||||
B | 6.6 | |||
Enel Chile SA | 6.0 | |||
Banco Santander Chile | 4.8 | |||
Empresas CMPC SA | 4.4 | |||
SACI Falabella | 4.3 | |||
Banco de Credito e Inversiones SA | 4.3 | |||
Cencosud SA | 4.1 |
(a) | Excludes money market funds. |
4 | 2 0 2 0 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 29, 2020 | iShares® MSCI Colombia ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||||||||||
Since | Since | ||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||||||||||
Fund NAV | (2.23 | )% | (7.50 | )% | (3.59 | )% | (8.64 | )% | (7.50 | )% | (16.72 | )% | (45.43 | )% | |||||||||||||||
Fund Market | (4.21 | ) | (9.28 | ) | (4.26 | ) | (8.98 | ) | (9.28 | ) | (19.55 | ) | (46.77 | ) | |||||||||||||||
Index | (1.92 | ) | (7.00 | ) | (3.43 | ) | (8.34 | ) | (7.00 | ) | (16.03 | ) | (44.19 | ) |
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 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 977.70 | $ | 3.00 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.07 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 37.2 | % | ||
Energy | 29.5 | |||
Utilities | 14.5 | |||
Materials | 10.6 | |||
Consumer Staples | 4.4 | |||
Industrials | 3.8 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Ecopetrol SA | 20.5 | % | ||
Bancolombia SA (Preferred) | 15.7 | |||
Bancolombia SA | 6.4 | |||
Grupo Energia Bogota SA ESP | 4.9 | |||
Canacol Energy Ltd. | 4.7 | |||
Enel Americas SA | 4.6 | |||
Interconexion Electrica SA ESP | 4.6 | |||
Banco Davivienda SA (Preferred) | 4.5 | |||
Grupo Nutresa SA | 4.4 | |||
Empresas COPEC SA | 4.3 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® MSCI Israel ETF |
Investment Objective
The iShares 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 | 5.88 | % | 3.90 | % | 5.02 | % | 2.33 | % | 3.90 | % | 27.73 | % | 25.94 | % | |||||||||||||||
Fund Market | 6.03 | 4.06 | 4.89 | 2.15 | 4.06 | 26.95 | 23.75 | ||||||||||||||||||||||
Index | 6.21 | 4.51 | 5.51 | 2.70 | 4.51 | 30.74 | 30.58 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,058.80 | $ | 2.97 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Information Technology | 30.6 | % | ||
Financials | 25.7 | |||
Real Estate | 14.2 | |||
Health Care | 9.9 | |||
Industrials | 8.4 | |||
Consumer Staples | 2.5 | |||
Communication Services | 2.5 | |||
Materials | 2.4 | |||
Energy | 2.0 | |||
Other (each representing less than 1%) | 1.8 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Check Point Software Technologies Ltd. | 10.1 | % | ||
Teva Pharmaceutical Industries Ltd. | 9.7 | |||
Bank Leumi Le-Israel BM | 7.7 | |||
Nice Ltd. | 7.6 | |||
Bank Hapoalim BM | 7.0 | |||
Wix. com Ltd. | 4.3 | |||
Israel Discount Bank Ltd., Class A | 4.1 | |||
Mizrahi Tefahot Bank Ltd. | 3.1 | |||
Elbit Systems Ltd. | 3.1 | |||
CyberArk Software Ltd. | 3.0 |
(a) | Excludes money market funds. |
6 | 2 0 2 0 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 29, 2020 | iShares® MSCI Russia ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||||||||||
Since | Since | ||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||||||||||
Fund NAV | 0.49 | % | 12.82 | % | 10.62 | % | 0.18 | % | 12.82 | % | 65.62 | % | 1.65 | % | |||||||||||||||
Fund Market | 1.51 | 14.04 | 10.58 | 0.21 | 14.04 | 65.32 | 1.96 | ||||||||||||||||||||||
Index | 0.86 | 13.26 | 11.36 | 0.78 | 13.26 | 71.24 | 7.54 |
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 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,004.90 | $ | 2.89 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Energy | 47.4 | % | ||
Materials | 21.2 | |||
Financials | 18.9 | |||
Consumer Staples | 6.2 | |||
Communication Services | 3.7 | |||
Utilities | 2.6 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
LUKOIL PJSC | 15.6 | % | ||
Sberbank of Russia PJSC | 15.5 | |||
Gazprom PJSC | 14.0 | |||
MMC Norilsk Nickel PJSC | 4.5 | |||
Novatek PJSC | 4.5 | |||
Tatneft PJSC | 4.5 | |||
Mobile TeleSystems PJSC | 3.7 | |||
Polyus PJSC | 3.1 | |||
X5 Retail Group NV | 3.1 | |||
Magnit PJSC | 3.0 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 7 |
Fund Summary as of February 29, 2020 | iShares® MSCI South Africa ETF |
Investment Objective
The iShares 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 | (10.86 | )% | (18.71 | )% | (6.31 | )% | 0.49 | % | (18.71 | )% | (27.80 | )% | 5.04 | % | |||||||||||||||
Fund Market | (7.31 | ) | (15.14 | ) | (5.56 | ) | 0.96 | (15.14 | ) | (24.89 | ) | 9.99 | |||||||||||||||||
Index | (10.61 | ) | (18.29 | ) | (5.76 | ) | 1.10 | (18.29 | ) | (25.66 | ) | 11.58 |
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 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 891.40 | $ | 2.73 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 32.3 | % | ||
Consumer Discretionary | 26.3 | |||
Materials | 16.8 | |||
Consumer Staples | 8.5 | |||
Communication Services | 7.1 | |||
Real Estate | 4.5 | |||
Health Care | 2.1 | |||
Industrials | 1.5 | |||
Energy | 0.9 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Naspers Ltd., Class N | 22.6 | % | ||
Standard Bank Group Ltd. | 5.3 | |||
FirstRand Ltd. | 5.1 | |||
MTN Group Ltd. | 3.5 | |||
Sanlam Ltd. | 3.4 | |||
AngloGold Ashanti Ltd. | 3.3 | |||
Sasol Ltd. | 3.0 | |||
Impala Platinum Holdings Ltd. | 2.8 | |||
Absa Group Ltd. | 2.7 | |||
Bid Corp. Ltd. | 2.7 |
(a) | Excludes money market funds. |
8 | 2 0 2 0 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 29, 2020 | iShares® MSCI Turkey ETF |
Investment Objective
The iShares 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 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 | (0.31 | )% | (12.21 | )% | (11.13 | )% | (4.84 | )% | (12.21 | )% | (44.56 | )% | (39.14 | )% | |||||||||||||||
Fund Market | (0.72 | ) | (11.75 | ) | (11.14 | ) | (4.84 | ) | (11.75 | ) | (44.60 | ) | (39.13 | ) | |||||||||||||||
Index | (0.19 | ) | (11.90 | ) | (10.93 | ) | (4.52 | ) | (11.90 | ) | (43.94 | ) | (37.05 | ) |
Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 996.90 | $ | 2.88 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 27.1 | % | ||
Industrials | 20.3 | |||
Consumer Staples | 17.2 | |||
Materials | 12.9 | |||
Consumer Discretionary | 7.6 | |||
Energy | 5.5 | |||
Communication Services | 4.8 | |||
Health Care | 1.7 | |||
Utilities | 1.5 | |||
Real Estate | 1.4 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Turkiye Garanti Bankasi AS | 9.8 | % | ||
BIM Birlesik Magazalar AS | 9.1 | |||
Akbank T. A. S. | 8.6 | |||
KOC Holding AS | 5.7 | |||
Tupras Turkiye Petrol Rafinerileri AS | 5.5 | |||
Turkcell Iletisim Hizmetleri AS | 4.8 | |||
Aselsan Elektronik Sanayi Ve Ticaret AS | 4.7 | |||
Eregli Demir ve Celik Fabrikalari TAS | 4.7 | |||
Haci Omer Sabanci Holding AS | 3.3 | |||
Turk Hava Yollari AO | 3.3 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 9 |
Fund Summary as of February 29, 2020 | iShares® MSCI USA Equal Weighted ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||||||||||
Since | Since | ||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||||||||||
Fund NAV | 0.05 | % | 2.43 | % | 6.83 | % | 10.95 | % | 2.43 | % | 39.13 | % | 177.38 | % | |||||||||||||||
Fund Market | 0.17 | 2.52 | 6.84 | 10.95 | 2.52 | 39.22 | 177.57 | ||||||||||||||||||||||
Index | 0.12 | 2.61 | 6.97 | 11.12 | 2.61 | 40.05 | 181.56 |
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 11 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,000.50 | $ | 0.75 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Information Technology | 15.9 | % | ||
Financials | 14.0 | |||
Industrials | 13.7 | |||
Health Care | 12.0 | |||
Consumer Discretionary | 11.4 | |||
Real Estate | 6.6 | |||
Communication Services | 6.0 | |||
Consumer Staples | 5.7 | |||
Materials | 5.3 | |||
Utilities | 5.0 | |||
Energy | 4.4 |
TEN LARGEST HOLDINGS | ||||
Percent of | ||||
Security | Total Investments | (a) | ||
Domino's Pizza Inc. | 0.2 | % | ||
Regeneron Pharmaceuticals Inc. | 0.2 | |||
Zillow Group Inc., Class C | 0.2 | |||
Dropbox Inc., Class A | 0.2 | |||
E*TRADE Financial Corp. | 0.2 | |||
Gilead Sciences Inc. | 0.2 | |||
BioMarin Pharmaceutical Inc. | 0.2 | |||
Square Inc., Class A | 0.2 | |||
Sprint Corp. | 0.2 | |||
Zayo Group Holdings Inc. | 0.2 |
(a) | Excludes money market funds. |
10 | 2 0 2 0 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. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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 | 11 |
Schedule of Investments (unaudited) | iShares® MSCI Brazil ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.8% | ||||||||
Embraer SA(a) | 18,283,787 | $ | 68,731,623 | |||||
Banks — 5.1% | ||||||||
Banco Bradesco SA | 22,594,248 | 136,667,744 | ||||||
Banco do Brasil SA | 20,937,587 | 217,467,075 | ||||||
Banco Santander Brasil SA | 10,846,475 | 95,827,578 | ||||||
449,962,397 | ||||||||
Beverages — 3.6% | ||||||||
Ambev SA | 98,321,055 | 316,865,923 | ||||||
Capital Markets — 5.5% | ||||||||
B3 SA - Brasil, Bolsa, Balcao | 42,262,877 | 449,639,953 | ||||||
Banco BTG Pactual SA | 2,725,200 | 40,808,687 | ||||||
490,448,640 | ||||||||
Containers & Packaging — 0.9% | ||||||||
Klabin SA | 19,537,300 | 83,360,417 | ||||||
Diversified Consumer Services — 1.2% | ||||||||
Cogna Educacao | 45,809,819 | 102,450,561 | ||||||
Electric Utilities — 2.4% | ||||||||
Centrais Eletricas Brasileiras SA | 7,952,396 | 60,863,816 | ||||||
Energisa SA | 2,575,500 | 30,826,194 | ||||||
Equatorial Energia SA | 22,680,000 | 123,965,467 | ||||||
215,655,477 | ||||||||
Electrical Equipment — 2.3% | ||||||||
WEG SA | 21,049,481 | 201,319,940 | ||||||
Food & Staples Retailing — 2.4% | ||||||||
Atacadao SA | 11,917,500 | 54,652,527 | ||||||
Raia Drogasil SA | 5,956,600 | 158,300,476 | ||||||
212,953,003 | ||||||||
Food Products — 2.5% | ||||||||
BRF SA(a) | 14,865,650 | 89,095,381 | ||||||
JBS SA | 27,284,607 | 137,280,281 | ||||||
226,375,662 | ||||||||
Health Care Providers & Services — 1.6% | ||||||||
Hapvida Participacoes e Investimentos SA(b) | 2,334,800 | 28,566,258 | ||||||
Notre Dame Intermedica Participacoes SA | 8,118,800 | 113,783,588 | ||||||
142,349,846 | ||||||||
Independent Power and Renewable Electricity Producers — 0.7% | ||||||||
Engie Brasil Energia SA | 6,031,443 | 63,540,941 | ||||||
Insurance — 4.4% | ||||||||
BB Seguridade Participacoes SA | 17,629,495 | 124,455,447 | ||||||
IRB Brasil Resseguros S/A | 18,242,700 | 134,445,219 | ||||||
Porto Seguro SA | 3,343,820 | 45,195,470 | ||||||
Sul America SA | 6,917,249 | 82,884,639 | ||||||
386,980,775 | ||||||||
Internet & Direct Marketing Retail — 0.9% | ||||||||
B2W Cia. Digital(a) | 5,846,088 | 80,532,481 | ||||||
IT Services — 0.6% | ||||||||
Cielo SA | 34,911,296 | 53,005,525 | ||||||
Metals & Mining — 8.2% | ||||||||
Cia. Siderurgica Nacional SA | 18,084,869 | 44,814,831 | ||||||
Vale SA | 69,788,732 | 685,411,926 | ||||||
730,226,757 |
Security | Shares | Value | ||||||
Multiline Retail — 4.9% | ||||||||
Lojas Renner SA | 19,711,309 | $ | 232,866,638 | |||||
Magazine Luiza SA | 18,165,900 | 203,415,883 | ||||||
436,282,521 | ||||||||
Oil, Gas & Consumable Fuels — 7.1% | ||||||||
Cosan SA | 4,559,650 | 73,948,465 | ||||||
Petroleo Brasileiro SA | 78,640,369 | 473,238,398 | ||||||
Ultrapar Participacoes SA | 19,434,110 | 82,187,851 | ||||||
629,374,714 | ||||||||
Paper & Forest Products — 1.3% | ||||||||
Suzano SA | 14,126,930 | 119,424,404 | ||||||
Personal Products — 1.9% | ||||||||
Natura & Co. Holding SA | 16,520,063 | 166,641,488 | ||||||
Pharmaceuticals — 0.8% | ||||||||
Hypera SA | 9,939,900 | 75,568,488 | ||||||
Real Estate Management & Development — 1.6% | ||||||||
BR Malls Participacoes SA | 22,276,538 | 80,679,714 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 8,681,138 | 58,725,373 | ||||||
139,405,087 | ||||||||
Road & Rail — 3.4% | ||||||||
Localiza Rent a Car SA | 15,353,138 | 168,584,539 | ||||||
Rumo SA(a) | 28,384,790 | 132,875,281 | ||||||
301,459,820 | ||||||||
Specialty Retail — 0.7% | ||||||||
Petrobras Distribuidora SA | 10,191,400 | 58,957,486 | ||||||
Transportation Infrastructure — 1.3% | ||||||||
CCR SA | 32,047,665 | 115,997,112 | ||||||
Water Utilities — 1.3% | ||||||||
Cia. de Saneamento Basico do Estado de Sao Paulo. | 9,021,500 | 117,476,561 | ||||||
Wireless Telecommunication Services — 1.0% | ||||||||
TIM Participacoes SA | 23,843,125 | 85,243,671 | ||||||
Total Common Stocks — 68.4% | ||||||||
(Cost: $4,830,482,165) | 6,070,591,320 | |||||||
Preferred Stocks | ||||||||
Banks — 18.1% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 88,562,146 | 599,293,455 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 107,660,747 | 763,610,631 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 89,796,927 | 239,039,175 | ||||||
1,601,943,261 | ||||||||
Chemicals — 0.4% | ||||||||
Braskem SA, Class A, Preference Shares, NVS | 5,249,456 | 31,287,416 | ||||||
Diversified Telecommunication Services — 1.5% | ||||||||
Telefonica Brasil SA, Preference Shares, NVS | 11,587,464 | 137,098,141 | ||||||
Electric Utilities — 1.6% | ||||||||
Centrais Eletricas Brasileiras SA, Class B, Preference | ||||||||
Shares, NVS | 7,607,646 | 60,451,079 | ||||||
Cia. Energetica de Minas Gerais, Preference | ||||||||
Shares, NVS | 25,644,670 | 79,350,037 | ||||||
139,801,116 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
Cia. Brasileira de Distribuicao, Preference | ||||||||
Shares, NVS | 4,356,864 | 69,636,045 |
12 | 2 0 2 0 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) | iShares® MSCI Brazil ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Metals & Mining — 1.2% | ||||||||
Gerdau SA, Preference Shares, NVS | 27,958,726 | $ | 104,915,326 | |||||
Multiline Retail — 1.3% | ||||||||
Lojas Americanas SA, Preference Shares, NVS | 20,080,017 | 118,388,717 | ||||||
Oil, Gas & Consumable Fuels — 5.7% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 90,707,483 | 509,464,967 | ||||||
Total Preferred Stocks — 30.6% | ||||||||
(Cost: $2,236,248,752) | 2,712,534,989 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(c)(d) | 638,000 | 638,000 | ||||||
Total Short-Term Investments — 0.0% | ||||||||
(Cost: $638,000) | 638,000 | |||||||
Total Investments in Securities — 99.0% | ||||||||
(Cost: $7,067,368,917) | 8,783,764,309 | |||||||
Other Assets, Less Liabilities — 1.0% | 88,018,344 | |||||||
Net Assets — 100.0% | $ | 8,871,782,653 |
(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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss)(a) | (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 5,634,000 | (4,996,000 | ) | 638,000 | $ | 638,000 | $ | 186,108 | $ | — | $ | — |
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
MISC Brazil Index | 1,740 | 03/20/20 | $ | 85,860 | $ | (18,465,582 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 18,465,582 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
S c h e d u l e o f I n v e s t m e n t s | 13 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Brazil ETF |
February 29, 2020 |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 5,696,849 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (18,977,535 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments |
Futures contracts: | ||||
Average notional value of contracts — long | $ | 59,045,800 |
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 29, 2020. 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 | $ | 6,070,591,320 | $ | — | $ | — | $ | 6,070,591,320 | ||||||||
Preferred Stocks | 2,712,534,989 | — | — | 2,712,534,989 | ||||||||||||
Money Market Funds | 638,000 | — | — | 638,000 | ||||||||||||
$ | 8,783,764,309 | $ | — | $ | — | $ | 8,783,764,309 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (18,465,582 | ) | $ | — | $ | — | $ | (18,465,582 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
14 | 2 0 2 0 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) | iShares® MSCI Chile ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 3.9% | ||||||||
Latam Airlines Group SA | 2,645,954 | $ | 17,598,192 | |||||
Banks — 20.7% | ||||||||
Banco de Chile | 491,942,467 | 43,207,557 | ||||||
Banco de Credito e Inversiones SA | 521,333 | 19,383,244 | ||||||
Banco Santander Chile | 486,838,055 | 21,655,578 | ||||||
Grupo Security SA | 15,358,975 | 3,022,067 | ||||||
Itau CorpBanca | 1,867,997,205 | 6,833,664 | ||||||
94,102,110 | ||||||||
Beverages — 4.5% | ||||||||
Cia. Cervecerias Unidas SA | 1,701,661 | 12,744,877 | ||||||
Vina Concha y Toro SA | 4,653,438 | 7,683,593 | ||||||
20,428,470 | ||||||||
Construction & Engineering — 1.1% | ||||||||
Besalco SA | 6,143,642 | 2,462,684 | ||||||
Salfacorp SA | 5,294,343 | 2,477,724 | ||||||
4,940,408 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
Inversiones La Construccion SA | 487,069 | 3,634,864 | ||||||
Electric Utilities — 22.9% | ||||||||
Enel Americas SA | 409,729,157 | 68,427,212 | ||||||
Enel Chile SA | 305,999,609 | 27,230,470 | ||||||
Engie Energia Chile SA | 6,441,353 | 8,282,446 | ||||||
103,940,128 | ||||||||
Food & Staples Retailing — 5.1% | ||||||||
Cencosud SA | 16,046,305 | 18,778,361 | ||||||
SMU SA | 29,860,765 | 4,451,468 | ||||||
23,229,829 | ||||||||
Independent Power and Renewable Electricity Producers — 3.8% | ||||||||
AES Gener SA | 37,815,913 | 5,552,093 | ||||||
Colbun SA | 92,029,227 | 11,521,463 | ||||||
17,073,556 | ||||||||
IT Services — 1.0% | ||||||||
SONDA SA | 6,467,351 | 4,563,719 | ||||||
Marine — 0.9% | ||||||||
Cia. Sud Americana de Vapores SA(a) | 143,497,481 | 4,196,488 | ||||||
Metals & Mining — 1.1% | ||||||||
CAP SA | 897,685 | 5,066,597 | ||||||
Multiline Retail — 5.2% | ||||||||
Ripley Corp. SA | 10,175,426 | 3,969,301 | ||||||
SACI Falabella | 5,918,301 | 19,623,540 | ||||||
23,592,841 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels — 6.6% | ||||||||
Empresas COPEC SA | 3,895,074 | $ | 30,146,191 | |||||
Paper & Forest Products — 4.4% | ||||||||
Empresas CMPC SA | 9,861,725 | 19,835,732 | ||||||
Real Estate Management & Development — 3.0% | ||||||||
Parque Arauco SA | 6,751,299 | 13,826,365 | ||||||
Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
Forus SA | 1,730,295 | 2,077,417 | ||||||
Water Utilities — 3.4% | ||||||||
Aguas Andinas SA, Class A | 30,862,575 | 10,534,577 | ||||||
Inversiones Aguas Metropolitanas SA | 5,475,977 | 4,740,155 | ||||||
15,274,732 | ||||||||
Wireless Telecommunication Services — 2.1% | ||||||||
Empresa Nacional de Telecomunicaciones SA(a) | 1,793,280 | 9,410,058 | ||||||
Total Common Stocks — 90.9% | ||||||||
(Cost: $475,734,092) | 412,937,697 | |||||||
Preferred Stocks | ||||||||
Beverages — 2.2% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 4,239,670 | 10,207,292 | ||||||
Chemicals — 6.6% | ||||||||
Sociedad Quimica y Minera de Chile SA, Series B, | ||||||||
Preference Shares | 1,137,689 | 29,756,629 | ||||||
Total Preferred Stocks — 8.8% | ||||||||
(Cost: $36,964,091) | 39,963,921 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(b)(c) | 412,000 | 412,000 | ||||||
Total Short-Term Investments — 0.1% | ||||||||
(Cost: $412,000) | 412,000 | |||||||
Total Investments in Securities — 99.8% | ||||||||
(Cost: $513,110,183) | 453,313,618 | |||||||
Other Assets, Less Liabilities — 0.2% | 903,992 | |||||||
Net Assets — 100.0% | $ | 454,217,610 |
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | 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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 412,000 | 412,000 | $ | 412,000 | $ | 7,819 | $ | — | $ | — |
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
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) | iShares® MSCI Chile ETF |
February 29, 2020 |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets E-Mini | 16 | 03/20/20 | $ | 807 | $ | (20,979 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 20,979 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 187,717 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (20,979 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments |
Futures contracts: | ||||
Average notional value of contracts — long | $ | 286,313 |
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 29, 2020. 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 | $ | 412,937,697 | $ | — | $ | — | $ | 412,937,697 | ||||||||
Preferred Stocks | 39,963,921 | — | — | 39,963,921 | ||||||||||||
Money Market Funds | 412,000 | — | — | 412,000 | ||||||||||||
$ | 453,313,618 | $ | — | $ | — | $ | 453,313,618 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (20,979 | ) | $ | — | $ | — | $ | (20,979 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
16 | 2 0 2 0 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) | iShares® MSCI Colombia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 6.6% | ||||||||
Banco de Bogota SA | 1,185 | $ | 28,744 | |||||
Bancolombia SA | 114,159 | 1,255,181 | ||||||
Grupo Aval Acciones y Valores SA | 59,591 | 23,940 | ||||||
1,307,865 | ||||||||
Capital Markets — 1.6% | ||||||||
Bolsa de Valores de Colombia | 107,716 | 314,609 | ||||||
Construction & Engineering — 1.2% | ||||||||
Construcciones El Condor SA | 300,219 | 115,109 | ||||||
Constructora Conconcreto SA(a) | 952,674 | 127,844 | ||||||
242,953 | ||||||||
Construction Materials — 8.3% | ||||||||
Cementos Argos SA | 115,970 | 173,282 | ||||||
CEMEX Latam Holdings SA(a) | 542,594 | 547,633 | ||||||
Grupo Argos SA | 113,671 | 480,698 | ||||||
Tecnoglass Inc. | 59,256 | 431,976 | ||||||
1,633,589 | ||||||||
Diversified Financial Services — 5.0% | ||||||||
Corp. Financiera Colombiana SA(a) | 17,209 | 156,222 | ||||||
Grupo de Inversiones Suramericana SA | 96,203 | 827,218 | ||||||
983,440 | ||||||||
Electric Utilities — 9.3% | ||||||||
Celsia SA ESP | 23,605 | 29,947 | ||||||
Enel Americas SA | 5,441,047 | 908,687 | ||||||
Interconexion Electrica SA ESP | 173,069 | 907,536 | ||||||
1,846,170 | ||||||||
Food Products — 4.4% | ||||||||
Grupo Nutresa SA | 130,951 | 864,624 | ||||||
Gas Utilities — 5.0% | ||||||||
Grupo Energia Bogota SA ESP(a) | 1,433,005 | 973,635 | ||||||
Promigas SA ESP | 11,736 | 26,966 | ||||||
1,000,601 | ||||||||
Metals & Mining — 1.5% | ||||||||
Mineros SA | 298,052 | 289,476 | ||||||
Oil, Gas & Consumable Fuels — 29.4% | ||||||||
Canacol Energy Ltd. | 290,234 | 925,393 | ||||||
Ecopetrol SA | 4,620,496 | 4,044,657 | ||||||
Empresas COPEC SA | 108,137 | 836,934 | ||||||
5,806,984 | ||||||||
Total Common Stocks — 72.3% | ||||||||
(Cost: $13,246,562) | 14,290,311 |
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Airlines — 2.5% | ||||||||
Avianca Holdings SA, Preference Shares, NVS | 1,092,962 | $ | 505,336 | |||||
Banks — 23.6% | ||||||||
Banco Davivienda SA, Preference Shares, NVS | 73,988 | 876,077 | ||||||
Bancolombia SA, Preference Shares, NVS | 260,489 | 3,090,271 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares, NVS | 1,719,319 | 702,839 | ||||||
4,669,187 | ||||||||
Construction Materials — 0.8% | ||||||||
Cementos Argos SA, Preference Shares, NVS | 18,549 | 23,898 | ||||||
Grupo Argos SA/Colombia, Preference Shares, NVS | 39,515 | 139,253 | ||||||
163,151 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
Grupo de Inversiones Suramericana SA, Preference | ||||||||
Shares, NVS | 7,094 | 52,799 | ||||||
Total Preferred Stocks — 27.2% | ||||||||
(Cost: $4,589,383) | 5,390,473 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
1.52%(b)(c) | 12,000 | 12,000 | ||||||
Total Short-Term Investments — 0.1% | ||||||||
(Cost: $12,000) | 12,000 | |||||||
Total Investments in Securities — 99.6% | ||||||||
(Cost: $17,847,945) | 19,692,784 | |||||||
Other Assets, Less Liabilities — 0.4% | 79,551 | |||||||
Net Assets — 100.0% | $ | 19,772,335 |
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | 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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 12,000 | 12,000 | $ | 12,000 | $ | 262 | $ | — | $ | — |
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
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) | iShares® MSCI Colombia ETF |
February 29, 2020 |
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 29, 2020. 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 | $ | 14,290,311 | $ | — | $ | — | $ | 14,290,311 | ||||||||
Preferred Stocks | 5,390,473 | — | — | 5,390,473 | ||||||||||||
Money Market Funds | 12,000 | — | — | 12,000 | ||||||||||||
$ | 19,692,784 | $ | — | $ | — | $ | 19,692,784 |
See notes to financial statements.
18 | 2 0 2 0 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) | iShares® MSCI Israel ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 3.1% | ||||||||
Elbit Systems Ltd. | 23,585 | $ | 3,512,688 | |||||
Banks — 23.2% | ||||||||
Bank Hapoalim BM | 1,020,327 | 7,969,387 | ||||||
Bank Leumi Le-Israel BM | 1,347,293 | 8,744,246 | ||||||
FIBI Holdings Ltd. | 3,251 | 98,701 | ||||||
First International Bank of Israel Ltd. | 50,357 | 1,349,430 | ||||||
Israel Discount Bank Ltd., Class A | 1,110,486 | 4,646,903 | ||||||
Mizrahi Tefahot Bank Ltd. | 138,039 | 3,558,318 | ||||||
26,366,985 | ||||||||
Biotechnology — 0.2% | ||||||||
UroGen Pharma Ltd.(a)(b) | 10,162 | 277,016 | ||||||
Building Products — 0.2% | ||||||||
Caesarstone Ltd. | 26,740 | 289,060 | ||||||
Chemicals — 2.4% | ||||||||
Israel Chemicals Ltd. | 624,609 | 2,313,168 | ||||||
Israel Corp. Ltd. (The)(a) | 2,667 | 374,452 | ||||||
2,687,620 | ||||||||
Communications Equipment — 1.5% | ||||||||
Gilat Satellite Networks Ltd. | 16,941 | 157,940 | ||||||
Ituran Location and Control Ltd. | 20,565 | 470,733 | ||||||
Radware Ltd.(a) | 46,456 | 1,055,480 | ||||||
1,684,153 | ||||||||
Construction & Engineering — 3.5% | ||||||||
Ashtrom Group Ltd. | 16,564 | 242,430 | ||||||
Elco Ltd. | 8,283 | 316,241 | ||||||
Electra Ltd./Israel | 2,375 | 1,156,413 | ||||||
Shapir Engineering and Industry Ltd. | 126,119 | 883,201 | ||||||
Shikun & Binui Ltd. | 257,338 | 1,399,682 | ||||||
3,997,967 | ||||||||
Consumer Finance — 0.1% | ||||||||
Isracard Ltd.(a) | 29,248 | 103,039 | ||||||
Diversified Telecommunication Services — 1.4% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 2,217,827 | 1,627,448 | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.0% | ||||||||
REIT 1 Ltd | 198,697 | 1,193,980 | ||||||
Food & Staples Retailing — 1.2% | ||||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 8,659 | 483,618 | ||||||
Shufersal Ltd. | 133,103 | 840,615 | ||||||
1,324,233 | ||||||||
Food Products — 1.4% | ||||||||
Mehadrin Ltd.(a). | 369 | 13,275 | ||||||
Strauss Group Ltd. | 51,005 | 1,533,919 | ||||||
1,547,194 | ||||||||
Hotels, Restaurants & Leisure — 0.3% | ||||||||
Fattal Holdings 1998 Ltd. | 2,419 | 293,489 | ||||||
Household Durables — 0.2% | ||||||||
Maytronics Ltd. | 25,320 | 205,090 | ||||||
Independent Power and Renewable Electricity Producers — 0.9% | ||||||||
Energix-Renewable Energies Ltd.(a) | 67,993 | 232,914 | ||||||
Enlight Renewable Energy Ltd.(a) | 254,722 | 358,948 |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers (continued) | ||||||||
Kenon Holdings Ltd./Singapore | 24,583 | $ | 405,563 | |||||
997,425 | ||||||||
Insurance — 2.4% | ||||||||
Clal Insurance Enterprises Holdings Ltd.(a) | 37,500 | 393,002 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 129,780 | 767,216 | ||||||
IDI Insurance Co. Ltd. | 8,735 | 246,058 | ||||||
Menora Mivtachim Holdings Ltd. | 35,748 | 419,180 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 487,400 | 353,049 | ||||||
Phoenix Holdings Ltd. (The) | 102,597 | 516,304 | ||||||
2,694,809 | ||||||||
IT Services — 5.4% | ||||||||
Formula Systems 1985 Ltd. | 5,159 | 341,037 | ||||||
Matrix IT Ltd. | 45,273 | 833,778 | ||||||
Wix.com Ltd.(a)(b) | 36,859 | 4,940,212 | ||||||
6,115,027 | ||||||||
Machinery — 1.5% | ||||||||
Kornit Digital Ltd.(a) | 43,019 | 1,714,307 | ||||||
Oil, Gas & Consumable Fuels — 2.0% | ||||||||
Delek Group Ltd. | 4,939 | 483,517 | ||||||
Equital Ltd.(a) | 11,171 | 269,777 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 51,600 | 214,300 | ||||||
Oil Refineries Ltd. | 1,179,601 | 398,673 | ||||||
Paz Oil Co. Ltd. | 8,158 | 893,515 | ||||||
2,259,782 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
Hadera Paper Ltd. | 2,677 | 81,428 | ||||||
Pharmaceuticals — 9.7% | ||||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b). | 952,892 | 10,986,845 | ||||||
Real Estate Management & Development — 13.2% | ||||||||
AFI Properties Ltd.(a) | 30,429 | 1,267,246 | ||||||
Airport City Ltd.(a) | 80,777 | 1,532,524 | ||||||
Alony Hetz Properties & Investments Ltd. | 119,065 | 1,960,886 | ||||||
Amot Investments Ltd. | 150,163 | 1,130,287 | ||||||
Azrieli Group Ltd. | 41,858 | 3,045,177 | ||||||
Bayside Land Corp. | 977 | 803,673 | ||||||
Big Shopping Centers Ltd. | 2,841 | 308,723 | ||||||
Blue Square Real Estate Ltd. | 4,420 | 302,566 | ||||||
Brack Capital Properties NV(a) | 1,466 | 140,813 | ||||||
Gazit-Globe Ltd. | 109,047 | 1,268,373 | ||||||
Industrial Buildings Corp. Ltd.(a) | 384,161 | 1,094,255 | ||||||
Melisron Ltd. | 20,553 | 1,277,403 | ||||||
Norstar Holdings Inc. | 18,254 | 424,484 | ||||||
Property & Building Corp. Ltd. | 1,439 | 148,458 | ||||||
Summit Real Estate Holdings Ltd. | 17,342 | 276,268 | ||||||
14,981,136 | ||||||||
Semiconductors & Semiconductor Equipment — 2.1% | ||||||||
Nova Measuring Instruments Ltd.(a) | 17,521 | 612,237 | ||||||
Tower Semiconductor Ltd.(a) | 94,066 | 1,809,970 | ||||||
2,422,207 | ||||||||
Software — 21.6% | ||||||||
Check Point Software Technologies Ltd.(a)(b) | 110,174 | 11,436,061 | ||||||
CyberArk Software Ltd.(a)(b) | 32,471 | 3,399,714 | ||||||
Hilan Ltd. | 8,355 | 319,469 | ||||||
Nice Ltd.(a) | 53,801 | 8,598,544 | ||||||
Sapiens International Corp. NV(b) | 34,947 | 810,766 | ||||||
24,564,554 |
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) | iShares® MSCI Israel ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Specialty Retail — 0.2% | ||||||||
Delek Automotive Systems Ltd. | 53,416 | $ | 287,627 | |||||
Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
Delta-Galil Industries Ltd.(b) | 12,922 | 247,973 | ||||||
Wireless Telecommunication Services — 1.0% | ||||||||
Cellcom Israel Ltd.(a) | 109,282 | 398,453 | ||||||
Partner Communications Co. Ltd.(a) | 165,150 | 803,660 | ||||||
1,202,113 | ||||||||
Total Common Stocks — 100.0% | ||||||||
(Cost: $129,294,618) | 113,665,195 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 16.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, | ||||||||
1.74%(c)(d)(e) | 18,040,902 | 18,053,530 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
1.52%(c)(d) | 50,000 | 50,000 | ||||||
18,103,530 | ||||||||
Total Short-Term Investments — 16.0% | ||||||||
(Cost: $18,098,551) | 18,103,530 | |||||||
Total Investments in Securities — 116.0% | ||||||||
(Cost: $147,393,169) | 131,768,725 | |||||||
Other Assets, Less Liabilities — (16.0)% | (18,135,563 | ) | ||||||
Net Assets — 100.0% | $ | 113,633,162 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 7,807,734 | 10,233,168 | 18,040,902 | $ | 18,053,530 | $ | 21,254 | (b) | $ | 164 | $ | 3,774 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 92,000 | (42,000 | ) | 50,000 | 50,000 | 675 | — | — | ||||||||||||||||||||
$ | 18,103,530 | $ | 21,929 | $ | 164 | $ | 3,774 |
(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 | ||||||||||||||||
Euro STOXX 50 Index | 1 | 03/20/20 | $ | 36 | $ | (4,648 | ) |
20 | 2 0 2 0 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) | iShares® MSCI Israel ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 4,648 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 4,059 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (4,648 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments |
Futures contracts: | ||||
Average notional value of contracts — long | $ | 12,134 |
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 29, 2020. 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 | $ | 113,665,195 | $ | — | $ | — | $ | 113,665,195 | ||||||||
Money Market Funds | 18,103,530 | — | — | 18,103,530 | ||||||||||||
$ | 131,768,725 | $ | — | $ | — | $ | 131,768,725 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (4,648 | ) | $ | — | $ | — | $ | (4,648 | ) |
(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) | iShares® MSCI Russia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 16.7% | ||||||||
Sberbank of Russia PJSC | 22,837,190 | $ | 79,304,861 | |||||
VTB Bank PJSC | 10,048,995,016 | 6,479,508 | ||||||
85,784,369 | ||||||||
Capital Markets — 2.2% | ||||||||
Moscow Exchange MICEX-RTS PJSC | 7,764,390 | 11,447,853 | ||||||
Chemicals — 1.7% | ||||||||
PhosAgro PJSC, GDR(a) | 792,351 | 8,723,784 | ||||||
Electric Utilities — 2.6% | ||||||||
Inter RAO UES PJSC | 171,281,098 | 13,264,090 | ||||||
Food & Staples Retailing — 6.1% | ||||||||
Magnit PJSC, GDR(a) | 1,435,817 | 15,636,047 | ||||||
X5 Retail Group NV, GDR(a) | 518,337 | 15,970,488 | ||||||
31,606,535 | ||||||||
Metals & Mining — 19.4% | ||||||||
Alrosa PJSC | 11,791,040 | 12,526,226 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 16,148,300 | 9,608,479 | ||||||
MMC Norilsk Nickel PJSC | 76,924 | 23,180,223 | ||||||
Novolipetsk Steel PJSC | 6,240,450 | 11,602,408 | ||||||
Polymetal International PLC | 980,209 | 14,952,563 | ||||||
Polyus PJSC | 127,139 | 16,013,460 | ||||||
Severstal PJSC | 990,825 | 12,010,804 | ||||||
99,894,163 | ||||||||
Oil, Gas & Consumable Fuels — 44.6% | ||||||||
Gazprom PJSC | 23,892,590 | 72,051,092 | ||||||
LUKOIL PJSC | 942,286 | 79,919,034 | ||||||
Novatek PJSC, GDR(a) | 161,601 | 23,157,423 | ||||||
Rosneft Oil Co. PJSC, GDR(a) | 1,323,009 | 8,004,204 | ||||||
Rosneft Oil Co. PJSC | 1,793,520 | 10,766,458 | ||||||
Surgutneftegas PJSC | 21,115,546 | 12,077,024 | ||||||
Tatneft PJSC | 2,315,248 | 23,138,699 | ||||||
229,113,934 |
Security | Shares | Value | ||||||
Wireless Telecommunication Services — 3.7% | ||||||||
Mobile TeleSystems PJSC, ADR | 1,959,845 | $ | 19,010,496 | |||||
Total Common Stocks — 97.0% | ||||||||
(Cost: $467,432,561) | 498,845,224 | |||||||
Preferred Stocks | ||||||||
Oil, Gas & Consumable Fuels — 2.8% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 21,539,300 | 10,503,614 | ||||||
Transneft PJSC, Preference Shares, NVS | 1,717 | 3,879,858 | ||||||
14,383,472 | ||||||||
Total Preferred Stocks — 2.8% | ||||||||
(Cost: $15,744,641) | 14,383,472 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(b)(c) | 1,538,000 | 1,538,000 | ||||||
Total Short-Term Investments — 0.3% | ||||||||
(Cost: $1,538,000) | 1,538,000 | |||||||
Total Investments in Securities — 100.1% | ||||||||
(Cost: $484,715,202) | 514,766,696 | |||||||
Other Assets, Less Liabilities — (0.1)% | (446,716 | ) | ||||||
Net Assets — 100.0% | $ | 514,319,980 |
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | Affiliate of the Fund. |
(c) | 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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 653,000 | 885,000 | 1,538,000 | $ | 1,538,000 | $ | 15,008 | $ | — | $ | — |
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets E-Mini | 11 | 03/20/20 | $ | 555 | $ | (71,652 | ) |
22 | 2 0 2 0 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) | iShares® MSCI Russia ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 71,652 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (49,554 | ) | |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (71,652 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments |
Futures contracts: | ||||
Average notional value of contracts — long | $ | 202,247 |
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 29, 2020. 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 | $ | 498,845,224 | $ | — | $ | — | $ | 498,845,224 | ||||||||
Preferred Stocks | 14,383,472 | — | — | 14,383,472 | ||||||||||||
Money Market Funds | 1,538,000 | — | — | 1,538,000 | ||||||||||||
$ | 514,766,696 | $ | — | $ | — | $ | 514,766,696 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (71,652 | ) | $ | — | $ | — | $ | (71,652 | ) |
(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 |
Schedule of Investments (unaudited) | iShares® MSCI South Africa ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 11.7% | ||||||||
Absa Group Ltd. | 911,953 | $ | 7,669,414 | |||||
Capitec Bank Holdings Ltd. | 60,209 | 4,975,438 | ||||||
Nedbank Group Ltd. | 481,267 | 5,402,953 | ||||||
Standard Bank Group Ltd. | 1,598,956 | 15,093,600 | ||||||
33,141,405 | ||||||||
Capital Markets — 2.2% | ||||||||
Investec Ltd. | 419,706 | 2,104,199 | ||||||
Reinet Investments SCA | 196,115 | 4,018,790 | ||||||
6,122,989 | ||||||||
Chemicals — 2.9% | ||||||||
Sasol Ltd. | 706,670 | 8,350,758 | ||||||
Diversified Financial Services — 10.0% | ||||||||
FirstRand Ltd. | 4,155,458 | 14,559,886 | ||||||
PSG Group Ltd. | 211,616 | 2,510,094 | ||||||
Remgro Ltd. | 672,258 | 6,837,319 | ||||||
RMB Holdings Ltd. | 1,017,250 | 4,530,307 | ||||||
28,437,606 | ||||||||
Diversified Telecommunication Services — 0.3% | ||||||||
Telkom SA SOC Ltd. | 546,117 | 905,364 | ||||||
Equity Real Estate Investment Trusts (REITs) — 3.1% | ||||||||
Fortress REIT Ltd., Series A | 1,806,492 | 1,854,549 | ||||||
Growthpoint Properties Ltd. | 3,961,347 | 4,431,854 | ||||||
Redefine Properties Ltd. | 7,594,149 | 2,621,252 | ||||||
8,907,655 | ||||||||
Food & Staples Retailing — 7.7% | ||||||||
Bid Corp. Ltd. | 424,422 | 7,503,702 | ||||||
Clicks Group Ltd. | 340,773 | 5,101,360 | ||||||
Pick n Pay Stores Ltd. | 551,020 | 1,934,866 | ||||||
Shoprite Holdings Ltd. | 627,908 | 4,475,164 | ||||||
SPAR Group Ltd. (The) | 269,036 | 2,804,685 | ||||||
21,819,777 | ||||||||
Food Products — 0.8% | ||||||||
Tiger Brands Ltd. | 232,600 | 2,238,691 | ||||||
Health Care Providers & Services — 1.0% | ||||||||
Life Healthcare Group Holdings Ltd. | 1,934,933 | 2,742,841 | ||||||
Industrial Conglomerates — 1.5% | ||||||||
Bidvest Group Ltd. (The) | 378,738 | 4,333,524 | ||||||
Insurance — 8.4% | ||||||||
Discovery Ltd. | 535,586 | 3,278,577 | ||||||
Liberty Holdings Ltd. | 215,497 | 1,283,681 | ||||||
Momentum Metropolitan Holdings | 1,394,802 | 1,578,201 | ||||||
Old Mutual Ltd. | 6,045,201 | 6,017,726 | ||||||
Rand Merchant Investment Holdings Ltd. | 1,155,206 | 1,826,270 | ||||||
Sanlam Ltd. | 2,344,236 | 9,683,022 | ||||||
23,667,477 | ||||||||
Internet & Direct Marketing Retail — 22.6% | ||||||||
Naspers Ltd., Class N | 423,131 | 64,040,271 | ||||||
Media — 1.2% | ||||||||
MultiChoice Group Ltd.(a) | 595,951 | 3,425,350 | ||||||
Metals & Mining — 13.8% | ||||||||
Anglo American Platinum Ltd. | 69,912 | 4,654,460 |
Security | Shares | Value | ||||||
Metals & Mining (continued) | ||||||||
AngloGold Ashanti Ltd. | 521,599 | $ | 9,209,837 | |||||
Gold Fields Ltd. | 1,064,989 | 6,243,097 | ||||||
Impala Platinum Holdings Ltd.(a) | 1,001,404 | 7,934,718 | ||||||
Kumba Iron Ore Ltd. | 95,704 | 1,707,481 | ||||||
Northam Platinum Ltd.(a) | 476,942 | 3,371,625 | ||||||
Sibanye Stillwater Ltd.(a) | 2,996,759 | 5,994,852 | ||||||
39,116,070 | ||||||||
Multiline Retail — 1.1% | ||||||||
Woolworths Holdings Ltd. | 1,350,300 | 3,068,571 | ||||||
Oil, Gas & Consumable Fuels — 0.9% | ||||||||
Exxaro Resources Ltd. | 354,403 | 2,523,163 | ||||||
Pharmaceuticals — 1.2% | ||||||||
Aspen Pharmacare Holdings Ltd.(a) | 527,021 | 3,350,100 | ||||||
Real Estate Management & Development — 1.3% | ||||||||
NEPI Rockcastle PLC | 522,558 | 3,786,772 | ||||||
Specialty Retail — 2.6% | ||||||||
Foschini Group Ltd. (The) | 332,364 | 2,635,207 | ||||||
Mr. Price Group Ltd. | 347,465 | 3,334,507 | ||||||
Pepkor Holdings Ltd.(b) | 1,460,426 | 1,425,938 | ||||||
7,395,652 | ||||||||
Wireless Telecommunication Services — 5.5% | ||||||||
MTN Group Ltd.(c) | 2,114,640 | 9,906,809 | ||||||
Vodacom Group Ltd. | 826,927 | 5,764,809 | ||||||
15,671,618 | ||||||||
Total Common Stocks — 99.8% | ||||||||
(Cost: $435,898,840) | 283,045,654 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 4.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, | ||||||||
1.74%(d)(e)(f). | 11,152,935 | 11,160,742 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
1.52%(d)(e) | 65,000 | 65,000 | ||||||
11,225,742 | ||||||||
Total Short-Term Investments — 4.0% | ||||||||
(Cost: $11,222,253) | 11,225,742 | |||||||
Total Investments in Securities — 103.8% | ||||||||
(Cost: $447,121,093) | 294,271,396 | |||||||
Other Assets, Less Liabilities — (3.8)%. | (10,704,150 | ) | ||||||
Net Assets — 100.0% | $ | 283,567,246 |
(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. |
24 | 2 0 2 0 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) | iShares® MSCI South Africa ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 14,416,634 | (3,263,699 | ) | 11,152,935 | $ | 11,160,742 | $ | 38,462 | (b) | $ | 377 | $ | 1,904 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 242,000 | (177,000 | ) | 65,000 | 65,000 | 3,448 | — | — | ||||||||||||||||||||
$ | 11,225,742 | $ | 41,910 | $ | 377 | $ | 1,904 |
(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 | ||||||||||||||||
FTSE/JSE Top 40 Index | 7 | 03/19/20 | $ | 203 | $ | (225 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 225 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 27,002 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 2,032 |
Average Quarterly Balances of Outstanding Derivative Financial Instruments |
Futures contracts: | ||||
Average notional value of contracts — long | $ | 338,329 |
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 | 25 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI South Africa ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 283,045,654 | $ | — | $ | — | $ | 283,045,654 | ||||||||
Money Market Funds | 11,225,742 | — | — | 11,225,742 | ||||||||||||
$ | 294,271,396 | $ | — | $ | — | $ | 294,271,396 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (225 | ) | $ | — | $ | — | $ | (225 | ) |
(a) Shown at the unrealized appreciation (depreciation) on the contracts.
See notes to financial statements.
26 | 2 0 2 0 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) | iShares® MSCI Turkey ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 4.7% | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS(a) | 2,824,199 | $ | 12,427,967 | |||||
Airlines — 4.4% | ||||||||
Pegasus Hava Tasimaciligi AS(b) | 360,690 | 3,116,736 | ||||||
Turk Hava Yollari AO(a)(b) | 4,582,255 | 8,615,673 | ||||||
11,732,409 | ||||||||
Auto Components — 0.4% | ||||||||
Kordsa Teknik Tekstil AS | 417,456 | 930,538 | ||||||
Automobiles — 2.9% | ||||||||
Ford Otomotiv Sanayi AS | 613,926 | 7,662,716 | ||||||
Banks — 23.8% | ||||||||
Akbank T.A.S.(b) | 21,075,773 | 22,798,292 | ||||||
Turkiye Garanti Bankasi AS(b) | 17,109,400 | 26,009,409 | ||||||
Turkiye Halk Bankasi AS(a)(b) | 5,627,943 | 5,385,462 | ||||||
Turkiye Is Bankasi AS, Class C(b) | 8,737,584 | 7,983,615 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(b) | 4,362,669 | 767,922 | ||||||
62,944,700 | ||||||||
Beverages — 4.4% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,835,943 | 6,445,668 | ||||||
Coca-Cola Icecek AS | 717,639 | 5,179,104 | ||||||
11,624,772 | ||||||||
Building Products — 0.3% | ||||||||
Trakya Cam Sanayii AS | 1,547,392 | 827,026 | ||||||
Chemicals — 3.4% | ||||||||
Petkim Petrokimya Holding AS(a)(b) | 9,517,651 | 5,543,745 | ||||||
Sasa Polyester Sanayi AS | 1,873,555 | 2,614,298 | ||||||
Soda Sanayii AS | 942,193 | 872,952 | ||||||
9,030,995 | ||||||||
Construction & Engineering — 1.7% | ||||||||
Tekfen Holding AS(a) | 1,849,345 | 4,394,571 | ||||||
Containers & Packaging — 0.3% | ||||||||
Anadolu Cam Sanayii AS | 1,432,784 | 864,359 | ||||||
Diversified Financial Services — 3.3% | ||||||||
Haci Omer Sabanci Holding AS | 6,381,676 | 8,690,333 | ||||||
Electric Utilities — 1.2% | ||||||||
Enerjisa Enerji AS(c) | 2,536,057 | 3,161,321 | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.4% | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 16,835,987 | 3,744,773 | ||||||
Food & Staples Retailing — 11.0% | ||||||||
BIM Birlesik Magazalar AS | 3,115,233 | 23,947,801 | ||||||
Migros Ticaret AS(a)(b) | 799,953 | 2,785,451 | ||||||
Sok Marketler Ticaret AS(a)(b) | 1,814,309 | 2,467,756 | ||||||
29,201,008 | ||||||||
Food Products — 1.8% | ||||||||
Ulker Biskuvi Sanayi AS(b) | 1,439,329 | 4,716,959 | ||||||
Gas Utilities — 0.3% | ||||||||
Aygaz AS | 460,095 | 839,314 | ||||||
Health Care Providers & Services — 1.7% | ||||||||
MLP Saglik Hizmetleri AS(a)(b)(c) | 999,458 | 2,381,394 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 2,018,675 | 2,122,286 | ||||||
4,503,680 |
Security | Shares | Value | ||||||
Household Durables — 2.1% | ||||||||
Arcelik AS(b) | 1,236,677 | $ | 3,676,835 | |||||
Vestel Elektronik Sanayi ve Ticaret AS(a)(b) | 874,626 | 1,959,396 | ||||||
5,636,231 | ||||||||
Industrial Conglomerates — 6.9% | ||||||||
Dogan Sirketler Grubu Holding AS | 11,070,477 | 3,046,961 | ||||||
Enka Insaat ve Sanayi AS | 2 | 2 | ||||||
KOC Holding AS | 5,497,536 | 15,131,036 | ||||||
18,177,999 | ||||||||
Machinery — 0.3% | ||||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 34,963 | 844,807 | ||||||
Metals & Mining — 9.2% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS(a) | 9,408,938 | 12,421,289 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a) | 7,812,108 | 3,250,227 | ||||||
Koza Altin Isletmeleri AS(b) | 426,393 | 4,980,868 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b) | 2,012,989 | 3,639,921 | ||||||
24,292,305 | ||||||||
Oil, Gas & Consumable Fuels — 5.5% | ||||||||
Tupras Turkiye Petrol Rafinerileri AS | 899,378 | 14,578,868 | ||||||
Textiles, Apparel & Luxury Goods — 2.2% | ||||||||
Aksa Akrilik Kimya Sanayii AS | 1,889,091 | 2,388,098 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)(c) | 385,296 | 3,298,529 | ||||||
5,686,627 | ||||||||
Transportation Infrastructure — 1.9% | ||||||||
TAV Havalimanlari Holding AS | 1,578,180 | 5,141,696 | ||||||
Wireless Telecommunication Services — 4.8% | ||||||||
Turkcell Iletisim Hizmetleri AS | 5,756,166 | 12,747,984 | ||||||
Total Common Stocks — 99.9% | ||||||||
(Cost: $429,731,176) | 264,403,958 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 7.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 18,420,759 | 18,433,653 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 125,000 | 125,000 | ||||||
18,558,653 | ||||||||
Total Short-Term Investments — 7.0% | ||||||||
(Cost: $18,549,801) | 18,558,653 | |||||||
Total Investments in Securities — 106.9% | ||||||||
(Cost: $448,280,977) | 282,962,611 | |||||||
Other Assets, Less Liabilities — (6.9)% | (18,305,561 | ) | ||||||
Net Assets — 100.0% | $ | 264,657,050 | ||||||
(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) | 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) | iShares® MSCI Turkey ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 36,992,086 | (18,571,327 | ) | 18,420,759 | $ | 18,433,653 | $ | 659,737 | (b) | $ | (629 | ) | $ | 3,912 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 125,000 | 125,000 | 125,000 | 2,559 | — | — | |||||||||||||||||||||
$ | 18,558,653 | $ | 662,296 | $ | (629 | ) | $ | 3,912 |
(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 | ||||||||||||||||
MSCI Emerging Markets E-Mini | 5 | 03/20/20 | $ | 252 | $ | (25,861 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 25,861 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 19,428 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (25,861 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 291,667 |
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.
28 | 2 0 2 0 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) | iShares® MSCI Turkey ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 264,403,958 | $ | — | $ | — | $ | 264,403,958 | ||||||||
Money Market Funds | 18,558,653 | — | — | 18,558,653 | ||||||||||||
$ | 282,962,611 | $ | — | $ | — | $ | 282,962,611 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (25,861 | ) | $ | — | $ | — | $ | (25,861 | ) |
(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 |
Schedule of Investments (unaudited) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 2.2% | ||||||||
Arconic Inc. | 17,826 | $ | 523,193 | |||||
Boeing Co. (The) | 1,745 | 480,067 | ||||||
General Dynamics Corp. | 3,144 | 502,065 | ||||||
HEICO Corp. | 1,881 | 202,866 | ||||||
HEICO Corp., Class A | 3,369 | 297,584 | ||||||
Huntington Ingalls Industries Inc. | 2,490 | 511,770 | ||||||
L3Harris Technologies Inc. | 2,586 | 511,330 | ||||||
Lockheed Martin Corp. | 1,358 | 502,283 | ||||||
Northrop Grumman Corp. | 1,588 | 522,198 | ||||||
Raytheon Co. | 2,628 | 495,536 | ||||||
Spirit AeroSystems Holdings Inc., Class A | 8,881 | 469,272 | ||||||
Teledyne Technologies Inc.(a) | 1,522 | 513,401 | ||||||
Textron Inc. | 12,416 | 504,089 | ||||||
TransDigm Group Inc. | 922 | 514,301 | ||||||
United Technologies Corp. | 3,910 | 510,607 | ||||||
7,060,562 | ||||||||
Air Freight & Logistics — 0.8% | ||||||||
CH Robinson Worldwide Inc. | 8,164 | 562,500 | ||||||
Expeditors International of Washington Inc. | 7,947 | 559,628 | ||||||
FedEx Corp. | 3,730 | 526,564 | ||||||
United Parcel Service Inc., Class B | 5,558 | 502,943 | ||||||
XPO Logistics Inc.(a) | 6,032 | 446,187 | ||||||
2,597,822 | ||||||||
Airlines — 0.6% | ||||||||
American Airlines Group Inc. | 20,659 | 393,554 | ||||||
Delta Air Lines Inc. | 10,063 | 464,206 | ||||||
Southwest Airlines Co. | 10,269 | 474,325 | ||||||
United Airlines Holdings Inc.(a)(b) | 7,371 | 453,980 | ||||||
1,786,065 | ||||||||
Auto Components — 0.7% | ||||||||
Aptiv PLC | 6,720 | 524,899 | ||||||
Autoliv Inc. | 7,645 | 510,151 | ||||||
BorgWarner Inc. | 17,224 | 544,278 | ||||||
Lear Corp. | 4,793 | 532,982 | ||||||
2,112,310 | ||||||||
Automobiles — 0.6% | ||||||||
Ford Motor Co. | 73,385 | 510,760 | ||||||
General Motors Co. | 17,189 | 524,264 | ||||||
Harley-Davidson Inc. | 17,110 | 521,342 | ||||||
Tesla Inc.(a) | 689 | 460,245 | ||||||
2,016,611 | ||||||||
Banks — 3.1% | ||||||||
Bank of America Corp. | 17,259 | 491,882 | ||||||
Citigroup Inc. | 7,624 | 483,819 | ||||||
Citizens Financial Group Inc. | 15,582 | 493,794 | ||||||
Comerica Inc. | 9,546 | 502,501 | ||||||
East West Bancorp. Inc. | 12,625 | 489,093 | ||||||
Fifth Third Bancorp. | 20,228 | 493,563 | ||||||
First Republic Bank/CA | 5,064 | 509,286 | ||||||
Huntington Bancshares Inc./OH | 42,522 | 521,745 | ||||||
JPMorgan Chase & Co. | 4,361 | 506,356 | ||||||
KeyCorp | 30,175 | 493,361 | ||||||
M&T Bank Corp. | 3,546 | 497,787 | ||||||
People's United Financial Inc. | 36,898 | 516,203 | ||||||
PNC Financial Services Group Inc. (The) | 3,907 | 493,845 | ||||||
Regions Financial Corp. | 36,265 | 490,303 | ||||||
Signature Bank/New York NY | 4,098 | 512,660 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
SVB Financial Group(a) | 2,265 | $ | 471,482 | |||||
Truist Financial Corp. | 10,951 | 505,279 | ||||||
U.S. Bancorp. | 10,869 | 504,756 | ||||||
Wells Fargo & Co. | 12,587 | 514,179 | ||||||
Zions Bancorp. N.A. | 13,118 | 524,064 | ||||||
10,015,958 | ||||||||
Beverages — 1.0% | ||||||||
Brown-Forman Corp., Class B, NVS | 8,354 | 513,019 | ||||||
Coca-Cola Co. (The) | 9,936 | 531,477 | ||||||
Constellation Brands Inc., Class A | 2,902 | 500,247 | ||||||
Molson Coors Beverage Co., Class B. | 10,863 | 538,913 | ||||||
Monster Beverage Corp.(a) | 8,498 | 530,360 | ||||||
PepsiCo Inc. | 4,062 | 536,306 | ||||||
3,150,322 | ||||||||
Biotechnology — 2.5% | ||||||||
AbbVie Inc. | 6,319 | 541,601 | ||||||
Alexion Pharmaceuticals Inc.(a) | 5,790 | 544,434 | ||||||
Alnylam Pharmaceuticals Inc.(a) | 4,597 | 540,883 | ||||||
Amgen Inc. | 2,668 | 532,880 | ||||||
Biogen Inc.(a) | 1,755 | 541,224 | ||||||
BioMarin Pharmaceutical Inc.(a) | 6,650 | 600,961 | ||||||
Exact Sciences Corp.(a) | 5,939 | 480,762 | ||||||
Gilead Sciences Inc. | 8,827 | 612,241 | ||||||
Incyte Corp.(a) | 7,459 | 562,483 | ||||||
Ionis Pharmaceuticals Inc.(a) | 9,607 | 487,843 | ||||||
Neurocrine Biosciences Inc.(a) | 5,647 | 534,771 | ||||||
Regeneron Pharmaceuticals Inc.(a)(b) | 1,487 | 661,076 | ||||||
Sarepta Therapeutics Inc.(a) | 4,817 | 551,402 | ||||||
Seattle Genetics Inc.(a)(b) | 4,930 | 561,330 | ||||||
Vertex Pharmaceuticals Inc.(a) | 2,405 | 538,792 | ||||||
8,292,683 | ||||||||
Building Products — 1.1% | ||||||||
Allegion PLC | 4,402 | 506,186 | ||||||
AO Smith Corp. | 13,449 | 531,908 | ||||||
Fortune Brands Home & Security Inc. | 8,146 | 503,015 | ||||||
Johnson Controls International PLC | 14,086 | 515,125 | ||||||
Lennox International Inc. | 2,404 | 548,425 | ||||||
Masco Corp. | 12,985 | 536,540 | ||||||
Owens Corning | 9,390 | 530,441 | ||||||
3,671,640 | ||||||||
Capital Markets — 4.3% | ||||||||
Ameriprise Financial Inc. | 3,336 | 471,377 | ||||||
Bank of New York Mellon Corp. (The) | 13,060 | 521,094 | ||||||
BlackRock Inc.(c) | 1,048 | 485,234 | ||||||
Blackstone Group Inc. (The), Class A | 9,545 | 513,903 | ||||||
Cboe Global Markets Inc. | 4,788 | 545,832 | ||||||
Charles Schwab Corp. (The) | 12,657 | 515,773 | ||||||
CME Group Inc. | 2,769 | 550,533 | ||||||
E*TRADE Financial Corp. | 13,507 | 618,350 | ||||||
Eaton Vance Corp., NVS | 11,764 | 485,383 | ||||||
FactSet Research Systems Inc. | 1,953 | 519,478 | ||||||
Franklin Resources Inc. | 22,706 | 494,083 | ||||||
Goldman Sachs Group Inc. (The) | 2,536 | 509,153 | ||||||
Intercontinental Exchange Inc. | 6,148 | 548,525 | ||||||
Invesco Ltd. | 33,569 | 483,394 | ||||||
KKR & Co. Inc., Class A, NVS | 17,619 | 503,903 | ||||||
MarketAxess Holdings Inc. | 1,704 | 552,658 | ||||||
Moody's Corp. | 2,107 | 505,743 | ||||||
Morgan Stanley | 10,653 | 479,705 |
30 | 2 0 2 0 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) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Capital Markets (continued) | ||||||||
MSCI Inc. | 1,808 | $ | 534,155 | |||||
Nasdaq Inc. | 5,114 | 524,441 | ||||||
Northern Trust Corp. | 5,866 | 514,800 | ||||||
Raymond James Financial Inc. | 5,949 | 497,515 | ||||||
S&P Global Inc. | 1,928 | 512,674 | ||||||
SEI Investments Co. | 8,597 | 470,342 | ||||||
State Street Corp. | 7,694 | 524,038 | ||||||
T Rowe Price Group Inc. | 4,293 | 506,617 | ||||||
TD Ameritrade Holding Corp. | 12,071 | 509,758 | ||||||
13,898,461 | ||||||||
Chemicals — 3.0% | ||||||||
Air Products & Chemicals Inc. | 2,313 | 507,958 | ||||||
Albemarle Corp. | 6,668 | 545,776 | ||||||
Axalta Coating Systems Ltd.(a) | 19,835 | 494,288 | ||||||
Celanese Corp. | 5,489 | 514,539 | ||||||
CF Industries Holdings Inc. | 15,500 | 571,330 | ||||||
Corteva Inc.(a) | 18,837 | 512,366 | ||||||
Dow Inc.(a) | 12,390 | 500,680 | ||||||
DuPont de Nemours Inc. | 11,068 | 474,817 | ||||||
Eastman Chemical Co. | 8,136 | 500,445 | ||||||
Ecolab Inc. | 2,848 | 513,922 | ||||||
FMC Corp. | 5,591 | 520,522 | ||||||
International Flavors & Fragrances Inc. | 4,387 | 525,475 | ||||||
Linde PLC | 2,646 | 505,412 | ||||||
LyondellBasell Industries NV, Class A | 7,273 | 519,728 | ||||||
Mosaic Co. (The) | 32,410 | 551,942 | ||||||
PPG Industries Inc. | 4,957 | 517,759 | ||||||
RPM International Inc. | 7,961 | 510,380 | ||||||
Sherwin-Williams Co. (The) | 1,017 | 525,535 | ||||||
Westlake Chemical Corp. | 9,817 | 548,476 | ||||||
9,861,350 | ||||||||
Commercial Services & Supplies — 1.0% | ||||||||
Cintas Corp. | 1,955 | 521,477 | ||||||
Copart Inc.(a) | 5,775 | 487,872 | ||||||
Republic Services Inc. | 5,899 | 532,444 | ||||||
Rollins Inc. | 15,012 | 562,049 | ||||||
Waste Connections Inc. | 5,651 | 545,265 | ||||||
Waste Management Inc. | 4,686 | 519,255 | ||||||
3,168,362 | ||||||||
Communications Equipment — 0.8% | ||||||||
Arista Networks Inc.(a) | 2,620 | 505,974 | ||||||
Cisco Systems Inc. | 12,669 | 505,873 | ||||||
F5 Networks Inc.(a) | 4,632 | 555,609 | ||||||
Juniper Networks Inc. | 24,573 | 521,439 | ||||||
Motorola Solutions Inc. | 3,199 | 530,010 | ||||||
2,618,905 | ||||||||
Construction & Engineering — 0.2% | ||||||||
Jacobs Engineering Group Inc. | 5,882 | 543,144 | ||||||
Construction Materials — 0.3% | ||||||||
Martin Marietta Materials Inc. | 2,300 | 523,319 | ||||||
Vulcan Materials Co. | 4,312 | 518,561 | ||||||
1,041,880 | ||||||||
Consumer Finance — 0.8% | ||||||||
Ally Financial Inc. | 18,455 | 462,667 | ||||||
American Express Co. | 4,362 | 479,515 | ||||||
Capital One Financial Corp. | 5,741 | 506,700 | ||||||
Discover Financial Services | 7,850 | 514,803 |
Security | Shares | Value | ||||||
Consumer Finance (continued) | ||||||||
Synchrony Financial | 17,778 | $ | 517,340 | |||||
2,481,025 | ||||||||
Containers & Packaging — 1.3% | ||||||||
Amcor PLC(a) | 57,932 | 539,926 | ||||||
Avery Dennison Corp. | 4,350 | 498,032 | ||||||
Ball Corp. | 7,579 | 534,016 | ||||||
Crown Holdings Inc.(a)(b) | 7,417 | 522,898 | ||||||
International Paper Co. | 13,682 | 505,687 | ||||||
Packaging Corp. of America | 5,955 | 539,642 | ||||||
Sealed Air Corp. | 17,060 | 517,089 | ||||||
Westrock Co. | 14,455 | 480,629 | ||||||
4,137,919 | ||||||||
Distributors — 0.3% | ||||||||
Genuine Parts Co. | 6,113 | 533,298 | ||||||
LKQ Corp.(a) | 17,789 | 526,199 | ||||||
1,059,497 | ||||||||
Diversified Financial Services — 0.6% | ||||||||
Berkshire Hathaway Inc., Class B(a)(b) | 2,599 | 536,277 | ||||||
Equitable Holdings Inc. | 22,145 | 473,903 | ||||||
Jefferies Financial Group Inc. | 25,266 | 497,993 | ||||||
Voya Financial Inc. | 9,520 | 501,133 | ||||||
2,009,306 | ||||||||
Diversified Telecommunication Services — 0.7% | ||||||||
AT&T Inc. | 15,460 | 544,501 | ||||||
CenturyLink Inc. | 44,339 | 535,172 | ||||||
Verizon Communications Inc. | 10,214 | 553,190 | ||||||
Zayo Group Holdings Inc.(a) | 16,914 | 591,821 | ||||||
2,224,684 | ||||||||
Electric Utilities — 2.5% | ||||||||
Alliant Energy Corp. | 9,831 | 512,392 | ||||||
American Electric Power Co. Inc. | 5,669 | 506,015 | ||||||
Duke Energy Corp. | 5,798 | 531,677 | ||||||
Edison International | 7,670 | 515,347 | ||||||
Entergy Corp. | 4,388 | 513,001 | ||||||
Evergy Inc. | 8,006 | 523,192 | ||||||
Eversource Energy | 6,239 | 539,424 | ||||||
Exelon Corp. | 11,740 | 506,111 | ||||||
FirstEnergy Corp. | 11,316 | 503,901 | ||||||
NextEra Energy Inc. | 2,097 | 530,038 | ||||||
NRG Energy Inc. | 14,806 | 491,707 | ||||||
OGE Energy Corp. | 12,847 | 489,471 | ||||||
Pinnacle West Capital Corp. | 5,810 | 519,937 | ||||||
PPL Corp. | 16,471 | 494,295 | ||||||
Southern Co. (The) | 8,523 | 514,448 | ||||||
Xcel Energy Inc. | 8,312 | 518,004 | ||||||
8,208,960 | ||||||||
Electrical Equipment — 1.0% | ||||||||
Acuity Brands Inc. | 5,072 | 521,706 | ||||||
AMETEK Inc. | 5,866 | 504,476 | ||||||
Eaton Corp. PLC | 5,662 | 513,657 | ||||||
Emerson Electric Co. | 8,279 | 530,767 | ||||||
Rockwell Automation Inc. | 2,976 | 546,096 | ||||||
Sensata Technologies Holding PLC(a) | 12,442 | 507,633 | ||||||
3,124,335 | ||||||||
Electronic Equipment, Instruments & Components — 1.9% | ||||||||
Amphenol Corp., Class A | 5,834 | 534,861 | ||||||
Arrow Electronics Inc.(a)(b) | 7,525 | 504,627 | ||||||
CDW Corp./DE | 4,386 | 500,969 |
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) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
Cognex Corp. | 11,611 | $ | 517,154 | |||||
Corning Inc. | 21,147 | 504,568 | ||||||
Flex Ltd.(a)(b) | 44,775 | 497,450 | ||||||
FLIR Systems Inc. | 10,454 | 443,981 | ||||||
IPG Photonics Corp.(a) | 4,355 | 555,872 | ||||||
Keysight Technologies Inc. (a) | 6,060 | 574,246 | ||||||
TE Connectivity Ltd. | 6,431 | 532,937 | ||||||
Trimble Inc.(a) | 12,965 | 511,858 | ||||||
Zebra Technologies Corp., Class A(a) | 2,499 | 527,214 | ||||||
6,205,737 | ||||||||
Energy Equipment & Services — 0.7% | ||||||||
Baker Hughes Co. | 28,287 | 455,138 | ||||||
Halliburton Co. | 27,058 | 458,904 | ||||||
National Oilwell Varco Inc. | 25,786 | 482,456 | ||||||
Schlumberger Ltd. | 17,577 | 476,161 | ||||||
TechnipFMC PLC | 34,529 | 512,410 | ||||||
2,385,069 | ||||||||
Entertainment — 1.3% | ||||||||
Activision Blizzard Inc. | 9,280 | 539,446 | ||||||
Electronic Arts Inc.(a) | 5,404 | 547,804 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) | 12,723 | 496,960 | ||||||
Live Nation Entertainment Inc.(a) | 7,979 | 484,884 | ||||||
Netflix Inc.(a) | 1,525 | 562,771 | ||||||
Roku Inc.(a) | 4,652 | 528,793 | ||||||
Take-Two Interactive Software Inc.(a) | 5,215 | 560,508 | ||||||
Walt Disney Co. (The) | 4,251 | 500,130 | ||||||
4,221,296 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 6.2% | ||||||||
Alexandria Real Estate Equities Inc. | 3,402 | 516,696 | ||||||
American Tower Corp. | 2,339 | 530,485 | ||||||
AvalonBay Communities Inc. | 2,593 | 520,130 | ||||||
Boston Properties Inc. | 4,010 | 517,049 | ||||||
Camden Property Trust | 4,983 | 528,098 | ||||||
Crown Castle International Corp. | 3,559 | 509,969 | ||||||
Digital Realty Trust Inc. | 4,441 | 533,409 | ||||||
Duke Realty Corp. | 15,355 | 498,577 | ||||||
Equinix Inc. | 919 | 526,403 | ||||||
Equity LifeStyle Properties Inc. | 7,811 | 533,726 | ||||||
Equity Residential | 6,856 | 514,886 | ||||||
Essex Property Trust Inc. | 1,828 | 517,982 | ||||||
Extra Space Storage Inc. | 5,125 | 514,345 | ||||||
Federal Realty Investment Trust | 4,662 | 542,377 | ||||||
Healthpeak Properties Inc. | 15,845 | 501,336 | ||||||
Host Hotels & Resorts Inc. | 35,103 | 508,291 | ||||||
Invitation Homes Inc. | 18,138 | 520,379 | ||||||
Iron Mountain Inc. | 17,366 | 528,100 | ||||||
Kimco Realty Corp. | 31,016 | 538,128 | ||||||
Medical Properties Trust Inc. | 24,512 | 517,939 | ||||||
Mid-America Apartment Communities Inc. | 4,048 | 523,245 | ||||||
National Retail Properties Inc. | 10,331 | 525,331 | ||||||
Omega Healthcare Investors Inc. | 13,289 | 526,244 | ||||||
Prologis Inc. | 6,180 | 520,850 | ||||||
Public Storage | 2,552 | 533,674 | ||||||
Realty Income Corp. | 7,368 | 533,370 | ||||||
Regency Centers Corp. | 9,207 | 528,850 | ||||||
SBA Communications Corp. | 2,028 | 537,603 | ||||||
Simon Property Group Inc. | 4,250 | 523,090 | ||||||
SL Green Realty Corp. | 6,176 | 484,445 | ||||||
Sun Communities Inc. | 3,502 | 535,386 |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
UDR Inc. | 11,729 | $ | 527,570 | |||||
Ventas Inc. | 9,893 | 531,947 | ||||||
VEREIT Inc. | 59,267 | 513,252 | ||||||
VICI Properties Inc. | 21,215 | 531,648 | ||||||
Vornado Realty Trust | 8,729 | 467,700 | ||||||
Welltower Inc. | 6,584 | 492,615 | ||||||
Weyerhaeuser Co. | 19,637 | 510,169 | ||||||
WP Carey Inc. | 6,886 | 533,045 | ||||||
20,298,339 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
Costco Wholesale Corp. | 1,837 | 516,454 | ||||||
Kroger Co. (The) | 19,908 | 560,012 | ||||||
Sysco Corp. | 7,699 | 513,138 | ||||||
Walgreens Boots Alliance Inc. | 11,405 | 521,893 | ||||||
Walmart Inc. | 4,944 | 532,370 | ||||||
2,643,867 | ||||||||
Food Products — 2.4% | ||||||||
Archer-Daniels-Midland Co. | 13,305 | 500,933 | ||||||
Bunge Ltd. | 11,035 | 518,093 | ||||||
Campbell Soup Co. | 12,271 | 553,668 | ||||||
Conagra Brands Inc. | 19,279 | 514,557 | ||||||
General Mills Inc. | 11,047 | 541,303 | ||||||
Hershey Co. (The) | 3,695 | 532,043 | ||||||
Hormel Foods Corp. | 12,256 | 509,850 | ||||||
Ingredion Inc. | 6,140 | 511,462 | ||||||
JM Smucker Co. (The) | 5,410 | 557,176 | ||||||
Kellogg Co. | 8,808 | 532,620 | ||||||
Kraft Heinz Co. (The) | 21,642 | 536,072 | ||||||
Lamb Weston Holdings Inc. | 6,170 | 536,111 | ||||||
McCormick & Co. Inc./MD, NVS | 3,587 | 524,384 | ||||||
Mondelez International Inc., Class A | 9,914 | 523,459 | ||||||
Tyson Foods Inc., Class A | 7,380 | 500,585 | ||||||
7,892,316 | ||||||||
Gas Utilities — 0.3% | ||||||||
Atmos Energy Corp. | 4,906 | 506,545 | ||||||
UGI Corp. | 14,332 | 516,525 | ||||||
1,023,070 | ||||||||
Health Care Equipment & Supplies — 3.7% | ||||||||
Abbott Laboratories | 6,655 | 512,635 | ||||||
ABIOMED Inc.(a) | 3,500 | 525,910 | ||||||
Align Technology Inc.(a) | 2,186 | 477,313 | ||||||
Baxter International Inc. | 6,414 | 535,377 | ||||||
Becton Dickinson and Co. | 2,310 | 549,364 | ||||||
Boston Scientific Corp.(a) | 14,029 | 524,544 | ||||||
Cooper Companies Inc. (The) | 1,660 | 538,786 | ||||||
Danaher Corp. | 3,607 | 521,500 | ||||||
Dentsply Sirona Inc. | 10,159 | 500,229 | ||||||
DexCom Inc.(a) | 1,998 | 551,448 | ||||||
Edwards Lifesciences Corp.(a) | 2,577 | 527,873 | ||||||
Hologic Inc.(a) | 11,243 | 529,770 | ||||||
IDEXX Laboratories Inc.(a) | 2,063 | 525,054 | ||||||
Insulet Corp.(a)(b) | 2,786 | 529,256 | ||||||
Intuitive Surgical Inc.(a) | 978 | 522,213 | ||||||
Medtronic PLC | 5,256 | 529,122 | ||||||
ResMed Inc. | 3,384 | 537,921 | ||||||
Steris PLC | 3,522 | 558,660 | ||||||
Stryker Corp. | 2,665 | 507,922 | ||||||
Teleflex Inc. | 1,525 | 510,906 | ||||||
Varian Medical Systems Inc.(a) | 4,054 | 498,520 |
32 | 2 0 2 0 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) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
West Pharmaceutical Services Inc. | 3,415 | $ | 514,162 | |||||
Zimmer Biomet Holdings Inc. | 3,714 | 505,661 | ||||||
12,034,146 | ||||||||
Health Care Providers & Services — 2.4% | ||||||||
AmerisourceBergen Corp. | 6,272 | 528,855 | ||||||
Anthem Inc. | 1,956 | 502,868 | ||||||
Cardinal Health Inc. | 10,023 | 522,399 | ||||||
Centene Corp.(a) | 8,866 | 470,075 | ||||||
Cigna Corp.(a) | 2,665 | 487,535 | ||||||
CVS Health Corp. | 8,215 | 486,164 | ||||||
DaVita Inc.(a)(b) | 6,926 | 537,596 | ||||||
HCA Healthcare Inc. | 3,990 | 506,770 | ||||||
Henry Schein Inc.(a)(b) | 8,104 | 493,858 | ||||||
Humana Inc. | 1,590 | 508,291 | ||||||
Laboratory Corp. of America Holdings(a) | 3,098 | 544,288 | ||||||
McKesson Corp. | 3,528 | 493,426 | ||||||
Quest Diagnostics Inc. | 5,253 | 557,133 | ||||||
UnitedHealth Group Inc. | 1,958 | 499,212 | ||||||
Universal Health Services Inc., Class B | 4,253 | 526,266 | ||||||
7,664,736 | ||||||||
Health Care Technology — 0.3% | ||||||||
Cerner Corp. | 7,704 | 533,656 | ||||||
Veeva Systems Inc., Class A(a) | 3,651 | 518,333 | ||||||
1,051,989 | ||||||||
Hotels, Restaurants & Leisure — 2.4% | ||||||||
Aramark | 13,836 | 480,663 | ||||||
Carnival Corp. | 13,781 | 461,112 | ||||||
Chipotle Mexican Grill Inc.(a) | 638 | 493,544 | ||||||
Darden Restaurants Inc. | 4,909 | 478,628 | ||||||
Domino's Pizza Inc. | 2,000 | 678,920 | ||||||
Hilton Worldwide Holdings Inc. | 5,284 | 513,605 | ||||||
Las Vegas Sands Corp. | 8,678 | 506,014 | ||||||
Marriott International Inc./MD, Class A | 4,081 | 506,044 | ||||||
McDonald's Corp. | 2,736 | 531,249 | ||||||
MGM Resorts International | 18,472 | 453,672 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) | 11,443 | 426,366 | ||||||
Royal Caribbean Cruises Ltd. | 5,309 | 426,897 | ||||||
Starbucks Corp. | 6,629 | 519,912 | ||||||
Vail Resorts Inc. | 2,373 | 504,524 | ||||||
Wynn Resorts Ltd. | 4,432 | 478,567 | ||||||
Yum! Brands Inc. | 5,686 | 507,476 | ||||||
7,967,193 | ||||||||
Household Durables — 1.4% | ||||||||
DR Horton Inc. | 9,566 | 509,581 | ||||||
Garmin Ltd. | 6,090 | 538,295 | ||||||
Leggett & Platt Inc. | 13,127 | 520,617 | ||||||
Lennar Corp., Class A | 8,435 | 508,968 | ||||||
Mohawk Industries Inc.(a) | 4,501 | 545,296 | ||||||
Newell Brands Inc. | 29,544 | 455,864 | ||||||
NVR Inc.(a) | 149 | 546,410 | ||||||
PulteGroup Inc. | 12,679 | 509,695 | ||||||
Whirlpool Corp. | 3,994 | 510,673 | ||||||
4,645,399 | ||||||||
Household Products — 0.8% | ||||||||
Church & Dwight Co. Inc. | 7,767 | 539,962 | ||||||
Clorox Co. (The) | 3,589 | 572,158 | ||||||
Colgate-Palmolive Co. | 7,775 | 525,357 | ||||||
Kimberly-Clark Corp. | 4,112 | 539,453 |
Security | Shares | Value | ||||||
Household Products (continued) | ||||||||
Procter & Gamble Co. (The) | 4,730 | $ | 535,578 | |||||
2,712,508 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp./VA | 28,126 | 470,548 | ||||||
Vistra Energy Corp. | 25,320 | 486,904 | ||||||
957,452 | ||||||||
Industrial Conglomerates — 0.8% | ||||||||
3M Co. | 3,723 | 555,621 | ||||||
General Electric Co. | 46,391 | 504,734 | ||||||
Honeywell International Inc. | 3,297 | 534,675 | ||||||
Roper Technologies Inc. | 1,519 | 534,232 | ||||||
Trane Technologies PLC | 4,080 | 526,483 | ||||||
2,655,745 | ||||||||
Insurance — 4.9% | ||||||||
Aflac Inc. | 11,401 | 488,533 | ||||||
Alleghany Corp.(a) | 708 | 475,953 | ||||||
Allstate Corp. (The) | 4,758 | 500,779 | ||||||
American Financial Group Inc./OH | 5,257 | 485,852 | ||||||
American International Group Inc. | 12,069 | 508,829 | ||||||
Aon PLC | 2,514 | 522,912 | ||||||
Arch Capital Group Ltd.(a) | 12,351 | 499,351 | ||||||
Arthur J Gallagher & Co. | 5,451 | 531,418 | ||||||
Assurant Inc. | 4,171 | 502,981 | ||||||
Athene Holding Ltd., Class A(a) | 11,830 | 487,987 | ||||||
Brown & Brown Inc. | 12,294 | 528,765 | ||||||
Chubb Ltd. | 3,618 | 524,719 | ||||||
Cincinnati Financial Corp. | 5,195 | 484,382 | ||||||
Erie Indemnity Co., Class A, NVS | 3,649 | 521,515 | ||||||
Everest Re Group Ltd. | 2,041 | 505,923 | ||||||
Fidelity National Financial Inc. | 13,298 | 515,430 | ||||||
Globe Life Inc. | 5,361 | 496,750 | ||||||
Hartford Financial Services Group Inc. (The) | 10,105 | 504,745 | ||||||
Lincoln National Corp. | 9,830 | 446,184 | ||||||
Loews Corp. | 11,015 | 502,614 | ||||||
Markel Corp.(a) | 446 | 526,994 | ||||||
Marsh & McLennan Companies Inc. | 4,952 | 517,781 | ||||||
MetLife Inc. | 11,412 | 487,521 | ||||||
Principal Financial Group Inc. | 10,704 | 475,151 | ||||||
Progressive Corp. (The) | 7,092 | 518,851 | ||||||
Prudential Financial Inc. | 6,348 | 478,957 | ||||||
Reinsurance Group of America Inc. | 3,883 | 473,842 | ||||||
RenaissanceRe Holdings Ltd. | 2,980 | 507,792 | ||||||
Travelers Companies Inc. (The) | 4,353 | 521,533 | ||||||
Unum Group | 19,962 | 465,314 | ||||||
Willis Towers Watson PLC | 2,781 | 526,304 | ||||||
WR Berkley Corp. | 7,453 | 500,394 | ||||||
16,036,056 | ||||||||
Interactive Media & Services — 1.4% | ||||||||
Alphabet Inc., Class A(a) | 192 | 257,136 | ||||||
Alphabet Inc., Class C, NVS(a) | 198 | 265,187 | ||||||
Facebook Inc., Class A(a) | 2,716 | 522,749 | ||||||
IAC/InterActiveCorp.(a) | 2,495 | 508,830 | ||||||
Match Group Inc.(a)(b) | 7,712 | 501,280 | ||||||
Pinterest Inc., Class A(a) | 25,988 | 506,766 | ||||||
Snap Inc., Class A, NVS(a) | 34,449 | 488,142 | ||||||
TripAdvisor Inc. | 20,488 | 480,444 | ||||||
Twitter Inc.(a) | 15,541 | 515,961 | ||||||
Zillow Group Inc., Class C, NVS(a) | 11,314 | 631,435 | ||||||
4,677,930 |
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) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Internet & Direct Marketing Retail — 1.1% | ||||||||
Amazon.com Inc.(a) | 274 | $ | 516,148 | |||||
Booking Holdings Inc.(a) | 299 | 507,002 | ||||||
eBay Inc. | 15,619 | 541,042 | ||||||
Expedia Group Inc. | 4,884 | 481,660 | ||||||
Grubhub Inc.(a)(b) | 11,340 | 545,568 | ||||||
MercadoLibre Inc.(a) | 812 | 500,216 | ||||||
Wayfair Inc., Class A(a)(b) | 7,253 | 458,462 | ||||||
3,550,098 | ||||||||
IT Services — 4.7% | ||||||||
Accenture PLC, Class A | 2,767 | 499,693 | ||||||
Akamai Technologies Inc.(a) | 5,859 | 506,862 | ||||||
Alliance Data Systems Corp. | 5,885 | 505,404 | ||||||
Automatic Data Processing Inc. | 3,287 | 508,630 | ||||||
Black Knight Inc.(a) | 7,896 | 526,742 | ||||||
Booz Allen Hamilton Holding Corp. | 7,645 | 545,088 | ||||||
Broadridge Financial Solutions Inc. | 4,828 | 503,850 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,593 | 523,571 | ||||||
DXC Technology Co. | 19,862 | 478,873 | ||||||
EPAM Systems Inc.(a) | 2,496 | 557,107 | ||||||
Fidelity National Information Services Inc. | 3,800 | 530,936 | ||||||
Fiserv Inc.(a) | 4,838 | 529,084 | ||||||
FleetCor Technologies Inc.(a) | 1,845 | 490,383 | ||||||
Gartner Inc.(a) | 3,874 | 501,257 | ||||||
Global Payments Inc. | 2,856 | 525,418 | ||||||
GoDaddy Inc., Class A(a) | 7,619 | 533,178 | ||||||
International Business Machines Corp. | 3,914 | 509,407 | ||||||
Jack Henry & Associates Inc. | 3,422 | 519,254 | ||||||
Leidos Holdings Inc. | 4,800 | 492,720 | ||||||
Mastercard Inc., Class A(b) | 1,733 | 503,003 | ||||||
MongoDB Inc.(a)(b) | 3,344 | 509,960 | ||||||
Okta Inc.(a) | 4,289 | 549,249 | ||||||
Paychex Inc. | 6,619 | 512,840 | ||||||
PayPal Holdings Inc.(a) | 4,837 | 522,348 | ||||||
Sabre Corp. | 26,825 | 365,222 | ||||||
Square Inc., Class A(a) | 7,176 | 597,976 | ||||||
Twilio Inc., Class A(a) | 4,616 | 519,946 | ||||||
VeriSign Inc.(a) | 2,810 | 533,198 | ||||||
Visa Inc., Class A(b) | 2,801 | 509,110 | ||||||
Western Union Co. (The) | 22,935 | 513,515 | ||||||
15,423,824 | ||||||||
Leisure Products — 0.3% | ||||||||
Hasbro Inc. | 6,071 | 468,985 | ||||||
Polaris Inc. | 6,302 | 520,104 | ||||||
989,089 | ||||||||
Life Sciences Tools & Services — 1.3% | ||||||||
Agilent Technologies Inc. | 6,976 | 537,640 | ||||||
Bio-Rad Laboratories Inc., Class A(a) | 1,452 | 511,133 | ||||||
Illumina Inc.(a) | 1,972 | 523,901 | ||||||
IQVIA Holdings Inc.(a) | 3,576 | 498,816 | ||||||
Mettler-Toledo International Inc.(a) | 786 | 551,536 | ||||||
PerkinElmer Inc.(b) | 6,282 | 543,016 | ||||||
Thermo Fisher Scientific Inc. | 1,753 | 509,773 | ||||||
Waters Corp.(a) | 2,732 | 532,440 | ||||||
4,208,255 | ||||||||
Machinery — 2.8% | ||||||||
Caterpillar Inc. | 4,331 | 538,083 | ||||||
Cummins Inc. | 3,562 | 538,895 | ||||||
Deere & Co. | 3,557 | 556,599 | ||||||
Dover Corp. | 4,932 | 506,714 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Flowserve Corp. | 12,864 | $ | 517,004 | |||||
Fortive Corp. | 7,617 | 526,792 | ||||||
IDEX Corp. | 3,381 | 500,388 | ||||||
Illinois Tool Works Inc. | 3,172 | 532,198 | ||||||
Middleby Corp. (The)(a)(b) | 5,267 | 588,903 | ||||||
PACCAR Inc. | 7,961 | 532,591 | ||||||
Parker-Hannifin Corp. | 2,809 | 519,019 | ||||||
Pentair PLC | 13,610 | 536,098 | ||||||
Snap-on Inc. | 3,754 | 543,392 | ||||||
Stanley Black & Decker Inc. | 3,586 | 515,308 | ||||||
WABCO Holdings Inc.(a) | 4,350 | 587,685 | ||||||
Westinghouse Air Brake Technologies Corp. | 7,393 | 507,899 | ||||||
Xylem Inc./NY | 6,718 | 519,570 | ||||||
9,067,138 | ||||||||
Media — 2.2% | ||||||||
Altice USA Inc., Class A(a) | 20,340 | 525,992 | ||||||
Charter Communications Inc., Class A(a) | 1,100 | 542,487 | ||||||
Comcast Corp., Class A | 12,816 | 518,151 | ||||||
Discovery Inc., Class A(a)(b) | 6,152 | 158,106 | ||||||
Discovery Inc., Class C, NVS(a) | 13,923 | 349,467 | ||||||
DISH Network Corp., Class A(a) | 14,325 | 480,174 | ||||||
Fox Corp., Class A, NVS | 10,573 | 325,014 | ||||||
Fox Corp., Class B(a) | 5,160 | 157,122 | ||||||
Interpublic Group of Companies Inc. (The) | 23,792 | 508,197 | ||||||
Liberty Broadband Corp., Class C, NVS(a) | 4,286 | 539,565 | ||||||
Liberty Global PLC, Class A(a)(b) | 8,494 | 165,803 | ||||||
Liberty Global PLC, Class C, NVS(a) | 21,672 | 402,882 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(a) | 4,174 | 186,453 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) | 7,819 | 348,884 | ||||||
News Corp., Class A, NVS | 40,792 | 492,563 | ||||||
Omnicom Group Inc. | 7,524 | 521,263 | ||||||
Sirius XM Holdings Inc.(b) | 81,528 | 516,888 | ||||||
ViacomCBS Inc., Class B, NVS | 16,851 | 414,703 | ||||||
7,153,714 | ||||||||
Metals & Mining — 0.7% | ||||||||
Freeport-McMoRan Inc. | 49,208 | 490,112 | ||||||
Newmont Corp. | 12,977 | 579,163 | ||||||
Nucor Corp. | 12,481 | 516,089 | ||||||
Steel Dynamics Inc. | 20,595 | 548,445 | ||||||
2,133,809 | ||||||||
Mortgage Real Estate Investment — 0.3% | ||||||||
AGNC Investment Corp. | 30,270 | 515,801 | ||||||
Annaly Capital Management Inc. | 56,439 | 500,049 | ||||||
1,015,850 | ||||||||
Multi-Utilities — 1.6% | ||||||||
Ameren Corp. | 6,818 | 538,622 | ||||||
CenterPoint Energy Inc. | 21,842 | 502,803 | ||||||
CMS Energy Corp. | 8,590 | 519,008 | ||||||
Consolidated Edison Inc. | 6,269 | 494,123 | ||||||
Dominion Energy Inc. | 6,647 | 519,662 | ||||||
DTE Energy Co. | 4,393 | 490,566 | ||||||
NiSource Inc. | 19,579 | 529,025 | ||||||
Public Service Enterprise Group Inc. | 10,022 | 514,229 | ||||||
Sempra Energy | 3,676 | 513,831 | ||||||
WEC Energy Group Inc. | 5,749 | 530,805 | ||||||
5,152,674 | ||||||||
Multiline Retail — 0.8% | ||||||||
Dollar General Corp. | 3,658 | 549,798 | ||||||
Dollar Tree Inc.(a) | 6,494 | 539,197 |
34 | 2 0 2 0 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) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Multiline Retail (continued) | ||||||||
Kohl's Corp. | 13,495 | $ | 528,329 | |||||
Nordstrom Inc. | 14,806 | 513,768 | ||||||
Target Corp. | 5,020 | 517,060 | ||||||
2,648,152 | ||||||||
Oil, Gas & Consumable Fuels — 3.7% | ||||||||
Apache Corp. | 21,042 | 524,367 | ||||||
Cabot Oil & Gas Corp. | 38,659 | 538,520 | ||||||
Cheniere Energy Inc.(a) | 10,709 | 549,265 | ||||||
Chevron Corp. | 5,365 | 500,769 | ||||||
Concho Resources Inc. | 7,718 | 524,978 | ||||||
ConocoPhillips | 10,145 | 491,221 | ||||||
Continental Resources Inc./OK | 22,732 | 430,771 | ||||||
Devon Energy Corp. | 26,691 | 433,462 | ||||||
Diamondback Energy Inc. | 7,933 | 491,846 | ||||||
EOG Resources Inc. | 7,936 | 502,031 | ||||||
Exxon Mobil Corp. | 9,878 | 508,124 | ||||||
Hess Corp. | 9,674 | 543,485 | ||||||
HollyFrontier Corp. | 13,911 | 468,523 | ||||||
Kinder Morgan Inc./DE | 26,873 | 515,156 | ||||||
Marathon Oil Corp. | 57,425 | 475,479 | ||||||
Marathon Petroleum Corp. | 10,474 | 496,677 | ||||||
Noble Energy Inc. | 31,180 | 493,579 | ||||||
Occidental Petroleum Corp. | 14,232 | 465,956 | ||||||
ONEOK Inc. | 7,688 | 512,943 | ||||||
Phillips 66 | 6,721 | 503,134 | ||||||
Pioneer Natural Resources Co. | 4,363 | 535,689 | ||||||
Targa Resources Corp. | 16,047 | 519,923 | ||||||
Valero Energy Corp. | 7,168 | 474,880 | ||||||
Williams Companies Inc. (The) | 27,524 | 524,332 | ||||||
12,025,110 | ||||||||
Personal Products — 0.3% | ||||||||
Coty Inc., Class A | 51,255 | 473,084 | ||||||
Estee Lauder Companies Inc. (The), Class A | 2,797 | 513,529 | ||||||
986,613 | ||||||||
Pharmaceuticals — 1.8% | ||||||||
Allergan PLC | 2,987 | 569,531 | ||||||
Bristol-Myers Squibb Co. | 8,952 | 528,705 | ||||||
Elanco Animal Health Inc.(a) | 19,425 | 532,245 | ||||||
Eli Lilly & Co. | 4,195 | 529,115 | ||||||
Jazz Pharmaceuticals PLC(a) | 4,323 | 495,329 | ||||||
Johnson & Johnson | 3,966 | 533,348 | ||||||
Merck & Co. Inc. | 7,173 | 549,165 | ||||||
Mylan NV(a) | 27,795 | 477,796 | ||||||
Perrigo Co. PLC | 10,034 | 508,624 | ||||||
Pfizer Inc. | 16,285 | 544,245 | ||||||
Zoetis Inc. | 4,118 | 548,641 | ||||||
5,816,744 | ||||||||
Professional Services — 1.3% | ||||||||
CoStar Group Inc.(a) | 804 | 536,742 | ||||||
Equifax Inc. | 3,705 | 526,258 | ||||||
IHS Markit Ltd. | 7,367 | 524,825 | ||||||
ManpowerGroup Inc. | 6,476 | 491,788 | ||||||
Nielsen Holdings PLC | 27,232 | 495,895 | ||||||
Robert Half International Inc. | 9,961 | 502,134 | ||||||
TransUnion | 6,026 | 535,832 | ||||||
Verisk Analytics Inc. | 3,448 | 534,819 | ||||||
4,148,293 | ||||||||
Real Estate Management & Development — 0.3% | ||||||||
CBRE Group Inc., Class A(a) | 9,321 | 523,281 |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Jones Lang LaSalle Inc. | 3,478 | $ | 513,944 | |||||
1,037,225 | ||||||||
Road & Rail — 1.4% | ||||||||
AMERCO | 1,700 | 548,267 | ||||||
CSX Corp. | 7,439 | 524,078 | ||||||
JB Hunt Transport Services Inc. | 5,396 | 520,390 | ||||||
Kansas City Southern. | 3,338 | 502,970 | ||||||
Knight-Swift Transportation Holdings Inc. | 15,053 | 480,793 | ||||||
Norfolk Southern Corp. | 2,843 | 518,421 | ||||||
Old Dominion Freight Line Inc. | 2,658 | 515,121 | ||||||
Uber Technologies Inc.(a) | 14,721 | 498,600 | ||||||
Union Pacific Corp. | 3,256 | 520,341 | ||||||
4,628,981 | ||||||||
Semiconductors & Semiconductor Equipment — 3.1% | ||||||||
Advanced Micro Devices Inc.(a) | 10,397 | 472,856 | ||||||
Analog Devices Inc. | 4,988 | 543,941 | ||||||
Applied Materials Inc. | 9,077 | 527,555 | ||||||
Broadcom Inc. | 1,903 | 518,796 | ||||||
Intel Corp. | 8,943 | 496,515 | ||||||
KLA Corp. | 3,495 | 537,216 | ||||||
Lam Research Corp. | 1,818 | 533,456 | ||||||
Marvell Technology Group Ltd. | 23,860 | 508,218 | ||||||
Maxim Integrated Products Inc. | 9,471 | 526,777 | ||||||
Microchip Technology Inc. | 5,530 | 501,626 | ||||||
Micron Technology Inc.(a) | 10,242 | 538,319 | ||||||
NVIDIA Corp. | 1,994 | 538,520 | ||||||
ON Semiconductor Corp.(a) | 28,019 | 522,835 | ||||||
Qorvo Inc.(a) | 5,730 | 576,323 | ||||||
QUALCOMM Inc. | 6,719 | 526,098 | ||||||
Skyworks Solutions Inc. | 5,065 | 507,412 | ||||||
Teradyne Inc. | 8,777 | 515,737 | ||||||
Texas Instruments Inc. | 4,507 | 514,429 | ||||||
Xilinx Inc. | 6,628 | 553,372 | ||||||
9,960,001 | ||||||||
Software — 4.2% | ||||||||
Adobe Inc.(a) | 1,561 | 538,732 | ||||||
ANSYS Inc.(a) | 2,033 | 492,372 | ||||||
Autodesk Inc.(a) | 2,857 | 545,344 | ||||||
Cadence Design Systems Inc.(a) | 7,527 | 497,836 | ||||||
CDK Global Inc. | 11,294 | 519,750 | ||||||
Citrix Systems Inc. | 4,789 | 495,135 | ||||||
DocuSign Inc.(a) | 6,517 | 562,482 | ||||||
Dropbox Inc., Class A(a) | 32,163 | 629,108 | ||||||
Fortinet Inc.(a) | 4,952 | 505,401 | ||||||
Guidewire Software Inc.(a)(b) | 4,847 | 531,280 | ||||||
Intuit Inc. | 1,948 | 517,876 | ||||||
Microsoft Corp. | 3,159 | 511,790 | ||||||
NortonLifeLock Inc. | 28,811 | 548,273 | ||||||
Oracle Corp. | 10,667 | 527,590 | ||||||
Palo Alto Networks Inc.(a) | 2,373 | 438,103 | ||||||
Paycom Software Inc.(a)(b) | 1,859 | 525,446 | ||||||
PTC Inc.(a) | 6,771 | 511,549 | ||||||
RingCentral Inc., Class A(a)(b) | 2,407 | 567,450 | ||||||
salesforce.com Inc.(a)(b) | 3,095 | 527,388 | ||||||
ServiceNow Inc.(a) | 1,655 | 539,679 | ||||||
Splunk Inc.(a) | 3,421 | 504,016 | ||||||
SS&C Technologies Holdings Inc. | 9,146 | 507,603 | ||||||
Synopsys Inc.(a) | 3,630 | 500,686 | ||||||
Tyler Technologies Inc.(a) | 1,777 | 556,823 |
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) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
VMware Inc., Class A(a) | 3,688 | $ | 444,478 | |||||
Workday Inc., Class A(a) | 2,967 | 514,033 | ||||||
13,560,223 | ||||||||
Specialty Retail — 2.3% | ||||||||
Advance Auto Parts Inc. | 4,171 | 554,659 | ||||||
AutoZone Inc.(a) | 551 | 568,913 | ||||||
Best Buy Co. Inc. | 6,560 | 496,264 | ||||||
Burlington Stores Inc.(a) | 2,395 | 517,943 | ||||||
CarMax Inc.(a) | 6,019 | 525,519 | ||||||
Gap Inc. (The) | 33,993 | 487,120 | ||||||
Home Depot Inc. (The) | 2,427 | 528,698 | ||||||
Lowe's Companies Inc. | 4,800 | 511,536 | ||||||
O'Reilly Automotive Inc.(a) | 1,494 | 550,868 | ||||||
Ross Stores Inc. | 4,829 | 525,298 | ||||||
Tiffany & Co. | 4,405 | 588,464 | ||||||
TJX Companies Inc. (The) | 9,321 | 557,396 | ||||||
Tractor Supply Co. | 6,046 | 535,131 | ||||||
Ulta Salon Cosmetics & Fragrance Inc.(a) | 1,980 | 509,038 | ||||||
7,456,847 | ||||||||
Technology Hardware, Storage & Peripherals — 1.3% | ||||||||
Apple Inc. | 1,854 | 506,810 | ||||||
Dell Technologies Inc., Class C(a) | 11,209 | 453,516 | ||||||
Hewlett Packard Enterprise Co. | 41,132 | 526,078 | ||||||
HP Inc. | 26,595 | 552,910 | ||||||
NetApp Inc. | 11,070 | 517,191 | ||||||
Seagate Technology PLC | 10,913 | 523,278 | ||||||
Western Digital Corp. | 8,659 | 481,094 | ||||||
Xerox Holdings Corp.(a) | 15,891 | 511,690 | ||||||
4,072,567 | ||||||||
Textiles, Apparel & Luxury Goods — 1.4% | ||||||||
Capri Holdings Ltd.(a) | 20,982 | 541,755 | ||||||
Hanesbrands Inc. | 40,764 | 539,715 | ||||||
Lululemon Athletica Inc.(a) | 2,282 | 496,130 | ||||||
NIKE Inc., Class B | 5,799 | 518,315 | ||||||
PVH Corp. | 6,850 | 507,653 | ||||||
Ralph Lauren Corp. | 4,904 | 517,421 | ||||||
Tapestry Inc. | 21,049 | 493,599 | ||||||
Under Armour Inc., Class A(a) | 18,347 | 260,344 | ||||||
Under Armour Inc., Class C, NVS(a) | 18,969 | 236,733 | ||||||
VF Corp. | 7,155 | 515,160 | ||||||
4,626,825 | ||||||||
Tobacco — 0.3% | ||||||||
Altria Group Inc. | 13,080 | 528,039 |
Security | Shares | Value | ||||||
Tobacco (continued) | ||||||||
Philip Morris International Inc. | 6,803 | $ | 556,962 | |||||
1,085,001 | ||||||||
Trading Companies & Distributors — 0.6% | ||||||||
Fastenal Co. | 15,447 | 528,596 | ||||||
HD Supply Holdings Inc.(a) | 14,122 | 536,919 | ||||||
United Rentals Inc.(a)(b) | 3,841 | 508,856 | ||||||
WW Grainger Inc. | 1,919 | 532,599 | ||||||
2,106,970 | ||||||||
Water Utilities — 0.3% | ||||||||
American Water Works Co. Inc. | 4,247 | 525,184 | ||||||
Essential Utilities Inc. | 10,939 | 470,486 | ||||||
995,670 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Sprint Corp.(a) | 64,502 | 592,773 | ||||||
T-Mobile U.S. Inc.(a)(b) | 5,922 | 533,928 | ||||||
1,126,701 | ||||||||
Total Common Stocks — 99.8% (Cost: $310,925,334) | 325,131,023 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 3.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(c)(d)(e) | 10,827,110 | 10,834,689 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(c)(d) | 325,000 | 325,000 | ||||||
11,159,689 | ||||||||
Total Short-Term Investments — 3.4% (Cost: $11,155,682) | 11,159,689 | |||||||
Total Investments in Securities — 103.2% (Cost: $322,081,016) | 336,290,712 | |||||||
Other Assets, Less Liabilities — (3.2)%. | (10,442,756 | ) | ||||||
Net Assets — 100.0% | $ | 325,847,956 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
36 | 2 0 2 0 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) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Change in | ||||||||||||||||||||||||||||||||
Shares | Shares | Net | Unrealized | |||||||||||||||||||||||||||||
Held at | Shares | Shares | Held at | Value at | Realized | Appreciation | ||||||||||||||||||||||||||
Affiliated Issuer | 08/31/19 | Purchased | Sold | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | |||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 10,638,607 | 188,503 | (b) | — | 10,827,110 | $ | 10,834,689 | $ | 24,631 | (c) | $ | 28 | $ | 2,336 | ||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 619,000 | — | (294,000 | )(b) | 325,000 | 325,000 | 5,248 | — | — | |||||||||||||||||||||||
BlackRock Inc. | 1,160 | 163 | (275 | ) | 1,048 | 485,234 | 7,574 | 9,276 | 39,550 | |||||||||||||||||||||||
$ | 11,644,923 | $ | 37,453 | $ | 9,304 | $ | 41,886 |
(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. |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
S&P 500 E-Mini Index | 3 | 03/20/20 | $ | 443 | $ | (50,089 | ) | |||||||||
S&P MidCap 400 E-Mini Index | 1 | 03/20/20 | 181 | (22,540 | ) | |||||||||||
$ | (72,629 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 72,629 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 106,100 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (75,949 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 766,527 |
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 | 37 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Equal Weighted ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 325,131,023 | $ | — | $ | — | $ | 325,131,023 | ||||||||
Money Market Funds | 11,159,689 | — | — | 11,159,689 | ||||||||||||
$ | 336,290,712 | $ | — | $ | — | $ | 336,290,712 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts. | $ | (72,629 | ) | $ | — | $ | — | $ | (72,629 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
38 | 2 0 2 0 | 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 29, 2020
iShares | ||||||||||||||||
iShares | MSCI | iShares | ||||||||||||||
iShares | MSCI Chile | Colombia | MSCI Israel | |||||||||||||
MSCI Brazil ETF | ETF | ETF | ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a) | ||||||||||||||||
Unaffiliated(b) | $ | 8,783,126,309 | $ | 452,901,618 | $ | 19,680,784 | $ | 113,665,195 | ||||||||
Affiliated(c) | 638,000 | 412,000 | 12,000 | 18,103,530 | ||||||||||||
Cash | 653 | 335 | 273 | 115 | ||||||||||||
Foreign currency, at value(d) | 15,386,643 | — | 11,496 | 49,760 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 9,297,000 | 11,000 | — | — | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | — | — | — | 3,295 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 85,379,130 | 13,814,083 | 646,888 | 395,514 | ||||||||||||
Securities lending income — Affiliated | — | — | — | 4,668 | ||||||||||||
Variation margin on futures contracts | — | 1,286 | — | — | ||||||||||||
Dividends | 71,570,753 | 795 | 2,608 | 389 | ||||||||||||
Total assets | 8,965,398,488 | 467,141,117 | 20,354,049 | 132,222,466 | ||||||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | — | — | 18,041,567 | ||||||||||||
Deferred foreign capital gain tax | — | — | — | 77,750 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 86,735,649 | 12,696,272 | 571,123 | 388,466 | ||||||||||||
Variation margin on futures contracts | 2,311,463 | — | — | 1,601 | ||||||||||||
Investment advisory fees | 4,568,723 | 227,235 | 10,591 | 55,751 | ||||||||||||
Foreign taxes | — | — | — | 24,169 | ||||||||||||
Total liabilities | 93,615,835 | 12,923,507 | 581,714 | 18,589,304 | ||||||||||||
NET ASSETS | $ | 8,871,782,653 | $ | 454,217,610 | $ | 19,772,335 | $ | 113,633,162 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 10,126,952,698 | $ | 720,828,768 | $ | 33,079,244 | $ | 162,989,612 | ||||||||
Accumulated loss | (1,255,170,045 | ) | (266,611,158 | ) | (13,306,909 | ) | (49,356,450 | ) | ||||||||
NET ASSETS | $ | 8,871,782,653 | $ | 454,217,610 | $ | 19,772,335 | $ | 113,633,162 | ||||||||
Shares outstanding | 232,950,000 | 16,950,000 | 1,650,000 | 2,050,000 | ||||||||||||
Net asset value | $ | 38.08 | $ | 26.80 | $ | 11.98 | $ | 55.43 | ||||||||
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 | $ | — | $ | — | $ | — | $ | 17,833,262 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 7,066,730,917 | $ | 512,698,183 | $ | 17,835,945 | $ | 129,294,618 | ||||||||
(c) Investments, at cost — Affiliated | $ | 638,000 | $ | 412,000 | $ | 12,000 | $ | 18,098,551 | ||||||||
(d) Foreign currency, at cost | $ | 15,786,152 | $ | — | $ | 11,862 | $ | 50,114 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | — | $ | — | $ | 3,341 |
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 Assets and Liabilities (unaudited) (continued)
February 29, 2020
iShares | ||||||||||||||||
MSCI USA | ||||||||||||||||
iShares | iShares | iShares | Equal | |||||||||||||
MSCI Russia | MSCI South | MSCI Turkey | Weighted | |||||||||||||
ETF | Africa ETF | ETF | ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a) | ||||||||||||||||
Unaffiliated(b) | $ | 513,228,696 | $ | 283,045,654 | $ | 264,403,958 | $ | 324,645,789 | ||||||||
Affiliated(c) | 1,538,000 | 11,225,742 | 18,558,653 | 11,644,923 | ||||||||||||
Cash | 584 | 596 | 467 | 1,880 | ||||||||||||
Foreign currency, at value(d) | — | 82,947 | 260,340 | — | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 29,000 | — | 14,000 | 31,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 18,872,364 | 15,527,567 | 7,263,344 | 10,573,171 | ||||||||||||
Securities lending income — Affiliated | — | 4,028 | 101,198 | 3,887 | ||||||||||||
Dividends | 406,903 | 178 | 395 | 514,312 | ||||||||||||
Total assets | 534,075,547 | 309,886,712 | 290,602,355 | 347,414,962 | ||||||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | 11,156,719 | 18,420,711 | 10,831,148 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 10,642,424 | 14,541,998 | 7,266,708 | 10,637,584 | ||||||||||||
Variation margin on futures contracts | 1,980 | 225 | 900 | 4,776 | ||||||||||||
Capital shares redeemed | 8,828,395 | 451,401 | 93,754 | 50,132 | ||||||||||||
Investment advisory fees | 282,768 | 169,123 | 163,232 | 43,366 | ||||||||||||
Total liabilities | 19,755,567 | 26,319,466 | 25,945,305 | 21,567,006 | ||||||||||||
NET ASSETS | $ | 514,319,980 | $ | 283,567,246 | $ | 264,657,050 | $ | 325,847,956 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 583,631,072 | $ | 646,686,771 | $ | 612,139,621 | $ | 314,796,750 | ||||||||
Accumulated earnings (loss) | (69,311,092 | ) | (363,119,525 | ) | (347,482,571 | ) | 11,051,206 | |||||||||
NET ASSETS | $ | 514,319,980 | $ | 283,567,246 | $ | 264,657,050 | $ | 325,847,956 | ||||||||
Shares outstanding | 14,350,000 | 7,300,000 | 11,150,000 | 5,650,000 | ||||||||||||
Net asset value | $ | 35.84 | $ | 38.84 | $ | 23.74 | $ | 57.67 | ||||||||
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 | $ | — | $ | 9,806,333 | $ | 15,831,599 | $ | 10,652,965 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 483,177,202 | $ | 435,898,840 | $ | 429,731,176 | $ | 310,481,140 | ||||||||
(c) Investments, at cost — Affiliated | $ | 1,538,000 | $ | 11,222,253 | $ | 18,549,801 | $ | 11,599,876 | ||||||||
(d) Foreign currency, at cost | $ | — | $ | 89,518 | $ | 262,930 | $ | — |
See notes to financial statements.
40 | 2 0 2 0 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 29, 2020
iShares | ||||||||||||||||
iShares | iShares | MSCI | iShares | |||||||||||||
MSCI Brazil | MSCI Chile | Colombia | MSCI Israel | |||||||||||||
ETF | ETF | ETF | ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 195,164,727 | $ | 3,717,021 | $ | 361,348 | $ | 698,271 | ||||||||
Dividends — Affiliated | 186,108 | 7,819 | 262 | 675 | ||||||||||||
Non-cash dividends — Unaffiliated | — | — | — | 39,160 | ||||||||||||
Interest — Unaffiliated | — | 127 | — | — | ||||||||||||
Securities lending income — Affiliated — net. | — | — | — | 21,254 | ||||||||||||
Foreign taxes withheld | (17,379,453 | ) | (1,142,531 | ) | (23,663 | ) | (172,410 | ) | ||||||||
Total investment income | 177,971,382 | 2,582,436 | 337,947 | 586,950 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 27,519,944 | 1,262,840 | 74,687 | 343,852 | ||||||||||||
Commitment fees | — | — | 20 | — | ||||||||||||
Total expenses | 27,519,944 | 1,262,840 | 74,707 | 343,852 | ||||||||||||
Net investment income | 150,451,438 | 1,319,596 | 263,240 | 243,098 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | (52,162,587 | ) | (14,148,590 | ) | (129,653 | ) | (1,581,863 | ) | ||||||||
Investments — Affiliated | — | — | — | 164 | ||||||||||||
In-kind redemptions — Unaffiliated | — | — | 40,255 | 1,638,008 | ||||||||||||
Futures contracts | 5,696,849 | 187,717 | — | 4,059 | ||||||||||||
Foreign currency transactions | (2,579,405 | ) | 60,272 | (22,216 | ) | 587 | ||||||||||
Net realized gain (loss) | (49,045,143 | ) | (13,900,601 | ) | (111,614 | ) | 60,955 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | (703,393,813 | ) | (110,528,143 | ) | (236,255 | ) | 6,478,372 | |||||||||
Investments — Affiliated | — | — | — | 3,774 | ||||||||||||
Futures contracts | (18,977,535 | ) | (20,979 | ) | — | (4,648 | ) | |||||||||
Foreign currency translations | (4,162,913 | ) | (5 | ) | (572 | ) | 1,747 | |||||||||
Net change in unrealized appreciation (depreciation) | (726,534,261 | ) | (110,549,127 | ) | (236,827 | ) | 6,479,245 | |||||||||
Net realized and unrealized gain (loss) | (775,579,404 | ) | (124,449,728 | ) | (348,441 | ) | 6,540,200 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (625,127,966 | ) | $ | (123,130,132 | ) | $ | (85,201 | ) | $ | 6,783,298 | |||||
(a) Net of foreign capital gain tax of | $ | — | $ | — | $ | — | $ | 34,585 | ||||||||
(b) Net of deferred foreign capital gain tax of | $ | — | $ | — | $ | — | $ | (4,939 | ) |
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 Operations (unaudited) (continued)
Six Months Ended February 29, 2020
iShares | ||||||||||||||||
MSCI USA | ||||||||||||||||
iShares | iShares | iShares | Equal | |||||||||||||
MSCI Russia | MSCI South | MSCI Turkey | Weighted | |||||||||||||
ETF | Africa ETF | ETF | ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 15,722,608 | $ | 5,658,583 | $ | 1,692,056 | $ | 3,597,088 | ||||||||
Dividends — Affiliated | 15,008 | 3,448 | 2,559 | 12,822 | ||||||||||||
Non-cash dividends — Unaffiliated | — | 31,301,922 | — | — | ||||||||||||
Interest — Unaffiliated | 291 | — | 63 | 230 | ||||||||||||
Securities lending income — Affiliated — net | — | 38,462 | 659,737 | 24,631 | ||||||||||||
Foreign taxes withheld | (1,637,534 | ) | (777,897 | ) | (248,145 | ) | (321 | ) | ||||||||
Total investment income | 14,100,373 | 36,224,518 | 2,106,270 | 3,634,450 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 1,877,980 | 1,125,998 | 1,037,242 | 257,505 | ||||||||||||
Total expenses | 1,877,980 | 1,125,998 | 1,037,242 | 257,505 | ||||||||||||
Net investment income | 12,222,393 | 35,098,520 | 1,069,028 | 3,376,945 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (5,950,757 | ) | (60,629,297 | ) | (10,166,922 | ) | (5,570,125 | ) | ||||||||
Investments — Affiliated | — | 377 | (629 | ) | (4,920 | ) | ||||||||||
In-kind redemptions — Unaffiliated | 31,202,434 | 1,539,047 | 13,799,602 | 8,665,892 | ||||||||||||
In-kind redemptions — Affiliated | — | — | — | 14,224 | ||||||||||||
Futures contracts | (49,554 | ) | 27,002 | 19,428 | 106,100 | |||||||||||
Foreign currency transactions | 23,643 | 318,217 | (19,466 | ) | — | |||||||||||
Net realized gain (loss) | 25,225,766 | (58,744,654 | ) | 3,632,013 | 3,211,171 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (23,059,279 | ) | (10,883,007 | ) | 645,602 | (7,637,485 | ) | |||||||||
Investments — Affiliated | — | 1,904 | 3,912 | 41,886 | ||||||||||||
Futures contracts | (71,652 | ) | 2,032 | (25,861 | ) | (75,949 | ) | |||||||||
Foreign currency translations | (310 | ) | (11,223 | ) | (1,625 | ) | — | |||||||||
Net change in unrealized appreciation (depreciation) | (23,131,241 | ) | (10,890,294 | ) | 622,028 | (7,671,548 | ) | |||||||||
Net realized and unrealized gain (loss) | 2,094,525 | (69,634,948 | ) | 4,254,041 | (4,460,377 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 14,316,918 | $ | (34,536,428 | ) | $ | 5,323,069 | $ | (1,083,432 | ) |
See notes to financial statements.
42 | 2 0 2 0 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 | iShares | |||||||||||||||
MSCI Brazil ETF | MSCI Chile ETF | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 150,451,438 | $ | 220,475,060 | $ | 1,319,596 | $ | 7,102,577 | ||||||||
Net realized gain (loss) | (49,045,143 | ) | 5,485,759 | (13,900,601 | ) | (24,033,169 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (726,534,261 | ) | 1,552,041,207 | (110,549,127 | ) | (51,312,409 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (625,127,966 | ) | 1,778,002,026 | (123,130,132 | ) | (68,243,001 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
From net investment income | (149,254,572 | ) | (220,258,100 | ) | (1,176,181 | ) | (7,045,063 | ) | ||||||||
Return of capital | — | — | — | (197,183 | ) | |||||||||||
Decrease in net assets resulting from distributions to shareholders | (149,254,572 | ) | (220,258,100 | ) | (1,176,181 | ) | (7,242,246 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase in net assets derived from capital share transactions | 1,440,421,277 | 1,146,968,776 | 248,384,044 | 12,273,938 | ||||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 666,038,739 | 2,704,712,702 | 124,077,731 | (63,211,309 | ) | |||||||||||
Beginning of period | 8,205,743,914 | 5,501,031,212 | 330,139,879 | 393,351,188 | ||||||||||||
End of period | $ | 8,871,782,653 | $ | 8,205,743,914 | $ | 454,217,610 | $ | 330,139,879 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 | iShares | |||||||||||||||
MSCI Colombia ETF | MSCI Israel ETF | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 263,240 | $ | 547,978 | $ | 243,098 | $ | 762,089 | ||||||||
Net realized gain (loss) | (111,614 | ) | (2,444,444 | ) | 60,955 | 17,699,076 | ||||||||||
Net change in unrealized appreciation (depreciation) | (236,827 | ) | (153,891 | ) | 6,479,245 | (24,641,152 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (85,201 | ) | (2,050,357 | ) | 6,783,298 | (6,179,987 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (311,132 | ) | (580,532 | ) | (2,125,821 | ) | (616,740 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (3,436,318 | ) | 401,594 | (5,577,506 | ) | (385,452 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total decrease in net assets | (3,832,651 | ) | (2,229,295 | ) | (920,029 | ) | (7,182,179 | ) | ||||||||
Beginning of period | 23,604,986 | 25,834,281 | 114,553,191 | 121,735,370 | ||||||||||||
End of period | $ | 19,772,335 | $ | 23,604,986 | $ | 113,633,162 | $ | 114,553,191 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
44 | 2 0 2 0 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 | iShares | |||||||||||||||
MSCI Russia ETF | MSCI South Africa ETF | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 12,222,393 | $ | 37,401,597 | $ | 35,098,520 | $ | 11,108,795 | ||||||||
Net realized gain (loss) | 25,225,766 | (12,393,198 | ) | (58,744,654 | ) | (8,135,491 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (23,131,241 | ) | 93,343,563 | (10,890,294 | ) | (46,627,365 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 14,316,918 | 118,351,962 | (34,536,428 | ) | (43,654,061 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (35,932,824 | ) | (32,427,517 | ) | (37,167,359 | ) | (18,209,216 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (91,645,099 | ) | 62,796,717 | (18,796,392 | ) | 62,816,771 | ||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (113,261,005 | ) | 148,721,162 | (90,500,179 | ) | 953,494 | ||||||||||
Beginning of period | 627,580,985 | 478,859,823 | 374,067,425 | 373,113,931 | ||||||||||||
End of period | $ | 514,319,980 | $ | 627,580,985 | $ | 283,567,246 | $ | 374,067,425 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 | iShares | |||||||||||||||
MSCI Turkey ETF | MSCI USA Equal Weighted ETF | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,069,028 | $ | 10,801,241 | $ | 3,376,945 | $ | 3,880,060 | ||||||||
Net realized gain (loss) | 3,632,013 | (66,447,393 | ) | 3,211,171 | 3,288,858 | |||||||||||
Net change in unrealized appreciation (depreciation) | 622,028 | 155,589,697 | (7,671,548 | ) | (3,125,494 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 5,323,069 | 99,943,545 | (1,083,432 | ) | 4,043,424 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (4,116,823 | ) | (10,891,206 | ) | (2,858,157 | ) | (4,050,996 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (50,739,442 | ) | (161,658,897 | ) | 21,699,603 | 115,277,153 | ||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (49,533,196 | ) | (72,606,558 | ) | 17,758,014 | 115,269,581 | ||||||||||
Beginning of period | 314,190,246 | 386,796,804 | 308,089,942 | 192,820,361 | ||||||||||||
End of period | $ | 264,657,050 | $ | 314,190,246 | $ | 325,847,956 | $ | 308,089,942 |
(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
46 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 40.92 | $ | 32.03 | $ | 40.06 | $ | 33.52 | $ | 24.71 | $ | 53.61 | ||||||||||||
Net investment income(a) | 0.69 | 1.12 | 1.14 | 0.76 | 0.63 | 1.00 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.86 | ) | 8.88 | (8.22 | ) | 6.45 | 8.62 | (28.87 | ) | |||||||||||||||
Net increase (decrease) from investment operations | (2.17 | ) | 10.00 | (7.08 | ) | 7.21 | 9.25 | (27.87 | ) | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.67 | ) | (1.11 | ) | (0.95 | ) | (0.67 | ) | (0.44 | ) | (1.03 | ) | ||||||||||||
Total distributions | (0.67 | ) | (1.11 | ) | (0.95 | ) | (0.67 | ) | (0.44 | ) | (1.03 | ) | ||||||||||||
Net asset value, end of period | $ | 38.08 | $ | 40.92 | $ | 32.03 | $ | 40.06 | $ | 33.52 | $ | 24.71 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (5.53 | )%(d) | 31.36 | % | (17.87 | )% | 22.03 | % | 38.22 | % | (52.49 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(e) | 0.59 | % | 0.59 | % | 0.62 | % | 0.63 | % | 0.62 | % | ||||||||||||
Net investment income | 3.17 | %(e) | 2.75 | % | 2.86 | % | 2.10 | % | 2.41 | % | 2.73 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,871,783 | $ | 8,205,744 | $ | 5,501,031 | $ | 6,327,919 | $ | 3,899,630 | $ | 1,989,135 | ||||||||||||
Portfolio turnover rate(f) | 6 | %(d)(g) | 16 | %(g) | 30 | %(g) | 20 | %(g) | 18 | %(g) | 63 | %(g) |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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: | 6 | % | 10 | % | 13 | % | 13 | % | 4 | % | 48 | % |
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 Chile ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 35.88 | $ | 43.71 | $ | 47.96 | $ | 36.77 | $ | 34.75 | $ | 43.52 | ||||||||||||
Net investment income(a) | 0.10 | 0.74 | 0.78 | 0.69 | 0.78 | 0.66 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (9.11 | ) | (7.76 | ) | (4.06 | ) | 11.21 | 2.03 | (8.81 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (9.01 | ) | (7.02 | ) | (3.28 | ) | 11.90 | 2.81 | (8.15 | ) | ||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.07 | ) | (0.79 | ) | (0.92 | ) | (0.67 | ) | (0.75 | ) | (0.62 | ) | ||||||||||||
Return of capital | — | (0.02 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | — | ||||||||||||||
Total distributions | (0.07 | ) | (0.81 | ) | (0.97 | ) | (0.71 | ) | (0.79 | ) | (0.62 | ) | ||||||||||||
Net asset value, end of period | $ | 26.80 | $ | 35.88 | $ | 43.71 | $ | 47.96 | $ | 36.77 | $ | 34.75 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (25.14 | )%(d) | (16.22 | )% | (7.03 | )% | 32.65 | % | 8.17 | % | (18.85 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(e) | 0.59 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | ||||||||||||
Net investment income | 0.61 | %(e) | 1.74 | % | 1.55 | % | 1.68 | % | 2.20 | % | 1.64 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 454,218 | $ | 330,140 | $ | 393,351 | $ | 467,645 | $ | 327,244 | $ | 234,536 | ||||||||||||
Portfolio turnover rate(f) | 18 | %(d)(g) | 75 | %(g) | 54 | %(g) | 54 | %(g) | 73 | %(g) | 71 | %(g) |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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: | 10 | % | 12 | % | 11 | % | 8 | % | 11 | % | 10 | % |
See notes to financial statements.
48 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.42 | $ | 13.96 | $ | 14.58 | $ | 13.18 | $ | 11.88 | $ | 28.22 | ||||||||||||
Net investment income(a) | 0.14 | 0.35 | 0.30 | 0.23 | 0.25 | 0.46 | (b) | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.40 | ) | (1.50 | ) | (0.70 | ) | 1.34 | 1.23 | (16.34 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (0.26 | ) | (1.15 | ) | (0.40 | ) | 1.57 | 1.48 | (15.88 | ) | ||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.18 | ) | (0.39 | ) | (0.22 | ) | (0.17 | ) | (0.18 | ) | (0.45 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | ||||||||||||||||||
Total distributions | (0.18 | ) | (0.39 | ) | (0.22 | ) | (0.17 | ) | (0.18 | ) | (0.46 | ) | ||||||||||||
Net asset value, end of period | $ | 11.98 | $ | 12.42 | $ | 13.96 | $ | 14.58 | $ | 13.18 | $ | 11.88 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.23 | )%(e) | (8.18 | )% | (2.69 | )% | 12.05 | % | 12.49 | % | (56.73 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.61 | %(f) | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||
Net investment income | 2.15 | %(f) | 2.71 | % | 2.01 | % | 1.72 | % | 2.16 | % | 2.60 | %(b) | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 19,772 | $ | 23,605 | $ | 25,834 | $ | 22,594 | $ | 17,136 | $ | 14,251 | ||||||||||||
Portfolio turnover rate(g) | 22 | %(e) | 88 | % | 26 | % | 14 | % | 68 | % | 86 | % |
(a) | Based on average shares outstanding. |
(b) | Includes a one-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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Israel ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 53.28 | $ | 56.62 | $ | 48.19 | $ | 49.36 | $ | 50.51 | $ | 50.69 | ||||||||||||
Net investment income(a) | 0.12 | 0.33 | 0.59 | 0.62 | 0.71 | 1.23 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 3.04 | (3.42 | ) | 8.88 | (0.98 | ) | (0.87 | ) | (0.34 | ) | ||||||||||||||
Net increase (decrease) from investment operations | 3.16 | (3.09 | ) | 9.47 | (0.36 | ) | (0.16 | ) | 0.89 | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (1.01 | ) | (0.25 | ) | (1.04 | ) | (0.81 | ) | (0.99 | ) | (1.07 | ) | ||||||||||||
Total distributions | (1.01 | ) | (0.25 | ) | (1.04 | ) | (0.81 | ) | (0.99 | ) | (1.07 | ) | ||||||||||||
Net asset value, end of period | $ | 55.43 | $ | 53.28 | $ | 56.62 | $ | 48.19 | $ | 49.36 | $ | 50.51 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 5.88 | %(d) | (5.45 | )% | 19.91 | % | (0.77 | )% | (0.23 | )% | 1.80 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(e) | 0.59 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | ||||||||||||
Net investment income | 0.41 | %(e) | 0.60 | % | 1.15 | % | 1.25 | % | 1.46 | % | 2.45 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 113,633 | $ | 114,553 | $ | 121,735 | $ | 89,152 | $ | 93,793 | $ | 126,285 | ||||||||||||
Portfolio turnover rate(f) | 2 | %(d) | 17 | % | 6 | % | 28 | % | 46 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
50 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | (a) | 08/31/16 | (a) | 08/31/15 | (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 37.81 | $ | 32.47 | $ | 32.13 | $ | 27.92 | $ | 25.03 | $ | 36.68 | ||||||||||||
Net investment income(b) | 0.78 | 2.33 | 1.21 | 1.14 | 1.06 | 0.94 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.25 | ) | 5.04 | 0.22 | 4.07 | 2.65 | (11.27 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 0.53 | 7.37 | 1.43 | 5.21 | 3.71 | (10.33 | ) | |||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (2.50 | ) | (2.03 | ) | (1.09 | ) | (1.00 | ) | (0.82 | ) | (1.32 | ) | ||||||||||||
Total distributions | (2.50 | ) | (2.03 | ) | (1.09 | ) | (1.00 | ) | (0.82 | ) | (1.32 | ) | ||||||||||||
Net asset value, end of period | $ | 35.84 | $ | 37.81 | $ | 32.47 | $ | 32.13 | $ | 27.92 | $ | 25.03 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.49 | %(e) | 23.64 | % | 4.37 | % | 18.73 | % | 15.62 | % | (27.57 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(f) | 0.59 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | ||||||||||||
Net investment income | 3.78 | %(f) | 6.60 | % | 3.50 | % | 4.27 | % | 4.17 | % | 3.33 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 514,320 | $ | 627,581 | $ | 478,860 | $ | 530,076 | $ | 319,629 | $ | 210,912 | ||||||||||||
Portfolio turnover rate(g) | 13 | %(e) | 18 | % | 32 | % | 18 | % | 23 | % | 19 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI South Africa ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 47.96 | $ | 54.87 | $ | 62.62 | $ | 52.78 | $ | 57.44 | $ | 70.77 | ||||||||||||
Net investment income(a) | 4.39 | 1.31 | 1.41 | 1.07 | 1.02 | 1.28 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (8.81 | ) | (5.84 | ) | (7.69 | ) | 9.79 | (3.24 | ) | (13.24 | ) | |||||||||||||
Net increase (decrease) from investment operations | (4.42 | ) | (4.53 | ) | (6.28 | ) | 10.86 | (2.22 | ) | (11.96 | ) | |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (4.70 | ) | (2.38 | ) | (1.47 | ) | (1.02 | ) | (2.44 | ) | (1.37 | ) | ||||||||||||
Total distributions | (4.70 | ) | (2.38 | ) | (1.47 | ) | (1.02 | ) | (2.44 | ) | (1.37 | ) | ||||||||||||
Net asset value, end of period | $ | 38.84 | $ | 47.96 | $ | 54.87 | $ | 62.62 | $ | 52.78 | $ | 57.44 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (10.86 | )%(d) | (8.45 | )% | (10.20 | )% | 20.91 | % | (3.64 | )% | (17.07 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(e) | 0.59 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | ||||||||||||
Net investment income | 18.09 | %(e) | 2.48 | % | 2.20 | % | 1.91 | % | 1.96 | % | 1.94 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 283,567 | $ | 374,067 | $ | 373,114 | $ | 419,587 | $ | 406,443 | $ | 373,346 | ||||||||||||
Portfolio turnover rate(f) | 26 | %(d) | 12 | % | 15 | % | 13 | % | 12 | % | 9 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements
52 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 24.08 | $ | 20.09 | $ | 46.17 | $ | 38.16 | $ | 38.27 | $ | 55.72 | ||||||||||||
Net investment income(a) | 0.08 | 0.60 | 1.01 | 0.97 | 0.96 | 1.13 | (b) | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.12 | ) | 4.06 | (26.05 | ) | 8.12 | (0.17 | ) | (17.49 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (0.04 | ) | 4.66 | (25.04 | ) | 9.09 | 0.79 | (16.36 | ) | |||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.30 | ) | (0.67 | ) | (1.04 | ) | (1.08 | ) | (0.90 | ) | (1.09 | ) | ||||||||||||
Total distributions | (0.30 | ) | (0.67 | ) | (1.04 | ) | (1.08 | ) | (0.90 | ) | (1.09 | ) | ||||||||||||
Net asset value, end of period | $ | 23.74 | $ | 24.08 | $ | 20.09 | $ | 46.17 | $ | 38.16 | $ | 38.27 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.31 | )%(e) | 23.38 | % | (54.97 | )% | 24.23 | % | 1.98 | % | (29.69 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.58 | %(f) | 0.59 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | ||||||||||||
Net investment income | 0.60 | %(f) | 2.43 | % | 2.76 | % | 2.58 | % | 2.45 | % | 2.31 | %(b) | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 264,657 | $ | 314,190 | $ | 386,797 | $ | 424,727 | $ | 368,225 | $ | 371,225 | ||||||||||||
Portfolio turnover rate(g). | 6 | %(e) | 20 | % | 7 | % | 6 | % | 6 | % | 6 | % |
(a) | Based on average shares outstanding. |
(b) | Includes a one-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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI USA Equal Weighted ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 58.13 | $ | 59.33 | $ | 51.30 | $ | 46.05 | $ | 42.51 | $ | 43.08 | ||||||||||||
Net investment income(a) | 0.61 | 0.92 | 0.98 | 0.85 | 0.77 | 0.80 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.55 | ) | (1.11 | ) | 7.94 | 5.18 | 3.63 | (0.57 | ) | |||||||||||||||
Net increase (decrease) from investment operations | 0.06 | (0.19 | ) | 8.92 | 6.03 | 4.40 | 0.23 | |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.52 | ) | (1.01 | ) | (0.89 | ) | (0.78 | ) | (0.86 | ) | (0.80 | ) | ||||||||||||
Total distributions | (0.52 | ) | (1.01 | ) | (0.89 | ) | (0.78 | ) | (0.86 | ) | (0.80 | ) | ||||||||||||
Net asset value, end of period | $ | 57.67 | $ | 58.13 | $ | 59.33 | $ | 51.30 | $ | 46.05 | $ | 42.51 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.05 | %(d) | (0.23 | )% | 17.55 | % | 13.22 | % | 10.54 | % | 0.48 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.15 | %(e) | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||||
Net investment income | 1.97 | %(e) | 1.63 | % | 1.76 | % | 1.72 | % | 1.79 | % | 1.82 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 325,848 | $ | 308,090 | $ | 192,820 | $ | 135,945 | $ | 73,673 | $ | 44,632 | ||||||||||||
Portfolio turnover rate(f) | 12 | %(d) | 24 | % | 23 | % | 27 | % | 28 | % | 39 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements
54 | 2 0 2 0 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”):
Diversification | |
iShares ETF | 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 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 29, 2020, 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.
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 | 55 |
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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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 valu 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. 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 29, 2020, 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
56 | 2 0 2 0 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)
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 29, 2020 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 29, 2020:
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received(a) | Received | Net Amount | ||||||||||||
MSCI Israel | ||||||||||||||||
Barclays Capital Inc. | $ | 53,038 | $ | 53,038 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 5,709,000 | 5,707,282 | — | (1,718 | )(b) | |||||||||||
Credit Suisse AG Dublin Branch | 887,018 | 887,018 | — | — | ||||||||||||
Goldman Sachs & Co. | 184,439 | 184,439 | — | — | ||||||||||||
JPMorgan Securities LLC | 6,059,555 | 6,059,555 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 4,940,212 | 4,940,212 | — | — | ||||||||||||
$ | 17,833,262 | $ | 17,831,544 | $ | — | $ | (1,718 | ) | ||||||||
MSCI South Africa | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 9,806,333 | $ | 9,806,333 | $ | — | $ | — | ||||||||
MSCI Turkey | ||||||||||||||||
BofA Securities, Inc. | $ | 1,815,874 | $ | 1,815,874 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 4,196,944 | 4,196,944 | — | — | ||||||||||||
Credit Suisse AG Dublin Branch | 1,496,063 | 1,496,063 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 1,712,669 | 1,712,669 | — | — | ||||||||||||
Goldman Sachs & Co. | 3,636,843 | 3,636,843 | — | — | ||||||||||||
HSBC Bank PLC | 372,469 | 372,469 | — | — | ||||||||||||
JPMorgan Securities LLC | 1,143,759 | 1,143,759 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,456,978 | 1,456,978 | — | — | ||||||||||||
$ | 15,831,599 | $ | 15,831,599 | $ | — | $ | — | |||||||||
MSCI USA Equal Weighted | ||||||||||||||||
Barclays Bank PLC | $ | 683,082 | $ | 683,082 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 364,120 | 364,120 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 1,407,947 | 1,407,947 | — | — | ||||||||||||
BofA Securities, Inc. | 1,070,123 | 1,059,856 | — | (10,267 | )(b) | |||||||||||
Citigroup Global Markets Inc. | 1,121,448 | 1,121,448 | — | — | ||||||||||||
Credit Suisse AG Dublin Branch | 1,687,236 | 1,687,236 | — | — | ||||||||||||
Goldman Sachs & Co. | 1,393,516 | 1,393,516 | — | — | ||||||||||||
HSBC Bank PLC | 1,640 | 1,640 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 507,975 | 507,975 | — | — | ||||||||||||
Nomura Securities International Inc. | 704,643 | 699,214 | — | (5,429 | )(b) | |||||||||||
RBC Capital Markets LLC | 14,100 | 14,100 | — | — | ||||||||||||
SG Americas Securities LLC | 503,003 | 503,003 | — | — | ||||||||||||
UBS AG | 599,386 | 599,386 | — | — | ||||||||||||
UBS Securities LLC | 594,746 | 594,746 | — | — | ||||||||||||
$ | 10,652,965 | $ | 10,637,269 | $ | — | $ | (15,696 | ) |
(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 to the extent 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
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)
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 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.
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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 75% 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: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% 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, and (2) Each Group 2 Fund will retain for the remainder of that calendar year 85% 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, 2020, each Group 1 Fund retained 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
MSCI Israel | $ | 6,710 | ||
MSCI South Africa | 11,140 | |||
MSCI Turkey | 149,190 | |||
MSCI USA Equal Weighted | 10,448 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
Net Realized | ||||||||||||
iShares ETF | Purchases | Sales | Gain (Loss) | |||||||||
MSCI Israel | $ | 38,415 | $ | 493,870 | $ | (1,083,607 | ) | |||||
MSCI Russia | 8,018,863 | 217,172 | (173,524 | ) | ||||||||
MSCI South Africa | — | 28,469,713 | (2,519,170 | ) | ||||||||
MSCI USA Equal Weighted | 15,634,693 | 14,962,353 | (1,987,099 | ) |
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.
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)
7. | PURCHASES AND SALES |
For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Brazil | $ | 1,916,503,018 | $ | 532,446,425 | ||||
MSCI Chile | 320,849,420 | 72,937,732 | ||||||
MSCI Colombia | 5,332,999 | 8,648,352 | ||||||
MSCI Israel | 2,624,533 | 4,920,045 | ||||||
MSCI Russia | 80,078,281 | 132,571,180 | ||||||
MSCI South Africa | 95,433,380 | 119,458,379 | ||||||
MSCI Turkey | 19,871,025 | 20,973,689 | ||||||
MSCI USA Equal Weighted | 41,948,806 | 40,849,198 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
MSCI Colombia | $ | 149,972 | $ | 367,543 | ||||
MSCI Israel | — | 4,976,998 | ||||||
MSCI Russia | 28,954,623 | 92,635,078 | ||||||
MSCI South Africa | 48,321,187 | 75,920,273 | ||||||
MSCI Turkey | 58,657,094 | 111,345,257 | ||||||
MSCI USA Equal Weighted | 45,475,232 | 23,902,500 |
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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Brazil | $ | 2,428,319,347 | ||
MSCI Chile | 138,772,701 | |||
MSCI Colombia | 11,656,921 | |||
MSCI Israel | 28,754,391 | |||
MSCI Russia | 89,746,813 | |||
MSCI South Africa | 122,895,248 | |||
MSCI Turkey | 151,898,678 | |||
MSCI USA Equal Weighted | 2,269,871 |
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.
60 | 2 0 2 0 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 29, 2020, 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:
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
iShares ETF | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
MSCI Brazil | $ | 7,590,710,949 | $ | 1,948,485,504 | $ | (773,897,726 | ) | $ | 1,174,587,778 | |||||||
MSCI Chile | 567,296,869 | 9,390,358 | (123,394,588 | ) | (114,004,230 | ) | ||||||||||
MSCI Colombia | 21,206,420 | 2,716,066 | (4,229,702 | ) | (1,513,636 | ) | ||||||||||
MSCI Israel | 152,022,364 | 19,602,072 | (39,860,359 | ) | (20,258,287 | ) | ||||||||||
MSCI Russia | 516,768,114 | 61,383,003 | (63,456,073 | ) | (2,073,070 | ) | ||||||||||
MSCI South Africa | 471,394,469 | 11,435,526 | (188,558,824 | ) | (177,123,298 | ) | ||||||||||
MSCI Turkey | 480,965,294 | 4,867,301 | (202,895,845 | ) | (198,028,544 | ) | ||||||||||
MSCI USA Equal Weighted | 327,311,199 | 34,595,477 | (25,688,593 | ) | 8,906,884 |
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 21, 2020. 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 Funds did not borrow under the credit agreement during the six months ended February 29, 2020.
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The impact of the pandemic may be short term or may last for an extended period of time.
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
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)
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.
Transactions in capital shares were as follows:
Six Months Ended | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Brazil | ||||||||||||||||
Shares sold | 32,650,000 | $ | 1,450,867,480 | 39,900,000 | $ | 1,597,335,848 | ||||||||||
Shares redeemed | (250,000 | ) | (10,446,203 | ) | (11,100,000 | ) | (450,367,072 | ) | ||||||||
Net increase | 32,400,000 | $ | 1,440,421,277 | 28,800,000 | $ | 1,146,968,776 | ||||||||||
MSCI Chile | ||||||||||||||||
Shares sold | 8,700,000 | $ | 280,414,308 | 6,150,000 | $ | 266,264,905 | ||||||||||
Shares redeemed | (950,000 | ) | (32,030,264 | ) | (5,950,000 | ) | (253,990,967 | ) | ||||||||
Net increase | 7,750,000 | $ | 248,384,044 | 200,000 | $ | 12,273,938 | ||||||||||
MSCI Colombia | ||||||||||||||||
Shares sold | 200,000 | $ | 2,656,091 | 1,050,000 | $ | 13,424,743 | ||||||||||
Shares redeemed | (450,000 | ) | (6,092,409 | ) | (1,000,000 | ) | (13,023,149 | ) | ||||||||
Net increase(decrease) | (250,000 | ) | $ | (3,436,318 | ) | 50,000 | $ | 401,594 | ||||||||
MSCI Israel | ||||||||||||||||
Shares sold | — | $ | 114 | 900,000 | $ | 48,475,728 | ||||||||||
Shares redeemed | (100,000 | ) | (5,577,620 | ) | (900,000 | ) | (48,861,180 | ) | ||||||||
Net decrease | (100,000 | ) | $ | (5,577,506 | ) | — | $ | (385,452 | ) | |||||||
MSCI Russia | ||||||||||||||||
Shares sold | 950,000 | $ | 40,668,118 | 3,000,000 | $ | 102,646,729 | ||||||||||
Shares redeemed | (3,200,000 | ) | (132,313,217 | ) | (1,150,000 | ) | (39,850,012 | ) | ||||||||
Net increase(decrease) | (2,250,000 | ) | $ | (91,645,099 | ) | 1,850,000 | $ | 62,796,717 | ||||||||
MSCI South Africa | ||||||||||||||||
Shares sold | 1,200,000 | $ | 57,776,241 | 8,400,000 | $ | 448,398,024 | ||||||||||
Shares redeemed | (1,700,000 | ) | (76,572,633 | ) | (7,400,000 | ) | (385,581,253 | ) | ||||||||
Net increase(decrease) | (500,000 | ) | $ | (18,796,392 | ) | 1,000,000 | $ | 62,816,771 | ||||||||
MSCI Turkey | ||||||||||||||||
Shares sold | 2,400,000 | $ | 61,671,522 | 6,500,000 | $ | 152,434,904 | ||||||||||
Shares redeemed | (4,300,000 | ) | (112,410,964 | ) | (12,700,000 | ) | (314,093,801 | ) | ||||||||
Net decrease | (1,900,000 | ) | $ | (50,739,442 | ) | (6,200,000 | ) | $ | (161,658,897 | ) |
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Notes to Financial Statements (unaudited) (continued)
Six Months Ended | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI USA Equal Weighted | ||||||||||||||||
Shares sold | 750,000 | $ | 45,752,331 | 2,450,000 | $ | 138,103,245 | ||||||||||
Shares redeemed | (400,000 | ) | (24,052,728 | ) | (400,000 | ) | (22,826,092 | ) | ||||||||
Net increase | 350,000 | $ | 21,699,603 | 2,050,000 | $ | 115,277,153 |
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.
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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
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.
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Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) 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, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
64 | 2 0 2 0 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 are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions | % Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||||
for the Fiscal Year-to-Date | Distributions for the Fiscal Year-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 Brazil(a) | $ | 0.499868 | $ | — | $ | 0.174805 | $ | 0.674673 | 74 | % | — | % | 26 | % | 100 | % | ||||||||||||||||
MSCI Chile(a) | 0.034549 | — | 0.039658 | 0.074207 | 47 | — | 53 | 100 | ||||||||||||||||||||||||
MSCI Colombia(a) | 0.073655 | — | 0.109364 | 0.183019 | 40 | — | 60 | 100 | ||||||||||||||||||||||||
MSCI Israel(a) | 0.893021 | — | 0.119275 | 1.012296 | 88 | — | 12 | 100 | ||||||||||||||||||||||||
MSCI Russia(a) | 1.721038 | — | 0.774297 | 2.495335 | 69 | — | 31 | 100 | ||||||||||||||||||||||||
MSCI Turkey(a) | 0.215433 | — | 0.085065 | 0.300498 | 72 | — | 28 | 100 | ||||||||||||||||||||||||
MSCI USA Equal Weighted(a) | 0.455109 | — | 0.065021 | 0.520130 | 87 | — | 13 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
66 | 2 0 2 0 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 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-804-0220
FEBRUARY 29, 2020 |
2020 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® MSCI Australia ETF |
Investment Objective
The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed ofAustralian equities, as represented by the MSCIAustralia 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 | (5.01 | )% | (1.57 | )% | 1.51 | % | 3.82 | % | (1.57 | )% | 7.76 | % | 45.45 | % | ||||||||||||||
Fund Market | (5.20 | ) | (1.49 | ) | 1.46 | 3.80 | (1.49 | ) | 7.51 | 45.26 | ||||||||||||||||||
Index | (4.83 | ) | (1.17 | ) | 1.87 | 4.21 | (1.17 | ) | 9.71 | 51.09 |
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 8 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | (a) | Expenses Paid During the Period | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 949.90 | $ | 2.42 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | Percent of Total Investments | (a) | ||
Financials | 36.5 | % | ||
Materials | 15.6 | |||
Health Care | 12.7 | |||
Real Estate | 7.7 | |||
Industrials | 6.5 | |||
Consumer Discretionary | 5.8 | |||
Consumer Staples | 5.7 | |||
Energy | 5.2 | |||
Utilities | 2.0 | |||
Communication Services | 1.6 | |||
Information Technology | 0.7 |
(a) | Excludes money market funds |
TEN LARGEST HOLDINGS | ||||
Security | Percent of Total Investments | (a) | ||
Commonwealth Bank of Australia | 10.4 | % | ||
CSL Ltd. | 10.1 | |||
BHP Group Ltd. | 7.1 | |||
Westpac Banking Corp. | 6.1 | |||
National Australia Bank Ltd. | 5.2 | |||
Australia & New Zealand Banking Group Ltd. | 5.0 | |||
Woolworths Group Ltd. | 3.5 | |||
Wesfarmers Ltd. | 3.3 | |||
Macquarie Group Ltd. | 3.3 | |||
Transurban Group | 2.9 |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI Canada ETF |
Investment Objective
The iShares MSCICanada 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 | (1.04 | )% | 1.26 | % | 1.80 | % | 2.81 | % | 1.26 | % | 9.32 | % | 31.88 | % | ||||||||||||||
Fund Market | (0.64 | ) | 1.45 | 1.85 | 2.79 | 1.45 | 9.60 | 31.67 | ||||||||||||||||||||
Index | (0.97 | ) | 1.36 | 1.95 | 3.00 | 1.36 | 10.16 | 34.35 |
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 8 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 989.60 | $ | 2.47 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | Percent of Total Investments | (a) | ||
Financials | 38.2 | % | ||
Energy | 18.4 | |||
Materials | 10.0 | |||
Industrials | 9.2 | |||
Information Technology | 7.2 | |||
Consumer Staples | 4.4 | |||
Consumer Discretionary | 3.9 | |||
Utilities | 3.8 | |||
Communication Services | 3.1 | |||
Health Care | 1.0 | |||
Real Estate | 0.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS | ||||
Security | Percent of Total Investments | (a) | ||
Royal Bank of Canada | 7.7 | % | ||
Toronto-Dominion Bank (The) | 6.7 | |||
Enbridge Inc. | 5.4 | |||
Bank of Nova Scotia (The) | 4.6 | |||
Canadian National Railway Co. | 4.4 | |||
Brookfield Asset Management Inc., Class A | 3.8 | |||
TC Energy Corp. | 3.5 | |||
Shopify Inc., Class A | 3.5 | |||
Bank of Montreal | 3.1 | |||
Suncor Energy Inc. | 3.0 |
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Fund Summary as of February 29, 2020 | iShares® MSCI Japan ETF |
Investment Objective
The iShares 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 | 0.19 | % | 0.69 | % | 3.31 | % | 4.66 | % | 0.69 | % | 17.70 | % | 57.73 | % | ||||||||||||||
Fund Market | (0.59 | ) | (0.43 | ) | 3.08 | 4.57 | (0.43 | ) | 16.36 | 56.28 | ||||||||||||||||||
Index | 0.37 | 1.07 | 3.65 | 5.11 | 1.07 | 19.66 | 64.59 |
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 8 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,001.90 | $ | 2.49 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | Percent of Total Investments | (a) | ||
Industrials | 20.5 | % | ||
Consumer Discretionary | 18.2 | |||
Information Technology | 11.8 | |||
Financials | 10.7 | |||
Health Care | 10.2 | |||
Communication Services | 9.1 | |||
Consumer Staples | 7.7 | |||
Materials | 5.1 | |||
Real Estate. | 4.3 | |||
Utilities | 1.6 | |||
Energy | 0.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS | ||||
Security | Percent of Total Investments | (a) | ||
Toyota Motor Corp. | 4.6 | % | ||
Sony Corp. | 2.4 | |||
SoftBank Group Corp. | 2.2 | |||
Mitsubishi UFJ Financial Group Inc. | 1.9 | |||
Keyence Corp. | 1.8 | |||
Takeda Pharmaceutical Co. Ltd. | 1.6 | |||
KDDI Corp. | 1.5 | |||
Recruit Holdings Co. Ltd. | 1.5 | |||
Honda Motor Co. Ltd. | 1.3 | |||
Sumitomo Mitsui Financial Group Inc. | 1.3 |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® MSCI Mexico ETF |
Investment Objective
The iShares 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 | 0.27 | % | (2.70 | )% | (5.23 | )% | 0.10 | % | (2.70 | )% | (23.56 | )% | 0.99 | % | ||||||||||||||
Fund Market | 1.68 | (1.13 | ) | (4.94 | ) | 0.28 | (1.13 | ) | (22.39 | ) | 2.80 | |||||||||||||||||
Index | 0.48 | (2.38 | ) | (4.96 | ) | 0.20 | (2.38 | ) | (22.45 | ) | 1.98 |
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 8 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,002.70 | $ | 2.49 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | Percent of Total Investments | (a) | ||
Consumer Staples | 28.1 | % | ||
Communication Services | 22.0 | |||
Financials | 15.4 | |||
Industrials | 11.9 | |||
Materials | 10.8 | |||
Real Estate | 7.1 | |||
Consumer Discretionary | 2.3 | |||
Utilities | 1.7 | |||
Health Care | 0.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS | ||||
Security | Percent of Total Investments | (a) | ||
America Movil SAB de CV, Series L | 17.0 | % | ||
Fomento Economico Mexicano SAB de CV | 9.7 | |||
Wal-Mart de Mexico SAB de CV | 9.0 | |||
Grupo Financiero Banorte SAB de CV, Class O | 8.6 | |||
Grupo Mexico SAB de CV, Series B | 4.3 | |||
Cemex SAB de CV | 3.4 | |||
Fibra Uno Administracion SA de CV | 3.3 | |||
Grupo Televisa SAB | 3.1 | |||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 2.8 | |||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 2.4 |
6 | 2 0 2 0 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 29, 2020 | iShares® MSCI South Korea ETF |
Investment Objective
The iShares 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 | 3.05 | % | (12.99 | )% | 0.86 | % | 3.26 | % | (12.99 | )% | 4.40 | % | 37.78 | % | ||||||||||||||
Fund Market | 5.39 | (10.81 | ) | 1.41 | 3.46 | (10.81 | ) | 7.26 | 40.51 | |||||||||||||||||||
Index | 3.13 | (12.77 | ) | 1.25 | 3.79 | (12.77 | ) | 6.39 | 45.08 |
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 8 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,030.50 | $ | 2.93 | $ | 1,000.00 | $ | 1,022.00 | $ | 2.92 | 0.58 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | Percent of Total Investments | (a) | ||
Information Technology | 34.8 | % | ||
Consumer Discretionary | 12.1 | |||
Financials | 11.9 | |||
Industrials | 10.2 | |||
Communication Services | 8.5 | |||
Materials | 7.7 | |||
Consumer Staples | 6.6 | |||
Health Care | 5.3 | |||
Energy | 1.9 | |||
Utilities | 1.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS | ||||
Security | Percent of Total Investments | (a) | ||
Samsung Electronics Co. Ltd. | 22.6 | % | ||
SK Hynix Inc. | 6.7 | |||
NAVER Corp. | 3.4 | |||
Hyundai Motor Co. | 2.5 | |||
LG Chem Ltd. | 2.4 | |||
Samsung SDI Co. Ltd. | 2.3 | |||
Celltrion Inc. | 2.2 | |||
KB Financial Group Inc. | 2.2 | |||
POSCO | 2.1 | |||
Shinhan Financial Group Co. Ltd. | 2.1 |
F u n d S u m m a r y | 7 |
Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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.
8 | 2 0 2 0 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) | iShares® MSCI Australia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.3% | ||||||||
Qantas Airways Ltd. | 1,044,079 | $ | 3,722,629 | |||||
Banks — 26.8% | ||||||||
Australia & New Zealand Banking Group Ltd. | 4,063,291 | 65,049,794 | ||||||
Bendigo & Adelaide Bank Ltd. | 748,480 | 4,434,932 | ||||||
Commonwealth Bank of Australia | 2,537,589 | 133,801,096 | ||||||
National Australia Bank Ltd. | 4,132,880 | 66,883,317 | ||||||
Westpac Banking Corp. | 5,122,276 | 78,073,155 | ||||||
348,242,294 | ||||||||
Beverages — 1.0% | ||||||||
Coca-Cola Amatil Ltd. | 725,797 | 5,376,832 | ||||||
Treasury Wine Estates Ltd. | 1,037,122 | 7,375,588 | ||||||
12,752,420 | ||||||||
Biotechnology — 10.0% | ||||||||
CSL Ltd. | 650,775 | 129,837,037 | ||||||
Capital Markets — 4.8% | ||||||||
ASX Ltd. | 277,103 | 13,246,011 | ||||||
Macquarie Group Ltd. | 483,678 | 42,046,916 | ||||||
Magellan Financial Group Ltd. | 182,615 | 6,565,238 | ||||||
61,858,165 | ||||||||
Chemicals — 0.9% | ||||||||
Incitec Pivot Ltd. | 2,299,721 | 4,047,893 | ||||||
Orica Ltd. | 581,352 | 7,421,568 | ||||||
11,469,461 | ||||||||
Commercial Services & Supplies — 1.3% | ||||||||
Brambles Ltd. | 2,226,888 | 17,171,998 | ||||||
Construction & Engineering — 0.2% | ||||||||
CIMIC Group Ltd. | 139,761 | 2,148,244 | ||||||
Construction Materials — 1.3% | ||||||||
Boral Ltd. | 1,673,704 | 4,877,624 | ||||||
James Hardie Industries PLC | 637,106 | 11,596,151 | ||||||
16,473,775 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
AMP Ltd.(a) | 4,931,666 | 5,325,982 | ||||||
Challenger Ltd. | 788,296 | 4,620,027 | ||||||
9,946,009 | ||||||||
Diversified Telecommunication Services — 1.2% | ||||||||
Telstra Corp. Ltd. | 5,961,444 | 13,183,686 | ||||||
TPG Telecom Ltd. | 531,129 | 2,578,614 | ||||||
15,762,300 | ||||||||
Electric Utilities — 0.2% | ||||||||
AusNet Services | 2,679,053 | 2,927,806 | ||||||
Energy Equipment & Services — 0.3% | ||||||||
Worley Ltd. | 483,155 | 3,900,157 | ||||||
Equity Real Estate Investment Trusts (REITs) — 6.9% | ||||||||
BGP Holdings PLC(a)(b) | 18,888,372 | 207 | ||||||
Dexus | 1,571,003 | 12,316,913 | ||||||
Goodman Group | 2,357,247 | 22,767,125 | ||||||
GPT Group (The) | 2,789,694 | 10,396,225 | ||||||
Mirvac Group | 5,633,890 | 11,042,648 | ||||||
Scentre Group | 7,525,810 | 16,788,838 | ||||||
Stockland | 3,414,702 | 10,369,671 |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
Vicinity Centres | 4,591,452 | $ | 6,394,331 | |||||
90,075,958 | ||||||||
Food & Staples Retailing — 4.6% | ||||||||
Coles Group Ltd. | 1,623,452 | 14,873,899 | ||||||
Woolworths Group Ltd. | 1,807,211 | 45,209,725 | ||||||
60,083,624 | ||||||||
Gas Utilities — 0.9% | ||||||||
APA Group | 1,689,786 | 11,701,116 | ||||||
Health Care Equipment & Supplies — 0.8% | ||||||||
Cochlear Ltd. | 82,786 | 11,080,379 | ||||||
Health Care Providers & Services — 1.7% | ||||||||
Ramsay Health Care Ltd. | 231,524 | 10,152,198 | ||||||
Sonic Healthcare Ltd. | 648,585 | 12,043,443 | ||||||
22,195,641 | ||||||||
Hotels, Restaurants & Leisure — 2.3% | ||||||||
Aristocrat Leisure Ltd. | 826,047 | 17,634,178 | ||||||
Crown Resorts Ltd. | 533,401 | 3,494,128 | ||||||
Flight Centre Travel Group Ltd. | 80,837 | 1,700,143 | ||||||
Tabcorp Holdings Ltd. | 2,891,884 | 7,066,614 | ||||||
29,895,063 | ||||||||
Insurance — 3.9% | ||||||||
Insurance Australia Group Ltd. | 3,322,888 | 13,668,714 | ||||||
Medibank Pvt Ltd. | 3,944,089 | 7,196,551 | ||||||
QBE Insurance Group Ltd. | 1,877,178 | 16,448,118 | ||||||
Suncorp Group Ltd. | 1,804,328 | 13,192,279 | ||||||
50,505,662 | ||||||||
Interactive Media & Services — 0.4% | ||||||||
REA Group Ltd. | 76,230 | 4,832,358 | ||||||
IT Services — 0.5% | ||||||||
Computershare Ltd. | 699,840 | 6,912,717 | ||||||
Metals & Mining — 13.3% | ||||||||
Alumina Ltd. | 3,498,376 | 4,375,820 | ||||||
BHP Group Ltd. | 4,222,791 | 91,480,841 | ||||||
BlueScope Steel Ltd. | 726,693 | 5,538,087 | ||||||
Fortescue Metals Group Ltd. | 1,994,020 | 12,959,293 | ||||||
Newcrest Mining Ltd. | 1,104,352 | 18,726,411 | ||||||
Rio Tinto Ltd. | 531,794 | 29,922,625 | ||||||
South32 Ltd. | 7,081,632 | 10,136,257 | ||||||
173,139,334 | ||||||||
Multi-Utilities — 0.9% | ||||||||
AGL Energy Ltd. | 923,860 | 11,400,906 | ||||||
Multiline Retail — 3.4% | ||||||||
Harvey Norman Holdings Ltd. | 795,541 | 1,902,952 | ||||||
Wesfarmers Ltd. | 1,625,337 | 42,598,593 | ||||||
44,501,545 | ||||||||
Oil, Gas & Consumable Fuels — 4.9% | ||||||||
Caltex Australia Ltd. | 357,647 | 7,540,387 | ||||||
Oil Search Ltd. | 1,965,269 | 6,956,417 | ||||||
Origin Energy Ltd. | 2,534,241 | 11,404,983 | ||||||
Santos Ltd. | 2,532,865 | 11,153,830 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 171,307 | 2,155,987 | ||||||
Woodside Petroleum Ltd. | 1,351,235 | 24,324,145 | ||||||
63,535,749 | ||||||||
Professional Services — 0.5% | ||||||||
Seek Ltd. | 478,934 | 6,385,832 |
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) | iShares® MSCI Australia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Real Estate Management & Development — 0.7% | ||||||||
Lendlease Group | 807,901 | $ | 9,183,363 | |||||
Road & Rail — 0.7% | ||||||||
Aurizon Holdings Ltd. | 2,812,661 | 8,759,026 | ||||||
Software — 0.1% | ||||||||
WiseTech Global Ltd.(c) | 207,454 | 2,019,715 | ||||||
Transportation Infrastructure — 3.5% | ||||||||
Sydney Airport | 1,584,951 | 7,940,140 | ||||||
Transurban Group | 3,919,528 | 37,527,662 | ||||||
45,467,802 | ||||||||
Total Common Stocks — 99.1% | ||||||||
(Cost: $1,633,601,912) | 1,287,888,085 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 9,108 | 9,114 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 572,000 | $ | 572,000 | |||||
581,114 | ||||||||
Total Short-Term Investments — 0.1% | ||||||||
(Cost: $581,112) | 581,114 | |||||||
Total Investments in Securities — 99.2% | ||||||||
(Cost: $1,634,183,024) | 1,288,469,199 | |||||||
Other Assets, Less Liabilities — 0.8% | 10,584,698 | |||||||
Net Assets — 100.0% | $ | 1,299,053,897 |
(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. |
(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | — | 9,108 | 9,108 | $ | 9,114 | $ | 1,441 | (b) | $ | 332 | $ | 2 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 603,000 | (31,000 | ) | 572,000 | 572,000 | 8,844 | — | — | ||||||||||||||||||||
$ | 581,114 | $ | 10,285 | $ | 332 | $ | 2 |
(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 | 108 | 03/19/20 | $ | 11,096 | $ | (830,837 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 830,837 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
10 | 2 0 2 0 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) | iShares® MSCI Australia ETF |
February 29, 2020 |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 454,800 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (937,733 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 13,032,157 |
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 29, 2020. 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 | $ | 1,287,887,878 | $ | — | $ | 207 | $ | 1,287,888,085 | ||||||||
Money Market Funds | 581,114 | — | — | 581,114 | ||||||||||||
$ | 1,288,468,992 | $ | — | $ | 207 | $ | 1,288,469,199 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (830,837 | ) | $ | — | $ | — | $ | (830,837 | ) |
(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 |
Schedule of Investments (unaudited) | iShares® MSCI Canada ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.6% | ||||||||
Bombardier Inc., Class B(a) | 3,663,918 | $ | 2,620,301 | |||||
CAE Inc. | 458,382 | 12,262,449 | ||||||
14,882,750 | ||||||||
Airlines — 0.2% | ||||||||
Air Canada(a) | 222,003 | 5,664,397 | ||||||
Auto Components — 0.9% | ||||||||
Magna International Inc. | 499,984 | 22,754,142 | ||||||
Banks — 25.7% | ||||||||
Bank of Montreal | 1,098,741 | 74,657,255 | ||||||
Bank of Nova Scotia (The) | 2,095,684 | 109,627,840 | ||||||
Canadian Imperial Bank of Commerce | 765,643 | 58,269,519 | ||||||
National Bank of Canada | 575,604 | 29,917,601 | ||||||
Royal Bank of Canada | 2,465,921 | 183,371,128 | ||||||
Toronto-Dominion Bank (The) | 3,115,404 | 160,232,050 | ||||||
616,075,393 | ||||||||
Capital Markets — 4.2% | ||||||||
Brookfield Asset Management Inc., Class A | 1,531,034 | 91,552,948 | ||||||
CI Financial Corp. | 378,592 | 6,286,599 | ||||||
IGM Financial Inc. | 145,533 | 3,880,229 | ||||||
101,719,776 | ||||||||
Chemicals — 1.8% | ||||||||
Methanex Corp. | 111,176 | 3,200,239 | ||||||
Nutrien Ltd. | 985,110 | 39,812,431 | ||||||
43,012,670 | ||||||||
Construction & Engineering — 0.5% | ||||||||
WSP Global Inc. | 182,596 | 12,034,319 | ||||||
Containers & Packaging — 0.4% | ||||||||
CCL Industries Inc., Class B, NVS | 257,851 | 8,511,475 | ||||||
Diversified Financial Services — 0.3% | ||||||||
Onex Corp. | 146,870 | 8,245,333 | ||||||
Diversified Telecommunication Services — 1.0% | ||||||||
BCE Inc. | 264,863 | 11,631,597 | ||||||
TELUS Corp. | 342,223 | 12,349,448 | ||||||
23,981,045 | ||||||||
Electric Utilities — 2.5% | ||||||||
Emera Inc. | 413,767 | 17,434,098 | ||||||
Fortis Inc. | 753,502 | 30,491,473 | ||||||
Hydro One Ltd.(b) | 568,916 | 11,417,735 | ||||||
59,343,306 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.8% | ||||||||
Canadian Apartment Properties REIT | 142,724 | 5,967,965 | ||||||
First Capital Real Estate Investment Trust | 188,713 | 2,814,493 | ||||||
H&R Real Estate Investment Trust | 247,750 | 3,582,395 | ||||||
RioCan REIT | 267,813 | 5,001,730 | ||||||
SmartCentres Real Estate Investment Trust | 127,495 | 2,733,494 | ||||||
20,100,077 | ||||||||
Food & Staples Retailing — 3.9% | ||||||||
Alimentation Couche-Tard Inc., Class B | 1,496,768 | 45,448,850 | ||||||
Empire Co. Ltd., Class A, NVS | 299,070 | 6,681,647 | ||||||
George Weston Ltd. | 132,775 | 9,995,094 | ||||||
Loblaw Companies Ltd. | 314,251 | 15,567,990 | ||||||
Metro Inc. | 436,293 | 16,992,139 | ||||||
94,685,720 |
Security | Shares | Value | ||||||
Food Products — 0.5% | ||||||||
Saputo Inc. | 418,897 | $ | 11,658,652 | |||||
Gas Utilities — 0.3% | ||||||||
AltaGas Ltd. | 481,175 | 7,194,236 | ||||||
Hotels, Restaurants & Leisure — 1.6% | ||||||||
Restaurant Brands International Inc. | 485,813 | 28,630,883 | ||||||
Stars Group Inc. (The)(a) | 394,997 | 9,051,371 | ||||||
37,682,254 | ||||||||
Insurance — 7.8% | ||||||||
Fairfax Financial Holdings Ltd. | 46,168 | 19,886,616 | ||||||
Great-West Lifeco Inc. | 479,224 | 11,270,609 | ||||||
iA Financial Corp. Inc. | 183,891 | 8,752,409 | ||||||
Intact Financial Corp. | 239,779 | 25,988,339 | ||||||
Manulife Financial Corp. | 3,351,610 | 56,328,321 | ||||||
Power Corp. of Canada | 971,482 | 21,472,694 | ||||||
Sun Life Financial Inc. | 1,011,050 | 43,677,721 | ||||||
187,376,709 | ||||||||
IT Services — 4.7% | ||||||||
CGI Inc.(a) | 412,858 | 29,006,323 | ||||||
Shopify Inc., Class A(a) | 178,250 | 82,757,079 | ||||||
111,763,402 | ||||||||
Media — 0.9% | ||||||||
Quebecor Inc., Class B | 305,591 | 7,139,221 | ||||||
Shaw Communications Inc., Class B, NVS | 803,808 | 13,910,277 | ||||||
21,049,498 | ||||||||
Metals & Mining — 7.6% | ||||||||
Agnico Eagle Mines Ltd. | 410,879 | 19,494,829 | ||||||
Barrick Gold Corp. | 3,057,413 | 58,308,022 | ||||||
First Quantum Minerals Ltd. | 1,185,741 | 8,762,656 | ||||||
Franco-Nevada Corp. | 324,314 | 34,814,800 | ||||||
Kinross Gold Corp.(a) | 2,161,562 | 10,869,403 | ||||||
Kirkland Lake Gold Ltd. | 467,907 | 15,089,726 | ||||||
Lundin Mining Corp. | 1,142,339 | 5,829,346 | ||||||
Teck Resources Ltd., Class B. | 844,513 | 8,493,258 | ||||||
Wheaton Precious Metals Corp. | 769,079 | 21,868,921 | ||||||
183,530,961 | ||||||||
Multi-Utilities — 1.1% | ||||||||
Algonquin Power & Utilities Corp. | 893,570 | 13,579,788 | ||||||
Atco Ltd., Class I, NVS | 133,162 | 4,967,969 | ||||||
Canadian Utilities Ltd., Class A, NVS. | 226,113 | 6,690,660 | ||||||
25,238,417 | ||||||||
Multiline Retail — 1.0% | ||||||||
Canadian Tire Corp. Ltd., Class A, NVS | 100,283 | 9,860,583 | ||||||
Dollarama Inc. | 514,284 | 15,117,999 | ||||||
24,978,582 | ||||||||
Oil, Gas & Consumable Fuels — 18.3% | ||||||||
Cameco Corp. | 683,198 | 5,908,987 | ||||||
Canadian Natural Resources Ltd. | 2,034,788 | 52,372,276 | ||||||
Cenovus Energy Inc. | 1,798,327 | 13,222,697 | ||||||
Enbridge Inc. | 3,479,280 | 129,492,926 | ||||||
Husky Energy Inc. | 609,514 | 2,901,475 | ||||||
Imperial Oil Ltd. | 455,053 | 9,963,130 | ||||||
Inter Pipeline Ltd. | 710,028 | 10,504,828 | ||||||
Keyera Corp. | 368,683 | 8,849,381 | ||||||
Ovintiv Inc. | 446,746 | 5,161,866 | ||||||
Parkland Fuel Corp. | 254,252 | 7,993,023 | ||||||
Pembina Pipeline Corp. | 942,792 | 33,958,352 | ||||||
PrairieSky Royalty Ltd. | 362,918 | 3,365,984 |
12 | 2 0 2 0 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) | iShares® MSCI Canada ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Suncor Energy Inc. | 2,644,158 | $ | 72,862,818 | |||||
TC Energy Corp. | 1,605,216 | 83,659,933 | ||||||
440,217,676 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
West Fraser Timber Co. Ltd. | 91,746 | 3,425,567 | ||||||
Pharmaceuticals — 1.0% | ||||||||
Aurora Cannabis Inc.(a)(c) | 1,860,502 | 2,508,667 | ||||||
Bausch Health Companies Inc.(a) | 545,626 | 12,088,440 | ||||||
Canopy Growth Corp.(a)(c) | 359,039 | 6,732,232 | ||||||
Cronos Group Inc.(a)(c) | 321,929 | 1,868,236 | ||||||
23,197,575 | ||||||||
Professional Services — 1.1% | ||||||||
Thomson Reuters Corp. | 344,144 | 25,563,078 | ||||||
Road & Rail — 6.8% | ||||||||
Canadian National Railway Co. | 1,230,487 | 104,307,458 | ||||||
Canadian Pacific Railway Ltd. | 236,063 | 58,502,684 | ||||||
162,810,142 | ||||||||
Software — 2.5% | ||||||||
BlackBerry Ltd.(a) | 897,584 | 4,633,856 | ||||||
Constellation Software Inc. | 34,668 | 35,315,725 | ||||||
Open Text Corp. | 465,706 | 19,497,655 | ||||||
59,447,236 | ||||||||
Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
Gildan Activewear Inc. | 350,762 | 8,495,007 | ||||||
Wireless Telecommunication Services — 1.2% | ||||||||
Rogers Communications Inc., Class B, NVS | 619,894 | 28,405,170 | ||||||
Total Common Stocks — 99.7% | ||||||||
(Cost: $2,812,777,858) | 2,393,044,565 |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 8,156,331 | $ | 8,162,041 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 1,209,000 | 1,209,000 | ||||||
9,371,041 | ||||||||
Total Short-Term Investments — 0.4% | ||||||||
(Cost: $9,366,094) | 9,371,041 | |||||||
Total Investments in Securities — 100.1% | ||||||||
(Cost: $2,822,143,952) | 2,402,415,606 | |||||||
Other Assets, Less Liabilities — (0.1)% | (2,053,274 | ) | ||||||
Net Assets — 100.0% | $ | 2,400,362,332 |
(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) | 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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 52,307,444 | (44,151,113 | ) | 8,156,331 | $ | 8,162,041 | $ | 1,181,192 | (b) | $ | 8,941 | $ | (6,873 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 986,000 | 223,000 | 1,209,000 | 1,209,000 | 12,619 | — | — | |||||||||||||||||||||
$ | 9,371,041 | $ | 1,193,811 | $ | 8,941 | $ | (6,873 | ) |
(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 | 49 | 03/19/20 | $ | 7,090 | $ | (331,363 | ) |
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) | iShares® MSCI Canada ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 331,363 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 84,131 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (400,325 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 9,624,872 |
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 29, 2020. 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 | $ | 2,393,044,565 | $ | — | $ | — | $ | 2,393,044,565 | ||||||||
Money Market Funds | 9,371,041 | — | — | 9,371,041 | ||||||||||||
$ | 2,402,415,606 | $ | — | $ | — | $ | 2,402,415,606 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (331,363 | ) | $ | — | $ | — | $ | (331,363 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
14 | 2 0 2 0 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) | iShares® MSCI Japan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.2% | ||||||||
SG Holdings Co. Ltd. | 455,700 | $ | 8,990,216 | |||||
Yamato Holdings Co. Ltd. | 976,900 | 15,414,488 | ||||||
24,404,704 | ||||||||
Airlines — 0.2% | ||||||||
ANA Holdings Inc. | 364,800 | 9,833,180 | ||||||
Japan Airlines Co. Ltd. | 365,600 | 9,076,872 | ||||||
18,910,052 | ||||||||
Auto Components — 2.2% | ||||||||
Aisin Seiki Co. Ltd. | 519,100 | 16,843,740 | ||||||
Bridgestone Corp. | 1,820,500 | 60,860,548 | ||||||
Denso Corp. | 1,381,300 | 54,040,569 | ||||||
Koito Manufacturing Co. Ltd. | 330,500 | 13,052,705 | ||||||
NGK Spark Plug Co. Ltd. | 498,400 | 8,201,548 | ||||||
Stanley Electric Co. Ltd. | 425,500 | 10,398,350 | ||||||
Sumitomo Electric Industries Ltd. | 2,393,600 | 28,637,100 | ||||||
Sumitomo Rubber Industries Ltd. | 551,400 | 5,740,715 | ||||||
Toyoda Gosei Co. Ltd. | 200,300 | 4,282,128 | ||||||
Toyota Industries Corp. | 464,400 | 24,583,730 | ||||||
Yokohama Rubber Co. Ltd. (The) | 379,600 | 6,183,259 | ||||||
232,824,392 | ||||||||
Automobiles — 7.6% | ||||||||
Honda Motor Co. Ltd. | 5,195,300 | 134,837,457 | ||||||
Isuzu Motors Ltd. | 1,745,000 | 16,436,472 | ||||||
Mazda Motor Corp. | 1,819,100 | 12,648,449 | ||||||
Mitsubishi Motors Corp. | 2,118,700 | 7,051,530 | ||||||
Nissan Motor Co. Ltd. | 7,367,500 | 31,665,258 | ||||||
Subaru Corp. | 1,963,700 | 47,688,427 | ||||||
Suzuki Motor Corp. | 1,174,700 | 47,231,946 | ||||||
Toyota Motor Corp. | 7,301,500 | 482,434,437 | ||||||
Yamaha Motor Co. Ltd. | 889,700 | 14,253,016 | ||||||
794,246,992 | ||||||||
Banks — 5.5% | ||||||||
Aozora Bank Ltd. | 376,900 | 9,441,281 | ||||||
Bank of Kyoto Ltd. (The) | 177,600 | 6,050,897 | ||||||
Chiba Bank Ltd. (The) | 1,713,100 | 8,465,047 | ||||||
Concordia Financial Group Ltd. | 3,322,400 | 11,458,145 | ||||||
Fukuoka Financial Group Inc. | 555,600 | 8,468,052 | ||||||
Japan Post Bank Co. Ltd. | 1,273,000 | 11,376,925 | ||||||
Mebuki Financial Group Inc. | 2,772,780 | 5,423,970 | ||||||
Mitsubishi UFJ Financial Group Inc. | 39,303,580 | 193,812,397 | ||||||
Mizuho Financial Group Inc. | 76,736,980 | 105,005,129 | ||||||
Resona Holdings Inc. | 6,628,400 | 25,145,703 | ||||||
Seven Bank Ltd. | 1,840,100 | 4,844,838 | ||||||
Shinsei Bank Ltd. | 616,400 | 8,211,809 | ||||||
Shizuoka Bank Ltd. (The) | 1,417,500 | 8,962,453 | ||||||
Sumitomo Mitsui Financial Group Inc. | 4,164,000 | 134,495,675 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 1,017,332 | 34,896,662 | ||||||
576,058,983 | ||||||||
Beverages — 1.2% | ||||||||
Asahi Group Holdings Ltd. | 1,152,900 | 44,356,696 | ||||||
Coca-Cola Bottlers Japan Holdings Inc. | 396,300 | 9,129,982 | ||||||
Kirin Holdings Co. Ltd. | 2,626,600 | 50,527,929 | ||||||
Suntory Beverage & Food Ltd. | 454,500 | 17,317,897 | ||||||
121,332,504 | ||||||||
Biotechnology — 0.1% | ||||||||
PeptiDream Inc.(a) | 303,300 | 12,090,947 |
Security | Shares | Value | ||||||
Building Products — 1.5% | ||||||||
AGC Inc. | 584,800 | $ | 16,806,935 | |||||
Daikin Industries Ltd. | 797,200 | 108,828,350 | ||||||
LIXIL Group Corp. | 847,000 | 12,720,901 | ||||||
TOTO Ltd. | 455,300 | 17,285,065 | ||||||
155,641,251 | ||||||||
Capital Markets — 1.1% | ||||||||
Daiwa Securities Group Inc. | 4,841,200 | 20,609,827 | ||||||
Japan Exchange Group Inc. | 1,628,100 | 27,395,369 | ||||||
Nomura Holdings Inc. | 10,559,100 | 46,939,123 | ||||||
SBI Holdings Inc. | 753,310 | 15,189,814 | ||||||
110,134,133 | ||||||||
Chemicals — 4.0% | ||||||||
Air Water Inc. | 581,800 | 7,707,711 | ||||||
Asahi Kasei Corp. | 4,013,700 | 33,515,409 | ||||||
Daicel Corp. | 778,800 | 6,721,947 | ||||||
Hitachi Chemical Co. Ltd. | 323,400 | 13,656,765 | ||||||
JSR Corp. | 609,000 | 10,727,298 | ||||||
Kansai Paint Co. Ltd. | 574,000 | 12,542,697 | ||||||
Kuraray Co. Ltd. | 1,002,400 | 10,445,442 | ||||||
Mitsubishi Chemical Holdings Corp. | 4,067,500 | 27,388,173 | ||||||
Mitsubishi Gas Chemical Co. Inc. | 521,200 | 7,905,096 | ||||||
Mitsui Chemicals Inc. | 584,900 | 12,683,272 | ||||||
Nippon Paint Holdings Co. Ltd. | 454,700 | 20,761,113 | ||||||
Nissan Chemical Corp. | 401,100 | 16,975,122 | ||||||
Nitto Denko Corp. | 505,800 | 25,415,436 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,128,800 | 127,096,611 | ||||||
Showa Denko KK. | 437,200 | 9,452,097 | ||||||
Sumitomo Chemical Co. Ltd. | 4,739,300 | 17,267,370 | ||||||
Taiyo Nippon Sanso Corp. | 419,600 | 7,511,682 | ||||||
Teijin Ltd. | 578,800 | 9,524,591 | ||||||
Toray Industries Inc. | 4,387,900 | 25,412,517 | ||||||
Tosoh Corp. | 822,900 | 11,298,520 | ||||||
414,008,869 | ||||||||
Commercial Services & Supplies — 1.0% | ||||||||
Dai Nippon Printing Co. Ltd. | 774,500 | 18,632,805 | ||||||
Park24 Co. Ltd. | 368,700 | 7,188,394 | ||||||
Secom Co. Ltd. | 673,400 | 53,533,630 | ||||||
Sohgo Security Services Co. Ltd. | 222,500 | 10,416,956 | ||||||
Toppan Printing Co. Ltd. | 892,900 | 15,570,805 | ||||||
105,342,590 | ||||||||
Construction & Engineering — 0.8% | ||||||||
JGC Holdings Corp. | 709,200 | 8,711,723 | ||||||
Kajima Corp. | 1,423,000 | 15,342,780 | ||||||
Obayashi Corp. | 2,056,600 | 20,763,338 | ||||||
Shimizu Corp. | 1,869,700 | 17,021,697 | ||||||
Taisei Corp. | 645,200 | 22,101,831 | ||||||
83,941,369 | ||||||||
Construction Materials — 0.1% | ||||||||
Taiheiyo Cement Corp. | 385,200 | 9,509,921 | ||||||
Consumer Finance — 0.2% | ||||||||
Acom Co. Ltd. | 1,227,500 | 5,052,705 | ||||||
AEON Financial Service Co. Ltd. | 352,770 | 5,128,108 | ||||||
Credit Saison Co. Ltd. | 496,500 | 7,217,466 | ||||||
17,398,279 | ||||||||
Containers & Packaging — 0.1% | ||||||||
Toyo Seikan Group Holdings Ltd. | 455,200 | 7,300,756 |
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) | iShares® MSCI Japan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Diversified Consumer Services — 0.1% | ||||||||
Benesse Holdings Inc. | 221,600 | $ | 5,715,396 | |||||
Diversified Financial Services — 0.8% | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,261,300 | 7,214,779 | ||||||
ORIX Corp. | 4,219,100 | 68,137,692 | ||||||
Tokyo Century Corp. | 137,300 | 5,702,536 | ||||||
81,055,007 | ||||||||
Diversified Telecommunication Services — 0.9% | ||||||||
Nippon Telegraph & Telephone Corp. | 4,095,400 | 96,039,626 | �� | |||||
Electric Utilities — 1.0% | ||||||||
Chubu Electric Power Co. Inc. | 2,057,600 | 26,849,043 | ||||||
Chugoku Electric Power Co. Inc. (The) | 880,000 | 11,715,385 | ||||||
Kansai Electric Power Co. Inc. (The) | 2,235,100 | 24,129,921 | ||||||
Kyushu Electric Power Co. Inc. | 1,209,800 | 8,770,811 | ||||||
Tohoku Electric Power Co. Inc. | 1,343,800 | 11,810,341 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) | 4,819,600 | 18,319,529 | ||||||
101,595,030 | ||||||||
Electrical Equipment — 1.6% | ||||||||
Fuji Electric Co. Ltd. | 407,600 | 11,196,577 | ||||||
Mitsubishi Electric Corp. | 5,818,000 | 73,948,714 | ||||||
Nidec Corp. | 718,300 | 85,105,215 | ||||||
170,250,506 | ||||||||
Electronic Equipment, Instruments & Components — 5.8% | ||||||||
Alps Alpine Co. Ltd. | 660,700 | 10,161,788 | ||||||
Hamamatsu Photonics KK | 455,500 | 17,672,716 | ||||||
Hirose Electric Co. Ltd. | 102,158 | 10,853,666 | ||||||
Hitachi High-Technologies Corp. | 212,300 | 15,686,562 | ||||||
Hitachi Ltd. | 3,089,100 | 104,158,501 | ||||||
Keyence Corp. | 582,704 | 185,888,329 | ||||||
Kyocera Corp. | 1,019,300 | 64,220,672 | ||||||
Murata Manufacturing Co. Ltd. | 1,833,300 | 97,235,520 | ||||||
Omron Corp. | 605,900 | 32,804,487 | ||||||
Shimadzu Corp. | 718,300 | 17,500,509 | ||||||
TDK Corp. | 417,800 | 40,476,614 | ||||||
Yokogawa Electric Corp. | 721,900 | 11,625,090 | ||||||
608,284,454 | ||||||||
Entertainment — 1.7% | ||||||||
Konami Holdings Corp. | 304,100 | 10,981,037 | ||||||
Nexon Co. Ltd. | 1,564,700 | 24,906,966 | ||||||
Nintendo Co. Ltd. | 355,000 | 119,370,046 | ||||||
Square Enix Holdings Co. Ltd. | 301,700 | 12,167,014 | ||||||
Toho Co. Ltd. | 357,700 | 11,026,306 | ||||||
178,451,369 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.6% | ||||||||
Daiwa House REIT Investment Corp. | 5,845 | 14,587,438 | ||||||
Japan Prime Realty Investment Corp. | 2,482 | 10,929,866 | ||||||
Japan Real Estate Investment Corp. | 4,255 | 29,033,329 | ||||||
Japan Retail Fund Investment Corp. | 8,350 | 15,877,115 | ||||||
Nippon Building Fund Inc. | 4,346 | 32,595,504 | ||||||
Nippon Prologis REIT Inc. | 6,323 | 17,157,948 | ||||||
Nomura Real Estate Master Fund Inc. | 13,114 | 20,826,294 | ||||||
Orix JREIT Inc. | 8,401 | 15,966,300 | ||||||
United Urban Investment Corp. | 9,292 | 14,868,578 | ||||||
171,842,372 | ||||||||
Food & Staples Retailing — 1.7% | ||||||||
Aeon Co. Ltd. | 2,085,200 | 38,943,452 | ||||||
FamilyMart Co. Ltd. | 816,400 | 18,058,966 | ||||||
Lawson Inc. | 166,200 | 8,828,870 |
Security | Shares | Value | ||||||
Food & Staples Retailing (continued) | ||||||||
Seven & i Holdings Co. Ltd. | 2,403,980 | $ | 82,372,503 | |||||
Sundrug Co. Ltd. | 224,800 | 7,033,792 | ||||||
Tsuruha Holdings Inc. | 116,100 | 13,486,608 | ||||||
Welcia Holdings Co. Ltd. | 152,900 | 9,213,832 | ||||||
177,938,023 | ||||||||
Food Products — 1.4% | ||||||||
Ajinomoto Co. Inc. | 1,399,800 | 23,514,927 | ||||||
Calbee Inc. | 255,300 | 6,539,599 | ||||||
Kikkoman Corp. | 461,300 | 21,425,977 | ||||||
MEIJI Holdings Co. Ltd. | 361,356 | 21,574,492 | ||||||
NH Foods Ltd. | 263,700 | 9,950,021 | ||||||
Nisshin Seifun Group Inc. | 627,875 | 10,629,025 | ||||||
Nissin Foods Holdings Co. Ltd. | 201,600 | 15,886,525 | ||||||
Toyo Suisan Kaisha Ltd. | 287,600 | 11,398,415 | ||||||
Yakult Honsha Co. Ltd. | 380,400 | 17,403,921 | ||||||
Yamazaki Baking Co. Ltd. | 388,700 | 6,612,567 | ||||||
144,935,469 | ||||||||
Gas Utilities — 0.5% | ||||||||
Osaka Gas Co. Ltd. | 1,191,600 | 19,277,263 | ||||||
Toho Gas Co. Ltd. | 235,100 | 8,031,739 | ||||||
Tokyo Gas Co. Ltd. | 1,204,400 | 24,374,961 | ||||||
51,683,963 | ||||||||
Health Care Equipment & Supplies — 2.8% | ||||||||
Asahi Intecc Co. Ltd. | 618,900 | 14,837,764 | ||||||
Hoya Corp. | 1,211,500 | 107,924,753 | ||||||
Olympus Corp. | 3,709,000 | 67,464,497 | ||||||
Sysmex Corp. | 536,100 | 34,388,133 | ||||||
Terumo Corp. | 2,052,800 | 66,190,501 | ||||||
290,805,648 | ||||||||
Health Care Providers & Services — 0.3% | ||||||||
Alfresa Holdings Corp. | 592,500 | 10,414,685 | ||||||
Medipal Holdings Corp. | 582,500 | 10,649,330 | ||||||
Suzuken Co. Ltd. | 225,740 | 7,481,764 | ||||||
28,545,779 | ||||||||
Health Care Technology — 0.3% | ||||||||
M3 Inc. | 1,402,600 | 36,227,169 | ||||||
Hotels, Restaurants & Leisure — 0.8% | ||||||||
McDonald's Holdings Co. Japan Ltd. | 204,400 | 8,584,175 | ||||||
Oriental Land Co. Ltd. | 634,800 | 72,181,171 | ||||||
80,765,346 | ||||||||
Household Durables — 4.0% | ||||||||
Casio Computer Co. Ltd. | 613,600 | 10,563,716 | ||||||
Iida Group Holdings Co. Ltd. | 464,280 | 6,279,929 | ||||||
Nikon Corp. | 1,007,700 | 10,360,537 | ||||||
Panasonic Corp. | 7,024,015 | 67,104,691 | ||||||
Rinnai Corp. | 103,200 | 7,051,258 | ||||||
Sekisui Chemical Co. Ltd. | 1,157,800 | 17,270,664 | ||||||
Sekisui House Ltd. | 1,985,900 | 38,976,038 | ||||||
Sharp Corp. | 674,400 | 7,877,847 | ||||||
Sony Corp. | 4,069,300 | 249,405,667 | ||||||
414,890,347 | ||||||||
Household Products — 0.6% | ||||||||
Lion Corp. | 715,500 | 11,847,059 | ||||||
Pigeon Corp. | 366,300 | 12,429,036 | ||||||
Unicharm Corp. | 1,283,200 | 41,613,439 | ||||||
65,889,534 |
16 | 2 0 2 0 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) | iShares® MSCI Japan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
Electric Power Development Co. Ltd. | 459,500 | $ | 9,866,055 | |||||
Industrial Conglomerates — 0.4% | ||||||||
Keihan Holdings Co. Ltd. | 315,200 | 12,799,110 | ||||||
Toshiba Corp. | 1,227,200 | 33,278,264 | ||||||
46,077,374 | ||||||||
Insurance — 3.1% | ||||||||
Dai-ichi Life Holdings Inc. | 3,434,100 | 47,071,032 | ||||||
Japan Post Holdings Co. Ltd. | 5,005,500 | 43,653,398 | ||||||
Japan Post Insurance Co. Ltd. | 715,500 | 10,991,364 | ||||||
MS&AD Insurance Group Holdings Inc. | 1,513,340 | 48,866,298 | ||||||
Sompo Holdings Inc. | 1,077,350 | 40,111,599 | ||||||
Sony Financial Holdings Inc. | 482,200 | 9,647,129 | ||||||
T&D Holdings Inc. | 1,758,800 | 17,365,429 | ||||||
Tokio Marine Holdings Inc. | 2,039,100 | 109,663,182 | ||||||
327,369,431 | ||||||||
Interactive Media & Services — 0.5% | ||||||||
Kakaku.com Inc. | 444,400 | 9,517,118 | ||||||
LINE Corp.(a)(b) | 196,400 | 9,668,419 | ||||||
Z Holdings Corp. | 8,477,000 | 30,885,468 | ||||||
50,071,005 | ||||||||
Internet & Direct Marketing Retail — 0.3% | ||||||||
Mercari Inc.(a)(b) | 236,000 | 5,345,089 | ||||||
Rakuten Inc. | 2,729,800 | 22,852,727 | ||||||
ZOZO Inc. | 345,100 | 4,843,845 | ||||||
33,041,661 | ||||||||
IT Services — 1.9% | ||||||||
Fujitsu Ltd. | 626,700 | 65,130,552 | ||||||
GMO Payment Gateway Inc.(b) | 131,048 | 8,042,811 | ||||||
Itochu Techno-Solutions Corp. | 316,200 | 8,776,738 | ||||||
NEC Corp. | 845,000 | 31,648,820 | ||||||
Nomura Research Institute Ltd. | 1,090,912 | 23,817,714 | ||||||
NTT Data Corp. | 2,008,700 | 24,041,457 | ||||||
Obic Co. Ltd. | 202,500 | 24,949,937 | ||||||
Otsuka Corp. | 323,200 | 13,828,100 | ||||||
200,236,129 | ||||||||
Leisure Products — 1.0% | ||||||||
Bandai Namco Holdings Inc. | 636,698 | 31,697,662 | ||||||
Sankyo Co. Ltd. | 146,300 | 4,808,172 | ||||||
Sega Sammy Holdings Inc. | 559,100 | 7,375,880 | ||||||
Shimano Inc. | 235,200 | 32,969,211 | ||||||
Yamaha Corp. | 458,900 | 22,548,278 | ||||||
99,399,203 | ||||||||
Machinery — 5.2% | ||||||||
Amada Holdings Co. Ltd. | 1,042,800 | 9,744,981 | ||||||
Daifuku Co. Ltd. | 328,200 | 19,534,084 | ||||||
FANUC Corp. | 617,000 | 102,790,433 | ||||||
Hino Motors Ltd. | 899,800 | 7,440,983 | ||||||
Hitachi Construction Machinery Co. Ltd. | 336,100 | 8,297,727 | ||||||
Hoshizaki Corp. | 181,000 | 15,337,134 | ||||||
IHI Corp. | 461,200 | 9,701,597 | ||||||
JTEKT Corp. | 643,500 | 6,281,978 | ||||||
Kawasaki Heavy Industries Ltd. | 455,300 | 8,273,193 | ||||||
Komatsu Ltd. | 2,933,900 | 59,363,433 | ||||||
Kubota Corp. | 3,330,300 | 47,022,175 | ||||||
Kurita Water Industries Ltd. | 322,300 | 8,351,444 | ||||||
Makita Corp. | 714,500 | 24,740,718 | ||||||
MINEBEA MITSUMI Inc. | 1,160,600 | 20,486,556 | ||||||
MISUMI Group Inc. | 905,900 | 19,123,296 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Mitsubishi Heavy Industries Ltd. | 1,017,500 | $ | 32,251,727 | |||||
Nabtesco Corp. | 355,900 | 9,608,129 | ||||||
NGK Insulators Ltd. | 832,100 | 13,091,120 | ||||||
NSK Ltd. | 1,140,300 | 8,742,670 | ||||||
SMC Corp. | 189,700 | 75,746,340 | ||||||
Sumitomo Heavy Industries Ltd. | 347,300 | 7,572,888 | ||||||
THK Co. Ltd. | 385,000 | 8,826,821 | ||||||
Yaskawa Electric Corp. | 764,300 | 23,985,125 | ||||||
546,314,552 | ||||||||
Marine — 0.1% | ||||||||
Mitsui OSK Lines Ltd. | 364,300 | 7,568,686 | ||||||
Nippon Yusen KK. | 481,100 | 6,886,556 | ||||||
14,455,242 | ||||||||
Media — 0.4% | ||||||||
CyberAgent Inc.(b) | 328,200 | 12,459,825 | ||||||
Dentsu Group Inc. | 698,500 | 18,209,632 | ||||||
Hakuhodo DY Holdings Inc. | 736,700 | 8,598,761 | ||||||
39,268,218 | ||||||||
Metals & Mining — 0.8% | ||||||||
Hitachi Metals Ltd. | 677,800 | 9,695,874 | ||||||
JFE Holdings Inc. | 1,558,750 | 14,479,836 | ||||||
Maruichi Steel Tube Ltd. | 189,700 | 4,607,741 | ||||||
Mitsubishi Materials Corp. | 352,500 | 8,058,824 | ||||||
Nippon Steel Corp. | 2,570,070 | 28,973,301 | ||||||
Sumitomo Metal Mining Co. Ltd. | 733,100 | 18,251,889 | ||||||
84,067,465 | ||||||||
Multiline Retail — 0.6% | ||||||||
Isetan Mitsukoshi Holdings Ltd. | 1,063,860 | 6,973,059 | ||||||
J Front Retailing Co. Ltd. | 727,000 | 7,730,673 | ||||||
Marui Group Co. Ltd. | 602,100 | 11,755,645 | ||||||
Pan Pacific International Holdings Corp. | 1,412,600 | 23,415,647 | ||||||
Ryohin Keikaku Co. Ltd. | 751,400 | 10,295,918 | ||||||
60,170,942 | ||||||||
Oil, Gas & Consumable Fuels — 0.8% | ||||||||
Idemitsu Kosan Co. Ltd. | 623,529 | 15,364,947 | ||||||
Inpex Corp. | 3,252,800 | 28,132,732 | ||||||
JXTG Holdings Inc. | 9,771,495 | 39,316,079 | ||||||
82,813,758 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
Oji Holdings Corp. | 2,715,200 | 12,963,686 | ||||||
Personal Products — 2.1% | ||||||||
Kao Corp. | 1,538,900 | 112,252,030 | ||||||
Kobayashi Pharmaceutical Co. Ltd.(b) | 163,000 | 11,862,513 | ||||||
Kose Corp. | 102,700 | 12,320,382 | ||||||
Pola Orbis Holdings Inc. | 299,600 | 5,732,855 | ||||||
Shiseido Co. Ltd. | 1,269,400 | 75,529,683 | ||||||
217,697,463 | ||||||||
Pharmaceuticals — 6.7% | ||||||||
Astellas Pharma Inc. | 6,022,050 | 94,854,336 | ||||||
Chugai Pharmaceutical Co. Ltd. | 712,700 | 77,404,909 | ||||||
Daiichi Sankyo Co. Ltd. | 1,805,169 | 110,286,596 | ||||||
Eisai Co. Ltd. | 810,200 | 59,947,214 | ||||||
Hisamitsu Pharmaceutical Co. Inc. | 174,800 | 7,835,331 | ||||||
Kyowa Kirin Co. Ltd. | 774,800 | 18,460,446 | ||||||
Nippon Shinyaku Co. Ltd. | 149,600 | 11,081,482 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,221,700 | 25,030,890 | ||||||
Otsuka Holdings Co. Ltd. | 1,233,100 | 46,642,080 |
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) | iShares® MSCI Japan ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Santen Pharmaceutical Co. Ltd. | 1,143,800 | $ | 18,366,121 | |||||
Shionogi & Co. Ltd. | 856,500 | 46,412,112 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 505,000 | 7,308,256 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 103,500 | 6,419,274 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,787,900 | 167,031,639 | ||||||
697,080,686 | ||||||||
Professional Services — 1.5% | ||||||||
Persol Holdings Co. Ltd. | 574,800 | 7,614,974 | ||||||
Recruit Holdings Co. Ltd. | 4,331,300 | 150,901,826 | ||||||
158,516,800 | ||||||||
Real Estate Management & Development — 2.6% | ||||||||
Aeon Mall Co. Ltd. | 325,700 | 4,622,878 | ||||||
Daito Trust Construction Co. Ltd. | 224,000 | 22,791,452 | ||||||
Daiwa House Industry Co. Ltd. | 1,801,700 | 49,767,442 | ||||||
Hulic Co. Ltd. | 968,100 | 10,841,930 | ||||||
Mitsubishi Estate Co. Ltd. | 3,776,600 | 64,562,652 | ||||||
Mitsui Fudosan Co. Ltd. | 2,850,700 | 65,476,376 | ||||||
Nomura Real Estate Holdings Inc. | 401,500 | 8,665,387 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,069,600 | 33,437,085 | ||||||
Tokyu Fudosan Holdings Corp. | 1,952,900 | 12,329,531 | ||||||
272,494,733 | ||||||||
Road & Rail — 3.7% | ||||||||
Central Japan Railway Co. | 459,700 | 75,774,959 | ||||||
East Japan Railway Co. | 973,300 | 75,064,967 | ||||||
Hankyu Hanshin Holdings Inc. | 718,400 | 23,643,629 | ||||||
Keikyu Corp. | 701,500 | 10,652,733 | ||||||
Keio Corp. | 328,200 | 15,791,573 | ||||||
Keisei Electric Railway Co. Ltd. | 416,400 | 13,337,616 | ||||||
Kintetsu Group Holdings Co. Ltd. | 552,700 | 23,903,449 | ||||||
Kyushu Railway Co. | 508,700 | 15,303,681 | ||||||
Nagoya Railroad Co. Ltd. | 587,900 | 15,364,484 | ||||||
Nippon Express Co. Ltd. | 247,900 | 11,881,917 | ||||||
Odakyu Electric Railway Co. Ltd. | 944,100 | 18,240,434 | ||||||
Seibu Holdings Inc. | 633,700 | 8,965,153 | ||||||
Tobu Railway Co. Ltd. | 604,200 | 18,036,657 | ||||||
Tokyu Corp. | 1,592,000 | 24,441,218 | ||||||
West Japan Railway Co. | 519,100 | 36,661,603 | ||||||
387,064,073 | ||||||||
Semiconductors & Semiconductor Equipment — 1.9% | ||||||||
Advantest Corp. | 633,900 | 28,884,425 | ||||||
Disco Corp. | 82,500 | 16,734,807 | ||||||
Renesas Electronics Corp.(a) | 2,450,800 | 14,791,367 | ||||||
Rohm Co. Ltd. | 306,300 | 20,161,591 | ||||||
SUMCO Corp. | 791,200 | 12,036,891 | ||||||
Tokyo Electron Ltd. | 500,052 | 103,496,601 | ||||||
196,105,682 | ||||||||
Software — 0.3% | ||||||||
Oracle Corp. Japan | 120,900 | 9,459,936 | ||||||
Trend Micro Inc. | 405,800 | 20,202,531 | ||||||
29,662,467 | ||||||||
Specialty Retail — 1.7% | ||||||||
ABC-Mart Inc. | 101,100 | 5,773,661 | ||||||
Fast Retailing Co. Ltd. | 190,600 | 94,429,741 | ||||||
Hikari Tsushin Inc. | 65,400 | 12,423,363 | ||||||
Nitori Holdings Co. Ltd. | 254,300 | 35,281,134 | ||||||
Shimamura Co. Ltd. | 67,300 | 4,498,521 | ||||||
USS Co. Ltd. | 698,000 | 11,039,614 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
Yamada Denki Co. Ltd. | 1,966,600 | $ | 9,462,434 | |||||
172,908,468 | ||||||||
Technology Hardware, Storage & Peripherals — 1.8% | ||||||||
Brother Industries Ltd. | 712,100 | 12,695,205 | ||||||
Canon Inc. | 3,190,350 | 80,849,411 | ||||||
FUJIFILM Holdings Corp. | 1,143,400 | 55,937,717 | ||||||
Konica Minolta Inc. | 1,411,400 | 7,667,737 | ||||||
Ricoh Co. Ltd. | 2,128,600 | 19,832,596 | ||||||
Seiko Epson Corp. | 889,000 | 12,593,445 | ||||||
189,576,111 | ||||||||
Tobacco — 0.7% | ||||||||
Japan Tobacco Inc. | 3,827,200 | 76,072,098 | ||||||
Trading Companies & Distributors — 3.9% | ||||||||
ITOCHU Corp. | 4,323,500 | 98,663,100 | ||||||
Marubeni Corp. | 4,968,600 | 33,018,055 | ||||||
Mitsubishi Corp. | 4,311,700 | 107,527,678 | ||||||
Mitsui & Co. Ltd. | 5,266,200 | 87,074,284 | ||||||
MonotaRO Co. Ltd. | 402,400 | 8,953,414 | ||||||
Sumitomo Corp. | 3,787,400 | 54,231,116 | ||||||
Toyota Tsusho Corp. | 685,300 | 20,743,564 | ||||||
410,211,211 | ||||||||
Transportation Infrastructure — 0.1% | ||||||||
Japan Airport Terminal Co. Ltd. | 166,100 | 6,498,326 | ||||||
Kamigumi Co. Ltd. | 336,800 | 6,472,780 | ||||||
12,971,106 | ||||||||
Wireless Telecommunication Services — 5.5% | ||||||||
KDDI Corp. | 5,639,200 | 159,872,745 | ||||||
NTT DOCOMO Inc. | 4,243,900 | 115,181,173 | ||||||
Softbank Corp. | 5,333,100 | 69,837,331 | ||||||
SoftBank Group Corp. | 5,009,100 | 232,796,721 | ||||||
577,687,970 | ||||||||
Total Common Stocks — 99.5% | ||||||||
(Cost: $12,299,123,592) | 10,392,224,369 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(c)(d)(e) | 16,347,768 | 16,359,212 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(c)(d) | 5,531,000 | 5,531,000 | ||||||
21,890,212 | ||||||||
Total Short-Term Investments — 0.2% | ||||||||
(Cost: $21,881,280) | 21,890,212 | |||||||
Total Investments in Securities — 99.7% | ||||||||
(Cost: $12,321,004,872) | 10,414,114,581 | |||||||
Other Assets, Less Liabilities — 0.3% | 28,417,032 | |||||||
Net Assets — 100.0% | $ | 10,442,531,613 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
18 | 2 0 2 0 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) | iShares® MSCI Japan ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 53,752,562 | (37,404,794 | ) | 16,347,768 | $ | 16,359,212 | $ | 139,183 | (b) | $ | 9,806 | $ | (3,311 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 5,212,000 | 319,000 | 5,531,000 | 5,531,000 | 56,897 | — | — | |||||||||||||||||||||
$ | 21,890,212 | $ | 196,080 | $ | 9,806 | $ | (3,311 | ) |
(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 | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
TOPIX Index | 363 | 03/12/20 | $ | 50,463 | $ | (7,036,533 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 7,036,533 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 10,651,726 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (6,262,319 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 64,186,103 |
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) | iShares® MSCI Japan ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 10,392,224,369 | $ | — | $ | — | $ | 10,392,224,369 | ||||||||
Money Market Funds | 21,890,212 | — | — | 21,890,212 | ||||||||||||
$ | 10,414,114,581 | $ | — | $ | — | $ | 10,414,114,581 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (7,036,533 | ) | $ | — | $ | — | $ | (7,036,533 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
20 | 2 0 2 0 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) | iShares® MSCI Mexico ETF |
February 29, 2020 | (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) | 3,798,500 | $ | 3,849,060 | |||||
Grupo Aeromexico SAB de CV(a) | 2,559,868 | 1,533,606 | ||||||
5,382,666 | ||||||||
Auto Components — 0.3% | ||||||||
Nemak SAB de CV(b) | 5,415,000 | 1,821,731 | ||||||
Banks — 12.2% | ||||||||
Banco del Bajio SA(b) | 3,994,530 | 6,194,634 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 11,371,861 | 61,258,064 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 11,950,392 | 12,749,338 | ||||||
Regional SAB de CV | 1,281,600 | 7,084,358 | ||||||
87,286,394 | ||||||||
Beverages — 12.5% | ||||||||
Arca Continental SAB de CV | 2,287,729 | 12,479,572 | ||||||
Coca-Cola Femsa SAB de CV | 1,380,843 | 7,601,559 | ||||||
Fomento Economico Mexicano SAB de CV | 8,635,610 | 69,450,432 | ||||||
89,531,563 | ||||||||
Building Products — 0.2% | ||||||||
Grupo Rotoplas SAB de CV(c) | 1,809,670 | 1,356,578 | ||||||
Capital Markets — 0.7% | ||||||||
Bolsa Mexicana de Valores SAB de CV | 2,534,187 | 5,322,734 | ||||||
Chemicals — 1.5% | ||||||||
Orbia Advance Corp. SAB de CV | 5,457,242 | 10,610,423 | ||||||
Construction Materials — 4.1% | ||||||||
Cemex SAB de CV, CPO, NVS | 75,817,629 | 24,281,250 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 983,600 | 4,868,190 | ||||||
29,149,440 | ||||||||
Consumer Finance — 1.3% | ||||||||
Credito Real SAB de CV SOFOM ER | 1,961,274 | 2,079,516 | ||||||
Gentera SAB de CV | 5,912,706 | 5,641,958 | ||||||
Unifin Financiera SAB de CV | 1,121,548 | 1,770,999 | ||||||
9,492,473 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
Axtel SAB de CV, CPO(a) | 8,132,000 | 1,758,137 | ||||||
Telesites SAB de CV(a) | 7,650,646 | 5,731,270 | ||||||
7,489,407 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 6.1% | ||||||||
Concentradora Fibra Danhos SA de CV | 1,961,400 | 2,727,620 | ||||||
Fibra Uno Administracion SA de CV | 15,766,100 | 23,565,726 | ||||||
Macquarie Mexico Real Estate Management SA de CV(b) | 4,577,000 | 6,039,009 | ||||||
PLA Administradora Industrial S. de RL de CV | 4,472,100 | 6,695,782 | ||||||
Prologis Property Mexico SA de CV | 2,108,700 | 4,429,053 | ||||||
43,457,190 | ||||||||
Food & Staples Retailing — 9.9% | ||||||||
Grupo Comercial Chedraui SA de CV(c) | 2,279,700 | 2,916,920 | ||||||
La Comer SAB de CV(a)(c) | 3,075,855 | 3,626,422 | ||||||
Wal-Mart de Mexico SAB de CV | 22,993,533 | 64,114,516 | ||||||
70,657,858 | ||||||||
Food Products — 3.6% | ||||||||
Gruma SAB de CV, Series B | 1,101,520 | 10,519,707 | ||||||
Grupo Bimbo SAB de CV, Series A | 8,340,104 | 12,508,155 | ||||||
Grupo Herdez SAB de CV | 1,485,444 | 2,660,765 | ||||||
25,688,627 |
Security | Shares | Value | ||||||
Gas Utilities — 1.7% | ||||||||
Infraestructura Energetica Nova SAB de CV | 2,786,200 | $ | 12,050,334 | |||||
Hotels, Restaurants & Leisure — 1.1% | ||||||||
Alsea SAB de CV(a) | 3,039,566 | 6,129,340 | ||||||
Hoteles City Express SAB de CV(a) | 3,005,500 | 1,844,610 | ||||||
7,973,950 | ||||||||
Household Durables — 0.2% | ||||||||
Consorcio ARA SAB de CV | 7,610,219 | 1,372,388 | ||||||
Household Products — 2.1% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A. | 7,886,954 | 14,848,421 | ||||||
Industrial Conglomerates — 2.3% | ||||||||
Alfa SAB de CV, Class A | 15,907,951 | 10,100,924 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,461,633 | 6,718,462 | ||||||
16,819,386 | ||||||||
Insurance — 0.7% | ||||||||
Qualitas Controladora SAB de CV | 1,221,300 | 5,198,846 | ||||||
Media — 3.9% | ||||||||
Grupo Televisa SAB, CPO | 12,045,947 | 22,410,640 | ||||||
Megacable Holdings SAB de CV, CPO | 1,678,900 | 5,588,842 | ||||||
27,999,482 | ||||||||
Metals & Mining — 5.3% | ||||||||
Grupo Mexico SAB de CV, Series B | 13,185,586 | 30,918,339 | ||||||
Industrias Penoles SAB de CV | 760,498 | 6,816,496 | ||||||
37,734,835 | ||||||||
Mortgage Real Estate Investment — 0.4% | ||||||||
Concentradora Hipotecaria SAPI de CV(c) | 2,773,200 | 2,576,170 | ||||||
Multiline Retail — 0.7% | ||||||||
El Puerto de Liverpool SAB de CV, Series C1, NVS(c) | 1,085,865 | 5,035,904 | ||||||
Pharmaceuticals — 0.7% | ||||||||
Genomma Lab Internacional SAB de CV, Class B(a) | 4,977,593 | 5,008,646 | ||||||
Real Estate Management & Development — 1.0% | ||||||||
Corp Inmobiliaria Vesta SAB de CV | 3,393,649 | 5,353,656 | ||||||
Grupo GICSA SAB de CV(a) | 5,481,766 | 1,791,581 | ||||||
7,145,237 | ||||||||
Road & Rail — 0.2% | ||||||||
Grupo Traxion SAB de CV(a)(b) | 2,238,500 | 1,723,271 | ||||||
Transportation Infrastructure — 8.3% | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 1,691,492 | 11,045,345 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 1,819,149 | 19,633,742 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,052,145 | 17,267,264 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,192,825 | 11,576,666 | ||||||
59,523,017 | ||||||||
Wireless Telecommunication Services — 16.9% | ||||||||
America Movil SAB de CV, Series L, NVS. | 154,640,718 | 121,234,762 | ||||||
Total Common Stocks — 99.6% | ||||||||
(Cost: $1,095,809,679) | 713,491,733 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 1,584,544 | 1,585,653 |
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) | iShares® MSCI Mexico ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 194,000 | $ | 194,000 | |||||
1,779,653 | ||||||||
Total Short-Term Investments — 0.2% | ||||||||
(Cost: $1,779,324) | 1,779,653 | |||||||
Total Investments in Securities — 99.8% | ||||||||
(Cost: $1,097,589,003) | 715,271,386 | |||||||
Other Assets, Less Liabilities — 0.2% | 1,383,888 | |||||||
Net Assets — 100.0% | $ | 716,655,274 |
(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 3,758,756 | (2,174,212 | ) | 1,584,544 | $ | 1,585,653 | $ | 6,259 | (b) | $ | (35 | ) | $ | 343 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 371,000 | (177,000 | ) | 194,000 | 194,000 | 6,752 | — | — | ||||||||||||||||||||
$ | 1,779,653 | $ | 13,011 | $ | (35 | ) | $ | 343 |
(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 | 45 | 03/20/20 | $ | 946 | $ | (29,659 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||
Liabilities — Derivative Financial Instruments | ||
Futures contracts | ||
Unrealized depreciation on futures contracts(a) | $ | 29,659 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
22 | 2 0 2 0 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) | iShares® MSCI Mexico ETF |
February 29, 2020 |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 13,079 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (113,315 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 2,020,133 |
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 29, 2020. 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 | $ | 713,491,733 | $ | — | $ | — | $ | 713,491,733 | ||||||||
Money Market Funds | 1,779,653 | — | — | 1,779,653 | ||||||||||||
$ | 715,271,386 | $ | — | $ | — | $ | 715,271,386 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (29,659 | ) | $ | — | $ | — | $ | (29,659 | ) |
(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 |
Schedule of Investments (unaudited) | iShares® MSCI South Korea ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.4% | ||||||||
Korea Aerospace Industries Ltd.(a) | 688,674 | $ | 14,544,659 | |||||
Air Freight & Logistics — 0.4% | ||||||||
Hyundai Glovis Co. Ltd. | 167,429 | 16,956,580 | ||||||
Airlines — 0.3% | ||||||||
Korean Air Lines Co. Ltd.(a) | 581,464 | 10,676,531 | ||||||
Auto Components — 2.7% | ||||||||
Hankook Tire & Technology Co. Ltd. | 713,265 | 14,975,922 | ||||||
Hanon Systems | 1,803,397 | 15,665,573 | ||||||
Hyundai Mobis Co. Ltd. | 471,390 | 81,508,357 | ||||||
112,149,852 | ||||||||
Automobiles — 3.8% | ||||||||
Hyundai Motor Co. | 1,054,170 | 99,818,485 | ||||||
Kia Motors Corp. | 1,880,754 | 56,136,132 | ||||||
155,954,617 | ||||||||
Banks — 7.1% | ||||||||
BNK Financial Group Inc. | 2,776,571 | 14,105,758 | ||||||
Hana Financial Group Inc. | 2,101,957 | 54,344,545 | ||||||
Industrial Bank of Korea(a) | 2,325,489 | 18,209,469 | ||||||
KB Financial Group Inc. | 2,715,232 | 86,967,909 | ||||||
Shinhan Financial Group Co. Ltd. | 3,215,867 | 85,526,969 | ||||||
Woori Financial Group Inc. | 4,101,450 | 32,453,631 | ||||||
291,608,281 | ||||||||
Biotechnology — 2.8% | ||||||||
Celltrion Inc.(a)(b) | 642,079 | 89,875,200 | ||||||
Helixmith Co. Ltd.(a)(b) | 225,540 | 11,532,346 | ||||||
Medy-Tox Inc. | 48,550 | 11,732,750 | ||||||
113,140,296 | ||||||||
Capital Markets — 1.9% | ||||||||
Korea Investment Holdings Co. Ltd.(a) | 363,304 | 18,785,913 | ||||||
Meritz Securities Co. Ltd. | 3,872,441 | 11,080,060 | ||||||
Mirae Asset Daewoo Co. Ltd.(a) | 3,486,749 | 18,201,720 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,512,334 | 12,427,413 | ||||||
Samsung Securities Co. Ltd. | 588,826 | 16,047,872 | ||||||
76,542,978 | ||||||||
Chemicals — 3.9% | ||||||||
Hanwha Solutions Corp. | 1,032,318 | 15,172,397 | ||||||
KCC Corp. | 63,700 | 8,732,853 | ||||||
Kumho Petrochemical Co. Ltd. | 218,498 | 10,668,532 | ||||||
LG Chem Ltd. | 316,659 | 95,949,372 | ||||||
Lotte Chemical Corp. | 141,317 | 21,817,157 | ||||||
OCI Co. Ltd.(a) | 232,595 | 9,432,115 | ||||||
161,772,426 | ||||||||
Commercial Services & Supplies — 0.3% | ||||||||
S-1 Corp. | 186,943 | 12,652,709 | ||||||
Communications Equipment — 0.3% | ||||||||
KMW Co. Ltd.(a)(b) | 283,222 | 11,345,204 | ||||||
Construction & Engineering — 1.9% | ||||||||
Daelim Industrial Co. Ltd.(a) | 261,608 | 15,616,780 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 2,730,821 | 9,106,484 | ||||||
GS Engineering & Construction Corp. | 617,433 | 13,345,094 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(b) | 397,191 | 5,903,086 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 670,408 | 19,154,514 |
Security | Shares | Value | ||||||
Construction & Engineering (continued) | ||||||||
Samsung Engineering Co. Ltd.(a) | 1,423,422 | $ | 16,525,525 | |||||
79,651,483 | ||||||||
Construction Materials — 0.3% | ||||||||
POSCO Chemical Co. Ltd.(b) | 281,970 | 12,746,112 | ||||||
Consumer Finance — 0.3% | ||||||||
Samsung Card Co. Ltd. | 373,917 | 10,375,466 | ||||||
Diversified Telecommunication Services — 0.5% | ||||||||
LG Uplus Corp. | 1,825,887 | 19,844,964 | ||||||
Electric Utilities — 0.8% | ||||||||
Korea Electric Power Corp.(a) | 1,886,283 | 33,081,785 | ||||||
Electronic Equipment, Instruments & Components — 4.2% | ||||||||
LG Display Co. Ltd.(a)(b) | 1,901,004 | 21,287,488 | ||||||
LG Innotek Co. Ltd. | 139,349 | 14,915,908 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 413,622 | 42,911,792 | ||||||
Samsung SDI Co. Ltd. | 383,381 | 93,122,598 | ||||||
172,237,786 | ||||||||
Entertainment — 2.3% | ||||||||
NCSoft Corp. | 125,581 | 67,107,508 | ||||||
Netmarble Corp.(a)(b)(c) | 235,337 | 17,168,265 | ||||||
Pearl Abyss Corp.(a)(b) | 79,112 | 11,542,731 | ||||||
95,818,504 | ||||||||
Food & Staples Retailing — 0.9% | ||||||||
BGF retail Co. Ltd. | 90,152 | 11,245,803 | ||||||
E-MART Inc. | 194,943 | 16,853,862 | ||||||
GS Retail Co. Ltd. | 348,362 | 10,139,643 | ||||||
38,239,308 | ||||||||
Food Products — 1.0% | ||||||||
CJ CheilJedang Corp. | 77,947 | 15,659,998 | ||||||
Orion Corp. | 213,878 | 16,606,583 | ||||||
Ottogi Corp. | 21,056 | 8,616,577 | ||||||
40,883,158 | ||||||||
Gas Utilities — 0.2% | ||||||||
Korea Gas Corp. | 383,221 | 8,866,620 | ||||||
Health Care Providers & Services — 0.6% | ||||||||
Celltrion Healthcare Co. Ltd.(a) | 456,048 | 24,332,573 | ||||||
Hotels, Restaurants & Leisure — 0.5% | ||||||||
Kangwon Land Inc.(a) | 1,005,876 | 18,883,469 | ||||||
Household Durables — 1.5% | ||||||||
Coway Co. Ltd. | 417,744 | 23,699,104 | ||||||
LG Electronics Inc. | 770,497 | 38,318,665 | ||||||
62,017,769 | ||||||||
Industrial Conglomerates — 3.9% | ||||||||
CJ Corp. | 165,230 | 10,951,844 | ||||||
Hanwha Corp. | 565,475 | 9,335,343 | ||||||
LG Corp. | 692,733 | 38,501,011 | ||||||
Lotte Corp. | 372,022 | 8,898,509 | ||||||
Samsung C&T Corp. | 607,616 | 52,781,793 | ||||||
SK Holdings Co. Ltd. | 252,869 | 39,975,997 | ||||||
160,444,497 | ||||||||
Insurance — 2.4% | ||||||||
DB Insurance Co. Ltd. | 473,580 | 16,884,326 | ||||||
Hanwha Life Insurance Co. Ltd. | 5,243,638 | 7,123,922 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 706,418 | 13,145,366 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 227,811 | 37,140,039 |
24 | 2 0 2 0 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) | iShares® MSCI South Korea ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Insurance (continued) | ||||||||
Samsung Life Insurance Co. Ltd. | 544,246 | $ | 26,215,225 | |||||
100,508,878 | ||||||||
Interactive Media & Services — 4.6% | ||||||||
Kakao Corp. | 371,528 | 52,616,563 | ||||||
NAVER Corp. | 958,650 | 137,344,669 | ||||||
189,961,232 | ||||||||
Internet & Direct Marketing Retail — 0.3% | ||||||||
CJ ENM Co. Ltd. | 113,624 | 11,769,369 | ||||||
IT Services — 0.8% | ||||||||
Samsung SDS Co. Ltd. | 254,402 | 34,876,849 | ||||||
Leisure Products — 0.7% | ||||||||
HLB Inc.(a)(b) | 355,011 | 28,207,955 | ||||||
Life Sciences Tools & Services — 1.1% | ||||||||
Samsung Biologics Co. Ltd.(a)(c) | 121,377 | 46,322,140 | ||||||
Machinery — 2.1% | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 511,683 | 9,332,053 | ||||||
Doosan Bobcat Inc. | 545,542 | 12,757,013 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 85,094 | 18,952,595 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 305,370 | 26,149,428 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 3,818,885 | 18,331,906 | ||||||
85,522,995 | ||||||||
Marine — 0.3% | ||||||||
Pan Ocean Co. Ltd.(a) | 3,429,114 | 10,545,690 | ||||||
Media — 0.3% | ||||||||
Cheil Worldwide Inc. | 751,363 | 11,971,078 | ||||||
Metals & Mining — 3.0% | ||||||||
Hyundai Steel Co. | 744,836 | 14,626,874 | ||||||
Korea Zinc Co. Ltd.(a) | 69,373 | 23,676,499 | ||||||
POSCO | 533,344 | 85,853,234 | ||||||
124,156,607 | ||||||||
Multiline Retail — 0.8% | ||||||||
Hyundai Department Store Co. Ltd. | 175,838 | 10,265,059 | ||||||
Lotte Shopping Co. Ltd. | 132,199 | 10,362,573 | ||||||
Shinsegae Inc. | 70,470 | 13,693,635 | ||||||
34,321,267 | ||||||||
Oil, Gas & Consumable Fuels — 1.8% | ||||||||
GS Holdings Corp. | 472,969 | 16,064,200 | ||||||
SK Innovation Co. Ltd. | 416,714 | 38,772,073 | ||||||
S-Oil Corp. | 372,748 | 20,440,524 | ||||||
75,276,797 | ||||||||
Personal Products — 2.7% | ||||||||
Amorepacific Corp.(a) | 240,280 | 31,852,680 | ||||||
AMOREPACIFIC Group(a) | 278,893 | 14,237,436 | ||||||
LG Household & Health Care Ltd. | 65,221 | 65,570,063 | ||||||
111,660,179 | ||||||||
Pharmaceuticals — 0.7% | ||||||||
Hanmi Pharm Co. Ltd.(a) | 65,277 | 14,028,240 | ||||||
Yuhan Corp. | 90,625 | 15,968,505 | ||||||
29,996,745 | ||||||||
Road & Rail — 0.3% | ||||||||
CJ Logistics Corp.(a) | 106,868 | 11,747,121 | ||||||
Semiconductors & Semiconductor Equipment — 6.6% | ||||||||
SK Hynix Inc. | 3,723,342 | 269,478,602 |
Security | Shares | Value | ||||||
Specialty Retail — 0.4% | ||||||||
Hotel Shilla Co. Ltd. | 273,638 | $ | 18,092,327 | |||||
Technology Hardware, Storage & Peripherals — 22.3% | ||||||||
Samsung Electronics Co. Ltd. | 20,494,574 | 914,619,935 | ||||||
Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
Fila Holdings Corp.(b) | 469,553 | 14,846,303 | ||||||
Tobacco — 1.4% | ||||||||
KT&G Corp. | 814,390 | 56,796,075 | ||||||
Trading Companies & Distributors — 0.2% | ||||||||
Posco International Corp. | 697,979 | 8,591,837 | ||||||
Wireless Telecommunication Services — 0.7% | ||||||||
SK Telecom Co. Ltd. | 157,913 | 27,629,899 | ||||||
Total Common Stocks — 96.7% | ||||||||
(Cost: $2,676,380,428) | 3,971,667,507 | |||||||
Preferred Stocks | ||||||||
Automobiles — 0.8% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 238,015 | 12,993,326 | ||||||
Series 2, Preference Shares, NVS | 312,378 | 19,264,810 | ||||||
32,258,136 | ||||||||
Chemicals — 0.3% | ||||||||
LG Chem Ltd., Preference Shares, NVS | 82,300 | 12,671,964 | ||||||
Personal Products — 0.5% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 134,160 | 8,108,147 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 21,149 | 12,764,279 | ||||||
20,872,426 | ||||||||
Technology Hardware, Storage & Peripherals — 0.1% | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 78,045 | 2,927,089 | ||||||
Total Preferred Stocks — 1.7% | ||||||||
(Cost: $61,031,806) | 68,729,615 | |||||||
Rights | ||||||||
Construction & Engineering — 0.0% | ||||||||
HDC Hyundai Development Co., (Expires 06/03/20)(a) | 184,104 | 0 | (d) | |||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 0 | (d) | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(e)(f)(g) | 102,750,921 | 102,822,847 |
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) | iShares® MSCI South Korea ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(e)(f) | 7,795,000 | $ | 7,795,000 | |||||
110,617,847 | ||||||||
Total Short-Term Investments — 2.7% | ||||||||
(Cost: $110,545,921) | 110,617,847 | |||||||
Total Investments in Securities — 101.1% | ||||||||
(Cost: $2,847,958,155) | 4,151,014,969 | |||||||
Other Assets, Less Liabilities — (1.1)% | (44,012,217 | ) | ||||||
Net Assets — 100.0% | $ | 4,107,002,752 |
(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) | Rounds to less than $1. |
(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 202,603,206 | (99,852,285 | ) | 102,750,921 | $ | 102,822,847 | $ | 5,809,056 | (b) | $ | (3,648 | ) | $ | 20,079 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 6,894,000 | 901,000 | 7,795,000 | 7,795,000 | 68,525 | — | — | |||||||||||||||||||||
$ | 110,617,847 | $ | 5,877,581 | $ | (3,648 | ) | $ | 20,079 |
(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 | 1,122 | 03/12/20 | $ | 61,862 | $ | (5,966,209 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 5,966,209 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
26 | 2 0 2 0 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) | iShares® MSCI South Korea ETF |
February 29, 2020 |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 927,042 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (5,178,007 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 29,137,707 |
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 29, 2020. 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 | $ | 3,971,667,507 | $ | — | $ | — | $ | 3,971,667,507 | ||||||||
Preferred Stocks | 68,729,615 | — | — | 68,729,615 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Money Market Funds | 110,617,847 | — | — | 110,617,847 | ||||||||||||
$ | 4,151,014,969 | $ | 0 | (a) | $ | — | $ | 4,151,014,969 | ||||||||
Derivative financial instruments(b) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (5,966,209 | ) | $ | — | $ | — | $ | (5,966,209 | ) |
(a) | Rounds to less than $1. |
(b) | 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 | 27 |
Statements of Assets and Liabilities (unaudited)
February 29, 2020
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) | $ | 1,287,888,085 | $ | 2,393,044,565 | $ | 10,392,224,369 | $ | 713,491,733 | ||||||||
Affiliated(c) | 581,114 | 9,371,041 | 21,890,212 | 1,779,653 | ||||||||||||
Cash | 448 | 614 | 933 | 452 | ||||||||||||
Foreign currency, at value(d) | 4,970,502 | 9,334,284 | 28,505,916 | 2,153,411 | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | 644,750 | 496,145 | 1,380,244 | 46,473 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 2,412,846 | 75,551,359 | 22,086,416 | 8,682,368 | ||||||||||||
Securities lending income — Affiliated | 493 | 218,048 | 16,427 | 486 | ||||||||||||
Capital shares sold | — | — | — | 981,930 | ||||||||||||
Dividends | 8,302,433 | 4,374,709 | 25,324,318 | 6,465 | ||||||||||||
Total assets | 1,304,800,671 | 2,492,390,765 | 10,491,428,835 | 727,142,971 | ||||||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 8,780 | 8,154,067 | 16,305,696 | 1,585,416 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 4,565,818 | 82,122,742 | 23,165,722 | 8,240,397 | ||||||||||||
Variation margin on futures contracts | 566,584 | 352,587 | 3,252,498 | 1,624 | ||||||||||||
Capital shares redeemed | — | 309,921 | 1,125,336 | 349,415 | ||||||||||||
Investment advisory fees | 605,592 | 1,089,116 | 5,047,970 | 310,845 | ||||||||||||
Total liabilities | 5,746,774 | 92,028,433 | 48,897,222 | 10,487,697 | ||||||||||||
NET ASSETS | $ | 1,299,053,897 | $ | 2,400,362,332 | $ | 10,442,531,613 | $ | 716,655,274 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 1,850,579,226 | $ | 3,438,354,140 | $ | 13,229,578,735 | $ | 1,393,267,260 | ||||||||
Accumulated loss | (551,525,329 | ) | (1,037,991,808 | ) | (2,787,047,122 | ) | (676,611,986 | ) | ||||||||
NET ASSETS | $ | 1,299,053,897 | $ | 2,400,362,332 | $ | 10,442,531,613 | $ | 716,655,274 | ||||||||
Shares outstanding | 64,400,000 | 87,100,000 | 195,150,000 | 17,400,000 | ||||||||||||
Net asset value | $ | 20.17 | $ | 27.56 | $ | 53.51 | $ | 41.19 | ||||||||
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 | $ | 8,275 | $ | 7,519,650 | $ | 15,634,742 | $ | 1,379,864 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 1,633,601,912 | $ | 2,812,777,858 | $ | 12,299,123,592 | $ | 1,095,809,679 | ||||||||
(c) Investments, at cost — Affiliated | $ | 581,112 | $ | 9,366,094 | $ | 21,881,280 | $ | 1,779,324 | ||||||||
(d) Foreign currency, at cost | $ | 5,110,843 | $ | 9,436,576 | $ | 27,853,919 | $ | 2,238,790 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 675,785 | $ | 507,039 | $ | 1,362,083 | $ | 48,132 |
See notes to financial statements.
28 | 2 0 2 0 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 29, 2020
iShares | ||||
MSCI South Korea | ||||
ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a) | ||||
Unaffiliated(b) | $ | 4,040,397,122 | ||
Affiliated(c) | 110,617,847 | |||
Cash | 700 | |||
Foreign currency, at value(d) | 1,576 | |||
Foreign currency collateral pledged: | ||||
Futures contracts(e) | 9,266,771 | |||
Receivables: | ||||
Investments sold | 82,680,949 | |||
Securities lending income — Affiliated | 878,375 | |||
Dividends | 56,324,831 | |||
Total assets | 4,300,168,171 | |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 102,747,534 | |||
Payables: | ||||
Investments purchased | 82,352,950 | |||
Variation margin on futures contracts | 5,963,794 | |||
Investment advisory fees | 2,072,764 | |||
Foreign taxes | 28,377 | |||
Total liabilities | 193,165,419 | |||
NET ASSETS | $ | 4,107,002,752 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 3,889,762,383 | ||
Accumulated earnings | 217,240,369 | |||
NET ASSETS | $ | 4,107,002,752 | ||
Shares outstanding | 76,350,000 | |||
Net asset value | $ | 53.79 | ||
Shares authorized | 200 million | |||
Par value | $ | 0.001 | ||
(a) Securities loaned, at value | $ | 97,567,315 | ||
(b) Investments, at cost — Unaffiliated | $ | 2,737,412,234 | ||
(c) Investments, at cost — Affiliated | $ | 110,545,921 | ||
(d) Foreign currency, at cost | $ | 1,576 | ||
(e) Foreign currency collateral pledged, at cost | $ | 9,962,782 |
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 Operations (unaudited)
Six Months Ended February 29, 2020
iShares MSCI Australia ETF | iShares MSCI Canada ETF | iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 31,077,959 | $ | 42,926,337 | $ | 142,018,002 | $ | 8,134,060 | ||||||||
Dividends — Affiliated | 8,844 | 12,619 | 56,897 | 6,752 | ||||||||||||
Interest — Unaffiliated | 208 | 2,465 | — | 4,616 | ||||||||||||
Securities lending income — Affiliated — net | 1,441 | 1,181,192 | 139,183 | 6,259 | ||||||||||||
Foreign taxes withheld | (580,258 | ) | (6,431,987 | ) | (14,197,842 | ) | (535,200 | ) | ||||||||
Total investment income | 30,508,194 | 37,690,626 | 128,016,240 | 7,616,487 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 3,927,183 | 6,879,065 | 32,667,310 | 2,062,094 | ||||||||||||
Total expenses | 3,927,183 | 6,879,065 | 32,667,310 | 2,062,094 | ||||||||||||
Net investment income | 26,581,011 | 30,811,561 | 95,348,930 | 5,554,393 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (16,115,062 | ) | (108,840,900 | ) | (64,484,977 | ) | (30,627,167 | ) | ||||||||
Investments — Affiliated | 332 | 8,941 | 9,806 | (35 | ) | |||||||||||
In-kind redemptions — Unaffiliated | 53,089,385 | 90,048,664 | 326,422,258 | 26,844,750 | ||||||||||||
Futures contracts | 454,800 | 84,131 | 10,651,726 | 13,079 | ||||||||||||
Foreign currency transactions | (140,949 | ) | 83,839 | (2,019,721 | ) | (43,768 | ) | |||||||||
Net realized gain (loss) | 37,288,506 | (18,615,325 | ) | 270,579,092 | (3,813,141 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (124,885,416 | ) | (22,673,780 | ) | (279,077,314 | ) | 20,655,290 | |||||||||
Investments — Affiliated | 2 | (6,873 | ) | (3,311 | ) | 343 | ||||||||||
Futures contracts | (937,733 | ) | (400,325 | ) | (6,262,319 | ) | (113,315 | ) | ||||||||
Foreign currency translations | (348,277 | ) | (158,373 | ) | 816,867 | (85,535 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (126,171,424 | ) | (23,239,351 | ) | (284,526,077 | ) | 20,456,783 | |||||||||
Net realized and unrealized gain (loss) | (88,882,918 | ) | (41,854,676 | ) | (13,946,985 | ) | 16,643,642 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (62,301,907 | ) | $ | (11,043,115 | ) | $ | 81,401,945 | $ | 22,198,035 |
See notes to financial statements.
30 | 2 0 2 0 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 29, 2020
iShares MSCI South Korea ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 81,238,715 | ||
Dividends — Affiliated | 68,525 | |||
Interest — Unaffiliated | 557 | |||
Securities lending income — Affiliated — net | 5,809,056 | |||
Foreign taxes withheld | (12,167,567 | ) | ||
Other foreign taxes | (7,994 | ) | ||
Total investment income | 74,941,292 | |||
EXPENSES | ||||
Investment advisory fees | 12,606,844 | |||
Total expenses | 12,606,844 | |||
Net investment income | 62,334,448 | |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (35,724,739 | ) | ||
Investments — Affiliated | (3,648 | ) | ||
Futures contracts | 927,042 | |||
Foreign currency transactions | (106,804 | ) | ||
Net realized loss | (34,908,149 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | 76,029,656 | |||
Investments — Affiliated | 20,079 | |||
Futures contracts | (5,178,007 | ) | ||
Foreign currency translations | (2,592,950 | ) | ||
Net change in unrealized appreciation (depreciation) | 68,278,778 | |||
Net realized and unrealized gain | 33,370,629 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. | $ | 95,705,077 |
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
iShares MSCI Australia ETF | iShares MSCI Canada ETF | |||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 26,581,011 | $ | 59,623,655 | $ | 30,811,561 | $ | 60,051,016 | ||||||||
Net realized gain (loss) | 37,288,506 | (34,512,791 | ) | (18,615,325 | ) | (103,704,795 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (126,171,424 | ) | (9,995,015 | ) | (23,239,351 | ) | 18,680,770 | |||||||||
Net increase (decrease) in net assets resulting from operations | (62,301,907 | ) | 15,115,849 | (11,043,115 | ) | (24,973,009 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (35,038,080 | ) | (71,965,308 | ) | (37,421,735 | ) | (63,960,878 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (3,196,318 | ) | 93,669,497 | (169,759,150 | ) | (287,106,743 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (100,536,305 | ) | 36,820,038 | (218,224,000 | ) | (376,040,630 | ) | |||||||||
Beginning of period | 1,399,590,202 | 1,362,770,164 | 2,618,586,332 | 2,994,626,962 | ||||||||||||
End of period | $ | 1,299,053,897 | $ | 1,399,590,202 | $ | 2,400,362,332 | $ | 2,618,586,332 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
32 | 2 0 2 0 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 02/29/20 (unaudited) | Year Ended 08/31/19 | Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 95,348,930 | $ | 247,265,802 | $ | 5,554,393 | $ | 23,960,370 | ||||||||
Net realized gain (loss) | 270,579,092 | 409,682,495 | (3,813,141 | ) | (100,111,090 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (284,526,077 | ) | (1,725,742,453 | ) | 20,456,783 | (62,853,146 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 81,401,945 | (1,068,794,156 | ) | 22,198,035 | (139,003,866 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (169,474,596 | ) | (229,873,912 | ) | (8,809,713 | ) | (25,697,670 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (1,639,569,977 | ) | (3,504,195,955 | ) | 77,023,725 | (377,985,490 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (1,727,642,628 | ) | (4,802,864,023 | ) | 90,412,047 | (542,687,026 | ) | |||||||||
Beginning of period | 12,170,174,241 | 16,973,038,264 | 626,243,227 | 1,168,930,253 | ||||||||||||
End of period | $ | 10,442,531,613 | $ | 12,170,174,241 | $ | 716,655,274 | $ | 626,243,227 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 (continued)
iShares MSCI South Korea ETF | ||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 62,334,448 | $ | 69,657,107 | ||||
Net realized loss | (34,908,149 | ) | (154,004,207 | ) | ||||
Net change in unrealized appreciation (depreciation) | 68,278,778 | (823,249,004 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 95,705,077 | (907,596,104 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (94,999,174 | ) | (52,766,055 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 257,732,666 | 902,035,428 | ||||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 258,438,569 | (58,326,731 | ) | |||||
Beginning of period | 3,848,564,183 | 3,906,890,914 | ||||||
End of period | $ | 4,107,002,752 | $ | 3,848,564,183 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
34 | 2 0 2 0 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 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 21.67 | $ | 22.56 | $ | 22.58 | $ | 20.30 | $ | 18.66 | $ | 27.15 | ||||||||||||
Net investment income(a) | 0.38 | 1.00 | 0.90 | 0.84 | 0.84 | 1.23 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.42 | ) | (0.70 | ) | 0.07 | 2.45 | 1.59 | (8.49 | ) | |||||||||||||||
Net increase (decrease) from investment operations | (1.04 | ) | 0.30 | 0.97 | 3.29 | 2.43 | (7.26 | ) | ||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.46 | ) | (1.19 | ) | (0.99 | ) | (1.01 | ) | (0.79 | ) | (1.23 | ) | ||||||||||||
Total distributions | (0.46 | ) | (1.19 | ) | (0.99 | ) | (1.01 | ) | (0.79 | ) | (1.23 | ) | ||||||||||||
Net asset value, end of period | $ | 20.17 | $ | 21.67 | $ | 22.56 | $ | 22.58 | $ | 20.30 | $ | 18.66 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (5.01 | )%(d) | 1.75 | % | 4.43 | % | 16.70 | % | 13.36 | % | (27.31 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 3.38 | %(e) | 4.68 | % | 3.95 | % | 3.90 | % | 4.41 | % | 5.37 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,299,054 | $ | 1,399,590 | $ | 1,362,770 | $ | 1,765,912 | $ | 1,668,702 | $ | 1,228,063 | ||||||||||||
Portfolio turnover rate(f) | 3 | %(d) | 9 | % | 3 | % | 4 | % | 7 | % | 9 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 Canada ETF | ||||||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 28.22 | $ | 28.79 | $ | 27.83 | $ | 25.33 | $ | 24.02 | $ | 32.93 | ||||||||||||
Net investment income(a) | 0.33 | 0.62 | 0.58 | 0.51 | 0.51 | 0.54 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.60 | ) | (0.53 | ) | 0.97 | 2.47 | 1.29 | (8.85 | ) | |||||||||||||||
Net increase (decrease) from investment operations | (0.27 | ) | 0.09 | 1.55 | 2.98 | 1.80 | (8.31 | ) | ||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.39 | ) | (0.66 | ) | (0.59 | ) | (0.48 | ) | (0.49 | ) | (0.60 | ) | ||||||||||||
Total distributions | (0.39 | ) | (0.66 | ) | (0.59 | ) | (0.48 | ) | (0.49 | ) | (0.60 | ) | ||||||||||||
Net asset value, end of period | $ | 27.56 | $ | 28.22 | $ | 28.79 | $ | 27.83 | $ | 25.33 | $ | 24.02 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (1.04 | )%(d) | 0.56 | % | 5.61 | % | 11.88 | % | 7.73 | % | (25.48 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 2.24 | %(e) | 2.26 | % | 2.01 | % | 1.93 | % | 2.18 | % | 1.92 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,400,362 | $ | 2,618,586 | $ | 2,994,627 | $ | 3,127,920 | $ | 3,097,794 | $ | 1,931,454 | ||||||||||||
Portfolio turnover rate(f) | 6 | %(d) | 6 | % | 3 | % | 6 | % | 4 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
36 | 2 0 2 0 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 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17(a) | Year Ended 08/31/16(a) | Year Ended 08/31/15(a) | |||||||||||||||||||
Net asset value, beginning of period | $ | 54.05 | $ | 58.45 | $ | 54.57 | $ | 49.05 | $ | 48.61 | $ | 47.32 | ||||||||||||
Net investment income(b) | 0.42 | 0.92 | 0.87 | 0.49 | 0.72 | 0.60 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.24 | ) | (4.43 | ) | 3.87 | 5.96 | 0.44 | 1.22 | ||||||||||||||||
Net increase (decrease) from investment operations | 0.18 | (3.51 | ) | 4.74 | 6.45 | 1.16 | 1.82 | |||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.72 | ) | (0.89 | ) | (0.86 | ) | (0.93 | ) | (0.72 | ) | (0.53 | ) | ||||||||||||
Total distributions | (0.72 | ) | (0.89 | ) | (0.86 | ) | (0.93 | ) | (0.72 | ) | (0.53 | ) | ||||||||||||
Net asset value, end of period | $ | 53.51 | $ | 54.05 | $ | 58.45 | $ | 54.57 | $ | 49.05 | $ | 48.61 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.19 | %(e) | (5.96 | )% | 8.67 | % | 13.31 | % | 2.44 | % | 3.84 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 1.46 | %(f) | 1.68 | % | 1.46 | % | 1.45 | % | 1.53 | % | 1.20 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 10,442,532 | $ | 12,170,174 | $ | 16,973,038 | $ | 16,017,689 | $ | 14,015,180 | $ | 19,147,802 | ||||||||||||
Portfolio turnover rate(g) | 1 | %(e) | 7 | % | 4 | % | 4 | % | 4 | % | 2 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 37 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Mexico ETF | ||||||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 41.47 | $ | 50.38 | $ | 56.68 | $ | 50.48 | $ | 52.70 | $ | 71.51 | ||||||||||||
Net investment income(a) | 0.30 | 1.09 | 0.95 | 0.88 | 0.93 | 0.68 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.15 | ) | (8.75 | ) | (6.17 | ) | 6.10 | (1.82 | ) | (18.56 | ) | |||||||||||||
Net increase (decrease) from investment operations | 0.15 | (7.66 | ) | (5.22 | ) | 6.98 | (0.89 | ) | (17.88 | ) | ||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.43 | ) | (1.25 | ) | (1.08 | ) | (0.78 | ) | (1.33 | ) | (0.93 | ) | ||||||||||||
Total distributions | (0.43 | ) | (1.25 | ) | (1.08 | ) | (0.78 | ) | (1.33 | ) | (0.93 | ) | ||||||||||||
Net asset value, end of period | $ | 41.19 | $ | 41.47 | $ | 50.38 | $ | 56.68 | $ | 50.48 | $ | 52.70 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.27 | %(d) | (15.23 | )% | (9.02 | )% | 14.03 | % | (1.68 | )% | (25.10 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.49 | % | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | ||||||||||||
Net investment income | 1.34 | %(e) | 2.46 | % | 1.87 | % | 1.79 | % | 1.82 | % | 1.10 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 716,655 | $ | 626,243 | $ | 1,168,930 | $ | 1,320,642 | $ | 1,317,518 | $ | 1,206,942 | ||||||||||||
Portfolio turnover rate(f) | 4 | %(d) | 5 | % | 7 | % | 8 | % | 8 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
38 | 2 0 2 0 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 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 53.34 | $ | 67.65 | $ | 68.19 | $ | 56.89 | $ | 48.15 | $ | 66.42 | |||||||||||||
Net investment income(a) | 0.85 | 0.97 | 0.94 | 0.64 | 0.56 | 0.46 | |||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.91 | (14.49 | ) | 0.70 | 11.31 | 9.38 | (18.07 | ) | |||||||||||||||||
Net increase (decrease) from investment operations | 1.76 | (13.52 | ) | 1.64 | 11.95 | 9.94 | (17.61 | ) | |||||||||||||||||
Distributions(c) | |||||||||||||||||||||||||
From net investment income | (1.31 | ) | (0.79 | ) | (2.18 | ) | (0.65 | ) | (1.20 | ) | (0.66 | ) | |||||||||||||
Total distributions | (1.31 | ) | (0.79 | ) | (2.18 | ) | (0.65 | ) | (1.20 | ) | (0.66 | ) | |||||||||||||
Net asset value, end of period | $ | 53.79 | $ | 53.34 | $ | 67.65 | $ | 68.19 | $ | 56.89 | $ | 48.15 | |||||||||||||
Total Return | |||||||||||||||||||||||||
Based on net asset value | 3.05 | %(d) | (20.08 | )% | 2.15 | % | 21.28 | % | 20.92 | % | (26.58 | )% | |||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 0.58 | %(e) | 0.59 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | |||||||||||||
Net investment income | 2.87 | %(e) | 1.62 | % | 1.31 | % | 1.05 | % | 1.09 | % | 0.81 | % | |||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,107,003 | $ | 3,848,564 | $ | 3,906,891 | $ | 3,784,638 | $ | 3,452,970 | $ | 3,160,954 | |||||||||||||
Portfolio turnover rate(f) | 7 | %(d)(g) | 16 | %(g) | 18 | %(g) | 16 | %(g) | 22 | %(g) | 24 | %(g) | |||||||||||||
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | ||||||||||||||||||||||||
(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: | 5 | % | 5 | % | 11 | % | 6 | % | 10 | % | 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 | 39 |
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 CurrencyTranslation: 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 29, 2020, 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.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. Th Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
40 | 2 0 2 0 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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 valu 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. 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 29, 2020, 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 FundAdvisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash 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 | 41 |
Notes to Financial Statements (unaudited) (continued)
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 29, 2020 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 29, 2020:
iShares ETF and Counterparty | Market Value of Securities on Loan | Cash Collateral Received | (a) | Non-Cash Collateral Received | Net Amount | |||||||||||
MSCI Australia | ||||||||||||||||
Goldman Sachs & Co. | $ | 8,275 | $ | 8,275 | $ | — | $ | — | ||||||||
MSCI Canada | ||||||||||||||||
Barclays Capital Inc. | $ | 128,664 | $ | 128,664 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 371,417 | 371,417 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 1,944,059 | 1,944,059 | — | — | ||||||||||||
Goldman Sachs & Co. | 1,805,690 | 1,805,690 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,607,572 | 1,607,572 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 587,517 | 587,517 | — | — | ||||||||||||
UBS AG | 245,536 | 245,536 | — | — | ||||||||||||
Wells Fargo Securities LLC | 829,195 | 829,195 | — | — | ||||||||||||
$ | 7,519,650 | $ | 7,519,650 | $ | — | $ | — | |||||||||
MSCI Japan | ||||||||||||||||
BofA Securities, Inc. | $ | 476,891 | $ | 476,891 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. | 5,139,982 | 5,139,982 | — | — | ||||||||||||
JPMorgan Securities LLC | 1,199,691 | 1,199,691 | — | — | ||||||||||||
Macquarie Bank Limited | 1,594,994 | 1,594,994 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 7,198,635 | 7,198,635 | — | — | ||||||||||||
State Street Bank & Trust Company | 24,549 | 24,549 | — | — | ||||||||||||
$ | 15,634,742 | $ | 15,634,742 | $ | — | $ | — | |||||||||
MSCI Mexico | ||||||||||||||||
BofA Securities, Inc. | $ | 67,813 | $ | 67,813 | $ | — | $ | — | ||||||||
Morgan Stanley & Co. LLC | 511,266 | 511,266 | — | — | ||||||||||||
UBS Securities LLC | 800,785 | 800,785 | — | — | ||||||||||||
$ | 1,379,864 | $ | 1,379,864 | $ | — | $ | — | |||||||||
MSCI South Korea | ||||||||||||||||
Barclays Capital Inc. | $ | 3,792,102 | $ | 3,792,102 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 20,507,625 | 20,507,625 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 7,704,652 | 7,704,652 | — | — | ||||||||||||
Goldman Sachs & Co. | 25,713,668 | 25,713,668 | — | — | ||||||||||||
Jefferies LLC | 262,207 | 262,207 | — | — | ||||||||||||
JPMorgan Securities LLC | 19,041,993 | 19,041,993 | — | — | ||||||||||||
Macquarie Bank Limited | 1,188,967 | 1,188,967 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 19,284,516 | 19,284,516 | — | — | ||||||||||||
UBS Securities LLC | 71,585 | 71,585 | — | — | ||||||||||||
$ | 97,567,315 | $ | 97,567,315 | $ | — | $ | — |
(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 to the extent 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.
42 | 2 0 2 0 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)
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, BFAis 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.
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.
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)
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.
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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Australia | $ | 371 | ||
MSCI Canada | 263,509 | |||
MSCI Japan | 38,240 | |||
MSCI Mexico | 1,567 | |||
MSCI South Korea | 1,308,478 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Australia | $ | 4,302,401 | $ | 4,813,196 | $ | (2,893,650 | ) | |||||
MSCI Japan | 50,442,620 | 13,225,531 | (2,913,123 | ) |
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 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Australia | $ | 49,794,038 | $ | 43,964,617 | ||||
MSCI Canada | 154,491,865 | 157,889,176 | ||||||
MSCI Japan | 133,359,471 | 173,287,534 | ||||||
MSCI Mexico | 38,897,665 | 32,793,070 | ||||||
MSCI South Korea | 449,793,089 | 285,242,138 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Australia | $ | 370,919,875 | $ | 384,798,777 | ||||
MSCI Canada | 375,276,237 | 543,767,431 | ||||||
MSCI Japan | 2,513,142,188 | 4,200,877,756 | ||||||
MSCI Mexico | 1,099,469,612 | 1,031,899,210 |
44 | 2 0 2 0 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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Australia | $ | 180,293,854 | ||
MSCI Canada | 546,535,951 | |||
MSCI Japan | 917,415,410 | |||
MSCI Mexico | 256,843,766 | |||
MSCI South Korea | 472,501,073 |
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 29, 2020, 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 | $ | 1,703,153,997 | $ | 65,371,809 | $ | (480,887,444 | ) | $ | (415,515,635 | ) | ||||||
MSCI Canada | 2,873,361,474 | 171,400,033 | (642,677,264 | ) | (471,277,231 | ) | ||||||||||
MSCI Japan | 12,525,168,217 | 476,007,820 | (2,594,097,989 | ) | (2,118,090,169 | ) | ||||||||||
MSCI Mexico | 1,131,496,807 | 4,970,994 | (421,226,074 | ) | (416,255,080 | ) | ||||||||||
MSCI South Korea | 3,412,430,586 | 1,621,632,891 | (889,014,717 | ) | 732,618,174 |
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
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)
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The impact of the pandemic may be short term or may last for an extended period of time.
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 02/29/20 | Year Ended 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Australia | ||||||||||||||||
Shares sold | 17,200,000 | $ | 384,832,552 | 17,200,000 | $ | 365,456,184 | ||||||||||
Shares redeemed | (17,400,000 | ) | (388,028,870 | ) | (13,000,000 | ) | (271,786,687 | ) | ||||||||
Net increase(decrease) | (200,000 | ) | $ | (3,196,318 | ) | 4,200,000 | $ | 93,669,497 | ||||||||
MSCI Canada | ||||||||||||||||
Shares sold | 12,800,000 | $ | 377,258,166 | 16,000,000 | $ | 450,405,632 | ||||||||||
Shares redeemed | (18,500,000 | ) | (547,017,316 | ) | (27,200,000 | ) | (737,512,375 | ) | ||||||||
Net decrease | (5,700,000 | ) | $ | (169,759,150 | ) | (11,200,000 | ) | $ | (287,106,743 | ) | ||||||
MSCI Japan | ||||||||||||||||
Shares sold | 43,950,000 | $ | 2,567,996,616 | 96,150,000 | $ | 5,263,571,116 | ||||||||||
Shares redeemed | (73,950,000 | ) | (4,207,566,593 | ) | (161,400,000 | ) | (8,767,767,071 | ) | ||||||||
Net decrease | (30,000,000 | ) | $ | (1,639,569,977 | ) | (65,250,000 | ) | $ | (3,504,195,955 | ) | ||||||
MSCI Mexico | ||||||||||||||||
Shares sold | 25,200,000 | $ | 1,112,553,553 | 34,300,000 | $ | 1,475,864,783 | ||||||||||
Shares redeemed | (22,900,000 | ) | (1,035,529,828 | ) | (42,400,000 | ) | (1,853,850,273 | ) | ||||||||
Net increase(decrease) | 2,300,000 | $ | 77,023,725 | (8,100,000 | ) | $ | (377,985,490 | ) | ||||||||
MSCI South Korea | ||||||||||||||||
Shares sold | 4,200,000 | $ | 257,732,666 | 23,050,000 | $ | 1,390,211,716 | ||||||||||
Shares redeemed | — | — | (8,650,000 | ) | (488,176,288 | ) | ||||||||||
Net increase | 4,200,000 | $ | 257,732,666 | 14,400,000 | $ | 902,035,428 |
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.
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Notes to Financial Statements (unaudited) (continued)
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. 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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
12. 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 | 47 |
Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
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) | $ | 0.422777 | $ | — | $ | 0.033448 | $ | 0.456225 | 93 | % | — | % | 7 | % | 100 | % | ||||||||||
MSCI Canada(a) | 0.254649 | — | 0.139264 | 0.393913 | 65 | — | 35 | 100 | ||||||||||||||||||
MSCI Japan(a) | 0.574175 | — | 0.141814 | 0.715989 | 80 | — | 20 | 100 | ||||||||||||||||||
MSCI Mexico(a) | 0.429796 | — | 0.004180 | 0.433976 | 99 | — | 1 | 100 | ||||||||||||||||||
MSCI South Korea(a) | 0.427177 | — | 0.880451 | 1.307628 | 33 | — | 67 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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 | 49 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
50 | 2 0 2 0 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 |
Want to know more?
iShares.com | 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 isted above.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-815-0220
FEBRUARY 29, 2020 |
2020 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® Core MSCI Emerging Markets ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||
Since | Since | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||
Fund NAV | 2.53 | % | (2.44 | )% | 2.46 | % | 2.20 | % | (2.44 | )% | 12.92 | % | 17.41 | % | |||||||
Fund Market | 3.22 | (1.52 | ) | 2.50 | 2.27 | (1.52 | ) | 13.16 | 18.01 | ||||||||||||
Index | 2.58 | (2.43 | ) | 2.40 | 2.16 | (2.43 | ) | 12.59 | 17.06 |
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 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,025.30 | $ | 0.70 | $ | 1,000.00 | $ | 1,024.20 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 22.0 | % | ||
Information Technology | 16.5 | |||
Consumer Discretionary | 14.7 | |||
Communication Services | 11.0 | |||
Materials | 7.4 | |||
Consumer Staples | 6.3 | |||
Energy | 6.2 | |||
Industrials | 5.9 | |||
Health Care | 3.8 | |||
Real Estate | 3.5 | |||
Utilities | 2.7 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
China | 34.1 | % | ||
Taiwan | 13.0 | |||
South Korea | 11.7 | |||
India | 9.4 | |||
Brazil | 7.0 | |||
South Africa | 4.2 | |||
Russia | 3.4 | |||
Saudi Arabia | 2.6 | |||
Thailand | 2.4 | |||
Mexico | 2.3 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI BRIC ETF |
Investment Objective
The iShares 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 | 5.43 | % | 1.66 | % | 4.57 | % | 1.98 | % | 1.66 | % | 25.05 | % | 21.63 | % | |||||||
Fund Market | 6.72 | 2.51 | 4.70 | 2.06 | 2.51 | 25.81 | 22.57 | ||||||||||||||
Index | 5.61 | 1.99 | 5.05 | 2.67 | 1.99 | 27.93 | 30.17 |
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 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,054.30 | $ | 3.58 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.52 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 23.0 | % | ||
Consumer Discretionary | 20.6 | |||
Communication Services | 15.2 | |||
Energy | 9.2 | |||
Information Technology | 5.7 | |||
Consumer Staples | 5.6 | |||
Materials | 5.4 | |||
Industrials | 5.0 | |||
Real Estate | 3.8 | |||
Health Care | 3.8 | |||
Utilities | 2.7 |
GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
China | 65.8 | % | ||
India | 15.7 | |||
Brazil | 12.0 | |||
Russia | 6.5 |
(a) | Excludes money market funds. |
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Fund Summary as of February 29, 2020 | iShares® MSCI Emerging Markets Asia ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||
Since | Since | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||
Fund NAV | 5.38 | % | 0.26 | % | 3.52 | % | 4.19 | % | 0.26 | % | 18.86 | % | 39.17 | % | |||||||
Fund Market | 6.26 | 0.89 | 3.42 | 4.23 | 0.89 | 18.34 | 39.66 | ||||||||||||||
Index | 5.68 | 0.68 | 3.90 | 4.56 | 0.68 | 21.07 | 43.20 |
The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.
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 EMAsia 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 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 1,053.80 | $ | 2.55 | $ | 1,000.00 | $ | 1,022.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 20.8 | % | ||
Information Technology | 19.9 | |||
Consumer Discretionary | 15.9 | |||
Communication Services | 13.2 | |||
Industrials | 5.7 | |||
Consumer Staples | 5.6 | |||
Materials | 5.1 | |||
Energy | 4.5 | |||
Health Care | 3.6 | |||
Real Estate | 3.4 | |||
Utilities | 2.3 |
GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
China | 47.0 | % | ||
Taiwan | 16.2 | |||
South Korea | 14.6 | |||
India | 12.5 | |||
Thailand | 3.2 | |||
Malaysia | 2.6 | |||
Indonesia | 2.6 | |||
Philippines | 1.3 | |||
Pakistan | 0.0 | (b) |
(a) | Excludes money market funds. |
(b) | Rounds to less than 0.1%. |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® MSCI Emerging Markets Small-Cap ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||
Since | Since | ||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||
Fund NAV | (0.46 | )% | (7.13 | )% | (0.34 | )% | 0.21 | % | (7.13 | )% | (1.70 | )% | 1.85 | % | |||||||
Fund Market | 0.33 | (6.68 | ) | (0.48 | ) | 0.21 | (6.68 | ) | (2.39 | ) | 1.83 | ||||||||||
Index | (0.35 | ) | (6.79 | ) | (0.08 | ) | 0.65 | (6.79 | ) | (0.42 | ) | 5.70 |
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 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 995.40 | $ | 3.47 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.52 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Information Technology | 16.8 | % | ||
Consumer Discretionary | 14.5 | |||
Industrials | 13.2 | |||
Materials | 11.1 | |||
Financials | 10.0 | |||
Health Care | 9.2 | |||
Real Estate. | 8.1 | |||
Consumer Staples | 5.9 | |||
Utilities | 4.9 | |||
Communication Services | 4.1 | |||
Energy | 2.2 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
Taiwan | 21.2 | % | ||
South Korea | 14.6 | |||
India | 14.6 | |||
China | 11.5 | |||
Brazil | 10.2 | |||
South Africa | 4.1 | |||
Thailand | 3.5 | |||
Malaysia | 3.2 | |||
Mexico | 2.8 | |||
Saudi Arabia | 2.7 |
(a) | Excludes money market funds. |
6 | 2 0 2 0 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. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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 |
Consolidated Schedule of Investments (unaudited) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 0.2% | ||||||||
Adecoagro SA(a)(b) | 1,138,665 | $ | 7,446,869 | |||||
Arcos Dorados Holdings Inc., Class A | 1,096,524 | 7,061,615 | ||||||
Banco BBVA Argentina SA, ADR(a)(b) | 671,182 | 2,704,864 | ||||||
Banco Macro SA, ADR | 399,403 | 11,574,699 | ||||||
Central Puerto SA, ADR | 917,692 | 2,973,322 | ||||||
Despegar.com Corp.(a)(b) | 516,703 | 6,195,269 | ||||||
Globant SA(a)(b) | 319,839 | 36,145,005 | ||||||
Grupo Financiero Galicia SA, ADR | 891,053 | 11,262,910 | ||||||
Loma Negra Cia Industrial Argentina SA, ADR(a)(b) | 498,513 | 2,891,375 | ||||||
Pampa Energia SA, ADR(a)(b) | 501,584 | 5,943,770 | ||||||
Telecom Argentina SA, ADR | 806,318 | 9,353,289 | ||||||
Transportadora de Gas del Sur SA, Class B | 765,242 | 4,293,008 | ||||||
YPF SA, ADR | 1,544,004 | 12,336,592 | ||||||
120,182,587 | ||||||||
Brazil — 4.9% | ||||||||
AES Tiete Energia SA | 1,998,644 | 6,737,973 | ||||||
Aliansce Sonae Shopping Centers SA(a) | 1,030,801 | 10,434,471 | ||||||
Alupar Investimento SA | 1,614,824 | 10,093,433 | ||||||
Ambev SA | 40,861,699 | 131,687,765 | ||||||
Anima Holding SA | 537,000 | 4,284,907 | ||||||
Arezzo Industria e Comercio SA | 469,912 | 6,259,730 | ||||||
Atacadao SA | 3,267,000 | 14,982,153 | ||||||
B2W Cia. Digital(a) | 1,860,303 | 25,626,507 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 18,628,228 | 198,188,012 | ||||||
Banco Bradesco SA | 10,612,808 | 64,194,592 | ||||||
Banco BTG Pactual SA | 2,031,000 | 30,413,343 | ||||||
Banco do Brasil SA | 7,488,313 | 77,776,944 | ||||||
Banco Inter SA | 621,300 | 6,389,751 | ||||||
Banco Santander Brasil SA | 3,449,563 | 30,476,562 | ||||||
BB Seguridade Participacoes SA | 6,092,143 | 43,007,493 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA | 1,683,900 | 5,467,874 | ||||||
BR Malls Participacoes SA | 6,733,724 | 24,387,763 | ||||||
BR Properties SA(a) | 2,017,391 | 6,161,748 | ||||||
BRF SA(a) | 4,978,058 | 29,835,357 | ||||||
Camil Alimentos SA | 1,523,582 | 2,856,938 | ||||||
CCR SA | 10,717,887 | 38,793,589 | ||||||
Centrais Eletricas Brasileiras SA | 2,383,600 | 18,242,928 | ||||||
Cia. de Locacao das Americas | 2,682,036 | 12,578,964 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 2,976,828 | 38,763,788 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 597,400 | 7,985,813 | ||||||
Cia. de Saneamento do Parana | 531,802 | 11,846,243 | ||||||
Cia. Hering | 1,266,600 | 6,327,877 | ||||||
Cia. Siderurgica Nacional SA | 5,542,356 | 13,734,119 | ||||||
Cielo SA | 10,657,718 | 16,181,523 | ||||||
Cogna Educacao | 15,396,515 | 34,433,264 | ||||||
Cosan Logistica SA(a) | 1,637,123 | 6,582,384 | ||||||
Cosan SA | 1,339,272 | 21,720,331 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA | 1,172,840 | 6,688,722 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 2,403,300 | 15,890,071 | ||||||
Dommo Energia SA(a) | 1,647,870 | 474,822 | ||||||
Duratex SA | 2,815,608 | 10,852,664 | ||||||
EcoRodovias Infraestrutura e Logistica SA(a) | 2,227,000 | 7,789,181 | ||||||
EDP - Energias do Brasil SA | 2,583,500 | 11,698,803 | ||||||
Embraer SA(a) | 6,246,483 | 23,481,509 | ||||||
Enauta Participacoes SA | 1,118,800 | 3,295,657 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Energisa SA | 1,361,975 | $ | 16,301,497 | |||||
Eneva SA(a) | 1,155,600 | 10,949,852 | ||||||
Engie Brasil Energia SA | 1,714,975 | 18,067,173 | ||||||
Equatorial Energia SA | 7,793,480 | 42,597,989 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 902,706 | 9,303,875 | ||||||
Fleury SA | 1,837,814 | 12,122,692 | ||||||
Grendene SA | 2,724,200 | 5,857,001 | ||||||
Guararapes Confeccoes SA | 1,020,738 | 6,221,736 | ||||||
Hapvida Participacoes e Investimentos SA(c) | 1,884,754 | 23,059,949 | ||||||
Hypera SA | 3,280,100 | 24,937,092 | ||||||
Iguatemi Empresa de Shopping Centers SA | 754,600 | 8,334,361 | ||||||
Instituto Hermes Pardini SA | 562,444 | 3,584,113 | ||||||
Iochpe Maxion SA | 1,147,228 | 4,943,228 | ||||||
IRB Brasil Resseguros S/A | 6,158,639 | 45,387,995 | ||||||
JBS SA | 9,751,861 | 49,065,695 | ||||||
Klabin SA | 6,105,024 | 26,048,499 | ||||||
Light SA | 1,995,852 | 9,595,166 | ||||||
Linx SA | 1,376,200 | 9,571,921 | ||||||
Localiza Rent a Car SA | 5,545,303 | 60,889,989 | ||||||
LOG Commercial Properties e Participacoes SA | 714,372 | 4,367,001 | ||||||
Lojas Renner SA | 7,227,436 | 85,383,915 | ||||||
M. Dias Branco SA | 955,697 | 8,684,977 | ||||||
Magazine Luiza SA | 6,510,068 | 72,897,640 | ||||||
Mahle-Metal Leve SA | 446,271 | 2,665,766 | ||||||
Marfrig Global Foods SA(a) | 4,059,113 | 10,859,330 | ||||||
Movida Participacoes SA | 1,659,600 | 6,621,258 | ||||||
MRV Engenharia e Participacoes SA | 2,617,942 | 11,309,319 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 2,323,229 | 15,715,968 | ||||||
Natura & Co. Holding SA | 5,456,570 | 55,041,615 | ||||||
Notre Dame Intermedica Participacoes SA | 4,136,979 | 57,979,050 | ||||||
Odontoprev SA | 2,396,400 | 8,758,799 | ||||||
Omega Geracao SA(a) | 704,500 | 6,050,863 | ||||||
Petrobras Distribuidora SA | 6,210,312 | 35,926,799 | ||||||
Petroleo Brasileiro SA | 32,378,379 | 194,845,121 | ||||||
Porto Seguro SA | 842,198 | 11,383,249 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 2,032,400 | 15,428,879 | ||||||
Raia Drogasil SA | 2,042,357 | 54,276,951 | ||||||
Rumo SA(a) | 10,037,581 | 46,988,067 | ||||||
Santos Brasil Participacoes SA | 3,384,800 | 4,448,897 | ||||||
Sao Martinho SA | 1,554,511 | 9,127,259 | ||||||
Ser Educacional SA(c) | 630,000 | 3,602,673 | ||||||
SLC Agricola SA | 1,043,378 | 4,664,576 | ||||||
Smiles Fidelidade SA | 669,700 | 4,865,795 | ||||||
Sul America SA | 2,573,732 | 30,839,261 | ||||||
Suzano SA | 4,779,954 | 40,408,153 | ||||||
TIM Participacoes SA | 7,438,500 | 26,594,041 | ||||||
TOTVS SA | 1,334,700 | 21,007,181 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,757,300 | 11,681,187 | ||||||
Tupy SA | 699,000 | 3,391,467 | ||||||
Ultrapar Participacoes SA | 6,284,060 | 26,575,613 | ||||||
Vale SA | 27,796,483 | 272,995,946 | ||||||
Via Varejo SA(a) | 8,556,815 | 26,192,106 | ||||||
Vulcabras Azaleia SA(a) | 1,156,400 | 2,024,882 | ||||||
WEG SA | 7,706,059 | 73,701,738 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 924,800 | 2,890,224 | ||||||
YDUQS Part | 2,356,624 | 27,104,323 | ||||||
2,720,765,280 | ||||||||
Chile — 0.6% | ||||||||
AES Gener SA | 28,510,103 | 4,185,824 | ||||||
Aguas Andinas SA, Class A | 23,699,526 | 8,089,555 |
8 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
Banco de Chile | 383,156,419 | $ | 33,652,823 | |||||
Banco de Credito e Inversiones SA | 423,697 | 15,753,122 | ||||||
Banco Santander Chile | 548,133,237 | 24,382,117 | ||||||
Besalco SA | 2,554,650 | 1,024,034 | ||||||
CAP SA | 682,743 | 3,853,449 | ||||||
Cencosud SA | 12,685,808 | 14,845,703 | ||||||
Cia. Cervecerias Unidas SA | 1,301,959 | 9,751,242 | ||||||
Cia. Sud Americana de Vapores SA(a) | 123,898,151 | 3,623,318 | ||||||
Colbun SA | 71,717,050 | 8,978,510 | ||||||
Empresa Nacional de Telecomunicaciones SA(a) | 1,387,966 | 7,283,213 | ||||||
Empresas CMPC SA | 10,244,914 | 20,606,473 | ||||||
Empresas COPEC SA | 3,405,288 | 26,355,459 | ||||||
Enel Americas SA | 332,150,772 | 55,471,159 | ||||||
Enel Chile SA | 243,791,601 | 21,694,668 | ||||||
Engie Energia Chile SA | 5,259,050 | 6,762,213 | ||||||
Forus SA | 559,926 | 672,255 | ||||||
Grupo Security SA | 9,032,962 | 1,777,346 | ||||||
Inversiones Aguas Metropolitanas SA | 4,702,195 | 4,070,348 | ||||||
Inversiones La Construccion SA | 336,106 | 2,508,268 | ||||||
Itau CorpBanca | 1,389,277,109 | 5,082,370 | ||||||
Latam Airlines Group SA | 2,040,332 | 13,570,211 | ||||||
Parque Arauco SA | 5,141,662 | 10,529,899 | ||||||
Ripley Corp. SA | 6,551,889 | 2,555,806 | ||||||
SACI Falabella | 6,395,975 | 21,207,382 | ||||||
Salfacorp SA | 4,101,337 | 1,919,403 | ||||||
SMU SA | 18,149,387 | 2,705,604 | ||||||
SONDA SA | 4,636,746 | 3,271,943 | ||||||
Vina Concha y Toro SA | 3,793,772 | 6,264,143 | ||||||
342,447,860 | ||||||||
China — 34.0% | ||||||||
21Vianet Group Inc., ADR(a)(b) | 525,948 | 7,878,701 | ||||||
360 Security Technology Inc., Class A | 755,988 | 2,417,146 | ||||||
361 Degrees International Ltd.(b) | 10,234,000 | 1,838,510 | ||||||
3SBio Inc.(a)(c) | 11,372,000 | 11,790,731 | ||||||
500.com Ltd., ADR(a)(b) | 179,117 | 965,441 | ||||||
51job Inc., ADR(a)(b) | 229,321 | 17,146,331 | ||||||
58.com Inc., ADR(a)(b) | 817,285 | 45,089,613 | ||||||
AAC Technologies Holdings Inc.(b) | 6,353,500 | 41,619,927 | ||||||
AECC Aviation Power Co. Ltd., Class A | 1,278,916 | 4,226,340 | ||||||
Agile Group Holdings Ltd. | 11,324,500 | 15,897,502 | ||||||
Agricultural Bank of China Ltd., Class A | 42,793,147 | 20,875,602 | ||||||
Agricultural Bank of China Ltd., Class H | 245,448,000 | 98,266,758 | ||||||
AGTech Holdings Ltd.(a)(b) | 39,524,000 | 1,369,359 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 2,168,756 | 12,410,266 | ||||||
Air China Ltd., Class H | 16,286,000 | 13,103,114 | ||||||
Aisino Corp., Class A | 1,118,781 | 3,777,178 | ||||||
Ajisen China Holdings Ltd. | 6,487,000 | 1,639,844 | ||||||
AK Medical Holdings Ltd.(b)(c) | 4,650,000 | 9,618,570 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 15,182,400 | 3,157,939,200 | ||||||
Alibaba Health Information Technology Ltd.(a)(b) | 32,468,000 | 62,244,169 | ||||||
Alibaba Pictures Group Ltd.(a)(b) | 132,520,000 | 17,855,140 | ||||||
A-Living Services Co. Ltd., Class H(c) | 3,730,500 | 16,706,482 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 35,432,000 | 9,411,494 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 2,609,007 | 20,475,827 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 10,634,000 | 77,983,986 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 218,280 | 3,819,010 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 345,324 | 2,211,690 | ||||||
ANTA Sports Products Ltd. | 10,026,000 | 80,601,164 | ||||||
Anton Oilfield Services Group/Hong Kong(b) | 26,360,000 | 2,503,051 | ||||||
Ascletis Pharma Inc.(a)(b)(c) | 4,644,000 | 2,324,071 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Asia Cement China Holdings Corp. | 5,803,500 | $ | 7,655,537 | |||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 123,100 | 3,153,665 | ||||||
Atlas Crop. | 769,795 | 8,159,827 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 156,890 | 2,694,436 | ||||||
Autohome Inc., ADR(a)(b) | 513,086 | 39,851,390 | ||||||
AVIC Aircraft Co. Ltd., Class A | 1,927,187 | 4,689,630 | ||||||
Avic Capital Co. Ltd., Class A | 5,685,391 | 3,464,817 | ||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 626,393 | 3,520,784 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A(a) | 714,367 | 2,841,035 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 23,236,000 | 10,107,729 | ||||||
BAIC Motor Corp. Ltd., Class H(c) | 14,778,500 | 7,244,130 | ||||||
Baidu Inc., ADR(a)(b) | 2,390,197 | 286,775,836 | ||||||
Bank of Beijing Co. Ltd., Class A | 14,519,534 | 10,614,120 | ||||||
Bank of Chengdu Co. Ltd., Class A | 2,627,575 | 3,071,055 | ||||||
Bank of China Ltd., Class A | 22,925,400 | 11,642,753 | ||||||
Bank of China Ltd., Class H | 677,489,000 | 267,759,878 | ||||||
Bank of Communications Co. Ltd., Class A | 24,020,380 | 17,868,727 | ||||||
Bank of Communications Co. Ltd., Class H | 71,371,000 | 45,791,442 | ||||||
Bank of Guiyang Co. Ltd., Class A | 2,455,460 | 2,950,683 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 2,864,440 | 3,520,005 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 9,790,614 | 8,935,956 | ||||||
Bank of Nanjing Co. Ltd., Class A | 7,064,321 | 7,842,284 | ||||||
Bank of Ningbo Co. Ltd., Class A | 4,018,376 | 14,463,440 | ||||||
Bank of Shanghai Co. Ltd., Class A | 8,812,295 | 10,854,319 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 13,504,529 | 10,046,000 | ||||||
Baozun Inc., ADR(a)(b) | 367,288 | 11,650,375 | ||||||
BBMG Corp., Class A | 6,558,400 | 3,161,828 | ||||||
BBMG Corp., Class H | 23,381,000 | 6,570,520 | ||||||
Beijing Capital International Airport Co. Ltd., Class H. | 14,904,000 | 11,627,838 | ||||||
Beijing Capital Land Ltd., Class H(b) | 12,078,000 | 3,254,669 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 1,703,394 | 2,641,525 | ||||||
Beijing Enterprises Holdings Ltd. | 4,312,000 | 18,204,015 | ||||||
Beijing Enterprises Water Group Ltd.(b) | 44,056,000 | 20,464,737 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(a)(b) | 89,864,000 | 2,190,947 | ||||||
Beijing New Building Materials PLC, Class A | 996,322 | 3,591,788 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 817,097 | 3,630,659 | ||||||
Beijing Shiji Information Technology Co. Ltd., | ||||||||
Class A | 486,995 | 2,703,825 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 425,100 | 3,344,754 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 852,287 | 3,060,342 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 601,798 | 2,981,355 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(b) | 3,366,000 | 5,658,195 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 813,296 | 3,041,338 | ||||||
BEST Inc., ADR(a)(b) | 1,654,184 | 8,949,135 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 225,894 | 2,607,886 | ||||||
Bitauto Holdings Ltd., ADR(a)(b) | 241,008 | 3,591,019 | ||||||
BOC Aviation Ltd.(c) | 2,198,700 | 19,086,501 | ||||||
BOE Technology Group Co. Ltd., Class A | 20,983,800 | 14,709,253 | ||||||
Bosideng International Holdings Ltd. | 32,514,000 | 9,470,846 | ||||||
Brilliance China Automotive Holdings Ltd.(b) | 27,012,000 | 22,876,691 | ||||||
BYD Co. Ltd., Class A | 1,419,886 | 13,278,296 | ||||||
BYD Co. Ltd., Class H(b) | 5,095,000 | 31,185,672 | ||||||
BYD Electronic International Co. Ltd. | 6,105,500 | 11,438,436 | ||||||
C&D International Investment Group Ltd. | 3,281,000 | 4,555,395 | ||||||
CA Cultural Technology Group Ltd. | 8,833,000 | 2,391,571 | ||||||
Caitong Securities Co. Ltd., Class A | 2,246,186 | 3,566,803 | ||||||
Camsing International Holding Ltd.(a)(b)(d) | 4,108,000 | 519,756 |
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 | 9 |
Consolidated Schedule of Investments (unaudited) (continued) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Canvest Environmental Protection Group Co. Ltd. | 7,897,000 | $ | 3,810,154 | |||||
CAR Inc.(a)(b) | 7,248,000 | 4,547,991 | ||||||
CGN Power Co. Ltd., Class H(c) | 87,646,000 | 21,368,707 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 130,493 | 9,035,308 | ||||||
Changjiang Securities Co. Ltd., Class A | 3,455,296 | 3,331,621 | ||||||
Changyou.com Ltd., ADR | 159,714 | 1,718,523 | ||||||
Chaowei Power Holdings Ltd. | 6,957,000 | 2,196,088 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 993,046 | 3,381,090 | ||||||
China Agri-Industries Holdings Ltd. | 23,656,200 | 12,840,380 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 4,584,500 | 4,429,753 | ||||||
China Animal Healthcare Ltd.(a)(d) | 1,237,000 | 6,349 | ||||||
China Aoyuan Group Ltd. | 12,188,000 | 17,547,605 | ||||||
China BlueChemical Ltd., Class H | 19,042,000 | 3,616,320 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 74,005,000 | 15,478,940 | ||||||
China CITIC Bank Corp. Ltd., Class H | 76,700,000 | 39,860,517 | ||||||
China Coal Energy Co. Ltd., Class H | 18,876,000 | 6,103,839 | ||||||
China Communications Construction Co. Ltd., Class H | 38,599,000 | 28,776,947 | ||||||
China Communications Services Corp. Ltd., Class H | 21,742,000 | 16,823,228 | ||||||
China Conch Venture Holdings Ltd. | 14,413,000 | 70,094,854 | ||||||
China Construction Bank Corp., Class A | 8,998,781 | 8,367,726 | ||||||
China Construction Bank Corp., Class H | 836,043,000 | 675,867,715 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H | 29,743,000 | 2,404,462 | ||||||
China Dongxiang Group Co. Ltd. | 41,723,000 | 4,176,021 | ||||||
China East Education Holdings Ltd.(a)(c) | 529,000 | 1,076,593 | ||||||
China Eastern Airlines Corp. Ltd., Class H(a)(b) | 16,430,000 | 7,041,685 | ||||||
China Education Group Holdings Ltd. | 5,844,000 | 8,308,880 | ||||||
China Everbright Bank Co. Ltd., Class A | 24,175,482 | 13,073,063 | ||||||
China Everbright Bank Co. Ltd., Class H | 20,000,000 | 8,007,135 | ||||||
China Everbright Greentech Ltd.(c) | 8,019,000 | 3,879,307 | ||||||
China Everbright International Ltd.(b) | 32,348,148 | 21,543,156 | ||||||
China Everbright Ltd.(b) | 8,352,000 | 13,932,414 | ||||||
China Everbright Water Ltd.(b) | 9,643,400 | 2,141,903 | ||||||
China Evergrande Group(b) | 17,329,000 | 38,913,840 | ||||||
China Fiber Optic Network System Group Ltd.(a)(d) | 10,394,800 | 13 | ||||||
China First Capital Group Ltd.(a) | 31,268,000 | 862,643 | ||||||
China Foods Ltd. | 9,708,000 | 3,587,689 | ||||||
China Fortune Land Development Co. Ltd., Class A | 2,130,673 | 7,190,435 | ||||||
China Galaxy Securities Co. Ltd., Class H | 31,426,500 | 17,340,316 | ||||||
China Gas Holdings Ltd. | 16,003,400 | 58,526,110 | ||||||
China Gezhouba Group Co. Ltd., Class A | 2,676,193 | 2,545,948 | ||||||
China Grand Automotive Services Group Co. Ltd., Class A | 4,874,200 | 2,872,837 | ||||||
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(b) | 8,600,000 | 5,451,524 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 1,603,700 | 3,209,602 | ||||||
China Harmony New Energy Auto Holding Ltd. | 7,532,500 | 3,721,281 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(b) | 4,957,000 | 3,148,594 | ||||||
China Hongqiao Group Ltd. | 15,817,000 | 8,483,849 | ||||||
China Huarong Asset Management Co. Ltd., Class H(c) | 85,229,000 | 11,592,732 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 16,599,187 | 31,950 | ||||||
China Huiyuan Juice Group Ltd.(a)(d) | 10,877,000 | 1,507,389 | ||||||
China International Capital Corp. Ltd., Class H(b)(c) | 11,574,800 | 21,358,213 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China International Travel Service Corp. Ltd., | ||||||||
Class A | 1,164,873 | $ | 13,081,533 | |||||
China Jinmao Holdings Group Ltd. | 46,772,000 | 34,150,003 | ||||||
China Jushi Co. Ltd., Class A | 2,158,893 | 2,896,972 | ||||||
China Lesso Group Holdings Ltd. | 8,033,000 | 12,060,246 | ||||||
China Life Insurance Co. Ltd., Class A | 1,622,721 | 6,836,590 | ||||||
China Life Insurance Co. Ltd., Class H | 64,854,000 | 151,960,277 | ||||||
China Lilang Ltd. | 4,795,000 | 3,107,224 | ||||||
China Literature Ltd.(a)(b)(c) | 2,365,600 | 10,700,226 | ||||||
China LNG Group Ltd.(a)(b) | 27,112,000 | 1,356,809 | ||||||
China Logistics Property Holdings Co. Ltd.(a)(b)(c) | 10,439,000 | 4,018,581 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 27,419,000 | 14,355,037 | ||||||
China Lumena New Materials Corp.(a)(b)(d) | 64,600 | 0 | (e) | |||||
China Maple Leaf Educational Systems Ltd. | 14,764,000 | 5,153,063 | ||||||
China Medical System Holdings Ltd. | 12,156,000 | 14,974,573 | ||||||
China Mengniu Dairy Co. Ltd.(b) | 25,644,000 | 91,972,950 | ||||||
China Merchants Bank Co. Ltd., Class A | 10,945,563 | 53,551,866 | ||||||
China Merchants Bank Co. Ltd., Class H | 34,653,464 | 163,416,737 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 3,855,488 | 2,790,874 | ||||||
China Merchants Land Ltd.. | 25,898,000 | 3,854,932 | ||||||
China Merchants Port Holdings Co. Ltd. | 11,744,270 | 17,270,431 | ||||||
China Merchants Securities Co. Ltd., Class A | 5,402,647 | 13,641,487 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 4,827,834 | 11,976,001 | ||||||
China Metal Recycling Holdings Ltd.(a)(d) | 62,400 | 0 | (e) | |||||
China Metal Resources Utilization Ltd.(a)(b)(c) | 5,276,000 | 2,017,500 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 22,732,015 | 18,601,346 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 56,609,720 | 38,209,318 | ||||||
China Mobile Ltd. | 53,745,000 | 422,757,264 | ||||||
China Molybdenum Co. Ltd., Class A | 20,907,371 | 12,173,185 | ||||||
China Molybdenum Co. Ltd., Class H(b) | 25,863,000 | 9,657,494 | ||||||
China National Building Material Co. Ltd., Class H. | 34,172,850 | 39,509,227 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 2,725,997 | 2,710,320 | ||||||
China National Nuclear Power Co. Ltd., Class A | 14,347,626 | 9,421,133 | ||||||
China National Software & Service Co. Ltd., Class A | 270,099 | 3,293,259 | ||||||
China New Higher Education Group Ltd.(b)(c) | 6,633,000 | 2,255,529 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 2,152,800 | 2,802,564 | ||||||
China Oilfield Services Ltd., Class H | 14,502,000 | 18,608,889 | ||||||
China Oriental Group Co. Ltd. | 12,484,000 | 4,261,161 | ||||||
China Overseas Grand Oceans Group Ltd. | 14,330,500 | 9,801,241 | ||||||
China Overseas Land & Investment Ltd. | 31,636,000 | 106,156,306 | ||||||
China Overseas Property Holdings Ltd.(b) | 13,510,000 | 10,921,655 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 3,530,938 | 16,108,497 | ||||||
China Pacific Insurance Group Co. Ltd., Class H(b) | 22,935,400 | 75,489,444 | ||||||
China Petroleum & Chemical Corp., Class A | 16,698,410 | 10,988,625 | ||||||
China Petroleum & Chemical Corp., Class H | 218,148,200 | 112,530,494 | ||||||
China Power International Development Ltd. | 37,161,000 | 6,914,295 | ||||||
China Railway Construction Corp. Ltd., Class A | 7,644,812 | 10,389,648 | ||||||
China Railway Construction Corp. Ltd., Class H | 16,133,000 | 18,465,987 | ||||||
China Railway Group Ltd., Class A | 16,247,966 | 12,481,986 | ||||||
China Railway Group Ltd., Class H | 30,505,000 | 17,223,295 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(c) | 13,512,000 | 6,935,410 | ||||||
China Reinsurance Group Corp., Class H. | 44,948,000 | 6,113,765 | ||||||
China Renewable Energy Investment Ltd.(a)(d) | 8,046 | 0 | (e) | |||||
China Resources Beer Holdings Co. Ltd. | 13,148,000 | 60,905,910 | ||||||
China Resources Cement Holdings Ltd. | 21,686,000 | 27,298,639 |
10 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Resources Gas Group Ltd. | 8,002,000 | $ | 39,943,000 | |||||
China Resources Land Ltd. | 26,935,777 | 124,257,022 | ||||||
China Resources Medical Holdings Co. Ltd. | 9,987,500 | 5,177,626 | ||||||
China Resources Pharmaceutical Group Ltd.(c) | 13,391,500 | 11,650,685 | ||||||
China Resources Power Holdings Co. Ltd. | 16,680,000 | 19,841,217 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 527,296 | 2,474,222 | ||||||
China SCE Group Holdings Ltd. | 17,246,200 | 9,405,348 | ||||||
China Shenhua Energy Co. Ltd., Class A | 3,184,456 | 7,288,961 | ||||||
China Shenhua Energy Co. Ltd., Class H | 28,825,000 | 50,007,892 | ||||||
China Shineway Pharmaceutical Group Ltd. | 3,165,000 | 2,761,692 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 13,851,918 | 8,738,943 | ||||||
China South City Holdings Ltd. | 42,608,000 | 4,701,995 | ||||||
China Southern Airlines Co. Ltd., Class A | 7,188,867 | 5,923,704 | ||||||
China Southern Airlines Co. Ltd., Class H(b) | 13,386,000 | 7,059,683 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 23,665,819 | 18,180,517 | ||||||
China State Construction International Holdings Ltd. | 17,820,000 | 14,428,779 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 17,896,000 | 4,363,170 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 14,514,508 | 29,650,903 | ||||||
China Telecom Corp. Ltd., Class H | 119,446,000 | 44,908,833 | ||||||
China Tian Lun Gas Holdings Ltd. | 3,042,500 | 2,490,828 | ||||||
China Tower Corp. Ltd., Class H(c) | 387,134,000 | 93,889,204 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 20,186,000 | 10,620,052 | ||||||
China Travel International Investment Hong Kong Ltd. | 25,568,000 | 4,035,473 | ||||||
China Unicom Hong Kong Ltd. | 53,630,000 | 42,322,903 | ||||||
China United Network Communications Ltd., Class A | 18,643,082 | 14,615,331 | ||||||
China Vanke Co. Ltd., Class A | 5,821,368 | 24,642,253 | ||||||
China Vanke Co. Ltd., Class H | 12,710,487 | 48,930,086 | ||||||
China Vast Industrial Urban Development Co. Ltd.(b)(c) | 2,532,000 | 994,209 | ||||||
China Water Affairs Group Ltd.(b) | 8,378,000 | 6,676,126 | ||||||
China Yangtze Power Co. Ltd., Class A | 11,856,662 | 28,886,005 | ||||||
China Youzan Ltd.(a)(b) | 110,852,000 | 11,237,331 | ||||||
China Yuchai International Ltd. | 107,862 | 1,339,646 | ||||||
China Yuhua Education Corp Ltd.(b)(c) | 12,106,000 | 9,367,216 | ||||||
China ZhengTong Auto Services Holdings Ltd.(b) | 10,908,500 | 3,023,509 | ||||||
China Zhongwang Holdings Ltd. | 17,190,400 | 5,779,361 | ||||||
Chinasoft International Ltd.(b) | 17,704,000 | 10,859,050 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 2,254,483 | 3,280,034 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 19,977,000 | 9,023,302 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 978,363 | 8,394,926 | ||||||
CIFI Holdings Group Co. Ltd. | 24,626,000 | 18,801,971 | ||||||
CIMC Enric Holdings Ltd. | 7,390,000 | 3,831,055 | ||||||
CITIC Ltd. | 50,844,000 | 56,434,977 | ||||||
CITIC Resources Holdings Ltd. | 39,550,000 | 2,156,890 | ||||||
CITIC Securities Co. Ltd., Class A | 6,358,345 | 21,284,838 | ||||||
CITIC Securities Co. Ltd., Class H | 17,247,500 | 36,871,745 | ||||||
CNOOC Ltd. | 156,392,000 | 214,327,710 | ||||||
COFCO Meat Holdings Ltd.(a)(b) | 13,867,000 | 3,469,842 | ||||||
Colour Life Services Group Co. Ltd.(b) | 4,096,000 | 2,165,458 | ||||||
Concord New Energy Group Ltd. | 100,170,000 | 4,370,279 | ||||||
Consun Pharmaceutical Group Ltd.(b) | 5,049,000 | 2,468,442 | ||||||
Contemporary Amperex Technology Co. Ltd., | ||||||||
Class A | 1,242,673 | 24,118,544 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 12,294,000 | $ | 4,795,781 | |||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a)(b) | 24,607,000 | 8,209,648 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd.(b) | 12,346,000 | 3,643,734 | ||||||
COSCO SHIPPING Ports Ltd. | 15,538,000 | 10,347,966 | ||||||
Country Garden Holdings Co. Ltd. | 66,496,733 | 88,058,755 | ||||||
Country Garden Services Holdings Co. Ltd. | 11,652,000 | 45,453,423 | ||||||
CPMC Holdings Ltd. | 7,517,000 | 2,874,441 | ||||||
CRRC Corp. Ltd., Class A | 15,586,669 | 14,270,648 | ||||||
CRRC Corp. Ltd., Class H | 36,189,750 | 23,219,247 | ||||||
CSC Financial Co. Ltd., Class A | 2,342,092 | 10,792,078 | ||||||
CSPC Pharmaceutical Group Ltd. | 40,984,000 | 93,400,638 | ||||||
CT Environmental Group Ltd.(a)(d) | 33,362,000 | 1,113,058 | ||||||
Dali Foods Group Co. Ltd.(c) | 17,565,500 | 11,608,077 | ||||||
Daqin Railway Co. Ltd., Class A | 9,313,539 | 9,433,186 | ||||||
Daqo New Energy Corp., ADR(a)(b) | 93,515 | 6,131,779 | ||||||
Datang International Power Generation Co. Ltd., Class H | 28,406,000 | 4,446,952 | ||||||
Dawning Information Industry Co. Ltd., Class A | 505,387 | 3,266,485 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 14,024,000 | 2,375,409 | ||||||
DHC Software Co. Ltd., Class A | 1,698,698 | 3,584,418 | ||||||
Digital China Holdings Ltd. | 7,963,000 | 3,995,269 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 24,118,000 | 19,064,022 | ||||||
Dongxing Securities Co. Ltd., Class A | 1,805,277 | 3,122,343 | ||||||
Dongyue Group Ltd.(b) | 12,139,000 | 6,308,563 | ||||||
East Money Information Co. Ltd., Class A | 4,305,276 | 10,685,894 | ||||||
ENN Energy Holdings Ltd. | 7,099,300 | 78,662,982 | ||||||
Eve Energy Co. Ltd., Class A(a) | 528,285 | 5,029,522 | ||||||
Everbright Securities Co. Ltd., Class A | 2,343,086 | 3,982,127 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) | 1,696,472 | 2,443,918 | ||||||
Fanhua Inc., ADR | 438,695 | 8,905,508 | ||||||
Fantasia Holdings Group Co. Ltd. | 20,545,500 | 3,928,217 | ||||||
Far East Horizon Ltd. | 18,944,000 | 16,554,320 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 674,498 | 2,892,829 | ||||||
FingerTango Inc.(a) | 1,200,000 | 97,010 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 9,154,599 | 6,993,442 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1,227,817 | 17,491,061 | ||||||
Fosun International Ltd. | 23,222,500 | 29,590,395 | ||||||
Founder Securities Co. Ltd., Class A | 6,399,087 | 6,700,998 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 2,717,261 | 6,639,412 | ||||||
Fu Shou Yuan International Group Ltd. | 9,759,000 | 8,340,116 | ||||||
Fufeng Group Ltd. | 15,808,400 | 6,126,147 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(c) | 4,628,400 | 13,214,582 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 593,084 | 4,410,247 | ||||||
GCL New Energy Holdings Ltd.(a) | 92,090,000 | 1,654,372 | ||||||
GCL System Integration Technology Co. Ltd., Class A(a) | 2,792,300 | 2,205,015 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 124,664,000 | 5,918,823 | ||||||
GD Power Development Co. Ltd., Class A | 9,730,400 | 2,923,213 | ||||||
GDS Holdings Ltd., ADR(a)(b) | 600,415 | 34,806,058 | ||||||
Geely Automobile Holdings Ltd. | 43,990,000 | 78,236,557 | ||||||
Gemdale Corp., Class A | 3,811,643 | 7,797,559 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 44,204,000 | 7,827,682 | ||||||
Genertec Universal Medical Group Co. Ltd.(b)(c) | 9,433,000 | 6,560,571 | ||||||
Genscript Biotech Corp.(a) | 8,298,000 | 17,270,973 | ||||||
GF Securities Co. Ltd., Class A | 5,442,985 | 11,290,561 | ||||||
GF Securities Co. Ltd., Class H | 10,982,400 | 13,134,263 | ||||||
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Gigadevice Semiconductor Beijing Inc., Class A | 287,382 | $ | 14,925,347 | |||||
Glodon Co. Ltd., Class A | 615,993 | 3,939,951 | ||||||
Glorious Property Holdings Ltd.(a) | 2,016,000 | 42,684 | ||||||
Glory Sun Financial Group Ltd.(b) | 127,692,000 | 4,096,342 | ||||||
GoerTek Inc., Class A | 2,702,600 | 8,610,183 | ||||||
GOME Retail Holdings Ltd.(a)(b) | 89,617,000 | 9,199,684 | ||||||
Goodbaby International Holdings Ltd. (a)(b) | 9,750,000 | 1,663,983 | ||||||
Grand Baoxin Auto Group Ltd.(a)(b) | 6,971,500 | 1,127,170 | ||||||
Great Wall Motor Co. Ltd., Class H | 27,545,500 | 19,935,278 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 1,832,341 | 15,518,095 | ||||||
Greenland Holdings Corp. Ltd., Class A | 8,208,832 | 6,858,113 | ||||||
Greenland Hong Kong Holdings Ltd. | 8,445,000 | 3,283,483 | ||||||
Greentown Service Group Co. Ltd. | 10,362,000 | 12,950,755 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 859,999 | 4,207,600 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 2,181,695 | 2,602,978 | ||||||
Guangdong Investment Ltd. | 26,526,000 | 49,831,663 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 26,779,200 | 29,861,383 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 1,161,823 | 2,572,891 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 1,330,388 | 6,484,266 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(b) | 9,387,600 | 14,551,711 | ||||||
Guorui Properties Ltd. | 11,218,000 | 1,986,493 | ||||||
Guosen Securities Co. Ltd., Class A | 2,451,267 | 4,127,409 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 5,454,625 | 13,265,518 | ||||||
Guotai Junan Securities Co. Ltd., Class H(c) | 5,256,000 | 8,781,301 | ||||||
Guoyuan Securities Co. Ltd., Class A | 2,169,600 | 2,799,604 | ||||||
Haidilao International Holding Ltd.(b)(c) | 3,261,000 | 13,327,625 | ||||||
Haier Electronics Group Co. Ltd. | 11,142,000 | 31,883,101 | ||||||
Haier Smart Home Co. Ltd., Class A | 3,417,605 | 8,321,312 | ||||||
Haitian International Holdings Ltd. | 6,070,000 | 11,901,579 | ||||||
Haitong Securities Co. Ltd., Class A | 6,530,056 | 13,274,598 | ||||||
Haitong Securities Co. Ltd., Class H | 24,179,600 | 25,969,710 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 5,010,165 | 25,085,945 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 567,101 | 2,516,591 | ||||||
Hangzhou Steam Turbine Co. Ltd., Class B | 3,634,577 | 3,885,003 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 688,274 | 7,532,397 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(c) | 4,370,000 | 15,168,451 | ||||||
Harbin Electric Co. Ltd., Class H(a)(b) | 6,036,000 | 1,626,526 | ||||||
HC Group Inc.(a)(b) | 5,989,000 | 1,621,546 | ||||||
Hefei Meiya Optoelectronic Technology Inc., Class A | 506,842 | 2,615,346 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 2,035,210 | 9,899,165 | ||||||
Hengan International Group Co. Ltd. | 6,252,000 | 46,410,353 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 3,810,210 | 8,121,674 | ||||||
HengTen Networks Group Ltd.(a)(b) | 236,624,000 | 3,005,983 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A | 1,357,400 | 3,198,246 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 1,683,432 | 3,325,827 | ||||||
Hi Sun Technology China Ltd.(a) | 31,827,000 | 4,451,586 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 492,373 | 8,698,341 | ||||||
Hope Education Group Co. Ltd.(c) | 22,610,000 | 4,990,241 | ||||||
Hua Han Health Industry Holdings Ltd.(a)(b)(d) | 22,424,288 | 690,593 | ||||||
Hua Hong Semiconductor Ltd.(b)(c) | 4,010,000 | 8,726,955 | ||||||
Huabao International Holdings Ltd. | 9,946,000 | 3,930,897 | ||||||
Huadian Power International Corp. Ltd., Class H | 17,140,000 | 5,168,580 | ||||||
Huadong Medicine Co. Ltd., Class A | 1,006,451 | 2,778,820 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Hualan Biological Engineering Inc., Class A | 752,400 | $ | 4,466,911 | |||||
Huaneng Power International Inc., Class H | 34,362,000 | 13,845,244 | ||||||
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B | 2,598,284 | 3,162,112 | ||||||
Huatai Securities Co. Ltd., Class A | 4,912,551 | 13,036,511 | ||||||
Huatai Securities Co. Ltd., Class H(c) | 13,638,200 | 23,695,630 | ||||||
Huaxia Bank Co. Ltd., Class A | 12,029,512 | 11,960,331 | ||||||
Huaxin Cement Co. Ltd., Class A | 802,569 | 2,800,300 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 2,423,718 | 9,760,473 | ||||||
Huazhu Group Ltd., ADR(b) | 1,149,387 | 38,791,811 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 3,176,671 | 2,708,500 | ||||||
Hundsun Technologies Inc., Class A | 675,522 | 9,295,651 | ||||||
Hutchison China MediTech Ltd., ADR(a)(b) | 526,310 | 12,273,549 | ||||||
HUYA Inc., ADR(a)(b) | 553,523 | 10,965,291 | ||||||
Iflytek Co. Ltd., Class A | 1,796,784 | 9,919,301 | ||||||
IGG Inc.(b) | 11,621,000 | 8,455,107 | ||||||
IMAX China Holding Inc.(c) | 1,293,800 | 2,423,888 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 30,099,280 | 22,821,405 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 565,716,000 | 386,917,353 | ||||||
Industrial Bank Co. Ltd., Class A | 11,333,578 | 28,033,184 | ||||||
Industrial Securities Co. Ltd., Class A | 4,159,200 | 4,111,481 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 40,572,800 | 6,790,961 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 3,383,188 | 13,992,155 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 10,210,995 | 7,004,743 | ||||||
Innovent Biologics Inc.(a)(c) | 6,658,500 | 30,417,179 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 689,700 | 4,148,935 | ||||||
Inspur International Ltd.(b) | 5,134,000 | 2,108,135 | ||||||
iQIYI Inc., ADR(a)(b) | 1,133,868 | 25,432,659 | ||||||
Jafron Biomedical Co. Ltd., Class A | 233,470 | 3,016,653 | ||||||
JD.com Inc., ADR(a)(b) | 6,410,670 | 246,874,902 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 10,498,000 | 12,137,351 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 466,400 | 3,869,875 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 2,489,455 | 29,947,394 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 740,095 | 3,123,344 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 843,447 | 11,750,003 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 2,029,700 | 2,410,018 | ||||||
Jiangxi Copper Co. Ltd., Class H | 10,666,000 | 12,509,510 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 1,343,800 | 2,906,677 | ||||||
Jiayuan International Group Ltd.(b) | 11,244,000 | 4,443,898 | ||||||
Jinchuan Group International Resources Co. Ltd.(b) | 29,556,000 | 2,920,310 | ||||||
Jinke Properties Group Co. Ltd., Class A | 3,020,900 | 3,254,181 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(b) | 288,625 | 6,592,195 | ||||||
JNBY Design Ltd. | 1,752,500 | 1,888,991 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 445,842 | 2,410,922 | ||||||
JOYY Inc.(a) | 499,908 | 26,980,035 | ||||||
Juewei Food Co. Ltd., Class A | 436,400 | 2,535,917 | ||||||
Jumei International Holding Ltd., ADR(a)(b) | 86,256 | 1,670,779 | ||||||
Kaisa Group Holdings Ltd. | 22,316,000 | 9,907,977 | ||||||
Kama Co. Ltd., Class B(a) | 4,211,624 | 1,773,094 | ||||||
Kasen International Holdings Ltd.(a)(b) | 5,729,000 | 1,073,308 | ||||||
Kingboard Holdings Ltd. | 6,078,200 | 16,066,998 | ||||||
Kingboard Laminates Holdings Ltd. | 9,936,500 | 9,907,110 |
12 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Kingdee International Software Group Co. Ltd.(b) | 20,760,000 | $ | 26,559,203 | |||||
Kingsoft Corp. Ltd.(a)(b) | 7,263,000 | 23,486,004 | ||||||
Konka Group Co. Ltd., Class B | 9,188,818 | 3,843,880 | ||||||
Kunlun Energy Co. Ltd. | 30,092,000 | 21,005,958 | ||||||
Kweichow Moutai Co. Ltd., Class A | 660,692 | 99,904,358 | ||||||
KWG Group Holdings Ltd. | 11,465,500 | 16,801,639 | ||||||
Lee & Man Paper Manufacturing Ltd. | 12,871,000 | 10,041,727 | ||||||
Lee’s Pharmaceutical Holdings Ltd.(b) | 3,507,000 | 1,764,064 | ||||||
Legend Holdings Corp., Class H(c) | 3,657,300 | 6,288,657 | ||||||
Lenovo Group Ltd.(b) | 63,010,000 | 38,890,819 | ||||||
Lens Technology Co. Ltd., Class A | 1,718,900 | 4,787,700 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 1,083,200 | 5,315,121 | ||||||
Li Ning Co. Ltd. | 17,693,000 | 46,542,304 | ||||||
Lifetech Scientific Corp.(a)(b) | 28,560,000 | 5,607,150 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 4,841,433 | 7,847,191 | ||||||
Logan Property Holdings Co. Ltd.(b) | 12,226,000 | 20,865,489 | ||||||
Lomon Billions Group Co. Ltd., Class A | 1,568,375 | 3,504,623 | ||||||
Longfor Group Holdings Ltd.(c) | 15,709,500 | 72,670,838 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 2,293,558 | 10,072,992 | ||||||
Lonking Holdings Ltd. | 19,772,000 | 5,505,577 | ||||||
Luckin Coffee Inc., ADR(a) | 525,426 | 20,785,853 | ||||||
Luthai Textile Co. Ltd., Class B | 3,310,921 | 3,088,700 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 3,106,779 | 21,244,605 | ||||||
Luye Pharma Group Ltd.(b)(c) | 10,788,000 | 6,575,474 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 832,554 | 8,908,907 | ||||||
Mango Excellent Media Co. Ltd., Class A(a) | 1,386,287 | 8,739,903 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 2,429,228 | 4,576,827 | ||||||
Meitu Inc.(a)(b)(c) | 20,807,500 | 4,912,813 | ||||||
Meituan Dianping, Class B(a) | 9,076,900 | 115,193,077 | ||||||
Metallurgical Corp. of China Ltd., Class H | 23,322,000 | 4,518,926 | ||||||
MMG Ltd.(a)(b) | 23,939,999 | 4,884,429 | ||||||
Momo Inc., ADR | 1,302,182 | 36,617,358 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 1,136,531 | 18,941,641 | ||||||
NARI Technology Co. Ltd., Class A | 2,718,702 | 7,712,492 | ||||||
NAURA Technology Group Co. Ltd., Class A | 260,300 | 5,511,574 | ||||||
NavInfo Co. Ltd., Class A | 1,229,100 | 3,010,242 | ||||||
NetDragon Websoft Holdings Ltd.(b) | 2,214,500 | 6,109,514 | ||||||
NetEase Inc., ADR | 618,314 | 197,062,855 | ||||||
New China Life Insurance Co. Ltd., Class A | 1,348,301 | 8,521,636 | ||||||
New China Life Insurance Co. Ltd., Class H | 7,110,800 | 27,054,262 | ||||||
New Hope Liuhe Co. Ltd., Class A | 2,499,250 | 8,652,378 | ||||||
New Oriental Education & Technology Group Inc., ADR(a)(b) | 1,283,694 | 164,171,626 | ||||||
Nexteer Automotive Group Ltd. | 8,131,000 | 5,988,918 | ||||||
Nine Dragons Paper Holdings Ltd.(b) | 15,193,000 | 17,935,930 | ||||||
Ninestar Corp., Class A | 574,500 | 3,417,314 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 5,642,000 | 2,655,458 | ||||||
NIO Inc., ADR(a)(b) | 5,801,765 | 23,961,289 | ||||||
Noah Holdings Ltd.(a)(b) | 282,701 | 8,023,054 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 2,322,400 | 1,930,294 | ||||||
OFILM Group Co. Ltd., Class A(a) | 1,480,700 | 3,918,765 | ||||||
OneSmart International Education Group Ltd., ADR(a)(b) | 787,867 | 4,285,996 | ||||||
Oppein Home Group Inc., Class A | 164,600 | 2,593,965 | ||||||
Orient Securities Co. Ltd., Class A | 4,906,568 | 6,998,152 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 2,212,500 | 3,215,788 | ||||||
Panda Green Energy Group Ltd.(a)(b) | 49,746,852 | 1,391,601 | ||||||
PAX Global Technology Ltd. | 10,476,000 | 5,202,343 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 73,263,000 | $ | 25,946,950 | |||||
Perfect World Co. Ltd., Class A | 708,200 | 5,172,042 | ||||||
PetroChina Co. Ltd., Class A | 8,541,000 | 6,194,797 | ||||||
PetroChina Co. Ltd., Class H | 182,462,000 | 70,708,547 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 60,223,040 | 62,363,251 | ||||||
Pinduoduo Inc., ADR(a)(b) | 1,697,768 | 60,746,139 | ||||||
Ping An Bank Co. Ltd., Class A | 10,209,536 | 21,177,974 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(c) | 2,841,700 | 27,767,749 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 5,826,636 | 64,783,003 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 48,737,000 | 541,900,931 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 7,117,911 | 16,485,791 | ||||||
Poly Property Group Co. Ltd. | 20,853,000 | 7,840,228 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(c) | 68,995,000 | 43,558,735 | ||||||
Pou Sheng International Holdings Ltd. | 20,877,000 | 5,331,062 | ||||||
Power Construction Corp. of China Ltd., Class A | 15,836,544 | 9,628,525 | ||||||
Q Technology Group Co. Ltd.(a)(b) | 4,055,000 | 5,702,876 | ||||||
Qudian Inc., ADR(a)(b) | 1,415,848 | 3,709,522 | ||||||
Realord Group Holdings Ltd.(a)(b) | 5,828,000 | 3,380,263 | ||||||
Redco Properties Group Ltd.(c) | 8,150,000 | 3,764,893 | ||||||
Redsun Properties Group Ltd. | 9,964,000 | 3,132,509 | ||||||
RISE Education Cayman Ltd., ADR(a)(b) | 281,689 | 1,560,557 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 2,644,062 | 3,237,843 | ||||||
Road King Infrastructure Ltd. | 3,813,000 | 6,507,452 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 3,900,600 | 5,775,401 | ||||||
Ronshine China Holdings Ltd. | 5,599,000 | 6,200,316 | ||||||
SAIC Motor Corp. Ltd., Class A | 4,486,300 | 14,254,345 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 3,348,700 | 11,808,740 | ||||||
Sangfor Technologies Inc., Class A | 181,400 | 5,169,363 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 12,517,000 | 7,468,713 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 5,758,016 | 14,357,560 | ||||||
SDIC Capital Co. Ltd., Class A | 1,999,300 | 3,706,751 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 5,184,754 | 5,607,385 | ||||||
Seazen Group Ltd(b) | 17,664,000 | 18,155,746 | ||||||
Seazen Holdings Co. Ltd., Class A | 1,383,200 | 6,351,853 | ||||||
Semiconductor Manufacturing International Corp.(a)(b) | 27,003,700 | 52,323,015 | ||||||
SF Holding Co. Ltd., Class A | 878,092 | 6,148,980 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 6,542,054 | 7,393,526 | ||||||
Shandong Airlines Co. Ltd., Class B | 2,048,918 | 2,119,103 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 1,482,778 | 7,195,192 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 1,237,700 | 2,988,809 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 18,084,000 | 23,298,113 | ||||||
Shang Gong Group Co. Ltd., Class B(a) | 4,663,060 | 2,033,094 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 458,700 | 2,978,512 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | 5,062,327 | 2,804,529 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 4,764,600 | 2,283,398 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 25,744,000 | 7,267,604 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4,728,500 | 13,318,351 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a)(b) | 2,834,000 | 2,167,398 | ||||||
Shanghai Haixin Group Co., Class B | 5,874,110 | 2,273,281 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., Class H(a)(b)(c) | 488,500 | 2,491,691 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai Industrial Holdings Ltd. | 4,428,000 | $ | 7,818,413 | |||||
Shanghai Industrial Urban Development Group Ltd. | 25,138,000 | 2,806,354 | ||||||
Shanghai International Airport Co. Ltd., Class A | 635,203 | 5,971,101 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 7,670,500 | 4,981,842 | ||||||
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B | 2,979,041 | 2,204,490 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 9,901,004 | 7,841,595 | ||||||
Shanghai M&G Stationery Inc., Class A | 523,900 | 3,327,682 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 7,526,700 | 13,772,623 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 16,328,822 | 25,345,157 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 2,313,717 | 2,760,493 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 533,514 | 6,582,871 | ||||||
Shenergy Co. Ltd., Class A | 3,049,900 | 2,299,358 | ||||||
Sheng Ye Capital Ltd.(b) | 2,706,000 | 2,423,683 | ||||||
Shengyi Technology Co. Ltd., Class A | 2,097,000 | 9,254,735 | ||||||
Shennan Circuits Co. Ltd., Class A | 303,900 | 9,024,572 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 20,038,472 | 13,415,932 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 296,900 | 13,160,916 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 980,616 | 3,971,451 | ||||||
Shenzhen International Holdings Ltd. | 8,895,250 | 17,030,191 | ||||||
Shenzhen Investment Ltd. | 26,610,000 | 8,946,202 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 559,400 | 8,885,323 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 524,400 | 17,929,616 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 7,383,902 | 6,897,783 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A(a) | 566,600 | 4,047,143 | ||||||
Shenzhou International Group Holdings Ltd. | 6,849,800 | 84,160,675 | ||||||
Shimao Property Holdings Ltd. | 10,099,500 | 36,157,352 | ||||||
Shougang Concord International Enterprises Co. Ltd. | 177,588,000 | 7,633,979 | ||||||
Shougang Fushan Resources Group Ltd. | 26,724,000 | 5,178,106 | ||||||
Shui On Land Ltd. | 39,364,666 | 7,829,442 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,689,855 | 2,211,979 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 824,800 | 2,707,957 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 285,500 | 1,837,113 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(b) | 35,844,000 | 4,231,524 | ||||||
Silver Grant International Holdings Group Ltd.(a) | 13,488,000 | 1,955,773 | ||||||
SINA Corp.(a)(b) | 543,931 | 17,813,740 | ||||||
Sino Biopharmaceutical Ltd.(b) | 61,988,000 | 89,724,131 | ||||||
Sinofert Holdings Ltd. | 31,914,000 | 3,194,246 | ||||||
Sino-Ocean Group Holding Ltd. | 26,290,000 | 9,547,058 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 13,162,000 | 6,519,311 | ||||||
Sinopec Kantons Holdings Ltd.(b) | 11,188,000 | 4,522,260 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 31,319,000 | 7,997,486 | ||||||
Sinopharm Group Co. Ltd., Class H | 10,681,600 | 32,964,305 | ||||||
Sinosoft Technology Group Ltd.(b) | 7,357,600 | 1,538,921 | ||||||
Sinotrans Ltd., Class H | 24,780,000 | 6,995,464 | ||||||
Sinotruk Hong Kong Ltd. | 6,238,000 | 11,926,807 | ||||||
Skyfame Realty Holdings Ltd. | 30,686,000 | 4,016,363 | ||||||
Skyworth Group Ltd.(a)(b) | 17,960,000 | 4,494,004 | ||||||
SMI Holdings Group Ltd.(a)(b)(d) | 14,455,599 | 2,819,501 | ||||||
SOHO China Ltd. | 20,630,000 | 7,465,190 | ||||||
Sohu.com Ltd., ADR(a)(b) | 304,871 | 2,905,421 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Songcheng Performance Development Co. Ltd., Class A | 708,891 | $ | 2,796,946 | |||||
Spring Airlines Co. Ltd., Class A | 517,896 | 2,637,564 | ||||||
SSY Group Ltd.(b) | 14,588,411 | 12,224,010 | ||||||
Sun Art Retail Group Ltd. | 21,220,500 | 27,121,112 | ||||||
Sunac China Holdings Ltd. | 21,335,000 | 116,352,070 | ||||||
Suning.com Co. Ltd., Class A | 7,024,050 | 9,324,938 | ||||||
Sunny Optical Technology Group Co. Ltd. | 6,233,600 | 96,946,936 | ||||||
Superb Summit International Group Ltd.(a)(b)(d) | 6,035,000 | 7,744 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 897,900 | 3,635,171 | ||||||
TAL Education Group, ADR(a)(b) | 3,437,150 | 186,946,588 | ||||||
TCL Electronics Holdings Ltd. | 8,574,000 | 4,774,916 | ||||||
TCL Technology Group Corp., Class A | 7,618,400 | 6,408,428 | ||||||
Tencent Holdings Ltd. | 50,133,700 | 2,483,187,994 | ||||||
Tencent Music Entertainment Group, ADR(a)(b) | 850,370 | 10,314,988 | ||||||
Texhong Textile Group Ltd. | 2,358,500 | 2,484,686 | ||||||
Tian Ge Interactive Holdings Ltd.(a)(b)(c) | 7,370,000 | 1,655,000 | ||||||
Tiangong International Co. Ltd. | 12,386,000 | 4,418,434 | ||||||
Tianjin Development Holdings Ltd. | 10,730,000 | 2,684,892 | ||||||
Tianjin Port Development Holdings Ltd. | 44,356,000 | 3,927,299 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 1,484,291 | 3,732,917 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 1,165,776 | 2,701,721 | ||||||
Tianneng Power International Ltd. | 6,590,000 | 4,879,258 | ||||||
Tianqi Lithium Corp., Class A | 817,793 | 3,710,966 | ||||||
Tingyi Cayman Islands Holding Corp. | 17,418,000 | 31,693,270 | ||||||
Toly Bread Co. Ltd., Class A | 420,979 | 2,648,659 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 5,939,000 | 5,487,043 | ||||||
Tongda Group Holdings Ltd.(b) | 39,250,000 | 3,727,039 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 1,202,499 | 1,961,101 | ||||||
Tongwei Co. Ltd., Class A | 3,686,759 | 9,097,965 | ||||||
Topchoice Medical Corp., Class A(a) | 196,099 | 2,920,080 | ||||||
Topsports International Holdings Ltd.(c) | 4,278,000 | 4,946,046 | ||||||
Towngas China Co. Ltd. | 10,232,000 | 5,934,601 | ||||||
TravelSky Technology Ltd., Class H | 8,063,000 | 15,767,911 | ||||||
Trip.com Group Ltd., ADR(a)(b) | 4,102,732 | 124,558,944 | ||||||
Truly International Holdings Ltd.(a) | 21,230,000 | 2,860,433 | ||||||
Tsaker Chemical Group Ltd.(c) | 4,296,500 | 931,739 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 3,512,000 | 18,251,647 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 334,410 | 2,772,318 | ||||||
Uni-President China Holdings Ltd. | 11,516,000 | 11,880,925 | ||||||
Unisplendour Corp. Ltd., Class A | 1,590,497 | 10,334,522 | ||||||
Venustech Group Inc., Class A | 497,384 | 2,959,315 | ||||||
Vinda International Holdings Ltd. | 2,972,000 | 7,646,377 | ||||||
Vipshop Holdings Ltd., ADR(a)(b) | 3,824,054 | 49,062,613 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 1,087,588 | 4,449,804 | ||||||
Wanda Film Holding Co. Ltd., Class A(a) | 1,165,638 | 2,701,401 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 2,068,778 | 13,921,679 | ||||||
Want Want China Holdings Ltd.(b) | 44,320,000 | 34,236,454 | ||||||
Wasion Holdings Ltd. | 6,370,000 | 2,574,794 | ||||||
Weibo Corp., ADR(a)(b) | 476,797 | 20,092,226 | ||||||
Weichai Power Co. Ltd., Class A | 4,639,600 | 9,511,240 | ||||||
Weichai Power Co. Ltd., Class H | 18,198,000 | 35,821,318 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 2,878,624 | 13,396,132 | ||||||
West China Cement Ltd. | 26,474,000 | 4,280,383 | ||||||
Western Securities Co. Ltd., Class A | 2,340,535 | 3,170,849 | ||||||
Wharf Holdings Ltd. (The) | 8,853,000 | 18,676,041 | ||||||
Will Semiconductor Ltd., Class A | 465,703 | 11,606,932 | ||||||
Wingtech Technology Co. Ltd., Class A(a) | 491,700 | 9,803,472 |
14 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Winning Health Technology Group Co. Ltd., Class A | 1,226,435 | $ | 4,512,590 | |||||
Wisdom Education International Holdings Co. Ltd. | 6,750,000 | 2,572,484 | ||||||
Wise Talent Information Technology Co. Ltd.(a) | 1,264,000 | 3,114,159 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,149,983 | 5,570,431 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 2,072,866 | 35,762,588 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 923,597 | 3,448,525 | ||||||
WuXi AppTec Co. Ltd., Class A | 907,995 | 13,768,915 | ||||||
WuXi AppTec Co. Ltd., Class H(c) | 1,374,240 | 20,261,666 | ||||||
Wuxi Biologics Cayman Inc.(a)(c) | 6,605,000 | 96,620,707 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 479,773 | 3,853,860 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 5,045,978 | 3,804,226 | ||||||
Xiamen International Port Co. Ltd., Class H | 22,768,000 | 2,629,420 | ||||||
Xiaomi Corp., Class B(a)(b)(c) | 90,911,800 | 146,521,863 | ||||||
Xingda International Holdings Ltd. | 13,117,000 | 3,888,114 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 4,834,400 | 2,178,530 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 7,022,634 | 6,974,828 | ||||||
Xinyi Solar Holdings Ltd. | 32,228,800 | 25,516,543 | ||||||
Xtep International Holdings Ltd. | 10,564,500 | 4,256,681 | ||||||
Yadea Group Holdings Ltd.(c) | 11,290,000 | 3,056,813 | ||||||
Yango Group Co. Ltd., Class A | 2,308,600 | 2,645,402 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 596,098 | 2,950,558 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 16,118,000 | 12,223,376 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 279,685 | 4,172,749 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(c) | 1,550,400 | 9,459,906 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 220,384 | 2,575,802 | ||||||
Yihai International Holding Ltd. | 4,375,000 | 29,276,888 | ||||||
Yintech Investment Holdings Ltd., ADR(a)(b) | 220,930 | 1,369,766 | ||||||
Yonghui Superstores Co. Ltd., Class A | 5,792,696 | 7,126,718 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 1,859,863 | 12,255,056 | ||||||
Youyuan International Holdings Ltd.(a)(b)(d) | 5,307,000 | 150,499 | ||||||
Yuexiu Property Co. Ltd. | 57,362,880 | 11,703,631 | ||||||
Yuexiu REIT | 13,775,000 | 8,838,003 | ||||||
Yuexiu Transport Infrastructure Ltd. | 11,048,000 | 8,576,924 | ||||||
Yum China Holdings Inc. | 3,138,824 | 137,449,103 | ||||||
Yunda Holding Co. Ltd., Class A | 784,300 | 3,318,874 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 754,364 | 8,492,018 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 518,795 | 4,329,848 | ||||||
Yuzhou Properties Co. Ltd. | 17,240,400 | 8,450,905 | ||||||
Zai Lab Ltd., ADR(a)(b) | 330,607 | 18,173,467 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 476,369 | 8,184,589 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 11,273,500 | 13,439,002 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 1,983,673 | 7,653,524 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 2,684,229 | 7,441,898 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 13,052,000 | 9,864,723 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 589,792 | 3,188,498 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 1,793,874 | 3,315,621 | ||||||
Zhejiang NHU Co. Ltd., Class A | 2,023,508 | 6,976,416 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1,516,185 | 4,312,002 | ||||||
Zhejiang Supor Co. Ltd., Class A | 261,297 | 2,745,596 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 302,598 | 1,869,214 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1,373,179 | 2,962,367 | ||||||
Zhenro Properties Group Ltd. | 11,857,000 | 7,713,923 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 2,826,400 | $ | 11,895,974 | |||||
Zhongji Innolight Co. Ltd., Class A | 460,180 | 4,084,228 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 2,507,079 | 2,908,702 | ||||||
Zhongsheng Group Holdings Ltd.(b) | 5,105,500 | 19,424,753 | ||||||
Zhuguang Holdings Group Co. Ltd.(a) | 17,842,000 | 2,518,423 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 4,758,800 | 16,640,122 | ||||||
Zijin Mining Group Co. Ltd., Class A | 13,114,700 | 7,804,806 | ||||||
Zijin Mining Group Co. Ltd., Class H | 46,906,000 | 21,066,335 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 5,358,800 | 4,442,144 | ||||||
ZTE Corp., Class A(a) | 2,012,900 | 14,398,014 | ||||||
ZTE Corp., Class H(a) | 6,681,240 | 27,648,994 | ||||||
ZTO Express Cayman Inc., ADR | 2,772,377 | 65,039,964 | ||||||
18,831,920,316 | ||||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 1,862,530 | 20,478,557 | ||||||
Cementos Argos SA | 4,232,024 | 6,323,470 | ||||||
Corp. Financiera Colombiana SA(a) | 897,773 | 8,149,930 | ||||||
Ecopetrol SA | 43,234,990 | 37,846,736 | ||||||
Grupo Argos SA | 2,689,916 | 11,375,263 | ||||||
Grupo de Inversiones Suramericana SA | 2,130,623 | 18,320,525 | ||||||
Interconexion Electrica SA ESP | 3,981,196 | 20,876,513 | ||||||
123,370,994 | ||||||||
Czech Republic — 0.1% | ||||||||
Central European Media Enterprises Ltd., | ||||||||
Class A(a) | 780,681 | 3,365,338 | ||||||
CEZ AS | 1,340,875 | 25,513,832 | ||||||
Komercni Banka AS | 680,039 | 20,725,657 | ||||||
Moneta Money Bank AS(c) | 4,722,676 | 15,574,161 | ||||||
65,178,988 | ||||||||
Egypt — 0.2% | ||||||||
Commercial International Bank Egypt SAE | 11,883,808 | 62,762,014 | ||||||
Eastern Co. SAE | 8,465,914 | 7,765,950 | ||||||
Egyptian Financial Group-Hermes Holding Co. | 6,521,511 | 6,053,230 | ||||||
EISewedy Electric Co. | 6,626,213 | 4,005,611 | ||||||
Ezz Steel Co. SAE(a) | 2,374,237 | 1,211,989 | ||||||
Heliopolis Housing. | 5,686,644 | 2,026,202 | ||||||
Juhayna Food Industries | 2,772,405 | 1,417,017 | ||||||
Medinet Nasr Housing(a) | 9,831,429 | 2,679,155 | ||||||
Oriental Weavers | 2,364,462 | 1,576,056 | ||||||
Palm Hills Developments SAE(a) | 16,480,076 | 1,485,394 | ||||||
Pioneers Holding For Financial Investments SAE(a) | 4,803,828 | 1,404,349 | ||||||
Six of October Development & Investment | 3,016,654 | 2,365,852 | ||||||
Talaat Moustafa Group. | 7,051,367 | 3,392,054 | ||||||
Telecom Egypt Co. | 4,816,660 | 3,780,612 | ||||||
101,925,485 | ||||||||
Greece — 0.3% | ||||||||
Alpha Bank AE(a) | 13,614,494 | 19,246,874 | ||||||
Athens Water Supply & Sewage Co. SA | 440,274 | 3,095,160 | ||||||
Eurobank Ergasias SA(a) | 23,198,728 | 14,423,171 | ||||||
FF Group(a)(d) | 343,633 | 3,775 | ||||||
GEK Terna Holding Real Estate Construction SA(a) | 503,378 | 3,339,730 | ||||||
Hellenic Exchanges-Athens Stock Exchange SA | 836,149 | 3,306,483 | ||||||
Hellenic Telecommunications Organization SA | 2,106,592 | 29,665,291 | ||||||
Holding Co. ADMIE IPTO SA | 1,372,335 | 3,225,924 | ||||||
Jumbo SA. | 984,594 | 15,379,313 | ||||||
Motor Oil Hellas Corinth Refineries SA | 538,190 | 8,749,384 | ||||||
Mytilineos SA | 998,496 | 7,469,192 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Greece (continued) | ||||||||
National Bank of Greece SA(a) | 4,928,993 | $ | 10,825,794 | |||||
OPAP SA | 1,744,999 | 18,592,897 | ||||||
Piraeus Bank SA(a)(b) | 2,540,139 | 5,535,786 | ||||||
Piraeus Port Authority SA | 77,066 | 1,386,618 | ||||||
Public Power Corp. SA(a)(b) | 1,066,802 | 3,461,581 | ||||||
Sarantis SA | 234,742 | 1,859,115 | ||||||
Terna Energy SA(a) | 422,667 | 3,500,659 | ||||||
Titan Cement International SA(a) | 383,512 | 5,383,813 | ||||||
158,450,560 | ||||||||
Hungary — 0.3% | ||||||||
Magyar Telekom Telecommunications PLC | 4,691,347 | 6,074,361 | ||||||
MOL Hungarian Oil & Gas PLC | 3,462,389 | 26,628,290 | ||||||
Opus Global Nyrt(a)(b) | 2,015,203 | 1,720,293 | ||||||
OTP Bank Nyrt | 1,994,151 | 86,218,997 | ||||||
Richter Gedeon Nyrt | 1,239,193 | 25,055,324 | ||||||
145,697,265 | ||||||||
India — 9.3% | ||||||||
Aarti Industries Ltd. | 383,315 | 5,184,253 | ||||||
Aarti Surfactants Ltd.(a) | 17,751 | 118,287 | ||||||
Aavas Financiers Ltd.(a) | 224,339 | 5,840,570 | ||||||
Adani Enterprises Ltd. | 1,399,207 | 4,239,257 | ||||||
Adani Ports & Special Economic Zone Ltd. | 5,203,421 | 24,673,304 | ||||||
Adani Power Ltd.(a) | 7,127,972 | 4,671,813 | ||||||
Adani Transmission Ltd.(a) | 1,922,943 | 6,712,015 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 1,588,309 | 5,532,974 | ||||||
Aegis Logistics Ltd. | 767,231 | 2,373,959 | ||||||
AIA Engineering Ltd. | 375,399 | 9,304,152 | ||||||
Ajanta Pharma Ltd. | 218,494 | 4,193,674 | ||||||
Alembic Pharmaceuticals Ltd. | 362,650 | 3,165,571 | ||||||
Amara Raja Batteries Ltd. | 352,846 | 3,117,884 | ||||||
Ambuja Cements Ltd. | 4,930,433 | 14,008,872 | ||||||
Apollo Hospitals Enterprise Ltd. | 724,203 | 17,418,804 | ||||||
Apollo Tyres Ltd. | 2,513,323 | 4,973,188 | ||||||
Arvind Fashions Ltd.(a) | 290,474 | 1,391,643 | ||||||
Ashok Leyland Ltd. | 10,407,268 | 10,080,272 | ||||||
Asian Paints Ltd. | 2,577,492 | 64,214,525 | ||||||
Astral Poly Technik Ltd. | 515,483 | 8,174,299 | ||||||
Atul Ltd. | 126,427 | 9,010,929 | ||||||
AU Small Finance Bank Ltd.(c) | 1,314,425 | 21,180,515 | ||||||
Aurobindo Pharma Ltd. | 2,294,339 | 16,070,785 | ||||||
Avanti Feeds Ltd. | 397,469 | 2,548,362 | ||||||
Avenue Supermarts Ltd.(a)(c) | 1,084,215 | 34,914,074 | ||||||
Axis Bank Ltd. | 18,561,886 | 179,349,473 | ||||||
Bajaj Auto Ltd. | 713,232 | 28,561,894 | ||||||
Bajaj Consumer Care Ltd.(a) | 618,746 | 1,648,732 | ||||||
Bajaj Electricals Ltd. | 278,629 | 1,557,087 | ||||||
Bajaj Electricals Ltd./New | 30,696 | 39,685 | ||||||
Bajaj Finance Ltd. | 1,664,747 | 103,017,430 | ||||||
Bajaj Finserv Ltd. | 369,471 | 46,336,504 | ||||||
Balkrishna Industries Ltd. | 682,970 | 10,375,977 | ||||||
Bandhan Bank Ltd.(c) | 3,372,835 | 17,923,334 | ||||||
BASF India Ltd. | 96,052 | 1,366,696 | ||||||
Bata India Ltd. | 470,860 | 10,769,738 | ||||||
Bayer CropScience Ltd./India | 104,627 | 6,353,009 | ||||||
Berger Paints India Ltd. | 1,913,373 | 15,020,909 | ||||||
Bharat Forge Ltd. | 1,827,658 | 11,026,602 | ||||||
Bharat Petroleum Corp. Ltd. | 5,652,279 | 33,392,443 | ||||||
Bharti Airtel Ltd.(a) | 21,128,014 | 153,261,722 | ||||||
Bharti Infratel Ltd. | 2,963,978 | 8,807,636 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Birlasoft Ltd.(a) | 1,828,969 | $ | 2,273,302 | |||||
Blue Dart Express Ltd. | 84,020 | 3,199,903 | ||||||
Blue Star Ltd. | 207,370 | 2,306,091 | ||||||
Bosch Ltd. | 65,057 | 10,933,461 | ||||||
Britannia Industries Ltd. | 486,448 | 20,020,755 | ||||||
Can Fin Homes Ltd. | 298,248 | 2,066,566 | ||||||
Ceat Ltd. | 213,189 | 3,016,713 | ||||||
Century Plyboards India Ltd. | 677,346 | 1,471,685 | ||||||
Century Textiles & Industries Ltd. | 397,440 | 2,790,768 | ||||||
CESC Ltd. | 594,050 | 5,325,398 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 1,047,536 | 2,045,212 | ||||||
Cholamandalam Financial Holdings Ltd.(a) | 664,623 | 4,724,448 | ||||||
Cipla Ltd. | 2,941,597 | 16,389,873 | ||||||
City Union Bank Ltd. | 2,391,221 | 7,132,162 | ||||||
Coal India Ltd. | 10,537,424 | 24,588,661 | ||||||
Colgate-Palmolive India Ltd. | 510,706 | 9,096,359 | ||||||
Container Corp. of India Ltd. | 1,780,196 | 12,571,821 | ||||||
Coromandel International Ltd. | 632,834 | 5,397,296 | ||||||
CRISIL Ltd. | 217,247 | 4,572,971 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 3,209,580 | 12,408,256 | ||||||
Dabur India Ltd. | 4,811,555 | 33,076,003 | ||||||
Dalmia Bharat Ltd.(a) | 421,728 | 4,570,388 | ||||||
DCB Bank Ltd. | 1,933,369 | 4,334,626 | ||||||
Dilip Buildcon Ltd.(c) | 335,943 | 1,392,790 | ||||||
Dish TV India Ltd.(a) | 6,601,927 | 754,715 | ||||||
Dishman Carbogen Amcis Ltd. | 680,134 | 726,149 | ||||||
Divi’s Laboratories Ltd. | 704,093 | 20,556,189 | ||||||
DLF Ltd. | 5,117,141 | 14,301,830 | ||||||
Dr Lal PathLabs Ltd.(c) | 239,823 | 5,410,577 | ||||||
Dr. Reddy’s Laboratories Ltd. | 982,064 | 39,832,328 | ||||||
Edelweiss Financial Services Ltd. | 4,102,630 | 4,965,736 | ||||||
Eicher Motors Ltd. | 115,654 | 26,606,550 | ||||||
EIH Ltd. | 1,388,650 | 2,537,063 | ||||||
Endurance Technologies Ltd.(c) | 261,871 | 3,561,525 | ||||||
Engineers India Ltd. | 1,949,185 | 1,890,643 | ||||||
Equitas Holdings Ltd./India(a) | 434,912 | 649,950 | ||||||
Escorts Ltd. | 546,837 | 5,911,076 | ||||||
Exide Industries Ltd. | 2,135,410 | 4,863,057 | ||||||
Federal Bank Ltd. | 12,829,777 | 15,271,110 | ||||||
Finolex Cables Ltd. | 919,336 | 4,137,601 | ||||||
Fortis Healthcare Ltd.(a) | 4,105,168 | 8,762,963 | ||||||
Future Consumer Ltd.(a) | 5,864,562 | 999,537 | ||||||
GAIL India Ltd. | 13,588,565 | 19,657,688 | ||||||
GE T&D India Ltd. | 825,295 | 1,378,017 | ||||||
Gillette India Ltd. | 53,666 | 4,310,235 | ||||||
Glenmark Pharmaceuticals Ltd. | 1,294,545 | 4,978,709 | ||||||
GMR Infrastructure Ltd.(a) | 12,543,072 | 3,476,100 | ||||||
Godrej Consumer Products Ltd. | 3,046,456 | 23,660,770 | ||||||
Godrej Industries Ltd. | 896,520 | 4,870,346 | ||||||
Godrej Properties Ltd.(a) | 548,642 | 7,625,529 | ||||||
Granules India Ltd. | 1,278,579 | 2,786,857 | ||||||
Graphite India Ltd. | 580,261 | 1,793,428 | ||||||
Grasim Industries Ltd. | 2,601,060 | 24,768,053 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 509,261 | 1,705,946 | ||||||
Gujarat Fluorochemicals Ltd.(a) | 250,860 | 1,751,944 | ||||||
Gujarat Narmada Valley Fertilizers & | ||||||||
Chemicals Ltd. | 576,030 | 1,243,971 | ||||||
Gujarat Pipavav Port Ltd. | 2,481,662 | 2,463,866 | ||||||
Gujarat State Petronet Ltd. | 1,357,224 | 4,239,944 | ||||||
Havells India Ltd. | 2,260,811 | 19,205,185 |
16 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
HCL Technologies Ltd. | 9,461,276 | $ | 70,054,149 | |||||
HDFC Asset Management Co. Ltd.(c) | 364,436 | 15,863,640 | ||||||
HDFC Life Insurance Co. Ltd. (c) | 4,387,805 | 33,081,438 | ||||||
HEG Ltd. | 108,368 | 1,315,943 | ||||||
Hemisphere Properties India Ltd.(a) | 713,675 | 1,522,632 | ||||||
Hero MotoCorp Ltd. | 837,482 | 23,809,938 | ||||||
Hexaware Technologies Ltd. | 1,109,130 | 5,525,094 | ||||||
HFCL Ltd. | 6,064,367 | 1,222,663 | ||||||
Himadri Speciality Chemical Ltd. | 1,246,737 | 850,823 | ||||||
Hindalco Industries Ltd. | 10,218,642 | 22,074,844 | ||||||
Hindustan Petroleum Corp. Ltd. | 5,228,610 | 14,312,702 | ||||||
Hindustan Unilever Ltd. | 5,961,289 | 179,641,989 | ||||||
Housing Development Finance Corp. Ltd. | 14,402,767 | 434,223,443 | ||||||
ICICI Bank Ltd. | 41,793,837 | 287,968,759 | ||||||
ICICI Lombard General Insurance Co. Ltd.(c) | 1,550,729 | 26,573,028 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(c) | 2,861,619 | 18,692,170 | ||||||
ICICI Securities Ltd.(c) | 648,961 | 4,282,194 | ||||||
IDFC First Bank Ltd.(a) | 17,094,446 | 8,716,882 | ||||||
IDFC Ltd. | 8,581,454 | 3,822,964 | ||||||
IIFL Finance Ltd. | 1,233,786 | 2,784,962 | ||||||
IIFL Wealth Management Ltd. | 204,322 | 4,144,763 | ||||||
India Cements Ltd. (The) | 2,359,927 | 3,150,711 | ||||||
Indiabulls Housing Finance Ltd. | 2,206,648 | 8,556,905 | ||||||
Indiabulls Ventures Ltd. | 1,746,440 | 4,112,758 | ||||||
Indian Hotels Co. Ltd. (The) | 4,308,071 | 8,058,885 | ||||||
Indian Oil Corp. Ltd. | 16,201,694 | 23,741,007 | ||||||
Indraprastha Gas Ltd. | 1,833,742 | 11,241,175 | ||||||
Info Edge India Ltd. | 567,055 | 20,377,207 | ||||||
Infosys Ltd. | 30,017,148 | 304,341,250 | ||||||
Inox Leisure Ltd. | 451,050 | 2,680,331 | ||||||
InterGlobe Aviation Ltd.(c) | 886,749 | 15,974,199 | ||||||
Ipca Laboratories Ltd. | 372,249 | 7,022,014 | ||||||
IRB Infrastructure Developers Ltd.(a) | 1,594,476 | 1,855,904 | ||||||
ITC Ltd. | 29,787,195 | 81,538,925 | ||||||
Jammu & Kashmir Bank Ltd. (The)(a) | 2,330,025 | 637,655 | ||||||
Jindal Steel & Power Ltd. (a) | 3,754,854 | 8,007,372 | ||||||
JM Financial Ltd. | 2,022,870 | 2,962,793 | ||||||
JSW Energy Ltd. | 2,633,019 | 2,090,581 | ||||||
JSW Steel Ltd. | 7,543,211 | 24,636,226 | ||||||
Jubilant Foodworks Ltd. | 656,865 | 15,990,761 | ||||||
Jubilant Life Sciences Ltd. | 700,814 | 4,916,647 | ||||||
Just Dial Ltd.(a) | 384,031 | 2,480,297 | ||||||
Jyothy Labs Ltd. | 859,392 | 1,466,507 | ||||||
Kajaria Ceramics Ltd. | 600,779 | 4,365,934 | ||||||
Karnataka Bank Ltd. (The) | 1,789,981 | 1,726,299 | ||||||
Karur Vysya Bank Ltd. (The) | 3,499,439 | 2,026,903 | ||||||
Kaveri Seed Co. Ltd. | 291,865 | 1,733,375 | ||||||
KEC International Ltd. | 601,420 | 2,584,271 | ||||||
KEI Industries Ltd. | 385,766 | 2,621,931 | ||||||
KPIT Technologies Ltd.(a) | 1,535,395 | 1,739,267 | ||||||
KRBL Ltd. | 528,219 | 1,828,739 | ||||||
L&T Technology Services Ltd. (c) | 195,559 | 4,392,168 | ||||||
Lakshmi Machine Works Ltd. | 36,019 | 1,613,724 | ||||||
Larsen & Toubro Ltd. | 4,035,041 | 66,398,489 | ||||||
Lemon Tree Hotels Ltd.(a)(c) | 2,344,349 | 1,676,217 | ||||||
LIC Housing Finance Ltd. | 2,549,007 | 11,311,456 | ||||||
Lupin Ltd. | 1,892,753 | 16,785,422 | ||||||
Mahanagar Gas Ltd. | 424,839 | 5,918,047 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 1,793,960 | 8,532,605 | ||||||
Mahindra & Mahindra Ltd. | 6,552,185 | 41,496,188 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Mahindra CIE Automotive Ltd.(a) | 911,672 | $ | 1,676,362 | |||||
Manappuram Finance Ltd. | 4,221,580 | 9,520,382 | ||||||
Marico Ltd. | 3,730,622 | 15,443,563 | ||||||
Maruti Suzuki India Ltd. | 915,650 | 79,718,994 | ||||||
Max Financial Services Ltd.(a) | 1,368,853 | 10,950,065 | ||||||
Minda Industries Ltd. | 605,485 | 3,130,307 | ||||||
Mindtree Ltd. | 635,382 | 8,311,229 | ||||||
Motherson Sumi Systems Ltd. | 8,415,320 | 12,086,437 | ||||||
Motilal Oswal Financial Services Ltd. | 337,259 | 3,479,491 | ||||||
Mphasis Ltd. | 796,181 | 9,615,292 | ||||||
Natco Pharma Ltd. | 796,486 | 6,640,189 | ||||||
National Aluminium Co. Ltd. | 6,965,156 | 3,233,211 | ||||||
NBCC India Ltd. | 5,225,120 | 1,911,431 | ||||||
NCC Ltd./India | 4,564,796 | 2,251,799 | ||||||
Nestle India Ltd. | 216,616 | 47,361,366 | ||||||
NIIT Technologies Ltd. | 187,121 | 4,381,303 | ||||||
NTPC Ltd. | 20,346,953 | 30,040,778 | ||||||
Oberoi Realty Ltd. | 520,062 | 3,674,862 | ||||||
Oil & Natural Gas Corp. Ltd. | 21,776,995 | 27,746,488 | ||||||
Oil India Ltd. | 2,214,470 | 3,313,995 | ||||||
Page Industries Ltd. | 47,056 | 14,440,146 | ||||||
Persistent Systems Ltd. | 367,763 | 3,548,830 | ||||||
Petronet LNG Ltd. | 5,078,288 | 17,282,399 | ||||||
Pfizer Ltd. | 98,581 | 5,729,152 | ||||||
Phillips Carbon Black Ltd. | 739,666 | 1,087,450 | ||||||
Phoenix Mills Ltd. (The) | 461,459 | 5,476,379 | ||||||
PI Industries Ltd. | 670,460 | 14,225,820 | ||||||
Pidilite Industries Ltd. | 1,119,966 | 23,481,769 | ||||||
Piramal Enterprises Ltd. | 830,105 | 15,028,561 | ||||||
PNB Housing Finance Ltd.(c) | 549,704 | 2,741,379 | ||||||
Power Finance Corp. Ltd. | 5,505,737 | 8,350,059 | ||||||
Power Grid Corp. of India Ltd. | 15,748,229 | 39,606,520 | ||||||
Prestige Estates Projects Ltd. | 1,088,635 | 4,379,883 | ||||||
Procter & Gamble Health Ltd.(a) | 38,126 | 2,209,108 | ||||||
PTC India Ltd. | 2,609,540 | 1,800,743 | ||||||
PVR Ltd. | 306,477 | 8,100,242 | ||||||
Quess Corp. Ltd.(a)(c) | 644,650 | 4,593,190 | ||||||
Radico Khaitan Ltd. | 596,940 | 3,394,661 | ||||||
Rain Industries Ltd. | 1,181,613 | 1,691,352 | ||||||
Rajesh Exports Ltd. | 685,296 | 6,250,207 | ||||||
Rallis India Ltd. | 1,076,052 | 3,339,202 | ||||||
Ramco Cements Ltd. (The) | 660,031 | 7,043,196 | ||||||
Raymond Ltd. | 311,913 | 2,182,429 | ||||||
RBL Bank Ltd.(c) | 2,970,299 | 11,972,979 | ||||||
REC Ltd. | 5,962,117 | 9,732,045 | ||||||
Redington India Ltd. | 2,739,911 | 4,174,361 | ||||||
Reliance Industries Ltd. | 24,957,385 | 459,481,478 | ||||||
Repco Home Finance Ltd. | 244,517 | 962,923 | ||||||
Sadbhav Engineering Ltd. | 886,550 | 866,065 | ||||||
Sanofi India Ltd. | 49,261 | 4,978,250 | ||||||
SBI Life Insurance Co. Ltd.(c) | 3,015,757 | 37,208,301 | ||||||
Schaeffler India Ltd. | 41,500 | 2,510,529 | ||||||
Shree Cement Ltd. | 72,973 | 22,923,993 | ||||||
Shriram Transport Finance Co. Ltd. | 1,211,919 | 20,089,635 | ||||||
Siemens Ltd. | 599,627 | 10,832,628 | ||||||
Sobha Ltd. | 498,346 | 2,050,906 | ||||||
Sonata Software Ltd. | 379,943 | 1,763,424 | ||||||
SpiceJet Ltd.(a) | 1,489,634 | 1,720,456 | ||||||
SRF Ltd. | 178,373 | 9,624,122 | ||||||
State Bank of India(a) | 15,608,979 | 65,535,326 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Sterlite Technologies Ltd. | 1,116,216 | $ | 1,422,192 | |||||
Strides Pharma Science Ltd. | 438,619 | 2,857,474 | ||||||
Sun Pharma Advanced Research Co. Ltd.(a) | 840,266 | 1,699,336 | ||||||
Sun Pharmaceutical Industries Ltd. | 7,281,569 | 37,624,929 | ||||||
Sundaram Finance Ltd. | 255,734 | 5,594,840 | ||||||
Sundram Fasteners Ltd. | 488,871 | 2,812,952 | ||||||
Sunteck Realty Ltd. | 489,764 | 2,349,822 | ||||||
Supreme Industries Ltd. | 339,855 | 6,212,446 | ||||||
Symphony Ltd. | 133,700 | 2,353,772 | ||||||
Syngene International Ltd.(c) | 884,582 | 3,682,107 | ||||||
Tata Chemicals Ltd. | 735,767 | 7,279,421 | ||||||
Tata Communications Ltd. | 692,652 | 3,463,860 | ||||||
Tata Consultancy Services Ltd. | 7,967,311 | 220,817,087 | ||||||
Tata Consumer Products Ltd. | 2,756,202 | 13,220,069 | ||||||
Tata Elxsi Ltd. | 203,577 | 2,490,146 | ||||||
Tata Motors Ltd.(a) | 14,237,231 | 25,439,304 | ||||||
Tata Power Co. Ltd. (The) | 11,053,898 | 7,153,040 | ||||||
Tata Steel Ltd. | 3,140,593 | 16,613,037 | ||||||
TeamLease Services Ltd.(a) | 94,835 | 3,051,264 | ||||||
Tech Mahindra Ltd. | 4,108,645 | 42,380,231 | ||||||
Thermax Ltd. | 277,290 | 3,545,493 | ||||||
Titan Co. Ltd. | 2,945,547 | 51,202,948 | ||||||
Torrent Power Ltd. | 1,281,567 | 5,379,856 | ||||||
TTK Prestige Ltd. | 61,536 | 4,857,437 | ||||||
Tube Investments of India Ltd. | 906,598 | 6,632,955 | ||||||
TV18 Broadcast Ltd.(a) | 7,262,022 | 2,269,146 | ||||||
UltraTech Cement Ltd. | 866,928 | 50,688,875 | ||||||
United Spirits Ltd.(a) | 2,500,105 | 23,777,283 | ||||||
UPL Ltd. | 4,646,520 | 33,460,996 | ||||||
Varun Beverages Ltd. | 610,722 | 6,880,910 | ||||||
Vedanta Ltd. | 16,697,823 | 26,376,857 | ||||||
Venky’s India Ltd. | 52,476 | 891,185 | ||||||
V-Guard Industries Ltd. | 1,059,999 | 2,980,937 | ||||||
Vinati Organics Ltd. | 225,632 | 2,938,132 | ||||||
VIP Industries Ltd. | 311,257 | 1,767,675 | ||||||
V-Mart Retail Ltd. | 79,578 | 2,459,593 | ||||||
Vodafone Idea Ltd.(a) | 89,505,853 | 4,774,968 | ||||||
Voltas Ltd. | 944,908 | 8,887,052 | ||||||
WABCO India Ltd. | 38,416 | 3,604,479 | ||||||
Welspun India Ltd. | 3,246,141 | 1,857,701 | ||||||
Westlife Development Ltd.(a) | 333,416 | 2,076,934 | ||||||
Wipro Ltd. | 9,744,606 | 29,901,867 | ||||||
Wockhardt Ltd.(a) | 391,365 | 1,666,762 | ||||||
Yes Bank Ltd. | 16,868,423 | 8,087,400 | ||||||
Zee Entertainment Enterprises Ltd. | 7,305,163 | 24,223,168 | ||||||
Zensar Technologies Ltd. | 528,480 | 1,000,683 | ||||||
�� | 5,159,965,975 | |||||||
Indonesia — 1.8% | ||||||||
Ace Hardware Indonesia Tbk PT | 77,872,200 | 8,222,783 | ||||||
Adaro Energy Tbk PT | 129,704,200 | 10,441,425 | ||||||
Adhi Karya Persero Tbk PT | 19,877,300 | 1,045,991 | ||||||
AKR Corporindo Tbk PT | 18,980,200 | 3,505,665 | ||||||
Alam Sutera Realty Tbk PT(a) | 137,577,000 | 1,457,516 | ||||||
Alfa Energi Investama Tbk PT(a) | 9,318,600 | 61,702 | ||||||
Aneka Tambang Tbk | 84,875,443 | 3,401,525 | ||||||
Astra International Tbk PT | 174,745,300 | 67,291,708 | ||||||
Bank Central Asia Tbk PT | 88,321,300 | 193,602,013 | ||||||
Bank Mandiri Persero Tbk PT | 162,289,900 | 82,290,226 | ||||||
Bank Negara Indonesia Persero Tbk PT | 64,722,100 | 31,690,033 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Bank Pembangunan Daerah Jawa Barat Dan | ||||||||
Banten Tbk PT. | 25,681,700 | $ | 1,593,080 | |||||
Bank Rakyat Indonesia Persero Tbk PT | 502,085,500 | 146,627,513 | ||||||
Bank Tabungan Negara Persero Tbk PT | 39,494,876 | 4,679,651 | ||||||
Barito Pacific Tbk PT(a) | 239,785,900 | 16,462,040 | ||||||
Bukit Asam Tbk PT | 33,321,900 | 5,202,374 | ||||||
Bumi Resources Tbk PT(a) | 495,009,100 | 1,725,071 | ||||||
Bumi Serpong Damai Tbk PT(a) | 76,652,500 | 5,342,568 | ||||||
Charoen Pokphand Indonesia Tbk PT | 65,829,500 | 26,152,859 | ||||||
Ciputra Development Tbk PT | 97,015,627 | 6,389,947 | ||||||
Gudang Garam Tbk PT | 4,166,800 | 14,811,417 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 78,180,600 | 9,263,427 | ||||||
Hanson International Tbk PT(a)(d) | 787,265,600 | 2,261,794 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 24,917,500 | 9,769,015 | ||||||
Indika Energy Tbk PT | 21,932,500 | 1,146,498 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 16,305,600 | 16,961,915 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 20,483,300 | 14,669,169 | ||||||
Indofood Sukses Makmur Tbk PT | 38,266,700 | 17,336,369 | ||||||
Inti Agri Resources Tbk PT(a)(d) | 291,349,000 | 843,739 | ||||||
Japfa Comfeed Indonesia Tbk PT | 35,195,200 | 3,434,276 | ||||||
Jasa Marga Persero Tbk PT | 21,244,680 | 6,929,786 | ||||||
Kalbe Farma Tbk PT. | 179,803,400 | 15,289,085 | ||||||
Krakatau Steel Persero Tbk PT(a) | 70,304,914 | 1,127,035 | ||||||
Kresna Graha Investama Tbk PT(a) | 129,450,900 | 4,258,639 | ||||||
Link Net Tbk PT | 15,323,700 | 3,727,459 | ||||||
Matahari Department Store Tbk PT | 21,988,300 | 4,812,216 | ||||||
Medco Energi Internasional Tbk PT(a) | 68,005,900 | 2,986,145 | ||||||
Media Nusantara Citra Tbk PT | 51,744,100 | 4,634,338 | ||||||
Mitra Adiperkasa Tbk PT | 101,414,900 | 5,654,778 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 12,896,700 | 5,393,288 | ||||||
Pakuwon Jati Tbk PT | 167,485,600 | 6,186,957 | ||||||
Panin Financial Tbk PT(a) | 176,161,400 | 3,094,105 | ||||||
Perusahaan Gas Negara Tbk PT | 96,497,100 | 8,608,907 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 34,909,100 | 2,360,120 | ||||||
Pool Advista Indonesia Tbk PT(a) | 13,195,900 | 45,987 | ||||||
PP Persero Tbk PT | 31,958,750 | 2,684,112 | ||||||
PP Properti Tbk PT | 201,194,600 | 715,172 | ||||||
Ramayana Lestari Sentosa Tbk PT | 33,562,700 | 2,421,146 | ||||||
Sawit Sumbermas Sarana Tbk PT | 51,654,900 | 2,916,220 | ||||||
Semen Indonesia Persero Tbk PT | 26,106,300 | 19,060,010 | ||||||
Sentul City Tbk PT(a) | 175,746,900 | 612,465 | ||||||
Sugih Energy Tbk PT(a)(d) | 27,492,211 | 7,665 | ||||||
Summarecon Agung Tbk PT | 87,136,300 | 5,101,550 | ||||||
Surya Citra Media Tbk PT | 64,787,900 | 5,057,498 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 431,992,200 | 105,081,218 | ||||||
Timah Tbk PT | 38,077,752 | 1,526,029 | ||||||
Tower Bersama Infrastructure Tbk PT. | 91,314,400 | 7,032,752 | ||||||
Trada Alam Minera Tbk PT(a)(d) | 280,960,700 | 813,655 | ||||||
Unilever Indonesia Tbk PT | 64,697,600 | 30,776,172 | ||||||
United Tractors Tbk PT | 14,893,700 | 17,231,951 | ||||||
Waskita Beton Precast Tbk PT | 118,722,700 | 1,539,113 | ||||||
Waskita Karya Persero Tbk PT | 46,970,900 | 3,191,959 | ||||||
Wijaya Karya Persero Tbk PT | 31,910,823 | 4,170,259 | ||||||
992,731,100 | ||||||||
Malaysia — 1.9% | ||||||||
Aeon Co. M Bhd | 5,146,800 | 1,685,073 | ||||||
AEON Credit Service M Bhd(b) | 2,374,600 | 7,774,491 | ||||||
AirAsia Group Bhd | 14,201,300 | 3,369,229 | ||||||
Alliance Bank Malaysia Bhd(b) | 9,474,700 | 5,192,540 |
18 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
AMMB Holdings Bhd | 14,529,800 | $ | 12,754,510 | |||||
Axiata Group Bhd | 24,305,900 | 24,104,072 | ||||||
Berjaya Corp. Bhd(a)(b) | 44,034,606 | 2,246,131 | ||||||
Berjaya Sports Toto Bhd | 6,425,873 | 3,826,558 | ||||||
Bermaz Auto Bhd | 7,876,100 | 3,326,087 | ||||||
British American Tobacco Malaysia Bhd | 1,344,400 | 3,967,814 | ||||||
Bursa Malaysia Bhd | 5,269,500 | 6,888,480 | ||||||
Cahya Mata Sarawak Bhd(b) | 5,772,000 | 2,615,544 | ||||||
Carlsberg Brewery Malaysia Bhd | 1,750,400 | 13,222,476 | ||||||
CIMB Group Holdings Bhd | 41,478,900 | 47,432,574 | ||||||
Dialog Group Bhd | 33,701,696 | 26,705,496 | ||||||
DiGi.Com Bhd | 26,276,100 | 25,933,233 | ||||||
DRB-Hicom Bhd(b) | 8,459,400 | 4,455,485 | ||||||
FGV Holdings Bhd(a) | 16,589,000 | 4,486,705 | ||||||
Fraser & Neave Holdings Bhd | 1,215,400 | 8,858,147 | ||||||
Gamuda Bhd | 15,339,500 | 12,045,966 | ||||||
Genting Bhd | 18,788,000 | 22,064,199 | ||||||
Genting Malaysia Bhd | 26,355,400 | 18,070,488 | ||||||
Genting Plantations Bhd(b) | 3,407,300 | 8,099,916 | ||||||
Globetronics Technology Bhd | 6,617,000 | 3,265,329 | ||||||
HAP Seng Consolidated Bhd | 5,574,000 | 11,848,883 | ||||||
Hartalega Holdings Bhd | 13,014,200 | 19,143,070 | ||||||
Hibiscus Petroleum Bhd(a) | 16,623,200 | 2,957,865 | ||||||
Hong Leong Bank Bhd | 5,410,000 | 19,637,722 | ||||||
Hong Leong Financial Group Bhd | 1,934,700 | 7,022,754 | ||||||
IGB REIT | 7,947,300 | 3,695,542 | ||||||
IHH Healthcare Bhd | 19,291,200 | 26,087,744 | ||||||
IJM Corp. Bhd | 23,915,000 | 11,007,141 | ||||||
Inari Amertron Bhd(b) | 22,746,600 | 7,609,183 | ||||||
IOI Corp. Bhd | 15,408,900 | 15,244,392 | ||||||
Kossan Rubber Industries | 5,824,800 | 6,633,224 | ||||||
KPJ Healthcare Bhd(b) | 28,519,900 | 6,563,298 | ||||||
Kuala Lumpur Kepong Bhd | 3,566,600 | 18,480,319 | ||||||
Magnum Bhd(b) | 8,437,200 | 4,824,117 | ||||||
Mah Sing Group Bhd(b) | 15,355,323 | 2,459,037 | ||||||
Malayan Banking Bhd | 32,555,800 | 65,034,362 | ||||||
Malaysia Airports Holdings Bhd | 8,470,700 | 13,243,633 | ||||||
Malaysia Building Society Bhd(b) | 14,522,900 | 2,653,056 | ||||||
Malaysian Pacific Industries Bhd(b) | 881,300 | 2,283,226 | ||||||
Malaysian Resources Corp. Bhd(b) | 20,966,900 | 2,835,381 | ||||||
Maxis Bhd(b) | 20,379,500 | 26,254,018 | ||||||
MISC Bhd | 10,661,100 | 19,197,568 | ||||||
My EG Services Bhd(b) | 19,607,800 | 5,210,139 | ||||||
Nestle Malaysia Bhd | 578,600 | 19,629,846 | ||||||
Padini Holdings Bhd(b) | 3,657,800 | 2,620,772 | ||||||
Pavilion REIT | 12,603,400 | 5,382,235 | ||||||
Petronas Chemicals Group Bhd | 20,979,000 | 26,877,011 | ||||||
Petronas Dagangan Bhd | 1,982,300 | 10,741,573 | ||||||
Petronas Gas Bhd | 5,859,100 | 23,102,786 | ||||||
Pos Malaysia Bhd(b) | 4,993,500 | 1,350,555 | ||||||
PPB Group Bhd | 5,492,820 | 23,587,199 | ||||||
Press Metal Aluminium Holdings Bhd | 12,822,600 | 14,176,350 | ||||||
Public Bank Bhd | 26,793,260 | 108,698,635 | ||||||
QL Resources Bhd | 6,679,995 | 12,932,090 | ||||||
RHB Bank Bhd | 13,096,666 | 17,244,720 | ||||||
RHB Capital Bhd(a)(d) | 1,769,000 | 4 | ||||||
Sapura Energy Bhd(b) | 77,402,400 | 3,397,258 | ||||||
Scientex Bhd | 2,150,500 | 4,591,815 | ||||||
Serba Dinamik Holdings Bhd | 14,752,320 | 7,699,906 | ||||||
Sime Darby Bhd | 23,941,000 | 11,359,905 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Sime Darby Plantation Bhd | 18,317,400 | $ | 21,554,995 | |||||
Sime Darby Property Bhd | 25,741,000 | 4,732,924 | ||||||
SKP Resources Bhd(b) | 8,398,500 | 2,650,060 | ||||||
SP Setia Bhd Group | 14,904,900 | 4,490,919 | ||||||
Sunway Bhd | 19,631,386 | 8,243,785 | ||||||
Sunway Construction Group Bhd(b) | 6,721,770 | 2,982,138 | ||||||
Sunway REIT(b) | 18,867,700 | 8,505,013 | ||||||
Supermax Corp. Bhd | 8,514,812 | 3,211,993 | ||||||
Telekom Malaysia Bhd | 10,031,000 | 8,805,386 | ||||||
Tenaga Nasional Bhd | 26,853,300 | 77,087,765 | ||||||
TIME dotCom Bhd | 4,890,400 | 10,825,014 | ||||||
Top Glove Corp. Bhd | 13,289,500 | 17,782,391 | ||||||
UEM Sunrise Bhd(a)(b) | 16,273,800 | 2,277,946 | ||||||
UMW Holdings Bhd(b) | 2,782,800 | 2,086,275 | ||||||
ViTrox Corp. Bhd | 1,762,800 | 3,513,053 | ||||||
VS Industry Bhd | 14,562,375 | 4,422,263 | ||||||
WCT Holdings Bhd(a) | 10,452,954 | 1,611,962 | ||||||
Westports Holdings Bhd | 7,900,000 | 6,447,450 | ||||||
Yinson Holdings Bhd(b) | 5,124,800 | 8,693,314 | ||||||
YTL Corp. Bhd | 27,407,166 | 5,494,438 | ||||||
1,071,127,961 | ||||||||
Mexico — 2.3% | ||||||||
Alfa SAB de CV, Class A | 26,171,647 | 16,617,968 | ||||||
Alsea SAB de CV(a) | 4,837,295 | 9,754,493 | ||||||
America Movil SAB de CV, Series L, NVS | 293,424,572 | 230,038,106 | ||||||
Arca Continental SAB de CV | 3,591,138 | 19,589,675 | ||||||
Banco del Bajio SA(c) | 6,433,397 | 9,976,778 | ||||||
Bolsa Mexicana de Valores SAB de CV(b) | 4,016,378 | 8,435,885 | ||||||
Cemex SAB de CV, CPO, NVS | 132,345,783 | 42,384,879 | ||||||
Coca-Cola Femsa SAB de CV(b) | 4,466,400 | 24,587,592 | ||||||
Concentradora Hipotecaria SAPI de CV(b) | 2,751,181 | 2,555,715 | ||||||
Consorcio ARA SAB de CV | 12,307,234 | 2,219,424 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a) | 6,802,859 | 6,893,408 | ||||||
Corp Inmobiliaria Vesta SAB de CV | 5,344,800 | 8,431,698 | ||||||
Credito Real SAB de CV SOFOM ER | 1,638,000 | 1,736,753 | ||||||
El Puerto de Liverpool SAB de CV, | ||||||||
Series C1, NVS(b) | 1,603,105 | 7,434,702 | ||||||
Fibra Uno Administracion SA de CV | 28,049,800 | 41,926,279 | ||||||
Fomento Economico Mexicano SAB de CV | 16,699,345 | 134,301,655 | ||||||
Genomma Lab Internacional SAB de CV, Class B(a)(b) | 6,475,924 | 6,516,324 | ||||||
Gentera SAB de CV | 8,814,692 | 8,411,059 | ||||||
Gruma SAB de CV, Series B | 1,775,070 | 16,952,226 | ||||||
Grupo Aeromexico SAB de CV(a) | 4,211,982 | 2,523,381 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 3,003,900 | 19,615,293 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 3,183,400 | 34,357,853 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,854,835 | 30,440,600 | ||||||
Grupo Bimbo SAB de CV, Series A | 14,135,102 | 21,199,261 | ||||||
Grupo Carso SAB de CV, Series A1 | 4,204,136 | 11,474,224 | ||||||
Grupo Cementos de Chihuahua SAB de CV(b) | 1,488,357 | 7,366,414 | ||||||
Grupo Comercial Chedraui SA de CV | 3,801,059 | 4,863,528 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 22,706,778 | 122,317,117 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 20,296,542 | 21,653,473 | ||||||
Grupo Herdez SAB de CV(b) | 2,785,600 | 4,989,638 | ||||||
Grupo Mexico SAB de CV, Series B | 30,830,720 | 72,293,689 | ||||||
Grupo Televisa SAB, CPO | 21,179,156 | 39,402,335 | ||||||
Hoteles City Express SAB de CV(a)(b) | 3,756,044 | 2,305,253 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Industrias Penoles SAB de CV | 1,246,425 | $ | 11,171,957 | |||||
Infraestructura Energetica Nova SAB de CV | 4,719,471 | 20,411,745 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 13,159,075 | 24,774,012 | ||||||
La Comer SAB de CV(a)(b) | 5,502,896 | 6,487,894 | ||||||
Macquarie Mexico Real Estate Management SA de CV(c) | 7,683,000 | 10,137,143 | ||||||
Megacable Holdings SAB de CV, CPO | 2,555,477 | 8,506,854 | ||||||
Orbia Advance Corp. SAB de CV | 9,335,183 | 18,150,238 | ||||||
PLA Administradora Industrial S. de RL de CV | 7,299,649 | 10,929,285 | ||||||
Prologis Property Mexico SA de CV | 2,650,345 | 5,566,709 | ||||||
Promotora y Operadora de Infraestructura SAB de CV(b) | 2,024,215 | 19,645,515 | ||||||
Qualitas Controladora SAB de CV | 2,336,378 | 9,945,524 | ||||||
Regional SAB de CV | 2,130,847 | 11,778,778 | ||||||
Telesites SAB de CV(a)(b) | 14,342,495 | 10,744,283 | ||||||
Unifin Financiera SAB de CV(b) | 585,694 | 924,850 | ||||||
Wal-Mart de Mexico SAB de CV | 45,453,396 | 126,740,962 | ||||||
1,289,482,427 | ||||||||
Pakistan — 0.1% | ||||||||
Engro Corp. Ltd./Pakistan | 3,324,759 | 6,677,483 | ||||||
Engro Fertilizers Ltd. | 6,132,847 | 2,510,200 | ||||||
Fauji Fertilizer Co. Ltd. | 5,842,140 | 3,914,542 | ||||||
Habib Bank Ltd. | 5,029,216 | 5,101,943 | ||||||
Hub Power Co. Ltd. (The)(a) | 7,195,979 | 4,205,705 | ||||||
Lucky Cement Ltd. | 1,176,129 | 3,721,866 | ||||||
MCB Bank Ltd. | 3,793,700 | 4,809,534 | ||||||
National Bank of Pakistan(a) | 5,096,314 | 1,295,553 | ||||||
Nishat Mills Ltd. | 2,093,800 | 1,383,042 | ||||||
Oil & Gas Development Co. Ltd. | 5,666,800 | 4,312,568 | ||||||
Pakistan Oilfields Ltd. | 1,354,570 | 3,235,613 | ||||||
Pakistan State Oil Co. Ltd. | 2,404,885 | 2,565,387 | ||||||
Searle Co. Ltd. (The) | 1,044,775 | 1,182,711 | ||||||
United Bank Ltd./Pakistan | 4,460,200 | 4,791,349 | ||||||
49,707,496 | ||||||||
Peru — 0.3% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 1,822,375 | 20,319,481 | ||||||
Credicorp Ltd. | 586,738 | 106,357,997 | ||||||
Southern Copper Corp. | 746,330 | 25,114,005 | ||||||
151,791,483 | ||||||||
Philippines — 0.9% | ||||||||
Aboitiz Equity Ventures Inc. | 17,920,630 | 14,993,916 | ||||||
Aboitiz Power Corp. | 11,808,200 | 6,370,289 | ||||||
Alliance Global Group Inc.(a) | 34,139,800 | 6,724,151 | ||||||
Altus San Nicolas Corp. | 409,331 | 41,707 | ||||||
Ayala Corp. | 2,346,895 | 30,501,578 | ||||||
Ayala Land Inc. | 66,139,240 | 50,601,871 | ||||||
Bank of the Philippine Islands | 7,623,523 | 11,081,963 | ||||||
BDO Unibank Inc. | 17,199,976 | 46,901,357 | ||||||
Bloomberry Resorts Corp. | 36,185,800 | 5,785,469 | ||||||
Cebu Air Inc. | 2,826,890 | 4,078,818 | ||||||
Cosco Capital Inc. | 30,898,600 | 3,782,389 | ||||||
D&L Industries Inc. | 32,557,300 | 4,611,353 | ||||||
DoubleDragon Properties Corp.(a) | 6,725,700 | 2,242,999 | ||||||
Filinvest Land Inc. | 111,503,000 | 2,690,509 | ||||||
First Gen Corp. | 12,824,700 | 4,614,125 | ||||||
Globe Telecom Inc. | 297,990 | 10,399,690 | ||||||
GT Capital Holdings Inc. | 842,370 | 11,749,388 | ||||||
International Container Terminal Services Inc. | 8,916,780 | 18,542,004 | ||||||
JG Summit Holdings Inc. | 25,991,733 | 34,417,694 |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Jollibee Foods Corp. | 3,810,860 | $ | 12,709,097 | |||||
MacroAsia Corp. | 4,775,900 | 787,005 | ||||||
Manila Electric Co. | 1,754,900 | 9,288,318 | ||||||
Manila Water Co. Inc. | 12,521,200 | 2,888,657 | ||||||
Megawide Construction Corp. | 6,349,700 | 1,576,993 | ||||||
Megaworld Corp | 94,185,200 | 6,282,093 | ||||||
Metro Pacific Investments Corp | 125,722,800 | 7,571,731 | ||||||
Metropolitan Bank & Trust Co.. | 15,150,153 | 16,658,481 | ||||||
Petron Corp. | 16,635,500 | 1,096,523 | ||||||
Pilipinas Shell Petroleum Corp. | 2,001,100 | 1,022,632 | ||||||
PLDT Inc. | 767,430 | 14,904,477 | ||||||
Robinsons Land Corp | 20,176,413 | 8,430,752 | ||||||
Security Bank Corp. | 2,142,780 | 6,490,343 | ||||||
Semirara Mining & Power Corp. | 8,408,200 | 3,199,982 | ||||||
SM Investments Corp. | 2,069,577 | 39,564,547 | ||||||
SM Prime Holdings Inc. | 87,977,096 | 66,101,477 | ||||||
Universal Robina Corp | 7,689,360 | 21,314,499 | ||||||
Vista Land & Lifescapes Inc. | 46,244,400 | 5,697,201 | ||||||
Wilcon Depot Inc. | 12,089,400 | 4,292,656 | ||||||
500,008,734 | ||||||||
Poland — 0.8% | ||||||||
Alior Bank SA(a) | 889,254 | 4,736,433 | ||||||
Asseco Poland SA | 520,512 | 8,013,564 | ||||||
Bank Millennium SA(a) | 5,560,238 | 6,805,922 | ||||||
Bank Polska Kasa Opieki SA | 1,440,093 | 32,157,097 | ||||||
Budimex SA | 120,934 | 5,343,217 | ||||||
CCC SA(b) | 263,847 | 4,814,922 | ||||||
CD Projekt SA. | 643,420 | 45,449,177 | ||||||
Ciech SA(a)(b) | 303,972 | 2,698,410 | ||||||
Cyfrowy Polsat SA | 2,196,227 | 14,037,315 | ||||||
Dino Polska SA(a)(c) | 470,201 | 16,910,874 | ||||||
Enea SA(a)(b) | 2,143,482 | 3,044,487 | ||||||
Energa SA(a) | 2,083,308 | 3,709,342 | ||||||
Eurocash SA(b) | 789,040 | 3,626,298 | ||||||
Famur SA | 1,397,208 | 917,840 | ||||||
Grupa Azoty SA(a)(b) | 452,559 | 2,334,707 | ||||||
Grupa Lotos SA | 815,016 | 12,291,286 | ||||||
Jastrzebska Spolka Weglowa SA(b) | 668,464 | 2,293,940 | ||||||
KGHM Polska Miedz SA(a) | 1,248,023 | 22,328,745 | ||||||
KRUK SA(b) | 142,508 | 4,987,979 | ||||||
LPP SA | 11,243 | 19,676,034 | ||||||
Lubelski Wegiel Bogdanka SA(b) | 180,688 | 754,337 | ||||||
mBank SA(a) | 131,277 | 9,922,273 | ||||||
Orange Polska SA(a) | 5,821,915 | 9,110,816 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 7,515,933 | 8,521,120 | ||||||
PLAY Communications SA(c) | 1,020,848 | 7,917,806 | ||||||
Polski Koncern Naftowy ORLEN SA | 2,613,596 | 38,872,161 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA. | 15,689,255 | 12,606,478 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 7,570,953 | 60,084,490 | ||||||
Powszechny Zaklad Ubezpieczen SA | 5,185,515 | 45,703,869 | ||||||
Santander Bank Polska SA | 309,690 | 19,699,762 | ||||||
Tauron Polska Energia SA(a)(b) | 10,727,808 | 2,993,022 | ||||||
Warsaw Stock Exchange | 328,335 | 3,164,514 | ||||||
435,528,237 | ||||||||
Qatar — 0.9% | ||||||||
Al Meera Consumer Goods Co. QSC | 1,050,565 | 4,442,681 | ||||||
Barwa Real Estate Co. | 15,153,710 | 12,816,550 | ||||||
Commercial Bank PSQC (The) | 18,043,133 | 22,275,169 | ||||||
Doha Bank QPSC | 13,434,516 | 8,503,554 |
20 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Qatar (continued) | ||||||||
Gulf International Services QSC(a) | 9,270,384 | $ | 3,262,706 | |||||
Industries Qatar QSC | 15,914,330 | 39,033,592 | ||||||
Masraf Al Rayan QSC | 32,731,219 | 36,345,200 | ||||||
Medicare Group | 1,333,966 | 2,401,306 | ||||||
Mesaieed Petrochemical Holding Co. | 39,425,301 | 19,038,764 | ||||||
Ooredoo QPSC | 7,239,235 | 12,490,362 | ||||||
Qatar Aluminum Manufacturing Co. | 27,226,649 | 4,553,498 | ||||||
Qatar Electricity & Water Co. QSC | 4,764,688 | 19,564,171 | ||||||
Qatar Fuel QSC | 4,218,000 | 22,210,297 | ||||||
Qatar Gas Transport Co. Ltd. | 23,540,711 | 14,065,467 | ||||||
Qatar Insurance Co. SAQ | 14,972,294 | 11,029,164 | ||||||
Qatar International Islamic Bank QSC | 6,089,816 | 14,122,565 | ||||||
Qatar Islamic Bank SAQ | 10,432,821 | 44,403,461 | ||||||
Qatar National Bank QPSC | 39,392,678 | 202,482,212 | ||||||
Qatar National Cement Co. QSC | 2,092,529 | 2,377,809 | ||||||
Qatar Navigation QSC | 2,817,134 | 4,311,822 | ||||||
United Development Co. QSC | 17,687,944 | 5,834,372 | ||||||
Vodafone Qatar QSC | 18,004,097 | 5,074,136 | ||||||
510,638,858 | ||||||||
Russia — 3.3% | ||||||||
Aeroflot PJSC | 5,401,857 | 7,470,961 | ||||||
Alrosa PJSC | 21,836,140 | 23,197,649 | ||||||
Credit Bank of Moscow PJSC | 58,195,531 | 4,892,928 | ||||||
Detsky Mir PJSC(c) | 2,789,921 | 4,641,565 | ||||||
Gazprom PJSC | 84,840,000 | 255,845,625 | ||||||
Gazprom PJSC, ADR | 4,419,691 | 26,650,737 | ||||||
Inter RAO UES PJSC | 326,265,681 | 25,266,170 | ||||||
LSR Group PJSC, GDR(f) | 2,443,492 | 5,583,379 | ||||||
LUKOIL PJSC | 3,678,569 | 311,994,107 | ||||||
M.Video PJSC | 1,261,962 | 9,091,009 | ||||||
Magnit PJSC, GDR(f) | 3,135,458 | 34,145,138 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 22,691,295 | 13,501,658 | ||||||
Mechel PJSC, ADR(a) | 1,059,117 | 2,478,334 | ||||||
MMC Norilsk Nickel PJSC | 570,315 | 171,858,315 | ||||||
Mobile TeleSystems PJSC, ADR | 4,384,195 | 42,526,691 | ||||||
Moscow Exchange MICEX-RTS PJSC | 11,135,951 | 16,418,899 | ||||||
Novatek PJSC, GDR(f) | 801,759 | 114,892,065 | ||||||
Novolipetsk Steel PJSC | 10,583,208 | 19,676,577 | ||||||
PhosAgro PJSC, GDR(f) | 1,023,247 | 11,265,949 | ||||||
Polymetal International PLC | 1,506,637 | 22,982,940 | ||||||
Polyus PJSC | 241,528 | 30,421,027 | ||||||
Rosneft Oil Co. PJSC | 1,867,320 | 11,209,478 | ||||||
Rosneft Oil Co. PJSC, GDR(f) | 8,470,420 | 51,246,041 | ||||||
Rostelecom PJSC(a) | 5,447,951 | 7,027,208 | ||||||
Safmar Financial Investment | 522,326 | 3,957,863 | ||||||
Sberbank of Russia PJSC | 94,898,980 | 329,548,006 | ||||||
Severstal PJSC | 1,891,901 | 22,933,669 | ||||||
Sistema PJSFC, GDR(f) | 1,413,455 | 6,414,259 | ||||||
Surgutneftegas PJSC | 63,718,232 | 36,443,605 | ||||||
Tatneft PJSC | 13,437,977 | 134,299,782 | ||||||
Unipro PJSC | 118,466,082 | 5,267,510 | ||||||
VTB Bank PJSC | 5,234,790,000 | 3,375,349 | ||||||
VTB Bank PJSC, GDR(f) | 11,664,688 | 14,825,818 | ||||||
X5 Retail Group NV, GDR(f) | 1,089,129 | 33,557,167 | ||||||
1,814,907,478 | ||||||||
Saudi Arabia — 2.6% | ||||||||
Abdullah Al Othaim Markets Co. | 405,877 | 8,947,362 | ||||||
Advanced Petrochemical Co. | 1,001,629 | 11,974,693 | ||||||
Al Hammadi Co. for Development and Investment(a) | 706,252 | 4,488,084 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Al Rajhi Bank | 10,660,444 | $ | 175,898,036 | |||||
Aldrees Petroleum and Transport Services Co. | 286,391 | 4,572,790 | ||||||
Alinma Bank | 6,612,043 | 40,995,900 | ||||||
Almarai Co. JSC | 2,297,421 | 28,047,949 | ||||||
Arab National Bank | 5,077,004 | 34,239,158 | ||||||
Arabian Cement Co./Saudi Arabia | 490,775 | 4,408,668 | ||||||
Arriyadh Development Co. | 1,097,834 | 4,781,716 | ||||||
Bank AlBilad | 3,277,962 | 20,935,618 | ||||||
Bank Al-Jazira | 3,714,473 | 13,782,611 | ||||||
Banque Saudi Fransi | 4,839,814 | 43,927,940 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 257,036 | 6,646,006 | ||||||
City Cement Co. | 1,044,426 | 4,743,974 | ||||||
Co for Cooperative Insurance (The)(a) | 560,432 | 10,277,948 | ||||||
Dallah Healthcare Co. | 305,212 | 4,173,631 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 4,761,601 | 11,892,897 | ||||||
Eastern Province Cement Co. | 459,227 | 4,247,681 | ||||||
Emaar Economic City(a) | 3,703,248 | 9,140,897 | ||||||
Etihad Etisalat Co.(a) | 3,474,804 | 21,248,035 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 745,982 | 5,617,484 | ||||||
Herfy Food Services Co. | 231,480 | 2,912,397 | ||||||
Jarir Marketing Co. | 519,377 | 21,015,975 | ||||||
Leejam Sports Co. JSC | 202,719 | 4,014,933 | ||||||
Mobile Telecommunications Co.(a) | 2,675,038 | 7,216,149 | ||||||
Mouwasat Medical Services Co. | 447,925 | 10,375,765 | ||||||
National Agriculture Development Co. (The)(a) | 507,090 | 3,487,384 | ||||||
National Commercial Bank | 10,568,939 | 124,804,478 | ||||||
National Industrialization Co.(a) | 3,211,646 | 10,084,817 | ||||||
National Medical Care Co. | 214,836 | 2,714,441 | ||||||
Qassim Cement Co. (The) | 443,106 | 8,031,776 | ||||||
Rabigh Refining & Petrochemical Co.(a) | 2,104,565 | 8,807,589 | ||||||
Riyad Bank | 10,570,854 | 61,765,459 | ||||||
Sahara International Petrochemical Co.. | 3,331,994 | 13,855,553 | ||||||
Samba Financial Group | 8,725,190 | 62,447,381 | ||||||
Saudi Airlines Catering Co. | 388,472 | 9,443,862 | ||||||
Saudi Arabian Fertilizer Co. | 1,505,956 | 26,975,941 | ||||||
Saudi Arabian Mining Co.(a) | 3,788,236 | 38,473,089 | ||||||
Saudi Arabian Oil Co.(a)(c) | 9,498,557 | 84,440,058 | ||||||
Saudi Basic Industries Corp | 6,596,186 | 138,376,606 | ||||||
Saudi British Bank (The) | 6,275,569 | 47,173,410 | ||||||
Saudi Cement Co. | 682,183 | 11,092,406 | ||||||
Saudi Electricity Co. | 7,425,157 | 33,251,403 | ||||||
Saudi Industrial Investment Group | 2,110,003 | 11,856,288 | ||||||
Saudi Kayan Petrochemical Co.(a) | 6,946,339 | 16,405,321 | ||||||
Saudi Pharmaceutical Industries & Medical | ||||||||
Appliances Corp. | 639,480 | 4,772,875 | ||||||
Saudi Research & Marketing Group(a) | 345,540 | 6,419,869 | ||||||
Saudi Telecom Co. | 3,522,228 | 77,551,921 | ||||||
Saudia Dairy & Foodstuff Co. | 152,246 | 5,608,529 | ||||||
Savola Group (The)(a) | 2,384,602 | 21,262,145 | ||||||
Seera Group Holding | 1,579,618 | 8,337,048 | ||||||
Southern Province Cement Co. | 576,995 | 9,182,088 | ||||||
United Electronics Co. | 224,317 | 4,693,825 | ||||||
United International Transportation Co. | 366,013 | 3,390,364 | ||||||
Yamama Cement Co.(a) | 1,036,648 | 6,609,788 | ||||||
Yanbu Cement Co. | 734,251 | 7,222,141 | ||||||
Yanbu National Petrochemical Co. | 2,081,003 | 27,458,256 | ||||||
1,416,520,408 | ||||||||
South Africa — 4.2% | ||||||||
Absa Group Ltd. | 6,239,190 | 52,470,828 | ||||||
Adcock Ingram Holdings Ltd. | 649,372 | 1,656,504 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Advtech Ltd. | 6,238,171 | $ | 3,671,962 | |||||
AECI Ltd. | 1,150,448 | 7,620,900 | ||||||
African Rainbow Minerals Ltd. | 1,035,146 | 8,981,157 | ||||||
Alexander Forbes Group Holdings Ltd. | 6,046,249 | 1,802,556 | ||||||
Anglo American Platinum Ltd. | 499,199 | 33,234,662 | ||||||
AngloGold Ashanti Ltd. | 3,562,200 | 62,897,517 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 3,431,606 | 21,813,597 | ||||||
Astral Foods Ltd. | 386,806 | 4,615,166 | ||||||
Attacq Ltd. | 6,199,716 | 3,645,385 | ||||||
AVI Ltd. | 2,846,918 | 13,210,756 | ||||||
Barloworld Ltd. | 1,858,521 | 9,575,255 | ||||||
Bid Corp. Ltd. | 2,931,616 | 51,830,427 | ||||||
Bidvest Group Ltd. (The) | 2,457,975 | 28,124,178 | ||||||
Brait SE(a)(b) | 9,103,897 | 3,761,582 | ||||||
Capitec Bank Holdings Ltd. | 400,127 | 33,064,940 | ||||||
Cashbuild Ltd.(b) | 239,056 | 2,461,753 | ||||||
City Lodge Hotels Ltd.(b) | 435,122 | 1,352,539 | ||||||
Clicks Group Ltd. | 2,286,546 | 34,229,513 | ||||||
Coronation Fund Managers Ltd. | 2,085,155 | 5,213,053 | ||||||
Curro Holdings Ltd.(b) | 1,300,290 | 943,096 | ||||||
DataTec Ltd. | 1,736,470 | 3,377,681 | ||||||
Dis-Chem Pharmacies Ltd.(b)(c) | 3,203,875 | 4,403,126 | ||||||
Discovery Ltd. | 3,504,034 | 21,449,860 | ||||||
Emira Property Fund Ltd. | 5,693,913 | 4,260,074 | ||||||
Equites Property Fund Ltd. | 3,873,476 | 4,252,292 | ||||||
Exxaro Resources Ltd. | 2,216,989 | 15,783,795 | ||||||
Famous Brands Ltd. | 901,935 | 3,073,052 | ||||||
FirstRand Ltd. | 28,987,311 | 101,565,686 | ||||||
Fortress REIT Ltd., Series A | 11,033,604 | 11,327,127 | ||||||
Foschini Group Ltd. (The) | 2,028,920 | 16,086,654 | ||||||
Gold Fields Ltd. | 7,349,780 | 43,085,320 | ||||||
Grindrod Ltd. | 5,374,083 | 1,451,855 | ||||||
Growthpoint Properties Ltd. | 25,763,286 | 28,823,306 | ||||||
Harmony Gold Mining Co. Ltd.(a) | 4,167,936 | 14,717,531 | ||||||
Hosken Consolidated Investments Ltd. | 725,888 | 3,358,238 | ||||||
Hudaco Industries Ltd. | 513,773 | 3,122,841 | ||||||
Hyprop Investments Ltd. | 2,437,573 | 6,915,353 | ||||||
Impala Platinum Holdings Ltd.(a) | 7,004,008 | 55,496,907 | ||||||
Imperial Logistics Ltd. | 1,500,133 | 4,336,907 | ||||||
Investec Ltd. | 2,570,171 | 12,885,573 | ||||||
JSE Ltd. | 823,844 | 5,236,907 | ||||||
KAP Industrial Holdings Ltd. | 24,146,622 | 4,481,972 | ||||||
Kumba Iron Ore Ltd. | 573,004 | 10,223,121 | ||||||
Liberty Holdings Ltd. | 1,080,369 | 6,435,583 | ||||||
Life Healthcare Group Holdings Ltd. | 12,126,689 | 17,190,043 | ||||||
Massmart Holdings Ltd.(b) | 1,103,953 | 3,140,317 | ||||||
Momentum Metropolitan Holdings | 7,864,630 | 8,898,733 | ||||||
Motus Holdings Ltd. | 1,481,312 | 6,873,838 | ||||||
Mr. Price Group Ltd. | 2,257,420 | 21,663,713 | ||||||
MTN Group Ltd.(b) | 14,878,783 | 69,705,133 | ||||||
MultiChoice Group Ltd.(a) | 4,087,681 | 23,494,779 | ||||||
Murray & Roberts Holdings Ltd. | 3,711,094 | 2,165,581 | ||||||
Nampak Ltd.(a) | 6,491,888 | 1,361,805 | ||||||
Naspers Ltd., Class N | 3,863,053 | 584,667,540 | ||||||
Nedbank Group Ltd. | 3,193,187 | 35,848,378 | ||||||
NEPI Rockcastle PLC | 3,374,013 | 24,450,147 | ||||||
Netcare Ltd. | 10,666,920 | 12,408,520 | ||||||
Northam Platinum Ltd.(a) | 3,260,736 | 23,050,977 | ||||||
Oceana Group Ltd. | 772,514 | 2,686,108 | ||||||
Old Mutual Ltd. | 42,342,323 | 42,149,876 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Omnia Holdings Ltd.(a)(b) | 1,742,810 | $ | 2,770,726 | |||||
Pepkor Holdings Ltd.(c) | 6,254,206 | 6,106,513 | ||||||
Pick n Pay Stores Ltd. | 3,214,568 | 11,287,718 | ||||||
Pioneer Foods Group Ltd. | 1,079,784 | 7,479,520 | ||||||
PPC Ltd.(a) | 15,867,940 | 1,492,836 | ||||||
PSG Group Ltd. | 1,315,439 | 15,603,148 | ||||||
Rand Merchant Investment Holdings Ltd. | 7,035,417 | 11,122,323 | ||||||
Redefine Properties Ltd. | 47,684,885 | 16,459,265 | ||||||
Reinet Investments SCA | 1,301,340 | 26,667,068 | ||||||
Remgro Ltd. | 4,562,052 | 46,399,156 | ||||||
Resilient REIT Ltd.(b) | 2,568,415 | 9,389,413 | ||||||
Reunert Ltd. | 1,707,817 | 6,018,585 | ||||||
RMB Holdings Ltd. | 6,846,295 | 30,489,872 | ||||||
Royal Bafokeng Platinum Ltd.(a) | 1,109,851 | 3,526,774 | ||||||
SA Corporate Real Estate Ltd. | 21,618,952 | 2,858,432 | ||||||
Sanlam Ltd. | 16,188,322 | 66,866,933 | ||||||
Sappi Ltd.(a) | 5,121,891 | 9,500,479 | ||||||
Sasol Ltd. | 4,977,049 | 58,814,062 | ||||||
Shoprite Holdings Ltd. | 4,127,800 | 29,419,250 | ||||||
Sibanye Stillwater Ltd.(a)(b) | 20,456,782 | 40,922,667 | ||||||
SPAR Group Ltd. (The) | 1,626,201 | 16,953,054 | ||||||
Standard Bank Group Ltd. | 11,192,914 | 105,657,294 | ||||||
Steinhoff International Holdings NV(a)(b) | 36,479,269 | 3,107,283 | ||||||
Sun International Ltd./South Africa(a) | 1,119,597 | 2,241,827 | ||||||
Super Group Ltd./South Africa(a) | 3,481,703 | 4,716,339 | ||||||
Telkom SA SOC Ltd. | 2,888,016 | 4,787,812 | ||||||
Tiger Brands Ltd. | 1,421,392 | 13,680,384 | ||||||
Tongaat Hulett Ltd.(a) | 56,414 | 11,619 | ||||||
Truworths International Ltd. | 3,933,286 | 11,233,674 | ||||||
Tsogo Sun Gaming Ltd. | 4,849,716 | 2,826,933 | ||||||
Tsogo Sun Hotels Ltd.(a) | 4,846,189 | 927,250 | ||||||
Vodacom Group Ltd. | 5,565,094 | 38,796,291 | ||||||
Vukile Property Fund Ltd. | 6,469,290 | 6,028,655 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 523,207 | 3,285,280 | ||||||
Woolworths Holdings Ltd. | 8,680,459 | 19,726,435 | ||||||
Zeder Investments Ltd. | 13,428,694 | 3,619,341 | ||||||
2,292,877,786 | ||||||||
South Korea — 11.0% | ||||||||
ABLBio Inc.(a)(b) | 233,885 | 3,341,214 | ||||||
Advanced Process Systems Corp.(a) | 116,299 | 2,556,759 | ||||||
Aekyung Industrial Co. Ltd.(b) | 85,894 | 1,838,818 | ||||||
AfreecaTV Co. Ltd.(b) | 74,199 | 3,329,638 | ||||||
Ahnlab Inc.(b) | 63,698 | 2,811,209 | ||||||
AK Holdings Inc. | 72,815 | 1,441,911 | ||||||
Amicogen Inc.(a) | 155,693 | 2,801,064 | ||||||
Amorepacific Corp.(a)(b) | 282,073 | 37,392,963 | ||||||
AMOREPACIFIC Group(a) | 257,050 | 13,122,355 | ||||||
Ananti Inc.(a)(b) | 476,406 | 2,687,016 | ||||||
Anterogen Co. Ltd.(a) | 55,405 | 1,478,075 | ||||||
Asia Cement Co. Ltd.(b) | 18,396 | 946,686 | ||||||
Asiana Airlines Inc.(a) | 1,115,748 | 3,734,471 | ||||||
BGF retail Co. Ltd. | 68,909 | 8,595,894 | ||||||
BH Co. Ltd.(a)(b) | 211,626 | 3,092,928 | ||||||
Binex Co. Ltd.(a)(b) | 359,597 | 2,075,566 | ||||||
Binggrae Co. Ltd.(a)(b) | 68,544 | 3,030,723 | ||||||
BNK Financial Group Inc. | 2,333,661 | 11,855,651 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 391,196 | 4,042,412 | ||||||
Cafe24 Corp.(a)(b) | 63,426 | 1,786,059 | ||||||
Caregen Co. Ltd.(a)(d) | 51,993 | 2,540,677 | ||||||
Celltrion Healthcare Co. Ltd.(a)(b) | 465,708 | 24,847,986 |
22 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Celltrion Inc.(a)(b) | 825,728 | $ | 115,581,523 | |||||
Celltrion Pharm Inc.(a)(b) | 159,029 | 5,224,584 | ||||||
Chabiotech Co. Ltd.(a)(b) | 384,769 | 3,928,477 | ||||||
Cheil Worldwide Inc. | 581,686 | 9,267,702 | ||||||
Chong Kun Dang Pharmaceutical Corp.(a) | 63,660 | 4,528,797 | ||||||
CJ CGV Co. Ltd.(a)(b) | 143,278 | 2,784,159 | ||||||
CJ CheilJedang Corp. | 72,532 | 14,572,094 | ||||||
CJ Corp. | 128,413 | 8,511,525 | ||||||
CJ ENM Co. Ltd. | 95,863 | 9,929,655 | ||||||
CJ Freshway Corp.(b) | 69,742 | 1,217,398 | ||||||
CJ Logistics Corp.(a)(b) | 77,904 | 8,563,346 | ||||||
CMG Pharmaceutical Co. Ltd.(a)(b) | 1,042,593 | 3,068,975 | ||||||
Com2uSCorp. | 93,256 | 7,494,266 | ||||||
Cosmax Inc.(b) | 73,936 | 4,571,917 | ||||||
Coway Co. Ltd. | 450,341 | 25,548,370 | ||||||
CrystalGenomics Inc.(a)(b) | 399,812 | 3,571,807 | ||||||
Cuckoo Holdings Co. Ltd.(a) | 17,132 | 1,365,482 | ||||||
Cuckoo Homesys Co. Ltd.(a) | 62,596 | 1,953,387 | ||||||
Dae Hwa Pharmaceutical Co. Ltd.(b) | 167,698 | 1,355,944 | ||||||
Daea TI Co. Ltd.(b) | 574,798 | 1,907,317 | ||||||
Daeduck Electronics Co. | 629,553 | 4,857,070 | ||||||
Daekyo Co. Ltd. | 433,510 | 1,788,296 | ||||||
Daelim Industrial Co. Ltd.(a) | 236,568 | 14,122,009 | ||||||
Daesang Corp.(a) | 201,013 | 3,244,014 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 1,695,923 | 5,655,404 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 352,469 | 6,428,315 | ||||||
Daewoong Co. Ltd. | 226,334 | 1,891,552 | ||||||
Daewoong Pharmaceutical Co. Ltd. | 43,104 | 3,726,571 | ||||||
Daishin Securities Co. Ltd. (a) | 394,124 | 3,050,445 | ||||||
Daou Technology Inc.(b) | 293,019 | 3,860,275 | ||||||
DB HiTek Co. Ltd. | 358,576 | 7,026,850 | ||||||
DB Insurance Co. Ltd. | 429,085 | 15,297,967 | ||||||
Dentium Co. Ltd.(a)(b) | 67,588 | 2,331,772 | ||||||
DGB Financial Group Inc. | 1,491,595 | 6,889,953 | ||||||
DIO Corp.(a) | 100,182 | 2,734,486 | ||||||
Dong-A Socio Holdings Co. Ltd. | 44,162 | 3,112,612 | ||||||
Dong-A ST Co. Ltd. | 52,191 | 3,828,916 | ||||||
DongKook Pharmaceutical Co. Ltd. | 62,680 | 4,314,572 | ||||||
Dongkuk Steel Mill Co. Ltd. (a)(b) | 696,068 | 2,682,255 | ||||||
Dongsuh Cos. Inc. | 324,724 | 4,184,381 | ||||||
Dongsung Pharmaceutical Co. Ltd.(a)(b) | 183,542 | 1,836,176 | ||||||
Dongwon F&B Co. Ltd. | 10,951 | 1,898,053 | ||||||
Dongwon Industries Co. Ltd.(b) | 15,814 | 2,552,115 | ||||||
Doosan Bobcat Inc. | 437,273 | 10,225,239 | ||||||
Doosan Heavy Industries & Construction | ||||||||
Co. Ltd.(a)(b) | 1,270,218 | 5,239,845 | ||||||
Doosan Infracore Co. Ltd.(a)(b) | 1,338,955 | 4,630,392 | ||||||
DoubleUGames Co. Ltd. | 83,376 | 2,821,534 | ||||||
Douzone Bizon Co. Ltd.(b) | 177,618 | 12,577,314 | ||||||
E1 Corp.(b) | 38,928 | 1,304,545 | ||||||
Ecopro Co. Ltd.(b) | 213,176 | 3,993,210 | ||||||
E-MART Inc. | 185,841 | 16,066,945 | ||||||
Enzychem Lifesciences Corp.(a)(b) | 67,648 | 3,174,916 | ||||||
Eo Technics Co Ltd.(a)(b) | 82,318 | 5,991,693 | ||||||
Eugene Corp.(b) | 565,600 | 1,765,026 | ||||||
F&F Co. Ltd.(b) | 56,850 | 4,428,168 | ||||||
Feelux Co. Ltd.(a)(b) | 539,520 | 2,327,777 | ||||||
Fila Holdings Corp.(b) | 448,431 | 14,178,469 | ||||||
Foosung Co. Ltd.(b) | 492,793 | 2,905,227 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
GemVax & Kael Co. Ltd.(a)(b) | 307,718 | $ | 6,967,678 | |||||
Genexine Co. Ltd.(a) | 138,378 | 6,790,719 | ||||||
Grand Korea Leisure Co. Ltd. | 304,738 | 4,215,396 | ||||||
Green Cross Cell Corp. | 64,993 | 1,835,537 | ||||||
Green Cross Corp./South Korea | 58,584 | 5,474,915 | ||||||
Green Cross Holdings Corp. | 248,344 | 3,588,668 | ||||||
Green Cross LabCell Corp.(b) | 65,847 | 1,556,039 | ||||||
GS Engineering & Construction Corp.(b) | 527,208 | 11,394,986 | ||||||
GS Holdings Corp. | 413,130 | 14,031,793 | ||||||
GS Home Shopping Inc. | 32,551 | 3,323,445 | ||||||
GS Retail Co. Ltd. | 228,003 | 6,636,399 | ||||||
G-treeBNT Co. Ltd.(a)(b) | 205,310 | 3,972,651 | ||||||
Halla Holdings Corp. | 83,129 | 2,419,605 | ||||||
Hana Financial Group Inc. | 2,597,654 | 67,160,425 | ||||||
Hana Tour Service Inc.(b) | 101,930 | 3,550,135 | ||||||
Hanall Biopharma Co. Ltd.(a)(b) | 269,682 | 5,207,116 | ||||||
Hancom Inc.(a)(b) | 273,108 | 2,248,728 | ||||||
Handok Inc.(b) | 89,223 | 1,612,552 | ||||||
Handsome Co. Ltd. | 133,498 | 2,693,043 | ||||||
Hanil Cement Co. Ltd./New | 23,999 | 1,434,605 | ||||||
Hanjin Kal Corp.(a)(b) | 404,180 | 22,363,850 | ||||||
Hanjin Transportation Co. Ltd.(a)(b) | 77,272 | 1,965,998 | ||||||
Hankook Shell Oil Co. Ltd.(b) | 10,843 | 2,330,196 | ||||||
Hankook Technology Group Co. Ltd.(b) | 282,580 | 2,850,231 | ||||||
Hankook Tire & Technology Co. Ltd. | 651,443 | 13,677,889 | ||||||
Hanmi Pharm Co. Ltd.(a) | 57,770 | 12,414,961 | ||||||
Hanon Systems | 1,541,951 | 13,394,469 | ||||||
Hansae Co. Ltd.(b) | 165,778 | 1,856,386 | ||||||
Hansol Chemical Co. Ltd. | 86,595 | 6,616,728 | ||||||
Hanssem Co. Ltd.(b) | 99,279 | 5,231,664 | ||||||
Hanwha Aerospace Co. Ltd.(a) | 325,987 | 7,381,344 | ||||||
Hanwha Corp | 363,975 | 6,008,809 | ||||||
Hanwha General Insurance Co. Ltd.(a)(b) | 735,810 | 1,335,909 | ||||||
Hanwha Investment & Securities Co. Ltd.(a) | 1,628,123 | 2,352,701 | ||||||
Hanwha Life Insurance Co. Ltd. | 3,381,489 | 4,594,036 | ||||||
Hanwha Solutions Corp | 922,295 | 13,555,344 | ||||||
Harim Holdings Co. Ltd. | 349,386 | 2,031,013 | ||||||
HDC Holdings Co. Ltd. | 369,772 | 2,773,671 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(b) | 233,072 | 3,463,935 | ||||||
Helixmith Co. Ltd.(a)(b) | 174,240 | 8,909,266 | ||||||
Hite Jinro Co. Ltd.(a) | 300,942 | 6,591,237 | ||||||
HLB Inc.(a)(b) | 296,737 | 23,577,703 | ||||||
HLB Life Science Co. Ltd.(a)(b) | 373,597 | 6,875,169 | ||||||
Hotel Shilla Co. Ltd.(b) | 275,136 | 18,191,372 | ||||||
HS Industries Co. Ltd.(a) | 380,495 | 3,414,900 | ||||||
Huchems Fine Chemical Corp. | 183,089 | 2,773,847 | ||||||
Hugel Inc.(a) | 25,135 | 7,758,840 | ||||||
Huons Co. Ltd. | 65,460 | 2,368,849 | ||||||
Huons Global Co. Ltd. | 73,300 | 1,695,949 | ||||||
Hy-Lok Corp. | 131,419 | 1,536,558 | ||||||
Hyosung Advanced Materials Corp.(a) | 25,098 | 1,702,820 | ||||||
Hyosung Chemical Corp. | 19,606 | 1,678,900 | ||||||
Hyosung Corp.(b) | 86,597 | 4,941,270 | ||||||
Hyosung Heavy Industries Corp.(a)(b) | 60,451 | 983,044 | ||||||
Hyosung TNC Co. Ltd. | 22,828 | 2,772,441 | ||||||
Hyundai Construction Equipment Co. Ltd.(a) | 122,826 | 2,073,226 | ||||||
Hyundai Department Store Co. Ltd. | 123,397 | 7,203,662 | ||||||
Hyundai Electric & Energy System Co. Ltd.(a)(b) | 222,649 | 1,582,100 | ||||||
Hyundai Elevator Co. Ltd.(a) | 149,214 | 6,609,891 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 684,120 | $ | 19,546,286 | |||||
Hyundai Glovis Co. Ltd. | 161,096 | 16,315,198 | ||||||
Hyundai Greenfood Co. Ltd. | 450,019 | 3,205,158 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 85,999 | 19,154,162 | ||||||
Hyundai Home Shopping Network Corp. | 61,642 | 3,766,024 | ||||||
Hyundai Livart Furniture Co. Ltd. | 162,466 | 1,245,417 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 546,550 | 10,170,465 | ||||||
Hyundai Merchant Marine Co. Ltd. (a)(b) | 2,542,273 | 6,813,585 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 219,021 | 6,537,267 | ||||||
Hyundai Mobis Co. Ltd. | 582,705 | 100,755,908 | ||||||
Hyundai Motor Co. | 1,302,984 | 123,378,477 | ||||||
Hyundai Rotem Co. Ltd.(a)(b) | 444,093 | 4,826,700 | ||||||
Hyundai Steel Co. | 713,854 | 14,018,459 | ||||||
Hyundai Wia Corp.(b) | 149,780 | 4,741,903 | ||||||
Il Dong Pharmaceutical Co. Ltd. | 142,924 | 1,600,466 | ||||||
Iljin Materials Co. Ltd.(a)(b) | 199,779 | 7,624,336 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 204,723 | 3,472,453 | ||||||
InBody Co. Ltd.(a) | 118,608 | 1,899,486 | ||||||
Industrial Bank of Korea(a) | 2,121,518 | 16,612,298 | ||||||
Innocean Worldwide Inc.(b) | 83,666 | 4,663,803 | ||||||
Innox Advanced Materials Co. Ltd. (a)(b) | 68,808 | 2,365,364 | ||||||
Inscobee Inc.(a)(b) | 889,127 | 2,024,237 | ||||||
iNtRON Biotechnology Inc.(a)(b) | 256,224 | 2,278,484 | ||||||
IS Dongseo Co. Ltd. | 149,958 | 3,309,077 | ||||||
JB Financial Group Co. Ltd. | 1,078,287 | 4,448,100 | ||||||
Jcontentree Corp.(a) | 61,628 | 1,778,560 | ||||||
Jeil Pharmaceutical Co. Ltd. | 69,050 | 1,580,560 | ||||||
Jejuair Co. Ltd.(a) | 99,738 | 1,650,666 | ||||||
Jusung Engineering Co. Ltd. | 404,994 | 2,014,132 | ||||||
JW Holdings Corp.(b) | 422,763 | 1,743,963 | ||||||
JW Pharmaceutical Corp. | 155,376 | 3,108,799 | ||||||
JYP Entertainment Corp. | 248,151 | 4,321,444 | ||||||
Kakao Corp. | 440,263 | 62,350,956 | ||||||
Kangwon Land Inc.(a) | 1,015,596 | 19,065,944 | ||||||
KB Financial Group Inc. | 3,458,055 | 110,760,263 | ||||||
KCC Corp. | 45,144 | 6,188,947 | ||||||
KCC Glass Corp.(a) | 45,549 | 997,615 | ||||||
KEPCO Engineering & Construction Co. Inc.(a)(b) | 144,037 | 2,140,690 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(a) | 217,192 | 5,946,179 | ||||||
Kginicis Co. Ltd. | 166,310 | 2,725,047 | ||||||
Kia Motors Corp. | 2,298,724 | 68,611,564 | ||||||
KISWIRE Ltd.(a) | 109,969 | 1,539,294 | ||||||
KIWOOM Securities Co. Ltd.(a) | 108,693 | 5,915,691 | ||||||
KMW Co. Ltd.(a)(b) | 231,242 | 9,263,008 | ||||||
Koh Young Technology Inc.(a) | 102,816 | 8,076,284 | ||||||
Kolmar BNH Co. Ltd.(a) | 87,409 | 1,925,229 | ||||||
Kolmar Korea Co. Ltd.(a)(b) | 138,150 | 4,658,084 | ||||||
Kolmar Korea Holdings Co. Ltd.(a) | 140,643 | 2,518,720 | ||||||
Kolon Corp. | 97,012 | 1,130,276 | ||||||
Kolon Industries Inc. | 167,314 | 4,608,195 | ||||||
Komipharm International Co. Ltd.(a)(b) | 378,725 | 6,189,948 | ||||||
Korea Aerospace Industries Ltd.(a) | 655,239 | 13,838,518 | ||||||
Korea Electric Power Corp.(a) | 2,226,787 | 39,053,572 | ||||||
Korea Gas Corp. | 267,019 | 6,178,044 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 359,973 | 18,613,672 | ||||||
Korea Line Corp.(a) | 128,330 | 1,785,737 | ||||||
Korea Petrochemical Ind. Co Ltd. | 35,518 | 2,503,368 | ||||||
Korea REIT Co. Ltd. | 1,863,515 | 2,946,026 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 342,289 | 29,310,874 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Korea Zinc Co. Ltd.(a) | 71,856 | $ | 24,523,929 | |||||
Korean Air Lines Co. Ltd.(a) | 400,098 | 7,346,386 | ||||||
Korean Reinsurance Co. | 916,906 | 6,152,972 | ||||||
KT Skylife Co. Ltd. | 316,301 | 1,916,818 | ||||||
KT&G Corp. | 995,027 | 69,393,814 | ||||||
Kumho Industrial Co. Ltd.(a)(b) | 176,415 | 1,128,649 | ||||||
Kumho Petrochemical Co. Ltd. | 163,750 | 7,995,368 | ||||||
Kumho Tire Co. Inc.(a)(b) | 981,951 | 2,963,236 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 503,088 | 2,356,995 | ||||||
Kyung Dong Navien Co. Ltd.(b) | 65,132 | 1,989,623 | ||||||
L&F Co. Ltd.(b) | 152,321 | 2,721,586 | ||||||
LEENO Industrial Inc. | 98,275 | 6,538,180 | ||||||
LegoChem Biosciences Inc.(a)(b) | 72,452 | 2,678,547 | ||||||
LF Corp. | 176,495 | 1,823,806 | ||||||
LG Chem Ltd. | 399,122 | 120,936,102 | ||||||
LG Corp. | 809,603 | 44,996,462 | ||||||
LG Display Co. Ltd.(a)(b) | 2,019,674 | 22,616,358 | ||||||
LG Electronics Inc. | 918,666 | 45,687,465 | ||||||
LG Hausys Ltd. | 71,438 | 2,688,116 | ||||||
LG Household & Health Care Ltd. | 81,489 | 81,925,129 | ||||||
LG Innotek Co. Ltd. | 123,237 | 13,191,280 | ||||||
LG International Corp.(b) | 328,818 | 3,045,865 | ||||||
LG Uplus Corp. | 1,409,027 | 15,314,250 | ||||||
LIG Nex1 Co. Ltd. | 97,157 | 2,083,936 | ||||||
Lock&Lock Co. Ltd.(a) | 226,030 | 2,279,842 | ||||||
Lotte Chemical Corp.(b) | 148,119 | 22,867,281 | ||||||
Lotte Chilsung Beverage Co. Ltd.(a) | 33,708 | 3,122,396 | ||||||
Lotte Confectionery Co. Ltd.(b) | 20,944 | 2,328,069 | ||||||
Lotte Corp. | 258,417 | 6,181,156 | ||||||
LOTTE Fine Chemical Co. Ltd. | 174,647 | 4,774,212 | ||||||
Lotte Food Co. Ltd.(a) | 5,453 | 1,488,406 | ||||||
LOTTE Himart Co. Ltd. | 101,429 | 1,762,167 | ||||||
Lotte Shopping Co. Ltd. | 100,127 | 7,848,572 | ||||||
Lotte Tour Development Co. Ltd.(a)(b) | 145,743 | 1,254,026 | ||||||
LS Corp. | 172,191 | 5,111,145 | ||||||
LS Industrial Systems Co. Ltd. | 146,799 | 5,270,018 | ||||||
Maeil Dairies Co. Ltd.(a) | 40,565 | 2,688,746 | ||||||
Mando Corp.(b) | 286,494 | 7,029,659 | ||||||
Medipost Co. Ltd.(a)(b) | 162,046 | 3,695,903 | ||||||
Medy-Tox Inc.(b) | 40,823 | 9,865,418 | ||||||
MeereCo. Inc.(b) | 57,182 | 1,205,318 | ||||||
Meritz Financial Group Inc.. | 330,200 | 2,773,191 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 443,461 | 5,367,539 | ||||||
Meritz Securities Co. Ltd.(b) | 2,601,141 | 7,442,540 | ||||||
Mezzion Pharma Co. Ltd.(a)(b) | 58,881 | 6,777,739 | ||||||
Mirae Asset Daewoo Co. Ltd.(a) | 3,299,418 | 17,223,804 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 653,883 | 2,148,204 | ||||||
Modetour Network Inc.(a) | 178,978 | 2,085,252 | ||||||
Muhak Co. Ltd.(a)(b) | 212,563 | 1,078,129 | ||||||
Namhae Chemical Corp.(a)(b) | 263,047 | 1,503,126 | ||||||
Namyang Dairy Products Co. Ltd.(a)(b) | 6,353 | 1,979,918 | ||||||
Naturecell Co. Ltd.(a)(b) | 469,681 | 2,807,644 | ||||||
NAVER Corp. | 1,221,170 | 174,955,603 | ||||||
NCSoft Corp. | 149,571 | 79,927,196 | ||||||
Netmarble Corp.(a)(b)(c) | 223,799 | 16,326,547 | ||||||
Nexen Corp. | 523,380 | 2,154,714 | ||||||
Nexen Tire Corp.(a) | 319,770 | 1,690,345 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,151,740 | 9,464,278 | ||||||
NHN Corp.(a) | 94,187 | 5,405,380 | ||||||
NICE Holdings Co. Ltd.(a) | 214,470 | 3,637,779 |
24 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
NICE Information Service Co. Ltd.(a) | 362,550 | $ | 4,656,879 | |||||
NKMax Co. Ltd.(a) | 339,933 | 2,636,615 | ||||||
Nong Shim Holdings Co. Ltd.(b) | 36,733 | 2,289,574 | ||||||
NongShim Co. Ltd. | 28,383 | 6,169,709 | ||||||
NS Shopping Co. Ltd. | 212,841 | 1,288,087 | ||||||
OCI Co. Ltd.(a)(b) | 173,854 | 7,050,070 | ||||||
Orion Corp. | 210,753 | 16,363,942 | ||||||
Orion Holdings Corp. | 238,557 | 2,799,043 | ||||||
Oscotec Inc.(a)(b) | 193,274 | 3,222,559 | ||||||
Osstem Implant Co. Ltd.(a) | 106,163 | 2,840,920 | ||||||
Ottogi Corp. | 12,187 | 4,987,187 | ||||||
Pan Ocean Co. Ltd.(a) | 2,367,059 | 7,279,510 | ||||||
Paradise Co. Ltd.(b) | 453,585 | 6,124,985 | ||||||
Partron Co. Ltd.(b) | 369,442 | 2,722,524 | ||||||
Pearl Abyss Corp.(a)(b) | 56,363 | 8,223,568 | ||||||
Pharmicell Co. Ltd.(a)(b) | 526,944 | 3,358,210 | ||||||
Poongsan Corp. | 224,503 | 3,770,985 | ||||||
POSCO | 686,706 | 110,540,159 | ||||||
POSCO Chemical Co. Ltd.(b) | 213,113 | 9,633,515 | ||||||
Posco ICT Co. Ltd. | 734,035 | 2,695,592 | ||||||
Posco International Corp. | 479,268 | 5,899,594 | ||||||
RFHIC Corp.(b) | 121,731 | 2,981,883 | ||||||
S&T Motiv Co. Ltd. | 77,712 | 2,511,483 | ||||||
S-1 Corp. | 144,512 | 9,780,886 | ||||||
Sam Chun Dang Pharm Co. Ltd. | 128,837 | 4,190,252 | ||||||
Samchully Co. Ltd.(a) | 33,205 | 2,143,493 | ||||||
Samjin Pharmaceutical Co. Ltd.(b) | 126,081 | 2,356,557 | ||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 145,089 | 55,371,553 | ||||||
Samsung C&T Corp. | 741,368 | 64,400,431 | ||||||
Samsung Card Co. Ltd. | 164,062 | 4,552,400 | ||||||
Samsung Electro-Mechanics Co. Ltd.(b) | 484,620 | 50,277,579 | ||||||
Samsung Electronics Co. Ltd. | 41,661,767 | 1,859,257,119 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,383,996 | 16,067,800 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 267,371 | 43,589,508 | ||||||
Samsung Heavy Industries Co. Ltd.(a)(b) | 3,889,637 | 18,671,539 | ||||||
Samsung Life Insurance Co. Ltd. | 597,283 | 28,769,910 | ||||||
Samsung SDI Co. Ltd. | 482,589 | 117,220,054 | ||||||
Samsung SDS Co. Ltd. | 297,572 | 40,795,173 | ||||||
Samsung Securities Co. Ltd. | 511,973 | 13,953,319 | ||||||
Samwha Capacitor Co. Ltd.(b) | 79,877 | 3,840,936 | ||||||
Samyang Corp.(b) | 64,442 | 2,013,647 | ||||||
Samyang Foods Co. Ltd.(b) | 43,716 | 3,077,578 | ||||||
Samyang Holdings Corp. | 50,482 | 2,042,973 | ||||||
Sangsangin Co. Ltd.(b) | 371,815 | 2,372,636 | ||||||
Seah Besteel Corp. | 154,450 | 1,386,171 | ||||||
Sebang Global Battery Co. Ltd.(b) | 87,664 | 2,291,751 | ||||||
Seegene Inc.(a) | 181,867 | 5,465,744 | ||||||
Seobu T&D(a) | 323,683 | 1,806,975 | ||||||
Seoul Semiconductor Co. Ltd.(a)(b) | 367,913 | 4,528,859 | ||||||
SFA Engineering Corp. | 165,937 | 5,021,148 | ||||||
Shinhan Financial Group Co. Ltd. | 4,090,714 | 108,793,794 | ||||||
Shinsegae Food Co. Ltd.(b) | 27,714 | 1,339,491 | ||||||
Shinsegae Inc. | 65,379 | 12,704,359 | ||||||
Shinsegae International Inc.(b) | 25,634 | 3,873,066 | ||||||
Silicon Works Co. Ltd. | 113,454 | 3,078,064 | ||||||
SillaJen Inc.(a)(b) | 586,255 | 5,358,115 | ||||||
Sindoh Co. Ltd. | 90,865 | 2,248,245 | ||||||
SK Chemicals Co. Ltd.(b) | 84,408 | 3,996,262 | ||||||
SK D&D Co. Ltd.(b) | 67,501 | 1,539,545 | ||||||
SK Discovery Co. Ltd. | 130,685 | 2,324,245 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
SK Gas Ltd. | 41,677 | $ | 2,662,936 | |||||
SK Holdings Co. Ltd. | 304,983 | 48,214,686 | ||||||
SK Hynix Inc.. | 4,754,105 | 344,080,551 | ||||||
SK Innovation Co. Ltd. | 480,664 | 44,722,134 | ||||||
SK Materials Co. Ltd.(b) | 42,455 | 5,173,602 | ||||||
SK Networks Co. Ltd. | 1,396,782 | 4,979,881 | ||||||
SK Telecom Co. Ltd. | 168,286 | 29,444,854 | ||||||
SKC Co. Ltd.(b) | 190,698 | 8,070,710 | ||||||
SKCKOLONPI Inc.(b) | 139,136 | 3,837,839 | ||||||
SL Corp.(a)(b) | 141,014 | 1,741,630 | ||||||
SM Entertainment Co. Ltd.(a)(b) | 175,241 | 4,105,069 | ||||||
S-Oil Corp. | 391,228 | 21,453,919 | ||||||
Songwon Industrial Co. Ltd. | 154,173 | 1,415,421 | ||||||
Soulbrain Co. Ltd. | 93,679 | 6,672,074 | ||||||
SPC Samlip Co. Ltd.(a) | 24,302 | 1,346,665 | ||||||
Ssangyong Motor Co.(a)(b) | 726,627 | 1,100,859 | ||||||
STCUBE(a)(b) | 233,151 | 1,889,013 | ||||||
Sungwoo Hitech Co. Ltd. | 671,524 | 1,680,883 | ||||||
Taekwang Industrial Co. Ltd.(a) | 4,337 | 2,878,240 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 352,060 | 3,739,460 | ||||||
Taihan Fiberoptics Co. Ltd.(a)(b) | 714,104 | 1,643,409 | ||||||
Tego Science Inc.(a) | 66,663 | 944,095 | ||||||
Telcon RF Pharmaceutical Inc.(a) | 712,959 | 2,627,000 | ||||||
Tera Resource Co. Ltd.(a)(d) | 49,111 | 0 | (e) | |||||
Theragen Etex Co. Ltd.(a)(b) | 291,140 | 1,733,176 | ||||||
Tokai Carbon Korea Co. Ltd. | 54,364 | 2,967,751 | ||||||
Tongyang Inc.(a)(b) | 2,303,099 | 2,645,387 | ||||||
Tongyang Life Insurance Co. Ltd. | 601,784 | 1,590,553 | ||||||
Toptec Co. Ltd.(b) | 224,074 | 1,798,865 | ||||||
Value Added Technology Co. Ltd. | 111,463 | 2,349,488 | ||||||
Vieworks Co. Ltd.(b) | 87,148 | 2,159,864 | ||||||
Webzen Inc.(a) | 164,569 | 1,964,801 | ||||||
Wemade Co. Ltd.(b) | 99,182 | 2,466,279 | ||||||
Wonik Holdings Co. Ltd.(a) | 638,565 | 2,276,646 | ||||||
WONIK IPS Co. Ltd.(a)(b) | 277,195 | 7,109,612 | ||||||
Woori Financial Group Inc. | 4,605,714 | 36,443,731 | ||||||
Woori Investment Bank Co. Ltd.(a)(b) | 2,809,562 | 1,304,729 | ||||||
YG Entertainment Inc.(a) | 113,840 | 2,840,142 | ||||||
Youlchon Chemical Co. Ltd.(b) | 119,146 | 1,201,761 | ||||||
Youngone Corp.(b) | 189,194 | 4,907,049 | ||||||
Youngone Holdings Co. Ltd. | 65,927 | 2,187,615 | ||||||
Yuanta Securities Korea Co. Ltd.(a) | 1,098,104 | 2,120,258 | ||||||
Yuhan Corp. | 81,411 | 14,344,960 | ||||||
Yungjin Pharmaceutical Co. Ltd.(a)(b) | 1,027,886 | 4,240,188 | ||||||
Yuyang DNU Co. Ltd.(a)(b) | 557,962 | 797,089 | ||||||
6,108,567,532 | ||||||||
Taiwan — 13.0% | ||||||||
AcBel Polytech Inc. | 6,300,000 | 4,858,237 | ||||||
Accton Technology Corp. | 4,408,000 | 23,801,846 | ||||||
Acer Inc.(b) | 24,997,872 | 13,498,083 | ||||||
A-DATA Technology Co. Ltd.(b) | 2,311,820 | 5,130,676 | ||||||
Advanced Ceramic X Corp. | 423,000 | 4,135,075 | ||||||
Advantech Co. Ltd. | 3,170,165 | 30,833,191 | ||||||
Airtac International Group | 1,096,880 | 17,442,419 | ||||||
AmTRAN Technology Co. Ltd.(a)(b) | 8,025,000 | 2,446,234 | ||||||
Arcadyan Technology Corp.(b) | 1,495,391 | 3,886,698 | ||||||
Ardentec Corp. | 4,490,546 | 3,915,204 | ||||||
ASE Technology Holding Co. Ltd. | 30,477,222 | 71,765,582 | ||||||
Asia Cement Corp.(b) | 19,901,050 | 29,148,816 | ||||||
Asia Optical Co. Inc. | 2,308,000 | 6,379,881 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Asia Pacific Telecom Co. Ltd.(a) | 15,593,173 | $ | 3,800,512 | |||||
ASMedia Technology Inc.(b) | 247,000 | 6,354,563 | ||||||
Asustek Computer Inc. | 6,068,000 | 41,282,320 | ||||||
AU Optronics Corp.(b) | 70,255,000 | 22,042,058 | ||||||
Bank of Kaohsiung Co. Ltd.(b) | 23,788,836 | 7,699,288 | ||||||
BES Engineering Corp.(b) | 16,045,000 | 3,756,966 | ||||||
Bizlink Holding Inc.(b) | 1,012,926 | 6,406,160 | ||||||
Brighton-Best International Taiwan Inc. | 4,728,000 | 4,442,332 | ||||||
Capital Securities Corp. | 22,086,050 | 7,184,649 | ||||||
Career Technology MFG. Co. Ltd. (b) | 3,969,940 | 4,182,403 | ||||||
Casetek Holdings Ltd.(b) | 1,791,485 | 2,455,345 | ||||||
Catcher Technology Co. Ltd. | 5,713,000 | 44,716,095 | ||||||
Cathay Financial Holding Co. Ltd. | 66,568,872 | 88,049,120 | ||||||
Cathay Real Estate Development Co. Ltd.(b) | 6,852,900 | 4,809,331 | ||||||
Center Laboratories Inc.(b) | 2,513,031 | 4,299,113 | ||||||
Century Iron & Steel Industrial Co. Ltd.(b) | 1,123,000 | 2,729,662 | ||||||
Chailease Holding Co. Ltd. | 11,252,637 | 42,736,943 | ||||||
Chang Hwa Commercial Bank Ltd. | 52,064,963 | 39,891,912 | ||||||
Charoen Pokphand Enterprise | 1,732,000 | 3,557,866 | ||||||
Cheng Loong Corp.(b) | 8,330,000 | 6,506,201 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 16,232,650 | 21,202,507 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 3,583,000 | 4,401,909 | ||||||
Chicony Electronics Co. Ltd.(b) | 5,088,787 | 14,033,049 | ||||||
Chilisin Electronics Corp.(b) | 1,959,000 | 6,922,604 | ||||||
China Airlines Ltd. | 21,846,000 | 5,887,262 | ||||||
China Bills Finance Corp.(b) | 14,182,000 | 7,142,638 | ||||||
China Development Financial Holding Corp. | 106,349,000 | 32,172,157 | ||||||
China General Plastics Corp.(b) | 4,623,040 | 2,969,604 | ||||||
China Life Insurance Co. Ltd.(a) | 21,814,707 | 17,398,741 | ||||||
China Man-Made Fiber Corp. | 13,863,514 | 3,328,580 | ||||||
China Metal Products | 3,332,146 | 3,191,342 | ||||||
China Motor Corp. | 2,100,800 | 2,442,186 | ||||||
China Petrochemical Development Corp.(b) | 25,740,245 | 6,885,714 | ||||||
China Steel Chemical Corp.(b) | 1,799,000 | 7,010,750 | ||||||
China Steel Corp. | 98,225,529 | 74,611,112 | ||||||
Chin-Poon Industrial Co. Ltd.(b) | 3,748,000 | 3,707,214 | ||||||
Chipbond Technology Corp. | 4,988,000 | 9,636,817 | ||||||
ChipMOS Technologies Inc.(b) | 5,389,000 | 5,241,370 | ||||||
Chlitina Holding Ltd.(b) | 419,000 | 2,580,739 | ||||||
Chong Hong Construction Co. Ltd. | 1,824,122 | 4,927,861 | ||||||
Chroma ATE Inc.(b) | 3,112,000 | 14,594,164 | ||||||
Chung Hung Steel Corp.(b) | 11,359,000 | 3,398,753 | ||||||
Chunghwa Precision Test Tech Co. Ltd.(b) | 182,000 | 4,868,641 | ||||||
Chunghwa Telecom Co. Ltd. | 31,936,000 | 113,908,354 | ||||||
Cleanaway Co. Ltd.(b) | 830,000 | 4,358,394 | ||||||
Clevo Co.(b) | 4,512,175 | 4,567,386 | ||||||
CMC Magnetics Corp.(a)(b) | 10,871,640 | 2,872,343 | ||||||
Compal Electronics Inc. | 29,478,000 | 17,961,628 | ||||||
Compeq Manufacturing Co. Ltd.(b) | 8,980,000 | 11,566,241 | ||||||
Concraft Holding Co. Ltd.(b) | 638,747 | 2,826,734 | ||||||
Continental Holdings Corp.(b) | 7,372,600 | 3,007,038 | ||||||
Coretronic Corp. | 4,080,200 | 4,972,321 | ||||||
CSBC Corp. Taiwan(a)(b) | 2,476,712 | 1,889,465 | ||||||
CTBC Financial Holding Co. Ltd. | 156,867,599 | 117,600,835 | ||||||
CTCI Corp.(b) | 4,885,000 | 5,969,220 | ||||||
Cub Elecparts Inc.(b) | 506,726 | 3,380,460 | ||||||
Darfon Electronics Corp. | 2,166,000 | 2,700,391 | ||||||
Darwin Precisions Corp.(b) | 4,195,000 | 1,821,835 | ||||||
Delta Electronics Inc.(b) | 16,821,000 | 77,773,411 | ||||||
Depo Auto Parts Ind. Co. Ltd.(b) | 888,000 | 1,542,588 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
E Ink Holdings Inc.(b) | 7,834,000 | $ | 7,994,538 | |||||
E.Sun Financial Holding Co. Ltd. | 94,523,557 | 90,685,425 | ||||||
Eclat Textile Co. Ltd.(b) | 1,615,683 | 19,209,230 | ||||||
Egis Technology Inc.(b) | 588,000 | 4,175,102 | ||||||
Elan Microelectronics Corp. | 2,614,100 | 7,251,916 | ||||||
Elite Material Co. Ltd.(b) | 2,418,000 | 9,582,721 | ||||||
Elite Semiconductor Memory Technology Inc.(b) | 4,011,000 | 4,550,202 | ||||||
eMemory Technology Inc. | 654,000 | 6,825,212 | ||||||
Ennoconn Corp.(b) | 586,384 | 4,231,408 | ||||||
Epistar Corp.(b) | 9,390,000 | 9,055,235 | ||||||
Eternal Materials Co. Ltd. | 10,265,915 | 9,137,086 | ||||||
Eva Airways Corp. | 14,297,326 | 5,689,750 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 18,936,449 | 7,223,236 | ||||||
Everlight Chemical Industrial Corp. | 8,527,781 | 4,182,287 | ||||||
Everlight Electronics Co. Ltd.(b) | 4,014,000 | 4,189,052 | ||||||
Far Eastern Department Stores Ltd.(b) | 9,562,167 | 7,658,071 | ||||||
Far Eastern International Bank | 23,808,042 | 9,278,056 | ||||||
Far Eastern New Century Corp. | 26,706,916 | 24,916,870 | ||||||
Far EasTone Telecommunications Co. Ltd. | 12,524,000 | 27,339,831 | ||||||
Faraday Technology Corp.(b) | 2,454,000 | 3,570,029 | ||||||
Farglory Land Development Co. Ltd.(b) | 2,870,782 | 3,588,537 | ||||||
Feng Hsin Steel Co. Ltd. | 4,660,000 | 8,356,743 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,262,656 | 18,425,475 | ||||||
Firich Enterprises Co. Ltd. | 2,727,041 | 2,809,943 | ||||||
First Financial Holding Co. Ltd. | 88,447,807 | 69,228,786 | ||||||
FLEXium Interconnect Inc.(b) | 2,677,616 | 10,036,804 | ||||||
Formosa Chemicals & Fibre Corp. | 29,893,210 | 81,151,335 | ||||||
Formosa Petrochemical Corp.(b) | 10,258,000 | 29,168,705 | ||||||
Formosa Plastics Corp. | 38,326,800 | 115,184,821 | ||||||
Formosa Taffeta Co. Ltd. | 4,516,000 | 4,996,318 | ||||||
Foxconn Technology Co. Ltd. | 7,765,424 | 15,259,259 | ||||||
Foxsemicon Integrated Technology Inc.(b) | 628,000 | 3,463,597 | ||||||
Fubon Financial Holding Co. Ltd. | 54,761,000 | 80,388,595 | ||||||
Fusheng Precision Co. Ltd.(b) | 786,000 | 5,022,903 | ||||||
General Interface Solution Holding Ltd.(b) | 2,187,000 | 7,092,700 | ||||||
Genius Electronic Optical Co. Ltd. | 657,287 | 10,962,200 | ||||||
Getac Technology Corp. | 4,008,000 | 6,459,499 | ||||||
Giant Manufacturing Co. Ltd. | 2,693,000 | 14,630,311 | ||||||
Gigabyte Technology Co. Ltd.(b) | 4,943,000 | 8,505,104 | ||||||
Ginko International Co. Ltd. | 359,000 | 2,086,692 | ||||||
Global Unichip Corp.(b) | 756,000 | 5,592,695 | ||||||
Globalwafers Co. Ltd.(b) | 1,893,000 | 25,600,935 | ||||||
Goldsun Building Materials Co. Ltd.(b) | 16,866,000 | 7,213,286 | ||||||
Gourmet Master Co. Ltd.(b) | 858,471 | 2,679,222 | ||||||
Grand Pacific Petrochemical(a) | 9,469,000 | 5,159,877 | ||||||
Grape King Bio Ltd.(b) | 1,080,000 | 7,846,893 | ||||||
Great Wall Enterprise Co. Ltd.(b) | 6,756,789 | 8,992,837 | ||||||
Greatek Electronics Inc.(b) | 3,303,000 | 5,148,751 | ||||||
HannStar Display Corp.(b) | 25,501,640 | 5,550,151 | ||||||
Highwealth Construction Corp.(b) | 5,394,230 | 7,989,934 | ||||||
Hiwin Technologies Corp.(b) | 2,039,386 | 20,306,639 | ||||||
Holtek Semiconductor Inc. | 1,826,000 | 3,955,997 | ||||||
Holy Stone Enterprise Co. Ltd.(b) | 1,324,330 | 4,417,422 | ||||||
Hon Hai Precision Industry Co. Ltd. | 108,686,928 | 288,233,304 | ||||||
Hota Industrial Manufacturing Co. Ltd.(b) | 1,880,216 | 7,172,012 | ||||||
Hotai Motor Co. Ltd.(b) | 2,658,000 | 55,039,416 | ||||||
Hsin Kuang Steel Co. Ltd.(b) | 2,843,000 | 2,746,338 | ||||||
HTC Corp.(b) | 6,819,000 | 7,882,065 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 73,795,167 | 52,520,215 | ||||||
Huaku Development Co. Ltd. | 2,667,000 | 7,610,060 |
26 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Hung Sheng Construction Ltd. | 5,443,200 | $ | 3,712,151 | |||||
IBF Financial Holdings Co. Ltd. | 24,480,741 | 9,176,387 | ||||||
IEI Integration Corp. | 1,964,373 | 2,961,529 | ||||||
Innolux Corp.(b) | 72,099,241 | 18,810,879 | ||||||
International CSRC Investment Holdings Co.(b) | 7,201,685 | 6,445,472 | ||||||
International Games System Co. Ltd.(b) | 590,000 | 11,885,929 | ||||||
Inventec Corp. | 19,951,000 | 15,121,632 | ||||||
ITEQ Corp.(b) | 1,737,000 | 8,231,956 | ||||||
Jih Sun Financial Holdings Co. Ltd. | 12,712,646 | 4,190,036 | ||||||
Kenda Rubber Industrial Co. Ltd. | 5,290,889 | 4,918,791 | ||||||
Kindom Development Co. Ltd.(b) | 3,389,000 | 2,932,406 | ||||||
King Slide Works Co. Ltd. | 560,000 | 6,445,285 | ||||||
King Yuan Electronics Co. Ltd.(b) | 9,272,000 | 10,028,501 | ||||||
King’s Town Bank Co. Ltd.(b) | 8,303,000 | 10,077,288 | ||||||
Kinpo Electronics(b) | 14,526,000 | 6,380,416 | ||||||
Kinsus Interconnect Technology Corp.(b) | 2,715,000 | 4,626,695 | ||||||
LandMark Optoelectronics Corp.(b) | 685,900 | 6,025,509 | ||||||
Largan Precision Co. Ltd.(b) | 886,000 | 129,624,994 | ||||||
Lealea Enterprise Co. Ltd.(b) | 9,808,173 | 2,856,985 | ||||||
Lien Hwa Industrial Holdings Corp.(b) | 7,229,392 | 9,072,703 | ||||||
Lite-On Technology Corp. | 18,150,238 | 26,284,712 | ||||||
Longchen Paper & Packaging Co. Ltd.(b) | 6,629,646 | 3,984,860 | ||||||
Lotes Co. Ltd.(b) | 682,722 | 6,674,011 | ||||||
Lotus Pharmaceutical Co. Ltd.(a)(b) | 905,000 | 2,600,274 | ||||||
Machvision Inc.(b) | 333,000 | 4,003,104 | ||||||
Macronix International(b) | 15,941,554 | 17,373,843 | ||||||
Makalot Industrial Co. Ltd.(b) | 1,649,568 | 8,089,990 | ||||||
MediaTek Inc. | 13,122,572 | 156,017,303 | ||||||
Mega Financial Holding Co. Ltd. | 99,223,958 | 106,008,852 | ||||||
Mercuries Life Insurance Co. Ltd.(a)(b) | 12,923,000 | 4,972,108 | ||||||
Merida Industry Co. Ltd. | 1,863,850 | 9,110,117 | ||||||
Merry Electronics Co. Ltd.(b) | 1,652,051 | 7,665,687 | ||||||
Micro-Star International Co. Ltd. | 5,772,000 | 17,308,661 | ||||||
Mitac Holdings Corp. | 9,440,226 | 10,615,753 | ||||||
momo.com Inc. | 344,000 | 4,016,050 | ||||||
Nan Kang Rubber Tire Co. Ltd.(b) | 5,663,000 | 8,013,988 | ||||||
Nan Ya Plastics Corp. | 42,887,440 | 96,455,842 | ||||||
Nan Ya Printed Circuit Board Corp.(b) | 2,378,000 | 4,162,354 | ||||||
Nanya Technology Corp. | 10,504,000 | 26,815,476 | ||||||
Nien Made Enterprise Co. Ltd. | 1,411,000 | 11,370,201 | ||||||
Novatek Microelectronics Corp.(b) | 5,110,000 | 32,992,784 | ||||||
OBI Pharma Inc.(a) | 1,344,258 | 5,061,029 | ||||||
On-Bright Electronics Inc. | 403,000 | 2,954,672 | ||||||
Oriental Union Chemical Corp.(b) | 5,684,000 | 3,744,969 | ||||||
Pan Jit International Inc.(b) | 2,705,200 | 2,170,986 | ||||||
Pan-International Industrial Corp. | 6,129,366 | 3,967,555 | ||||||
Parade Technologies Ltd. | 623,000 | 13,744,084 | ||||||
PChome Online Inc.(a)(b) | 837,070 | 2,944,169 | ||||||
Pegatron Corp. | 16,989,000 | 35,179,257 | ||||||
PharmaEngine Inc.(b) | 1,293,793 | 2,614,975 | ||||||
PharmaEssentia Corp.(a) | 1,761,000 | 5,873,974 | ||||||
Pharmally International Holding Co. Ltd.(b) | 576,543 | 3,960,466 | ||||||
Phison Electronics Corp. | 1,283,000 | 14,131,029 | ||||||
Pixart Imaging Inc. | 1,356,000 | 8,351,987 | ||||||
Pou Chen Corp. | 16,653,000 | 18,754,184 | ||||||
Powertech Technology Inc. | 6,249,000 | 21,050,480 | ||||||
Poya International Co. Ltd. | 475,447 | 7,489,827 | ||||||
President Chain Store Corp. | 4,885,000 | 47,834,426 | ||||||
President Securities Corp. | 10,025,135 | 4,568,994 | ||||||
Primax Electronics Ltd.(b) | 3,738,000 | 6,042,871 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Prince Housing & Development Corp. | 10,710,995 | $ | 3,802,678 | |||||
Qisda Corp.(b) | 12,988,000 | 8,042,570 | ||||||
Quanta Computer Inc.(b) | 22,847,000 | 46,781,288 | ||||||
Radiant Opto-Electronics Corp.(b) | 4,106,000 | 13,316,244 | ||||||
Radium Life Tech Co. Ltd.(b) | 7,395,279 | 2,466,762 | ||||||
Realtek Semiconductor Corp. | 4,382,110 | 32,562,452 | ||||||
Ritek Corp.(a) | 13,678,583 | 2,412,313 | ||||||
Roo Hsing Co. Ltd.(a)(b) | 5,301,000 | 1,759,443 | ||||||
Ruentex Development Co. Ltd. | 5,383,391 | 7,298,278 | ||||||
Ruentex Industries Ltd. | 2,838,943 | 6,338,036 | ||||||
Sanyang Motor Co. Ltd. | 5,894,000 | 3,990,390 | ||||||
ScinoPharm Taiwan Ltd. | 2,813,027 | 2,638,418 | ||||||
SDI Corp.(b) | 1,238,000 | 2,416,348 | ||||||
Sercomm Corp.(b) | 2,166,000 | 5,279,176 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 29,213,346 | 48,528,916 | ||||||
Shin Kong Financial Holding Co. Ltd. | 94,161,404 | 28,640,715 | ||||||
Shin Zu Shing Co. Ltd. | 1,769,000 | 8,120,709 | ||||||
Shining Building Business Co. Ltd.(a)(b) | 8,180,184 | 2,442,209 | ||||||
Shinkong Synthetic Fibers Corp. | 15,555,000 | 6,292,995 | ||||||
Sigurd Microelectronics Corp.(b) | 5,322,700 | 5,994,289 | ||||||
Silergy Corp.(b) | 666,000 | 22,325,005 | ||||||
Simplo Technology Co. Ltd.(b) | 1,466,400 | 13,729,566 | ||||||
Sinbon Electronics Co. Ltd.(b) | 2,404,809 | 10,404,068 | ||||||
Sino-American Silicon Products Inc.(b) | 4,449,000 | 15,427,765 | ||||||
SinoPac Financial Holdings Co. Ltd. | 89,239,660 | 38,313,565 | ||||||
Sinyi Realty Inc. | 3,704,704 | 3,535,922 | ||||||
Sitronix Technology Corp.(b) | 1,093,000 | 5,197,972 | ||||||
Soft-World International Corp.(b) | 1,065,000 | 2,803,233 | ||||||
Sporton International Inc. | 637,000 | 4,417,840 | ||||||
St. Shine Optical Co. Ltd. | 462,000 | 6,026,850 | ||||||
Standard Foods Corp. | 4,092,096 | 9,176,285 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 698,000 | 5,751,449 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd.(b) | 2,113,000 | 2,756,436 | ||||||
Supreme Electronics Co. Ltd.(b) | 3,971,000 | 4,085,162 | ||||||
Synnex Technology International Corp. | 10,592,250 | 13,153,077 | ||||||
TA Chen Stainless Pipe(b) | 7,966,596 | 8,129,851 | ||||||
Taichung Commercial Bank Co. Ltd. | 26,668,577 | 10,877,225 | ||||||
TaiDoc Technology Corp. | 461,000 | 2,352,235 | ||||||
Taigen Biopharmaceuticals Holdings Ltd.(a)(b) | 4,612,000 | 3,122,443 | ||||||
TaiMed Biologics Inc.(a) | 1,727,000 | 5,076,141 | ||||||
Tainan Spinning Co. Ltd.(b) | 11,360,894 | 3,752,008 | ||||||
Taishin Financial Holding Co. Ltd. | 73,719,267 | 34,571,693 | ||||||
Taiwan Business Bank | 43,120,691 | 17,089,063 | ||||||
Taiwan Cement Corp.(b) | 42,719,158 | 59,607,471 | ||||||
Taiwan Cogeneration Corp.(b) | 4,484,000 | 5,012,745 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 79,830,672 | 55,233,824 | ||||||
Taiwan Fertilizer Co. Ltd.(b) | 6,203,000 | 9,833,187 | ||||||
Taiwan Glass Industry Corp.(b) | 12,543,053 | 4,204,560 | ||||||
Taiwan High Speed Rail Corp. | 17,459,000 | 19,892,518 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 3,158,674 | 6,165,149 | ||||||
Taiwan Mobile Co. Ltd. | 13,503,000 | 46,824,254 | ||||||
Taiwan Paiho Ltd.(b) | 2,305,000 | 5,305,851 | ||||||
Taiwan Secom Co. Ltd.(b) | 2,455,185 | 7,159,723 | ||||||
Taiwan Semiconductor Co. Ltd.(b) | 2,444,000 | 3,543,374 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 214,900,000 | 2,242,718,671 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 5,332,770 | 6,701,296 | ||||||
Taiwan Styrene Monomer(b) | 5,195,000 | 3,174,012 | ||||||
Taiwan Surface Mounting Technology Corp.(b) | 2,185,000 | 6,732,624 | ||||||
Taiwan TEA Corp.(b) | 9,508,000 | 4,961,324 | ||||||
Taiwan Union Technology Corp.(b) | 2,092,000 | 9,188,923 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Tanvex BioPharma Inc.(a)(b) | 1,208,738 | $ | 1,774,415 | |||||
Tatung Co. Ltd.(a)(b) | 16,662,000 | 11,583,253 | ||||||
TCI Co. Ltd.(b) | 833,446 | 5,972,945 | ||||||
Teco Electric and Machinery Co. Ltd.(b) | 16,719,000 | 14,770,166 | ||||||
Test Research Inc.(b) | 1,765,400 | 2,973,477 | ||||||
Test Rite International Co. Ltd.(b) | 7,532,000 | 5,012,295 | ||||||
Thinking Electronic Industrial Co. Ltd. | 1,032,000 | 2,852,702 | ||||||
Ton Yi Industrial Corp.(b) | 9,505,000 | 3,358,824 | ||||||
Tong Hsing Electronic Industries Ltd.(b) | 1,351,000 | 6,759,573 | ||||||
Tong Yang Industry Co. Ltd.(b) | 3,600,400 | 4,631,370 | ||||||
Topco Scientific Co. Ltd. | 2,015,639 | 6,923,049 | ||||||
TPK Holding Co. Ltd.(a)(b) | 3,067,000 | 4,542,841 | ||||||
Transcend Information Inc. | 2,334,000 | 6,020,093 | ||||||
Tripod Technology Corp. | 3,598,000 | 13,070,890 | ||||||
TSRC Corp.(b) | 7,768,900 | 5,503,489 | ||||||
TTY Biopharm Co. Ltd. | 1,992,124 | 5,144,870 | ||||||
Tung Ho Steel Enterprise Corp.(b) | 9,354,000 | 6,950,742 | ||||||
TXC Corp.(b) | 3,230,000 | 5,061,626 | ||||||
U-Ming Marine Transport Corp. | 4,794,000 | 4,638,921 | ||||||
Unimicron Technology Corp.(b) | 11,557,000 | 15,267,095 | ||||||
Union Bank of Taiwan(a) | 6,078,830 | 2,208,330 | ||||||
Uni-President Enterprises Corp. | 42,695,369 | 103,215,080 | ||||||
Unitech Printed Circuit Board Corp.(b) | 5,409,000 | 4,894,618 | ||||||
United Integrated Services Co. Ltd. | 1,560,400 | 9,456,345 | ||||||
United Microelectronics Corp. | 95,204,000 | 48,105,854 | ||||||
United Renewable Energy Co. Ltd.(a) | 21,512,388 | 4,966,119 | ||||||
UPC Technology Corp.(b) | 10,817,365 | 3,558,215 | ||||||
USI Corp.(b) | 13,414,300 | 5,294,040 | ||||||
Vanguard International Semiconductor Corp.(b) | 7,199,000 | 17,641,170 | ||||||
Via Technologies Inc.(a) | 2,041,000 | 1,937,904 | ||||||
Visual Photonics Epitaxy Co. Ltd.(b) | 1,839,000 | 5,945,874 | ||||||
Voltronic Power Technology Corp. | 514,272 | 11,939,867 | ||||||
Wafer Works Corp.(b) | 4,941,404 | 5,573,043 | ||||||
Wah Lee Industrial Corp. | 2,641,000 | 4,779,696 | ||||||
Walsin Lihwa Corp.(b) | 22,802,000 | 10,505,058 | ||||||
Walsin Technology Corp.(b) | 2,780,597 | 19,560,005 | ||||||
Win Semiconductors Corp. | 2,939,427 | 26,550,415 | ||||||
Winbond Electronics Corp. | 25,647,480 | 13,552,393 | ||||||
Wistron Corp. | 24,823,004 | 22,175,474 | ||||||
Wistron NeWeb Corp.(b) | 2,859,654 | 6,516,492 | ||||||
Wiwynn Corp.(b) | 693,000 | 16,570,023 | ||||||
WPG Holdings Ltd. | 10,680,200 | 13,685,555 | ||||||
WT Microelectronics Co. Ltd.(b) | 5,116,734 | 6,455,167 | ||||||
XinTec Inc.(a)(b) | 1,701,000 | 4,994,102 | ||||||
XPEC Entertainment Inc.(a)(d) | 31,000 | 0 | (e) | |||||
Xxentria Technology Materials Corp.(b) | 1,433,000 | 2,943,662 | ||||||
Yageo Corp.(b) | 2,246,454 | 30,418,142 | ||||||
Yang Ming Marine Transport Corp.(a) | 13,474,677 | 3,083,919 | ||||||
YFY Inc.(b) | 16,000,000 | 7,344,903 | ||||||
Yieh Phui Enterprise Co. Ltd.(b) | 14,945,026 | 4,476,672 | ||||||
Yuanta Financial Holding Co. Ltd. | 91,492,912 | 58,014,958 | ||||||
Yulon Finance Corp.(b) | 1,615,200 | 5,707,703 | ||||||
Yulon Motor Co. Ltd.(b) | 8,156,000 | 5,494,886 | ||||||
YungShin Global Holding Corp. | 3,245,650 | 4,727,065 | ||||||
Zhen Ding Technology Holding Ltd. | 4,619,950 | 17,622,623 | ||||||
7,165,328,817 | ||||||||
Thailand — 2.4% | ||||||||
Advanced Info Service PCL, NVDR(b) | 10,399,700 | 65,914,752 | ||||||
Airports of Thailand PCL, NVDR | 36,901,200 | 69,873,133 | ||||||
Amata Corp. PCL, NVDR(b) | 9,758,200 | 4,484,041 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
AP Thailand PCL, NVDR | 26,614,190 | $ | 5,144,876 | |||||
B Grimm Power PCL, NVDR | 5,715,700 | 8,196,337 | ||||||
Bangchak Corp. PCL, NVDR(b) | 10,572,400 | 8,041,122 | ||||||
Bangkok Airways PCL, NVDR(b) | 10,895,600 | 1,609,048 | ||||||
Bangkok Bank PCL, Foreign | 4,137,900 | 17,243,982 | ||||||
Bangkok Chain Hospital PCL, NVDR | 14,396,450 | 5,976,660 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 82,228,000 | 57,850,154 | ||||||
Bangkok Expressway & Metro PCL, NVDR(b) | 72,472,885 | 21,244,626 | ||||||
Bangkok Land PCL, NVDR(b) | 175,162,900 | 5,717,566 | ||||||
Banpu PCL, NVDR | 39,774,000 | 8,949,308 | ||||||
BCPG PCL, NVDR(b) | 8,400,700 | 3,860,249 | ||||||
Beauty Community PCL, NVDR(b) | 25,196,700 | 1,517,152 | ||||||
BEC World PCL, NVDR(a)(b) | 13,368,300 | 1,855,590 | ||||||
Berli Jucker PCL, NVDR | 10,442,000 | 12,078,371 | ||||||
BTS Group Holdings PCL, NVDR(b) | 67,072,700 | 23,168,830 | ||||||
Bumrungrad Hospital PCL, NVDR | 3,904,100 | 15,898,490 | ||||||
Central Pattana PCL, NVDR | 19,353,200 | 32,505,771 | ||||||
Central Retail Corp. PCL, NVDR(a) | 9,013,817 | 8,998,106 | ||||||
CH Karnchang PCL, NVDR(b) | 11,405,200 | 6,795,049 | ||||||
Charoen Pokphand Foods PCL, NVDR | 33,934,400 | 28,767,080 | ||||||
Chularat Hospital PCL, NVDR | 62,931,600 | 4,985,866 | ||||||
CK Power PCL, NVDR(b) | 30,891,300 | 3,700,495 | ||||||
CP ALL PCL, NVDR | 50,304,300 | 104,817,231 | ||||||
Dynasty Ceramic PCL, NVDR(b) | 44,067,420 | 2,402,027 | ||||||
Eastern Polymer Group PCL, NVDR(b) | 14,735,600 | 1,886,605 | ||||||
Electricity Generating PCL, NVDR | 2,700,700 | 23,365,270 | ||||||
Energy Absolute PCL, NVDR(b) | 14,720,000 | 18,192,996 | ||||||
Esso Thailand PCL, NVDR(b) | 14,563,200 | 2,769,108 | ||||||
GFPT PCL, NVDR(b) | 7,057,300 | 2,393,063 | ||||||
Global Power Synergy PCL, NVDR | 5,662,800 | 11,305,860 | ||||||
Gulf Energy Development PCL, NVDR | 5,057,000 | 26,523,007 | ||||||
Gunkul Engineering PCL, NVDR(b) | 61,228,041 | 4,773,284 | ||||||
Hana Microelectronics PCL, NVDR | 6,268,500 | 6,654,880 | ||||||
Home Product Center PCL, NVDR | 53,350,875 | 21,641,299 | ||||||
Indorama Ventures PCL, NVDR(b) | 14,883,700 | 12,263,546 | ||||||
Intouch Holdings PCL, NVDR | 20,388,500 | 34,890,794 | ||||||
IRPC PCL, NVDR(b) | 103,029,700 | 7,183,183 | ||||||
Italian-Thai Development PCL, NVDR(b) | 59,536,600 | 2,188,638 | ||||||
Jasmine International PCL, NVDR | 40,142,900 | 6,157,238 | ||||||
Kasikornbank PCL(b) | 10,259,000 | 38,851,228 | ||||||
Kasikornbank PCL, NVDR | 5,188,700 | 19,567,590 | ||||||
KCE Electronics PCL, NVDR(b) | 7,400,400 | 5,182,977 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 25,937,186 | 1,742,571 | ||||||
Kiatnakin Bank PCL, NVDR(b) | 3,274,300 | 6,459,362 | ||||||
Krung Thai Bank PCL, NVDR | 27,308,700 | 12,116,045 | ||||||
Land & Houses PCL, NVDR | 69,505,800 | 18,502,574 | ||||||
LPN Development PCL, NVDR(b) | 15,946,900 | 2,122,547 | ||||||
Major Cineplex Group PCL, NVDR(b) | 7,276,500 | 4,358,290 | ||||||
MBK PCL, NVDR | 10,609,100 | 5,984,534 | ||||||
Mega Lifesciences PCL, NVDR(b) | 4,276,700 | 3,388,290 | ||||||
Minor International PCL, NVDR | 24,043,060 | 20,953,388 | ||||||
Muangthai Capital PCL, NVDR(b) | 6,330,200 | 11,534,987 | ||||||
Origin Property PCL, NVDR(b) | 11,851,300 | 1,915,437 | ||||||
Osotspa PCL, NVDR | 3,882,300 | 5,136,619 | ||||||
Plan B Media PCL, NVDR | 26,595,300 | 4,298,401 | ||||||
Precious Shipping PCL, NVDR(a)(b) | 10,344,700 | 1,514,578 | ||||||
Prima Marine PCL, NVDR(b) | 12,890,400 | 1,944,488 | ||||||
PTG Energy PCL, NVDR. | 7,991,200 | 3,570,779 | ||||||
PTT Exploration & Production PCL, NVDR | 12,457,401 | 41,847,077 | ||||||
PTT Global Chemical PCL, NVDR | 20,009,000 | 26,156,592 |
28 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
PTT PCL, NVDR | 98,729,100 | $ | 122,022,973 | |||||
Quality Houses PCL, NVDR(b) | 87,352,217 | 6,256,251 | ||||||
Ratch Group PCL, NVDR | 6,692,400 | 12,513,123 | ||||||
Ratchthani Leasing PCL, NVDR | 12,743,150 | 2,059,581 | ||||||
RS PCL, NVDR(b) | 5,351,400 | 1,780,691 | ||||||
Siam Cement PCL (The), NVDR | 6,690,400 | 65,727,270 | ||||||
Siam Commercial Bank PCL (The), NVDR | 7,141,800 | 19,747,173 | ||||||
Siam Global House PCL, NVDR(b) | 15,436,683 | 6,750,950 | ||||||
Siamgas & Petrochemicals PCL, NVDR(b) | 11,349,900 | 2,841,521 | ||||||
Singha Estate PCL, NVDR | 42,722,800 | 2,870,301 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 9,408,528 | 4,442,626 | ||||||
Sri Trang Agro-Industry PCL, NVDR(b) | 10,387,460 | 3,884,393 | ||||||
Srisawad Corp PCL, NVDR | 8,335,249 | 17,764,078 | ||||||
Supalai PCL, NVDR | 14,757,600 | 7,576,394 | ||||||
Super Energy Corp. PCL, NVDR | 178,414,000 | 2,205,085 | ||||||
Taokaenoi Food & Marketing PCL, Class R, NVDR(b) | 6,700,300 | 1,688,081 | ||||||
Thai Airways International PCL, NVDR(a)(b) | 14,251,900 | 1,761,445 | ||||||
Thai Oil PCL, NVDR(b) | 10,308,500 | 14,129,064 | ||||||
Thai Union Group PCL, NVDR | 28,783,700 | 13,956,286 | ||||||
Thai Vegetable Oil PCL, NVDR | 6,484,500 | 5,651,204 | ||||||
Thanachart Capital PCL, NVDR | 5,021,200 | 8,393,862 | ||||||
Thonburi Healthcare Group PCL, NVDR(b) | 6,201,300 | 4,421,779 | ||||||
Thoresen Thai Agencies PCL, NVDR(b) | 21,534,323 | 1,883,528 | ||||||
TMB Bank PCL, NVDR(b) | 163,847,827 | 5,659,773 | ||||||
Total Access Communication PCL, NVDR(b) | 6,794,000 | 7,858,691 | ||||||
TPI Polene PCL, NVDR(b) | 81,661,600 | 3,234,891 | ||||||
True Corp. PCL, NVDR(b) | 104,450,311 | 10,989,543 | ||||||
TTW PCL, NVDR(b) | 19,039,100 | 8,386,737 | ||||||
U City PCL, NVDR(a)(b) | 36,771,100 | 1,433,321 | ||||||
Unique Engineering & Construction PCL, NVDR(b) | 10,182,100 | 2,032,871 | ||||||
WHA Corp. PCL, NVDR(b) | 81,428,000 | 7,070,598 | ||||||
Workpoint Entertainment PCL, NVDR(b) | 3,073,200 | 847,309 | ||||||
1,328,774,430 | ||||||||
Turkey — 0.6% | ||||||||
Akbank T.A.S.(a) | 25,053,393 | 27,101,002 | ||||||
Aksa Akrilik Kimya Sanayii AS | 2,124,503 | 2,685,694 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,978,018 | 6,944,468 | ||||||
Arcelik AS(a) | 1,831,055 | 5,444,014 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 3,059,991 | 13,465,576 | ||||||
BIM Birlesik Magazalar AS | 3,706,053 | 28,489,624 | ||||||
Coca-Cola Icecek AS | 795,465 | 5,740,764 | ||||||
Dogan Sirketler Grubu Holding AS | 10,617,954 | 2,922,412 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 20,029,539 | 4,455,104 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 13,060,795 | 17,242,318 | ||||||
Ford Otomotiv Sanayi AS | 653,591 | 8,157,795 | ||||||
Haci Omer Sabanci Holding AS | 8,341,392 | 11,359,002 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(b) | 11,529,009 | 4,796,643 | ||||||
KOC Holding AS | 6,430,414 | 17,698,623 | ||||||
Koza Altin Isletmeleri AS(a) | 481,542 | 5,625,086 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b) | 2,121,550 | 3,836,223 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(b)(c) | 365,166 | 3,126,196 | ||||||
MLP Saglik Hizmetleri AS(a)(b)(c) | 882,901 | 2,103,676 | ||||||
Petkim Petrokimya Holding AS(a)(b) | 10,045,535 | 5,851,222 | ||||||
Sasa Polyester Sanayi AS(b) | 1,631,889 | 2,277,085 | ||||||
Soda Sanayii AS(b) | 4,299,114 | 3,983,177 | ||||||
Sok Marketler Ticaret AS(a)(b) | 1,621,093 | 2,204,951 | ||||||
TAV Havalimanlari Holding AS | 1,734,935 | 5,652,402 | ||||||
Tekfen Holding AS | 2,003,102 | 4,759,942 |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Trakya Cam Sanayii AS | 6,082,090 | $ | 3,250,659 | |||||
Tupras Turkiye Petrol Rafinerileri AS(b) | 1,094,450 | 17,740,974 | ||||||
Turk Hava Yollari AO(a)(b) | 4,679,968 | 8,799,396 | ||||||
Turkcell Iletisim Hizmetleri AS | 9,880,211 | 21,881,365 | ||||||
Turkiye Garanti Bankasi AS(a) | 20,122,096 | 30,589,257 | ||||||
Turkiye Halk Bankasi AS(a) | 6,280,212 | 6,009,628 | ||||||
Turkiye Is Bankasi AS, Class C(a) | 13,747,218 | 12,560,966 | ||||||
Ulker Biskuvi Sanayi AS(a) | 1,595,939 | 5,230,200 | ||||||
301,985,444 | ||||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Commercial Bank PJSC. | 24,711,614 | 47,971,306 | ||||||
Air Arabia PJSC(a) | 24,562,985 | 9,362,678 | ||||||
Aldar Properties PJSC | 34,056,235 | 19,657,279 | ||||||
Amanat Holdings PJSC | 12,983,721 | 2,820,934 | ||||||
Arabtec Holding PJSC | 6,705,106 | 1,360,044 | ||||||
Dana Gas PJSC | 33,449,239 | 7,968,658 | ||||||
Deyaar Development PJSC(a) | 30,801,465 | 2,599,704 | ||||||
DP World PLC. | 1,483,941 | 24,114,041 | ||||||
Dubai Investments PJSC. | 20,134,920 | 6,962,168 | ||||||
Dubai Islamic Bank PJSC | 14,838,562 | 21,816,068 | ||||||
DXB Entertainments PJSC(a) | 40,366,869 | 1,956,302 | ||||||
Emaar Malls PJSC. | 22,891,199 | 10,034,259 | ||||||
Emaar Properties PJSC | 31,279,269 | 29,806,813 | ||||||
Emirates Telecommunications Group Co. PJSC | 15,312,524 | 65,871,077 | ||||||
Eshraq Investments PJSC(a) | 25,179,547 | 2,125,203 | ||||||
First Abu Dhabi Bank PJSC | 24,183,760 | 94,288,285 | ||||||
348,714,819 | ||||||||
Total Common Stocks — 96.8% | ||||||||
(Cost: $50,429,029,279) | 53,548,598,320 | |||||||
Preferred Stocks | ||||||||
Brazil — 2.1% | ||||||||
Alpargatas SA, Preference Shares, NVS | 2,065,175 | 14,437,206 | ||||||
Azul SA, Preference Shares, NVS | 2,479,879 | 24,426,944 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 941,463 | 4,169,302 | ||||||
Banco Bradesco SA, Preference Shares, NVS | 35,038,742 | 237,104,561 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS | 1,751,579 | 7,046,459 | ||||||
Bradespar SA, Preference Shares, NVS | 1,913,200 | 14,159,287 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 1,654,500 | 9,861,028 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 2,131,100 | 16,933,923 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 1,349,900 | 21,575,541 | ||||||
Cia. de Saneamento do Parana, Preference Shares, NVS | 1,282,473 | 5,628,310 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 8,006,294 | 24,773,168 | ||||||
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS | 1,658,400 | 11,983,164 | ||||||
Cia. Paranaense de Energia, Preference Shares, NVS | 920,800 | 14,635,570 | ||||||
Gerdau SA, Preference Shares, NVS | 9,595,074 | 36,005,586 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS | 1,028,300 | 5,834,779 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS. | 42,125,082 | 298,782,624 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 38,499,177 | 102,484,704 |
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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Lojas Americanas SA, Preference Shares, NVS | 6,614,327 | $ | 38,997,063 | |||||
Marcopolo SA, Preference Shares, NVS | 6,066,979 | 6,589,207 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 6,696,936 | 11,800,703 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 36,843,208 | 206,932,473 | ||||||
Randon SA Implemetos e Participacoes, Preference Shares, NVS | 2,106,200 | 5,452,643 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 3,858,740 | 45,655,035 | ||||||
Unipar Carbocloro SA, Preference Shares, NVS | 516,894 | 3,070,442 | ||||||
1,168,339,722 | ||||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 3,183,834 | 7,665,296 | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 1,013,985 | 26,521,110 | ||||||
34,186,406 | ||||||||
Colombia — 0.1% | ||||||||
Avianca Holdings SA, Preference Shares, NVS | 4,109,639 | 1,900,111 | ||||||
Bancolombia SA, Preference Shares, NVS | 4,013,253 | 47,610,609 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares, NVS | 34,510,389 | 14,107,476 | ||||||
63,618,196 | ||||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 59,524,677 | 29,027,138 | ||||||
Transneft PJSC, Preference Shares, NVS | 3,409 | 7,703,224 | ||||||
36,730,362 | ||||||||
South Korea — 0.6% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 79,600 | 4,810,737 | ||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 199,419 | 10,886,356 | ||||||
Series 2, Preference Shares, NVS | 318,854 | 19,664,195 | ||||||
LG Chem Ltd., Preference Shares, NVS(b) | 66,443 | 10,230,416 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 18,457 | 11,139,548 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 7,223,499 | 270,918,386 | ||||||
327,649,638 | ||||||||
Total Preferred Stocks — 3.0% | ||||||||
(Cost: $1,507,162,834) | 1,630,524,324 | |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Legend Holdings Corp. Class H, | ||||||||
(Expires 04/16/20)(a) | 221,423 | 0 | (e) |
Security | Shares | Value | ||||||
South Korea — 0.0% | ||||||||
HDC Hyundai Development Co., | ||||||||
(Expires 06/03/20)(a) | 118,693 | $ | 0 | (e) | ||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 0 | (e) | ||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL (Expires 02/16/21)(a)(b) | 6,892,910 | 187,859 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 187,859 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 3.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(g)(h)(i) | 1,658,909,241 | 1,660,070,478 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(g)(h) | 3,018,433 | 3,018,433 | ||||||
1,663,088,911 | ||||||||
Total Short-Term Investments — 3.0% | ||||||||
(Cost: $1,661,970,331) | 1,663,088,911 | |||||||
Total Investments in Securities — 102.8% | ||||||||
(Cost: $53,598,162,444) | 56,842,399,414 | |||||||
Other Assets, Less Liabilities — (2.8)% | (1,525,451,378 | ) | ||||||
Net Assets — 100.0% | $ | 55,316,948,036 |
(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) | Rounds to less than $1. |
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
(i) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
30 | 2 0 2 0 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) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 2,014,538,692 | (355,629,451 | ) | 1,658,909,241 | $ | 1,660,070,478 | $ | 26,465,171 | (b) | $ | 175,766 | $ | 153,675 | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 139,883,000 | (136,864,567 | ) | 3,018,433 | 3,018,433 | 894,811 | — | — | |||||||||||||||||
$ | 1,663,088,911 | $ | 27,359,982 | $ | 175,766 | $ | 153,675 |
(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 | 2,172 | 03/20/20 | $ | 109,556 | $ | (12,517,103 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 12,517,103 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 9,191,415 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (4,579,401 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 123,215,460 |
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.
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) (continued) | iShares® Core MSCI Emerging Markets ETF |
February 29, 2020
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 53,533,597,533 | $ | 1,682,626 | $ | 13,318,161 | $ | 53,548,598,320 | ||||||||
Preferred Stocks | 1,630,524,324 | — | — | 1,630,524,324 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Warrants | 187,859 | — | — | 187,859 | ||||||||||||
Money Market Funds | 1,663,088,911 | — | — | 1,663,088,911 | ||||||||||||
$ | 56,827,398,627 | $ | 1,682,626 | $ | 13,318,161 | $ | 56,842,399,414 | |||||||||
Derivative financial instruments(b) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (12,517,103 | ) | $ | — | $ | — | $ | (12,517,103 | ) |
(a) | Rounds to less than $1. |
(b) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to consolidated financial statements
32 | 2 0 2 0 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) | iShares® MSCI BRIC ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 8.3% | ||||||||
Ambev SA | 384,465 | $ | 1,239,041 | |||||
Atacadao SA | 37,200 | 170,596 | ||||||
B2W Cia. Digital(a) | 12,420 | 171,091 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 173,669 | 1,847,686 | ||||||
Banco Bradesco SA | 99,226 | 600,197 | ||||||
Banco BTG Pactual SA | 24,800 | 371,369 | ||||||
Banco do Brasil SA | 74,489 | 773,676 | ||||||
Banco Santander Brasil SA | 37,200 | 328,658 | ||||||
BB Seguridade Participacoes SA | 62,000 | 437,689 | ||||||
BR Malls Participacoes SA | 62,018 | 224,613 | ||||||
BRF SA(a) | 49,600 | 297,271 | ||||||
CCR SA | 99,200 | 359,056 | ||||||
Centrais Eletricas Brasileiras SA | 28,075 | 214,873 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 24,800 | 322,942 | ||||||
Cia. Siderurgica Nacional SA | 49,600 | 122,910 | ||||||
Cielo SA | 99,221 | 150,646 | ||||||
Cogna Educacao | 124,064 | 277,461 | ||||||
Cosan SA | 12,400 | 201,103 | ||||||
Embraer SA(a) | 62,000 | 233,068 | ||||||
Energisa SA | 12,400 | 148,416 | ||||||
Engie Brasil Energia SA | 14,725 | 155,127 | ||||||
Equatorial Energia SA | 62,000 | 338,883 | ||||||
Hapvida Participacoes e Investimentos SA(b) | 12,400 | 151,714 | ||||||
Hypera SA | 37,200 | 282,814 | ||||||
IRB Brasil Resseguros S/A | 62,000 | 456,928 | ||||||
JBS SA | 86,852 | 436,989 | ||||||
Klabin SA | 62,000 | 264,537 | ||||||
Localiza Rent a Car SA | 51,283 | 563,110 | ||||||
Lojas Renner SA | 66,716 | 788,173 | ||||||
Magazine Luiza SA | 62,000 | 694,256 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 24,830 | 167,968 | ||||||
Natura & Co. Holding SA | 49,600 | 500,326 | ||||||
Notre Dame Intermedica Participacoes SA | 37,200 | 521,352 | ||||||
Petrobras Distribuidora SA | 62,000 | 358,671 | ||||||
Petroleo Brasileiro SA | 297,600 | 1,790,884 | ||||||
Porto Seguro SA | 12,400 | 167,600 | ||||||
Raia Drogasil SA | 24,850 | 660,405 | ||||||
Rumo SA(a) | 86,800 | 406,329 | ||||||
Sul America SA | 24,889 | 298,228 | ||||||
Suzano SA | 49,615 | 419,429 | ||||||
TIM Participacoes SA | 74,469 | 266,241 | ||||||
Ultrapar Participacoes SA | 49,600 | 209,761 | ||||||
Vale SA | 260,429 | 2,557,736 | ||||||
WEG SA | 74,472 | 712,260 | ||||||
21,662,083 | ||||||||
China — 65.6% | ||||||||
360 Security Technology Inc., Class A | 7,999 | 25,575 | ||||||
3SBio Inc.(a)(b) | 124,000 | 128,566 | ||||||
51job Inc., ADR(a)(c) | 2,604 | 194,701 | ||||||
58.com Inc., ADR(a) | 7,316 | 403,624 | ||||||
AAC Technologies Holdings Inc.(c) | 76,000 | 497,854 | ||||||
AECC Aviation Power Co. Ltd., Class A | 24,800 | 81,955 | ||||||
Agricultural Bank of China Ltd., Class A | 421,600 | 205,667 | ||||||
Agricultural Bank of China Ltd., Class H | 2,232,000 | 893,596 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 24,800 | 141,913 | ||||||
Air China Ltd., Class H | 248,000 | 199,532 | ||||||
Aisino Corp., Class A | 24,800 | 83,729 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 142,848 | 29,712,384 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Alibaba Health Information Technology Ltd.(a)(c) | 326,000 | $ | 624,972 | |||||
Alibaba Pictures Group Ltd.(a) | 1,240,000 | 167,072 | ||||||
A-Living Services Co. Ltd., Class H(b) | 31,000 | 138,829 | ||||||
Aluminum Corp. of China Ltd., Class A(a) | 111,600 | 48,854 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 248,000 | 65,874 | ||||||
Angang Steel Co. Ltd., Class A | 142,420 | 58,270 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 24,800 | 194,634 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 124,000 | 909,349 | ||||||
ANTA Sports Products Ltd. | 124,040 | 997,184 | ||||||
Anxin Trust Co. Ltd., Class A(a) | 24,800 | 10,608 | ||||||
Autohome Inc., ADR(a) | 4,464 | 346,719 | ||||||
AVIC Aircraft Co. Ltd., Class A | 12,400 | 30,174 | ||||||
Avic Capital Co. Ltd., Class A | 45,199 | 27,545 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 24,800 | 27,496 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 248,000 | 107,881 | ||||||
BAIC BluePark New Energy Technology Co. Ltd., Class A(a) | 24,800 | 22,813 | ||||||
BAIC Motor Corp. Ltd., Class H(b) | 124,000 | 60,782 | ||||||
Baidu Inc., ADR(a) | 22,196 | 2,663,076 | ||||||
Bank of Beijing Co. Ltd., Class A | 135,890 | 99,339 | ||||||
Bank of Chengdu Co. Ltd., Class A | 24,800 | 28,986 | ||||||
Bank of China Ltd., Class A | 198,400 | 100,758 | ||||||
Bank of China Ltd., Class H | 6,324,000 | 2,499,396 | ||||||
Bank of Communications Co. Ltd., Class A | 235,600 | 175,262 | ||||||
Bank of Communications Co. Ltd., Class H | 620,200 | 397,919 | ||||||
Bank of Guiyang Co. Ltd., Class A | 12,400 | 14,901 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 20,399 | 25,068 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 86,800 | 79,223 | ||||||
Bank of Nanjing Co. Ltd., Class A | 62,000 | 68,828 | ||||||
Bank of Ningbo Co. Ltd., Class A | 37,200 | 133,895 | ||||||
Bank of Shanghai Co. Ltd., Class A | 73,890 | 91,012 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 86,800 | 64,570 | ||||||
Baozun Inc., ADR(a)(c) | 3,844 | 121,932 | ||||||
BBMG Corp., Class A | 49,600 | 23,912 | ||||||
BBMG Corp., Class H | 124,000 | 34,846 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 248,000 | 193,485 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 37,200 | 36,454 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 12,400 | 19,229 | ||||||
Beijing Enterprises Holdings Ltd. | 62,000 | 261,746 | ||||||
Beijing Enterprises Water Group Ltd. | 496,000 | 230,400 | ||||||
Beijing New Building Materials PLC, Class A | 12,400 | 44,703 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 12,400 | 55,098 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 24,800 | 34,982 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 12,400 | 44,525 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 24,269 | 90,754 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 24,800 | 20,755 | ||||||
BEST Inc., ADR(a) | 18,848 | 101,968 | ||||||
BOC Aviation Ltd.(b) | 12,400 | 107,642 | ||||||
BOE Technology Group Co. Ltd., Class A | 161,200 | 112,998 | ||||||
Bohai Leasing Co. Ltd., Class A(a) | 49,600 | 23,416 | ||||||
Bosideng International Holdings Ltd. | 248,000 | 72,239 | ||||||
Brilliance China Automotive Holdings Ltd. | 248,000 | 210,033 | ||||||
BYD Co. Ltd., Class A | 12,400 | 115,961 | ||||||
BYD Co. Ltd., Class H(c) | 62,000 | 379,492 | ||||||
BYD Electronic International Co. Ltd. | 62,000 | 116,155 | ||||||
Caitong Securities Co. Ltd., Class A | 12,400 | 19,690 | ||||||
CGN Power Co. Ltd., Class H(b) | 744,000 | 181,392 | ||||||
Changjiang Securities Co. Ltd., Class A | 37,200 | 35,868 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 12,400 | 42,219 |
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) | iShares® MSCI BRIC ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 37,200 | $ | 24,054 | |||||
China Agri-Industries Holdings Ltd. | 248,000 | 134,612 | ||||||
China Aoyuan Group Ltd. | 124,000 | 178,528 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 496,000 | 103,744 | ||||||
China CITIC Bank Corp. Ltd., Class A | 24,800 | 19,265 | ||||||
China CITIC Bank Corp. Ltd., Class H | 744,000 | 386,652 | ||||||
China Coal Energy Co. Ltd., Class H | 248,000 | 80,195 | ||||||
China Communications Construction Co. Ltd., Class A | 24,800 | 30,972 | ||||||
China Communications Construction Co. Ltd., Class H | 248,000 | 184,893 | ||||||
China Communications Services Corp. Ltd., Class H | 248,800 | 192,513 | ||||||
China Conch Venture Holdings Ltd. | 124,000 | 603,050 | ||||||
China Construction Bank Corp., Class A | 37,200 | 34,591 | ||||||
China Construction Bank Corp., Class H | 7,936,370 | 6,415,862 | ||||||
China East Education Holdings Ltd.(a)(b) | 62,000 | 126,179 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 111,600 | 72,482 | ||||||
China Enterprise Co. Ltd., Class A | 37,200 | 22,245 | ||||||
China Everbright Bank Co. Ltd., Class A | 248,000 | 134,108 | ||||||
China Everbright Bank Co. Ltd., Class H | 124,000 | 49,644 | ||||||
China Everbright International Ltd. | 248,000 | 165,163 | ||||||
China Evergrande Group | 124,000 | 278,453 | ||||||
China First Capital Group Ltd.(a) | 224,000 | 6,180 | ||||||
China Fortune Land Development Co. Ltd., Class A | 12,400 | 41,847 | ||||||
China Galaxy Securities Co. Ltd., Class H | 310,000 | 171,050 | ||||||
China Gas Holdings Ltd. | 148,800 | 544,177 | ||||||
China Gezhouba Group Co. Ltd., Class A | 24,800 | 23,593 | ||||||
China Grand Automotive Services Group Co. Ltd., Class A | 74,400 | 43,851 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 12,400 | 24,817 | ||||||
China Hongqiao Group Ltd. | 186,000 | 99,766 | ||||||
China Huarong Asset Management Co. Ltd., Class H(b) | 868,000 | 118,064 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 51,450 | 99 | ||||||
China International Capital Corp. Ltd., Class H(b) | 99,200 | 183,047 | ||||||
China International Travel Service Corp. Ltd., Class A | 12,400 | 139,252 | ||||||
China Jinmao Holdings Group Ltd.(c) | 496,000 | 362,148 | ||||||
China Jushi Co. Ltd., Class A | 62,000 | 83,196 | ||||||
China Lesso Group Holdings Ltd. | 124,000 | 186,166 | ||||||
China Life Insurance Co. Ltd., Class A | 11,893 | 50,106 | ||||||
China Life Insurance Co. Ltd., Class H | 620,000 | 1,452,730 | ||||||
China Literature Ltd.(a)(b) | 24,800 | 112,177 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 248,000 | 129,839 | ||||||
China Medical System Holdings Ltd. | 128,000 | 157,679 | ||||||
China Mengniu Dairy Co. Ltd.(c) | 248,000 | 889,459 | ||||||
China Merchants Bank Co. Ltd., Class A | 111,600 | 546,010 | ||||||
China Merchants Bank Co. Ltd., Class H | 310,456 | 1,464,030 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 24,800 | 17,952 | ||||||
China Merchants Port Holdings Co. Ltd. | 86,000 | 126,467 | ||||||
China Merchants Securities Co. Ltd., Class A | 37,200 | 93,929 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 36,681 | 90,991 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 235,600 | 192,789 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 434,000 | 292,933 | ||||||
China Mobile Ltd. | 496,000 | 3,901,528 | ||||||
China Molybdenum Co. Ltd., Class A | 99,200 | 57,759 | ||||||
China Molybdenum Co. Ltd., Class H | 372,000 | 138,908 | ||||||
China National Building Material Co. Ltd., Class H | 294,000 | 339,911 | ||||||
China National Nuclear Power Co. Ltd., Class A | 111,600 | 73,280 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 12,400 | 16,143 | ||||||
China Overseas Land & Investment Ltd. | 344,800 | 1,156,995 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 37,200 | 169,710 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Pacific Insurance Group Co. Ltd., Class H | 198,400 | $ | 653,013 | |||||
China Petroleum & Chemical Corp., Class A | 148,800 | 97,920 | ||||||
China Petroleum & Chemical Corp., Class H | 1,984,600 | 1,023,744 | ||||||
China Power International Development Ltd. | 620,000 | 115,359 | ||||||
China Railway Construction Corp. Ltd., Class A | 62,000 | 84,261 | ||||||
China Railway Construction Corp. Ltd., Class H. | 124,000 | 141,932 | ||||||
China Railway Group Ltd., Class A | 74,400 | 57,155 | ||||||
China Railway Group Ltd., Class H | 248,000 | 140,022 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(b) | 128,000 | 65,700 | ||||||
China Reinsurance Group Corp., Class H | 496,000 | 67,465 | ||||||
China Renewable Energy Investment Ltd.(a)(d) | 7,709 | 0 | (e) | |||||
China Resources Beer Holdings Co. Ltd. | 98,000 | 453,969 | ||||||
China Resources Cement Holdings Ltd. | 248,000 | 312,186 | ||||||
China Resources Gas Group Ltd. | 73,000 | 364,389 | ||||||
China Resources Land Ltd. | 248,444 | 1,146,093 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 124,000 | 107,881 | ||||||
China Resources Power Holdings Co. Ltd. | 248,200 | 295,239 | ||||||
China Shenhua Energy Co. Ltd., Class A | 24,800 | 56,765 | ||||||
China Shenhua Energy Co. Ltd., Class H | 248,000 | 430,250 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 124,000 | 78,230 | ||||||
China Southern Airlines Co. Ltd., Class A | 62,000 | 51,089 | ||||||
China Southern Airlines Co. Ltd., Class H | 248,000 | 130,793 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 272,800 | 209,570 | ||||||
China State Construction International Holdings Ltd.(c) | 248,000 | 200,805 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 124,040 | 253,395 | ||||||
China Telecom Corp. Ltd., Class H | 992,000 | 372,968 | ||||||
China Tower Corp. Ltd., Class H(b) | 3,472,000 | 842,043 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 248,000 | 130,475 | ||||||
China Unicom Hong Kong Ltd. | 539,900 | 426,070 | ||||||
China United Network Communications Ltd., Class A | 148,800 | 116,652 | ||||||
China Vanke Co. Ltd., Class A | 49,601 | 209,964 | ||||||
China Vanke Co. Ltd., Class H | 111,601 | 429,617 | ||||||
China Yangtze Power Co. Ltd., Class A | 111,656 | 272,024 | ||||||
China Zhongwang Holdings Ltd. | 148,800 | 50,026 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 24,800 | 36,081 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 248,000 | 112,018 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 12,400 | 106,399 | ||||||
CIFI Holdings Group Co. Ltd. | 248,000 | 189,348 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A(a) | 49,600 | 24,551 | ||||||
CITIC Ltd. | 496,000 | 550,542 | ||||||
CITIC Securities Co. Ltd., Class A | 49,600 | 166,038 | ||||||
CITIC Securities Co. Ltd., Class H. | 186,000 | 397,631 | ||||||
CNOOC Ltd. | 1,488,000 | 2,039,232 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 12,400 | 240,667 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A | 24,800 | 7,486 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 99,200 | 57,333 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a)(c) | 186,000 | 62,055 | ||||||
COSCO SHIPPING Ports Ltd. | 248,000 | 165,163 | ||||||
Country Garden Holdings Co. Ltd. | 620,046 | 821,100 | ||||||
Country Garden Services Holdings Co. Ltd. | 128,000 | 499,317 | ||||||
CRRC Corp. Ltd., Class A | 124,000 | 113,530 | ||||||
CRRC Corp. Ltd., Class H | 372,400 | 238,931 | ||||||
CSC Financial Co. Ltd., Class A | 12,400 | 57,138 | ||||||
CSPC Pharmaceutical Group Ltd. | 248,000 | 565,180 | ||||||
Dali Foods Group Co. Ltd.(b) | 186,000 | 122,917 | ||||||
Dalian Port PDA Co. Ltd., Class A | 86,800 | 22,103 | ||||||
Daqin Railway Co. Ltd., Class A | 74,400 | 75,356 | ||||||
DHC Software Co. Ltd., Class A | 12,400 | 26,165 |
34 | 2 0 2 0 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) | iShares® MSCI BRIC ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Dongfang Electric Corp. Ltd., Class A | 24,800 | $ | 32,817 | |||||
Dongfeng Motor Group Co. Ltd., Class H | 248,000 | 196,031 | ||||||
Dongxing Securities Co. Ltd., Class A | 45,199 | 78,175 | ||||||
East Money Information Co. Ltd., Class A | 37,200 | 92,332 | ||||||
ENN Energy Holdings Ltd. | 62,000 | 686,984 | ||||||
Everbright Securities Co. Ltd., Class A | 37,297 | 63,387 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) | 12,400 | 17,863 | ||||||
Far East Horizon Ltd. | 124,000 | 108,358 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 12,400 | 53,182 | ||||||
Financial Street Holdings Co. Ltd., Class A | 24,800 | 24,622 | ||||||
First Capital Securities Co. Ltd., Class A | 24,800 | 26,999 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 86,839 | 66,339 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 11,843 | 168,711 | ||||||
Fosun International Ltd. | 186,000 | 237,003 | ||||||
Founder Securities Co. Ltd., Class A | 49,699 | 52,044 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 24,800 | 60,597 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 12,400 | 38,476 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 12,400 | 41,102 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 49,600 | 141,613 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 12,400 | 92,208 | ||||||
GCL System Integration Technology Co. Ltd., Class A(a) | 24,800 | 19,584 | ||||||
GD Power Development Co. Ltd., Class A | 136,400 | 40,977 | ||||||
GDS Holdings Ltd., ADR(a) | 5,456 | 316,284 | ||||||
Geely Automobile Holdings Ltd. | 372,000 | 661,605 | ||||||
GEM Co. Ltd., Class A | 32,799 | 25,103 | ||||||
Gemdale Corp., Class A | 24,800 | 50,734 | ||||||
GF Securities Co. Ltd., Class A | 37,200 | 77,165 | ||||||
GF Securities Co. Ltd., Class H | 74,400 | 88,978 | ||||||
GoerTek Inc., Class A | 24,800 | 79,010 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 992,400 | 101,875 | ||||||
Grandjoy Holdings Group Co. Ltd., Class A | 24,800 | 19,797 | ||||||
Great Wall Motor Co. Ltd., Class H | 248,000 | 179,483 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 12,400 | 105,016 | ||||||
Greenland Holdings Corp. Ltd., Class A | 57,599 | 48,121 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 12,400 | 60,668 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 24,800 | 29,589 | ||||||
Guangdong Investment Ltd. | 248,000 | 465,892 | ||||||
Guanghui Energy Co. Ltd., Class A | 49,600 | 20,152 | ||||||
Guangshen Railway Co. Ltd., Class A | 49,600 | 18,307 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 12,400 | 19,247 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 254,235 | 283,496 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 12,400 | 27,460 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 12,400 | 60,437 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 99,200 | 153,770 | ||||||
Guosen Securities Co. Ltd., Class A | 24,800 | 41,758 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 62,000 | 150,783 | ||||||
Guotai Junan Securities Co. Ltd., Class H(b) | 49,600 | 82,868 | ||||||
Guoyuan Securities Co. Ltd., Class A | 24,800 | 32,001 | ||||||
Haier Electronics Group Co. Ltd. | 144,000 | 412,059 | ||||||
Haier Smart Home Co. Ltd., Class A | 37,279 | 90,768 | ||||||
Haitong Securities Co. Ltd., Class A | 62,000 | 126,036 | ||||||
Haitong Securities Co. Ltd., Class H | 198,400 | 213,088 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 49,004 | 245,363 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 12,400 | 60,313 | ||||||
Hengan International Group Co. Ltd. | 62,000 | 460,243 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 37,200 | 79,294 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A | 12,400 | 29,216 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Hengyi Petrochemical Co. Ltd., Class A | 12,400 | $ | 24,498 | |||||
Hesteel Co. Ltd., Class A | 62,000 | 19,957 | ||||||
HLA Corp. Ltd., Class A | 24,800 | 24,161 | ||||||
Holitech Technology Co. Ltd., Class A | 37,200 | 38,104 | ||||||
Huaan Securities Co. Ltd., Class A | 24,800 | 27,318 | ||||||
Huadian Power International Corp. Ltd., Class A | 99,200 | 46,831 | ||||||
Huadong Medicine Co. Ltd., Class A | 12,400 | 34,236 | ||||||
Hualan Biological Engineering Inc., Class A | 12,400 | 73,617 | ||||||
Huaneng Power International Inc., Class A | 24,800 | 16,675 | ||||||
Huaneng Power International Inc., Class H | 248,000 | 99,925 | ||||||
Huatai Securities Co. Ltd., Class A | 49,600 | 131,624 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 99,200 | 172,355 | ||||||
Huaxia Bank Co. Ltd., Class A | 99,200 | 98,630 | ||||||
Huaxin Cement Co. Ltd., Class A | 12,400 | 43,266 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 13,099 | 52,751 | ||||||
Huazhu Group Ltd., ADR | 11,160 | 376,650 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 62,000 | 52,863 | ||||||
Hubei Energy Group Co. Ltd., Class A | 99,200 | 52,082 | ||||||
Hunan Valin Steel Co. Ltd., Class A(a) | 37,200 | 21,127 | ||||||
Hutchison China MediTech Ltd., ADR(a) | 6,448 | 150,367 | ||||||
HUYA Inc., ADR(a)(c) | 5,084 | 100,714 | ||||||
Iflytek Co. Ltd., Class A | 12,400 | 68,455 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 297,600 | 225,642 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 5,208,050 | 3,562,008 | ||||||
Industrial Bank Co. Ltd., Class A | 99,200 | 245,367 | ||||||
Industrial Securities Co. Ltd., Class A | 37,200 | 36,773 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 310,000 | 51,887 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A(a) | 49,600 | 19,158 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 61,407 | 24,773 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 37,200 | 153,851 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 111,600 | 76,558 | ||||||
Innovent Biologics Inc.(a)(b) | 62,000 | 283,227 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 11,828 | 71,152 | ||||||
iQIYI Inc., ADR(a)(c) | 11,532 | 258,663 | ||||||
JD.com Inc., ADR(a)(c) | 62,000 | 2,387,620 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 24,800 | 298,337 | ||||||
Jiangsu King's Luck Brewery JSC Ltd., Class A | 12,400 | 52,330 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 12,400 | 172,744 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 24,800 | 29,447 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 24,800 | 29,873 | ||||||
Jiangxi Copper Co. Ltd., Class A | 12,400 | 24,285 | ||||||
Jiangxi Copper Co. Ltd., Class H | 124,000 | 145,432 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 12,400 | 26,822 | ||||||
Jinke Properties Group Co. Ltd., Class A | 24,800 | 26,715 | ||||||
JOYY Inc.(a)(c) | 5,208 | 281,076 | ||||||
Kaisa Group Holdings Ltd. | 248,000 | 110,108 | ||||||
Kingboard Holdings Ltd. | 62,000 | 163,890 | ||||||
Kingboard Laminates Holdings Ltd. | 124,000 | 123,633 | ||||||
Kingdee International Software Group Co. Ltd.(c) | 248,000 | 317,278 | ||||||
Kingsoft Corp. Ltd.(a)(c) | 124,000 | 400,973 | ||||||
Kunlun Energy Co. Ltd. | 248,000 | 173,118 | ||||||
Kweichow Moutai Co. Ltd., Class A | 5,300 | 801,422 | ||||||
KWG Group Holdings Ltd. | 124,000 | 181,711 | ||||||
Lee & Man Paper Manufacturing Ltd. | 124,000 | 96,743 | ||||||
Legend Holdings Corp., Class H(b) | 37,200 | 63,965 | ||||||
Lenovo Group Ltd. | �� | 496,000 | 306,139 | |||||
Lens Technology Co. Ltd., Class A | 12,400 | 34,538 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 12,400 | 60,845 |
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) | iShares® MSCI BRIC ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Li Ning Co. Ltd. | 186,000 | $ | 489,282 | |||||
Lingyi iTech Guangdong Co., Class A(a) | 24,800 | 40,197 | ||||||
Longfor Group Holdings Ltd.(b) | 124,000 | 573,614 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 24,800 | 108,918 | ||||||
Luckin Coffee Inc., ADR(a) | 6,820 | 269,799 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 36,641 | 250,556 | ||||||
Luye Pharma Group Ltd.(b) | 124,000 | 75,580 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 12,400 | 132,689 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 62,000 | 24,569 | ||||||
Mango Excellent Media Co. Ltd., Class A(a) | 12,400 | 78,176 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 17,153 | 32,317 | ||||||
Meituan Dianping, Class B(a) | 86,800 | 1,101,561 | ||||||
Metallurgical Corp. of China Ltd., Class A | 198,400 | 77,201 | ||||||
Metallurgical Corp. of China Ltd., Class H | 372,000 | 72,080 | ||||||
Momo Inc., ADR | 10,540 | 296,385 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 12,400 | 206,661 | ||||||
NanJi E-Commerce Co. Ltd., Class A(a) | 12,400 | 17,331 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 49,600 | 21,855 | ||||||
Nanjing Securities Co. Ltd., Class A | 24,800 | 47,931 | ||||||
NARI Technology Co. Ltd., Class A | 24,800 | 70,353 | ||||||
NavInfo Co. Ltd., Class A | 12,400 | 30,369 | ||||||
NetEase Inc., ADR | 5,828 | 1,857,442 | ||||||
New China Life Insurance Co. Ltd., Class A | 12,400 | 78,371 | ||||||
New China Life Insurance Co. Ltd., Class H | 37,200 | 141,534 | ||||||
New Hope Liuhe Co. Ltd., Class A | 24,800 | 85,857 | ||||||
New Oriental Education & Technology Group Inc., ADR(a) | 11,780 | 1,506,544 | ||||||
Nexteer Automotive Group Ltd. | 124,000 | 91,333 | ||||||
Nine Dragons Paper Holdings Ltd. | 124,000 | 146,387 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 49,600 | 23,345 | ||||||
NIO Inc., ADR(a)(c) | 49,352 | 203,824 | ||||||
Noah Holdings Ltd.(a)(c) | 3,100 | 87,978 | ||||||
Oceanwide Holdings Co. Ltd., Class A | 37,200 | 22,458 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 20,324 | 16,893 | ||||||
OFILM Group Co. Ltd., Class A(a) | 12,400 | 32,817 | ||||||
Orient Securities Co. Ltd., Class A | 37,200 | 53,058 | ||||||
Pacific Securities Co. Ltd. (The), Class A(a) | 49,600 | 25,473 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 62,000 | 21,198 | ||||||
People's Insurance Co. Group of China Ltd. (The), Class A | 37,200 | 36,028 | ||||||
People's Insurance Co. Group of China Ltd. (The), Class H | 620,000 | 219,580 | ||||||
Perfect World Co. Ltd., Class A | 12,400 | 90,558 | ||||||
PetroChina Co. Ltd., Class A | 62,000 | 44,969 | ||||||
PetroChina Co. Ltd., Class H | 1,488,000 | 576,637 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 496,322 | 513,960 | ||||||
Pinduoduo Inc., ADR(a) | 15,996 | 572,337 | ||||||
Ping An Bank Co. Ltd., Class A | 86,800 | 180,052 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b) | 24,800 | 242,334 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 49,600 | 551,474 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 496,000 | 5,514,965 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 62,000 | 143,598 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 620,000 | 391,426 | ||||||
Power Construction Corp. of China Ltd., Class A | 124,000 | 75,391 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 24,800 | 30,369 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 37,200 | 55,080 | ||||||
SAIC Motor Corp. Ltd., Class A | 37,200 | 118,196 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 24,894 | 87,785 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sany Heavy Industry Co. Ltd., Class A | 49,053 | $ | 122,313 | |||||
SDIC Capital Co. Ltd., Class A | 24,800 | 45,980 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 49,699 | 53,750 | ||||||
Sealand Securities Co. Ltd., Class A | 44,400 | 29,282 | ||||||
Seazen Group Ltd. | 248,000 | 254,904 | ||||||
Seazen Holdings Co. Ltd., Class A | 12,400 | 56,943 | ||||||
Semiconductor Manufacturing International Corp.(a)(c) | 248,200 | 480,918 | ||||||
SF Holding Co. Ltd., Class A | 12,400 | 86,833 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 49,005 | 55,383 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 12,400 | 60,171 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 12,400 | 29,944 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 74,400 | 22,564 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 184,000 | 237,052 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A(a) | 136,400 | 37,270 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 86,885 | 39,277 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 49,600 | 23,770 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 124,000 | 79,649 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 12,400 | 47,683 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 65,500 | 184,488 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 49,600 | 32,214 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 99,276 | 78,627 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 12,400 | 33,119 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H. | 99,200 | 181,520 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 148,800 | 230,963 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A(a) | 37,200 | 48,481 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 24,800 | 19,868 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 24,800 | 24,977 | ||||||
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 24,252 | 21,025 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 24,800 | 29,589 | ||||||
Shanxi Securities Co. Ltd., Class A | 24,800 | 27,886 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 37,200 | 18,733 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 24,800 | 17,952 | ||||||
Shanying International Holding Co. Ltd., Class A(a) | 49,600 | 24,054 | ||||||
Shenergy Co. Ltd., Class A | 49,600 | 37,394 | ||||||
Shengyi Technology Co. Ltd., Class A | 12,400 | 54,725 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 148,899 | 99,689 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 74,400 | 57,794 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 11,898 | 48,186 | ||||||
Shenzhen International Holdings Ltd. | 62,000 | 118,701 | ||||||
Shenzhen Investment Ltd. | 248,000 | 83,377 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 62,000 | 57,918 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 37,200 | 19,690 | ||||||
Shenzhou International Group Holdings Ltd. | 62,000 | 761,768 | ||||||
Shimao Property Holdings Ltd. | 124,000 | 443,934 | ||||||
Shui On Land Ltd. | 372,000 | 73,989 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 36,605 | 47,915 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A(a) | 111,600 | 26,183 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 12,400 | 40,711 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 24,800 | 23,025 | ||||||
SINA Corp.(a) | 5,704 | 186,806 | ||||||
Sino Biopharmaceutical Ltd.(c) | 620,000 | 897,415 | ||||||
Sinolink Securities Co. Ltd., Class A | 24,800 | 35,478 | ||||||
Sino-Ocean Group Holding Ltd. | 124,000 | 45,030 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 124,000 | 61,419 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 49,600 | 28,383 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 249,000 | 63,584 |
36 | 2 0 2 0 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) | iShares® MSCI BRIC ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sinopharm Group Co. Ltd., Class H | 99,200 | $ | 306,139 | |||||
Sinotrans Ltd., Class A | 37,200 | 19,052 | ||||||
Sinotrans Ltd., Class H | 248,000 | 70,011 | ||||||
Sinotruk Hong Kong Ltd. | 62,000 | 118,542 | ||||||
SOHO China Ltd. | 186,000 | 67,306 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 12,400 | 48,924 | ||||||
SooChow Securities Co. Ltd., Class A | 24,800 | 32,888 | ||||||
Southwest Securities Co. Ltd., Class A | 37,200 | 26,715 | ||||||
SSY Group Ltd. | 248,000 | 207,806 | ||||||
Sun Art Retail Group Ltd. | 248,000 | 316,959 | ||||||
Sunac China Holdings Ltd. | 248,000 | 1,352,487 | ||||||
Suning.com Co. Ltd., Class A | 49,600 | 65,848 | ||||||
Sunny Optical Technology Group Co. Ltd. | 62,000 | 964,244 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 12,400 | 50,202 | ||||||
TAL Education Group, ADR(a) | 32,736 | 1,780,511 | ||||||
TangShan Port Group Co. Ltd., Class A | 62,000 | 20,489 | ||||||
TBEA Co. Ltd., Class A | 24,800 | 22,103 | ||||||
TCL Technology Group Corp., Class A | 99,200 | 83,445 | ||||||
Tencent Holdings Ltd. | 471,200 | 23,339,155 | ||||||
Tencent Music Entertainment Group, ADR(a) | 9,300 | 112,809 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 49,600 | 21,713 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 12,400 | 31,185 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 12,400 | 28,737 | ||||||
Tingyi Cayman Islands Holding Corp. | 248,000 | 451,253 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 12,400 | 20,223 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 74,400 | 21,926 | ||||||
Tongwei Co. Ltd., Class A | 24,895 | 61,434 | ||||||
Towngas China Co. Ltd. | 124,000 | 71,920 | ||||||
Transfar Zhilian Co. Ltd., Class A | 24,800 | 22,067 | ||||||
TravelSky Technology Ltd., Class H | 124,000 | 242,493 | ||||||
Trip.com Group Ltd., ADR(a) | 38,936 | 1,182,097 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 24,000 | 124,727 | ||||||
Uni-President China Holdings Ltd. | 124,000 | 127,929 | ||||||
Unisplendour Corp. Ltd., Class A | 12,400 | 80,571 | ||||||
Vipshop Holdings Ltd., ADR(a) | 36,952 | 474,094 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 12,400 | 50,734 | ||||||
Wanda Film Holding Co. Ltd., Class A(a) | 12,400 | 28,737 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 12,400 | 83,445 | ||||||
Want Want China Holdings Ltd. | 372,000 | 287,364 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 86,827 | 69,559 | ||||||
Weibo Corp., ADR(a)(c) | 5,084 | 214,240 | ||||||
Weichai Power Co. Ltd., Class A | 49,600 | 101,681 | ||||||
Weichai Power Co. Ltd., Class H | 124,100 | 244,281 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 24,800 | 115,411 | ||||||
Western Securities Co. Ltd., Class A | 49,600 | 67,196 | ||||||
Wharf Holdings Ltd. (The) | 124,000 | 261,587 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 12,400 | 45,625 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 12,400 | 60,065 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 24,800 | 427,868 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 12,400 | 46,299 | ||||||
WuXi AppTec Co. Ltd., Class A | 12,400 | 188,035 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 15,840 | 233,543 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) | 62,000 | 906,962 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 49,600 | 37,394 | ||||||
Xiamen C & D Inc., Class A | 24,800 | 27,212 | ||||||
Xiaomi Corp., Class B(a)(b) | 868,000 | 1,398,949 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 49,600 | 22,351 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 37,253 | $ | 56,064 | |||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 30,234 | 30,028 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 37,200 | 18,945 | ||||||
Xinyi Solar Holdings Ltd. | 312,000 | 247,020 | ||||||
Xinyu Iron & Steel Co. Ltd., Class A | 37,200 | 22,671 | ||||||
Yango Group Co. Ltd., Class A | 24,800 | 28,418 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 248,000 | 188,075 | ||||||
Yonghui Superstores Co. Ltd., Class A | 49,693 | 61,137 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 12,400 | 81,706 | ||||||
Yuexiu Property Co. Ltd. | 496,000 | 101,198 | ||||||
Yum China Holdings Inc.. | 29,264 | 1,281,471 | ||||||
Yunda Holding Co. Ltd., Class A | 12,400 | 52,472 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 11,820 | 133,060 | ||||||
Yuzhou Properties Co. Ltd. | 124,000 | 60,782 | ||||||
Zai Lab Ltd., ADR(a) | 3,720 | 204,488 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 62,000 | 73,909 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 12,400 | 47,842 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 24,800 | 68,757 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 24,800 | 29,270 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 12,400 | 22,919 | ||||||
Zhejiang NHU Co. Ltd., Class A | 24,230 | 83,537 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 12,400 | 35,265 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 12,400 | 26,751 | ||||||
Zhenro Properties Group Ltd. | 124,000 | 80,672 | ||||||
Zheshang Securities Co. Ltd., Class A | 24,800 | 37,394 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 24,800 | 104,380 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 24,800 | 28,773 | ||||||
Zhongsheng Group Holdings Ltd.(c) | 62,000 | 235,890 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 49,600 | 173,437 | ||||||
Zijin Mining Group Co. Ltd., Class A | 86,800 | 51,656 | ||||||
Zijin Mining Group Co. Ltd., Class H | 527,000 | 236,685 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 24,000 | 21,562 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H. | 95,200 | 78,915 | ||||||
ZTE Corp., Class A(a) | 12,400 | 88,696 | ||||||
ZTE Corp., Class H(a) | 74,448 | 308,088 | ||||||
ZTO Express Cayman Inc., ADR | 26,660 | 625,444 | ||||||
170,521,989 | ||||||||
India — 15.7% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 48,485 | 229,903 | ||||||
Ambuja Cements Ltd. | 46,996 | 133,530 | ||||||
Ashok Leyland Ltd. | 112,592 | 109,054 | ||||||
Asian Paints Ltd. | 24,180 | 602,410 | ||||||
Aurobindo Pharma Ltd. | 21,204 | 148,524 | ||||||
Avenue Supermarts Ltd.(a)(b) | 10,292 | 331,425 | ||||||
Axis Bank Ltd. | 171,616 | 1,658,196 | ||||||
Bajaj Auto Ltd. | 6,696 | 268,146 | ||||||
Bajaj Finance Ltd. | 14,260 | 882,434 | ||||||
Bajaj Finserv Ltd. | 3,348 | 419,883 | ||||||
Bandhan Bank Ltd.(b) | 34,472 | 183,185 | ||||||
Berger Paints India Ltd. | 18,476 | 145,046 | ||||||
Bharat Forge Ltd. | 19,592 | 118,202 | ||||||
Bharat Petroleum Corp. Ltd. | 54,312 | 320,864 | ||||||
Bharti Airtel Ltd.(a) | 203,732 | 1,477,863 | ||||||
Bharti Infratel Ltd. | 31,124 | 92,487 | ||||||
Bosch Ltd. | 744 | 125,036 | ||||||
Britannia Industries Ltd. | 4,216 | 173,518 |
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 | 37 |
Consolidated Schedule of Investments (unaudited) (continued) | iShares® MSCI BRIC ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Cipla Ltd. | 28,520 | $ | 158,907 | |||||
Coal India Ltd. | 99,944 | 233,215 | ||||||
Colgate-Palmolive India Ltd. | 4,836 | 86,136 | ||||||
Container Corp. of India Ltd. | 18,352 | 129,603 | ||||||
Dabur India Ltd. | 46,996 | 323,064 | ||||||
Divi's Laboratories Ltd. | 6,572 | 191,871 | ||||||
DLF Ltd. | 46,996 | 131,348 | ||||||
Dr. Reddy's Laboratories Ltd. | 8,308 | 336,971 | ||||||
Eicher Motors Ltd. | 1,116 | 256,739 | ||||||
GAIL India Ltd. | 119,164 | 172,387 | ||||||
Godrej Consumer Products Ltd. | 28,892 | 224,394 | ||||||
Grasim Industries Ltd. | 22,196 | 211,357 | ||||||
Havells India Ltd. | 23,312 | 198,031 | ||||||
HCL Technologies Ltd. | 90,520 | 670,237 | ||||||
HDFC Asset Management Co. Ltd.(b) | 3,596 | 156,531 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 43,648 | 329,080 | ||||||
Hero MotoCorp Ltd. | 7,812 | 222,098 | ||||||
Hindalco Industries Ltd. | 78,009 | 168,519 | ||||||
Hindustan Petroleum Corp. Ltd. | 50,096 | 137,132 | ||||||
Hindustan Unilever Ltd. | 54,312 | 1,636,679 | ||||||
Housing Development Finance Corp. Ltd. | 133,796 | 4,033,764 | ||||||
ICICI Bank Ltd. | 397,792 | 2,740,875 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 14,508 | 248,607 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 25,916 | 169,284 | ||||||
Indian Oil Corp. Ltd. | 153,140 | 224,402 | ||||||
Info Edge India Ltd. | 4,836 | 173,782 | ||||||
Infosys Ltd. | 282,472 | 2,863,959 | ||||||
InterGlobe Aviation Ltd.(b) | 8,680 | 156,364 | ||||||
ITC Ltd. | 280,364 | 767,463 | ||||||
JSW Steel Ltd. | 66,836 | 218,287 | ||||||
Larsen & Toubro Ltd. | 39,184 | 644,791 | ||||||
LIC Housing Finance Ltd. | 24,304 | 107,851 | ||||||
Lupin Ltd. | 20,088 | 178,146 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 27,776 | 132,111 | ||||||
Mahindra & Mahindra Ltd. | 54,188 | 343,183 | ||||||
Marico Ltd. | 36,704 | 151,943 | ||||||
Maruti Suzuki India Ltd. | 8,556 | 744,909 | ||||||
Motherson Sumi Systems Ltd. | 78,120 | 112,199 | ||||||
Nestle India Ltd. | 1,984 | 433,786 | ||||||
NTPC Ltd. | 186,248 | 274,981 | ||||||
Oil & Natural Gas Corp. Ltd. | 194,556 | 247,888 | ||||||
Page Industries Ltd. | 496 | 152,208 | ||||||
Petronet LNG Ltd. | 48,236 | 164,156 | ||||||
Pidilite Industries Ltd. | 10,664 | 223,587 | ||||||
Piramal Enterprises Ltd. | 7,068 | 127,962 | ||||||
Power Grid Corp. of India Ltd. | 145,948 | 367,057 | ||||||
REC Ltd. | 63,984 | 104,442 | ||||||
Reliance Industries Ltd. | 236,220 | 4,348,962 | ||||||
SBI Life Insurance Co. Ltd.(b) | 28,148 | 347,289 | ||||||
Shree Cement Ltd. | 744 | 233,723 | ||||||
Shriram Transport Finance Co. Ltd. | 14,260 | 236,384 | ||||||
Siemens Ltd. | 5,580 | 100,806 | ||||||
State Bank of India(a) | 143,840 | 603,922 | ||||||
Sun Pharmaceutical Industries Ltd. | 70,308 | 363,292 | ||||||
Tata Consultancy Services Ltd. | 75,392 | 2,089,518 | ||||||
Tata Motors Ltd.(a) | 131,564 | 235,081 | ||||||
Tata Power Co. Ltd. (The) | 71,796 | 46,460 | ||||||
Tata Steel Ltd. | 16,244 | 85,927 | ||||||
Tech Mahindra Ltd. | 38,440 | 396,504 | ||||||
Titan Co. Ltd. | 25,916 | 450,502 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
UltraTech Cement Ltd. | 8,060 | $ | 471,264 | |||||
United Spirits Ltd.(a) | 23,188 | 220,530 | ||||||
UPL Ltd. | 45,136 | 325,038 | ||||||
Vedanta Ltd. | 111,972 | 176,878 | ||||||
Wipro Ltd. | 94,612 | 290,322 | ||||||
Zee Entertainment Enterprises Ltd. | 64,108 | 212,576 | ||||||
40,736,970 | ||||||||
Russia — 6.3% | ||||||||
Alrosa PJSC | 215,760 | 229,213 | ||||||
Gazprom PJSC | 869,244 | 2,621,314 | ||||||
Inter RAO UES PJSC | 3,224,000 | 249,668 | ||||||
LUKOIL PJSC | 34,472 | 2,923,708 | ||||||
Magnit PJSC, GDR(f) | 24,990 | 272,141 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 272,800 | 162,320 | ||||||
MMC Norilsk Nickel PJSC | 5,208 | 1,569,375 | ||||||
Mobile TeleSystems PJSC, ADR | 41,044 | 398,127 | ||||||
Moscow Exchange MICEX-RTS PJSC | 108,290 | 159,663 | ||||||
Novatek PJSC, GDR(f) | 7,812 | 1,119,459 | ||||||
Novolipetsk Steel PJSC | 91,760 | 170,603 | ||||||
PhosAgro PJSC, GDR(f) | 11,904 | 131,063 | ||||||
Polymetal International PLC | 13,685 | 208,757 | ||||||
Polyus PJSC | 2,142 | 269,790 | ||||||
Rosneft Oil Co. PJSC | 90,682 | 544,362 | ||||||
Sberbank of Russia PJSC | 883,930 | 3,069,552 | ||||||
Severstal PJSC | 13,020 | 157,829 | ||||||
Surgutneftegas PJSC | 582,810 | 333,338 | ||||||
Tatneft PJSC | 128,092 | 1,280,157 | ||||||
VTB Bank PJSC | 230,366,001 | 148,538 | ||||||
X5 Retail Group NV, GDR(f) | 10,664 | 328,569 | ||||||
16,347,546 | ||||||||
Total Common Stocks — 95.9% | ||||||||
(Cost: $251,742,387) | 249,268,588 | |||||||
Preferred Stocks | ||||||||
Brazil — 3.6% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 310,002 | 2,097,760 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 12,400 | 73,906 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 12,482 | 99,183 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 12,756 | 203,880 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 74,487 | 230,478 | ||||||
Gerdau SA, Preference Shares, NVS | 86,800 | 325,718 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 396,856 | 2,814,800 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 334,844 | 891,354 | ||||||
Lojas Americanas SA, Preference Shares, NVS | 62,390 | 367,842 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 340,814 | 1,914,206 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 37,264 | 440,892 | ||||||
9,460,019 | ||||||||
Russia — 0.2% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 570,400 | 278,155 | ||||||
Transneft PJSC, Preference Shares, NVS | 38 | 85,868 | ||||||
364,023 | ||||||||
Total Preferred Stocks — 3.8% | ||||||||
(Cost: $8,773,429) | 9,824,042 |
38 | 2 0 2 0 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) | iShares® MSCI BRIC ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Rights | ||||||||
China — 0.0% | ||||||||
Legend Holdings Corp. Class H, (Expires 04/16/20)(a) | 2,030 | $ | 0 | (e) | ||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 0 | (e) | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(g)(h)(i) | 5,370,787 | 5,374,547 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(g)(h) | 383,000 | 383,000 | ||||||
5,757,547 | ||||||||
Total Short-Term Investments — 2.2% | ||||||||
(Cost: $5,756,148) | 5,757,547 | |||||||
Total Investments in Securities — 101.9% | ||||||||
(Cost: $266,271,964) | 264,850,177 | |||||||
Other Assets, Less Liabilities — (1.9)% | (4,877,276 | ) | ||||||
Net Assets — 100.0% | $ | 259,972,901 |
(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) | Rounds to less than $1. |
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
(i) | 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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 4,935,586 | 435,201 | 5,370,787 | $ | 5,374,547 | $ | 31,596 | (b) | $ | (293 | ) | $ | 1,175 | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 181,000 | 202,000 | 383,000 | 383,000 | 2,716 | — | — | ||||||||||||||||||
$ | 5,757,547 | $ | 34,312 | $ | (293 | ) | $ | 1,175 |
(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 China Enterprises Index | 4 | 03/30/20 | $ | 266 | $ | (3,651 | ) | |||||||||
MSCI Emerging Markets E-Mini | 11 | 03/20/20 | 555 | (21,695 | ) | |||||||||||
$ | (25,346 | ) |
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) | iShares® MSCI BRIC ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 25,346 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 62,114 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (33,115 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 509,197 |
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 29, 2020. 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 | $ | 249,268,489 | $ | — | $ | 99 | $ | 249,268,588 | ||||||||
Preferred Stocks | 9,824,042 | — | — | 9,824,042 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Money Market Funds | 5,757,547 | — | — | 5,757,547 | ||||||||||||
$ | 264,850,078 | $ | 0 | (a) | $ | 99 | $ | 264,850,177 | ||||||||
Derivative financial instruments(b) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (25,346 | ) | $ | — | $ | — | $ | (25,346 | ) |
(a) | Rounds to less than $1. |
(b) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to consolidated financial statements
40 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
China — 46.8% | ||||||||
360 Security Technology Inc., Class A | 8,199 | $ | 26,215 | |||||
3SBio Inc.(a)(b) | 182,500 | 189,220 | ||||||
51job Inc., ADR(b)(c) | 3,489 | 260,873 | ||||||
58.com Inc., ADR(b)(c) | 11,748 | 648,137 | ||||||
AAC Technologies Holdings Inc.(c) | 93,500 | 612,491 | ||||||
AECC Aviation Power Co. Ltd., Class A | 14,700 | 48,578 | ||||||
Agile Group Holdings Ltd. | 192,000 | 269,532 | ||||||
Agricultural Bank of China Ltd., Class A | 460,500 | 224,644 | ||||||
Agricultural Bank of China Ltd., Class H | 3,388,000 | 1,356,409 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 16,100 | 92,129 | ||||||
Air China Ltd., Class A | 20,400 | 21,771 | ||||||
Air China Ltd., Class H | 280,000 | 225,278 | ||||||
Aisino Corp., Class A | 21,100 | 71,237 | ||||||
Alibaba Group Holding Ltd., ADR(b) | 166,541 | 34,640,528 | ||||||
Alibaba Health Information Technology Ltd.(b) | 22,000 | 42,176 | ||||||
Alibaba Pictures Group Ltd.(b)(c) | 1,850,000 | 249,261 | ||||||
A-Living Services Co. Ltd., Class H(a) | 36,250 | 162,340 | ||||||
Aluminum Corp. of China Ltd., Class A(b) | 51,600 | 22,588 | ||||||
Aluminum Corp. of China Ltd., Class H(b) | 532,000 | 141,311 | ||||||
Angang Steel Co. Ltd., Class A | 86,760 | 35,497 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 19,700 | 154,608 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 155,000 | 1,136,686 | ||||||
ANTA Sports Products Ltd. | 135,000 | 1,085,294 | ||||||
Anxin Trust Co. Ltd., Class A(b) | 40,100 | 17,152 | ||||||
Autohome Inc., ADR(b) | 7,574 | 588,273 | ||||||
AVIC Aircraft Co. Ltd., Class A | 17,000 | 41,368 | ||||||
Avic Capital Co. Ltd., Class A | 85,700 | 52,228 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A(b) | 6,300 | 25,055 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 343,000 | 149,206 | ||||||
BAIC BluePark New Energy Technology Co. Ltd., | ||||||||
Class A(b) | 31,600 | 29,068 | ||||||
BAIC Motor Corp. Ltd., Class H(a) | 199,500 | 97,791 | ||||||
Baidu Inc., ADR(b) | 34,448 | 4,133,071 | ||||||
Bank of Beijing Co. Ltd., Class A | 75,000 | 54,827 | ||||||
Bank of Chengdu Co. Ltd., Class A | 19,900 | 23,259 | ||||||
Bank of China Ltd., Class A | 175,100 | 88,925 | ||||||
Bank of China Ltd., Class H | 9,747,000 | 3,852,248 | ||||||
Bank of Communications Co. Ltd., Class A | 202,200 | 150,416 | ||||||
Bank of Communications Co. Ltd., Class H | 1,062,000 | 681,376 | ||||||
Bank of Guiyang Co. Ltd., Class A | 44,900 | 53,956 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 44,700 | 54,930 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 71,199 | 64,984 | ||||||
Bank of Nanjing Co. Ltd., Class A | 57,700 | 64,054 | ||||||
Bank of Ningbo Co. Ltd., Class A | 28,800 | 103,661 | ||||||
Bank of Shanghai Co. Ltd., Class A | 68,770 | 84,706 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 82,600 | 61,446 | ||||||
Baozun Inc., ADR(b)(c) | 5,267 | 167,069 | ||||||
BBMG Corp., Class A | 54,000 | 26,034 | ||||||
BBMG Corp., Class H | 457,000 | 128,426 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 266,000 | 207,529 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 39,200 | 38,414 | ||||||
Beijing Enterprises Holdings Ltd. | 65,000 | 274,411 | ||||||
Beijing Enterprises Water Group Ltd. | 690,000 | 320,516 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 5,400 | 29,981 | ||||||
Beijing Tongrentang Co. Ltd., Class | 18,600 | 69,555 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 2,600 | 30,016 | ||||||
BOC Aviation Ltd.(a) | 26,500 | 230,042 | ||||||
BOE Technology Group Co. Ltd., Class A | 214,000 | 150,010 | ||||||
Security | Shares | Value | ||||||
China (continued) | ||||||||
Bosideng International Holdings Ltd. | 444,000 | $ | 129,331 | |||||
Brilliance China Automotive Holdings Ltd. | 380,000 | 321,825 | ||||||
BYD Co. Ltd., Class A | 10,300 | 96,322 | ||||||
BYD Co. Ltd., Class H(c) | 81,000 | 495,788 | ||||||
BYD Electronic International Co. Ltd. | 92,500 | 173,295 | ||||||
Caitong Securities Co. Ltd., Class A | 54,700 | 86,860 | ||||||
CGN Power Co. Ltd., Class H(a) | 1,271,000 | 309,879 | ||||||
Changjiang Securities Co. Ltd., Class A | 56,700 | 54,671 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 10,799 | 36,768 | ||||||
Chengdu Kanghong Pharmaceutical Group Co. Ltd., | ||||||||
Class A | 4,900 | 23,202 | ||||||
China Agri-Industries Holdings Ltd. | 337,000 | 182,921 | ||||||
China Aoyuan Group Ltd. | 164,000 | 236,118 | ||||||
China Avionics Systems Co. Ltd., Class A | 12,900 | 26,076 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 1,142,000 | 238,862 | ||||||
China CITIC Bank Corp. Ltd., Class A | 88,000 | 68,359 | ||||||
China CITIC Bank Corp. Ltd., Class H | 999,000 | 519,174 | ||||||
China Coal Energy Co. Ltd., Class H | 319,000 | 103,153 | ||||||
China Communications Construction Co. Ltd., Class A | 20,300 | 25,352 | ||||||
China Communications Construction Co. Ltd., Class H | 531,000 | 395,880 | ||||||
China Communications Services Corp. Ltd., Class H | 336,000 | 259,986 | ||||||
China Conch Venture Holdings Ltd. | 211,000 | 1,026,158 | ||||||
China Construction Bank Corp., Class A | 34,800 | 32,360 | ||||||
China Construction Bank Corp., Class H | 11,902,000 | 9,621,727 | ||||||
China Eastern Airlines Corp. Ltd., Class A(b) | 200,472 | 130,203 | ||||||
China Education Group Holdings Ltd. | 93,000 | 132,226 | ||||||
China Everbright Bank Co. Ltd., Class A | 228,100 | 123,347 | ||||||
China Everbright Bank Co. Ltd., Class H | 309,000 | 123,710 | ||||||
China Everbright International Ltd. | 467,481 | 311,332 | ||||||
China Everbright Ltd. | 122,000 | 203,515 | ||||||
China Evergrande Group | 234,000 | 525,468 | ||||||
China Film Co. Ltd., Class A | 13,300 | 24,297 | ||||||
China First Capital Group Ltd.(b) | 950,000 | 26,209 | ||||||
China Fortune Land Development Co. Ltd., Class A | 17,400 | 58,720 | ||||||
China Galaxy Securities Co. Ltd., Class H | 447,000 | 246,643 | ||||||
China Gas Holdings Ltd. | 223,600 | 817,729 | ||||||
China Gezhouba Group Co. Ltd., Class A | 37,600 | 35,770 | ||||||
China Grand Automotive Services Group Co. Ltd., Class A | 51,300 | 30,236 | ||||||
China Hongqiao Group Ltd. | 280,000 | 150,185 | ||||||
China Huarong Asset Management Co. Ltd., Class H(a) | 1,284,000 | 174,648 | ||||||
China Huishan Dairy Holdings Co. Ltd.(b)(d) | 20,200 | 39 | ||||||
China International Capital Corp. Ltd., Class H(a) | 172,800 | 318,856 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 44,540 | 50,974 | ||||||
China International Travel Service Corp. Ltd., Class A | 10,500 | 117,915 | ||||||
China Jinmao Holdings Group Ltd. | 684,000 | 499,414 | ||||||
China Life Insurance Co. Ltd., Class A | 10,900 | 45,922 | ||||||
China Life Insurance Co. Ltd., Class H | 930,000 | 2,179,095 | ||||||
China Literature Ltd.(a)(b) | 6,400 | 28,949 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 404,000 | 211,512 | ||||||
China Medical System Holdings Ltd. | 177,000 | 218,040 | ||||||
China Mengniu Dairy Co. Ltd. | 344,000 | 1,233,766 | ||||||
China Merchants Bank Co. Ltd., Class A | 122,500 | 599,339 | ||||||
China Merchants Bank Co. Ltd., Class H | 484,831 | 2,286,337 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 28,500 | 20,630 | ||||||
China Merchants Port Holdings Co. Ltd. | 178,000 | 261,756 | ||||||
China Merchants Securities Co. Ltd., Class A | 33,600 | 84,839 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 32,800 | 81,364 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 226,900 | 185,670 |
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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 819,160 | $ | 552,901 | |||||
China Mobile Ltd. | 760,000 | 5,978,147 | ||||||
China Molybdenum Co. Ltd., Class A | 136,700 | 79,593 | ||||||
China Molybdenum Co. Ltd., Class H | 519,000 | 193,800 | ||||||
China National Building Material Co. Ltd., Class H | 492,000 | 568,830 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 66,400 | 66,018 | ||||||
China National Nuclear Power Co. Ltd., Class A | 92,900 | 61,001 | ||||||
China National Software & Service Co. Ltd., Class A | 2,500 | 30,482 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 22,300 | 29,031 | ||||||
China Oilfield Services Ltd., Class H | 214,000 | 274,604 | ||||||
China Overseas Land & Investment Ltd. | 472,000 | 1,583,821 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 32,700 | 149,181 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 330,200 | 1,086,818 | ||||||
China Petroleum & Chemical Corp., Class A | 164,100 | 107,988 | ||||||
China Petroleum & Chemical Corp., Class H | 3,080,600 | 1,589,110 | ||||||
China Power International Development Ltd. | 632,000 | 117,592 | ||||||
China Railway Construction Corp. Ltd., Class A | 58,999 | 80,182 | ||||||
China Railway Construction Corp. Ltd., Class H | 244,000 | 279,285 | ||||||
China Railway Group Ltd., Class A | 101,000 | 77,590 | ||||||
China Railway Group Ltd., Class H | 454,000 | 256,331 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(a) | 284,000 | 145,771 | ||||||
China Reinsurance Group Corp., Class H | 676,000 | 91,949 | ||||||
China Renewable Energy Investment Ltd.(b)(d) | 2,513 | 0 | (e) | |||||
China Resources Beer Holdings Co. Ltd. | 182,000 | 843,085 | ||||||
China Resources Cement Holdings Ltd. | 332,000 | 417,926 | ||||||
China Resources Gas Group Ltd. | 110,000 | 549,079 | ||||||
China Resources Land Ltd. | 343,777 | 1,585,872 | ||||||
China Resources Pharmaceutical Group Ltd.(a) | 240,000 | 208,801 | ||||||
China Resources Power Holdings Co. Ltd. | 242,000 | 287,864 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 14,100 | 66,161 | ||||||
China Shenhua Energy Co. Ltd., Class A | 25,400 | 58,139 | ||||||
China Shenhua Energy Co. Ltd., Class H | 415,500 | 720,842 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 121,099 | 76,399 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 14,899 | 23,957 | ||||||
China Southern Airlines Co. Ltd., Class A | 84,500 | 69,629 | ||||||
China Southern Airlines Co. Ltd., Class H(c) | 194,000 | 102,314 | ||||||
China Spacesat Co. Ltd., Class A | 15,300 | 74,440 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 225,640 | 173,341 | ||||||
China State Construction International Holdings Ltd. | 264,000 | 213,760 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 204,100 | 416,945 | ||||||
China Telecom Corp. Ltd., Class H | 1,740,000 | 654,198 | ||||||
China Tower Corp. Ltd., Class H(a) | 5,248,000 | 1,272,765 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 364,000 | 191,504 | ||||||
China Unicom Hong Kong Ltd. | 752,000 | 593,452 | ||||||
China United Network Communications Ltd., Class A | 160,700 | 125,982 | ||||||
China Vanke Co. Ltd., Class A | 56,200 | 237,898 | ||||||
China Vanke Co. Ltd., Class H | 179,000 | 689,076 | ||||||
China Yangtze Power Co. Ltd., Class A | 117,300 | 285,774 | ||||||
China Zhongwang Holdings Ltd. | 236,800 | 79,611 | ||||||
Chongqing Brewery Co. Ltd., Class A | 3,499 | 22,805 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 21,100 | 30,698 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 258,000 | 116,535 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 9,100 | 78,083 | ||||||
CIFI Holdings Group Co. Ltd. | 370,000 | 282,495 | ||||||
CITIC Ltd. | 705,000 | 782,524 | ||||||
CITIC Securities Co. Ltd., Class A | 59,700 | 199,848 | ||||||
CITIC Securities Co. Ltd., Class H | 241,500 | 516,279 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CNOOC Ltd. | 2,218,000 | $ | 3,039,662 | |||||
Contemporary Amperex Technology Co. Ltd., Class A | 11,700 | 227,081 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A | 196,500 | 59,314 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 284,000 | 110,786 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(b) | 95,400 | 55,137 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(b) | 287,000 | 95,752 | ||||||
COSCO SHIPPING Ports Ltd. | 228,000 | 151,843 | ||||||
Country Garden Holdings Co. Ltd. | 938,828 | 1,243,249 | ||||||
Country Garden Services Holdings Co. Ltd. | 164,000 | 639,750 | ||||||
CRRC Corp. Ltd., Class A | 109,000 | 99,797 | ||||||
CRRC Corp. Ltd., Class H | 554,750 | 355,926 | ||||||
CSPC Pharmaceutical Group Ltd. | 584,000 | 1,330,909 | ||||||
Dali Foods Group Co. Ltd.(a) | 268,500 | 177,437 | ||||||
Daqin Railway Co. Ltd., Class A | 64,899 | 65,733 | ||||||
Datang International Power Generation Co. Ltd., Class H | 640,000 | 100,192 | ||||||
DHC Software Co. Ltd., Class A | 22,500 | 47,477 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 5,300 | 23,338 | ||||||
Dongfang Electric Corp. Ltd., Class A | 20,000 | 26,466 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 356,000 | 281,399 | ||||||
Dongxing Securities Co. Ltd., Class A | 35,200 | 60,881 | ||||||
East Money Information Co. Ltd., Class A | 37,400 | 92,829 | ||||||
ENN Energy Holdings Ltd. | 98,700 | 1,093,634 | ||||||
Everbright Securities Co. Ltd., Class A | 45,100 | 76,648 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(b) | 21,100 | 30,396 | ||||||
Far East Horizon Ltd. | 260,000 | 227,202 | ||||||
Financial Street Holdings Co. Ltd., Class A | 47,900 | 47,556 | ||||||
First Capital Securities Co. Ltd., Class A | 23,200 | 25,257 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 78,400 | 59,892 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 13,851 | 197,317 | ||||||
Fosun International Ltd. | 330,000 | 420,490 | ||||||
Founder Securities Co. Ltd., Class A | 77,000 | 80,633 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 34,600 | 84,542 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 16,000 | 53,034 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) | 72,000 | 205,568 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 8,900 | 66,182 | ||||||
G-Bits Network Technology Xiamen Co. Ltd., Class A | 700 | 41,879 | ||||||
GD Power Development Co. Ltd., Class A | 93,000 | 27,939 | ||||||
GDS Holdings Ltd., ADR(b) | 7,918 | 459,006 | ||||||
Geely Automobile Holdings Ltd. | 618,000 | 1,099,118 | ||||||
Gemdale Corp., Class A | 28,800 | 58,917 | ||||||
Genscript Biotech Corp.(b)(c) | 120,000 | 249,761 | ||||||
GF Securities Co. Ltd., Class A | 58,600 | 121,556 | ||||||
GF Securities Co. Ltd., Class H. | 147,600 | 176,520 | ||||||
Giant Network Group Co. Ltd., Class A | 11,400 | 30,970 | ||||||
GoerTek Inc., Class A | 22,800 | 72,638 | ||||||
GOME Retail Holdings Ltd.(b)(c) | 1,713,000 | 175,849 | ||||||
Great Wall Motor Co. Ltd., Class H | 393,000 | 284,423 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 15,600 | 132,116 | ||||||
Greenland Holdings Corp. Ltd., Class A | 49,200 | 41,104 | ||||||
Greentown Service Group Co. Ltd. | 152,000 | 189,974 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 19,700 | 23,504 | ||||||
Guangdong Investment Ltd. | 362,000 | 680,052 | ||||||
Guanghui Energy Co. Ltd., Class A | 52,900 | 21,492 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 15,300 | 23,748 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 376,800 | 420,168 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 7,300 | 35,580 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A | 21,900 | 37,564 |
42 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 164,800 | $ | 255,456 | |||||
Guosen Securities Co. Ltd., Class A | 46,200 | 77,791 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 27,700 | 67,366 | ||||||
Guotai Junan Securities Co. Ltd., Class H(a) | 105,400 | 176,094 | ||||||
Guoyuan Securities Co. Ltd., Class A | 47,000 | 60,648 | ||||||
Haidilao International Holding Ltd.(a)(c) | 51,000 | 208,436 | ||||||
Haier Electronics Group Co. Ltd. | 160,000 | 457,844 | ||||||
Haier Smart Home Co. Ltd., Class A | 29,100 | 70,854 | ||||||
Haitian International Holdings Ltd. | 83,000 | 162,740 | ||||||
Haitong Securities Co. Ltd., Class A | 66,800 | 135,794 | ||||||
Haitong Securities Co. Ltd., Class H | 328,400 | 352,713 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 46,100 | 230,823 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 5,600 | 24,851 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 8,500 | 93,023 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 11,300 | 54,963 | ||||||
Hengan International Group Co. Ltd. | 91,500 | 679,230 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 44,200 | 94,215 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A | 37,300 | 87,885 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 43,500 | 85,940 | ||||||
Hesteel Co. Ltd., Class A | 96,000 | 30,900 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 5,600 | 98,931 | ||||||
HLA Corp. Ltd., Class A | 22,200 | 21,628 | ||||||
Hongfa Technology Co. Ltd., Class A | 6,100 | 29,845 | ||||||
Hua Hong Semiconductor Ltd.(a)(c) | 58,000 | 126,225 | ||||||
Huaan Securities Co. Ltd., Class A | 28,400 | 31,284 | ||||||
Huadian Power International Corp. Ltd., Class A | 48,900 | 23,085 | ||||||
Huadian Power International Corp. Ltd., Class H | 244,000 | 73,578 | ||||||
Huadong Medicine Co. Ltd., Class A | 8,800 | 24,297 | ||||||
Huaneng Power International Inc., Class A | 95,500 | 64,211 | ||||||
Huaneng Power International Inc., Class H | 420,000 | 169,228 | ||||||
Huatai Securities Co. Ltd., Class A | 23,900 | 63,424 | ||||||
Huatai Securities Co. Ltd., Class H(a) | 216,000 | 375,288 | ||||||
Huaxi Securities Co. Ltd., Class A | 18,000 | 28,969 | ||||||
Huaxia Bank Co. Ltd., Class A | 81,400 | 80,932 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 19,100 | 76,917 | ||||||
Huazhu Group Ltd., ADR | 16,441 | 554,884 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 41,000 | 34,958 | ||||||
Hubei Energy Group Co. Ltd., Class A | 93,100 | 48,879 | ||||||
Hunan Valin Steel Co. Ltd., Class A(b) | 38,700 | 21,979 | ||||||
Hundsun Technologies Inc., Class A | 6,600 | 90,821 | ||||||
Hutchison China MediTech Ltd., ADR(b)(c) | 8,419 | 196,331 | ||||||
Iflytek Co. Ltd., Class A | 12,300 | 67,903 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 320,700 | 243,156 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 7,945,000 | 5,433,925 | ||||||
Industrial Bank Co. Ltd., Class A | 116,600 | 288,406 | ||||||
Industrial Securities Co. Ltd., Class A | 60,600 | 59,905 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 336,100 | 56,255 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A(b) | 150,700 | 58,209 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 37,000 | 153,024 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 189,600 | 130,066 | ||||||
Innovent Biologics Inc.(a)(b) | 71,500 | 326,624 | ||||||
iQIYI Inc., ADR(b)(c) | 16,203 | 363,433 | ||||||
JD.com Inc., ADR(b) | 91,511 | 3,524,089 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 190,000 | 219,670 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 4,000 | 33,189 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 23,720 | 285,344 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 7,203 | 100,345 | ||||||
Jiangxi Copper Co. Ltd., Class A | 12,600 | 24,677 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Jiangxi Copper Co. Ltd., Class H | 169,000 | $ | 198,210 | |||||
Jinduicheng Molybdenum Co. Ltd., Class A | 24,800 | 22,848 | ||||||
Jinke Properties Group Co. Ltd., Class A | 30,900 | 33,286 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 16,600 | 27,191 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 12,900 | 29,915 | ||||||
JOYY Inc.(b) | 6,771 | 365,431 | ||||||
Kaisa Group Holdings Ltd. | 379,000 | 168,270 | ||||||
Kingboard Holdings Ltd. | 98,500 | 260,373 | ||||||
Kingboard Laminates Holdings Ltd. | 154,000 | 153,545 | ||||||
Kingdee International Software Group Co. Ltd.(c) | 308,000 | 394,038 | ||||||
Kingsoft Corp. Ltd.(b) | 108,000 | 349,234 | ||||||
Kunlun Energy Co. Ltd. | 412,000 | 287,600 | ||||||
Kweichow Moutai Co. Ltd., Class A | 8,218 | 1,242,658 | ||||||
KWG Group Holdings Ltd. | 166,000 | 243,258 | ||||||
Lee & Man Paper Manufacturing Ltd. | 180,000 | 140,433 | ||||||
Legend Holdings Corp., Class H(a) | 50,200 | 86,318 | ||||||
Lenovo Group Ltd. | 924,000 | 570,308 | ||||||
Lens Technology Co. Ltd., Class A | 26,800 | 74,647 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 13,100 | 64,280 | ||||||
Li Ning Co. Ltd. | 251,500 | 661,583 | ||||||
Liaoning Cheng Da Co. Ltd., Class A(b) | 12,600 | 31,634 | ||||||
Logan Property Holdings Co. Ltd. | 194,000 | 331,090 | ||||||
Longfor Group Holdings Ltd.(a) | 218,500 | 1,010,763 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 20,900 | 91,790 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 30,340 | 207,469 | ||||||
Luye Pharma Group Ltd.(a)(c) | 209,000 | 127,389 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 7,700 | 82,395 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 180,000 | 65,828 | ||||||
Mango Excellent Media Co. Ltd., Class A(b) | 7,100 | 44,762 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 39,384 | 74,202 | ||||||
Meituan Dianping, Class B(b) | 125,400 | 1,591,426 | ||||||
Metallurgical Corp. of China Ltd., Class A | 150,000 | 58,367 | ||||||
Metallurgical Corp. of China Ltd., Class H | 316,000 | 61,229 | ||||||
Momo Inc., ADR | 18,034 | 507,116 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 8,000 | 133,330 | ||||||
NARI Technology Co. Ltd., Class A | 27,100 | 76,878 | ||||||
NavInfo Co. Ltd., Class A | 10,800 | 26,451 | ||||||
NetEase Inc., ADR. | 8,771 | 2,795,405 | ||||||
New China Life Insurance Co. Ltd., Class A | 12,300 | 77,739 | ||||||
New China Life Insurance Co. Ltd., Class H | 100,300 | 381,609 | ||||||
New Hope Liuhe Co. Ltd., Class A | 21,500 | 74,433 | ||||||
New Oriental Education & Technology Group Inc., ADR(b) | 17,893 | 2,288,336 | ||||||
Nexteer Automotive Group Ltd. | 98,000 | 72,182 | ||||||
Nine Dragons Paper Holdings Ltd. | 218,000 | 257,358 | ||||||
Ninestar Corp., Class A | 7,200 | 42,828 | ||||||
NIO Inc., ADR(b)(c) | 84,200 | 347,746 | ||||||
Noah Holdings Ltd.(b)(c) | 3,876 | 110,001 | ||||||
OFILM Group Co. Ltd., Class A(b) | 24,800 | 65,635 | ||||||
Oppein Home Group Inc., Class A | 2,000 | 31,518 | ||||||
Orient Securities Co. Ltd., Class A | 34,100 | 48,636 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 57,300 | 83,283 | ||||||
Pacific Securities Co. Ltd. (The), Class A(b) | 51,900 | 26,655 | ||||||
People's Insurance Co. Group of China Ltd. (The), Class H | 1,029,000 | 364,432 | ||||||
Perfect World Co. Ltd., Class A | 6,264 | 45,747 | ||||||
PetroChina Co. Ltd., Class A | 53,500 | 38,804 | ||||||
PetroChina Co. Ltd., Class H | 2,612,000 | 1,012,215 | ||||||
PICC Property & Casualty Co. Ltd., Class H. | 862,740 | 893,400 | ||||||
Pinduoduo Inc., ADR(b) | 24,135 | 863,550 | ||||||
Ping An Bank Co. Ltd., Class A | 93,500 | 193,950 |
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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b) | 29,700 | $ | 290,214 | |||||
Ping An Insurance Group Co. of China Ltd., Class A | 66,400 | 738,263 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 691,000 | 7,683,147 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 59,700 | 138,271 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 1,012,000 | 638,908 | ||||||
Power Construction Corp. of China Ltd., Class A | 112,000 | 68,095 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 30,200 | 36,982 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 20,000 | 29,613 | ||||||
SAIC Motor Corp. Ltd., Class A | 46,522 | 147,815 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 24,900 | 87,807 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 21,100 | 23,635 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 43,700 | 108,966 | ||||||
SDIC Capital Co. Ltd., Class A | 27,800 | 51,542 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 26,000 | 28,119 | ||||||
Seazen Group Ltd. | 304,000 | 312,463 | ||||||
Seazen Holdings Co. Ltd., Class A | 11,300 | 51,891 | ||||||
Semiconductor Manufacturing International Corp.(b)(c) | 378,300 | 733,003 | ||||||
SF Holding Co. Ltd., Class A | 6,400 | 44,817 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 70,900 | 80,128 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 18,700 | 56,981 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 16,100 | 78,125 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 19,000 | 61,837 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 264,000 | 340,118 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 82,900 | 53,249 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 300,000 | 84,691 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 17,300 | 66,525 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 65,000 | 183,080 | ||||||
Shanghai Industrial Holdings Ltd. | 63,000 | 111,238 | ||||||
Shanghai International Airport Co. Ltd., Class A | 8,800 | 82,723 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 41,100 | 26,694 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 7,456 | 30,164 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 169,936 | 134,589 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 26,700 | 71,313 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 111,800 | 204,576 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 158,400 | 245,864 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 81,300 | 65,131 | ||||||
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 26,000 | 22,540 | ||||||
Shanxi Securities Co. Ltd., Class A | 50,600 | 56,896 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 5,500 | 67,863 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 30,600 | 22,150 | ||||||
Shenergy Co. Ltd., Class A | 30,700 | 23,145 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 133,100 | 89,112 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 77,600 | 60,280 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 2,100 | 93,088 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 10,156 | 37,020 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 9,300 | 37,665 | ||||||
Shenzhen International Holdings Ltd. | 133,500 | 255,589 | ||||||
Shenzhen Investment Ltd. | 360,000 | 121,031 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 5,000 | 79,418 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 2,600 | 88,896 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 38,900 | 36,339 | ||||||
Shenzhou International Group Holdings Ltd. | 94,100 | 1,156,168 | ||||||
Shimao Property Holdings Ltd. | 143,000 | 511,956 | ||||||
Shui On Land Ltd. | 646,000 | 128,486 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 22,800 | 29,845 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 7,600 | $ | 24,952 | |||||
SINA Corp.(b)(c) | 8,558 | 280,275 | ||||||
Sino Biopharmaceutical Ltd.(c) | 867,500 | 1,255,657 | ||||||
Sinolink Securities Co. Ltd., Class A | 46,100 | 65,949 | ||||||
Sino-Ocean Group Holding Ltd. | 481,500 | 174,854 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 174,500 | 86,432 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 251,000 | 64,094 | ||||||
Sinopharm Group Co. Ltd., Class H | 169,600 | 523,400 | ||||||
Sinotrans Ltd., Class H. | 342,000 | 96,548 | ||||||
Sinotruk Hong Kong Ltd. | 95,500 | 182,592 | ||||||
SOHO China Ltd. | 269,000 | 97,341 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 18,500 | 72,992 | ||||||
SooChow Securities Co. Ltd., Class A | 19,400 | 25,727 | ||||||
Spring Airlines Co. Ltd., Class A | 9,000 | 45,836 | ||||||
SSY Group Ltd. | 212,000 | 177,640 | ||||||
Sun Art Retail Group Ltd. | 323,000 | 412,814 | ||||||
Sunac China Holdings Ltd. | 302,000 | 1,646,980 | ||||||
Suning.com Co. Ltd., Class A | 40,500 | 53,767 | ||||||
Sunny Optical Technology Group Co. Ltd. | 89,000 | 1,384,156 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 15,300 | 61,942 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 22,899 | 28,402 | ||||||
TAL Education Group, ADR(b) | 46,465 | 2,527,231 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 13,400 | 29,291 | ||||||
TBEA Co. Ltd., Class A | 67,600 | 60,248 | ||||||
TCL Technology Group Corp., Class A | 137,900 | 115,998 | ||||||
Tencent Holdings Ltd. | 587,500 | 29,099,646 | ||||||
Tencent Music Entertainment Group, ADR(b)(c) | 2,196 | 26,637 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 12,500 | 28,969 | ||||||
Tianqi Lithium Corp., Class A | 9,620 | 43,653 | ||||||
Tingyi Cayman Islands Holding Corp | 246,000 | 447,614 | ||||||
Toly Bread Co. Ltd., Class A | 3,800 | 23,908 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 12,900 | 21,038 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 80,300 | 23,664 | ||||||
Tongwei Co. Ltd., Class A | 37,800 | 93,281 | ||||||
Towngas China Co. Ltd. | 131,000 | 75,981 | ||||||
Transfar Zhilian Co. Ltd., Class A | 33,599 | 29,897 | ||||||
TravelSky Technology Ltd., Class H | 111,000 | 217,070 | ||||||
Trip.com Group Ltd., ADR(b)(c) | 57,814 | 1,755,233 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 3,300 | 20,158 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 54,000 | 280,635 | ||||||
Uni-President China Holdings Ltd. | 193,000 | 199,116 | ||||||
Unisplendour Corp. Ltd., Class A | 6,700 | 43,534 | ||||||
Vipshop Holdings Ltd., ADR(b) | 53,989 | 692,679 | ||||||
Visual China Group Co. Ltd., Class A | 8,400 | 20,308 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 21,000 | 85,920 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 19,400 | 27,170 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 16,500 | 111,035 | ||||||
Want Want China Holdings Ltd.(c) | 624,000 | 482,030 | ||||||
Weibo Corp., ADR(b) | 7,022 | 295,907 | ||||||
Weichai Power Co. Ltd., Class A | 43,100 | 88,356 | ||||||
Weichai Power Co. Ltd., Class H | 238,200 | 468,878 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 32,300 | 150,313 | ||||||
Western Securities Co. Ltd., Class A | 43,000 | 58,254 | ||||||
Wharf Holdings Ltd. (The) | 91,000 | 191,971 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 11,800 | 57,158 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 24,500 | 422,692 | ||||||
WuXi AppTec Co. Ltd., Class A | 7,800 | 118,280 |
44 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
WuXi AppTec Co. Ltd., Class H(a) | 20,200 | $ | 297,827 | |||||
Wuxi Biologics Cayman Inc.(a)(b) | 71,000 | 1,038,618 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 5,200 | 41,770 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 75,200 | 56,694 | ||||||
Xiamen C & D Inc., Class A | 22,200 | 24,359 | ||||||
Xiaomi Corp., Class B(a)(b) | 933,600 | 1,504,676 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 45,100 | 20,323 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., | ||||||||
Class A | 34,702 | 52,225 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., | ||||||||
Class H | 98,962 | 98,288 | ||||||
Xinyi Solar Holdings Ltd. | 436,000 | 345,195 | ||||||
Yango Group Co. Ltd., Class A | 25,900 | 29,679 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 5,600 | 27,719 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 18,600 | 23,602 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 252,000 | 191,109 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 12,600 | 34,536 | ||||||
Yihai International Holding Ltd. | 63,000 | 421,587 | ||||||
Yonghui Superstores Co. Ltd., Class A | 47,200 | 58,070 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 13,800 | 90,931 | ||||||
Youzu Interactive Co. Ltd., Class A(b) | 11,500 | 44,436 | ||||||
Yuexiu Property Co. Ltd. | 932,000 | 190,154 | ||||||
Yum China Holdings Inc. | 45,047 | 1,972,608 | ||||||
Yunda Holding Co. Ltd., Class A | 5,600 | 23,697 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 5,500 | 61,915 | ||||||
Yuzhou Properties Co. Ltd. | 227,000 | 111,271 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., | ||||||||
Class A | 5,800 | 99,651 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 128,500 | 153,183 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 22,200 | 85,653 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 22,400 | 62,103 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 198,000 | 149,649 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 7,100 | 38,384 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 39,400 | 72,823 | ||||||
Zhejiang NHU Co. Ltd., Class A | 7,800 | 26,892 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 17,100 | 19,008 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 11,900 | 25,672 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 47,200 | 198,659 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 22,200 | 25,756 | ||||||
Zhongsheng Group Holdings Ltd. | 73,500 | 279,643 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 69,600 | 243,371 | ||||||
Zijin Mining Group Co. Ltd., Class A | 140,900 | 83,852 | ||||||
Zijin Mining Group Co. Ltd., Class H | 720,000 | 323,365 | ||||||
ZTE Corp., Class A(b) | 13,100 | 93,703 | ||||||
ZTE Corp., Class H(b) | 97,160 | 402,078 | ||||||
ZTO Express Cayman Inc., ADR | 40,740 | 955,760 | ||||||
229,095,969 | ||||||||
India — 12.4% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 77,460 | 367,296 | ||||||
Ambuja Cements Ltd. | 81,003 | 230,154 | ||||||
Ashok Leyland Ltd. | 185,125 | 179,308 | ||||||
Asian Paints Ltd. | 36,502 | 909,395 | ||||||
Aurobindo Pharma Ltd. | 36,042 | 252,458 | ||||||
Avenue Supermarts Ltd.(a)(b) | 16,250 | 523,285 | ||||||
Axis Bank Ltd. | 259,127 | 2,503,748 | ||||||
Bajaj Auto Ltd. | 10,483 | 419,799 | ||||||
Bajaj Finance Ltd. | 21,836 | 1,351,250 | ||||||
Bajaj Finserv Ltd. | 4,798 | 601,732 | ||||||
Bandhan Bank Ltd.(a) | 45,339 | 240,933 | ||||||
Bharat Forge Ltd. | 35,894 | 216,555 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Bharat Petroleum Corp. Ltd. | 83,836 | $ | 495,285 | |||||
Bharti Airtel Ltd.(b) | 300,829 | 2,182,201 | ||||||
Bharti Infratel Ltd.. | 44,436 | 132,044 | ||||||
Bosch Ltd.. | 1,061 | 178,311 | ||||||
Britannia Industries Ltd | 7,534 | 310,077 | ||||||
Cipla Ltd. | 43,991 | 245,107 | ||||||
Coal India Ltd. | 158,128 | 368,985 | ||||||
Container Corp. of India Ltd. | 29,127 | 205,696 | ||||||
Dabur India Ltd. | 65,601 | 450,960 | ||||||
Divi's Laboratories Ltd.. | 10,447 | 305,003 | ||||||
Dr. Reddy's Laboratories Ltd.. | 14,170 | 574,733 | ||||||
Eicher Motors Ltd | 1,872 | 430,659 | ||||||
GAIL India Ltd | 196,029 | 283,582 | ||||||
Godrej Consumer Products Ltd | 44,091 | 342,440 | ||||||
Grasim Industries Ltd.. | 37,577 | 357,819 | ||||||
Havells India Ltd | 32,315 | 274,510 | ||||||
HCL Technologies Ltd | 136,538 | 1,010,969 | ||||||
HDFC Life Insurance Co. Ltd.(a) | 58,906 | 444,116 | ||||||
Hero MotoCorp Ltd. | 11,619 | 330,333 | ||||||
Hindalco Industries Ltd | 141,437 | 305,540 | ||||||
Hindustan Petroleum Corp. Ltd | 78,182 | 214,014 | ||||||
Hindustan Unilever Ltd. | 80,970 | 2,440,011 | ||||||
Housing Development Finance Corp. Ltd | 202,933 | 6,118,148 | ||||||
ICICI Bank Ltd. | 538,655 | 3,711,452 | ||||||
ICICI Lombard General Insurance Co. Ltd.(a) | 17,500 | 299,877 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) | 27,190 | 177,606 | ||||||
Indian Oil Corp. Ltd | 229,071 | 335,667 | ||||||
Info Edge India Ltd. | 5,528 | 198,650 | ||||||
Infosys Ltd. | 433,901 | 4,399,284 | ||||||
InterGlobe Aviation Ltd.(a) | 12,455 | 224,369 | ||||||
ITC Ltd | 428,030 | 1,171,682 | ||||||
JSW Steel Ltd. | 108,255 | 353,562 | ||||||
Larsen & Toubro Ltd.. | 59,235 | 974,740 | ||||||
LIC Housing Finance Ltd. | 39,967 | 177,357 | ||||||
Lupin Ltd | 28,618 | 253,792 | ||||||
Mahindra & Mahindra Financial Services Ltd | 40,913 | 194,594 | ||||||
Mahindra & Mahindra Ltd. | 92,296 | 584,528 | ||||||
Marico Ltd. | 58,257 | 241,165 | ||||||
Maruti Suzuki India Ltd. | 13,232 | 1,152,014 | ||||||
Motherson Sumi Systems Ltd. | 122,709 | 176,240 | ||||||
Nestle India Ltd | 2,985 | 652,647 | ||||||
NTPC Ltd.. | 304,040 | 448,893 | ||||||
Oil & Natural Gas Corp. Ltd. | 321,839 | 410,061 | ||||||
Page Industries Ltd | 680 | 208,673 | ||||||
Petronet LNG Ltd | 78,927 | 268,604 | ||||||
Pidilite Industries Ltd. | 17,347 | 363,706 | ||||||
Piramal Enterprises Ltd. | 12,267 | 222,087 | ||||||
Power Grid Corp. of India Ltd. | 232,861 | 585,641 | ||||||
REC Ltd. | 90,227 | 147,279 | ||||||
Reliance Industries Ltd. | 353,664 | 6,511,181 | ||||||
SBI Life Insurance Co. Ltd.(a). | 36,482 | 450,114 | ||||||
Shree Cement Ltd.. | 1,082 | 339,903 | ||||||
Shriram Transport Finance Co. Ltd.. | 21,654 | 358,952 | ||||||
State Bank of India(b) | 224,535 | 942,725 | ||||||
Sun Pharmaceutical Industries Ltd | 103,829 | 536,500 | ||||||
Tata Consultancy Services Ltd | 111,957 | 3,102,931 | ||||||
Tata Motors Ltd.(b) | 212,532 | 379,755 | ||||||
Tata Power Co. Ltd. (The) | 152,885 | 98,933 | ||||||
Tata Steel Ltd | 46,319 | 245,017 | ||||||
Tech Mahindra Ltd. | 59,126 | 609,878 |
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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Titan Co. Ltd. | 39,792 | $ | 691,711 | |||||
UltraTech Cement Ltd. | 12,832 | 750,281 | ||||||
United Spirits Ltd.(b) | 38,943 | 370,368 | ||||||
UPL Ltd. | 74,057 | 533,307 | ||||||
Vedanta Ltd. | 231,095 | 365,051 | ||||||
Wipro Ltd. | 141,428 | 433,980 | ||||||
Zee Entertainment Enterprises Ltd. | 109,986 | 364,702 | ||||||
60,815,915 | ||||||||
Indonesia — 2.6% | ||||||||
Adaro Energy Tbk PT | 1,840,600 | 148,172 | ||||||
Astra International Tbk PT | 2,449,500 | 943,265 | ||||||
Bank Central Asia Tbk PT | 1,230,200 | 2,696,622 | ||||||
Bank Mandiri Persero Tbk PT | 2,322,200 | 1,177,488 | ||||||
Bank Negara Indonesia Persero Tbk PT | 965,600 | 472,789 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 6,900,400 | 2,015,172 | ||||||
Bank Tabungan Negara Persero Tbk PT | 665,700 | 78,877 | ||||||
Barito Pacific Tbk PT(b) | 3,469,800 | 238,212 | ||||||
Bukit Asam Tbk PT | 429,800 | 67,102 | ||||||
Bumi Serpong Damai Tbk PT(b) | 1,098,900 | 76,592 | ||||||
Charoen Pokphand Indonesia Tbk PT | 919,200 | 365,181 | ||||||
Gudang Garam Tbk PT | 64,200 | 228,207 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 1,177,600 | 139,531 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 398,300 | 156,155 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 233,400 | 242,795 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 346,200 | 247,932 | ||||||
Indofood Sukses Makmur Tbk PT | 570,400 | 258,414 | ||||||
Jasa Marga Persero Tbk PT | 253,298 | 82,623 | ||||||
Kalbe Farma Tbk PT | 2,720,800 | 231,356 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 200,200 | 83,722 | ||||||
Pakuwon Jati Tbk PT | 2,643,000 | 97,633 | ||||||
Perusahaan Gas Negara Tbk PT | 1,502,800 | 134,071 | ||||||
Semen Indonesia Persero Tbk PT | 376,100 | 274,588 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 6,119,500 | 1,488,556 | ||||||
Unilever Indonesia Tbk PT | 959,900 | 456,617 | ||||||
United Tractors Tbk PT | 212,900 | 246,324 | ||||||
12,647,996 | ||||||||
Malaysia — 2.6% | ||||||||
AirAsia Group Bhd | 297,000 | 70,463 | ||||||
AMMB Holdings Bhd | 237,400 | 208,394 | ||||||
Axiata Group Bhd | 340,000 | 337,177 | ||||||
British American Tobacco Malaysia Bhd. | 100 | 295 | ||||||
CIMB Group Holdings Bhd | 588,000 | 672,399 | ||||||
Dialog Group Bhd | 476,678 | 377,723 | ||||||
DiGi.Com Bhd | 399,100 | 393,892 | ||||||
Fraser & Neave Holdings Bhd | 20,900 | 152,324 | ||||||
Gamuda Bhd | 242,600 | 190,511 | ||||||
Genting Bhd | 255,200 | 299,701 | ||||||
Genting Malaysia Bhd | 371,800 | 254,923 | ||||||
Genting Plantations Bhd | 52,700 | 125,280 | ||||||
HAP Seng Consolidated Bhd | 96,400 | 204,921 | ||||||
Hartalega Holdings Bhd | 201,500 | 296,394 | ||||||
Hong Leong Bank Bhd | 81,700 | 296,562 | ||||||
Hong Leong Financial Group Bhd | 26,300 | 95,466 | ||||||
IHH Healthcare Bhd | 275,400 | 372,427 | ||||||
IJM Corp. Bhd | 424,600 | 195,427 | ||||||
IOI Corp. Bhd | 246,100 | 243,473 | ||||||
Kuala Lumpur Kepong Bhd | 52,300 | 270,992 | ||||||
Malayan Banking Bhd | 469,200 | 937,287 | ||||||
Malaysia Airports Holdings Bhd | 66,300 | 103,658 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Maxis Bhd | 305,300 | $ | 393,305 | |||||
MISC Bhd | 173,400 | 312,243 | ||||||
Nestle Malaysia Bhd | 8,500 | 288,375 | ||||||
Petronas Chemicals Group Bhd | 304,000 | 389,466 | ||||||
Petronas Dagangan Bhd | 43,500 | 235,715 | ||||||
Petronas Gas Bhd | 98,300 | 387,603 | ||||||
PPB Group Bhd | 77,080 | 330,996 | ||||||
Press Metal Aluminium Holdings Bhd(c) | 206,200 | 227,970 | ||||||
Public Bank Bhd | 384,510 | 1,559,934 | ||||||
QL Resources Bhd | 90,300 | 174,816 | ||||||
RHB Bank Bhd | 203,862 | 268,430 | ||||||
RHB Capital Bhd(b)(d) | 28,800 | 0 | (e) | |||||
Sime Darby Bhd | 361,400 | 171,483 | ||||||
Sime Darby Plantation Bhd | 270,600 | 318,428 | ||||||
Telekom Malaysia Bhd | 155,000 | 136,062 | ||||||
Tenaga Nasional Bhd | 385,400 | 1,106,368 | ||||||
Top Glove Corp. Bhd | 202,500 | 270,961 | ||||||
Westports Holdings Bhd. | 105,600 | 86,184 | ||||||
YTL Corp. Bhd. | 412,708 | 82,737 | ||||||
12,840,765 | ||||||||
Pakistan — 0.1% | ||||||||
Habib Bank Ltd. | 51,700 | 52,448 | ||||||
MCB Bank Ltd. | 80,800 | 102,436 | ||||||
Oil & Gas Development Co. Ltd. | 89,500 | 68,111 | ||||||
222,995 | ||||||||
Philippines — 1.3% | ||||||||
Aboitiz Equity Ventures Inc | 274,930 | 230,030 | ||||||
Aboitiz Power Corp.. | 175,400 | 94,625 | ||||||
Altus San Nicolas Corp | 5,021 | 512 | ||||||
Ayala Corp.. | 34,330 | 446,172 | ||||||
Ayala Land Inc | 883,060 | 675,612 | ||||||
Bank of the Philippine Islands | 127,752 | 185,707 | ||||||
BDO Unibank Inc | 248,709 | 678,186 | ||||||
Globe Telecom Inc | 5,190 | 181,128 | ||||||
GT Capital Holdings Inc | 11,260 | 157,055 | ||||||
International Container Terminal Services Inc. | 127,940 | 266,045 | ||||||
JG Summit Holdings Inc. | 357,596 | 473,521 | ||||||
Jollibee Foods Corp. | 55,830 | 186,191 | ||||||
Manila Electric Co.. | 24,330 | 128,774 | ||||||
Megaworld Corp. | 1,622,900 | 108,246 | ||||||
Metro Pacific Investments Corp. | 1,977,400 | 119,090 | ||||||
Metropolitan Bank & Trust Co. | 226,512 | 249,063 | ||||||
PLDT Inc | 11,770 | 228,588 | ||||||
Robinsons Land Corp | 290,990 | 121,591 | ||||||
Security Bank Corp | 28,200 | 85,416 | ||||||
SM Investments Corp. | 29,549 | 564,895 | ||||||
SM Prime Holdings Inc | 1,253,850 | 942,079 | ||||||
Universal Robina Corp. | 116,660 | 323,375 | ||||||
6,445,901 | ||||||||
South Korea — 14.4% | ||||||||
Amorepacific Corp.(b) | 4,125 | 546,830 | ||||||
AMOREPACIFIC Group(b) | 3,784 | 193,172 | ||||||
BGF retail Co. Ltd | 942 | 117,508 | ||||||
BNK Financial Group Inc | 39,750 | 201,941 | ||||||
Celltrion Healthcare Co. Ltd.(b) | 6,786 | 362,069 | ||||||
Celltrion Inc.(b). | 11,500 | 1,609,716 | ||||||
Cheil Worldwide Inc | 8,517 | 135,697 | ||||||
CJ CheilJedang Corp.. | 1,092 | 219,389 | ||||||
CJ Corp. | 2,226 | 147,545 |
46 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
CJ ENM Co. Ltd. | 1,436 | $ | 148,743 | |||||
CJ Logistics Corp.(b) | 1,121 | 123,222 | ||||||
Coway Co. Ltd. | 6,457 | 366,313 | ||||||
Daelim Industrial Co. Ltd.(b) | 3,658 | 218,366 | ||||||
Daewoo Engineering & Construction Co. Ltd.(b) | 34,245 | 114,197 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 4,953 | 90,333 | ||||||
DB Insurance Co. Ltd. | 6,454 | 230,101 | ||||||
Doosan Bobcat Inc. | 6,977 | 163,151 | ||||||
E-MART Inc. | 2,691 | 232,651 | ||||||
Fila Holdings Corp. | 6,632 | 209,690 | ||||||
GS Engineering & Construction Corp. | 8,648 | 186,916 | ||||||
GS Holdings Corp. | 6,394 | 217,170 | ||||||
GS Retail Co. Ltd. | 3,321 | 96,663 | ||||||
Hana Financial Group Inc | 37,282 | 963,899 | ||||||
Hankook Tire & Technology Co. Ltd. | 9,912 | 208,115 | ||||||
Hanmi Pharm Co. Ltd.(b) | 880 | 189,115 | ||||||
Hanon Systems | 26,371 | 229,077 | ||||||
Hanwha Corp. | 4,771 | 78,764 | ||||||
Hanwha Life Insurance Co. Ltd. | 34,705 | 47,150 | ||||||
Hanwha Solutions Corp. | 14,397 | 211,599 | ||||||
HDC Hyundai Development Co-Engineering & | ||||||||
Construction, Class E | 3,968 | 58,973 | ||||||
Helixmith Co. Ltd.(b) | 2,790 | 142,659 | ||||||
HLB Inc.(b) | 4,190 | 332,923 | ||||||
Hotel Shilla Co. Ltd. | 4,075 | 269,430 | ||||||
Hyundai Department Store Co. Ltd. | 2,338 | 136,488 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 9,791 | 279,743 | ||||||
Hyundai Glovis Co. Ltd. | 2,439 | 247,013 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 1,234 | 274,843 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 8,257 | 153,650 | ||||||
Hyundai Mobis Co. Ltd. | 8,485 | 1,467,147 | ||||||
Hyundai Motor Co. | 18,705 | 1,771,161 | ||||||
Hyundai Steel Co. | 10,526 | 206,707 | ||||||
Industrial Bank of Korea(b) | 31,160 | 243,995 | ||||||
Kakao Corp. | 6,355 | 900,008 | ||||||
Kangwon Land Inc.(b) | 15,272 | 286,704 | ||||||
KB Financial Group Inc. | 49,412 | 1,582,649 | ||||||
KCC Corp. | 669 | 91,716 | ||||||
Kia Motors Corp. | 32,921 | 982,615 | ||||||
Korea Aerospace Industries Ltd.(b) | 9,723 | 205,348 | ||||||
Korea Electric Power Corp.(b) | 32,268 | 565,919 | ||||||
Korea Gas Corp. | 3,407 | 78,828 | ||||||
Korea Investment Holdings Co. Ltd.(b) | 5,496 | 284,190 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) | 4,869 | 416,942 | ||||||
Korea Zinc Co. Ltd.(b) | 1,062 | 362,453 | ||||||
Korean Air Lines Co. Ltd.(b) | 5,225 | 95,939 | ||||||
KT&G Corp. | 14,582 | 1,016,958 | ||||||
Kumho Petrochemical Co. Ltd. | 2,415 | 117,916 | ||||||
LG Chem Ltd. | 5,788 | 1,753,795 | ||||||
LG Corp. | 12,002 | 667,052 | ||||||
LG Display Co. Ltd.(b) | 29,501 | 330,353 | ||||||
LG Electronics Inc. | 13,418 | 667,309 | ||||||
LG Household & Health Care Ltd. | 1,177 | 1,183,299 | ||||||
LG Innotek Co. Ltd. | 2,041 | 218,468 | ||||||
LG Uplus Corp. | 13,918 | 151,270 | ||||||
Lotte Chemical Corp. | 2,131 | 328,993 | ||||||
Lotte Corp. | 3,097 | 74,078 | ||||||
Lotte Shopping Co. Ltd. | 1,293 | 101,353 | ||||||
Medy-Tox Inc | 620 | 149,831 | ||||||
Meritz Securities Co. Ltd. | 39,342 | 112,568 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Mirae Asset Daewoo Co. Ltd.(b) | 45,445 | $ | 237,234 | |||||
NAVER Corp. | 17,458 | 2,501,187 | ||||||
NCSoft Corp | 2,077 | 1,109,900 | ||||||
Netmarble Corp.(a)(b) | 3,318 | 242,054 | ||||||
NH Investment & Securities Co. Ltd.(b) | 15,550 | 127,780 | ||||||
OCI Co. Ltd.(b) | 2,481 | 100,609 | ||||||
Orion Corp | 3,047 | 236,585 | ||||||
Ottogi Corp | 213 | 87,164 | ||||||
Pan Ocean Co. Ltd.(b) | 37,519 | 115,384 | ||||||
Pearl Abyss Corp.(b) | 823 | 120,079 | ||||||
POSCO | 9,744 | 1,568,507 | ||||||
POSCO Chemical Co. Ltd. | 3,646 | 164,813 | ||||||
Posco International Corp | 7,040 | 86,660 | ||||||
S-1 Corp.. | 2,359 | 159,662 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 2,060 | 786,175 | ||||||
Samsung C&T Corp. | 10,483 | 910,627 | ||||||
Samsung Card Co. Ltd. | 3,549 | 98,478 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 7,175 | 744,380 | ||||||
Samsung Electronics Co. Ltd. | 474,115 | 21,158,529 | ||||||
Samsung Engineering Co. Ltd.(b) | 16,797 | 195,008 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,860 | 629,296 | ||||||
Samsung Heavy Industries Co. Ltd.(b) | 56,674 | 272,054 | ||||||
Samsung Life Insurance Co. Ltd. | 8,468 | 407,886 | ||||||
Samsung SDI Co. Ltd. | 6,873 | 1,669,440 | ||||||
Samsung SDS Co. Ltd | 4,298 | 589,228 | ||||||
Samsung Securities Co. Ltd. | 8,494 | 231,496 | ||||||
Shinhan Financial Group Co. Ltd.. | 58,154 | 1,546,623 | ||||||
Shinsegae Inc. | 982 | 190,821 | ||||||
SK Holdings Co. Ltd. | 4,416 | 698,124 | ||||||
SK Hynix Inc. | 67,744 | 4,903,003 | ||||||
SK Innovation Co. Ltd. | 6,886 | 640,690 | ||||||
SK Telecom Co. Ltd | 2,538 | 444,072 | ||||||
S-Oil Corp. | 5,557 | 304,731 | ||||||
Woori Financial Group Inc | 59,816 | 473,307 | ||||||
Yuhan Corp.. | 1,277 | 225,013 | ||||||
70,146,987 | ||||||||
Taiwan — 16.1% | ||||||||
Accton Technology Corp. | 38,000 | 205,188 | ||||||
Acer Inc. | 420,062 | 226,821 | ||||||
Advantech Co. Ltd. | 43,282 | 420,963 | ||||||
Airtac International Group | 18,000 | 286,233 | ||||||
ASE Technology Holding Co. Ltd. | 437,484 | 1,030,156 | ||||||
Asia Cement Corp. | 276,229 | 404,589 | ||||||
Asustek Computer Inc | 86,000 | 585,082 | ||||||
AU Optronics Corp. | 1,094,000 | 343,236 | ||||||
Catcher Technology Co. Ltd | 80,000 | 626,166 | ||||||
Cathay Financial Holding Co. Ltd. | 952,624 | 1,260,014 | ||||||
Chailease Holding Co. Ltd | 148,428 | 563,722 | ||||||
Chang Hwa Commercial Bank Ltd | 716,356 | 548,868 | ||||||
Cheng Shin Rubber Industry Co. Ltd | 240,776 | 314,493 | ||||||
Chicony Electronics Co. Ltd | 88,518 | 244,101 | ||||||
China Airlines Ltd | 280,000 | 75,457 | ||||||
China Development Financial Holding Corp. | 1,625,200 | 491,647 | ||||||
China Life Insurance Co. Ltd.(b) | 348,040 | 277,586 | ||||||
China Steel Corp. | 1,449,867 | 1,101,304 | ||||||
Chunghwa Telecom Co. Ltd | 466,000 | 1,662,115 | ||||||
Compal Electronics Inc. | 503,000 | 306,490 | ||||||
CTBC Financial Holding Co. Ltd | 2,295,265 | 1,720,719 | ||||||
Delta Electronics Inc. | 243,000 | 1,123,532 | ||||||
E.Sun Financial Holding Co. Ltd | 1,321,769 | 1,268,099 |
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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Eclat Textile Co. Ltd. | 23,604 | $ | 280,633 | |||||
Eva Airways Corp. | 278,610 | 110,875 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(b) | 410,867 | 156,724 | ||||||
Far Eastern New Century Corp. | 387,460 | 361,490 | ||||||
Far EasTone Telecommunications Co. Ltd. | 192,000 | 419,135 | ||||||
Feng TAY Enterprise Co. Ltd. | 37,970 | 214,431 | ||||||
First Financial Holding Co. Ltd. | 1,255,762 | 982,895 | ||||||
Formosa Chemicals & Fibre Corp. | 436,950 | 1,186,192 | ||||||
Formosa Petrochemical Corp. | 149,000 | 423,683 | ||||||
Formosa Plastics Corp. | 552,400 | 1,660,146 | ||||||
Formosa Taffeta Co. Ltd. | 137,000 | 151,571 | ||||||
Foxconn Technology Co. Ltd.. | 111,521 | 219,142 | ||||||
Fubon Financial Holding Co. Ltd. | 802,396 | 1,177,909 | ||||||
Giant Manufacturing Co. Ltd. | 39,000 | 211,876 | ||||||
Globalwafers Co. Ltd. | 29,000 | 392,196 | ||||||
Highwealth Construction Corp | 119,840 | 177,507 | ||||||
Hiwin Technologies Corp. | 31,116 | 309,829 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,542,651 | 4,091,048 | ||||||
Hotai Motor Co. Ltd. | 37,000 | 766,162 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 1,050,081 | 747,345 | ||||||
Innolux Corp. | 1,064,620 | 277,762 | ||||||
Inventec Corp. | 352,980 | 267,537 | ||||||
Largan Precision Co. Ltd. | 13,000 | 1,901,947 | ||||||
Lite-On Technology Corp. | 270,032 | 391,053 | ||||||
MediaTek Inc. | 188,176 | 2,237,268 | ||||||
Mega Financial Holding Co. Ltd. | 1,358,542 | 1,451,439 | ||||||
Micro-Star International Co. Ltd. | 89,000 | 266,887 | ||||||
Nan Ya Plastics Corp. | 636,090 | 1,430,596 | ||||||
Nanya Technology Corp. | 164,000 | 418,673 | ||||||
Nien Made Enterprise Co. Ltd. | 23,000 | 185,340 | ||||||
Novatek Microelectronics Corp. | 73,000 | 471,325 | ||||||
Pegatron Corp. | 242,000 | 501,111 | ||||||
Phison Electronics Corp. | 22,000 | 242,309 | ||||||
Pou Chen Corp. | 262,000 | 295,058 | ||||||
Powertech Technology Inc. | 97,000 | 326,756 | ||||||
President Chain Store Corp. | 72,000 | 705,031 | ||||||
Quanta Computer Inc. | 328,000 | 671,610 | ||||||
Realtek Semiconductor Corp. | 61,140 | 454,317 | ||||||
Ruentex Development Co. Ltd. | 80,439 | 109,051 | ||||||
Ruentex Industries Ltd. | 62,113 | 138,669 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 426,980 | 709,295 | ||||||
Shin Kong Financial Holding Co. Ltd. | 1,330,407 | 404,665 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,390,699 | 597,074 | ||||||
Standard Foods Corp. | 75,987 | 170,396 | ||||||
Synnex Technology International Corp. | 200,050 | 248,415 | ||||||
Taishin Financial Holding Co. Ltd. | 1,159,631 | 543,825 | ||||||
Taiwan Business Bank | 748,641 | 296,692 | ||||||
Taiwan Cement Corp. | 622,069 | 867,994 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,144,224 | 791,674 | ||||||
Taiwan High Speed Rail Corp. | 250,000 | 284,846 | ||||||
Taiwan Mobile Co. Ltd. | 199,000 | 690,071 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,457,000 | 25,641,507 | ||||||
Tatung Co. Ltd.(b) | 253,000 | 175,883 | ||||||
Uni-President Enterprises Corp. | 596,650 | 1,442,388 | ||||||
United Microelectronics Corp. | 1,494,000 | 754,907 | ||||||
Vanguard International Semiconductor Corp. | 120,000 | 294,060 | ||||||
Walsin Technology Corp. | 41,000 | 288,413 | ||||||
Win Semiconductors Corp. | 45,000 | 406,463 | ||||||
Winbond Electronics Corp. | 423,000 | 223,518 | ||||||
Wistron Corp. | 373,080 | 333,289 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Wiwynn Corp. | 6,000 | $ | 143,463 | |||||
WPG Holdings Ltd | 207,320 | 265,659 | ||||||
Yageo Corp | 32,151 | 435,341 | ||||||
Yuanta Financial Holding Co. Ltd | 1,208,893 | 766,550 | ||||||
Zhen Ding Technology Holding Ltd. | 61,455 | 234,418 | ||||||
78,881,915 | ||||||||
Thailand — 3.2% | ||||||||
Advanced Info Service PCL, NVDR. | 149,400 | 946,918 | ||||||
Airports of Thailand PCL, NVDR. | 533,900 | 1,010,950 | ||||||
Bangkok Bank PCL, Foreign | 62,200 | 259,208 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,180,100 | 830,240 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 967,100 | 283,495 | ||||||
Banpu PCL, NVDR | 597,700 | 134,485 | ||||||
Berli Jucker PCL, NVDR | 154,000 | 178,133 | ||||||
BTS Group Holdings PCL, NVDR | 892,900 | 308,433 | ||||||
Bumrungrad Hospital PCL, NVDR | 60,700 | 247,186 | ||||||
Central Pattana PCL, NVDR | 271,400 | 455,845 | ||||||
Central Retail Corp. PCL, NVDR(b) | 101,174 | 100,998 | ||||||
Charoen Pokphand Foods PCL, NVDR | 502,900 | 426,322 | ||||||
CP ALL PCL, NVDR | 722,300 | 1,505,030 | ||||||
Electricity Generating PCL, NVDR | 37,900 | 327,894 | ||||||
Energy Absolute PCL, NVDR | 213,400 | 263,749 | ||||||
Gulf Energy Development PCL, NVDR | 77,200 | 404,899 | ||||||
Home Product Center PCL, NVDR. | 732,849 | 297,274 | ||||||
Indorama Ventures PCL, NVDR(c) | 241,800 | 199,233 | ||||||
Intouch Holdings PCL, NVDR | 292,400 | 500,384 | ||||||
IRPC PCL, NVDR | 1,657,800 | 115,581 | ||||||
Kasikornbank PCL | 156,500 | 592,672 | ||||||
Kasikornbank PCL, NVDR | 75,500 | 284,725 | ||||||
Krung Thai Bank PCL, NVDR | 394,750 | 175,139 | ||||||
Land & Houses PCL, NVDR. | 1,100,100 | 292,849 | ||||||
Minor International PCL, NVDR. | 352,480 | 307,184 | ||||||
Muangthai Capital PCL, NVDR | 110,800 | 201,901 | ||||||
PTT Exploration & Production PCL, NVDR | 179,710 | 603,684 | ||||||
PTT Global Chemical PCL, NVDR | 283,000 | 369,949 | ||||||
PTT PCL, NVDR. | 1,411,500 | 1,744,525 | ||||||
Ratch Group PCL, NVDR | 100,700 | 188,284 | ||||||
Siam Cement PCL (The), NVDR. | 96,300 | 946,062 | ||||||
Siam Commercial Bank PCL (The), NVDR | 106,400 | 294,197 | ||||||
Thai Oil PCL, NVDR | 153,300 | 210,117 | ||||||
Thai Union Group PCL, NVDR | 469,600 | 227,694 | ||||||
TMB Bank PCL, NVDR | 3,401,222 | 117,488 | ||||||
Total Access Communication PCL, NVDR. | 111,000 | 128,395 | ||||||
True Corp. PCL, NVDR(c) | 1,473,705 | 155,053 | ||||||
15,636,175 | ||||||||
Total Common Stocks — 99.5% | ||||||||
(Cost: $454,297,859) | 486,734,618 | |||||||
Preferred Stocks | ||||||||
South Korea — 0.2% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 1,114 | 67,326 | ||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 2,717 | 148,322 | ||||||
Series 2, Preference Shares, NVS | 4,657 | 287,204 | ||||||
LG Chem Ltd., Preference Shares, NVS | 906 | 139,500 | ||||||
LG Household & Health Care Ltd., Preference | ||||||||
Shares, NVS | 274 | 165,370 |
48 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 8,105 | $ | 303,979 | |||||
1,111,701 | ||||||||
Total Preferred Stocks — 0.2% | ||||||||
(Cost: $1,074,862) | 1,111,701 | |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Legend Holdings Corp. Class H, (Expires 04/16/20)(b) | 3,561 | 0 | (e) | |||||
South Korea — 0.0% | ||||||||
HDC Hyundai Development Co., (Expires 06/03/20)(b) | 1,984 | 0 | (e) | |||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 0 | (e) | ||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL (Expires 02/16/21)(b) | 80,220 | 2,186 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 2,186 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, | ||||||||
1.74%(f)(g)(h) | 7,330,613 | 7,335,745 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
1.52%(f)(g) | 629,000 | $ | 629,000 | |||||
7,964,745 | ||||||||
Total Short-Term Investments — 1.6% | ||||||||
(Cost: $7,961,340) | 7,964,745 | |||||||
Total Investments in Securities — 101.3% | ||||||||
(Cost: $463,334,061) | 495,813,250 | |||||||
Other Assets, Less Liabilities — (1.3)% | (6,379,780 | ) | ||||||
Net Assets — 100.0% | $ | 489,433,470 |
(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) | Rounds to less than $1. |
(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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | (Loss)(a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 8,491,856 | (1,161,243 | ) | 7,330,613 | $ | 7,335,745 | $ | 92,336 | (b) | $ | 527 | $ | 1,624 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 788,000 | (159,000 | ) | 629,000 | 629,000 | 6,270 | — | — | |||||||||||||||||||
$ | 7,964,745 | $ | 98,606 | $ | 527 | $ | 1,624 |
(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. |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
Hang Seng China Enterprises Index | 3 | 03/30/20 | $ | 199 | $ | (17,873 | ) | |||||||||
MSCI Emerging Markets E-Mini | 17 | 03/20/20 | 858 | (83,602 | ) | |||||||||||
$ | (101,475 | ) |
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) | iShares® MSCI Emerging Markets Asia ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 101,475 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 97,744 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (116,799 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 673,960 |
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 29, 2020. 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 | $ | 486,734,067 | $ | 512 | $ | 39 | $ | 486,734,618 | ||||||||
Preferred Stocks | 1,111,701 | — | — | 1,111,701 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Warrants | 2,186 | — | — | 2,186 | ||||||||||||
Money Market Funds | 7,964,745 | — | — | 7,964,745 | ||||||||||||
$ | 495,812,699 | $ | 512 | $ | 39 | $ | 495,813,250 | |||||||||
Derivative financial instruments(b) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (101,475 | ) | $ | — | $ | — | $ | (101,475 | ) |
(a) | Rounds to less than $1. |
(b) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to consolidated financial statements.
50 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 0.7% | ||||||||
Adecoagro SA(a)(b) | 34,301 | $ | 224,329 | |||||
Arcos Dorados Holdings Inc., Class A | 36,907 | 237,681 | ||||||
Banco BBVA Argentina SA, ADR(a) | 21,781 | 87,778 | ||||||
Central Puerto SA, ADR | 30,855 | 99,970 | ||||||
Cresud SACIF y A, ADR(a) | 12,307 | 59,443 | ||||||
Despegar.com Corp.(a)(b) | 14,577 | 174,778 | ||||||
Empresa Distribuidora y Comercializadora | ||||||||
Norte SA, ADR(a)(b) | 9,767 | 43,561 | ||||||
Grupo Supervielle SA, ADR | 21,024 | 56,344 | ||||||
Loma Negra Cia Industrial Argentina SA, ADR(a)(b) | 19,683 | 114,161 | ||||||
Pampa Energia SA, ADR(a)(b) | 16,363 | 193,902 | ||||||
Transportadora de Gas del Sur SA, Class B | 22,317 | 125,198 | ||||||
1,417,145 | ||||||||
Brazil — 8.0% | ||||||||
AES Tiete Energia SA | 43,941 | 148,137 | ||||||
Aliansce Sonae Shopping Centers SA(a) | 40,049 | 405,403 | ||||||
Alupar Investimento SA | 43,308 | 270,696 | ||||||
Anima Holding SA | 22,900 | 182,727 | ||||||
Arezzo Industria e Comercio SA | 14,500 | 193,155 | ||||||
Banco Inter SA | 21,300 | 219,060 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA | 50,600 | 164,306 | ||||||
BR Properties SA(a) | 66,641 | 203,543 | ||||||
Camil Alimentos SA | 46,100 | 86,444 | ||||||
Cia. de Locacao das Americas | 99,700 | 467,601 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 18,800 | 251,311 | ||||||
Cia. de Saneamento do Parana | 19,200 | 427,693 | ||||||
Cia. Hering | 41,500 | 207,332 | ||||||
Construtora Tenda SA | 21,800 | 169,456 | ||||||
Cosan Logistica SA(a) | 42,122 | 169,360 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA | 38,700 | 220,707 | ||||||
Cyrela Brazil Realty SA Empreendimentos | ||||||||
e Participacoes | 76,200 | 503,817 | ||||||
Dommo Energia SA(a) | 41,800 | 12,044 | ||||||
Duratex SA | 95,900 | 369,643 | ||||||
EcoRodovias Infraestrutura e Logistica SA(a) | 58,899 | 206,006 | ||||||
EDP - Energias do Brasil SA | 86,400 | 391,243 | ||||||
Enauta Participacoes SA | 25,900 | 76,294 | ||||||
Eneva SA(a) | 33,500 | 317,428 | ||||||
Even Construtora e Incorporadora SA(a) | 38,600 | 122,688 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 27,477 | 283,196 | ||||||
Fleury SA | 62,800 | 414,245 | ||||||
Grendene SA | 89,100 | 191,564 | ||||||
Grupo SBF SA(a) | 20,500 | 198,064 | ||||||
Guararapes Confeccoes SA | 31,000 | 188,955 | ||||||
Iguatemi Empresa de Shopping Centers SA | 26,600 | 293,790 | ||||||
Instituto Hermes Pardini SA | 17,500 | 111,517 | ||||||
Iochpe Maxion SA | 32,805 | 141,352 | ||||||
JHSF Participacoes SA | 89,200 | 138,595 | ||||||
JSL SA | 21,200 | 130,255 | ||||||
Light SA | 67,600 | 324,991 | ||||||
Linx SA | 47,600 | 331,073 | ||||||
LOG Commercial Properties e Participacoes SA | 19,160 | 117,126 | ||||||
M. Dias Branco SA | 25,600 | 232,642 | ||||||
Mahle-Metal Leve SA | 12,200 | 72,876 | ||||||
Marfrig Global Foods SA(a) | 135,700 | 363,038 | ||||||
Marisa Lojas SA(a) | 40,700 | 123,769 | ||||||
Minerva SA(a) | 79,100 | 203,726 | ||||||
Movida Participacoes SA | 44,600 | 177,939 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
MRV Engenharia e Participacoes SA | 89,900 | $ | 388,361 | |||||
Odontoprev SA | 78,500 | 286,916 | ||||||
Omega Geracao SA(a) | 16,900 | 145,152 | ||||||
Petro Rio SA(a) | 27,200 | 237,536 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 68,100 | 516,978 | ||||||
Santos Brasil Participacoes SA | 84,100 | 110,539 | ||||||
Sao Martinho SA | 52,300 | 307,078 | ||||||
Ser Educacional SA(c) | 19,535 | 111,711 | ||||||
SLC Agricola SA | 29,600 | 132,331 | ||||||
Smiles Fidelidade SA | 19,100 | 138,774 | ||||||
TOTVS SA | 46,100 | 725,580 | ||||||
Transmissora Alianca de Energia Eletrica SA | 62,300 | 414,123 | ||||||
Trisul SA | 32,700 | 104,660 | ||||||
Tupy SA | 19,100 | 92,671 | ||||||
Via Varejo SA(a) | 289,600 | 886,455 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 25,300 | 79,069 | ||||||
YDUQS Part | 79,200 | 910,906 | ||||||
15,413,647 | ||||||||
Chile — 0.9% | ||||||||
AES Gener SA | 824,167 | 121,003 | ||||||
Besalco SA | 126,280 | 50,619 | ||||||
CAP SA | 20,748 | 117,103 | ||||||
Cia. Sud Americana de Vapores SA(a) | 3,267,206 | 95,547 | ||||||
Engie Energia Chile SA | 149,258 | 191,920 | ||||||
Forus SA | 32,587 | 39,124 | ||||||
Grupo Security SA | 356,168 | 70,080 | ||||||
Inversiones Aguas Metropolitanas SA | 120,610 | 104,403 | ||||||
Inversiones La Construccion SA | 10,561 | 78,814 | ||||||
Parque Arauco SA | 176,213 | 360,877 | ||||||
Ripley Corp. SA | 248,793 | 97,051 | ||||||
Salfacorp SA | 106,524 | 49,853 | ||||||
SMU SA | 727,461 | 108,446 | ||||||
SONDA SA | 153,140 | 108,064 | ||||||
Vina Concha y Toro SA | 113,588 | 187,553 | ||||||
1,780,457 | ||||||||
China — 11.4% | ||||||||
21Vianet Group Inc., ADR(a) | 17,775 | 266,269 | ||||||
360 Finance Inc., ADR(a)(b) | 13,423 | 112,216 | ||||||
361 Degrees International Ltd. | 298,000 | 53,535 | ||||||
500.com Ltd., ADR(a)(b) | 5,713 | 30,793 | ||||||
AGTech Holdings Ltd.(a)(b) | 1,256,000 | 43,516 | ||||||
Ajisen China Holdings Ltd. | 158,000 | 39,941 | ||||||
AK Medical Holdings Ltd.(c) | 92,000 | 190,303 | ||||||
Anxin-China Holdings Ltd.(a)(d) | 1,084,000 | 1 | ||||||
Aoyuan Healthy Life Group Co. Ltd. | 83,000 | 89,038 | ||||||
Ascletis Pharma Inc.(a)(b)(c) | 113,000 | 56,550 | ||||||
Asia Cement China Holdings Corp. | 147,500 | 194,571 | ||||||
Atlas Crop. | 26,710 | 283,126 | ||||||
AVIC International Holdings Ltd., Class H(a) | 78,000 | 83,274 | ||||||
Beijing Capital Land Ltd., Class H | 430,000 | 115,872 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., | ||||||||
Class H | 10,200 | 102,287 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(a)(b) | 2,888,000 | 70,411 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(b) | 84,000 | 141,203 | ||||||
Bitauto Holdings Ltd., ADR(a)(b) | 8,753 | 130,420 | ||||||
Boshiwa International Holding Ltd.(a)(b)(d) | 32,000 | 0 | (e) | |||||
Camsing International Holding Ltd.(a)(b)(d) | 164,000 | 20,750 | ||||||
CanSino Biologics Inc., Class H(a)(c) | 17,200 | 180,099 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 297,000 | 143,297 |
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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CAR Inc.(a)(b) | 248,000 | $ | 155,616 | |||||
Central China Real Estate Ltd. | 290,000 | 169,690 | ||||||
CGN Meiya Power Holdings Co. Ltd.(a)(c) | 434,000 | 66,272 | ||||||
Changyou.com Ltd., ADR | 6,186 | 66,561 | ||||||
Chaowei Power Holdings Ltd. | 200,000 | 63,133 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 122,000 | 117,882 | ||||||
China Animal Healthcare Ltd.(a)(b)(d) | 126,000 | 647 | ||||||
China BlueChemical Ltd., Class H | 622,000 | 118,126 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H | 870,000 | 70,332 | ||||||
China Dongxiang Group Co. Ltd. | 1,385,000 | 138,623 | ||||||
China Everbright Greentech Ltd.(c) | 153,000 | 74,016 | ||||||
China Foods Ltd. | 284,000 | 104,955 | ||||||
China Grand Pharmaceutical and Healthcare Holdings | ||||||||
Ltd., Class A | 328,000 | 207,919 | ||||||
China Harmony New Energy Auto Holding Ltd. | 269,000 | 132,894 | ||||||
China High Speed Transmission Equipment Group | ||||||||
Co. Ltd.(b) | 124,000 | 78,762 | ||||||
China Huiyuan Juice Group Ltd.(a)(d) | 379,000 | 52,524 | ||||||
China Lilang Ltd. | 141,000 | 91,370 | ||||||
China LNG Group Ltd.(a) | 794,000 | 39,735 | ||||||
China Logistics Property Holdings Co. Ltd.(a)(b)(c) | 316,000 | 121,647 | ||||||
China Lumena New Materials Corp.(a)(b)(d) | 5,249 | 0 | (e) | |||||
China Maple Leaf Educational Systems Ltd. | 476,000 | 166,138 | ||||||
China Meidong Auto Holdings Ltd. | 136,000 | 199,994 | ||||||
China Merchants Land Ltd. | 772,000 | 114,913 | ||||||
China Metal Recycling Holdings Ltd.(a)(d) | 12,000 | 0 | (e) | |||||
China Metal Resources Utilization Ltd.(a)(b)(c) | 312,000 | 119,306 | ||||||
China Modern Dairy Holdings Ltd.(a) | 771,000 | 92,998 | ||||||
China New Higher Education Group Ltd.(c) | 224,000 | 76,170 | ||||||
China Oriental Group Co. Ltd. | 376,000 | 128,340 | ||||||
China Overseas Grand Oceans Group Ltd. | 462,000 | 315,982 | ||||||
China Overseas Property Holdings Ltd.(b) | 385,000 | 311,239 | ||||||
China Resources Medical Holdings Co. Ltd. | 291,000 | 150,857 | ||||||
China SCE Group Holdings Ltd. | 570,000 | 310,854 | ||||||
China Shineway Pharmaceutical Group Ltd. | 101,000 | 88,130 | ||||||
China South City Holdings Ltd. | 1,782,000 | 196,652 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 491,000 | 119,709 | ||||||
China Tian Lun Gas Holdings Ltd. | 86,000 | 70,406 | ||||||
China Travel International Investment Hong Kong Ltd. | 762,000 | 120,269 | ||||||
China Water Affairs Group Ltd.(b) | 262,000 | 208,778 | ||||||
China Youzan Ltd.(a)(b) | 3,136,000 | 317,904 | ||||||
China Yuhua Education Corp Ltd.(b)(c) | 370,000 | 286,294 | ||||||
China ZhengTong Auto Services Holdings Ltd.(b) | 341,000 | 94,515 | ||||||
Chinasoft International Ltd.(b) | 622,000 | 381,514 | ||||||
CIMC Enric Holdings Ltd. | 192,000 | 99,535 | ||||||
CITIC Resources Holdings Ltd. | 818,000 | 44,610 | ||||||
COFCO Meat Holdings Ltd.(a) | 406,000 | 101,591 | ||||||
Colour Life Services Group Co. Ltd.(b) | 122,000 | 64,498 | ||||||
Concord New Energy Group Ltd. | 2,520,000 | 109,944 | ||||||
Consun Pharmaceutical Group Ltd. | 172,000 | 84,090 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 238,000 | 70,242 | ||||||
Cosmo Lady China Holdings Co. Ltd.(c) | 232,000 | 30,068 | ||||||
CPMC Holdings Ltd. | 207,000 | 79,155 | ||||||
Daqo New Energy Corp., ADR(a) | 2,749 | 180,252 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 395,000 | 66,906 | ||||||
Digital China Holdings Ltd. | 226,000 | 113,391 | ||||||
Dongyue Group Ltd. | 389,000 | 202,161 | ||||||
Essex Bio-Technology Ltd. | 130,000 | 91,748 | ||||||
Ever Sunshine Lifestyle Services Group Ltd. | 148,000 | 149,461 | ||||||
Fanhua Inc., ADR | 15,746 | 319,644 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Fantasia Holdings Group Co. Ltd. | 598,500 | $ | 114,431 | |||||
FinVolution Group | 32,255 | 63,865 | ||||||
Fu Shou Yuan International Group Ltd. | 304,000 | 259,801 | ||||||
Fufeng Group Ltd. | 492,400 | 190,817 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 4,119,000 | 195,563 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 1,394,000 | 246,851 | ||||||
Genertec Universal Medical Group Co. Ltd.(b)(c) | 322,500 | 224,296 | ||||||
Glorious Property Holdings Ltd.(a) | 69,000 | 1,461 | ||||||
Glory Sun Financial Group Ltd.(b) | 4,200,000 | 134,735 | ||||||
Goodbaby International Holdings Ltd.(a) | 318,000 | 54,271 | ||||||
Grand Baoxin Auto Group Ltd.(a) | 258,500 | 41,795 | ||||||
Greenland Hong Kong Holdings Ltd. | 295,000 | 114,698 | ||||||
Guorui Properties Ltd. | 362,000 | 64,103 | ||||||
Haichang Ocean Park Holdings Ltd.(a)(c) | 489,000 | 47,689 | ||||||
Hangzhou Steam Turbine Co. Ltd., Class B | 87,280 | 93,294 | ||||||
Harbin Electric Co. Ltd., Class H(a) | 210,000 | 56,589 | ||||||
HC Group Inc.(a)(b) | 191,000 | 51,714 | ||||||
HengTen Networks Group Ltd.(a)(b) | 7,716,000 | 98,021 | ||||||
Hi Sun Technology China Ltd.(a) | 933,000 | 130,497 | ||||||
Honghua Group Ltd.(a) | 855,000 | 45,531 | ||||||
Hope Education Group Co. Ltd.(c) | 528,000 | 116,535 | ||||||
Hua Han Health Industry Holdings Ltd.(a)(d) | 1,112,400 | 34,258 | ||||||
Huabao International Holdings Ltd. | 293,000 | 115,801 | ||||||
Huami Corp., ADR(a) | 8,907 | 126,479 | ||||||
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B | 66,700 | 81,174 | ||||||
Huifu Payment Ltd.(a)(b)(c) | 229,600 | 86,619 | ||||||
IGG Inc.(b) | 310,000 | 225,547 | ||||||
IMAX China Holding Inc.(c) | 38,100 | 71,379 | ||||||
Jianpu Technology Inc., ADR(a)(b) | 17,270 | 17,270 | ||||||
Jiayuan International Group Ltd. | 354,000 | 139,909 | ||||||
Jinchuan Group International Resources Co. Ltd. | 870,000 | 85,961 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a) | 9,615 | 219,607 | ||||||
JNBY Design Ltd. | 68,500 | 73,835 | ||||||
Jumei International Holding Ltd., ADR(a)(b) | 2,782 | 53,887 | ||||||
Kasen International Holdings Ltd.(a)(b) | 196,000 | 36,720 | ||||||
Konka Group Co. Ltd., Class B | 240,300 | 100,523 | ||||||
Lifetech Scientific Corp.(a) | 888,000 | 174,340 | ||||||
Lonking Holdings Ltd. | 606,000 | 168,743 | ||||||
Luthai Textile Co. Ltd., Class B | 58,900 | 54,947 | ||||||
LVGEM China Real Estate Investment Co. Ltd. | 382,000 | 114,212 | ||||||
Meitu Inc.(a)(b)(c) | 609,500 | 143,908 | ||||||
MMG Ltd.(a) | 680,000 | 138,739 | ||||||
Nam Tai Property Inc.(a) | 12,941 | 87,999 | ||||||
National Agricultural Holdings Ltd.(a)(b)(d) | 354,000 | 21,804 | ||||||
NetDragon Websoft Holdings Ltd.(b) | 63,500 | 175,188 | ||||||
NOVA Group Holdings Ltd.(b) | 480,000 | 93,006 | ||||||
OneSmart International Education Group Ltd., ADR(a)(b) | 26,611 | 144,764 | ||||||
Panda Green Energy Group Ltd.(a) | 1,476,000 | 41,289 | ||||||
PAX Global Technology Ltd. | 257,000 | 127,625 | ||||||
Phoenix Media Investment Holdings Ltd. | 754,000 | 46,441 | ||||||
Poly Property Group Co. Ltd. | 680,000 | 255,664 | ||||||
Pou Sheng International Holdings Ltd. | 646,000 | 164,960 | ||||||
Q Technology Group Co. Ltd.(a)(b) | 120,000 | 168,766 | ||||||
Qudian Inc., ADR(a) | 57,711 | 151,203 | ||||||
Qutoutiao Inc., ADR(a) | 19,396 | 101,053 | ||||||
Realord Group Holdings Ltd.(a) | 250,000 | 145,001 | ||||||
Redco Properties Group Ltd.(c) | 280,000 | 129,346 | ||||||
Road King Infrastructure Ltd. | 69,000 | 117,759 | ||||||
Ronshine China Holdings Ltd. | 181,500 | 200,993 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 311,000 | 185,569 |
52 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shandong Airlines Co. Ltd., Class B | 50,400 | $ | 52,126 | |||||
Shanghai Fudan Microelectronics Group Co. Ltd., | ||||||||
Class H(a)(b) | 92,000 | 70,360 | ||||||
Shanghai Haixin Group Co., Class B | 211,400 | 81,812 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., | ||||||||
Class H(a)(c) | 13,000 | 66,309 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 768,000 | 85,738 | ||||||
Shanghai Jinjiang International Industrial Investment Co. | ||||||||
Ltd., Class B | 115,100 | 85,174 | ||||||
Sheng Ye Capital Ltd. | 124,000 | 111,063 | ||||||
Shougang Concord International Enterprises Co. Ltd. | 2,366,000 | 101,707 | ||||||
Shougang Fushan Resources Group Ltd. | 788,000 | 152,685 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 1,247,000 | 147,213 | ||||||
Silver Grant International Holdings Group Ltd.(a) | 584,000 | 84,681 | ||||||
Sinopec Kantons Holdings Ltd. | 284,000 | 114,795 | ||||||
Skyfame Realty Holdings Ltd. | 1,074,000 | 140,571 | ||||||
Skyworth Group Ltd.(a) | 574,000 | 143,628 | ||||||
SMI Holdings Group Ltd.(a)(d) | 468,800 | 91,437 | ||||||
Sohu.com Ltd., ADR(a)(b) | 10,376 | 98,883 | ||||||
Superb Summit International Group Ltd.(a)(b)(d) | 238,250 | 306 | ||||||
TCL Electronics Holdings Ltd. | 252,000 | 140,340 | ||||||
Texhong Textile Group Ltd. | 100,000 | 105,350 | ||||||
Tian Ge Interactive Holdings Ltd.(a)(c) | 233,000 | 52,322 | ||||||
Tiangong International Co. Ltd. | 316,000 | 112,726 | ||||||
Tianjin Development Holdings Ltd. | 392,000 | 98,087 | ||||||
Tianjin Port Development Holdings Ltd.(b) | 1,156,000 | 102,353 | ||||||
Tianli Education International Holdings Ltd. | 193,000 | 100,549 | ||||||
Tianneng Power International Ltd. | 226,000 | 167,331 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 179,000 | 165,378 | ||||||
Tongda Group Holdings Ltd. | 1,190,000 | 112,998 | ||||||
Truly International Holdings Ltd.(a) | 704,000 | 94,854 | ||||||
Vinda International Holdings Ltd. | 89,000 | 228,980 | ||||||
Wasion Holdings Ltd. | 170,000 | 68,715 | ||||||
West China Cement Ltd. | 836,000 | 135,167 | ||||||
Wisdom Education International Holdings Co. Ltd. | 236,000 | 89,942 | ||||||
Wise Talent Information Technology Co. Ltd.(a) | 41,800 | 102,984 | ||||||
X Financial, ADR | 27,449 | 45,291 | ||||||
Xiamen International Port Co. Ltd., Class H | 716,000 | 82,689 | ||||||
Xingda International Holdings Ltd. | 386,000 | 114,417 | ||||||
Xtep International Holdings Ltd. | 343,000 | 138,203 | ||||||
Yadea Group Holdings Ltd.(c) | 342,000 | 92,598 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., | ||||||||
Class H(c) | 37,800 | 230,640 | ||||||
Yixin Group Ltd.(a)(c) | 600,000 | 129,346 | ||||||
Yuexiu REIT | 483,000 | 309,891 | ||||||
Yuexiu Transport Infrastructure Ltd. | 318,000 | 246,874 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(b)(c) | 191,500 | 101,487 | ||||||
Zhuguang Holdings Group Co. Ltd.(a) | 898,000 | 126,754 | ||||||
21,990,033 | ||||||||
Colombia — 0.3% | ||||||||
Cementos Argos SA | 128,924 | 192,638 | ||||||
CEMEX Latam Holdings SA(a) | 68,504 | 69,140 | ||||||
Corp. Financiera Colombiana SA(a) | 25,620 | 232,577 | ||||||
494,355 | ||||||||
Czech Republic — 0.1% | ||||||||
Central European Media Enterprises Ltd., Class A(a) | 38,165 | 164,521 | ||||||
Egypt — 0.5% | ||||||||
Egyptian Financial Group-Hermes Holding Co. | 182,859 | 169,729 | ||||||
Ezz Steel Co. SAE(a) | 62,196 | 31,749 |
Security | Shares | Value | ||||||
Egypt (continued) | ||||||||
Heliopolis Housing | 178,272 | $ | 63,520 | |||||
Juhayna Food Industries | 183,976 | 94,033 | ||||||
Medinet Nasr Housing(a) | 284,527 | 77,536 | ||||||
Oriental Weavers | 115,698 | 77,120 | ||||||
Palm Hills Developments SAE(a) | 486,901 | 43,886 | ||||||
Pioneers Holding For Financial Investments SAE(a) | 184,547 | 53,950 | ||||||
Six of October Development & Investment | 76,514 | 60,007 | ||||||
Talaat Moustafa Group | 296,414 | 142,590 | ||||||
Telecom Egypt Co. | 99,508 | 78,104 | ||||||
892,224 | ||||||||
Greece — 0.7% | ||||||||
Aegean Airlines SA | 21,543 | 149,082 | ||||||
GEK Terna Holding Real Estate Construction SA(a) | 31,508 | 209,044 | ||||||
Hellenic Exchanges-Athens Stock Exchange SA | 45,969 | 181,781 | ||||||
Mytilineos SA | 38,506 | 288,042 | ||||||
Piraeus Bank SA(a)(b) | 86,413 | 188,322 | ||||||
Public Power Corp. SA(a)(b) | 34,109 | 110,677 | ||||||
Terna Energy SA(a) | 19,063 | 157,886 | ||||||
1,284,834 | ||||||||
Hungary — 0.1% | ||||||||
Magyar Telekom Telecommunications PLC | 145,255 | 188,076 | ||||||
Opus Global Nyrt(a) | 67,358 | 57,501 | ||||||
245,577 | ||||||||
India — 14.5% | ||||||||
Aarti Industries Ltd. | 14,100 | 190,699 | ||||||
Aarti Surfactants Ltd.(a) | 853 | 5,684 | ||||||
Aavas Financiers Ltd.(a) | 7,630 | 198,644 | ||||||
Adani Enterprises Ltd. | 41,990 | 127,220 | ||||||
Adani Power Ltd.(a) | 240,171 | 157,413 | ||||||
Adani Transmission Ltd.(a) | 83,629 | 291,906 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 63,097 | 219,802 | ||||||
Aegis Logistics Ltd. | 29,705 | 91,913 | ||||||
AIA Engineering Ltd. | 12,952 | 321,011 | ||||||
Ajanta Pharma Ltd. | 7,891 | 151,456 | ||||||
Alembic Pharmaceuticals Ltd. | 16,919 | 147,686 | ||||||
Amara Raja Batteries Ltd. | 11,502 | 101,636 | ||||||
Apollo Hospitals Enterprise Ltd. | 25,557 | 614,707 | ||||||
Apollo Tyres Ltd. | 83,261 | 164,751 | ||||||
Arvind Fashions Ltd.(a) | 9,860 | 47,239 | ||||||
Astral Poly Technik Ltd. | 19,130 | 303,355 | ||||||
Atul Ltd. | 5,274 | 375,898 | ||||||
AU Small Finance Bank Ltd.(c) | 44,417 | 715,731 | ||||||
Avanti Feeds Ltd. | 12,512 | 80,220 | ||||||
Bajaj Consumer Care Ltd.(a) | 21,362 | 56,922 | ||||||
Balkrishna Industries Ltd. | 24,727 | 375,663 | ||||||
Balrampur Chini Mills Ltd. | 40,885 | 80,900 | ||||||
BASF India Ltd. | 5,039 | 71,698 | ||||||
Bata India Ltd. | 10,675 | 244,164 | ||||||
Bayer CropScience Ltd./India | 3,465 | 210,397 | ||||||
Birla Corp. Ltd. | 7,078 | 67,924 | ||||||
Blue Dart Express Ltd. | 1,975 | 75,218 | ||||||
Can Fin Homes Ltd. | 10,884 | 75,415 | ||||||
Ceat Ltd. | 6,939 | 98,190 | ||||||
Century Textiles & Industries Ltd. | 11,201 | 78,652 | ||||||
CESC Ltd. | 20,911 | 187,458 | ||||||
Chalet Hotel Ltd.(a) | 20,685 | 94,156 | ||||||
Cholamandalam Financial Holdings Ltd.(a) | 25,435 | 180,804 | ||||||
City Union Bank Ltd. | 93,115 | 277,729 | ||||||
Coromandel International Ltd. | 24,381 | 207,940 |
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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
CRISIL Ltd. | 6,246 | $ | 131,476 | |||||
Crompton Greaves Consumer Electricals Ltd. | 127,706 | 493,712 | ||||||
Dalmia Bharat Ltd.(a) | 14,745 | 159,796 | ||||||
DCB Bank Ltd. | 58,577 | 131,330 | ||||||
Dilip Buildcon Ltd.(c) | 10,078 | 41,782 | ||||||
Dish TV India Ltd.(a) | 192,556 | 22,013 | ||||||
Dr Lal PathLabs Ltd.(c) | 8,972 | 202,415 | ||||||
eClerx Services Ltd. | 6,166 | 46,364 | ||||||
Edelweiss Financial Services Ltd. | 134,878 | 163,253 | ||||||
EIH Ltd. | 60,161 | 109,914 | ||||||
Endurance Technologies Ltd.(c) | 10,512 | 142,966 | ||||||
Engineers India Ltd. | 69,034 | 66,961 | ||||||
Equitas Holdings Ltd./India(a) | 55,769 | 83,343 | ||||||
Eris Lifesciences Ltd.(a)(c) | 13,631 | 81,908 | ||||||
Escorts Ltd. | 17,769 | 192,075 | ||||||
Exide Industries Ltd. | 74,016 | 168,560 | ||||||
Federal Bank Ltd. | 455,732 | 542,452 | ||||||
Finolex Cables Ltd. | 26,729 | 120,298 | ||||||
Fortis Healthcare Ltd.(a) | 143,885 | 307,139 | ||||||
Future Consumer Ltd.(a) | 198,078 | 33,760 | ||||||
Future Lifestyle Fashions Ltd. | 18,119 | 87,497 | ||||||
GE T&D India Ltd. | 24,730 | 41,292 | ||||||
Gillette India Ltd. | 2,313 | 185,771 | ||||||
Glenmark Pharmaceuticals Ltd. | 43,900 | 168,836 | ||||||
GMR Infrastructure Ltd.(a) | 338,362 | 93,771 | ||||||
Godrej Industries Ltd. | 29,986 | 162,899 | ||||||
Godrej Properties Ltd.(a) | 18,818 | 261,550 | ||||||
Graphite India Ltd. | 19,487 | 60,229 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 21,188 | 70,977 | ||||||
Gujarat Fluorochemicals Ltd.(a) | 11,581 | 80,879 | ||||||
Gujarat Gas Ltd. | 51,177 | 195,794 | ||||||
Gujarat Pipavav Port Ltd. | 87,626 | 86,998 | ||||||
Gujarat State Petronet Ltd. | 45,910 | 143,422 | ||||||
HEG Ltd. | 3,476 | 42,210 | ||||||
Hemisphere Properties India Ltd.(a) | 28,290 | 60,357 | ||||||
Hexaware Technologies Ltd. | 39,652 | 197,525 | ||||||
ICICI Securities Ltd.(c) | 19,344 | 127,642 | ||||||
IDFC First Bank Ltd.(a) | 611,716 | 311,929 | ||||||
IDFC Ltd. | 235,361 | 104,851 | ||||||
IIFL Finance Ltd. | 39,997 | 90,283 | ||||||
IIFL Wealth Management Ltd. | 8,273 | 167,822 | ||||||
India Cements Ltd. (The) | 71,536 | 95,507 | ||||||
Indiabulls Housing Finance Ltd. | 82,804 | 321,096 | ||||||
Indiabulls Real Estate Ltd.(a) | 69,331 | 72,244 | ||||||
Indiabulls Ventures Ltd. | 57,579 | 135,595 | ||||||
Indian Hotels Co. Ltd. (The) | 154,910 | 289,782 | ||||||
Indraprastha Gas Ltd. | 65,597 | 402,122 | ||||||
Inox Leisure Ltd. | 20,342 | 120,881 | ||||||
Ipca Laboratories Ltd. | 13,736 | 259,113 | ||||||
IRB Infrastructure Developers Ltd.(a) | 48,382 | 56,315 | ||||||
Jindal Steel & Power Ltd.(a) | 130,544 | 278,390 | ||||||
JK Cement Ltd. | 9,293 | 178,675 | ||||||
JM Financial Ltd. | 73,913 | 108,257 | ||||||
JSW Energy Ltd. | 113,064 | 89,771 | ||||||
Jubilant Foodworks Ltd. | 22,220 | 540,925 | ||||||
Jubilant Life Sciences Ltd. | 24,216 | 169,890 | ||||||
Just Dial Ltd.(a) | 12,359 | 79,822 | ||||||
Kajaria Ceramics Ltd. | 20,273 | 147,326 | ||||||
Karur Vysya Bank Ltd. (The) | 109,857 | 63,630 | ||||||
Kaveri Seed Co. Ltd. | 10,004 | 59,413 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
KEC International Ltd. | 19,960 | $ | 85,767 | |||||
KEI Industries Ltd. | 13,433 | 91,300 | ||||||
KPIT Technologies Ltd.(a) | 67,146 | 76,062 | ||||||
KRBL Ltd. | 18,207 | 63,034 | ||||||
L&T Technology Services Ltd.(c) | 6,761 | 151,849 | ||||||
Lemon Tree Hotels Ltd.(a)(c) | 185,404 | 132,564 | ||||||
Mahanagar Gas Ltd. | 12,256 | 170,727 | ||||||
Mahindra CIE Automotive Ltd.(a) | 38,351 | 70,519 | ||||||
Manappuram Finance Ltd. | 77,501 | 174,778 | ||||||
Max Financial Services Ltd.(a) | 45,963 | 367,679 | ||||||
Minda Industries Ltd. | 23,416 | 121,059 | ||||||
Mindtree Ltd. | 13,976 | 182,816 | ||||||
Motilal Oswal Financial Services Ltd. | 11,414 | 117,758 | ||||||
Mphasis Ltd. | 28,500 | 344,188 | ||||||
Multi Commodity Exchange of India Ltd. | 8,647 | 153,098 | ||||||
Natco Pharma Ltd. | 26,803 | 223,453 | ||||||
National Aluminium Co. Ltd. | 163,526 | 75,908 | ||||||
NBCC India Ltd. | 154,471 | 56,508 | ||||||
NCC Ltd./India. | 134,146 | 66,174 | ||||||
NIIT Technologies Ltd. | 7,046 | 164,977 | ||||||
Oberoi Realty Ltd. | 18,745 | 132,456 | ||||||
Oil India Ltd. | 68,069 | 101,867 | ||||||
Persistent Systems Ltd. | 12,563 | 121,230 | ||||||
Pfizer Ltd. | 3,515 | 204,278 | ||||||
Phoenix Mills Ltd. (The) | 18,225 | 216,286 | ||||||
PI Industries Ltd. | 18,321 | 388,735 | ||||||
PNB Housing Finance Ltd.(c) | 19,404 | 96,768 | ||||||
Polycab India Ltd.(a) | 10,451 | 153,896 | ||||||
Power Finance Corp. Ltd. | 203,713 | 308,953 | ||||||
Prestige Estates Projects Ltd. | 37,413 | 150,523 | ||||||
Procter & Gamble Health Ltd.(a) | 1,403 | 81,293 | ||||||
PVR Ltd. | 10,220 | 270,116 | ||||||
Quess Corp. Ltd.(a)(c) | 18,493 | 131,764 | ||||||
Radico Khaitan Ltd. | 17,679 | 100,536 | ||||||
Rain Industries Ltd. | 28,378 | 40,620 | ||||||
Rajesh Exports Ltd. | 24,189 | 220,615 | ||||||
Ramco Cements Ltd. (The) | 23,518 | 250,961 | ||||||
Raymond Ltd. | 9,453 | 66,142 | ||||||
RBL Bank Ltd.(c) | 106,615 | 429,754 | ||||||
Redington India Ltd. | 85,885 | 130,849 | ||||||
Sadbhav Engineering Ltd. | 29,833 | 29,144 | ||||||
Sanofi India Ltd. | 1,888 | 190,799 | ||||||
Schaeffler India Ltd. | 2,727 | 164,969 | ||||||
Sobha Ltd. | 14,901 | 61,324 | ||||||
Spandana Sphoorty Financial Ltd.(a) | 5,989 | 90,025 | ||||||
SpiceJet Ltd.(a) | 51,967 | 60,019 | ||||||
SRF Ltd. | 4,427 | 238,859 | ||||||
Sterlite Technologies Ltd. | 33,573 | 42,776 | ||||||
Strides Pharma Science Ltd. | 13,644 | 88,887 | ||||||
Sundaram Finance Ltd. | 9,982 | 218,382 | ||||||
Sundram Fasteners Ltd. | 21,033 | 121,023 | ||||||
Sunteck Realty Ltd. | 19,285 | 92,527 | ||||||
Supreme Industries Ltd. | 12,275 | 224,383 | ||||||
Symphony Ltd. | 6,864 | 120,840 | ||||||
Syngene International Ltd.(c) | 34,304 | 142,792 | ||||||
Tata Chemicals Ltd. | 23,422 | 231,729 | ||||||
Tata Communications Ltd. | 23,241 | 116,225 | ||||||
Tata Consumer Products Ltd. | 92,086 | 441,689 | ||||||
Tata Elxsi Ltd. | 5,804 | 70,994 | ||||||
TeamLease Services Ltd.(a) | 3,390 | 109,071 |
54 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Thermax Ltd. | 9,183 | $ | 117,416 | |||||
Timken India Ltd. | 7,851 | 103,268 | ||||||
Torrent Power Ltd. | 39,082 | 164,061 | ||||||
TTK Prestige Ltd. | 1,476 | 116,510 | ||||||
Tube Investments of India Ltd. | 24,060 | 176,030 | ||||||
Vakrangee Ltd. | 155,581 | 85,155 | ||||||
Varun Beverages Ltd. | 23,807 | 268,230 | ||||||
V-Guard Industries Ltd. | 42,560 | 119,688 | ||||||
Vinati Organics Ltd. | 9,648 | 125,634 | ||||||
VIP Industries Ltd. | 13,017 | 73,926 | ||||||
V-Mart Retail Ltd. | 2,959 | 91,457 | ||||||
Vodafone Idea Ltd.(a) | 2,495,194 | 133,114 | ||||||
Voltas Ltd. | 31,428 | 295,587 | ||||||
WABCO India Ltd. | 2,036 | 191,033 | ||||||
Welspun Corp. Ltd. | 35,658 | 91,853 | ||||||
Welspun India Ltd. | 102,821 | 58,842 | ||||||
Yes Bank Ltd. | 577,443 | 276,849 | ||||||
27,975,976 | ||||||||
Indonesia — 1.8% | ||||||||
AKR Corporindo Tbk PT | 536,400 | 99,074 | ||||||
Alam Sutera Realty Tbk PT(a) | 4,811,000 | 50,969 | ||||||
Aneka Tambang Tbk | 2,591,000 | 103,839 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten | ||||||||
Tbk PT | 750,700 | 46,567 | ||||||
Bank Tabungan Pensiunan Nasional Syariah Tbk PT(a) | 666,400 | 174,641 | ||||||
Bumi Resources Tbk PT(a) | 19,161,100 | 66,775 | ||||||
Ciputra Development Tbk PT | 3,068,763 | 202,124 | ||||||
Global Mediacom Tbk PT(a) | 2,536,500 | 54,805 | ||||||
Hanson International Tbk PT(a)(d) | 25,794,200 | 74,106 | ||||||
Indika Energy Tbk PT | 643,900 | 33,659 | ||||||
Indo Tambangraya Megah Tbk PT | 123,600 | 97,347 | ||||||
Indosat Tbk PT(a) | 414,400 | 58,921 | ||||||
Inti Agri Resources Tbk PT(a)(d) | 12,327,500 | 35,700 | ||||||
Japfa Comfeed Indonesia Tbk PT | 1,114,300 | 108,731 | ||||||
Kresna Graha Investama Tbk PT(a) | 3,646,600 | 119,965 | ||||||
Link Net Tbk PT | 418,400 | 101,775 | ||||||
Lippo Karawaci Tbk PT(a) | 9,105,400 | 144,696 | ||||||
Matahari Department Store Tbk PT | 726,300 | 158,953 | ||||||
Medco Energi Internasional Tbk PT(a) | 1,620,366 | 71,150 | ||||||
Media Nusantara Citra Tbk PT | 1,612,700 | 144,438 | ||||||
Mitra Adiperkasa Tbk PT | 2,640,100 | 147,209 | ||||||
Panin Financial Tbk PT(a) | 4,299,500 | 75,516 | ||||||
Pelayaran Tamarin Samudra Tbk PT(a) | 2,499,900 | 16,553 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia | ||||||||
Tbk PT | 974,800 | 65,904 | ||||||
PP Persero Tbk PT | 976,925 | 82,049 | ||||||
PP Properti Tbk PT | 7,401,569 | 26,310 | ||||||
Ramayana Lestari Sentosa Tbk PT | 952,100 | 68,683 | ||||||
Sawit Sumbermas Sarana Tbk PT | 1,444,000 | 81,522 | ||||||
Sentul City Tbk PT(a) | 7,030,000 | 24,499 | ||||||
Sitara Propertindo Tbk PT(a)(d) | 2,167,400 | 29,911 | ||||||
Sri Rejeki Isman Tbk PT | 4,680,000 | 65,238 | ||||||
Sugih Energy Tbk PT(a)(d) | 1,824,800 | 509 | ||||||
Summarecon Agung Tbk PT | 2,617,800 | 153,264 | ||||||
Surya Citra Media Tbk PT | 1,853,200 | 144,665 | ||||||
Timah Tbk PT | 1,045,796 | 41,912 | ||||||
Tower Bersama Infrastructure Tbk PT | 2,794,800 | 215,247 | ||||||
Tunas Baru Lampung Tbk PT | 1,054,600 | 45,205 | ||||||
Waskita Beton Precast Tbk PT | 3,746,800 | 48,573 | ||||||
Waskita Karya Persero Tbk PT | 1,536,200 | 104,394 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Wijaya Karya Persero Tbk PT | 1,004,348 | $ | 131,253 | |||||
3,516,651 | ||||||||
Malaysia — 3.1% | ||||||||
Aeon Co. M Bhd | 243,000 | 79,559 | ||||||
AEON Credit Service M Bhd(b) | 36,200 | 118,520 | ||||||
Alliance Bank Malaysia Bhd | 275,700 | 151,095 | ||||||
Berjaya Sports Toto Bhd | 266,700 | 158,818 | ||||||
Bermaz Auto Bhd | 260,200 | 109,883 | ||||||
Bumi Armada Bhd(a) | 780,500 | 58,329 | ||||||
Bursa Malaysia Bhd | 169,150 | 221,119 | ||||||
Cahya Mata Sarawak Bhd | 171,000 | 77,488 | ||||||
DRB-Hicom Bhd(b) | 262,200 | 138,098 | ||||||
Ekovest Bhd | 443,800 | 67,386 | ||||||
FGV Holdings Bhd(a) | 500,500 | 135,367 | ||||||
Frontken Corp. Bhd | 225,000 | 121,174 | ||||||
Globetronics Technology Bhd | 195,066 | 96,260 | ||||||
Hengyuan Refining Co. Bhd(a) | 39,400 | 33,558 | ||||||
Hibiscus Petroleum Bhd(a) | 427,600 | 76,085 | ||||||
IGB REIT | 542,600 | 252,312 | ||||||
Inari Amertron Bhd(b) | 756,950 | 253,215 | ||||||
Kossan Rubber Industries | 176,600 | 201,110 | ||||||
KPJ Healthcare Bhd | 713,700 | 164,244 | ||||||
Magnum Bhd | 257,600 | 147,287 | ||||||
Mah Sing Group Bhd | 279,857 | 44,817 | ||||||
Malaysia Building Society Bhd | 478,700 | 87,449 | ||||||
Malaysian Pacific Industries Bhd | 29,500 | 76,427 | ||||||
Malaysian Resources Corp. Bhd | 610,900 | 82,613 | ||||||
My EG Services Bhd(b) | 581,400 | 154,488 | ||||||
Padini Holdings Bhd(b) | 110,800 | 79,387 | ||||||
Pavilion REIT | 201,300 | 85,965 | ||||||
Pentamaster Corp. Bhd(a) | 117,500 | 127,954 | ||||||
Pos Malaysia Bhd(b) | 147,700 | 39,947 | ||||||
Sapura Energy Bhd | 1,994,000 | 87,518 | ||||||
Scientex Bhd(b) | 90,000 | 192,171 | ||||||
Serba Dinamik Holdings Bhd | 427,620 | 223,194 | ||||||
Sime Darby Property Bhd | 737,000 | 135,510 | ||||||
SKP Resources Bhd | 253,400 | 79,958 | ||||||
SP Setia Bhd Group | 477,200 | 143,783 | ||||||
Sunway Bhd | 602,374 | 252,954 | ||||||
Sunway Construction Group Bhd | 190,020 | 84,303 | ||||||
Sunway REIT | 482,100 | 217,317 | ||||||
Supermax Corp. Bhd | 248,292 | 93,662 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 73,800 | 82,992 | ||||||
TIME dotCom Bhd | 129,700 | 287,094 | ||||||
UMW Holdings Bhd(b) | 98,600 | 73,921 | ||||||
Velesto Energy Bhd(a) | 862,700 | 61,402 | ||||||
ViTrox Corp. Bhd | 60,500 | 120,569 | ||||||
VS Industry Bhd(b) | 450,425 | 136,784 | ||||||
WCT Holdings Bhd(a) | 248,315 | 38,293 | ||||||
Yinson Holdings Bhd(b) | 175,000 | 296,857 | ||||||
6,048,236 | ||||||||
Mexico — 2.8% | ||||||||
Banco del Bajio SA(c) | 213,900 | 331,712 | ||||||
Bolsa Mexicana de Valores SAB de CV | 131,600 | 276,409 | ||||||
Concentradora Fibra Danhos SA de CV | 83,000 | 115,424 | ||||||
Concentradora Hipotecaria SAPI de CV(b) | 143,400 | 133,212 | ||||||
Consorcio ARA SAB de CV | 342,100 | 61,693 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV, | ||||||||
Class A(a) | 200,700 | 203,371 |
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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Corp Inmobiliaria Vesta SAB de CV | 178,600 | $ | 281,751 | |||||
Credito Real SAB de CV SOFOM ER | 79,100 | 83,869 | ||||||
Genomma Lab Internacional SAB de CV, Class B(a) | 209,100 | 210,404 | ||||||
Gentera SAB de CV | 324,000 | 309,164 | ||||||
Grupo Aeromexico SAB de CV(a) | 116,900 | 70,034 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 98,700 | 644,505 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 52,300 | 258,851 | ||||||
Grupo Comercial Chedraui SA de CV | 103,000 | 131,790 | ||||||
Grupo Herdez SAB de CV(b) | 72,000 | 128,968 | ||||||
Hoteles City Express SAB de CV(a)(b) | 133,400 | 81,874 | ||||||
La Comer SAB de CV(a) | 153,900 | 181,448 | ||||||
Macquarie Mexico Real Estate Management SA de CV(c) | 237,600 | 313,495 | ||||||
PLA Administradora Industrial S. de RL de CV(b) | 240,500 | 360,085 | ||||||
Prologis Property Mexico SA de CV | 107,200 | 225,160 | ||||||
Qualitas Controladora SAB de CV | 54,000 | 229,868 | ||||||
Regional SAB de CV | 70,500 | 389,706 | ||||||
Telesites SAB de CV(a)(b) | 402,400 | 301,447 | ||||||
Unifin Financiera SAB de CV(b) | 38,300 | 60,478 | ||||||
5,384,718 | ||||||||
Pakistan — 0.6% | ||||||||
Bank Alfalah Ltd. | 207,850 | 63,194 | ||||||
Engro Corp. Ltd./Pakistan | 101,930 | 204,717 | ||||||
Engro Fertilizers Ltd. | 181,000 | 74,084 | ||||||
Fauji Fertilizer Co. Ltd. | 161,000 | 107,878 | ||||||
Hub Power Co. Ltd. (The)(a) | 240,904 | 140,797 | ||||||
Indus Motor Co. Ltd. | 4,180 | 26,640 | ||||||
Lucky Cement Ltd. | 45,350 | 143,510 | ||||||
Millat Tractors Ltd. | 9,518 | 40,877 | ||||||
Nishat Mills Ltd. | 57,164 | 37,759 | ||||||
Pakistan Oilfields Ltd. | 33,800 | 80,737 | ||||||
Pakistan State Oil Co. Ltd. | 60,008 | 64,013 | ||||||
Searle Co. Ltd. (The) | 31,847 | 36,052 | ||||||
SUI Northern Gas Pipeline | 62,700 | 26,909 | ||||||
United Bank Ltd./Pakistan | 143,800 | 154,476 | ||||||
1,201,643 | ||||||||
Philippines — 0.9% | ||||||||
Alliance Global Group Inc.(a) | 1,197,900 | 235,938 | ||||||
Bloomberry Resorts Corp. | 1,179,900 | 188,645 | ||||||
Cebu Air Inc. | 72,570 | 104,709 | ||||||
Cosco Capital Inc. | 885,500 | 108,397 | ||||||
D&L Industries Inc. | 881,800 | 124,896 | ||||||
DoubleDragon Properties Corp.(a) | 247,110 | 82,410 | ||||||
Filinvest Land Inc. | 3,347,000 | 80,761 | ||||||
First Gen Corp. | 375,000 | 134,919 | ||||||
Manila Water Co. Inc. | 372,800 | 86,006 | ||||||
Megawide Construction Corp. | 191,500 | 47,560 | ||||||
Petron Corp. | 1,017,200 | 67,048 | ||||||
Pilipinas Shell Petroleum Corp. | 126,700 | 64,748 | ||||||
Semirara Mining & Power Corp. | 297,600 | 113,260 | ||||||
Vista Land & Lifescapes Inc. | 1,126,100 | 138,733 | ||||||
Wilcon Depot Inc. | 502,300 | 178,355 | ||||||
1,756,385 | ||||||||
Poland — 1.0% | ||||||||
Alior Bank SA(a) | 27,142 | 144,566 | ||||||
Asseco Poland SA | 18,644 | 287,034 | ||||||
Budimex SA | 3,422 | 151,194 | ||||||
Ciech SA(a) | 8,253 | 73,263 | ||||||
Enea SA(a) | 66,706 | 94,746 | ||||||
Energa SA(a) | 60,540 | 107,792 |
Security | Shares | Value | ||||||
Poland (continued) | ||||||||
Eurocash SA(b) | 24,840 | $ | 114,161 | |||||
Famur SA. | 84,530 | 55,529 | ||||||
Grupa Azoty SA(a) | 14,951 | 77,131 | ||||||
Jastrzebska Spolka Weglowa SA | 14,485 | 49,708 | ||||||
KRUK SA | 5,370 | 187,957 | ||||||
PKP Cargo SA | 10,693 | 34,281 | ||||||
PLAY Communications SA(c) | 33,386 | 258,945 | ||||||
Tauron Polska Energia SA(a)(b) | 330,981 | 92,343 | ||||||
Warsaw Stock Exchange | 8,913 | 85,904 | ||||||
1,814,554 | ||||||||
Qatar — 1.0% | ||||||||
Doha Bank QPSC | 448,280 | 283,745 | ||||||
Gulf International Services QSC(a) | 281,755 | 99,163 | ||||||
Gulf Warehousing Co. | 113,770 | 143,093 | ||||||
Medicare Group | 48,436 | 87,191 | ||||||
Qatar Aluminum Manufacturing Co. | 795,380 | 133,023 | ||||||
Qatar Gas Transport Co. Ltd. | 731,180 | 436,877 | ||||||
Qatar National Cement Co. QSC | 61,050 | 69,373 | ||||||
Qatar Navigation QSC | 173,437 | 265,457 | ||||||
United Development Co. QSC | 528,751 | 174,409 | ||||||
Vodafone Qatar QSC | 576,205 | 162,393 | ||||||
1,854,724 | ||||||||
Russia — 1.1% | ||||||||
Aeroflot PJSC | 150,706 | 208,432 | ||||||
Credit Bank of Moscow PJSC | 3,102,400 | 260,842 | ||||||
Detsky Mir PJSC(c) | 135,500 | 225,430 | ||||||
LSR Group PJSC, GDR(f) | 74,691 | 170,669 | ||||||
M.Video PJSC | 21,850 | 157,404 | ||||||
Mechel PJSC, ADR(a) | 33,104 | 77,463 | ||||||
Mosenergo PJSC | 3,124,000 | 108,062 | ||||||
Rostelecom PJSC(a) | 247,190 | 318,846 | ||||||
Safmar Financial Investment | 21,600 | 163,671 | ||||||
Sistema PJSFC, GDR(f) | 51,300 | 232,799 | ||||||
TMK PJSC, GDR(f) | 33,268 | 99,305 | ||||||
Unipro PJSC | 3,530,000 | 156,959 | ||||||
2,179,882 | ||||||||
Saudi Arabia — 2.7% | ||||||||
Abdullah Al Othaim Markets Co. | 13,952 | 307,565 | ||||||
Al Hammadi Co. for Development and Investment(a) | 21,096 | 134,061 | ||||||
Al Rajhi Co for Cooperative Insurance(a) | 5,483 | 91,055 | ||||||
Aldrees Petroleum and Transport Services Co. | 8,988 | 143,511 | ||||||
Arabian Cement Co./Saudi Arabia | 14,974 | 134,513 | ||||||
Arriyadh Development Co. | 31,082 | 135,381 | ||||||
City Cement Co. | 33,099 | 150,342 | ||||||
Dallah Healthcare Co. | 9,170 | 125,395 | ||||||
Eastern Province Cement Co. | 14,125 | 130,651 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 22,451 | 169,063 | ||||||
Herfy Food Services Co. | 6,890 | 86,687 | ||||||
Leejam Sports Co. JSC | 8,481 | 167,970 | ||||||
Maharah Human Resources Co. | 4,677 | 96,869 | ||||||
Mobile Telecommunications Co.(a) | 76,154 | 205,432 | ||||||
Mouwasat Medical Services Co. | 15,551 | 360,224 | ||||||
National Agriculture Development Co. (The)(a) | 14,771 | 101,584 | ||||||
National Gas & Industrialization Co. | 19,330 | 160,761 | ||||||
National Medical Care Co. | 6,365 | 80,421 | ||||||
Qassim Cement Co. (The) | 14,274 | 258,732 | ||||||
Saudi Chemical Co. Holding(a) | 16,376 | 99,002 | ||||||
Saudi Pharmaceutical Industries & Medical | ||||||||
Appliances Corp. | 20,879 | 155,834 |
56 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Saudi Public Transport Co.(a) | 21,831 | $ | 99,044 | |||||
Saudi Real Estate Co.(a) | 25,556 | 96,052 | ||||||
Saudi Research & Marketing Group(a) | 11,476 | 213,215 | ||||||
Saudia Dairy & Foodstuff Co. | 5,563 | 204,933 | ||||||
Seera Group Holding | 50,963 | 268,977 | ||||||
Southern Province Cement Co. | 19,678 | 313,149 | ||||||
United Electronics Co. | 8,504 | 177,946 | ||||||
United International Transportation Co. | 10,611 | 98,289 | ||||||
Yamama Cement Co.(a) | 33,740 | 215,130 | ||||||
Yanbu Cement Co. | 25,291 | 248,764 | ||||||
5,230,552 | ||||||||
South Africa — 4.1% | ||||||||
Adcock Ingram Holdings Ltd. | 17,114 | 43,657 | ||||||
Advtech Ltd. | 172,933 | 101,793 | ||||||
AECI Ltd. | 34,781 | 230,399 | ||||||
African Rainbow Minerals Ltd. | 31,624 | 274,377 | ||||||
Alexander Forbes Group Holdings Ltd. | 289,752 | 86,383 | ||||||
Astral Foods Ltd. | 11,687 | 139,443 | ||||||
Attacq Ltd. | 187,060 | 109,990 | ||||||
AVI Ltd. | 91,894 | 426,422 | ||||||
Barloworld Ltd. | 60,708 | 312,773 | ||||||
Brait SE(a)(b) | 268,376 | 110,889 | ||||||
Cashbuild Ltd. | 6,562 | 67,574 | ||||||
City Lodge Hotels Ltd.(b) | 12,332 | 38,333 | ||||||
Coronation Fund Managers Ltd. | 63,030 | 157,580 | ||||||
Curro Holdings Ltd. | 48,042 | 34,845 | ||||||
DataTec Ltd. | 64,237 | 124,950 | ||||||
Dis-Chem Pharmacies Ltd.(c) | 108,110 | 148,577 | ||||||
Emira Property Fund Ltd. | 156,409 | 117,022 | ||||||
Equites Property Fund Ltd. | 118,766 | 130,381 | ||||||
Famous Brands Ltd.(b) | 24,448 | 83,299 | ||||||
Grindrod Ltd. | 153,359 | 41,431 | ||||||
Harmony Gold Mining Co. Ltd.(a) | 147,768 | 521,788 | ||||||
Hosken Consolidated Investments Ltd. | 16,218 | 75,031 | ||||||
Hudaco Industries Ltd. | 11,211 | 68,143 | ||||||
Hyprop Investments Ltd.(b) | 68,697 | 194,892 | ||||||
Imperial Logistics Ltd. | 47,264 | 136,641 | ||||||
Investec Property Fund Ltd. | 101,705 | 74,607 | ||||||
JSE Ltd. | 26,969 | 171,433 | ||||||
KAP Industrial Holdings Ltd. | 839,964 | 155,910 | ||||||
Massmart Holdings Ltd.(b) | 31,014 | 88,223 | ||||||
Motus Holdings Ltd. | 49,308 | 228,807 | ||||||
Murray & Roberts Holdings Ltd. | 44,682 | 26,074 | ||||||
Nampak Ltd.(a) | 212,895 | 44,659 | ||||||
Netcare Ltd. | 354,334 | 412,186 | ||||||
Oceana Group Ltd. | 25,588 | 88,972 | ||||||
Omnia Holdings Ltd.(a) | 49,836 | 79,229 | ||||||
Pioneer Foods Group Ltd. | 36,373 | 251,951 | ||||||
PPC Ltd.(a) | 504,222 | 47,437 | ||||||
Resilient REIT Ltd. | 84,115 | 307,501 | ||||||
Reunert Ltd. | 50,938 | 179,513 | ||||||
Royal Bafokeng Platinum Ltd.(a) | 36,599 | 116,301 | ||||||
SA Corporate Real Estate Ltd. | 631,085 | 83,441 | ||||||
Sappi Ltd.(a) | 164,595 | 305,303 | ||||||
Steinhoff International Holdings NV(a)(b) | 1,149,983 | 97,955 | ||||||
Stor-Age Property REIT Ltd. | 80,718 | 66,190 | ||||||
Sun International Ltd./South Africa(a) | 41,776 | 83,650 | ||||||
Super Group Ltd./South Africa(a) | 115,776 | 156,831 | ||||||
Tongaat Hulett Ltd.(a) | 45,086 | 9,286 | ||||||
Transaction Capital Ltd. | 115,617 | 135,376 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Truworths International Ltd. | 122,623 | $ | 350,218 | |||||
Tsogo Sun Gaming Ltd. | 151,243 | 88,161 | ||||||
Tsogo Sun Hotels Ltd.(a) | 170,377 | 32,599 | ||||||
Vukile Property Fund Ltd. | 235,347 | 219,317 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 15,984 | 100,365 | ||||||
Zeder Investments Ltd. | 317,829 | 85,662 | ||||||
7,863,770 | ||||||||
South Korea — 14.6% | ||||||||
ABLBio Inc.(a) | 7,893 | 112,757 | ||||||
Advanced Process Systems Corp.(a) | 4,027 | 88,531 | ||||||
Aekyung Industrial Co. Ltd. | 2,203 | 47,162 | ||||||
AfreecaTV Co. Ltd. | 2,671 | 119,860 | ||||||
Ahnlab Inc.(b) | 2,314 | 102,125 | ||||||
AK Holdings Inc. | 1,824 | 36,120 | ||||||
Alteogen Inc.(a)(b) | 2,756 | 196,290 | ||||||
Amicogen Inc.(a) | 5,126 | 92,222 | ||||||
Ananti Inc.(a) | 9,502 | 53,593 | ||||||
Anterogen Co. Ltd.(a) | 1,805 | 48,153 | ||||||
Asiana Airlines Inc.(a) | 36,018 | 120,554 | ||||||
BGF Co. Ltd. | 14,994 | 55,741 | ||||||
BH Co. Ltd.(a)(b) | 7,167 | 104,746 | ||||||
Binex Co. Ltd.(a) | 10,927 | 63,070 | ||||||
Binggrae Co. Ltd.(a) | 2,486 | 109,920 | ||||||
Boryung Pharmaceutical Co. Ltd. | 7,287 | 71,400 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 13,987 | 144,534 | ||||||
Cafe24 Corp.(a) | 2,097 | 59,051 | ||||||
Caregen Co. Ltd.(a)(d) | 2,119 | 103,547 | ||||||
Celltrion Pharm Inc.(a) | 5,215 | 171,329 | ||||||
Chabiotech Co. Ltd.(a) | 13,033 | 133,066 | ||||||
Chong Kun Dang Pharmaceutical Corp.(a) | 2,492 | 177,282 | ||||||
CJ CGV Co. Ltd.(a) | 4,272 | 83,013 | ||||||
CMG Pharmaceutical Co. Ltd.(a) | 34,203 | 100,680 | ||||||
Com2uSCorp. | 3,144 | 252,659 | ||||||
Cosmax Inc. | 2,213 | 136,843 | ||||||
CrystalGenomics Inc.(a) | 12,889 | 115,147 | ||||||
Cuckoo Homesys Co. Ltd.(a) | 2,432 | 75,894 | ||||||
Dae Hwa Pharmaceutical Co. Ltd.(b) | 6,175 | 49,929 | ||||||
Daea TI Co. Ltd.(b) | 19,901 | 66,036 | ||||||
Daeduck Electronics Co.(b) | 17,629 | 136,010 | ||||||
Daesang Corp.(a) | 6,979 | 112,629 | ||||||
Daewoong Co. Ltd. | 8,384 | 70,068 | ||||||
Daewoong Pharmaceutical Co. Ltd. | 1,492 | 128,991 | ||||||
Daishin Securities Co. Ltd.(a) | 12,343 | 95,532 | ||||||
Daou Technology Inc. | 9,083 | 119,661 | ||||||
DB HiTek Co. Ltd. | 11,323 | 221,892 | ||||||
Dentium Co. Ltd.(a) | 2,534 | 87,422 | ||||||
DGB Financial Group Inc. | 48,546 | 224,243 | ||||||
DIO Corp.(a) | 3,675 | 100,310 | ||||||
Dong-A Socio Holdings Co. Ltd. | 1,344 | 94,727 | ||||||
Dong-A ST Co. Ltd. | 1,855 | 136,089 | ||||||
Dongjin Semichem Co. Ltd.(a) | 10,535 | 127,947 | ||||||
DongKook Pharmaceutical Co. Ltd. | 1,635 | 112,545 | ||||||
Dongkuk Steel Mill Co. Ltd.(a) | 20,972 | 80,814 | ||||||
Dongsuh Cos. Inc. | 10,523 | 135,599 | ||||||
Dongsung Pharmaceutical Co. Ltd.(a) | 6,216 | 62,186 | ||||||
Dongwon F&B Co. Ltd. | 355 | 61,529 | ||||||
Dongwon Industries Co. Ltd. | 570 | 91,988 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 37,408 | 154,314 | ||||||
Doosan Infracore Co. Ltd.(a) | 45,485 | 157,297 | ||||||
DoubleUGames Co. Ltd. | 2,967 | 100,407 |
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 Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Douzone Bizon Co. Ltd.(b) | 5,957 | $ | 421,821 | |||||
Duk San Neolux Co. Ltd.(a) | 4,390 | 119,464 | ||||||
Easy Bio Inc.(a)(b) | 15,519 | 56,863 | ||||||
Ecopro BM Co. Ltd. | 2,365 | 158,316 | ||||||
Ecopro Co. Ltd. | 6,367 | 119,267 | ||||||
Enzychem Lifesciences Corp.(a) | 2,228 | 104,567 | ||||||
Eo Technics Co Ltd.(a) | 2,756 | 200,601 | ||||||
Eugene Corp. | 19,249 | 60,069 | ||||||
Eutilex Co. Ltd.(a) | 1,090 | 44,874 | ||||||
F&F Co. Ltd. | 1,889 | 147,138 | ||||||
Feelux Co. Ltd.(a)(b) | 17,996 | 77,644 | ||||||
Foosung Co. Ltd. | 16,880 | 99,515 | ||||||
GemVax & Kael Co. Ltd.(a) | 10,151 | 229,850 | ||||||
Genexine Co. Ltd.(a) | 4,286 | 210,330 | ||||||
Grand Korea Leisure Co. Ltd. | 9,921 | 137,236 | ||||||
Green Cross Cell Corp. | 1,918 | 54,168 | ||||||
Green Cross Corp./South Korea | 1,868 | 174,572 | ||||||
Green Cross Holdings Corp. | 7,273 | 105,098 | ||||||
Green Cross LabCell Corp. | 2,366 | 55,911 | ||||||
GS Home Shopping Inc. | 1,155 | 117,925 | ||||||
G-treeBNT Co. Ltd.(a)(b) | 6,704 | 129,719 | ||||||
Halla Holdings Corp. | 2,774 | 80,742 | ||||||
Hana Tour Service Inc. | 3,398 | 118,349 | ||||||
Hanall Biopharma Co. Ltd.(a) | 8,692 | 167,828 | ||||||
Handsome Co. Ltd. | 4,657 | 93,945 | ||||||
Hanil Cement Co. Ltd./New | 772 | 46,148 | ||||||
Hanjin Kal Corp.(a)(b) | 10,533 | 582,806 | ||||||
Hanjin Transportation Co. Ltd.(a) | 2,482 | 63,148 | ||||||
Hankook Technology Group Co. Ltd. | 9,770 | 98,545 | ||||||
Hansae Co. Ltd. | 6,557 | 73,425 | ||||||
Hansol Chemical Co. Ltd. | 2,984 | 228,008 | ||||||
Hanssem Co. Ltd. | 3,332 | 175,585 | ||||||
Hanwha Aerospace Co. Ltd.(a) | 11,195 | 253,489 | ||||||
Hanwha General Insurance Co. Ltd.(a) | 21,200 | 38,490 | ||||||
Hanwha Investment & Securities Co. Ltd.(a) | 47,690 | 68,914 | ||||||
Harim Holdings Co. Ltd. | 13,726 | 79,791 | ||||||
HDC Holdings Co. Ltd. | 12,169 | 91,280 | ||||||
Hite Jinro Co. Ltd.(a)(b) | 10,053 | 220,181 | ||||||
HLB Life Science Co. Ltd.(a) | 11,748 | 216,194 | ||||||
HS Industries Co. Ltd.(a) | 17,038 | 152,914 | ||||||
Huchems Fine Chemical Corp. | 6,582 | 99,719 | ||||||
Hugel Inc.(a) | 997 | 307,761 | ||||||
Huons Co. Ltd. | 2,112 | 76,429 | ||||||
Huons Global Co. Ltd. | 2,618 | 60,573 | ||||||
Hwaseung Enterprise Co. Ltd.(a) | 6,562 | 81,046 | ||||||
Hyosung Advanced Materials Corp.(a) | 918 | 62,283 | ||||||
Hyosung Chemical Corp. | 724 | 61,998 | ||||||
Hyosung Corp. | 2,816 | 160,682 | ||||||
Hyosung Heavy Industries Corp.(a) | 2,046 | 33,272 | ||||||
Hyosung TNC Co. Ltd. | 862 | 104,689 | ||||||
Hyundai Bioscience Co. Ltd.(a) | 10,592 | 95,062 | ||||||
Hyundai Construction Equipment Co. Ltd.(a)(b) | 3,992 | 67,382 | ||||||
Hyundai Electric & Energy System Co. Ltd.(a) | 5,936 | 42,180 | ||||||
Hyundai Elevator Co. Ltd.(a) | 4,951 | 219,320 | ||||||
Hyundai Greenfood Co. Ltd. | 15,770 | 112,318 | ||||||
Hyundai Home Shopping Network Corp. | 1,942 | 118,647 | ||||||
Hyundai Livart Furniture Co. Ltd. | 5,635 | 43,196 | ||||||
Hyundai Merchant Marine Co. Ltd.(a) | 85,100 | 228,078 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 7,074 | 211,142 | ||||||
Hyundai Rotem Co. Ltd.(a) | 14,167 | 153,976 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hyundai Wia Corp. | 5,074 | $ | 160,638 | |||||
Iljin Materials Co. Ltd.(a) | 6,923 | 264,208 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 5,318 | 90,202 | ||||||
InBody Co. Ltd.(a) | 4,860 | 77,832 | ||||||
Innocean Worldwide Inc. | 2,729 | 152,123 | ||||||
Innox Advanced Materials Co. Ltd.(a) | 2,322 | 79,822 | ||||||
Inscobee Inc.(a)(b) | 27,913 | 63,548 | ||||||
iNtRON Biotechnology Inc.(a) | 9,219 | 81,980 | ||||||
IS Dongseo Co. Ltd. | 5,530 | 122,029 | ||||||
JB Financial Group Co. Ltd. | 41,248 | 170,154 | ||||||
Jeil Pharmaceutical Co. Ltd. | 2,003 | 45,849 | ||||||
Jejuair Co. Ltd.(a) | 2,661 | 44,040 | ||||||
Jin Air Co. Ltd.(a) | 4,543 | 45,449 | ||||||
JW Pharmaceutical Corp. | 4,902 | 98,080 | ||||||
JYP Entertainment Corp. | 8,142 | 141,789 | ||||||
KEPCO Engineering & Construction Co. Inc.(a) | 4,581 | 68,083 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(a) | 6,651 | 182,088 | ||||||
Kginicis Co. Ltd. | 7,510 | 123,054 | ||||||
KIWOOM Securities Co. Ltd.(a) | 3,597 | 195,769 | ||||||
Koh Young Technology Inc.(a) | 3,348 | 262,988 | ||||||
Kolmar Korea Co. Ltd.(a) | 4,400 | 148,357 | ||||||
Kolmar Korea Holdings Co. Ltd.(a) | 4,076 | 72,995 | ||||||
Kolon Corp. | 2,692 | 31,364 | ||||||
Kolon Industries Inc. | 5,775 | 159,056 | ||||||
Komipharm International Co. Ltd.(a)(b) | 12,013 | 196,343 | ||||||
Korea Electric Terminal Co. Ltd. | 1,754 | 46,576 | ||||||
Korea Line Corp.(a) | 4,370 | 60,809 | ||||||
Korea Petrochemical Ind. Co Ltd. | 1,111 | 78,305 | ||||||
Korea REIT Co. Ltd. | 68,642 | 108,516 | ||||||
Korean Reinsurance Co. | 29,156 | 195,654 | ||||||
KT Skylife Co. Ltd. | 10,470 | 63,449 | ||||||
Kuk-Il Paper Manufacturing Co. Ltd.(a)(b) | 26,760 | 108,737 | ||||||
Kumho Tire Co. Inc.(a) | 35,152 | 106,078 | ||||||
Kyung Dong Navien Co. Ltd. | 2,188 | 66,838 | ||||||
L&F Co. Ltd.(b) | 4,472 | 79,903 | ||||||
LEENO Industrial Inc. | 3,220 | 214,225 | ||||||
LegoChem Biosciences Inc.(a) | 2,703 | 99,930 | ||||||
LF Corp. | 7,129 | 73,667 | ||||||
LG Hausys Ltd. | 2,470 | 92,943 | ||||||
LG International Corp. | 9,975 | 92,399 | ||||||
LIG Nex1 Co. Ltd.(b) | 2,894 | 62,074 | ||||||
Lock&Lock Co. Ltd.(a) | 7,220 | 72,824 | ||||||
Lotte Chilsung Beverage Co. Ltd.(a) | 1,179 | 109,212 | ||||||
LOTTE Fine Chemical Co. Ltd. | 6,159 | 168,365 | ||||||
LOTTE Himart Co. Ltd. | 2,967 | 51,547 | ||||||
Lotte Tour Development Co. Ltd.(a) | 5,436 | 46,773 | ||||||
LS Corp. | 5,595 | 166,076 | ||||||
LS Industrial Systems Co. Ltd. | 4,439 | 159,358 | ||||||
Maeil Dairies Co. Ltd.(a) | 1,522 | 100,882 | ||||||
Mando Corp. | 9,788 | 240,167 | ||||||
Mcnex Co. Ltd. | 4,061 | 109,007 | ||||||
Medipost Co. Ltd.(a) | 5,194 | 118,463 | ||||||
MeereCo. Inc. | 1,701 | 35,855 | ||||||
MegaStudyEdu Co. Ltd.(a) | 2,717 | 93,177 | ||||||
Meritz Financial Group Inc. | 14,603 | 122,644 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 15,030 | 181,919 | ||||||
Mezzion Pharma Co. Ltd.(a)(b) | 2,020 | 232,520 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 28,556 | 93,815 | ||||||
Mirae Asset Maps Asia Pacific Real Estate 1 Investment | 27,764 | 106,530 | ||||||
Modetour Network Inc.(a) | 5,959 | 69,428 |
58 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Muhak Co. Ltd.(a) | 6,556 | $ | 33,252 | |||||
Namhae Chemical Corp.(a) | 8,291 | 47,377 | ||||||
Naturecell Co. Ltd.(a) | 15,593 | 93,211 | ||||||
NEPES Corp.(a)(b) | 5,417 | 130,240 | ||||||
Nexen Tire Corp.(a) | 12,327 | 65,162 | ||||||
NHN Corp.(a) | 3,211 | 184,279 | ||||||
NHN KCP Corp. | 4,644 | 113,758 | ||||||
NICE Holdings Co. Ltd.(a) | 7,767 | 131,742 | ||||||
NICE Information Service Co. Ltd.(a) | 10,866 | 139,572 | ||||||
NKMax Co. Ltd.(a) | 11,357 | 88,088 | ||||||
NongShim Co. Ltd. | 983 | 213,678 | ||||||
Orion Holdings Corp. | 8,556 | 100,389 | ||||||
Oscotec Inc.(a) | 6,506 | 108,478 | ||||||
Osstem Implant Co. Ltd.(a) | 3,802 | 101,741 | ||||||
Paradise Co. Ltd. | 15,298 | 206,577 | ||||||
Partron Co. Ltd. | 12,045 | 88,763 | ||||||
Pharmicell Co. Ltd.(a)(b) | 18,072 | 115,173 | ||||||
Poongsan Corp. | 6,195 | 104,058 | ||||||
Posco ICT Co. Ltd. | 22,820 | 83,802 | ||||||
RFHIC Corp. | 4,087 | 100,114 | ||||||
S&T Motiv Co. Ltd. | 2,859 | 92,397 | ||||||
Sam Chun Dang Pharm Co. Ltd. | 4,410 | 143,429 | ||||||
Samjin Pharmaceutical Co. Ltd. | 4,187 | 78,258 | ||||||
Samwha Capacitor Co. Ltd.(b) | 2,473 | 118,916 | ||||||
Samyang Corp. | 1,927 | 60,214 | ||||||
Samyang Foods Co. Ltd. | 1,546 | 108,837 | ||||||
Samyang Holdings Corp. | 1,338 | 54,148 | ||||||
Sangsangin Co. Ltd. | 13,165 | 84,009 | ||||||
Seegene Inc.(a) | 5,962 | 179,179 | ||||||
Seojin System Co. Ltd.(a) | 4,467 | 94,158 | ||||||
Seoul Semiconductor Co. Ltd.(a) | 11,960 | 147,223 | ||||||
SFA Engineering Corp. | 5,829 | 176,382 | ||||||
SFA Semicon Co. Ltd.(a) | 27,078 | 124,409 | ||||||
Shinsegae International Inc. | 766 | 115,736 | ||||||
Silicon Works Co. Ltd. | 3,747 | 101,658 | ||||||
SillaJen Inc.(a)(b) | 19,774 | 180,726 | ||||||
SK Chemicals Co. Ltd. | 2,414 | 114,290 | ||||||
SK Discovery Co. Ltd. | 3,811 | 67,779 | ||||||
SK Gas Ltd. | 1,091 | 69,709 | ||||||
SK Materials Co. Ltd. | 1,499 | 182,669 | ||||||
SK Networks Co. Ltd. | 44,735 | 159,492 | ||||||
SKC Co. Ltd. | 6,354 | 268,914 | ||||||
SKCKOLONPI Inc. | 4,883 | 134,690 | ||||||
SL Corp.(a) | 4,412 | 54,492 | ||||||
SM Entertainment Co. Ltd.(a) | 6,000 | 140,552 | ||||||
Songwon Industrial Co. Ltd. | 5,225 | 47,969 | ||||||
Soulbrain Co. Ltd. | 2,868 | 204,267 | ||||||
SPC Samlip Co. Ltd.(a) | 760 | 42,114 | ||||||
STCUBE(a)(b) | 7,362 | 59,648 | ||||||
Taekwang Industrial Co. Ltd.(a) | 162 | 107,511 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 12,186 | 129,436 | ||||||
Taihan Fiberoptics Co. Ltd.(a) | 21,581 | 49,666 | ||||||
Telcon RF Pharmaceutical Inc.(a) | 24,399 | 89,902 | ||||||
Theragen Etex Co. Ltd.(a) | 9,448 | 56,245 | ||||||
Tokai Carbon Korea Co. Ltd. | 1,733 | 94,605 | ||||||
Tongyang Inc.(a) | 68,813 | 79,040 | ||||||
Tongyang Life Insurance Co. Ltd. | 15,987 | 42,255 | ||||||
Toptec Co. Ltd. | 6,911 | 55,481 | ||||||
Vieworks Co. Ltd. | 2,639 | 65,405 | ||||||
Webzen Inc.(a) | 6,083 | 72,625 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Wemade Co. Ltd. | 3,104 | $ | 77,185 | |||||
WONIK IPS Co. Ltd.(a) | 8,836 | 226,629 | ||||||
YG Entertainment Inc.(a) | 3,147 | 78,513 | ||||||
Young Poong Corp.(a) | 193 | 94,394 | ||||||
Youngone Corp. | 7,896 | 204,795 | ||||||
Yuanta Securities Korea Co. Ltd.(a) | 36,212 | 69,919 | ||||||
Yungjin Pharmaceutical Co. Ltd.(a) | 30,951 | 127,678 | ||||||
Yuyang DNU Co. Ltd.(a) | 17,648 | 25,211 | ||||||
28,026,655 | ||||||||
Taiwan — 21.1% | ||||||||
AcBel Polytech Inc. | 160,000 | 123,384 | ||||||
A-DATA Technology Co. Ltd. | 66,000 | 146,475 | ||||||
Advanced Ceramic X Corp. | 13,000 | 127,083 | ||||||
Advanced Wireless Semiconductor Co. | 42,000 | 124,837 | ||||||
AmTRAN Technology Co. Ltd.(a) | 431,312 | 131,475 | ||||||
Arcadyan Technology Corp. | 38,541 | 100,173 | ||||||
Ardentec Corp. | 134,000 | 116,832 | ||||||
Asia Optical Co. Inc. | 69,000 | 190,733 | ||||||
Asia Pacific Telecom Co. Ltd.(a) | 549,910 | 134,029 | ||||||
Asia Vital Components Co. Ltd. | �� | 101,000 | 110,074 | |||||
ASMedia Technology Inc. | 8,000 | 205,816 | ||||||
ASPEED Technology Inc. | 9,000 | 281,180 | ||||||
AURAS Technology Co. Ltd. | 19,000 | 101,025 | ||||||
BES Engineering Corp. | 437,000 | 102,324 | ||||||
Bizlink Holding Inc. | 32,770 | 207,251 | ||||||
Brighton-Best International Taiwan Inc. | 174,000 | 163,487 | ||||||
Capital Securities Corp. | 576,530 | 187,547 | ||||||
Career Technology MFG. Co. Ltd. | 118,990 | 125,358 | ||||||
Casetek Holdings Ltd. | 43,816 | 60,053 | ||||||
Cathay Real Estate Development Co. Ltd. | 169,300 | 118,814 | ||||||
Center Laboratories Inc. | 92,474 | 158,198 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 42,000 | 102,089 | ||||||
Charoen Pokphand Enterprise | 55,000 | 112,981 | ||||||
Cheng Loong Corp. | 266,000 | 207,761 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 112,000 | 137,598 | ||||||
Chicony Power Technology Co. Ltd. | 58,000 | 112,822 | ||||||
Chilisin Electronics Corp. | 59,459 | 210,113 | ||||||
China Bills Finance Corp. | 292,000 | 147,063 | ||||||
China General Plastics Corp. | 141,966 | 91,192 | ||||||
China Man-Made Fiber Corp. | 484,223 | 116,260 | ||||||
China Motor Corp. | 92,200 | 107,183 | ||||||
China Petrochemical Development Corp. | 1,047,600 | 280,241 | ||||||
China Steel Chemical Corp. | 69,000 | 268,895 | ||||||
Chin-Poon Industrial Co. Ltd. | 105,000 | 103,857 | ||||||
Chipbond Technology Corp. | 167,000 | 322,644 | ||||||
ChipMOS Technologies Inc. | 173,000 | 168,261 | ||||||
Chlitina Holding Ltd. | 13,000 | 80,071 | ||||||
Chong Hong Construction Co. Ltd. | 56,424 | 152,429 | ||||||
Chroma ATE Inc. | 104,000 | 487,723 | ||||||
Chung Hung Steel Corp. | 355,000 | 106,220 | ||||||
Chunghwa Precision Test Tech Co. Ltd. | 6,000 | 160,505 | ||||||
Cleanaway Co. Ltd. | 31,000 | 162,783 | ||||||
Clevo Co. | 133,000 | 134,627 | ||||||
CMC Magnetics Corp.(a) | 322,238 | 85,137 | ||||||
Compeq Manufacturing Co. Ltd. | 305,000 | 392,840 | ||||||
Concraft Holding Co. Ltd. | 19,869 | 87,929 | ||||||
Coretronic Corp. | 118,400 | 144,288 | ||||||
CSBC Corp. Taiwan(a) | 81,455 | 62,141 | ||||||
CTCI Corp. | 154,000 | 188,180 | ||||||
Cub Elecparts Inc. | 17,992 | 120,028 |
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 | 59 |
Consolidated Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Darfon Electronics Corp. | 66,000 | $ | 82,283 | |||||
Darwin Precisions Corp. | 114,000 | 49,509 | ||||||
E Ink Holdings Inc. | 258,000 | 263,287 | ||||||
Egis Technology Inc. | 18,000 | 127,809 | ||||||
Elan Microelectronics Corp. | 85,000 | 235,803 | ||||||
Elite Material Co. Ltd. | 81,000 | 321,009 | ||||||
Elite Semiconductor Memory Technology Inc. | 102,000 | 115,712 | ||||||
eMemory Technology Inc. | 21,000 | 219,158 | ||||||
Ennoconn Corp. | 15,372 | 110,926 | ||||||
Epistar Corp. | 313,000 | 301,841 | ||||||
Eternal Materials Co. Ltd. | 334,399 | 297,629 | ||||||
Everlight Electronics Co. Ltd. | 118,000 | 123,146 | ||||||
Far Eastern Department Stores Ltd. | 309,000 | 247,469 | ||||||
Far Eastern International Bank | 676,518 | 263,641 | ||||||
Faraday Technology Corp. | 67,000 | 97,470 | ||||||
Farglory Land Development Co. Ltd. | 77,000 | 96,252 | ||||||
Feng Hsin Steel Co. Ltd. | 160,000 | 286,927 | ||||||
Firich Enterprises Co. Ltd. | 82,155 | 84,653 | ||||||
FLEXium Interconnect Inc. | 89,418 | 335,175 | ||||||
Formosa Sumco Technology Corp. | 24,000 | 110,966 | ||||||
Foxsemicon Integrated Technology Inc. | 19,200 | 105,893 | ||||||
Fulgent Sun International Holding Co. Ltd. | 31,000 | 108,522 | ||||||
General Interface Solution Holding Ltd. | 71,000 | 230,261 | ||||||
Genius Electronic Optical Co. Ltd. | 21,585 | 359,994 | ||||||
Getac Technology Corp. | 118,000 | 190,175 | ||||||
Gigabyte Technology Co. Ltd. | 156,000 | 268,419 | ||||||
Ginko International Co. Ltd. | 10,000 | 58,125 | ||||||
Global Unichip Corp. | 24,000 | 177,546 | ||||||
Goldsun Building Materials Co. Ltd. | 332,000 | 141,990 | ||||||
Gourmet Master Co. Ltd. | 23,821 | 74,344 | ||||||
Grand Pacific Petrochemical(a) | 285,000 | 155,303 | ||||||
Grape King Bio Ltd. | 37,000 | 268,829 | ||||||
Great Wall Enterprise Co. Ltd. | 197,789 | 263,244 | ||||||
Greatek Electronics Inc. | 108,000 | 168,352 | ||||||
Hannstar Board Corp. | 91,000 | 108,192 | ||||||
HannStar Display Corp. | 771,320 | 167,869 | ||||||
Holtek Semiconductor Inc. | 53,000 | 114,824 | ||||||
Holy Stone Enterprise Co. Ltd. | 41,050 | 136,926 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 62,192 | 237,229 | ||||||
Hsin Kuang Steel Co. Ltd. | 100,000 | 96,600 | ||||||
HTC Corp. | 212,000 | 245,050 | ||||||
Huaku Development Co. Ltd. | 76,080 | 217,088 | ||||||
Hung Sheng Construction Ltd. | 163,520 | 111,517 | ||||||
IBF Financial Holdings Co. Ltd. | 689,869 | 258,591 | ||||||
International CSRC Investment Holdings Co. | 203,945 | 182,530 | ||||||
International Games System Co. Ltd. | 19,000 | 382,767 | ||||||
ITEQ Corp. | 54,600 | 258,759 | ||||||
Jentech Precision Industrial Co. Ltd. | 24,000 | 165,657 | ||||||
Jih Sun Financial Holdings Co. Ltd. | 388,444 | 128,030 | ||||||
Johnson Health Tech Co. Ltd. | 30,000 | 69,948 | ||||||
Kenda Rubber Industrial Co. Ltd. | 183,341 | 170,447 | ||||||
Kindom Development Co. Ltd. | 97,000 | 83,931 | ||||||
King Slide Works Co. Ltd. | 18,000 | 207,170 | ||||||
King Yuan Electronics Co. Ltd. | 317,000 | 342,864 | ||||||
King's Town Bank Co. Ltd. | 256,000 | 310,705 | ||||||
Kinpo Electronics | 438,000 | 192,388 | ||||||
Kinsus Interconnect Technology Corp. | 79,000 | 134,626 | ||||||
LandMark Optoelectronics Corp. | 21,400 | 187,995 | ||||||
Lealea Enterprise Co. Ltd. | 330,590 | 96,296 | ||||||
Lien Hwa Industrial Holdings Corp. | 253,068 | 317,594 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Longchen Paper & Packaging Co. Ltd. | 206,456 | $ | 124,094 | |||||
Lotes Co. Ltd. | 21,968 | 214,750 | ||||||
Lotus Pharmaceutical Co. Ltd.(a) | 27,000 | 77,577 | ||||||
Lung Yen Life Service Corp. | 79,000 | 158,368 | ||||||
Machvision Inc. | 10,000 | 120,213 | ||||||
Macronix International | 546,000 | 595,056 | ||||||
Makalot Industrial Co. Ltd. | 58,036 | 284,626 | ||||||
Mercuries & Associates Holding Ltd. | 121,436 | 87,228 | ||||||
Mercuries Life Insurance Co. Ltd.(a) | 358,246 | 137,835 | ||||||
Merida Industry Co. Ltd. | 67,000 | 327,482 | ||||||
Merry Electronics Co. Ltd. | 54,224 | 251,605 | ||||||
Mitac Holdings Corp. | 244,985 | 275,491 | ||||||
momo.com Inc. | 14,000 | 163,444 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 133,000 | 188,215 | ||||||
Nan Ya Printed Circuit Board Corp. | 68,000 | 119,024 | ||||||
OBI Pharma Inc.(a) | 43,184 | 162,584 | ||||||
On-Bright Electronics Inc. | 11,000 | 80,649 | ||||||
Oriental Union Chemical Corp. | 190,000 | 125,184 | ||||||
Pan Jit International Inc. | 93,900 | 75,357 | ||||||
Pan-International Industrial Corp. | 151,722 | 98,210 | ||||||
Parade Technologies Ltd. | 21,000 | 463,284 | ||||||
PChome Online Inc.(a) | 29,305 | 103,072 | ||||||
PharmaEngine Inc. | 32,756 | 66,205 | ||||||
PharmaEssentia Corp.(a) | 50,000 | 166,780 | ||||||
Pharmally International Holding Co. Ltd. | 21,603 | 148,398 | ||||||
Pixart Imaging Inc. | 39,635 | 244,123 | ||||||
Poya International Co. Ltd. | 17,453 | 274,941 | ||||||
President Securities Corp. | 273,741 | 124,759 | ||||||
Primax Electronics Ltd. | 109,000 | 176,210 | ||||||
Prince Housing & Development Corp. | 477,917 | 169,673 | ||||||
Qisda Corp. | 442,000 | 273,700 | ||||||
Radiant Opto-Electronics Corp. | 131,000 | 424,849 | ||||||
Radium Life Tech Co. Ltd. | 247,341 | 82,503 | ||||||
Rexon Industrial Corp. Ltd. | 40,000 | 75,034 | ||||||
RichWave Technology Corp. | 15,000 | 78,271 | ||||||
Ritek Corp.(a) | 548,218 | 96,682 | ||||||
Roo Hsing Co. Ltd.(a) | 174,000 | 57,752 | ||||||
Run Long Construction Co. Ltd. | 65,000 | 128,585 | ||||||
Sanyang Motor Co. Ltd. | 226,820 | 153,563 | ||||||
ScinoPharm Taiwan Ltd. | 92,708 | 86,953 | ||||||
SDI Corp. | 33,000 | 64,410 | ||||||
Sercomm Corp. | 67,000 | 163,299 | ||||||
Shin Zu Shing Co. Ltd. | 45,000 | 206,575 | ||||||
Shinkong Synthetic Fibers Corp. | 419,135 | 169,567 | ||||||
Sigurd Microelectronics Corp. | 125,124 | 140,911 | ||||||
Silergy Corp. | 21,000 | 703,942 | ||||||
Simplo Technology Co. Ltd. | 49,600 | 464,393 | ||||||
Sinbon Electronics Co. Ltd. | 66,000 | 285,540 | ||||||
Sino-American Silicon Products Inc. | 149,000 | 516,686 | ||||||
Sinyi Realty Inc. | 89,778 | 85,688 | ||||||
Sitronix Technology Corp. | 33,000 | 156,938 | ||||||
Soft-World International Corp. | 32,140 | 84,597 | ||||||
Sporton International Inc. | 22,330 | 154,867 | ||||||
St. Shine Optical Co. Ltd. | 14,000 | 182,632 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 20,000 | 164,798 | ||||||
Supreme Electronics Co. Ltd. | 133,000 | 136,824 | ||||||
TA Chen Stainless Pipe | 257,188 | 262,458 | ||||||
Taichung Commercial Bank Co. Ltd. | 891,156 | 363,473 | ||||||
TaiDoc Technology Corp. | 17,000 | 86,742 | ||||||
TaiMed Biologics Inc.(a) | 55,000 | 161,661 |
60 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Tainan Spinning Co. Ltd. | 475,190 | $ | 156,935 | |||||
Taiwan Cogeneration Corp. | 137,000 | 153,155 | ||||||
Taiwan Fertilizer Co. Ltd. | 235,000 | 372,529 | ||||||
Taiwan Glass Industry Corp. | 427,000 | 143,135 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 90,004 | 175,671 | ||||||
Taiwan Paiho Ltd. | 75,050 | 172,757 | ||||||
Taiwan Secom Co. Ltd. | 88,450 | 257,935 | ||||||
Taiwan Semiconductor Co. Ltd. | 66,000 | 95,689 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 72,640 | 91,281 | ||||||
Taiwan Styrene Monomer | 196,000 | 119,751 | ||||||
Taiwan Surface Mounting Technology Corp. | 76,000 | 234,178 | ||||||
Taiwan TEA Corp. | 291,000 | 151,845 | ||||||
Taiwan Union Technology Corp. | 68,000 | 298,684 | ||||||
TCI Co. Ltd. | 26,528 | 190,115 | ||||||
Teco Electric and Machinery Co. Ltd. | 561,000 | 495,608 | ||||||
Test Research Inc. | 52,000 | 87,584 | ||||||
Ton Yi Industrial Corp. | 380,000 | 134,282 | ||||||
Tong Hsing Electronic Industries Ltd. | 45,000 | 225,152 | ||||||
Tong Yang Industry Co. Ltd. | 113,133 | 145,529 | ||||||
Topco Scientific Co. Ltd. | 56,000 | 192,341 | ||||||
TPK Holding Co. Ltd.(a) | 95,000 | 140,714 | ||||||
Transcend Information Inc. | 62,000 | 159,917 | ||||||
Tripod Technology Corp. | 123,000 | 446,837 | ||||||
TSRC Corp. | 222,000 | 157,265 | ||||||
TTY Biopharm Co. Ltd. | 68,450 | 176,779 | ||||||
Tung Ho Steel Enterprise Corp. | 346,000 | 257,105 | ||||||
TXC Corp. | 89,000 | 139,469 | ||||||
U-Ming Marine Transport Corp. | 146,000 | 141,277 | ||||||
Unimicron Technology Corp. | 384,000 | 507,274 | ||||||
Union Bank of Taiwan(a) | 514,530 | 186,920 | ||||||
Unitech Printed Circuit Board Corp. | 164,420 | 148,784 | ||||||
United Integrated Services Co. Ltd. | 45,400 | 275,133 | ||||||
United Renewable Energy Co. Ltd.(a) | 655,879 | 151,409 | ||||||
UPC Technology Corp. | 349,741 | 115,042 | ||||||
USI Corp. | 382,070 | 150,786 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 47,425 | 153,335 | ||||||
Voltronic Power Technology Corp. | 17,080 | 396,547 | ||||||
Wafer Works Corp. | 145,681 | 164,303 | ||||||
Wah Lee Industrial Corp. | 85,000 | 153,833 | ||||||
Walsin Lihwa Corp. | 788,000 | 363,038 | ||||||
Wistron NeWeb Corp. | 85,481 | 194,792 | ||||||
WT Microelectronics Co. Ltd. | 96,757 | 122,067 | ||||||
XinTec Inc.(a) | 52,000 | 152,671 | ||||||
Xxentria Technology Materials Corp. | 67,000 | 137,631 | ||||||
Yang Ming Marine Transport Corp.(a) | 380,820 | 87,157 | ||||||
YFY Inc. | 508,000 | 233,201 | ||||||
Yieh Phui Enterprise Co. Ltd. | 459,797 | 137,729 | ||||||
Yulon Finance Corp. | 42,800 | 151,244 | ||||||
Yulon Motor Co. Ltd. | 264,000 | 177,863 | ||||||
YungShin Global Holding Corp. | 85,200 | 124,088 | ||||||
Yungtay Engineering Co. Ltd. | 62,000 | 120,808 | ||||||
40,674,768 | ||||||||
Thailand — 3.5% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR | 25,800 | 113,240 | ||||||
Amata Corp. PCL, NVDR | 270,600 | 124,345 | ||||||
AP Thailand PCL, NVDR | 822,800 | 159,058 | ||||||
Asia Aviation PCL, NVDR(a)(b) | 1,320,500 | 53,983 | ||||||
Bangchak Corp. PCL, NVDR(b) | 340,800 | 259,204 | ||||||
Bangkok Airways PCL, NVDR | 402,400 | 59,426 | ||||||
Bangkok Chain Hospital PCL, NVDR | 437,200 | 181,503 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangkok Land PCL, NVDR | 5,602,600 | $ | 182,877 | |||||
Bangkok Life Assurance PCL, NVDR | 174,200 | 85,568 | ||||||
Beauty Community PCL, NVDR(b) | 741,200 | 44,629 | ||||||
Central Plaza Hotel PCL, NVDR | 142,500 | 81,287 | ||||||
CH Karnchang PCL, NVDR(b) | 369,500 | 220,143 | ||||||
Chularat Hospital PCL, NVDR(b) | 1,995,800 | 158,121 | ||||||
CK Power PCL, NVDR | 798,100 | 95,605 | ||||||
Com7 PCL, NVDR | 210,800 | 148,305 | ||||||
Eastern Polymer Group PCL, NVDR | 412,900 | 52,864 | ||||||
Eastern Water Resources Development and Management | ||||||||
PCL, NVDR | 374,600 | 127,023 | ||||||
Esso Thailand PCL, NVDR | 352,000 | 66,931 | ||||||
GFPT PCL, NVDR | 212,300 | 71,989 | ||||||
Gunkul Engineering PCL, NVDR(b) | 1,568,899 | 122,310 | ||||||
Hana Microelectronics PCL, NVDR | 190,100 | 201,817 | ||||||
Italian-Thai Development PCL, NVDR | 1,617,700 | 59,469 | ||||||
Jasmine International PCL, NVDR | 1,147,200 | 175,961 | ||||||
KCE Electronics PCL, NVDR | 233,300 | 163,395 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 933,930 | 62,745 | ||||||
Kiatnakin Bank PCL, NVDR | 96,332 | 190,039 | ||||||
LPN Development PCL, NVDR | 557,500 | 74,204 | ||||||
Major Cineplex Group PCL, NVDR(b) | 234,000 | 140,155 | ||||||
MBK PCL, NVDR | 405,900 | 228,966 | ||||||
Mega Lifesciences PCL, NVDR | 134,700 | 106,718 | ||||||
Plan B Media PCL, NVDR | 741,500 | 119,843 | ||||||
Pruksa Holding PCL, NVDR | 236,600 | 107,222 | ||||||
PTG Energy PCL, NVDR. | 232,500 | 103,890 | ||||||
Quality Houses PCL, NVDR | 3,116,267 | 223,190 | ||||||
Sansiri PCL, NVDR(b) | 5,135,400 | 115,548 | ||||||
Siam Global House PCL, NVDR(b) | 483,679 | 211,528 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 296,800 | 74,306 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 314,528 | 148,517 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 314,980 | 117,787 | ||||||
Star Petroleum Refining PCL, NVS(b) | 484,500 | 121,298 | ||||||
Supalai PCL, NVDR | 519,800 | 266,860 | ||||||
Super Energy Corp. PCL, NVDR | 4,900,800 | 60,571 | ||||||
Taokaenoi Food & Marketing PCL, Class R, NVDR(b) | 197,900 | 49,859 | ||||||
Thai Airways International PCL, NVDR(a)(b) | 329,100 | 40,675 | ||||||
Thai Vegetable Oil PCL, NVDR(b) | 211,400 | 184,234 | ||||||
Thanachart Capital PCL, NVDR | 110,300 | 184,387 | ||||||
Thonburi Healthcare Group PCL, NVDR | 186,600 | 133,053 | ||||||
Tipco Asphalt PCL, NVDR | 221,000 | 131,668 | ||||||
TTW PCL, NVDR(b) | 550,700 | 242,584 | ||||||
U City PCL, NVDR(a)(b). | 1,250,600 | 48,748 | ||||||
WHA Corp. PCL, NVDR | 2,839,500 | 246,561 | ||||||
Workpoint Entertainment PCL, NVDR | 81,200 | 22,388 | ||||||
6,766,597 | ||||||||
Turkey — 1.3% | ||||||||
Aygaz AS | 27,730 | 50,586 | ||||||
Coca-Cola Icecek AS | 24,878 | 179,541 | ||||||
Dogan Sirketler Grubu Holding AS | 342,076 | 94,151 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 626,465 | 139,342 | ||||||
Enerjisa Enerji AS(c) | 94,543 | 117,852 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, | ||||||||
Class D(b) | 341,583 | 142,116 | ||||||
Koza Altin Isletmeleri AS(a) | 14,782 | 172,674 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a) | 65,036 | 117,599 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(c) | 13,692 | 117,218 | ||||||
MLP Saglik Hizmetleri AS(a)(b)(c) | 28,407 | 67,685 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 4,322 | 104,432 |
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 | 61 |
Consolidated Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Pegasus Hava Tasimaciligi AS(a)(b) | 11,799 | $ | 101,956 | |||||
Petkim Petrokimya Holding AS(a)(b) | 341,228 | 198,755 | ||||||
Sasa Polyester Sanayi AS | 54,297 | 75,764 | ||||||
Soda Sanayii AS | 141,095 | 130,726 | ||||||
Tekfen Holding AS | 65,404 | 155,419 | ||||||
Trakya Cam Sanayii AS | 190,670 | 101,906 | ||||||
Turkiye Halk Bankasi AS(a) | 193,128 | 184,807 | ||||||
Ulker Biskuvi Sanayi AS(a) | 52,966 | 173,580 | ||||||
2,426,109 | ||||||||
United Arab Emirates — 0.7% | ||||||||
Air Arabia PJSC(a) | 854,789 | 325,820 | ||||||
Amanat Holdings PJSC | 529,062 | 114,948 | ||||||
Arabtec Holding PJSC | 237,882 | 48,251 | ||||||
Dana Gas PJSC | 1,199,770 | 285,823 | ||||||
Drake & Scull International PJSC(a)(d) | 241,185 | 18,137 | ||||||
Dubai Financial Market PJSC(a) | 639,700 | 153,267 | ||||||
Dubai Investments PJSC | 692,880 | 239,581 | ||||||
DXB Entertainments PJSC(a) | 1,709,562 | 82,851 | ||||||
1,268,678 | ||||||||
Total Common Stocks — 97.5% | ||||||||
(Cost: $200,374,866) | 187,672,691 | |||||||
Preferred Stocks | ||||||||
Brazil — 2.1% | ||||||||
Alpargatas SA, Preference Shares, NVS | 61,950 | 433,079 | ||||||
Azul SA, Preference Shares, NVS | 83,500 | 822,480 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 25,269 | 111,905 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, | ||||||||
Preference Shares, NVS | 59,800 | 240,570 | ||||||
Bradespar SA, Preference Shares, NVS | 66,600 | 492,896 | ||||||
Cia. de Saneamento do Parana, Preference Shares, NVS | 27,300 | 119,810 | ||||||
Cia. Energetica de Sao Paulo, Class B, Preference | ||||||||
Shares, NVS | 57,000 | 411,867 | ||||||
Cia. Paranaense de Energia, Preference Shares, NVS | 30,400 | 483,190 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference | ||||||||
Shares, NVS | 30,900 | 175,333 | ||||||
Marcopolo SA, Preference Shares, NVS | 161,569 | 175,476 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 219,900 | $ | 387,487 | |||||
Randon SA Implemetos e Participacoes, Preference | ||||||||
Shares, NVS | 53,725 | 139,086 | ||||||
Unipar Carbocloro SA, Preference Shares, NVS | 15,483 | 91,972 | ||||||
4,085,151 | ||||||||
Colombia — 0.0% | ||||||||
Avianca Holdings SA, Preference Shares, NVS | 114,677 | 53,022 | ||||||
Total Preferred Stocks — 2.1% | ||||||||
(Cost: $2,909,587) | 4,138,173 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 5.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(g)(h)(i) | 10,543,814 | 10,551,195 | ||||||
Total Short-Term Investments — 5.5% | ||||||||
(Cost: $10,544,983) | 10,551,195 | |||||||
Total Investments in Securities — 105.1% | ||||||||
(Cost: $213,829,436) | 202,362,059 | |||||||
Other Assets, Less Liabilities — (5.1)% | (9,795,656 | ) | ||||||
Net Assets — 100.0% | $ | 192,566,403 |
(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) | Rounds to less than $1. |
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
(i) | 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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss)(a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 17,922,363 | (7,378,549 | ) | 10,543,814 | $ | 10,551,195 | $ | 337,358 | (b) | $ | 3,678 | $ | (1,705 | ) | |||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 110,000 | (110,000 | ) | — | — | 3,021 | — | — | |||||||||||||||||||
$ | 10,551,195 | $ | 340,379 | $ | 3,678 | $ | (1,705 | ) |
(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. |
62 | 2 0 2 0 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) | iShares® MSCI Emerging Markets Small-Cap ETF |
February 29, 2020 |
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000 | ) | (Depreciation) | |||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets E-Mini | 12 | 03/20/20 | $ | 605 | $ | (62,071 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 62,071 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 67,700 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (80,625 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 754,660 |
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 29, 2020 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 | $ | 187,123,013 | $ | 66,041 | $ | 483,637 | $ | 187,672,691 | ||||||||
Preferred Stocks | 4,138,173 | — | — | 4,138,173 | ||||||||||||
Money Market Funds | 10,551,195 | — | — | 10,551,195 | ||||||||||||
$ | 201,812,381 | $ | 66,041 | $ | 483,637 | $ | 202,362,059 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (62,071 | ) | $ | — | $ | — | $ | (62,071 | ) |
(a) | 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 | 63 |
Consolidated Statements of Assets and Liabilities (unaudited)
February 29, 2020
iShares | ||||||||||||||||
iShares | MSCI | |||||||||||||||
iShares | MSCI | Emerging | ||||||||||||||
Core MSCI | iShares | Emerging | Markets | |||||||||||||
Emerging Markets | MSCI BRIC | Markets Asia | Small-Cap | |||||||||||||
ETF | ETF | ETF | ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a) | ||||||||||||||||
Unaffiliated(b) | $ | 55,179,310,503 | $ | 259,092,630 | $ | 487,848,505 | $ | 191,810,864 | ||||||||
Affiliated(c) | 1,663,088,911 | 5,757,547 | 7,964,745 | 10,551,195 | ||||||||||||
Cash | 32,126,431 | 914 | 938 | 395,789 | ||||||||||||
Foreign currency, at value(d) | 136,204,190 | 249,715 | 88,506 | 290,446 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 5,704,200 | 22,000 | 45,000 | 32,000 | ||||||||||||
Foreign currency collateral pledged: | ||||||||||||||||
Futures contracts(e) | — | 11,421 | 17,066 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 526,306,601 | 1,674,489 | 5,831 | 18,576,887 | ||||||||||||
Securities lending income — Affiliated | 3,695,057 | 4,267 | 8,503 | 44,444 | ||||||||||||
Capital shares sold | 13,367 | — | — | 114,730 | ||||||||||||
Dividends | 127,366,504 | 224,982 | 1,044,260 | 454,292 | ||||||||||||
Tax reclaims | 694,695 | — | — | 3,032 | ||||||||||||
Total assets | 57,674,510,459 | 267,037,965 | 497,023,354 | 222,273,679 | ||||||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 1,658,829,667 | 5,372,866 | 7,331,487 | 10,542,834 | ||||||||||||
Deferred foreign capital gain tax | 18,195,244 | — | 51,091 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 334,186,585 | 1,542,536 | — | 1,819,198 | ||||||||||||
Variation margin on futures contracts | 390,939 | 1,522 | 5,558 | 2,160 | ||||||||||||
Bank borrowings | 9,101,272 | — | — | 262,535 | ||||||||||||
Capital shares redeemed | 331,029,979 | — | — | 16,954,929 | ||||||||||||
Investment advisory fees | 5,289,842 | 148,140 | 201,294 | 119,053 | ||||||||||||
Professional fees | 938 | — | — | — | ||||||||||||
Foreign taxes | 537,957 | — | 454 | 6,567 | ||||||||||||
Total liabilities | 2,357,562,423 | 7,065,064 | 7,589,884 | 29,707,276 | ||||||||||||
NET ASSETS | $ | 55,316,948,036 | $ | 259,972,901 | $ | 489,433,470 | $ | 192,566,403 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 56,969,020,648 | $ | 485,889,174 | $ | 509,333,935 | $ | 250,601,342 | ||||||||
Accumulated loss | (1,652,072,612 | ) | (225,916,273 | ) | (19,900,465 | ) | (58,034,939 | ) | ||||||||
NET ASSETS | $ | 55,316,948,036 | $ | 259,972,901 | $ | 489,433,470 | $ | 192,566,403 | ||||||||
Shares outstanding | 1,142,400,000 | 6,200,000 | 7,500,000 | 4,750,000 | ||||||||||||
Net asset value | $ | 48.42 | $ | 41.93 | $ | 65.26 | $ | 40.54 | ||||||||
Shares authorized | 2.3 billion | 500 million | 500 million | 500 million | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
(a) Securities loaned, at value | $ | 1,526,844,623 | $ | 5,117,798 | $ | 6,952,070 | $ | 9,279,627 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 51,936,192,113 | $ | 260,515,816 | $ | 455,372,721 | $ | 203,284,453 | ||||||||
(c) Investments, at cost — Affiliated | $ | 1,661,970,331 | $ | 5,756,148 | $ | 7,961,340 | $ | 10,544,983 | ||||||||
(d) Foreign currency, at cost | $ | 137,132,722 | $ | 253,399 | $ | 88,671 | $ | 296,090 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | 11,462 | $ | 17,082 | $ | — |
See notes to consolidated financial statements.
64 | 2 0 2 0 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 29, 2020
iShares | ||||||||||||||||
iShares | MSCI | |||||||||||||||
iShares | MSCI | Emerging | ||||||||||||||
Core MSCI | iShares | Emerging | Markets | |||||||||||||
Emerging Markets | MSCI BRIC | Markets Asia | Small-Cap | |||||||||||||
ETF | ETF | ETF | ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 521,139,029 | $ | 1,370,575 | $ | 3,221,921 | $ | 2,069,821 | ||||||||
Dividends — Affiliated | 894,811 | 2,716 | 6,270 | 3,021 | ||||||||||||
Non-cash dividends — Unaffiliated | 335,690,356 | — | — | — | ||||||||||||
Interest — Unaffiliated | 79,896 | 127 | 293 | 243 | ||||||||||||
Securities lending income — Affiliated — net(a) | 26,465,171 | 31,596 | 92,336 | 337,358 | ||||||||||||
Other income — Unaffiliated | 5,181 | — | — | — | ||||||||||||
Foreign taxes withheld | (56,678,796 | ) | (105,308 | ) | (389,817 | ) | (168,186 | ) | ||||||||
Foreign withholding tax claims | 9,380 | — | — | — | ||||||||||||
Other foreign taxes | (86,843 | ) | — | (1,005 | ) | (614 | ) | |||||||||
Total investment income | 827,518,185 | 1,299,706 | 2,929,998 | 2,241,643 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 40,523,623 | 651,360 | 1,143,062 | 717,379 | ||||||||||||
Commitment fees | 164,715 | 887 | 1,770 | 958 | ||||||||||||
Professional fees | 938 | — | — | — | ||||||||||||
Mauritius income taxes | 1,400,098 | 8,650 | 15,487 | 10,876 | ||||||||||||
Interest expense | 42,049 | 930 | 1,404 | 1,276 | ||||||||||||
Total expenses | 42,131,423 | 661,827 | 1,161,723 | 730,489 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (1,605,491 | ) | — | — | — | |||||||||||
Total expenses after fees waived | 40,525,932 | 661,827 | 1,161,723 | 730,489 | ||||||||||||
Net investment income | 786,992,253 | 637,879 | 1,768,275 | 1,511,154 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(b) | (602,752,974 | ) | (1,967,486 | ) | (2,072,030 | ) | (11,025,228 | ) | ||||||||
Investments — Affiliated | 175,766 | (293 | ) | 527 | 3,678 | |||||||||||
In-kind redemptions — Unaffiliated | 200,850,047 | — | 5,512,349 | 68,617 | ||||||||||||
Futures contracts | 9,191,415 | 62,114 | 97,744 | 67,700 | ||||||||||||
Foreign currency transactions | (1,298,247 | ) | (43,027 | ) | (38,196 | ) | 44,577 | |||||||||
Net realized gain (loss) | (393,833,993 | ) | (1,948,692 | ) | 3,500,394 | (10,840,656 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(c) | 831,224,711 | 2,551,967 | 12,309,613 | 7,612,811 | ||||||||||||
Investments — Affiliated | 153,675 | 1,175 | 1,624 | (1,705 | ) | |||||||||||
Futures contracts | (4,579,401 | ) | (33,115 | ) | (116,799 | ) | (80,625 | ) | ||||||||
Foreign currency translations | (5,973,472 | ) | (14,199 | ) | (40,755 | ) | (67,325 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 820,825,513 | 2,505,828 | 12,153,683 | 7,463,156 | ||||||||||||
Net realized and unrealized gain (loss) | 426,991,520 | 557,136 | 15,654,077 | (3,377,500 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,213,983,773 | $ | 1,195,015 | $ | 17,422,352 | $ | (1,866,346 | ) | |||||||
(a) Net of securities lending income tax paid of | $ | 1,250,700 | $ | — | $ | — | $ | — | ||||||||
(b) Net of foreign capital gain tax of | $ | 127,099 | $ | — | $ | 614 | $ | — | ||||||||
(c) Net of deferred foreign capital gain tax of | $ | (1,230,379 | ) | $ | — | $ | (133,522 | ) | $ | — |
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 | 65 |
Consolidated Statements of Changes in Net Assets
iShares | iShares | |||||||||||||||
Core MSCI Emerging Markets ETF | MSCI BRIC ETF | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 786,992,253 | $ | 1,508,745,729 | $ | 637,879 | $ | 3,448,535 | ||||||||
Net realized gain (loss) | (393,833,993 | ) | (2,080,355,186 | ) | (1,948,692 | ) | 22,254,730 | |||||||||
Net change in unrealized appreciation (depreciation) | 820,825,513 | (1,880,589,481 | ) | 2,505,828 | (19,645,277 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 1,213,983,773 | (2,452,198,938 | ) | 1,195,015 | 6,057,988 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,344,119,301 | ) | (1,444,387,321 | ) | (2,044,716 | ) | (4,010,086 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 2,426,785,602 | 7,837,158,637 | 99,896,319 | (46,185,765 | ) | |||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 2,296,650,074 | 3,940,572,378 | 99,046,618 | (44,137,863 | ) | |||||||||||
Beginning of period | 53,020,297,962 | 49,079,725,584 | 160,926,283 | 205,064,146 | ||||||||||||
End of period | $ | 55,316,948,036 | $ | 53,020,297,962 | $ | 259,972,901 | $ | 160,926,283 |
(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to consolidated financial statements.
66 | 2 0 2 0 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 | ||||||||||||||||
iShares | MSCI Emerging Markets Small-Cap | |||||||||||||||
MSCI Emerging Markets Asia ETF | ETF | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,768,275 | $ | 9,018,925 | $ | 1,511,154 | $ | 5,737,900 | ||||||||
Net realized gain (loss) | 3,500,394 | (7,607,049 | ) | (10,840,656 | ) | (12,756,567 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 12,153,683 | (35,810,298 | ) | 7,463,156 | (19,596,766 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 17,422,352 | (34,398,422 | ) | (1,866,346 | ) | (26,615,433 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (6,746,947 | ) | (9,103,744 | ) | (3,959,438 | ) | (6,815,245 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 26,430,266 | 55,291,785 | (40,309,546 | ) | 10,108,698 | |||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 37,105,671 | 11,789,619 | (46,135,330 | ) | (23,321,980 | ) | ||||||||||
Beginning of period | 452,327,799 | 440,538,180 | 238,701,733 | 262,023,713 | ||||||||||||
End of period | $ | 489,433,470 | $ | 452,327,799 | $ | 192,566,403 | $ | 238,701,733 |
(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
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 | 67 |
Consolidated Financial Highlights
(For a share outstanding throughout each period)
iShares Core MSCI Emerging Markets ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 48.31 | $ | 52.27 | $ | 53.91 | $ | 44.60 | $ | 40.75 | $ | 53.89 | ||||||||||||
Net investment income(a) | 0.70 | 1.40 | 1.39 | 1.31 | 1.20 | 1.21 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.61 | (4.01 | ) | (1.61 | ) | 8.95 | 3.58 | (13.26 | ) | |||||||||||||||
Net increase (decrease) from investment operations | 1.31 | (2.61 | ) | (0.22 | ) | 10.26 | 4.78 | (12.05 | ) | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (1.20 | ) | (1.35 | ) | (1.42 | ) | (0.95 | ) | (0.93 | ) | (1.09 | ) | ||||||||||||
Total distributions | (1.20 | ) | (1.35 | ) | (1.42 | ) | (0.95 | ) | (0.93 | ) | (1.09 | ) | ||||||||||||
Net asset value, end of period | $ | 48.42 | $ | 48.31 | $ | 52.27 | $ | 53.91 | $ | 44.60 | $ | 40.75 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 2.53 | %(d) | (4.93 | )%(e) | (0.52 | )% | 23.45 | % | 11.99 | % | (22.61 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.15 | %(f) | 0.14 | % | 0.14 | % | 0.15 | % | 0.17 | % | 0.18 | % | ||||||||||||
Total expenses after fees waived | 0.14 | %(f) | 0.14 | % | 0.14 | % | 0.14 | % | 0.17 | % | 0.18 | % | ||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.15 | %(f) | 0.14 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
Net investment income | 2.72 | %(f) | 2.79 | % | 2.48 | % | 2.74 | % | 2.93 | % | 2.49 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 55,316,948 | $ | 53,020,298 | $ | 49,079,726 | $ | 36,775,298 | $ | 16,003,488 | $ | 7,025,331 | ||||||||||||
Portfolio turnover rate(g) | 5 | %(d) | 15 | % | 6 | % | 4 | % | 10 | % | 7 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | 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, 2019: |
• Total return by 0.01%.
(f) | Annualized. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See notes to consolidated financial statements.
68 | 2 0 2 0 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 | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 40.23 | $ | 41.01 | $ | 42.21 | $ | 33.48 | $ | 30.74 | $ | 41.12 | ||||||||||||
Net investment income(a) | 0.15 | 0.69 | 0.68 | 0.70 | 0.64 | 0.77 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.06 | (0.59 | ) | (1.13 | ) | 8.57 | 2.84 | (10.20 | ) | |||||||||||||||
Net increase (decrease) from investment operations | 2.21 | 0.10 | (0.45 | ) | 9.27 | 3.48 | (9.43 | ) | ||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.51 | ) | (0.88 | ) | (0.75 | ) | (0.54 | ) | (0.74 | ) | (0.95 | ) | ||||||||||||
Total distributions | (0.51 | ) | (0.88 | ) | (0.75 | ) | (0.54 | ) | (0.74 | ) | (0.95 | ) | ||||||||||||
Net asset value, end of period | $ | 41.93 | $ | 40.23 | $ | 41.01 | $ | 42.21 | $ | 33.48 | $ | 30.74 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 5.43 | %(d) | 0.35 | % | (1.16 | )% | 28.15 | % | 11.61 | % | (23.19 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.70 | %(e) | 0.69 | % | 0.67 | % | 0.70 | % | 0.73 | % | 0.69 | % | ||||||||||||
Net investment income | 0.67 | %(e) | 1.69 | % | 1.51 | % | 1.96 | % | 2.13 | % | 2.07 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 259,973 | $ | 160,926 | $ | 205,064 | $ | 261,702 | $ | 182,488 | $ | 196,758 | ||||||||||||
Portfolio turnover rate(f) | 7 | %(d) | 53 | % | 22 | % | 24 | % | 20 | % | 9 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-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 | 69 |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Asia ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 62.82 | $ | 69.38 | $ | 69.15 | $ | 56.33 | $ | 50.87 | $ | 62.08 | ||||||||||||
Net investment income(a) | 0.26 | 1.26 | 1.16 | 1.31 | 1.02 | 1.25 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 3.19 | (6.52 | ) | 0.42 | 12.43 | 5.54 | (11.61 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 3.45 | (5.26 | ) | 1.58 | 13.74 | 6.56 | (10.36 | ) | ||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (1.01 | ) | (1.30 | ) | (1.35 | ) | (0.92 | ) | (1.10 | ) | (0.85 | ) | ||||||||||||
Total distributions | (1.01 | ) | (1.30 | ) | (1.35 | ) | (0.92 | ) | (1.10 | ) | (0.85 | ) | ||||||||||||
Net asset value, end of period | $ | 65.26 | $ | 62.82 | $ | 69.38 | $ | 69.15 | $ | 56.33 | $ | 50.87 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 5.38 | %(d) | (7.52 | )% | 2.22 | % | 24.80 | % | 13.14 | % | (16.86 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.49 | % | 0.66 | % | 0.68 | % | ||||||||||||
Total expenses after fees waived | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
Net investment income | 0.76 | %(e) | 1.94 | % | 1.58 | % | 2.16 | % | 1.98 | % | 2.10 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 489,433 | $ | 452,328 | $ | 440,538 | $ | 501,330 | $ | 216,863 | $ | 124,637 | ||||||||||||
Portfolio turnover rate(f) | 13 | %(d) | 16 | % | 33 | % | 15 | % | 22 | % | 16 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to consolidated financial statements.
70 | 2 0 2 0 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 Markets Small-Cap ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 41.51 | $ | 47.64 | $ | 49.23 | $ | 43.27 | $ | 40.06 | $ | 51.37 | ||||||||||||
Net investment income(a) | 0.32 | 0.99 | 1.10 | 1.04 | 0.90 | 1.04 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.44 | ) | (5.98 | ) | (1.22 | ) | 5.81 | 3.36 | (11.06 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (0.12 | ) | (4.99 | ) | (0.12 | ) | 6.85 | 4.26 | (10.02 | ) | ||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.85 | ) | (1.14 | ) | (1.47 | ) | (0.89 | ) | (1.05 | ) | (1.29 | ) | ||||||||||||
Total distributions | (0.85 | ) | (1.14 | ) | (1.47 | ) | (0.89 | ) | (1.05 | ) | (1.29 | ) | ||||||||||||
Net asset value, end of period | $ | 40.54 | $ | 41.51 | $ | 47.64 | $ | 49.23 | $ | 43.27 | $ | 40.06 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.46 | )%(d) | (10.50 | )% | (0.38 | )% | 16.17 | % | 10.83 | % | (19.77 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.70 | %(e) | 0.69 | % | 0.67 | % | 0.69 | % | 0.71 | % | 0.69 | % | ||||||||||||
Net investment income | 1.45 | %(e) | 2.25 | % | 2.14 | % | 2.32 | % | 2.20 | % | 2.20 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 192,566 | $ | 238,702 | $ | 262,024 | $ | 253,519 | $ | 121,151 | $ | 76,120 | ||||||||||||
Portfolio turnover rate(f) | 28 | %(d) | 29 | % | 39 | % | 19 | % | 24 | % | 23 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-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 | 71 |
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 an open-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”):
Diversification | |
iShares ETF | Classification |
Core MSCI Emerging Markets | Diversified |
MSCI BRIC | Diversified |
MSCI Emerging Markets Asia | Diversified |
MSCI Emerging Markets Small-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 consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated 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 consolidated 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 29, 2020, 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 have commercial substance, on an annual basis, to 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 and the same covers the period of any exists.
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, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. 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.
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.
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Notes to Consolidated Financial Statements (unaudited) (continued)
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 sha.
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 n additional shares of the Funds.
Indemnifications In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. Th 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 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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 valu 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 consolidated schedule of investments. 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 securit es 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 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)
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 29, 2020, 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. 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 consolidated schedule of investments. The market value of any securities on loan as of February 29, 2020 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 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 29, 2020:
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 | $ | 1,198,109 | $ | 1,198,109 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 21,843,911 | 21,843,911 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 12,542,475 | 12,542,475 | — | — | ||||||||||||
BNP Paribas Securities Corp. | 5,042,250 | 5,042,250 | — | — | ||||||||||||
BofA Securities, Inc. | 46,239,418 | 46,239,418 | — | — | ||||||||||||
Citadel Clearing LLC | 579,203 | 579,203 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 199,855,997 | 199,855,997 | — | — | ||||||||||||
Citigroup Global Markets Ltd. | 45,536,315 | 45,536,315 | — | — | ||||||||||||
Credit Suisse Securities (Europe) Ltd. | 51,699,537 | 51,699,537 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 95,764,546 | 95,764,546 | — | — | ||||||||||||
Deutsche Bank AG | 5,019,105 | 5,019,105 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 4,844,044 | 4,844,044 | — | — | ||||||||||||
Goldman Sachs & Co. | 147,804,841 | 147,804,841 | — | — | ||||||||||||
Goldman Sachs International | 12,636,137 | 12,636,137 | — | — | ||||||||||||
HSBC Bank PLC | 64,571,893 | 64,571,893 | — | — | ||||||||||||
Jefferies LLC | 2,173,929 | 2,173,929 | — | — | ||||||||||||
JPMorgan Securities LLC | 185,160,889 | 185,160,889 | — | — | ||||||||||||
JPMorgan Securities PLC | 120,193,225 | 120,193,225 | — | — | ||||||||||||
Macquarie Bank Limited | 53,686,747 | 53,686,747 | — | — | ||||||||||||
Mizuho Securities USA Inc. | 70,504 | 70,504 | �� | — | — | |||||||||||
Morgan Stanley& Co. International PLC | 49,813,479 | 49,813,479 | — | — | ||||||||||||
Morgan Stanley& Co. LLC | 322,353,915 | 322,353,915 | — | — | ||||||||||||
Morgan Stanley& Co. LLC (U.S. Equity Securities Lending) | 15,627,666 | 15,627,666 | — | — | ||||||||||||
Nomura Securities International Inc. | 4,656,195 | 4,656,195 | — | — | ||||||||||||
RBC Capital Markets LLC | 25,017 | 25,017 | — | — | ||||||||||||
SG Americas Securities LLC | 1,716,784 | 11,716,784 | — | — | ||||||||||||
State Street Bank & Trust Company | 635,200 | 635,200 | — | — | ||||||||||||
TD Prime Services LLC | 499,763 | 499,763 | — | — | ||||||||||||
UBS AG | 10,017,755 | 10,017,755 | — | — | ||||||||||||
UBS Europe SE | 7,442,571 | 7,442,571 | — | — | ||||||||||||
UBS Securities LLC | 16,526,858 | 16,526,858 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 8,207,118 | 8,207,118 | — | — | ||||||||||||
Wells Fargo Securities LLC | 2,859,227 | 2,859,227 | — | — | ||||||||||||
$ | 1,526,844,623 | $ | 1,526,844,623 | $ | — | $ | — |
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Notes to Consolidated Financial Statements (unaudited) (continued)
Market Value of | ||||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Cash Collateral Received(a) | Collateral Received | Net Amount | ||||||||||||
MSCI BRIC | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 1,403,148 | $ | 1,403,148 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 63,975 | 63,975 | — | — | ||||||||||||
JPMorgan Securities LLC | 740,405 | 740,405 | — | — | ||||||||||||
Macquarie Bank Limited | 64,507 | 64,507 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,855,663 | 1,855,663 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 394,813 | 394,813 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 33,637 | 32,272 | — | (1,365 | )(b) | |||||||||||
State Street Bank & Trust Company | 1,981 | 1,901 | — | (80 | )(b) | |||||||||||
UBS AG | 559,669 | 559,669 | — | — | ||||||||||||
$ | 5,117,798 | $ | 5,116,353 | $ | — | $ | (1,445 | ) | ||||||||
MSCI Emerging Markets Asia | ||||||||||||||||
Barclays Capital Inc. | $ | 215,148 | $ | 215,148 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 225,110 | 225,110 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 490,823 | 490,823 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 1,161,014 | 1,161,014 | — | — | ||||||||||||
Jefferies LLC | 52,339 | 52,339 | — | — | ||||||||||||
JPMorgan Securities LLC | 935,134 | 935,134 | — | — | ||||||||||||
Macquarie Bank Limited | 167,057 | 167,057 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 89,773 | 89,773 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 3,239,252 | 3,239,252 | — | — | ||||||||||||
Nomura Securities International Inc. | 29,124 | 29,124 | — | — | ||||||||||||
TD Prime Services LLC | 22,431 | 22,431 | — | — | ||||||||||||
UBS AG | 154,849 | 154,849 | — | — | ||||||||||||
Wells Fargo Securities LLC | 170,016 | 170,016 | — | — | ||||||||||||
$ | 6,952,070 | $ | 6,952,070 | $ | — | $ | — | |||||||||
MSCI Emerging Markets Small-Cap | ||||||||||||||||
Barclays Bank PLC | $ | 83,336 | $ | 83,336 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 92,930 | 92,930 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 103,946 | 102,765 | — | (1,181 | )(b) | |||||||||||
BofA Securities, Inc. | 499,999 | 499,999 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 87,654 | 87,654 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 701,924 | 701,924 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 18,327 | 18,327 | — | — | ||||||||||||
Goldman Sachs & Co. | 1,143,992 | 1,143,992 | — | — | ||||||||||||
HSBC Bank PLC | 1,567,999 | 1,567,999 | — | — | ||||||||||||
JPMorgan Securities LLC | 1,649,600 | 1,649,600 | — | — | ||||||||||||
JPMorgan Securities PLC | 35,359 | 35,359 | — | — | ||||||||||||
Macquarie Bank Limited | 851,626 | 851,626 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 365,649 | 365,649 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,291,365 | 1,291,365 | — | — | ||||||||||||
SG Americas Securities LLC | 72,057 | 72,057 | — | — | ||||||||||||
UBS AG | 359,851 | 359,851 | — | — | ||||||||||||
UBS Securities LLC | 354,013 | 354,013 | — | — | ||||||||||||
$ | 9,279,627 | $ | 9,278,446 | $ | — | $ | (1,181 | ) |
(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 to the extent 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 w th cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
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Notes to Consolidated 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 consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts n 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).
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 MSCI BRIC and iShares MSCI Emerging Markets Small-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.
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Notes to Consolidated Financial Statements (unaudited) (continued)
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.
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 that 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 (which excludes collateral investment fees), and the amount reta ned can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
Core MSCI Emerging Markets | $ | 6,447,770 | ||
MSCI BRIC | 7,636 | |||
MSCI Emerging Markets Asia | 21,796 | |||
MSCI Emerging Markets Small-Cap | 76,592 |
Officers and Directors Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
Core MSCI Emerging Markets | $ | 48,747,213 | $ | 307,551,637 | $ | (33,055,274 | ) | |||||
MSCI Emerging Markets Asia | 33,489 | 535,045 | (43,202 | ) | ||||||||
MSCI Emerging Markets Small-Cap | 889,821 | 699,777 | 320,611 |
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 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Core MSCI Emerging Markets | $ | 4,486,646,874 | $ | 2,886,960,541 | ||||
MSCI BRIC | 86,419,238 | 13,977,135 | ||||||
MSCI Emerging Markets Asia | 102,304,202 | 58,490,818 | ||||||
MSCI Emerging Markets Small-Cap | 56,954,247 | 84,830,022 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Core MSCI Emerging Markets | $ | 606,899,088 | $ | 526,219,979 | ||||
MSCI BRIC | 25,801,809 | — | ||||||
MSCI Emerging Markets Asia | — | 22,743,054 | ||||||
MSCI Emerging Markets Small-Cap | 9,038,447 | 23,565,880 |
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 29, 2020, 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.
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 | 77 |
Notes to Consolidated Financial Statements (unaudited) (continued)
As of August 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Core MSCI Emerging Markets | $ | 2,960,244,052 | ||
MSCI BRIC | 217,988,152 | |||
MSCI Emerging Markets Asia | 45,597,073 | |||
MSCI Emerging Markets Small-Cap | 26,517,277 |
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 29, 2020, 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 | $ | 55,309,651,896 | $ | 10,066,209,133 | $ | (8,545,978,718 | ) | $ | 1,520,230,415 | |||||||
MSCI BRIC | 270,641,737 | 24,115,572 | (29,932,478 | ) | (5,816,906 | ) | ||||||||||
MSCI Emerging Markets Asia | 472,996,599 | 81,583,123 | (58,867,947 | ) | 22,715,176 | |||||||||||
MSCI Emerging Markets Small-Cap | 222,728,536 | 28,268,700 | (48,697,248 | ) | (20,428,548 | ) |
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 21, 2020. 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.
For the six months ended February 29, 2020, the maximum amount borrowed, the average daily 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 | |||||||||
Core MSCI Emerging Markets | $ | 75,550,000 | $ | 3,077,363 | 2.70 | % | ||||||
MSCI BRIC | 1,600,000 | 69,813 | 2.63 | |||||||||
MSCI Emerging Markets Asia | 2,300,000 | 99,176 | 2.80 | |||||||||
MSCI Emerging Markets Small-Cap | 2,366,000 | 93,885 | 2.69 |
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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 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.
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Notes to Consolidated 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The impact of the pandemic may be short term or may last for an extended period of time.
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 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 nvestments.
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.
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 | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Core MSCI Emerging Markets | ||||||||||||||||
Shares sold | 68,400,000 | $ | 3,600,952,026 | 211,800,000 | $ | 10,461,822,914 | ||||||||||
Shares redeemed | (23,400,000 | ) | (1,174,166,424 | ) | (53,400,000 | ) | (2,624,664,277 | ) | ||||||||
Net increase | 45,000,000 | $ | 2,426,785,602 | 158,400,000 | $ | 7,837,158,637 | ||||||||||
MSCI BRIC | ||||||||||||||||
Shares sold | 2,200,000 | $ | 99,896,319 | 4,950,000 | $ | 208,411,154 | ||||||||||
Shares redeemed | — | — | (5,950,000 | ) | (254,596,919 | ) | ||||||||||
Net increase(decrease) | 2,200,000 | $ | 99,896,319 | (1,000,000 | ) | $ | (46,185,765 | ) | ||||||||
MSCI Emerging Markets Asia | ||||||||||||||||
Shares sold | 1,050,000 | $ | 76,674,736 | 1,850,000 | $ | 118,169,909 | ||||||||||
Shares redeemed | (750,000 | ) | (50,244,470 | ) | (1,000,000 | ) | (62,878,124 | ) | ||||||||
Net increase | 300,000 | $ | 26,430,266 | 850,000 | $ | 55,291,785 | ||||||||||
MSCI Emerging Markets Small-Cap | ||||||||||||||||
Shares sold | 1,050,000 | $ | 46,884,648 | 1,100,000 | $ | 47,348,348 | ||||||||||
Shares redeemed | (2,050,000 | ) | (87,194,194 | ) | (850,000 | ) | (37,239,650 | ) | ||||||||
Net increase(decrease) | (1,000,000 | ) | $ | (40,309,546 | ) | 250,000 | $ | 10,108,698 |
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.
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 | 79 |
Notes to Consolidated Financial Statements (unaudited) (continued)
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 consolidated statement of assets and liabilities.
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. Professiona 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 ("IRS") 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 wi l 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&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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
14 | 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.
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Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classificat on. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projectio. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m | 81 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
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 | ||||||||||||||||||||||||
Core MSCI Emerging Markets(a) | $ | 1.180459 | $ | — | $ | 0.020720 | $ | 1.201179 | 98 | % | — | % | 2 | % | 100 | % | ||||||||||||||||
MSCI BRIC(a) | 0.407132 | — | 0.104047 | 0.511179 | 80 | — | 20 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Asia(a) | 0.819154 | — | 0.187853 | 1.007007 | 81 | — | 19 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Small-Cap(a) | 0.702612 | — | 0.148880 | 0.851492 | 83 | — | 17 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. Areturn 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 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 informat on 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 iShares.com; and (3) on the SEC website at sec.gov.
G e n e r a l I n f o r m a t i o n | 83 |
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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Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-810-0220
FEBRUARY 29, 2020 |
2020 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® MSCI Frontier 100 ETF |
Investment Objective
The iShares 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 | (1.84 | )% | 3.76 | % | 1.39 | % | 5.33 | % | 3.76 | % | 7.14 | % | 47.33 | % | |||||||
Fund Market | (3.60 | ) | 0.04 | 0.65 | 4.96 | 0.04 | 3.31 | 43.55 | |||||||||||||
Index | (1.23 | ) | 4.95 | 2.88 | 6.62 | 4.95 | 15.24 | 61.42 | |||||||||||||
The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12. | |||||||||||||||||||||
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 5 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 981.60 | $ | 3.89 | $ | 1,000.00 | $ | 1,020.90 | $ | 3.97 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 5 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | Percent of Total Investments | (a) | ||
Financials | 53.5 | % | ||
Communication Services | 15.2 | |||
Consumer Staples | 7.1 | |||
Real Estate | 6.7 | |||
Industrials | 5.2 | |||
Energy | 4.5 | |||
Materials | 3.6 | |||
Health Care | 2.4 | |||
Utilities | 1.0 | |||
Consumer Discretionary | 0.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | Percent of Total Investments | (a) | ||
Kuwait | 28.7 | % | ||
Morocco | 11.2 | |||
Vietnam | 11.2 | |||
Kenya | 9.4 | |||
Bahrain | 9.2 | |||
Nigeria | 8.0 | |||
Romania | 7.7 | |||
Bangladesh | 5.3 | |||
Kazakhstan | 3.2 | |||
Oman | 2.7 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI World ETF |
Investment Objective
The iShares 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 | 0.98 | % | 4.90 | % | 6.18 | % | 9.67 | % | 4.90 | % | 34.94 | % | 111.86 | % | |||||||
Fund Market | 1.56 | 5.62 | 6.23 | 9.73 | 5.62 | 35.25 | 112.95 | ||||||||||||||
Index | 0.88 | 4.63 | 5.88 | 9.45 | 4.63 | 33.09 | 108.52 | ||||||||||||||
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 5 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,009.80 | $ | 1.20 | $ | 1,000.00 | $ | 1,023.70 | $ | 1.21 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 5 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Sector | Percent of Total Investments | (a) | ||
Information Technology | 18.4 | % | ||
Financials | 15.1 | |||
Health Care | 13.2 | |||
Industrials | 10.7 | |||
Consumer Discretionary | 10.4 | |||
Communication Services | 8.6 | |||
Consumer Staples | 8.3 | |||
Energy | 4.2 | |||
Materials | 4.1 | |||
Utilities | 3.7 | |||
Real Estate | 3.3 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | Percent of Total Investments | (a) | ||
United States | 63.4 | % | ||
Japan | 8.0 | |||
United Kingdom | 5.1 | |||
France | 3.7 | |||
Canada | 3.5 | |||
Switzerland | 3.2 | |||
Germany | 2.8 | |||
Australia | 2.4 | |||
Netherlands | 1.3 | |||
Hong Kong | 1.2 |
(a) | Excludes money market funds. |
4 | 2 0 2 0 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. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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 | 5 |
Schedule of Investments (unaudited) | iShares® MSCI Frontier 100 ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Bahrain — 9.2% | ||||||||
Ahli United Bank BSC | 31,696,521 | $ | 33,561,022 | |||||
Aluminium Bahrain BSC(a) | 1,068,749 | 1,255,684 | ||||||
Bahrain Telecommunications Co. BSC | 3,175,732 | 3,360,608 | ||||||
GFH Financial Group BSC | 24,448,963 | 5,757,944 | ||||||
Ithmaar Holding BSC(a)(b) | 7,341,331 | 535,006 | ||||||
44,470,264 | ||||||||
Bangladesh — 5.2% | ||||||||
Bangladesh Export Import Co. Ltd. | 5,011,247 | 937,398 | ||||||
Beximco Pharmaceuticals Ltd. | 2,589,856 | 2,224,229 | ||||||
BRAC Bank Ltd.(a) | 5,246,700 | 2,290,030 | ||||||
City Bank Ltd. (The) | 4,881,298 | 1,010,716 | ||||||
GrameenPhone Ltd. | 847,360 | 2,735,478 | ||||||
LafargeHolcim Bangladesh Ltd. | 3,262,335 | 1,692,576 | ||||||
National Bank Ltd.(a) | 14,058,413 | 1,223,909 | ||||||
Olympic Industries Ltd. | 1,066,833 | 2,301,849 | ||||||
Square Pharmaceuticals Ltd. | 4,171,259 | 9,490,841 | ||||||
Summit Power Ltd. | 3,326,394 | 1,557,535 | ||||||
25,464,561 | ||||||||
Jordan — 1.8% | ||||||||
Arab Bank PLC | 606,150 | 4,744,898 | ||||||
Jordan Islamic Bank | 376,232 | 1,565,422 | ||||||
Jordan Petroleum Refinery Co. | 539,977 | 2,589,452 | ||||||
8,899,772 | ||||||||
Kazakhstan — 3.1% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, GDR(c) | 735,473 | 10,296,622 | ||||||
KCell JSC(c)(d) | 262,890 | 1,572,082 | ||||||
NAC Kazatomprom JSC, GDR | 274,822 | 3,339,088 | ||||||
15,207,792 | ||||||||
Kenya — 9.4% | ||||||||
East African Breweries Ltd. | 3,051,671 | 5,857,580 | ||||||
Equity Group Holdings PLC/Kenya | 21,362,366 | 9,551,848 | ||||||
KCB Group Ltd. | 19,758,945 | 8,776,330 | ||||||
Safaricom PLC | 77,377,294 | 21,332,278 | ||||||
45,518,036 | ||||||||
Kuwait — 28.5% | ||||||||
Agility Public Warehousing Co. KSC | 2,892,584 | 7,515,047 | ||||||
ALAFCO Aviation Lease & Finance Co. KSCP | 528,397 | 450,692 | ||||||
Alimtiaz Investment Group KSC | 2,318,310 | 947,022 | ||||||
Boubyan Bank KSCP | 1,233,723 | 2,568,240 | ||||||
Boubyan Petrochemicals Co. KSCP | 1,161,956 | 2,396,060 | ||||||
Burgan Bank SAK | 2,998,295 | 2,861,118 | ||||||
Gulf Bank KSCP | 5,756,919 | 5,361,836 | ||||||
Humansoft Holding Co. KSC | 284,948 | 2,970,536 | ||||||
Integrated Holding Co. KCSC | 442,953 | 787,472 | ||||||
Jazeera Airways Co. KSC | 304,214 | 999,134 | ||||||
Kuwait Finance House KSCP | 10,152,385 | 26,343,117 | ||||||
Kuwait International Bank KSCP | 2,766,886 | 2,477,538 | ||||||
Kuwait Projects Co. Holding KSCP | 2,595,914 | 1,747,576 | ||||||
Mabanee Co. SAK | 1,764,541 | 4,895,736 | ||||||
Mezzan Holding Co. KSCC | 337,479 | 523,865 | ||||||
Mobile Telecommunications Co. KSC | 6,775,867 | 12,400,280 | ||||||
National Bank of Kuwait SAKP | 17,231,380 | 57,043,751 | ||||||
National Industries Group Holding SAK | 3,264,949 | 2,443,377 | ||||||
National Real Estate Co. KPSC(a) | 2,624,525 | 765,915 | ||||||
Warba Bank KSCP(a) | 3,735,508 | 3,283,829 | ||||||
138,782,141 |
Security | Shares | Value | ||||||
Mauritius — 0.4% | ||||||||
Lighthouse Capital Ltd. | 4,171,107 | $ | 2,121,149 | |||||
Morocco — 11.1% | ||||||||
Attijariwafa Bank | 315,954 | 16,252,862 | ||||||
Banque Centrale Populaire | 157,070 | 4,423,472 | ||||||
Cosumar | 197,399 | 4,513,032 | ||||||
Label Vie | 6,845 | 2,262,046 | ||||||
Maroc Telecom | 1,441,827 | 22,265,516 | ||||||
Societe d’Exploitation des Ports | 147,312 | 3,237,795 | ||||||
TOTAL Maroc SA | 8,777 | 1,108,213 | ||||||
54,062,936 | ||||||||
Nigeria — 8.0% | ||||||||
Access Bank PLC | 127,318,423 | 2,854,439 | ||||||
Afriland Properties PLC(a) | 8,020 | 44 | ||||||
Dangote Cement PLC | 18,087,796 | 8,407,178 | ||||||
FBN Holdings PLC | 127,257,099 | 1,635,293 | ||||||
Guaranty Trust Bank PLC | 104,295,509 | 6,786,693 | ||||||
MTN Nigeria Communications PLC | 17,524,883 | 5,270,642 | ||||||
Nestle Nigeria PLC | 1,970,577 | 6,088,180 | ||||||
United Bank for Africa PLC | 121,380,699 | 2,223,515 | ||||||
Zenith Bank PLC | 110,689,197 | 5,598,770 | ||||||
38,864,754 | ||||||||
Oman — 2.7% | ||||||||
Bank Muscat SAOG | 5,504,884 | 6,433,444 | ||||||
Bank Nizwa SAOG(a) | 4,707,209 | 1,246,943 | ||||||
Oman Telecommunications Co. SAOG | 1,428,514 | 2,493,082 | ||||||
Ooredoo | 1,370,690 | 1,851,081 | ||||||
Sohar International Bank SAOG | 3,007,794 | 867,070 | ||||||
12,891,620 | ||||||||
Romania — 7.7% | ||||||||
Banca Transilvania SA | 28,848,870 | 15,396,416 | ||||||
BRD-Groupe Societe Generale SA | 1,549,009 | 5,101,479 | ||||||
OMV Petrom SA | 79,359,836 | 6,425,458 | ||||||
Societatea Energetica Electrica SA | 1,016,529 | 2,318,434 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ SA | 808,799 | 6,050,474 | ||||||
Transgaz SA Medias | 30,758 | 2,083,481 | ||||||
37,375,742 | ||||||||
Sri Lanka — 1.2% | ||||||||
John Keells Holdings PLC | 5,591,128 | 4,486,423 | ||||||
Sampath Bank PLC | 1,626,925 | 1,426,186 | ||||||
5,912,609 | ||||||||
Vietnam — 11.1% | ||||||||
Bank for Foreign Trade of Vietnam JSC | 889,665 | 3,154,270 | ||||||
Bank for Investment and Development of Vietnam JSC | 523,600 | 1,025,076 | ||||||
Bao Viet Holdings | 110,750 | 261,614 | ||||||
FLC Faros Construction JSC(a) | 372,092 | 116,234 | ||||||
Ho Chi Minh City Development Joint Stock Commercial Bank(a) | 421,810 | 504,553 | ||||||
Hoa Phat Group JSC(a) | 3,834,532 | 3,687,526 | ||||||
Hoang Huy Investment Financial Services JSC | 493,340 | 675,023 | ||||||
Kinh Bac City Development Share Holding Corp. | 702,300 | 423,054 | ||||||
Masan Group Corp.(a) | 1,179,950 | 2,487,739 | ||||||
No Va Land Investment Group Corp.(a) | 681,489 | 1,568,765 | ||||||
PetroVietnam Drilling & Well Services JSC(a) | 541,600 | 273,818 | ||||||
PetroVietnam Gas JSC | 172,410 | 562,311 | ||||||
PetroVietnam Power Corp.(a) | 1,287,370 | 545,613 | ||||||
PetroVietnam Technical Services Corp. | 624,898 | 400,627 | ||||||
Saigon Beer Alcohol Beverage Corp. | 188,010 | 1,310,513 | ||||||
Saigon Thuong Tin Commercial JSB(a) | 1,162,309 | 580,129 |
6 | 2 0 2 0 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) | iShares® MSCI Frontier 100 ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Vietnam (continued) | ||||||||
SSI Securities Corp. | 769,940 | $ | 526,744 | |||||
Thanh Thanh Cong - Bien Hoa JSC | 614,478 | 572,413 | ||||||
Viet Capital Securities JSC | 335,890 | 375,764 | ||||||
Vietjet Aviation JSC | 473,150 | 2,481,691 | ||||||
Vietnam Dairy Products JSC | 1,760,338 | 7,915,121 | ||||||
Vietnam Electrical Equipment JSC(a) | 686,821 | 543,759 | ||||||
Vietnam National Petroleum Group | 227,910 | 506,009 | ||||||
Viglacera Corp. JSC(a) | 636,940 | 498,787 | ||||||
Vincom Retail JSC | 2,681,747 | 3,288,576 | ||||||
Vingroup JSC(a) | 2,438,838 | 11,060,347 | ||||||
Vinh Hoan Corp. | 267,520 | 356,832 | ||||||
Vinhomes JSC(e) | 2,407,805 | 8,329,570 | ||||||
54,032,478 | ||||||||
Total Common Stocks — 99.4% | ||||||||
(Cost: $420,502,614) | 483,603,854 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(f)(g)(h) | 6,111 | 6,115 | ||||||
Total Short-Term Investments — 0.0% | ||||||||
(Cost: $6,111) | 6,115 | |||||||
Total Investments in Securities — 99.4% | ||||||||
(Cost: $420,508,725) | 483,609,969 | |||||||
Other Assets, Less Liabilities — 0.6% | 2,970,168 | |||||||
Net Assets — 100.0% | $ | 486,580,137 |
(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) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) | All or a portion of this security is on loan. |
(e) | 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. |
(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 5,535 | 576 | 6,111 | $ | 6,115 | $ | 185 | (b) | $ | — | $ | 1 | |||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | — | — | — | 3,525 | — | — | ||||||||||||||||||
$ | 6,115 | $ | 3,710 | $ | — | $ | 1 |
(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.
S c h e d u l e o f I n v e s t m e n t s | 7 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Frontier 100 ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 483,068,804 | $ | 44 | $ | 535,006 | $ | 483,603,854 | ||||||||
Money Market Funds | 6,115 | — | — | 6,115 | ||||||||||||
$ | 483,074,919 | $ | 44 | $ | 535,006 | $ | 483,609,969 |
See notes to financial statements.
8 | 2 0 2 0 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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 2.3% | ||||||||
AGL Energy Ltd. | 20,290 | $ | 250,389 | |||||
APA Group | 38,682 | 267,858 | ||||||
Aristocrat Leisure Ltd. | 16,320 | 348,394 | ||||||
ASX Ltd. | 6,221 | 297,375 | ||||||
Aurizon Holdings Ltd. | 55,265 | 172,103 | ||||||
Australia & New Zealand Banking Group Ltd. | 61,483 | 984,290 | ||||||
Bendigo & Adelaide Bank Ltd. | 17,289 | 102,442 | ||||||
BHP Group Ltd. | 66,802 | 1,447,172 | ||||||
BHP Group PLC | 50,844 | 921,153 | ||||||
BlueScope Steel Ltd. | 15,979 | 121,775 | ||||||
Brambles Ltd. | 38,676 | 298,239 | ||||||
Cochlear Ltd. | 2,179 | 291,645 | ||||||
Coles Group Ltd. | 28,060 | 257,083 | ||||||
Commonwealth Bank of Australia | 40,726 | 2,147,386 | ||||||
Computershare Ltd. | 17,669 | 174,527 | ||||||
Crown Resorts Ltd. | 11,911 | 78,025 | ||||||
CSL Ltd. | 10,747 | 2,144,149 | ||||||
Dexus | 33,413 | 261,963 | ||||||
Fortescue Metals Group Ltd. | 41,540 | 269,972 | ||||||
Goodman Group | 55,580 | 536,811 | ||||||
GPT Group (The) | 76,968 | 286,833 | ||||||
Incitec Pivot Ltd. | 63,373 | 111,547 | ||||||
Insurance Australia Group Ltd. | 58,653 | 241,269 | ||||||
James Hardie Industries PLC | 15,340 | 279,208 | ||||||
Lendlease Group | 28,841 | 327,834 | ||||||
Macquarie Group Ltd. | 7,383 | 641,816 | ||||||
Medibank Pvt Ltd. | 77,599 | 141,590 | ||||||
Mirvac Group | 156,127 | 306,015 | ||||||
National Australia Bank Ltd. | 63,581 | 1,028,945 | ||||||
Newcrest Mining Ltd. | 21,550 | 365,422 | ||||||
Oil Search Ltd. | 41,154 | 145,672 | ||||||
Orica Ltd. | 11,911 | 152,056 | ||||||
Origin Energy Ltd. | 53,085 | 238,901 | ||||||
QBE Insurance Group Ltd. | 33,079 | 289,843 | ||||||
Ramsay Health Care Ltd. | 4,223 | 185,176 | ||||||
Rio Tinto Ltd. | 8,649 | 486,656 | ||||||
Santos Ltd. | 50,207 | 221,094 | ||||||
Scentre Group | 165,699 | 369,647 | ||||||
Sonic Healthcare Ltd. | 14,072 | 261,300 | ||||||
South32 Ltd. | 130,558 | 186,874 | ||||||
Stockland | 70,888 | 215,271 | ||||||
Suncorp Group Ltd. | 33,318 | 243,603 | ||||||
Sydney Airport | 30,290 | 151,744 | ||||||
Tabcorp Holdings Ltd. | 57,305 | 140,031 | ||||||
Telstra Corp. Ltd. | 110,490 | 244,348 | ||||||
Transurban Group | 70,946 | 679,275 | ||||||
Treasury Wine Estates Ltd. | 24,423 | 173,686 | ||||||
Vicinity Centres | 103,300 | 143,862 | ||||||
Wesfarmers Ltd. | 24,032 | 629,857 | ||||||
Westpac Banking Corp. | 78,152 | 1,191,184 | ||||||
Woodside Petroleum Ltd. | 19,823 | 356,842 | ||||||
Woolworths Group Ltd. | 30,091 | 752,765 | ||||||
22,562,917 | ||||||||
Austria — 0.1% | ||||||||
ANDRITZ AG | 3,001 | 105,223 | ||||||
Erste Group Bank AG | 8,484 | 289,176 | ||||||
OMV AG | 5,164 | 214,700 |
Security | Shares | Value | ||||||
Austria (continued) | ||||||||
Raiffeisen Bank International AG | 4,098 | $ | 84,064 | |||||
693,163 | ||||||||
Belgium — 0.3% | ||||||||
Ageas | 6,428 | 295,708 | ||||||
Anheuser-Busch InBev SA/NV | 16,760 | 933,940 | ||||||
Colruyt SA | 1,726 | 79,287 | ||||||
Galapagos NV(a)(b) | 1,284 | 264,170 | ||||||
Groupe Bruxelles Lambert SA | 3,025 | 272,072 | ||||||
KBC Group NV | 4,716 | 310,921 | ||||||
Proximus SADP | 5,273 | 129,512 | ||||||
Solvay SA | 1,748 | 157,601 | ||||||
UCB SA | 3,593 | 329,789 | ||||||
Umicore SA(b) | 9,431 | 391,277 | ||||||
3,164,277 | ||||||||
Canada — 3.5% | ||||||||
Agnico Eagle Mines Ltd. | 7,545 | 357,985 | ||||||
Alimentation Couche-Tard Inc., Class B | 21,349 | 648,255 | ||||||
Bank of Montreal | 14,814 | 1,006,582 | ||||||
Bank of Nova Scotia (The) | 27,620 | 1,444,837 | ||||||
Barrick Gold Corp. | 44,944 | 857,129 | ||||||
Bausch Health Companies Inc.(a) | 7,972 | 176,621 | ||||||
BCE Inc. | 3,597 | 157,964 | ||||||
BlackBerry Ltd.(a) | 23,031 | 118,900 | ||||||
Bombardier Inc., Class B(a) | 58,127 | 41,570 | ||||||
Brookfield Asset Management Inc., Class A | 20,180 | 1,206,726 | ||||||
Cameco Corp. | 13,547 | 117,168 | ||||||
Canadian Imperial Bank of Commerce | 10,491 | 798,421 | ||||||
Canadian National Railway Co. | 18,024 | 1,527,881 | ||||||
Canadian Natural Resources Ltd. | 29,006 | 746,569 | ||||||
Canadian Pacific Railway Ltd. | 3,488 | 864,419 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS | 2,266 | 222,810 | ||||||
Canadian Utilities Ltd., Class A, NVS | 9,690 | 286,726 | ||||||
Canopy Growth Corp.(a)(b) | 5,493 | 102,998 | ||||||
CGI Inc.(a) | 6,218 | 436,860 | ||||||
CI Financial Corp. | 12,520 | 207,897 | ||||||
Constellation Software Inc. | 586 | 596,949 | ||||||
Dollarama Inc. | 8,467 | 248,898 | ||||||
Emera Inc. | 5,614 | 236,546 | ||||||
Enbridge Inc. | 46,929 | 1,746,618 | ||||||
Fairfax Financial Holdings Ltd. | 692 | 298,075 | ||||||
First Quantum Minerals Ltd. | 18,334 | 135,489 | ||||||
Fortis Inc. | 12,355 | 499,962 | ||||||
Franco-Nevada Corp. | 4,748 | 509,693 | ||||||
George Weston Ltd. | 3,781 | 284,628 | ||||||
Gildan Activewear Inc. | 7,171 | 173,672 | ||||||
Great-West Lifeco Inc. | 6,218 | 146,238 | ||||||
Husky Energy Inc. | 12,584 | 59,904 | ||||||
IGM Financial Inc. | 4,977 | 132,698 | ||||||
Imperial Oil Ltd. | 7,854 | 171,959 | ||||||
Intact Financial Corp. | 3,278 | 355,285 | ||||||
Inter Pipeline Ltd. | 17,570 | 259,947 | ||||||
Kirkland Lake Gold Ltd. | 6,704 | 216,200 | ||||||
Loblaw Companies Ltd. | 3,991 | 197,714 | ||||||
Magna International Inc. | 7,525 | 342,461 | ||||||
Manulife Financial Corp. | 43,564 | 732,152 | ||||||
Metro Inc. | 9,324 | 363,138 | ||||||
National Bank of Canada | 9,648 | 501,465 | ||||||
Nutrien Ltd. | 13,697 | 553,553 | ||||||
Onex Corp. | 4,659 | 261,558 |
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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Open Text Corp. | 7,644 | $ | 320,030 | |||||
Pembina Pipeline Corp. | 13,918 | 501,311 | ||||||
Power Corp. of Canada | 14,794 | 326,992 | ||||||
PrairieSky Royalty Ltd. | 12,157 | 112,754 | ||||||
Restaurant Brands International Inc. | 6,113 | 360,263 | ||||||
RioCan REIT | 21,211 | 396,141 | ||||||
Rogers Communications Inc., Class B, NVS | 9,534 | 436,873 | ||||||
Royal Bank of Canada | 32,870 | 2,444,283 | ||||||
Saputo Inc. | 8,694 | 241,970 | ||||||
Shaw Communications Inc., Class B, NVS | 13,625 | 235,787 | ||||||
Shopify Inc., Class A(a) | 2,572 | 1,194,116 | ||||||
Sun Life Financial Inc. | 12,964 | 560,049 | ||||||
Suncor Energy Inc. | 37,461 | 1,032,281 | ||||||
TC Energy Corp. | 21,248 | 1,107,394 | ||||||
Teck Resources Ltd., Class B | 12,027 | 120,955 | ||||||
TELUS Corp. | 10,405 | 375,475 | ||||||
Thomson Reuters Corp. | 5,040 | 374,372 | ||||||
Toronto-Dominion Bank (The) | 42,820 | 2,202,326 | ||||||
Waste Connections Inc. | 7,614 | 734,675 | ||||||
Wheaton Precious Metals Corp. | 11,273 | 320,550 | ||||||
33,751,717 | ||||||||
Denmark — 0.6% | ||||||||
AP Moller - Maersk A/S, Class A | 173 | 162,621 | ||||||
Carlsberg A/S, Class B | 3,152 | 411,238 | ||||||
Coloplast A/S, Class B | 3,908 | 519,753 | ||||||
Demant A/S(a)(b) | 5,358 | 162,634 | ||||||
DSV Panalpina A/S | 6,380 | 639,393 | ||||||
Genmab A/S(a) | 1,777 | 397,550 | ||||||
Novo Nordisk A/S, Class B | 44,312 | 2,578,025 | ||||||
Novozymes A/S, Class B | 7,119 | 359,029 | ||||||
Orsted A/S(c) | 4,448 | 454,663 | ||||||
Vestas Wind Systems A/S | 5,180 | 494,461 | ||||||
6,179,367 | ||||||||
Finland — 0.4% | ||||||||
Elisa OYJ | 5,588 | 318,815 | ||||||
Fortum OYJ | 12,257 | 259,580 | ||||||
Kone OYJ, Class B | 8,274 | 463,517 | ||||||
Metso OYJ | 4,766 | 152,973 | ||||||
Neste OYJ. | 11,022 | 431,740 | ||||||
Nokia OYJ | 127,333 | 481,848 | ||||||
Nordea Bank Abp | 66,224 | 516,945 | ||||||
Sampo OYJ, Class A | 10,360 | 419,692 | ||||||
Stora Enso OYJ, Class R | 23,760 | 279,522 | ||||||
UPM-Kymmene OYJ | 16,700 | 508,682 | ||||||
Wartsila OYJ Abp | 13,419 | 138,616 | ||||||
3,971,930 | ||||||||
France — 3.7% | ||||||||
Accor SA | 5,378 | 192,997 | ||||||
Air Liquide SA | 11,193 | 1,511,049 | ||||||
Airbus SE | 13,442 | 1,596,135 | ||||||
Alstom SA | 8,675 | 423,947 | ||||||
Atos SE | 3,489 | 257,927 | ||||||
AXA SA | 45,984 | 1,058,460 | ||||||
BNP Paribas SA | 26,676 | 1,282,999 | ||||||
Bollore SA | 49,257 | 167,946 | ||||||
Bouygues SA | 8,254 | 321,683 | ||||||
Bureau Veritas SA | 8,485 | 205,514 | ||||||
Capgemini SE | 3,908 | 425,926 | ||||||
Carrefour SA | 15,542 | 267,093 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Cie. de Saint-Gobain | 14,678 | $ | 509,488 | |||||
Cie. Generale des Etablissements Michelin SCA | 4,433 | 468,634 | ||||||
Credit Agricole SA | 27,832 | 330,484 | ||||||
Danone SA | 14,447 | 1,011,192 | ||||||
Dassault Systemes SE | 3,272 | 510,366 | ||||||
Edenred | 7,119 | 368,863 | ||||||
Electricite de France SA | 16,800 | 232,335 | ||||||
Engie SA | 39,635 | 654,362 | ||||||
EssilorLuxottica SA | 7,198 | 973,307 | ||||||
Eutelsat Communications SA | 6,746 | 90,700 | ||||||
Getlink SE | 19,602 | 313,934 | ||||||
Hermes International | 811 | 561,231 | ||||||
Iliad SA(b) | 783 | 108,629 | ||||||
Ingenico Group SA | 1,956 | 274,909 | ||||||
Ipsen SA | 1,416 | 91,147 | ||||||
Kering SA | 1,883 | 1,046,187 | ||||||
Klepierre SA | 7,082 | 210,195 | ||||||
Legrand SA | 7,119 | 539,727 | ||||||
L’Oreal SA | 5,905 | 1,563,209 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,567 | 2,675,133 | ||||||
Orange SA | 43,354 | 580,514 | ||||||
Pernod Ricard SA | 4,850 | 779,943 | ||||||
Peugeot SA | 13,497 | 259,525 | ||||||
Publicis Groupe SA | 5,278 | 202,801 | ||||||
Renault SA | 4,447 | 129,423 | ||||||
Safran SA | 7,752 | 1,056,734 | ||||||
Sanofi | 26,231 | 2,418,311 | ||||||
Schneider Electric SE | 12,350 | 1,227,710 | ||||||
SCOR SE | 4,538 | 162,005 | ||||||
SES SA | 9,744 | 111,100 | ||||||
Societe Generale SA | 17,604 | 494,837 | ||||||
Sodexo SA | 2,581 | 245,916 | ||||||
STMicroelectronics NV | 18,966 | 508,538 | ||||||
Suez | 13,612 | 213,516 | ||||||
Teleperformance | 1,735 | 418,897 | ||||||
Thales SA | 3,278 | 326,945 | ||||||
TOTAL SA | 56,105 | 2,365,303 | ||||||
Ubisoft Entertainment SA(a) | 2,847 | 210,717 | ||||||
Unibail-Rodamco-Westfield | 3,557 | 425,883 | ||||||
Unibail-Rodamco-Westfield, New | 510 | 61,063 | ||||||
Valeo SA | 6,536 | 163,548 | ||||||
Veolia Environnement SA | 13,503 | 384,603 | ||||||
Vinci SA | 12,567 | 1,255,908 | ||||||
Vivendi SA | 20,895 | 528,357 | ||||||
Worldline SA(a)(c) | 4,504 | 340,630 | ||||||
35,118,435 | ||||||||
Germany — 2.6% | ||||||||
adidas AG | 4,328 | 1,191,137 | ||||||
Allianz SE, Registered | 9,849 | 2,107,469 | ||||||
BASF SE | 21,522 | 1,254,855 | ||||||
Bayer AG, Registered | 22,083 | 1,581,803 | ||||||
Bayerische Motoren Werke AG | 7,122 | 461,019 | ||||||
Beiersdorf AG | 3,963 | 413,114 | ||||||
Brenntag AG | 5,588 | 248,042 | ||||||
Commerzbank AG | 29,470 | 168,687 | ||||||
Continental AG | 2,494 | 278,391 | ||||||
Daimler AG, Registered | 20,247 | 834,901 | ||||||
Deutsche Bank AG, Registered | 49,571 | 429,021 | ||||||
Deutsche Boerse AG | 5,145 | 802,799 | ||||||
Deutsche Lufthansa AG, Registered | 7,421 | 95,292 |
10 | 2 0 2 0 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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Deutsche Post AG, Registered | 23,755 | $ | 707,660 | |||||
Deutsche Telekom AG, Registered | 74,689 | 1,210,613 | ||||||
Deutsche Wohnen SE | 8,259 | 330,769 | ||||||
E.ON SE | 55,121 | 631,512 | ||||||
Fresenius Medical Care AG & Co. KGaA | 5,693 | 433,491 | ||||||
Fresenius SE & Co. KGaA | 9,311 | 433,806 | ||||||
GEA Group AG | 5,378 | 141,425 | ||||||
Hannover Rueck SE | 1,632 | 288,620 | ||||||
HeidelbergCement AG | 4,118 | 243,541 | ||||||
Henkel AG & Co. KGaA | 3,001 | 253,332 | ||||||
Infineon Technologies AG | 29,918 | 617,635 | ||||||
LANXESS AG | 3,803 | 197,633 | ||||||
Merck KGaA | 3,803 | 455,546 | ||||||
MTU Aero Engines AG | 1,397 | 338,672 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 3,383 | 857,294 | ||||||
Puma SE | 3,750 | 285,048 | ||||||
QIAGEN NV(a) | 11,608 | 423,327 | ||||||
RWE AG | 15,647 | 535,561 | ||||||
SAP SE | 23,564 | 2,887,604 | ||||||
Siemens AG, Registered | 17,184 | 1,759,221 | ||||||
Symrise AG | 3,272 | 316,786 | ||||||
thyssenkrupp AG(a)(b) | 11,491 | 109,839 | ||||||
TUI AG | 13,862 | 106,236 | ||||||
United Internet AG, Registered(d) | 3,646 | 108,174 | ||||||
Vonovia SE | 13,763 | 734,431 | ||||||
Wirecard AG(b) | 2,910 | 367,436 | ||||||
Zalando SE(a)(c) | 6,027 | 261,703 | ||||||
24,903,445 | ||||||||
Hong Kong — 1.2% | ||||||||
AIA Group Ltd. | 285,200 | 2,814,287 | ||||||
ASM Pacific Technology Ltd. | 21,400 | 253,596 | ||||||
Bank of East Asia Ltd. (The)(b) | 96,600 | 205,272 | ||||||
BeiGene Ltd., ADR(a)(b) | 1,057 | 167,376 | ||||||
BOC Hong Kong Holdings Ltd. | 108,500 | 372,431 | ||||||
CK Asset Holdings Ltd. | 62,000 | 387,448 | ||||||
CK Hutchison Holdings Ltd. | 63,500 | 552,861 | ||||||
CLP Holdings Ltd. | 54,000 | 566,813 | ||||||
Galaxy Entertainment Group Ltd. | 49,000 | 323,500 | ||||||
Hang Seng Bank Ltd. | 22,200 | 462,912 | ||||||
Hong Kong & China Gas Co. Ltd. | 324,590 | 624,768 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 26,500 | 869,839 | ||||||
Jardine Matheson Holdings Ltd. | 4,800 | 261,120 | ||||||
Link REIT | 54,000 | 500,292 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 19,321 | 335,026 | ||||||
MTR Corp. Ltd. | 76,500 | 430,451 | ||||||
New World Development Co. Ltd. | 174,333 | 224,151 | ||||||
Sands China Ltd. | 63,200 | 293,980 | ||||||
Sun Hung Kai Properties Ltd. | 41,000 | 582,930 | ||||||
Techtronic Industries Co. Ltd. | 31,500 | 254,852 | ||||||
WH Group Ltd.(c) | 300,000 | 304,887 | ||||||
Wynn Macau Ltd. | 136,000 | 273,988 | ||||||
11,062,780 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group PLC | 22,581 | 52,039 | ||||||
Bank of Ireland Group PLC | 36,627 | 135,022 | ||||||
CRH PLC(a) | 20,877 | 698,748 | ||||||
Flutter Entertainment PLC | 2,469 | 260,305 | ||||||
Kerry Group PLC, Class A | 5,492 | 693,759 |
Security | Shares | Value | ||||||
Ireland (continued) | ||||||||
Linde PLC | 13,100 | $ | 2,502,231 | |||||
Smurfit Kappa Group PLC | 7,814 | 259,387 | ||||||
Trane Technologies PLC | 6,641 | 856,954 | ||||||
5,458,445 | ||||||||
Israel — 0.2% | ||||||||
Bank Hapoalim BM | 64,031 | 500,122 | ||||||
Check Point Software Technologies Ltd.(a)(b) | 2,997 | 311,089 | ||||||
Nice Ltd.(a) | 3,701 | 591,498 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b) | 29,266 | 337,437 | ||||||
Wix.com Ltd.(a) | 1,712 | 229,459 | ||||||
1,969,605 | ||||||||
Italy — 0.7% | ||||||||
Assicurazioni Generali SpA | 24,570 | 438,840 | ||||||
Atlantia SpA | 14,552 | 309,862 | ||||||
CNH Industrial NV | 29,335 | 269,062 | ||||||
Enel SpA | 187,162 | 1,557,535 | ||||||
Eni SpA | 56,735 | 695,373 | ||||||
Ferrari NV | 3,158 | 491,023 | ||||||
FinecoBank Banca Fineco SpA | 9,254 | 96,507 | ||||||
Intesa Sanpaolo SpA | 367,463 | 887,402 | ||||||
Leonardo SpA | 3,996 | 40,549 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 21,121 | 190,011 | ||||||
Snam SpA. | 83,470 | 409,935 | ||||||
Telecom Italia SpA/Milano(a) | 735,215 | 403,879 | ||||||
Tenaris SA | 15,561 | 139,615 | ||||||
Terna Rete Elettrica Nazionale SpA | 79,032 | 520,008 | ||||||
UniCredit SpA | 46,492 | 589,236 | ||||||
7,038,837 | ||||||||
Japan — 7.9% | ||||||||
Aeon Co. Ltd. | 17,000 | 317,494 | ||||||
Aisin Seiki Co. Ltd. | 12,700 | 412,089 | ||||||
Ajinomoto Co. Inc. | 28,100 | 472,046 | ||||||
Alfresa Holdings Corp. | 5,200 | 91,403 | ||||||
Alps Alpine Co. Ltd. | 10,700 | 164,570 | ||||||
ANA Holdings Inc. | 10,700 | 288,418 | ||||||
Asahi Group Holdings Ltd. | 10,700 | 411,672 | ||||||
Asahi Kasei Corp. | 35,200 | 293,929 | ||||||
Astellas Pharma Inc. | 47,700 | 751,331 | ||||||
Bridgestone Corp. | 10,700 | 357,708 | ||||||
Canon Inc. | 28,000 | 709,572 | ||||||
Casio Computer Co. Ltd. | 15,500 | 266,847 | ||||||
Central Japan Railway Co. | 3,000 | 494,507 | ||||||
Chubu Electric Power Co. Inc. | 28,100 | 366,669 | ||||||
Chugai Pharmaceutical Co. Ltd. | 4,700 | 510,457 | ||||||
Chugoku Electric Power Co. Inc. (The) | 28,100 | 374,094 | ||||||
Coca-Cola Bottlers Japan Holdings Inc. | 11,400 | 262,634 | ||||||
Concordia Financial Group Ltd. | 58,500 | 201,752 | ||||||
Daifuku Co. Ltd. | 5,000 | 297,594 | ||||||
Dai-ichi Life Holdings Inc. | 32,400 | 444,105 | ||||||
Daiichi Sankyo Co. Ltd. | 13,100 | 800,343 | ||||||
Daikin Industries Ltd. | 4,500 | 614,310 | ||||||
Daito Trust Construction Co. Ltd. | 1,600 | 162,796 | ||||||
Daiwa House Industry Co. Ltd. | 17,500 | 483,394 | ||||||
Denso Corp. | 10,800 | 422,528 | ||||||
Dentsu Group Inc. | 5,100 | 132,955 | ||||||
East Japan Railway Co. | 7,200 | 555,294 | ||||||
Eisai Co. Ltd. | 5,300 | 392,150 | ||||||
FANUC Corp. | 4,100 | 683,048 | ||||||
Fast Retailing Co. Ltd. | 1,100 | 544,977 |
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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Fuji Electric Co. Ltd. | 3,600 | $ | 98,890 | |||||
FUJIFILM Holdings Corp. | 10,800 | 528,360 | ||||||
Fujitsu Ltd. | 4,000 | 415,705 | ||||||
Hakuhodo DY Holdings Inc. | 17,500 | 204,260 | ||||||
Hamamatsu Photonics KK | 6,100 | 236,671 | ||||||
Hikari Tsushin Inc. | 600 | 113,976 | ||||||
Hitachi Ltd. | 21,400 | 721,567 | ||||||
Honda Motor Co. Ltd. | 42,800 | 1,110,820 | ||||||
Hoya Corp. | 10,800 | 962,103 | ||||||
Hulic Co. Ltd. | 28,200 | 315,817 | ||||||
Idemitsu Kosan Co. Ltd. | 4,800 | 118,281 | ||||||
Iida Group Holdings Co. Ltd. | 21,500 | 290,813 | ||||||
Inpex Corp. | 32,100 | 277,626 | ||||||
ITOCHU Corp. | 35,000 | 798,707 | ||||||
Japan Airlines Co. Ltd. | 12,600 | 312,824 | ||||||
Japan Exchange Group Inc. | 28,200 | 474,510 | ||||||
Japan Retail Fund Investment Corp. | 175 | 332,754 | ||||||
Japan Tobacco Inc. | 28,000 | 556,548 | ||||||
JFE Holdings Inc. | 15,900 | 147,701 | ||||||
JGC Holdings Corp. | 12,000 | 147,406 | ||||||
JTEKT Corp. | 32,200 | 314,343 | ||||||
JXTG Holdings Inc. | 111,500 | 448,626 | ||||||
Kansai Electric Power Co. Inc. (The) | 22,200 | 239,669 | ||||||
Kao Corp. | 10,700 | 780,490 | ||||||
KDDI Corp. | 42,800 | 1,213,391 | ||||||
Keyence Corp. | 3,800 | 1,212,237 | ||||||
Kikkoman Corp. | 3,300 | 153,275 | ||||||
Kirin Holdings Co. Ltd. | 21,400 | 411,672 | ||||||
Komatsu Ltd. | 21,400 | 433,000 | ||||||
Konami Holdings Corp. | 2,800 | 101,108 | ||||||
Konica Minolta Inc. | 22,000 | 119,520 | ||||||
Kose Corp. | 900 | 107,968 | ||||||
Kubota Corp. | 26,200 | 369,931 | ||||||
Kuraray Co. Ltd. | 22,500 | 234,460 | ||||||
Kyocera Corp. | 10,700 | 674,150 | ||||||
Kyushu Electric Power Co. Inc. | 21,400 | 155,146 | ||||||
LIXIL Group Corp. | 11,900 | 178,723 | ||||||
M3 Inc. | 10,900 | 281,532 | ||||||
Makita Corp. | 7,300 | 252,774 | ||||||
Marubeni Corp. | 56,700 | 376,791 | ||||||
Marui Group Co. Ltd. | 10,700 | 208,911 | ||||||
Mazda Motor Corp. | 21,400 | 148,797 | ||||||
MEIJI Holdings Co. Ltd. | 2,500 | 149,261 | ||||||
MINEBEA MITSUMI Inc. | 17,400 | 307,139 | ||||||
Mitsubishi Chemical Holdings Corp. | 45,400 | 305,697 | ||||||
Mitsubishi Corp. | 32,100 | 800,528 | ||||||
Mitsubishi Electric Corp. | 45,500 | 578,320 | ||||||
Mitsubishi Estate Co. Ltd. | 32,400 | 553,892 | ||||||
Mitsubishi Heavy Industries Ltd. | 10,800 | 342,328 | ||||||
Mitsubishi Motors Corp. | 45,800 | 152,433 | ||||||
Mitsubishi UFJ Financial Group Inc. | 300,800 | 1,483,294 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 58,700 | 335,771 | ||||||
Mitsui & Co. Ltd. | 42,800 | 707,679 | ||||||
Mitsui Fudosan Co. Ltd. | 28,100 | 645,416 | ||||||
Mizuho Financial Group Inc. | 680,400 | 931,044 | ||||||
MS&AD Insurance Group Holdings Inc. | 12,400 | 400,400 | ||||||
Murata Manufacturing Co. Ltd. | 13,000 | 689,501 | ||||||
Nagoya Railroad Co. Ltd. | 10,800 | 282,253 | ||||||
NEC Corp. | 8,600 | 322,106 | ||||||
Nexon Co. Ltd. | 13,300 | 211,710 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nidec Corp. | 4,700 | $ | 556,863 | |||||
Nintendo Co. Ltd. | 2,200 | 739,758 | ||||||
Nippon Paint Holdings Co. Ltd. | 4,100 | 187,202 | ||||||
Nippon Steel Corp. | 21,447 | 241,780 | ||||||
Nippon Telegraph & Telephone Corp. | 25,600 | 600,336 | ||||||
Nissan Motor Co. Ltd. | 55,900 | 240,256 | ||||||
Nitori Holdings Co. Ltd. | 1,700 | 235,855 | ||||||
Nitto Denko Corp. | 3,500 | 175,868 | ||||||
Nomura Holdings Inc. | 99,600 | 442,759 | ||||||
Nomura Real Estate Master Fund Inc. | 175 | 277,917 | ||||||
Nomura Research Institute Ltd. | 21,400 | 467,223 | ||||||
NTT Data Corp. | 32,100 | 384,194 | ||||||
NTT DOCOMO Inc. | 32,100 | 871,207 | ||||||
Odakyu Electric Railway Co. Ltd. | 13,400 | 258,894 | ||||||
Olympus Corp. | 32,600 | 592,975 | ||||||
Omron Corp. | 3,800 | 205,739 | ||||||
Oriental Land Co. Ltd. | 3,600 | 409,345 | ||||||
ORIX Corp. | 32,100 | 518,409 | ||||||
Orix JREIT Inc. | 214 | 406,712 | ||||||
Otsuka Corp. | 10,700 | 457,799 | ||||||
Otsuka Holdings Co. Ltd. | 10,800 | 408,511 | ||||||
Pan Pacific International Holdings Corp. | 21,400 | 354,732 | ||||||
Panasonic Corp. | 53,500 | 511,118 | ||||||
Rakuten Inc. | 32,100 | 268,728 | ||||||
Recruit Holdings Co. Ltd. | 32,100 | 1,118,359 | ||||||
Resona Holdings Inc. | 79,700 | 302,352 | ||||||
Ricoh Co. Ltd. | 18,400 | 171,437 | ||||||
Sankyo Co. Ltd. | 10,700 | 351,657 | ||||||
Santen Pharmaceutical Co. Ltd. | 22,800 | 366,102 | ||||||
Secom Co. Ltd. | 4,300 | 341,839 | ||||||
Sekisui House Ltd. | 22,400 | 439,631 | ||||||
Seven & i Holdings Co. Ltd. | 17,500 | 599,638 | ||||||
Seven Bank Ltd. | 46,400 | 122,168 | ||||||
Shin-Etsu Chemical Co. Ltd. | 10,700 | 1,204,761 | ||||||
Shionogi & Co. Ltd. | 10,700 | 579,813 | ||||||
Shiseido Co. Ltd. | 10,700 | 636,653 | ||||||
SMC Corp. | 1,200 | 479,154 | ||||||
Softbank Corp. | 42,800 | 560,469 | ||||||
SoftBank Group Corp. | 38,600 | 1,793,926 | ||||||
Sompo Holdings Inc. | 10,800 | 402,103 | ||||||
Sony Corp. | 32,100 | 1,967,395 | ||||||
Subaru Corp. | 21,400 | 519,699 | ||||||
Sumitomo Chemical Co. Ltd. | 58,500 | 213,141 | ||||||
Sumitomo Corp. | 32,100 | 459,634 | ||||||
Sumitomo Electric Industries Ltd. | 28,000 | 334,993 | ||||||
Sumitomo Metal Mining Co. Ltd. | 13,600 | 338,597 | ||||||
Sumitomo Mitsui Financial Group Inc. | 32,100 | 1,036,818 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 10,800 | 370,463 | ||||||
Sumitomo Realty & Development Co. Ltd. | 4,900 | 153,180 | ||||||
Suzuki Motor Corp. | 10,800 | 434,243 | ||||||
Sysmex Corp. | 4,000 | 256,580 | ||||||
T&D Holdings Inc. | 21,400 | 211,292 | ||||||
Takeda Pharmaceutical Co. Ltd. | 35,926 | 1,253,322 | ||||||
TDK Corp. | 1,900 | 184,073 | ||||||
Terumo Corp. | 21,600 | 696,471 | ||||||
Toho Co. Ltd. | 3,200 | 98,642 | ||||||
Tokio Marine Holdings Inc. | 16,400 | 881,995 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) | 48,100 | 182,830 | ||||||
Tokyo Electron Ltd. | 3,300 | 683,007 | ||||||
Tokyo Gas Co. Ltd. | 21,400 | 433,099 |
12 | 2 0 2 0 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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Tokyu Corp. | 21,400 | $ | 328,544 | |||||
Tokyu Fudosan Holdings Corp. | 43,000 | 271,478 | ||||||
Toray Industries Inc. | 38,600 | 223,552 | ||||||
Toshiba Corp. | 13,600 | 368,794 | ||||||
Tosoh Corp. | 25,100 | 344,626 | ||||||
Toyota Motor Corp. | 53,500 | 3,534,923 | ||||||
Unicharm Corp. | 10,800 | 350,238 | ||||||
United Urban Investment Corp. | 214 | 342,432 | ||||||
USS Co. Ltd. | 21,400 | 338,464 | ||||||
West Japan Railway Co. | 3,400 | 240,126 | ||||||
Yakult Honsha Co. Ltd. | 6,800 | 311,111 | ||||||
Yamada Denki Co. Ltd. | 42,800 | 205,935 | ||||||
Yamaha Corp. | 3,800 | 186,715 | ||||||
Yamaha Motor Co. Ltd. | 6,800 | 108,936 | ||||||
Yaskawa Electric Corp. | 10,700 | 335,785 | ||||||
Yokogawa Electric Corp. | 10,800 | 173,917 | ||||||
Z Holdings Corp. | 123,100 | 448,508 | ||||||
76,169,111 | ||||||||
Netherlands — 1.3% | ||||||||
Aegon NV | 43,144 | 145,539 | ||||||
AerCap Holdings NV(a) | 4,433 | 230,871 | ||||||
Akzo Nobel NV | 4,979 | 394,601 | ||||||
Altice Europe NV(a) | 17,548 | 93,352 | ||||||
ArcelorMittal SA | 15,752 | 222,098 | ||||||
ASML Holding NV | 9,866 | 2,688,735 | ||||||
Heineken Holding NV | 4,124 | 361,495 | ||||||
Heineken NV | 5,483 | 543,377 | ||||||
ING Groep NV | 90,255 | 853,501 | ||||||
Koninklijke Ahold Delhaize NV | 29,907 | 695,791 | ||||||
Koninklijke DSM NV | 5,064 | 565,989 | ||||||
Koninklijke KPN NV | 95,446 | 230,759 | ||||||
Koninklijke Philips NV | 23,035 | 979,724 | ||||||
NN Group NV | 6,746 | 228,529 | ||||||
NXP Semiconductors NV | 7,534 | 856,540 | ||||||
Prosus NV(a) | 11,488 | 803,451 | ||||||
Randstad NV | 3,541 | 181,684 | ||||||
Unilever NV | 32,267 | 1,687,651 | ||||||
Wolters Kluwer NV | 5,258 | 383,041 | ||||||
12,146,728 | ||||||||
New Zealand — 0.1% | ||||||||
a2 Milk Co. Ltd.(a) | 26,566 | 268,584 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 18,618 | 297,703 | ||||||
Fletcher Building Ltd. | 40,371 | 129,958 | ||||||
Spark New Zealand Ltd. | 85,017 | 239,139 | ||||||
935,384 | ||||||||
Norway — 0.2% | ||||||||
DNB ASA | 25,712 | 423,204 | ||||||
Equinor ASA | 22,428 | 334,462 | ||||||
Norsk Hydro ASA | 40,032 | 112,677 | ||||||
Orkla ASA | 29,566 | 247,283 | ||||||
Telenor ASA | 18,357 | 291,388 | ||||||
Yara International ASA | 6,218 | 223,858 | ||||||
1,632,872 | ||||||||
Portugal — 0.1% | ||||||||
EDP - Energias de Portugal SA | 77,318 | 358,404 | ||||||
Galp Energia SGPS SA | 15,746 | 213,954 | ||||||
572,358 | ||||||||
Singapore — 0.4% | ||||||||
Ascendas REIT | 198,023 | 434,155 |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
CapitaLand Ltd. | 121,000 | $ | 306,033 | |||||
CapitaLand Mall Trust | 182,000 | 296,009 | ||||||
DBS Group Holdings Ltd. | 38,600 | 666,795 | ||||||
Genting Singapore Ltd. | 208,200 | 121,576 | ||||||
Keppel Corp. Ltd. | 58,300 | 264,829 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 66,600 | 505,811 | ||||||
Singapore Exchange Ltd. | 3,400 | 20,682 | ||||||
Singapore Press Holdings Ltd.(b) | 3,700 | 5,010 | ||||||
Singapore Telecommunications Ltd. | 205,600 | 441,929 | ||||||
United Overseas Bank Ltd. | 21,500 | 377,101 | ||||||
Venture Corp. Ltd. | 14,300 | 168,543 | ||||||
Wilmar International Ltd. | 78,800 | 224,143 | ||||||
3,832,616 | ||||||||
Spain — 0.9% | ||||||||
ACS Actividades de Construccion y Servicios SA | 8,478 | 250,045 | ||||||
Aena SME SA(c) | 2,161 | 344,194 | ||||||
Amadeus IT Group SA | 11,257 | 785,193 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 153,973 | 733,101 | ||||||
Banco de Sabadell SA | 163,952 | 142,490 | ||||||
Banco Santander SA | 387,818 | 1,417,297 | ||||||
Bankia SA | 43,024 | 67,581 | ||||||
Bankinter SA | 27,888 | 163,583 | ||||||
CaixaBank SA | 87,655 | 223,477 | ||||||
Enagas SA | 2,268 | 58,296 | ||||||
Endesa SA | 14,024 | 357,850 | ||||||
Ferrovial SA | 15,492 | 440,405 | ||||||
Iberdrola SA | 156,586 | 1,775,059 | ||||||
Industria de Diseno Textil SA | 25,828 | 798,069 | ||||||
Naturgy Energy Group SA | 10,280 | 237,472 | ||||||
Red Electrica Corp. SA | 5,764 | 109,819 | ||||||
Repsol SA | 34,090 | 379,330 | ||||||
Telefonica SA | 102,635 | 604,283 | ||||||
8,887,544 | ||||||||
Sweden — 0.8% | ||||||||
Alfa Laval AB | 9,639 | 214,850 | ||||||
Assa Abloy AB, Class B | 25,082 | 555,964 | ||||||
Atlas Copco AB, Class A | 13,547 | 473,826 | ||||||
Atlas Copco AB, Class B | 11,596 | 353,797 | ||||||
Boliden AB | 8,268 | 169,196 | ||||||
Electrolux AB, Series B | 7,014 | 140,676 | ||||||
Epiroc AB, Class A | 13,547 | 154,472 | ||||||
Epiroc AB, Class B | 11,596 | 128,278 | ||||||
Essity AB, Class B | 14,492 | 429,897 | ||||||
Hennes & Mauritz AB, Class B | 19,497 | 348,630 | ||||||
Hexagon AB, Class B | 7,329 | 387,499 | ||||||
Investor AB, Class B | 10,336 | 508,852 | ||||||
Kinnevik AB, Class B | 11,395 | 228,603 | ||||||
Lundin Petroleum AB | 6,458 | 179,317 | ||||||
Millicom International Cellular SA, SDR | 3,880 | 176,329 | ||||||
Sandvik AB | 32,250 | 526,905 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 32,764 | 309,016 | ||||||
Skanska AB, Class B | 14,935 | 321,804 | ||||||
SKF AB, Class B | 20,501 | 355,248 | ||||||
Svenska Handelsbanken AB, Class A | 33,289 | 331,273 | ||||||
Swedbank AB, Class A | 18,530 | 276,657 | ||||||
Swedish Match AB | 4,838 | 279,249 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 66,396 | 525,136 | ||||||
Telia Co. AB | 55,647 | 217,707 |
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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Volvo AB, Class B | 33,975 | $ | 521,447 | |||||
8,114,628 | ||||||||
Switzerland — 3.2% | ||||||||
ABB Ltd., Registered | 44,681 | 960,599 | ||||||
Adecco Group AG, Registered | 4,328 | 229,736 | ||||||
Alcon Inc.(a) | 9,905 | 603,336 | ||||||
Baloise Holding AG, Registered | 2,371 | 379,428 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS | 19 | 147,807 | ||||||
Cie. Financiere Richemont SA, Registered | 12,331 | 833,150 | ||||||
Coca-Cola HBC AG | 5,632 | 177,973 | ||||||
Credit Suisse Group AG, Registered | 60,475 | 675,381 | ||||||
Geberit AG, Registered | 1,216 | 601,750 | ||||||
Givaudan SA, Registered | 175 | 543,468 | ||||||
Julius Baer Group Ltd. | 7,651 | 317,833 | ||||||
Kuehne + Nagel International AG, Registered | 2,629 | 381,741 | ||||||
LafargeHolcim Ltd., Registered | 11,590 | 535,347 | ||||||
Lonza Group AG, Registered | 1,954 | 771,951 | ||||||
Nestle SA, Registered | 70,008 | 7,149,430 | ||||||
Novartis AG, Registered | 50,740 | 4,259,130 | ||||||
Partners Group Holding AG | 690 | 592,376 | ||||||
Roche Holding AG, NVS | 16,597 | 5,310,285 | ||||||
Schindler Holding AG, Participation Certificates, NVS | 1,216 | 269,468 | ||||||
Schindler Holding AG, Registered | 1,183 | 253,234 | ||||||
Sika AG, Registered | 2,521 | 446,407 | ||||||
Sonova Holding AG, Registered | 1,630 | 386,977 | ||||||
Swatch Group AG (The), Bearer | 1,006 | 230,623 | ||||||
Swiss Life Holding AG, Registered | 1,111 | 503,419 | ||||||
Swiss Prime Site AG, Registered | 3,712 | 444,849 | ||||||
Swiss Re AG | 6,218 | 588,685 | ||||||
Swisscom AG, Registered | 672 | 356,567 | ||||||
Temenos AG, Registered(a) | 2,060 | 292,097 | ||||||
UBS Group AG, Registered | 96,760 | 1,059,617 | ||||||
Zurich Insurance Group AG | 3,317 | 1,271,011 | ||||||
30,573,675 | ||||||||
United Kingdom — 5.1% | ||||||||
3i Group PLC | 27,108 | 349,021 | ||||||
Admiral Group PLC | 6,536 | 176,319 | ||||||
Amcor PLC(a) | 32,764 | 305,360 | ||||||
Anglo American PLC | 24,177 | 553,331 | ||||||
Antofagasta PLC | 16,172 | 155,337 | ||||||
Aptiv PLC | 6,131 | 478,892 | ||||||
Ashtead Group PLC | 12,563 | 383,356 | ||||||
Associated British Foods PLC | 9,429 | 271,585 | ||||||
AstraZeneca PLC | 31,382 | 2,723,324 | ||||||
Auto Trader Group PLC(c) | 47,013 | 312,018 | ||||||
Aviva PLC | 91,179 | 408,552 | ||||||
BAE Systems PLC | 77,282 | 600,566 | ||||||
Barclays PLC | 395,052 | 750,542 | ||||||
BP PLC | 473,397 | 2,395,402 | ||||||
British American Tobacco PLC | 53,531 | 2,093,990 | ||||||
British Land Co. PLC (The) | 34,998 | 223,962 | ||||||
BT Group PLC | 190,682 | 344,927 | ||||||
Bunzl PLC | 11,405 | 272,414 | ||||||
Burberry Group PLC | 11,071 | 233,185 | ||||||
Capri Holdings Ltd.(a) | 4,335 | 111,930 | ||||||
Carnival PLC | 7,181 | 223,345 | ||||||
Coca-Cola European Partners PLC | 6,112 | 311,468 | ||||||
Compass Group PLC | 35,797 | 782,101 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Croda International PLC | 6,243 | $ | 363,145 | |||||
Diageo PLC | 55,475 | 1,959,585 | ||||||
Experian PLC | 24,452 | 809,236 | ||||||
Ferguson PLC | 5,484 | 472,118 | ||||||
Fiat Chrysler Automobiles NV. | 26,564 | 328,033 | ||||||
G4S PLC | 50,622 | 110,665 | ||||||
GlaxoSmithKline PLC | 112,248 | 2,239,796 | ||||||
Glencore PLC | 229,469 | 566,447 | ||||||
GVC Holdings PLC | 14,124 | 142,449 | ||||||
HSBC Holdings PLC | 469,456 | 3,141,496 | ||||||
Imperial Brands PLC | 21,348 | 423,960 | ||||||
Informa PLC | 34,373 | 299,605 | ||||||
InterContinental Hotels Group PLC | 5,476 | 300,903 | ||||||
Intertek Group PLC | 6,218 | 418,557 | ||||||
ITV PLC | 127,485 | 189,786 | ||||||
J Sainsbury PLC | 55,771 | 139,445 | ||||||
Johnson Matthey PLC | 9,264 | 297,124 | ||||||
Kingfisher PLC | 53,518 | 129,437 | ||||||
Land Securities Group PLC | 17,984 | 191,716 | ||||||
Legal & General Group PLC | 129,957 | 431,585 | ||||||
Lloyds Banking Group PLC | 1,648,827 | 1,057,236 | ||||||
London Stock Exchange Group PLC | 8,686 | 840,529 | ||||||
M&G PLC(a) | 75,806 | 192,492 | ||||||
Marks & Spencer Group PLC | 55,664 | 112,622 | ||||||
Meggitt PLC | 26,966 | 186,685 | ||||||
Melrose Industries PLC | 136,571 | 365,282 | ||||||
Micro Focus International PLC | 10,423 | 98,612 | ||||||
National Grid PLC | 81,999 | 1,029,359 | ||||||
Next PLC | 3,803 | 295,438 | ||||||
NMC Health PLC | 2,944 | 35,287 | ||||||
Ocado Group PLC(a) | 11,128 | 151,235 | ||||||
Pearson PLC | 19,908 | 141,789 | ||||||
Prudential PLC | 58,686 | 949,739 | ||||||
Reckitt Benckiser Group PLC | 17,036 | 1,244,895 | ||||||
RELX PLC | 49,335 | 1,176,817 | ||||||
Rio Tinto PLC | 30,412 | 1,401,537 | ||||||
Rolls-Royce Holdings PLC | 42,409 | 335,848 | ||||||
Royal Bank of Scotland Group PLC | 124,893 | 284,993 | ||||||
Royal Dutch Shell PLC, Class A | 95,896 | 2,035,016 | ||||||
Royal Dutch Shell PLC, Class B | 92,275 | 1,960,768 | ||||||
RSA Insurance Group PLC | 31,245 | 207,049 | ||||||
Sage Group PLC (The) | 34,511 | 300,544 | ||||||
Segro PLC | 38,844 | 407,442 | ||||||
Severn Trent PLC | 8,904 | 280,347 | ||||||
Smith & Nephew PLC | 21,655 | 481,006 | ||||||
Smiths Group PLC | 14,177 | 277,600 | ||||||
SSE PLC | 25,714 | 502,193 | ||||||
Standard Chartered PLC | 70,767 | 508,538 | ||||||
Taylor Wimpey PLC | 135,510 | 349,982 | ||||||
Tesco PLC | 231,252 | 674,940 | ||||||
Unilever PLC | 29,343 | 1,562,909 | ||||||
United Utilities Group PLC | 21,445 | 258,633 | ||||||
Vodafone Group PLC | 636,075 | 1,091,620 | ||||||
Weir Group PLC (The) | 13,544 | 225,848 | ||||||
Whitbread PLC | 4,748 | 236,156 | ||||||
WPP PLC | 31,954 | 307,254 | ||||||
48,984,255 | ||||||||
United States — 63.1% | ||||||||
3M Co. | 13,386 | 1,997,727 | ||||||
Abbott Laboratories | 41,637 | 3,207,298 |
14 | 2 0 2 0 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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
AbbVie Inc. | 34,923 | $ | 2,993,250 | |||||
ABIOMED Inc.(a) | 1,111 | 166,939 | ||||||
Accenture PLC, Class A | 15,329 | 2,768,264 | ||||||
Activision Blizzard Inc. | 18,791 | 1,092,321 | ||||||
Acuity Brands Inc. | 1,645 | 169,205 | ||||||
Adobe Inc.(a) | 12,026 | 4,150,413 | ||||||
Advance Auto Parts Inc. | 1,844 | 245,215 | ||||||
Advanced Micro Devices Inc.(a) | 23,914 | 1,087,609 | ||||||
AES Corp./VA | 18,089 | 302,629 | ||||||
Aflac Inc. | 17,604 | 754,331 | ||||||
Agilent Technologies Inc. | 7,943 | 612,167 | ||||||
AGNC Investment Corp. | 19,368 | 330,031 | ||||||
Air Products & Chemicals Inc. | 5,278 | 1,159,102 | ||||||
Akamai Technologies Inc.(a) | 5,075 | 439,038 | ||||||
Albemarle Corp. | 2,902 | 237,529 | ||||||
Alexandria Real Estate Equities Inc. | 1,605 | 243,767 | ||||||
Alexion Pharmaceuticals Inc.(a) | 5,378 | 505,693 | ||||||
Align Technology Inc.(a) | 1,871 | 408,533 | ||||||
Alleghany Corp.(a) | 398 | 267,556 | ||||||
Allergan PLC | 8,069 | 1,538,516 | ||||||
Alliance Data Systems Corp. | 1,321 | 113,447 | ||||||
Alliant Energy Corp. | 5,572 | 290,413 | ||||||
Allstate Corp. (The) | 8,064 | 848,736 | ||||||
Alnylam Pharmaceuticals Inc.(a) | 3,264 | 384,042 | ||||||
Alphabet Inc., Class A(a) | 7,065 | 9,461,801 | ||||||
Alphabet Inc., Class C, NVS(a) | 7,383 | 9,888,273 | ||||||
Altria Group Inc. | 44,106 | 1,780,559 | ||||||
Amazon.com Inc.(a) | 9,895 | 18,639,706 | ||||||
Ameren Corp. | 7,228 | 571,012 | ||||||
American Airlines Group Inc. | 3,533 | 67,304 | ||||||
American Electric Power Co. Inc. | 12,678 | 1,131,638 | ||||||
American Express Co. | 16,907 | 1,858,587 | ||||||
American Financial Group Inc./OH | 1,791 | 165,524 | ||||||
American International Group Inc. | 20,664 | 871,194 | ||||||
American Tower Corp. | 10,915 | 2,475,522 | ||||||
American Water Works Co. Inc. | 5,052 | 624,730 | ||||||
Ameriprise Financial Inc. | 3,383 | 478,018 | ||||||
AmerisourceBergen Corp. | 3,908 | 329,523 | ||||||
AMETEK Inc. | 6,160 | 529,760 | ||||||
Amgen Inc. | 14,466 | 2,889,294 | ||||||
Amphenol Corp., Class A | 8,064 | 739,308 | ||||||
Analog Devices Inc. | 8,892 | 969,673 | ||||||
Annaly Capital Management Inc. | 34,414 | 304,908 | ||||||
ANSYS Inc.(a) | 2,366 | 573,022 | ||||||
Anthem Inc. | 6,008 | 1,544,597 | ||||||
Aon PLC | 5,714 | 1,188,512 | ||||||
Apache Corp. | 9,754 | 243,070 | ||||||
Apple Inc. | 106,429 | 29,093,431 | ||||||
Applied Materials Inc. | 23,233 | 1,350,302 | ||||||
Arch Capital Group Ltd.(a) | 11,491 | 464,581 | ||||||
Archer-Daniels-Midland Co. | 11,831 | 445,437 | ||||||
Arconic Inc. | 11,174 | 327,957 | ||||||
Arista Networks Inc.(a) | 1,287 | 248,545 | ||||||
Arrow Electronics Inc.(a) | 2,522 | 169,125 | ||||||
Arthur J Gallagher & Co. | 4,291 | 418,330 | ||||||
Assurant Inc. | 2,374 | 286,281 | ||||||
AT&T Inc. | 171,257 | 6,031,672 | ||||||
Autodesk Inc.(a) | 5,380 | 1,026,934 | ||||||
Autoliv Inc. | 3,122 | 208,331 | ||||||
Automatic Data Processing Inc. | 10,873 | 1,682,488 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
AutoZone Inc.(a) | 585 | $ | 604,018 | |||||
AvalonBay Communities Inc. | 3,106 | 623,033 | ||||||
Avery Dennison Corp. | 3,278 | 375,298 | ||||||
Baker Hughes Co. | 14,239 | 229,106 | ||||||
Ball Corp. | 9,218 | 649,500 | ||||||
Bank of America Corp. | 210,909 | 6,010,906 | ||||||
Bank of New York Mellon Corp. (The) | 20,893 | 833,631 | ||||||
Baxter International Inc. | 11,591 | 967,501 | ||||||
Becton Dickinson and Co. | 6,444 | 1,532,512 | ||||||
Berkshire Hathaway Inc., Class B(a) | 30,391 | 6,270,879 | ||||||
Best Buy Co. Inc. | 5,580 | 422,127 | ||||||
Biogen Inc.(a) | 4,320 | 1,332,245 | ||||||
BioMarin Pharmaceutical Inc.(a) | 5,056 | 456,911 | ||||||
BlackRock Inc.(e) | 2,686 | 1,243,645 | ||||||
Blackstone Group Inc. (The), Class A | 14,231 | 766,197 | ||||||
Boeing Co. (The) | 12,645 | 3,478,766 | ||||||
Booking Holdings Inc.(a) | 1,005 | 1,704,138 | ||||||
BorgWarner Inc. | 7,179 | 226,856 | ||||||
Boston Properties Inc. | 3,908 | 503,898 | ||||||
Boston Scientific Corp.(a) | 33,401 | 1,248,863 | ||||||
Bristol-Myers Squibb Co. | 55,545 | 3,280,488 | ||||||
Broadcom Inc. | 9,431 | 2,571,079 | ||||||
Brown & Brown Inc. | 5,621 | 241,759 | ||||||
Brown-Forman Corp., Class B, NVS | 7,602 | 466,839 | ||||||
Bunge Ltd. | 4,017 | 188,598 | ||||||
Cabot Oil & Gas Corp. | 12,646 | 176,159 | ||||||
Cadence Design Systems Inc.(a) | 7,602 | 502,796 | ||||||
Campbell Soup Co. | 5,281 | 238,279 | ||||||
Capital One Financial Corp. | 11,491 | 1,014,196 | ||||||
Cardinal Health Inc. | 7,434 | 387,460 | ||||||
CarMax Inc.(a) | 4,521 | 394,729 | ||||||
Carnival Corp. | 5,942 | 198,819 | ||||||
Caterpillar Inc. | 13,176 | 1,636,986 | ||||||
Cboe Global Markets Inc. | 2,819 | 321,366 | ||||||
CBRE Group Inc., Class A(a) | 8,169 | 458,608 | ||||||
CDK Global Inc. | 5,066 | 233,137 | ||||||
CDW Corp./DE | 3,294 | 376,241 | ||||||
Celanese Corp. | 4,013 | 376,179 | ||||||
Centene Corp.(a) | 14,051 | 744,984 | ||||||
CenterPoint Energy Inc. | 16,585 | 381,787 | ||||||
CenturyLink Inc. | 24,454 | 295,160 | ||||||
Cerner Corp. | 7,870 | 545,155 | ||||||
CF Industries Holdings Inc. | 7,393 | 272,506 | ||||||
CH Robinson Worldwide Inc. | 3,474 | 239,359 | ||||||
Charles Schwab Corp. (The) | 28,188 | 1,148,661 | ||||||
Charter Communications Inc., Class A(a) | 3,853 | 1,900,184 | ||||||
Cheniere Energy Inc.(a) | 5,798 | 297,379 | ||||||
Chevron Corp. | 43,895 | 4,097,159 | ||||||
Chipotle Mexican Grill Inc.(a) | 586 | 453,318 | ||||||
Chubb Ltd. | 9,755 | 1,414,768 | ||||||
Church & Dwight Co. Inc. | 6,794 | 472,319 | ||||||
Cigna Corp.(a) | 9,097 | 1,664,205 | ||||||
Cincinnati Financial Corp. | 3,908 | 364,382 | ||||||
Cintas Corp. | 2,789 | 743,938 | ||||||
Cisco Systems Inc. | 101,502 | 4,052,975 | ||||||
Citigroup Inc. | 54,286 | 3,444,990 | ||||||
Citizens Financial Group Inc. | 14,144 | 448,223 | ||||||
Citrix Systems Inc. | 3,585 | 370,653 | ||||||
Clorox Co. (The) | 3,061 | 487,985 | ||||||
CME Group Inc. | 8,382 | 1,666,509 |
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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
CMS Energy Corp. | 7,320 | $ | 442,274 | |||||
Coca-Cola Co. (The) | 92,383 | 4,941,567 | ||||||
Cognex Corp. | 6,238 | 277,841 | ||||||
Cognizant Technology Solutions Corp., Class A | 13,383 | 815,426 | ||||||
Colgate-Palmolive Co. | 19,925 | 1,346,332 | ||||||
Comcast Corp., Class A | 105,190 | 4,252,832 | ||||||
Comerica Inc. | 4,738 | 249,408 | ||||||
Conagra Brands Inc. | 12,976 | 346,329 | ||||||
Concho Resources Inc. | 5,077 | 345,338 | ||||||
ConocoPhillips | 25,605 | 1,239,794 | ||||||
Consolidated Edison Inc. | 7,434 | 585,948 | ||||||
Constellation Brands Inc., Class A | 4,016 | 692,278 | ||||||
Continental Resources Inc./OK | 2,694 | 51,051 | ||||||
Copart Inc.(a) | 5,378 | 454,333 | ||||||
Corning Inc. | 18,329 | 437,330 | ||||||
Corteva Inc.(a) | 17,496 | 475,891 | ||||||
CoStar Group Inc.(a)(b) | 1,005 | 670,928 | ||||||
Costco Wholesale Corp. | 10,446 | 2,936,788 | ||||||
Crown Castle International Corp. | 10,075 | 1,443,647 | ||||||
Crown Holdings Inc.(a) | 4,958 | 349,539 | ||||||
CSX Corp. | 19,474 | 1,371,943 | ||||||
Cummins Inc. | 3,908 | 591,241 | ||||||
CVS Health Corp. | 30,343 | 1,795,699 | ||||||
Danaher Corp. | 15,248 | 2,204,556 | ||||||
Darden Restaurants Inc. | 3,275 | 319,312 | ||||||
DaVita Inc.(a) | 3,593 | 278,889 | ||||||
Deere & Co. | 6,746 | 1,055,614 | ||||||
Dell Technologies Inc., Class C(a)(b) | 3,778 | 152,858 | ||||||
Delta Air Lines Inc. | 4,496 | 207,400 | ||||||
Dentsply Sirona Inc. | 5,798 | 285,494 | ||||||
Devon Energy Corp. | 9,340 | 151,682 | ||||||
DexCom Inc.(a) | 2,361 | 651,636 | ||||||
Diamondback Energy Inc. | 3,854 | 238,948 | ||||||
Digital Realty Trust Inc. | 4,958 | 595,505 | ||||||
Discover Financial Services | 7,918 | 519,262 | ||||||
Discovery Inc., Class A(a)(b) | 3,488 | 89,642 | ||||||
Discovery Inc., Class C, NVS(a) | 9,131 | 229,188 | ||||||
DISH Network Corp., Class A(a) | 6,889 | 230,919 | ||||||
DocuSign Inc.(a) | 2,461 | 212,409 | ||||||
Dollar General Corp. | 6,486 | 974,846 | ||||||
Dollar Tree Inc.(a) | 5,483 | 455,253 | ||||||
Dominion Energy Inc. | 18,534 | 1,448,988 | ||||||
Domino’s Pizza Inc. | 1,112 | 377,480 | ||||||
Dover Corp. | 4,643 | 477,022 | ||||||
Dow Inc.(a) | 17,496 | 707,013 | ||||||
DR Horton Inc. | 9,114 | 485,503 | ||||||
DTE Energy Co. | 4,433 | 495,033 | ||||||
Duke Energy Corp. | 16,401 | 1,503,972 | ||||||
Duke Realty Corp. | 12,856 | 417,434 | ||||||
DuPont de Nemours Inc. | 17,496 | 750,578 | ||||||
DXC Technology Co. | 6,471 | 156,016 | ||||||
E*TRADE Financial Corp. | 5,582 | 255,544 | ||||||
Eastman Chemical Co. | 3,908 | 240,381 | ||||||
Eaton Corp. PLC | 10,126 | 918,631 | ||||||
Eaton Vance Corp., NVS | 7,708 | 318,032 | ||||||
eBay Inc. | 20,355 | 705,097 | ||||||
Ecolab Inc. | 6,536 | 1,179,421 | ||||||
Edison International | 8,174 | 549,211 | ||||||
Edwards Lifesciences Corp.(a) | 5,171 | 1,059,228 | ||||||
Elanco Animal Health Inc.(a) | 8,025 | 219,885 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Electronic Arts Inc.(a) | 7,175 | $ | 727,330 | |||||
Eli Lilly & Co. | 21,964 | 2,770,319 | ||||||
Emerson Electric Co. | 14,072 | 902,156 | ||||||
Entergy Corp. | 4,643 | 542,813 | ||||||
EOG Resources Inc. | 13,283 | 840,283 | ||||||
Equifax Inc. | 2,896 | 411,348 | ||||||
Equinix Inc. | 2,060 | 1,179,968 | ||||||
Equity Residential. | 8,484 | 637,148 | ||||||
Essex Property Trust Inc. | 1,741 | 493,330 | ||||||
Estee Lauder Companies Inc. (The), Class A | 5,168 | 948,845 | ||||||
Everest Re Group Ltd. | 1,191 | 295,225 | ||||||
Evergy Inc. | 7,224 | 472,088 | ||||||
Eversource Energy | 7,422 | 641,706 | ||||||
Exact Sciences Corp.(a) | 3,460 | 280,087 | ||||||
Exelon Corp. | 20,500 | 883,755 | ||||||
Expedia Group Inc. | 3,429 | 338,168 | ||||||
Expeditors International of Washington Inc. | 6,008 | 423,083 | ||||||
Exxon Mobil Corp. | 97,397 | 5,010,102 | ||||||
F5 Networks Inc.(a) | 2,161 | 259,212 | ||||||
Facebook Inc., Class A(a) | 56,528 | 10,879,944 | ||||||
Fastenal Co. | 12,885 | 440,925 | ||||||
Federal Realty Investment Trust | 3,657 | 425,455 | ||||||
FedEx Corp. | 5,798 | 818,504 | ||||||
Fidelity National Financial Inc. | 7,014 | 271,863 | ||||||
Fidelity National Information Services Inc. | 14,900 | 2,081,828 | ||||||
Fifth Third Bancorp. | 18,578 | 453,303 | ||||||
First Republic Bank/CA(b) | 4,538 | 456,387 | ||||||
FirstEnergy Corp. | 10,738 | 478,163 | ||||||
Fiserv Inc.(a) | 13,821 | 1,511,465 | ||||||
FleetCor Technologies Inc.(a) | 2,162 | 574,638 | ||||||
Flex Ltd.(a)(b) | 15,307 | 170,061 | ||||||
FLIR Systems Inc. | 4,936 | 209,632 | ||||||
Flowserve Corp. | 4,643 | 186,602 | ||||||
FMC Corp. | 4,333 | 403,402 | ||||||
Ford Motor Co. | 85,743 | 596,771 | ||||||
Fortinet Inc.(a) | 4,089 | 417,323 | ||||||
Fortive Corp. | 7,603 | 525,823 | ||||||
Fox Corp., Class A, NVS | 9,036 | 277,767 | ||||||
Fox Corp., Class B(a) | 4,113 | 125,241 | ||||||
Franklin Resources Inc. | 9,009 | 196,036 | ||||||
Freeport-McMoRan Inc. | 34,279 | 341,419 | ||||||
Gap Inc. (The) | 6,113 | 87,599 | ||||||
Garmin Ltd. | 3,907 | 345,340 | ||||||
Gartner Inc.(a) | 2,480 | 320,887 | ||||||
General Dynamics Corp. | 6,113 | 976,185 | ||||||
General Electric Co. | 207,959 | 2,262,594 | ||||||
General Mills Inc. | 14,609 | 715,841 | ||||||
General Motors Co. | 29,343 | 894,961 | ||||||
Genuine Parts Co. | 3,902 | 340,410 | ||||||
Gilead Sciences Inc. | 29,775 | 2,065,194 | ||||||
Global Payments Inc. | 8,302 | 1,527,319 | ||||||
Globe Life Inc. | 3,272 | 303,184 | ||||||
Goldman Sachs Group Inc. (The) | 7,866 | 1,579,257 | ||||||
Grubhub Inc.(a) | 3,169 | 152,461 | ||||||
Halliburton Co. | 17,695 | 300,107 | ||||||
Hanesbrands Inc. | 9,429 | 124,840 | ||||||
Harley-Davidson Inc. | 4,223 | 128,675 | ||||||
Hartford Financial Services Group Inc. (The) | 9,639 | 481,468 | ||||||
Hasbro Inc. | 3,639 | 281,113 | ||||||
HCA Healthcare Inc. | 6,318 | 802,449 |
16 | 2 0 2 0 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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Healthpeak Properties Inc. | 12,445 | $ | 393,760 | |||||
HEICO Corp., Class A | 3,681 | 325,143 | ||||||
Henry Schein Inc.(a) | 4,026 | 245,344 | ||||||
Hershey Co. (The) | 4,013 | 577,832 | ||||||
Hess Corp. | 7,277 | 408,822 | ||||||
Hewlett Packard Enterprise Co. | 25,934 | 331,696 | ||||||
Hilton Worldwide Holdings Inc. | 6,644 | 645,797 | ||||||
HollyFrontier Corp. | 4,655 | 156,780 | ||||||
Hologic Inc.(a) | 7,297 | 343,835 | ||||||
Home Depot Inc. (The) | 25,591 | 5,574,743 | ||||||
Honeywell International Inc. | 16,384 | 2,656,993 | ||||||
Hormel Foods Corp. | 8,169 | 339,830 | ||||||
Host Hotels & Resorts Inc. | 16,974 | 245,784 | ||||||
HP Inc. | 34,597 | 719,272 | ||||||
Humana Inc. | 3,374 | 1,078,600 | ||||||
Huntington Bancshares Inc./OH | 30,560 | 374,971 | ||||||
IAC/InterActiveCorp.(a) | 1,981 | 404,005 | ||||||
IDEXX Laboratories Inc.(a) | 2,266 | 576,720 | ||||||
IHS Markit Ltd. | 9,749 | 694,519 | ||||||
Illinois Tool Works Inc. | 7,539 | 1,264,893 | ||||||
Illumina Inc.(a) | 3,913 | 1,039,567 | ||||||
Incyte Corp.(a) | 4,857 | 366,266 | ||||||
Insulet Corp.(a) | 1,498 | 284,575 | ||||||
Intel Corp. | 104,754 | 5,815,942 | ||||||
Intercontinental Exchange Inc. | 13,862 | 1,236,768 | ||||||
International Business Machines Corp. | 21,209 | 2,760,351 | ||||||
International Flavors & Fragrances Inc. | 2,799 | 335,264 | ||||||
International Paper Co. | 9,856 | 364,278 | ||||||
Interpublic Group of Companies Inc. (The) | 13,187 | 281,674 | ||||||
Intuit Inc. | 6,326 | 1,681,767 | ||||||
Intuitive Surgical Inc.(a) | 2,800 | 1,495,088 | ||||||
IPG Photonics Corp.(a) | 1,514 | 193,247 | ||||||
IQVIA Holdings Inc.(a) | 4,089 | 570,375 | ||||||
Iron Mountain Inc. | 9,636 | 293,031 | ||||||
Jacobs Engineering Group Inc. | 4,118 | 380,256 | ||||||
Jazz Pharmaceuticals PLC(a) | 1,830 | 209,681 | ||||||
JB Hunt Transport Services Inc. | 3,114 | 300,314 | ||||||
Jefferies Financial Group Inc. | 14,280 | 281,459 | ||||||
JM Smucker Co. (The) | 3,211 | 330,701 | ||||||
Johnson & Johnson | 62,709 | 8,433,106 | ||||||
Johnson Controls International PLC | 24,666 | 902,036 | ||||||
JPMorgan Chase & Co. | 73,774 | 8,565,899 | ||||||
Juniper Networks Inc. | 12,460 | 264,401 | ||||||
Kansas City Southern | 3,211 | 483,833 | ||||||
Kellogg Co. | 6,536 | 395,232 | ||||||
KeyCorp | 25,410 | 415,453 | ||||||
Keysight Technologies Inc.(a) | 4,874 | 461,860 | ||||||
Kimberly-Clark Corp. | 8,484 | 1,113,016 | ||||||
Kimco Realty Corp. | 20,820 | 361,227 | ||||||
Kinder Morgan Inc./DE | 51,742 | 991,894 | ||||||
KLA Corp. | 4,112 | 632,056 | ||||||
Kohl’s Corp. | 4,111 | 160,946 | ||||||
Kraft Heinz Co. (The) | 14,805 | 366,720 | ||||||
Kroger Co. (The) | 19,537 | 549,576 | ||||||
L3Harris Technologies Inc. | 6,023 | 1,190,928 | ||||||
Laboratory Corp. of America Holdings(a) | 2,791 | 490,351 | ||||||
Lam Research Corp. | 3,752 | 1,100,949 | ||||||
Lamb Weston Holdings Inc. | 3,662 | 318,191 | ||||||
Las Vegas Sands Corp. | 7,303 | 425,838 | ||||||
Leggett & Platt Inc. | 6,352 | 251,920 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Lennar Corp., Class A | 7,665 | $ | 462,506 | |||||
Lennox International Inc. | 985 | 224,708 | ||||||
Liberty Global PLC, Class C, NVS(a) | 14,793 | 275,002 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) | 5,716 | 223,267 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) | 5,605 | 250,095 | ||||||
Lincoln National Corp. | 5,798 | 263,171 | ||||||
LKQ Corp.(a) | 8,780 | 259,712 | ||||||
Lockheed Martin Corp. | 5,931 | 2,193,699 | ||||||
Loews Corp. | 8,274 | 377,543 | ||||||
Lowe’s Companies Inc. | 18,329 | 1,953,322 | ||||||
Lululemon Athletica Inc.(a) | 2,684 | 583,528 | ||||||
LyondellBasell Industries NV, Class A | 6,150 | 439,479 | ||||||
M&T Bank Corp. | 2,953 | 414,542 | ||||||
ManpowerGroup Inc. | 2,374 | 180,282 | ||||||
Marathon Oil Corp. | 21,131 | 174,965 | ||||||
Marathon Petroleum Corp. | 15,410 | 730,742 | ||||||
Markel Corp.(a) | 376 | 444,282 | ||||||
MarketAxess Holdings Inc. | 1,087 | 352,547 | ||||||
Marriott International Inc./MD, Class A | 7,222 | 895,528 | ||||||
Marsh & McLennan Companies Inc. | 11,387 | 1,190,625 | ||||||
Martin Marietta Materials Inc. | 1,848 | 420,475 | ||||||
Marvell Technology Group Ltd. | 16,161 | 344,229 | ||||||
Masco Corp. | 9,534 | 393,945 | ||||||
Mastercard Inc., Class A | 21,414 | 6,215,413 | ||||||
Maxim Integrated Products Inc. | 7,749 | 430,999 | ||||||
McCormick & Co. Inc./MD, NVS | 3,057 | 446,903 | ||||||
McDonald’s Corp. | 17,600 | 3,417,392 | ||||||
McKesson Corp. | 4,212 | 589,090 | ||||||
Medtronic PLC | 30,820 | 3,102,649 | ||||||
MercadoLibre Inc.(a)(b) | 1,007 | 620,342 | ||||||
Merck & Co. Inc. | 61,544 | 4,711,809 | ||||||
MetLife Inc. | 20,012 | 854,913 | ||||||
Mettler-Toledo International Inc.(a) | 395 | 277,171 | ||||||
MGM Resorts International | 14,347 | 352,362 | ||||||
Microchip Technology Inc. | 6,004 | 544,623 | ||||||
Micron Technology Inc.(a) | 26,248 | 1,379,595 | ||||||
Microsoft Corp. | 170,731 | 27,660,129 | ||||||
Mid-America Apartment Communities Inc. | 1,552 | 200,612 | ||||||
Mohawk Industries Inc.(a) | 1,649 | 199,776 | ||||||
Molson Coors Beverage Co., Class B | 4,963 | 246,214 | ||||||
Mondelez International Inc., Class A | 35,042 | 1,850,218 | ||||||
Monster Beverage Corp.(a) | 10,441 | 651,623 | ||||||
Moody’s Corp. | 4,853 | 1,164,866 | ||||||
Morgan Stanley | 30,745 | 1,384,447 | ||||||
Mosaic Co. (The) | 9,227 | 157,136 | ||||||
Motorola Solutions Inc. | 4,221 | 699,335 | ||||||
MSCI Inc. | 1,653 | 488,362 | ||||||
Mylan NV(a) | 12,445 | 213,930 | ||||||
Nasdaq Inc. | 3,593 | 368,462 | ||||||
National Oilwell Varco Inc. | 10,174 | 190,356 | ||||||
NetApp Inc. | 6,218 | 290,505 | ||||||
Netflix Inc.(a) | 10,339 | 3,815,401 | ||||||
Neurocrine Biosciences Inc.(a) | 2,461 | 233,057 | ||||||
Newell Brands Inc. | 13,164 | 203,121 | ||||||
Newmont Corp. | 17,899 | 798,832 | ||||||
News Corp., Class A, NVS | 14,475 | 174,786 | ||||||
NextEra Energy Inc. | 11,022 | 2,785,921 | ||||||
Nielsen Holdings PLC | 9,652 | 175,763 | ||||||
NIKE Inc., Class B | 29,133 | 2,603,908 | ||||||
Noble Energy Inc. | 11,999 | 189,944 |
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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Nordstrom Inc. | 4,339 | $ | 150,563 | |||||
Norfolk Southern Corp. | 6,746 | 1,230,133 | ||||||
Northern Trust Corp. | 5,378 | 471,973 | ||||||
Northrop Grumman Corp. | 3,908 | 1,285,107 | ||||||
NortonLifeLock Inc. | 14,679 | 279,341 | ||||||
NRG Energy Inc. | 8,147 | 270,562 | ||||||
Nucor Corp. | 7,539 | 311,738 | ||||||
NVIDIA Corp. | 13,705 | 3,701,309 | ||||||
O’Reilly Automotive Inc.(a)(b) | 1,953 | 720,110 | ||||||
Occidental Petroleum Corp. | 19,502 | 638,495 | ||||||
Okta Inc.(a) | 3,483 | 446,033 | ||||||
Omnicom Group Inc. | 5,903 | 408,960 | ||||||
ON Semiconductor Corp.(a) | 13,825 | 257,975 | ||||||
ONEOK Inc. | 9,753 | 650,720 | ||||||
Oracle Corp. | 53,612 | 2,651,650 | ||||||
PACCAR Inc. | 8,484 | 567,580 | ||||||
Palo Alto Networks Inc.(a) | 2,048 | 378,102 | ||||||
Parker-Hannifin Corp. | 3,062 | 565,766 | ||||||
Paychex Inc. | 8,496 | 658,270 | ||||||
Paycom Software Inc.(a) | 1,442 | 407,581 | ||||||
PayPal Holdings Inc.(a) | 26,655 | 2,878,473 | ||||||
Pentair PLC | 7,218 | 284,317 | ||||||
People’s United Financial Inc. | 20,068 | 280,751 | ||||||
PepsiCo Inc. | 32,672 | 4,313,684 | ||||||
Perrigo Co. PLC | 3,590 | 181,977 | ||||||
Pfizer Inc. | 132,305 | 4,421,633 | ||||||
Philip Morris International Inc. | 36,633 | 2,999,144 | ||||||
Phillips 66 | 10,441 | 781,613 | ||||||
Pinnacle West Capital Corp. | 4,127 | 369,325 | ||||||
Pioneer Natural Resources Co. | 3,478 | 427,029 | ||||||
PNC Financial Services Group Inc. (The) | 10,279 | 1,299,266 | ||||||
PPG Industries Inc. | 6,428 | 671,405 | ||||||
PPL Corp. | 15,639 | 469,326 | ||||||
Principal Financial Group Inc. | 7,439 | 330,217 | ||||||
Procter & Gamble Co. (The) | 58,542 | 6,628,711 | ||||||
Progressive Corp. (The) | 13,855 | 1,013,632 | ||||||
Prologis Inc. | 19,517 | 1,644,893 | ||||||
Prudential Financial Inc. | 9,849 | 743,107 | ||||||
Public Service Enterprise Group Inc. | 12,221 | 627,060 | ||||||
Public Storage | 3,698 | 773,326 | ||||||
PulteGroup Inc. | 8,710 | 350,142 | ||||||
PVH Corp. | 2,056 | 152,370 | ||||||
Qorvo Inc.(a) | 3,042 | 305,964 | ||||||
QUALCOMM Inc. | 28,728 | 2,249,402 | ||||||
Quest Diagnostics Inc. | 3,488 | 369,937 | ||||||
Ralph Lauren Corp. | 1,636 | 172,614 | ||||||
Raymond James Financial Inc. | 3,248 | 271,630 | ||||||
Raytheon Co. | 6,909 | 1,302,761 | ||||||
Realty Income Corp. | 7,658 | 554,363 | ||||||
Regency Centers Corp. | 5,273 | 302,881 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 1,878 | 834,902 | ||||||
Regions Financial Corp. | 29,047 | 392,715 | ||||||
Reinsurance Group of America Inc. | 1,546 | 188,658 | ||||||
RenaissanceRe Holdings Ltd. | 1,322 | 225,269 | ||||||
Republic Services Inc. | 6,378 | 575,678 | ||||||
ResMed Inc.(b) | 4,134 | 657,141 | ||||||
RingCentral Inc., Class A(a)(b) | 1,712 | 403,604 | ||||||
Robert Half International Inc. | 4,328 | 218,174 | ||||||
Rockwell Automation Inc. | 2,675 | 490,862 | ||||||
Roku Inc.(a)(b) | 2,255 | 256,326 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Roper Technologies Inc. | 2,791 | $ | 981,595 | |||||
Ross Stores Inc. | 9,121 | 992,182 | ||||||
Royal Caribbean Cruises Ltd. | 4,015 | 322,846 | ||||||
S&P Global Inc. | 6,536 | 1,737,988 | ||||||
salesforce.com Inc.(a) | 20,116 | 3,427,766 | ||||||
Sarepta Therapeutics Inc.(a) | 1,740 | 199,178 | ||||||
SBA Communications Corp. | 3,104 | 822,839 | ||||||
Schlumberger Ltd. | 31,371 | 849,840 | ||||||
Seagate Technology PLC | 6,008 | 288,084 | ||||||
Seattle Genetics Inc.(a) | 3,021 | 343,971 | ||||||
SEI Investments Co. | 6,224 | 340,515 | ||||||
Sempra Energy | 7,075 | 988,943 | ||||||
ServiceNow Inc.(a) | 4,646 | 1,515,014 | ||||||
Sherwin-Williams Co. (The) | 1,951 | 1,008,179 | ||||||
Simon Property Group Inc. | 7,064 | 869,437 | ||||||
Sirius XM Holdings Inc.(b) | 47,237 | 299,483 | ||||||
Skyworks Solutions Inc. | 4,324 | 433,178 | ||||||
SL Green Realty Corp. | 4,309 | 337,998 | ||||||
Snap Inc., Class A, NVS(a) | 16,799 | 238,042 | ||||||
Southern Co. (The) | 25,591 | 1,544,673 | ||||||
Southwest Airlines Co. | 4,124 | 190,488 | ||||||
Spirit AeroSystems Holdings Inc., Class A | 3,543 | 187,212 | ||||||
Splunk Inc.(a) | 3,375 | 497,239 | ||||||
Sprint Corp.(a) | 23,971 | 220,293 | ||||||
Square Inc., Class A(a) | 8,194 | 682,806 | ||||||
SS&C Technologies Holdings Inc. | 6,235 | 346,042 | ||||||
Stanley Black & Decker Inc. | 3,908 | 561,580 | ||||||
Starbucks Corp. | 28,893 | 2,266,078 | ||||||
State Street Corp. | 9,229 | 628,587 | ||||||
Stryker Corp. | 7,755 | 1,478,025 | ||||||
SVB Financial Group(a) | 1,321 | 274,979 | ||||||
Synchrony Financial | 16,596 | 482,944 | ||||||
Synopsys Inc.(a) | 3,535 | 487,583 | ||||||
Sysco Corp. | 12,436 | 828,859 | ||||||
T-Mobile U.S. Inc.(a) | 8,386 | 756,082 | ||||||
T Rowe Price Group Inc. | 5,804 | 684,930 | ||||||
Take-Two Interactive Software Inc.(a) | 2,954 | 317,496 | ||||||
Tapestry Inc. | 7,014 | 164,478 | ||||||
Targa Resources Corp. | 7,756 | 251,294 | ||||||
Target Corp. | 12,226 | 1,259,278 | ||||||
TD Ameritrade Holding Corp. | 6,746 | 284,884 | ||||||
TE Connectivity Ltd. | 8,169 | 676,965 | ||||||
TechnipFMC PLC | 13,437 | 199,405 | ||||||
Teleflex Inc. | 1,203 | 403,029 | ||||||
Tesla Inc.(a) | 3,106 | 2,074,777 | ||||||
Texas Instruments Inc. | 21,668 | 2,473,186 | ||||||
Textron Inc. | 6,995 | 283,997 | ||||||
Thermo Fisher Scientific Inc. | 9,221 | 2,681,467 | ||||||
Tiffany & Co. | 2,791 | 372,850 | ||||||
TJX Companies Inc. (The) | 28,609 | 1,710,818 | ||||||
Tractor Supply Co. | 3,488 | 308,723 | ||||||
TransDigm Group Inc. | 1,215 | 677,739 | ||||||
TransUnion | 5,177 | 460,339 | ||||||
Travelers Companies Inc. (The) | 5,672 | 679,562 | ||||||
Trimble Inc.(a) | 7,434 | 293,494 | ||||||
TripAdvisor Inc. | 3,683 | 86,366 | ||||||
Truist Financial Corp. | 35,547 | 1,640,139 | ||||||
Twilio Inc., Class A(a) | 3,334 | 375,542 | ||||||
Twitter Inc.(a) | 17,764 | 589,765 | ||||||
Tyson Foods Inc., Class A | 6,792 | 460,701 |
18 | 2 0 2 0 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) | iShares® MSCI World ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
U.S. Bancorp. | 36,611 | $ | 1,700,215 | |||||
Uber Technologies Inc.(a) | 6,206 | 210,197 | ||||||
UDR Inc. | 8,169 | 367,442 | ||||||
Ulta Salon Cosmetics & Fragrance Inc.(a) | 1,425 | 366,353 | ||||||
Under Armour Inc., Class A(a)(b) | 6,021 | 85,438 | ||||||
Under Armour Inc., Class C, NVS(a) | 4,072 | 50,819 | ||||||
Union Pacific Corp. | 17,491 | 2,795,237 | ||||||
United Parcel Service Inc., Class B | 16,496 | 1,492,723 | ||||||
United Rentals Inc.(a) | 2,054 | 272,114 | ||||||
United Technologies Corp. | 19,062 | 2,489,307 | ||||||
UnitedHealth Group Inc. | 22,297 | 5,684,843 | ||||||
Universal Health Services Inc., Class B | 2,266 | 280,395 | ||||||
Unum Group. | 6,113 | 142,494 | ||||||
Valero Energy Corp. | 10,546 | 698,672 | ||||||
Varian Medical Systems Inc.(a) | 2,473 | 304,105 | ||||||
Veeva Systems Inc., Class A(a) | 3,379 | 479,717 | ||||||
Ventas Inc. | 8,494 | 456,722 | ||||||
VEREIT Inc. | 36,767 | 318,402 | ||||||
VeriSign Inc.(a) | 3,596 | 682,341 | ||||||
Verisk Analytics Inc. | 3,260 | 505,659 | ||||||
Verizon Communications Inc. | 95,458 | 5,170,005 | ||||||
Vertex Pharmaceuticals Inc.(a) | 6,218 | 1,393,019 | ||||||
VF Corp. | 7,854 | 565,488 | ||||||
ViacomCBS Inc., Class B, NVS | 12,210 | 300,488 | ||||||
Visa Inc., Class A(b) | 39,762 | 7,227,141 | ||||||
VMware Inc., Class A(a)(b) | 1,951 | 235,135 | ||||||
Vornado Realty Trust | 4,752 | 254,612 | ||||||
Vulcan Materials Co. | 3,165 | 380,623 | ||||||
Walmart Inc. | 33,602 | 3,618,263 | ||||||
Walgreens Boots Alliance Inc. | 17,993 | 823,360 | ||||||
Walt Disney Co. (The) | 42,618 | 5,014,008 | ||||||
Waste Management Inc. | 10,059 | 1,114,638 | ||||||
Waters Corp.(a) | 1,860 | 362,495 | ||||||
Wayfair Inc., Class A(a) | 1,498 | 94,689 | ||||||
WEC Energy Group Inc. | 8,169 | 754,244 | ||||||
Wells Fargo & Co. | 99,340 | 4,058,039 | ||||||
Welltower Inc. | 9,655 | 722,387 | ||||||
Western Digital Corp. | 6,969 | 387,198 | ||||||
Western Union Co. (The) | 13,514 | 302,578 | ||||||
Westinghouse Air Brake Technologies Corp. | 4,735 | 325,294 | ||||||
Westrock Co. | 7,491 | 249,076 | ||||||
Weyerhaeuser Co. | 18,024 | 468,264 | ||||||
Whirlpool Corp. | 2,269 | 290,114 | ||||||
Williams Companies Inc. (The) | 28,938 | 551,269 | ||||||
Willis Towers Watson PLC | 2,791 | 528,197 | ||||||
Workday Inc., Class A(a) | 3,701 | 641,198 | ||||||
WR Berkley Corp. | 6,959 | 467,227 | ||||||
WW Grainger Inc. | 966 | 268,104 | ||||||
Wynn Resorts Ltd. | 2,472 | 266,927 | ||||||
Xcel Energy Inc. | 12,546 | 781,867 | ||||||
Xerox Holdings Corp.(a) | 6,273 | 201,991 | ||||||
Xilinx Inc. | 6,113 | 510,374 | ||||||
XPO Logistics Inc.(a) | 2,033 | 150,381 | ||||||
Xylem Inc./NY | 4,643 | 359,090 | ||||||
Yum! Brands Inc. | 7,534 | 672,409 | ||||||
Zebra Technologies Corp., Class A(a) | 1,552 | 327,425 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Zillow Group Inc., Class C, NVS(a) | 3,894 | $ | 217,324 | |||||
Zimmer Biomet Holdings Inc. | 4,751 | 646,849 | ||||||
Zoetis Inc. | 11,911 | 1,586,903 | ||||||
606,437,552 | ||||||||
Total Common Stocks — 99.3% | ||||||||
(Cost: $932,942,897) | 954,161,641 | |||||||
Preferred Stocks | ||||||||
Germany — 0.2% | ||||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 4,963 | 456,190 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 4,437 | 274,299 | ||||||
Sartorius AG, Preference Shares, NVS | 1,641 | 373,129 | ||||||
Volkswagen AG, Preference Shares, NVS. | 4,958 | 809,184 | ||||||
1,912,802 | ||||||||
Total Preferred Stocks — 0.2% | ||||||||
(Cost: $2,132,412) | 1,912,802 | |||||||
Rights | ||||||||
Spain — 0.0% | ||||||||
ACS Actividades de Construccion y Servicios SA, (Expires 03/03/20)(a) | 7,609 | 3,329 | ||||||
Total Rights — 0.0% | ||||||||
(Cost: $3,698) | 3,329 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(e)(f)(g) | 8,313,411 | 8,319,230 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(e)(f) | 3,528,000 | 3,528,000 | ||||||
11,847,230 | ||||||||
Total Short-Term Investments — 1.2% | ||||||||
(Cost: $11,844,192) | 11,847,230 | |||||||
Total Investments in Securities — 100.7% | ||||||||
(Cost: $946,923,199) | 967,925,002 | |||||||
Other Assets, Less Liabilities — (0.7)% | (6,690,108 | ) | ||||||
Net Assets — 100.0% | $ | 961,234,894 |
(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. |
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) | iShares® MSCI World ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Shares Purchased | Shares Sold | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 7,820,010 | 493,401 | (b) | — | 8,313,411 | $ | 8,319,230 | $ | 32,044 | (c) | $ | 67 | $ | 1,595 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,335,000 | 2,193,000 | (b) | — | 3,528,000 | 3,528,000 | 14,858 | — | — | |||||||||||||||||||
BlackRock Inc. | 1,811 | 925 | (50 | ) | 2,686 | 1,243,645 | 13,108 | 7,786 | 53,422 | |||||||||||||||||||
$ | 13,090,875 | $ | 60,010 | $ | 7,853 | $ | 55,017 |
(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. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
Euro STOXX 50 Index | 15 | 03/20/20 | $ | 546 | $ | (60,262 | ) | |||||||
FTSE 100 Index | 5 | 03/20/20 | 417 | (41,565 | ) | |||||||||
S&P 500 E-Mini Index | 17 | 03/20/20 | 2,508 | (214,998 | ) | |||||||||
TOPIX Index | 2 | 03/12/20 | 278 | (28,652 | ) | |||||||||
$ | (345,477 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 345,477 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 255,170 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (336,907 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 3,577,012 |
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.
20 | 2 0 2 0 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) | iShares® MSCI World ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 954,161,641 | $ | — | $ | — | $ | 954,161,641 | ||||||||
Preferred Stocks | 1,912,802 | — | — | 1,912,802 | ||||||||||||
Rights | 3,329 | — | — | 3,329 | ||||||||||||
Money Market Funds | 11,847,230 | — | — | 11,847,230 | ||||||||||||
$ | 967,925,002 | $ | — | $ | — | $ | 967,925,002 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (345,477 | ) | $ | — | $ | — | $ | (345,477 | ) |
(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 |
Statements of Assets and Liabilities (unaudited)
February 29, 2020
iShares MSCI Frontier 100 ETF | iShares MSCI World ETF | |||||||
ASSETS | ||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||
Unaffiliated(b) | $ | 483,603,854 | $ | 954,834,127 | ||||
Affiliated(c) | 6,115 | 13,090,875 | ||||||
Cash | — | 612 | ||||||
Foreign currency, at value(d) | 753,701 | 769,435 | ||||||
Cash pledged: | ||||||||
Futures contracts | — | 154,001 | ||||||
Foreign currency collateral pledged: | ||||||||
Futures contracts(e) | — | 99,201 | ||||||
Receivables: | ||||||||
Investments sold | 6,259,091 | — | ||||||
Securities lending income — Affiliated | 19 | 5,248 | ||||||
Capital shares sold | — | 1,564,914 | ||||||
Dividends | 1,844,303 | 1,806,713 | ||||||
Tax reclaims | — | 200,249 | ||||||
Total assets | 492,467,083 | 972,525,375 | ||||||
LIABILITIES | ||||||||
Bank overdraft | 1,130,023 | — | ||||||
Collateral on securities loaned, at value | 2,349 | 8,315,484 | ||||||
Payables: | ||||||||
Investments purchased | 4,436,262 | 2,706,178 | ||||||
Variation margin on futures contracts | — | 86,227 | ||||||
Investment advisory fees | 318,312 | 182,592 | ||||||
Total liabilities | 5,886,946 | 11,290,481 | ||||||
NET ASSETS | $ | 486,580,137 | $ | 961,234,894 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 598,098,028 | $ | 943,791,806 | ||||
Accumulated earnings (loss) | (111,517,891 | ) | 17,443,088 | |||||
NET ASSETS | $ | 486,580,137 | $ | 961,234,894 | ||||
Shares outstanding | 17,200,000 | 10,700,000 | ||||||
Net asset value | $ | 28.29 | $ | 89.84 | ||||
Shares authorized | 500 million | 500 million | ||||||
Par value | $ | 0.001 | $ | 0.001 | ||||
(a) Securities loaned, at value | $ | 2,237 | $ | 8,094,259 | ||||
(b) Investments, at cost — Unaffiliated | $ | 420,502,614 | $ | 933,931,237 | ||||
(c) Investments, at cost — Affiliated | $ | 6,111 | $ | 12,991,962 | ||||
(d) Foreign currency, at cost | $ | 754,580 | $ | 779,141 | ||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | 99,429 |
See notes to financial statements.
22 | 2 0 2 0 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 29, 2020
iShares | iShares | |||||||
INVESTMENT INCOME | ||||||||
Dividends — Unaffiliated | $ | 3,394,828 | $ | 8,403,206 | ||||
Dividends — Affiliated | 3,525 | 27,966 | ||||||
Securities lending income — Affiliated — net | 185 | 32,044 | ||||||
Foreign taxes withheld | (400,660 | ) | (296,281 | ) | ||||
Total investment income | 2,997,878 | 8,166,935 | ||||||
EXPENSES | ||||||||
Investment advisory fees | 1,957,592 | 988,645 | ||||||
Commitment fees | 3,634 | — | ||||||
Interest expense | 1,378 | — | ||||||
Total expenses | 1,962,604 | 988,645 | ||||||
Net investment income | 1,035,274 | 7,178,290 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — Unaffiliated(a) | (1,521,981 | ) | (2,921,727 | ) | ||||
Investments — Affiliated | — | 67 | ||||||
In-kind redemptions — Unaffiliated | 76,133 | 6,245,818 | ||||||
In-kind redemptions — Affiliated | — | 7,786 | ||||||
Futures contracts | — | 255,170 | ||||||
Foreign currency transactions | (260,895 | ) | 16,544 | |||||
Net realized gain (loss) | (1,706,743 | ) | 3,603,658 | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — Unaffiliated | (9,166,283 | ) | (18,110,574 | ) | ||||
Investments — Affiliated | 1 | 55,017 | ||||||
Futures contracts | — | (336,907 | ) | |||||
Foreign currency translations | 13,357 | (5,030 | ) | |||||
Net change in unrealized appreciation (depreciation) | (9,152,925 | ) | (18,397,494 | ) | ||||
Net realized and unrealized loss | (10,859,668 | ) | (14,793,836 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (9,824,394 | ) | $ | (7,615,546 | ) | ||
(a) Net of foreign capital gain tax of | $ | 13,900 | $ | — |
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 Changes in Net Assets
iShares MSCI Frontier 100 ETF | iShares MSCI World ETF | |||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,035,274 | $ | 18,179,111 | $ | 7,178,290 | $ | 13,549,947 | ||||||||
Net realized gain (loss) | (1,706,743 | ) | (20,321,660 | ) | 3,603,658 | 52,961,213 | ||||||||||
Net change in unrealized appreciation (depreciation) | (9,152,925 | ) | 31,730,659 | (18,397,494 | ) | (45,742,348 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (9,824,394 | ) | 29,588,110 | (7,615,546 | ) | 20,768,812 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,614,147 | ) | (19,147,709 | ) | (7,870,840 | ) | (14,268,219 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 2,150,996 | (37,018,194 | ) | 330,261,822 | 73,716,261 | |||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (10,287,545 | ) | (26,577,793 | ) | 314,775,436 | 80,216,854 | ||||||||||
Beginning of period | 496,867,682 | 523,445,475 | 646,459,458 | 566,242,604 | ||||||||||||
End of period | $ | 486,580,137 | $ | 496,867,682 | $ | 961,234,894 | $ | 646,459,458 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
24 | 2 0 2 0 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 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.97 | $ | 28.29 | $ | 30.62 | $ | 24.20 | $ | 26.20 | $ | 37.79 | ||||||||||||||||||
Net investment income(a) | 0.06 | 1.03 | 0.87 | 0.72 | 0.76 | 0.77 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.58 | ) | 0.76 | (1.99 | ) | 6.00 | (2.17 | ) | (8.78 | ) | ||||||||||||||||||||
Net increase (decrease) from investment operations | (0.52 | ) | 1.79 | (1.12 | ) | 6.72 | (1.41 | ) | (8.01 | ) | ||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||
From net investment income | (0.16 | ) | (1.11 | ) | (1.21 | ) | (0.30 | ) | (0.59 | ) | (0.76 | ) | ||||||||||||||||||
From net realized gain | — | — | — | — | — | (2.82 | ) | |||||||||||||||||||||||
Total distributions | (0.16 | ) | (1.11 | ) | (1.21 | ) | (0.30 | ) | (0.59 | ) | (3.58 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 28.29 | $ | 28.97 | $ | 28.29 | $ | 30.62 | $ | 24.20 | $ | 26.20 | ||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||
Based on net asset value | (1.84 | )%(d) | 6.45 | % | (3.92 | )% | 27.91 | % | (5.45 | )% | (21.70 | )% | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.79 | %(e) | 0.79 | % | 0.81 | % | 0.80 | % | 0.79 | % | 0.79 | % | ||||||||||||||||||
Net investment income | 0.42 | %(e) | 3.63 | % | 2.69 | % | 2.65 | % | 3.03 | % | 2.43 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 486,580 | $ | 496,868 | $ | 523,445 | $ | 627,626 | $ | 407,722 | $ | 502,993 | ||||||||||||||||||
Portfolio turnover rate(f) | 12 | %(d) | 33 | % | 35 | % | 32 | % | 20 | % | 47 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 25 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI World ETF | ||||||||||||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||||||||
Net asset value, beginning of period | $ | 89.79 | $ | 91.33 | $ | 82.22 | $ | 72.15 | $ | 68.95 | $ | 73.36 | ||||||||||||||||||
Net investment income(a) | 0.84 | 1.96 | 1.84 | 1.74 | 1.62 | 1.64 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.13 | (1.52 | ) | 9.15 | 9.90 | 3.16 | (4.49 | ) | ||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.97 | 0.44 | 10.99 | 11.64 | 4.78 | (2.85 | ) | |||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||
From net investment income | (0.92 | ) | (1.98 | ) | (1.88 | ) | (1.57 | ) | (1.58 | ) | (1.56 | ) | ||||||||||||||||||
Total distributions | (0.92 | ) | (1.98 | ) | (1.88 | ) | (1.57 | ) | (1.58 | ) | (1.56 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 89.84 | $ | 89.79 | $ | 91.33 | $ | 82.22 | $ | 72.15 | $ | 68.95 | ||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||
Based on net asset value | 0.98 | %(d) | 0.61 | % | 13.46 | % | 16.29 | % | 7.05 | % | (3.97 | )% | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Total expenses | 0.24 | %(e) | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | ||||||||||||||||||
Net investment income | 1.74 | %(e) | 2.24 | % | 2.09 | % | 2.25 | % | 2.34 | % | 2.25 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 961,235 | $ | 646,459 | $ | 566,243 | $ | 509,769 | $ | 288,603 | $ | 206,842 | ||||||||||||||||||
Portfolio turnover rate(f) | 2 | %(d) | 4 | % | 3 | % | 3 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
26 | 2 0 2 0 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 |
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 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 29, 2020, 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.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. Th 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
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 | 27 |
Notes to Financial Statements (unaudited) (continued)
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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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. 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 29, 2020, 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 29, 2020 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
28 | 2 0 2 0 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)
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 29, 2020:
iShares ETF and Counterparty | Market Value of Securities on Loan | Cash Collateral Received | (a) | Non-Cash Collateral Received | Net Amount | |||||||||||
MSCI Frontier 100 | ||||||||||||||||
Morgan Stanley & Co. LLC | $ | 2,237 | $ | 2,237 | $ | — | $ | — | ||||||||
MSCI World | ||||||||||||||||
Barclays Capital Inc. | $ | 3,825 | $ | 3,825 | $ | — | $ | — | ||||||||
BNP Paribas Prime Brokerage International Ltd. | 563,888 | 563,888 | — | — | ||||||||||||
BofA Securities, Inc. | 169,582 | 169,582 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 563,661 | 563,661 | — | — | ||||||||||||
Credit Suisse AG Dublin Branch | 2,467 | 2,417 | — | (50 | )(b) | |||||||||||
Credit Suisse Securities (USA) LLC | 138,087 | 138,087 | — | — | ||||||||||||
Goldman Sachs & Co. | 190,843 | 190,843 | — | — | ||||||||||||
HSBC Bank PLC | 38,885 | 38,885 | — | — | ||||||||||||
JPMorgan Securities LLC | 211,801 | 211,801 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 368,353 | 368,353 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 5,129 | 5,129 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 26,813 | 26,813 | — | — | ||||||||||||
SG Americas Securities LLC | 4,934,073 | 4,934,073 | — | — | ||||||||||||
TD Prime Services LLC | 193,917 | 193,917 | — | — | ||||||||||||
UBS Securities LLC | 302,812 | 302,812 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 346,494 | 346,494 | — | — | ||||||||||||
Wells Fargo Securities LLC | 33,629 | 33,629 | — | — | ||||||||||||
$ | 8,094,259 | $ | 8,094,209 | $ | — | $ | (50 | ) |
(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 to the extent 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 | 29 |
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 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 |
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.
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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Frontier 100 | $ | 45 | ||
MSCI World | 8,757 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI World | $ | 5,221,798 | $ | 3,603,684 | $ | (394,601 | ) |
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.
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Notes to Financial Statements (unaudited) (continued)
7. | PURCHASES AND SALES |
For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Frontier 100 | $ | 60,953,505 | $ | 63,857,795 | ||||
MSCI World | 31,131,101 | 18,769,904 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
MSCI Frontier 100 | $ | 270,117 | $ | 317,884 | ||||
MSCI World | 334,445,509 | 18,952,678 |
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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Frontier 100 | $ | 147,337,814 | ||
MSCI World | 6,530,551 |
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 29, 2020, 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 | $ | 445,496,412 | $ | 102,201,142 | $ | (64,087,585 | ) | $ | 38,113,557 | |||||||
MSCI World | 949,847,073 | 94,993,325 | (77,260,873 | ) | 17,732,452 |
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 21, 2020. 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.
For the six months ended February 29, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
Maximum | Weighted | |||||||||||
Amount | Average | Average | ||||||||||
iShares ETF | Borrowed | Borrowing | Interest Rates | |||||||||
MSCI Frontier 100 | $ | 3,100,000 | $ | 85,165 | 2.50 | % |
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)
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
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.
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.
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Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
Six Months Ended 02/29/20 | Year Ended 08/31/19 | |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||
MSCI Frontier 100 | ||||||||||||||
Shares sold | 400,000 | $ | 12,178,051 | 450,000 | $ | 13,475,673 | ||||||||
Shares redeemed | (350,000 | ) | (10,027,055 | ) | (1,800,000 | ) | (50,493,867 | ) | ||||||
Net increase(decrease) | 50,000 | $ | 2,150,996 | (1,350,000 | ) | $ | (37,018,194 | ) | ||||||
MSCI World | ||||||||||||||
Shares sold | 3,700,000 | $ | 349,987,081 | 3,800,000 | $ | 312,550,041 | ||||||||
Shares redeemed | (200,000 | ) | (19,725,259 | ) | (2,800,000 | ) | (238,833,780 | ) | ||||||
Net increase | 3,500,000 | $ | 330,261,822 | 1,000,000 | $ | 73,716,261 |
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.
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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
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 | 33 |
Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares MSCI Frontier 100 ETF and iShares MSCI World ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
34 | 2 0 2 0 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 are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
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 World(a) | $ | 0.818887 | $ | — | $ | 0.096327 | $ | 0.915214 | 89% | — | % | 11 | % | 100 | % |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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 | 35 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
36 | 2 0 2 0 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 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-811-0220
FEBRUARY 29, 2020 |
2020 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 and Metals 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® MSCI Global Agriculture Producers ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||||||||||
Since | Since | ||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||||||||||
Fund NAV | (4.37 | )% | (8.34 | )% | 0.50 | % | 2.17 | % | (8.34 | )% | 2.51 | % | 18.99 | % | |||||||||||||||
Fund Market | (4.09 | ) | (8.22 | ) | 0.55 | 2.15 | (8.22 | ) | 2.80 | 18.77 | |||||||||||||||||||
Index | (4.34 | ) | (8.27 | ) | 0.48 | 2.23 | (8.27 | ) | 2.43 | 19.49 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 956.30 | $ | 1.90 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Fertilizers & Agricultural Chemicals | 32.9 | % | |
Agricultural & Farm Machinery | 26.4 | ||
Agricultural Products | 20.9 | ||
Packaged Foods & Meats | 19.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION | |||
Country/Geographic Region | Percent of Total Investments | (a) | |
United States | 47.8 | % | |
Norway | 7.7 | ||
Canada | 7.5 | ||
Japan | 6.8 | ||
China | 3.5 | ||
Hong Kong | 3.3 | ||
Italy | 2.9 | ||
Malaysia | 2.8 | ||
India | 2.6 | ||
Singapore | 2.3 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI Global Energy Producers ETF |
Investment Objective
The iShares 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 | |||||||||||||||||||||
Since | Since | |||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | ||||||||||||||||
Fund NAV | (15.40 | )% | (25.33 | )% | (4.18 | )% | (3.38 | )% | (25.33) | % | (19.20) | % | (24.27 | )% | ||||||||
Fund Market | (14.50 | ) | (24.70 | ) | (4.12 | ) | (3.28 | ) | (24.70 | ) | (18.96 | ) | (23.62 | ) | ||||||||
Index | (15.51 | ) | (25.53 | ) | (4.45 | ) | (3.57 | ) | (25.53 | ) | (20.36 | ) | (25.44 | ) |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 846.00 | $ | 1.79 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Integrated Oil & Gas | 63.5 | % | |
Oil & Gas Exploration & Production | 23.5 | ||
Oil & Gas Refining & Marketing | 11.3 | ||
Coal & Consumable Fuels | 1.7 |
TEN LARGEST GEOGRAPHIC ALLOCATION | |||
Country/Geographic Region | Percent of Total Investments | (a) | |
United States | 43.2 | % | |
United Kingdom | 16.6 | ||
Canada | 6.7 | ||
France | 6.1 | ||
Russia | 4.7 | ||
India | 4.0 | ||
Brazil | 2.8 | ||
China | 2.7 | ||
Australia | 2.1 | ||
Italy | 1.9 |
(a) | Excludes money market funds. |
4 | 2 0 2 0 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 29, 2020 | iShares® MSCI Global Gold Miners ETF |
Investment Objective
The iShares 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 | |||||||||||||||||||||
Since | Since | |||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | ||||||||||||||||
Fund NAV | (8.36 | )% | 27.00 | % | 5.60 | % | (8.83 | )% | 27.00 | % | 31.31 | % | (52.61 | )% | ||||||||
Fund Market | (8.86 | ) | 26.38 | 5.44 | (8.89 | ) | 26.38 | 30.30 | (52.87 | ) | ||||||||||||
Index | (8.24 | ) | 27.11 | 5.85 | (8.65 | ) | 27.11 | 32.89 | (51.88 | ) |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 916.40 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION | |||
Country/Geographic Region | Percent of Total Investments | (a) | |
Canada | 50.9 | % | |
United States | 22.0 | ||
South Africa | 12.5 | ||
Australia | 8.7 | ||
Russia | 2.1 | ||
Peru | 1.6 | ||
United Kingdom | 1.5 | ||
Turkey | 0.7 |
TEN LARGEST HOLDINGS | |||
Security | Percent of Total Investments | (a) | |
Newmont Corp. | 20.9 | % | |
Barrick Gold Corp. | 19.4 | ||
Newcrest Mining Ltd. | 6.5 | ||
Agnico Eagle Mines Ltd. | 4.7 | ||
AngloGold Ashanti Ltd. | 4.4 | ||
Kinross Gold Corp. | 4.3 | ||
Kirkland Lake Gold Ltd. | 4.2 | ||
Gold Fields Ltd. | 3.4 | ||
Sibanye Stillwater Ltd. | 3.2 | ||
Yamana Gold Inc. | 2.7 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® MSCI Global Metals & Mining Producers ETF |
Investment Objective
The iShares 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 | |||||||||||||||||||||
Since | Since | |||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | ||||||||||||||||
Fund NAV | (5.67 | )% | (18.83 | )% | (1.25 | )% | (5.09 | )% | (18.83 | )% | (6.11 | )% | (34.45 | )% | ||||||||
Fund Market | (5.77 | ) | (18.81 | ) | (1.42 | ) | (5.13 | ) | (18.81 | ) | (6.88 | ) | (34.64 | ) | ||||||||
Index | (5.58 | ) | (18.74 | ) | (1.04 | ) | (4.96 | ) | (18.74 | ) | (5.10 | ) | (33.73 | ) |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 943.30 | $ | 1.88 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | |||
Sector | Percent of Total Investments | (a) | |
Diversified Metals & Mining | 53.4 | % | |
Steel | 32.9 | ||
Copper | 6.9 | ||
Aluminum | 4.0 | ||
Precious Metals & Minerals | 2.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION | |||
Country/Geographic Region | Percent of Total Investments | (a) | |
Australia | 26.8 | % | |
United Kingdom | 18.9 | ||
United States | 10.3 | ||
Brazil | 6.7 | ||
Japan | 6.5 | ||
Russia | 4.8 | ||
Canada | 3.2 | ||
South Korea | 3.1 | ||
China | 2.6 | ||
South Africa | 2.5 |
(a) | Excludes money market funds. |
6 | 2 0 2 0 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 29, 2020 | iShares® MSCI Global Silver and Metals Miners ETF |
Investment Objective
The iShares MSCI Global Silver and Metals Miners ETF (the “Fund”) (formerly the iShares MSCI Global Silver Miners ETF) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals 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 | |||||||||||||||||||||
Since | Since | |||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | ||||||||||||||||
Fund NAV | (13.29 | )%(a) | 2.84% | 1.21 | % | (10.14 | )% | 2.84 | % | 6.21 | % | (57.83 | )% | |||||||||
Fund Market | (13.26 | ) | 2.73 | 1.21 | (10.11 | ) | 2.73 | 6.21 | (57.74 | ) | ||||||||||||
Index | (13.56 | ) | 2.33 | 1.09 | (10.17 | ) | 2.33 | 5.58 | (57.98 | ) |
(a) | The NAV total return presented in the table for the six-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. |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | ||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Annualized | |||||||||||||||||||
Account Value | Account Value | Paid During | Account Value | Account Value | Paid During | Expense | |||||||||||||||||||
(09/01/19) | (02/29/20) | the Period | (a) | (09/01/19) | (02/29/20) | the Period | (a) | Ratio | |||||||||||||||||
$ | 1,000.00 | $ | 867.10 | $ | 1.81 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION | |||
Country/Geographic Region | Percent of Total Investments | (a) | |
Canada | 74.2 | % | |
United States | 11.3 | ||
South Africa | 4.6 | ||
Mexico | 3.3 | ||
Japan | 2.7 | ||
United Kingdom | 2.6 | ||
Other (each representing less than 1%) | 1.3 |
TEN LARGEST HOLDINGS | |||
Security | Percent of Total Investments | (a) | |
Wheaton Precious Metals Corp. | 23.2 | % | |
Pan American Silver Corp. | 11.1 | ||
Yamana Gold Inc. | 9.3 | ||
Harmony Gold Mining Co. Ltd. | 4.6 | ||
Newmont Corp. | 4.6 | ||
Eldorado Gold Corp. | 4.3 | ||
SSR Mining Inc. | 4.3 | ||
Hecla Mining Co. | 3.9 | ||
First Majestic Silver Corp. | 3.5 | ||
Industrias Penoles SAB de CV | 3.3 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 7 |
Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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.
8 | 2 0 2 0 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) | iShares® MSCI Global Agriculture Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||
Common Stocks | ||||||
Argentina — 0.2% | ||||||
Adecoagro SA(a) | 7,771 | $ | 50,822 | |||
Australia — 1.6% | ||||||
Australian Agricultural Co. Ltd.(a) | 24,149 | 17,127 | ||||
Costa Group Holdings Ltd. | 26,790 | 51,128 | ||||
Elders Ltd. | 10,488 | 52,339 | ||||
GrainCorp Ltd., Class A(a) | 16,264 | 81,792 | ||||
Inghams Group Ltd. | 22,648 | 50,524 | ||||
Nufarm Ltd./Australia(a) | 21,451 | 70,674 | ||||
Select Harvests Ltd. | 7,201 | 29,250 | ||||
Tassal Group Ltd. | 14,875 | 36,924 | ||||
389,758 | ||||||
Brazil — 0.5% | ||||||
Sao Martinho SA | 13,300 | 78,091 | ||||
SLC Agricola SA | 6,487 | 29,001 | ||||
107,092 | ||||||
Canada — 7.5% | ||||||
Ag Growth International Inc. | 1,425 | 41,051 | ||||
Nutrien Ltd. | 42,845 | 1,731,546 | ||||
Rogers Sugar Inc. | 7,866 | 28,948 | ||||
Village Farms International Inc.(a)(b) | 2,945 | 11,847 | ||||
1,813,392 | ||||||
China — 3.5% | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 20,900 | 20,481 | ||||
China Agri-Industries Holdings Ltd. | 171,200 | 92,926 | ||||
China BlueChemical Ltd., Class H | 138,000 | 26,208 | ||||
China Huishan Dairy Holdings Co. Ltd.(a)(c) | 295,050 | 568 | ||||
China Modern Dairy Holdings Ltd.(a) | 190,000 | 22,918 | ||||
COFCO Meat Holdings Ltd.(a) | 104,000 | 26,023 | ||||
Fujian Sunner Development Co. Ltd., Class A | 3,800 | 11,791 | ||||
Heilongjiang Agriculture Co. Ltd., Class A | 7,600 | 13,384 | ||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 11,400 | 55,449 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 26,600 | 110,012 | ||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 1,900 | 19,013 | ||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 11,400 | 24,658 | ||||
Muyuan Foodstuff Co. Ltd., Class A | 9,500 | 158,329 | ||||
New Hope Liuhe Co. Ltd., Class A | 19,000 | 65,778 | ||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 7,600 | 18,353 | ||||
Sinofert Holdings Ltd. | 152,000 | 15,214 | ||||
Tech-Bank Food Co. Ltd., Class A(a) | 5,700 | 7,950 | ||||
Tongwei Co. Ltd., Class A | 17,100 | 42,198 | ||||
Wens Foodstuffs Group Co. Ltd., Class A | 23,500 | 109,361 | ||||
Yuan Longping High-Tech Agriculture Co. Ltd., Class A | 5,700 | 13,479 | ||||
854,093 | ||||||
France — 0.1% | ||||||
Vilmorin & Cie SA | 494 | 21,787 | ||||
Germany — 1.0% | ||||||
K+S AG, Registered(b) | 14,231 | 115,521 | ||||
KWS Saat SE & Co. KGaA | 874 | 48,962 | ||||
Suedzucker AG | 5,358 | 82,809 | ||||
247,292 | ||||||
Hong Kong — 3.3% | ||||||
Ausnutria Dairy Corp. Ltd. | 41,000 | 66,184 | ||||
WH Group Ltd.(d) | 712,500 | 724,107 | ||||
790,291 |
Security | Shares | Value | ||||
India — 2.6% | ||||||
Balrampur Chini Mills Ltd. | 8,987 | $17,783 | ||||
Bayer CropScience Ltd./India | 785 | 47,666 | ||||
Chambal Fertilizers and Chemicals Ltd. | 7,448 | 14,541 | ||||
Coromandel International Ltd. | 5,111 | 43,590 | ||||
EID Parry India Ltd. | 4,446 | 11,607 | ||||
Escorts Ltd. | 4,104 | 44,362 | ||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 3,135 | 6,770 | ||||
Kaveri Seed Co. Ltd. | 1,919 | 11,397 | ||||
KRBL Ltd. | 3,477 | 12,038 | ||||
Rallis India Ltd. | 4,009 | 12,441 | ||||
Tata Consumer Products Ltd. | 22,211 | 106,535 | ||||
UPL Ltd. | 39,748 | 286,237 | ||||
Venky's India Ltd. | 304 | 5,163 | ||||
620,130 | ||||||
Indonesia — 1.2% | ||||||
Charoen Pokphand Indonesia Tbk PT | 554,800 | 220,412 | ||||
Inti Agri Resources Tbk PT(a)(c) | 2,230,700 | 6,460 | ||||
Japfa Comfeed Indonesia Tbk PT | 262,200 | 25,585 | ||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT. | 222,300 | 15,029 | ||||
Sawit Sumbermas Sarana Tbk PT | 216,600 | 12,228 | ||||
Tunas Baru Lampung Tbk PT. | 171,000 | 7,330 | ||||
287,044 | ||||||
Ireland — 0.1% | ||||||
Origin Enterprises PLC | 9,348 | 28,751 | ||||
Israel — 1.0% | ||||||
Israel Chemicals Ltd. | 52,763 | 195,402 | ||||
Israel Corp. Ltd. (The)(a) | 285 | 40,014 | ||||
235,416 | ||||||
Italy — 2.9% | ||||||
CNH Industrial NV | 75,848 | 695,682 | ||||
Japan — 6.7% | ||||||
Chubu Shiryo Co. Ltd. | 1,000 | 13,202 | ||||
Hokuto Corp. | 1,900 | 32,376 | ||||
Iseki & Co. Ltd. | 700 | 7,476 | ||||
Kubota Corp. | 77,900 | 1,099,909 | ||||
Kumiai Chemical Industry Co. Ltd. | 6,200 | 41,672 | ||||
Maruha Nichiro Corp. | 3,300 | 69,326 | ||||
Mitsui Sugar Co. Ltd. | 1,300 | 22,887 | ||||
NH Foods Ltd. | 6,600 | 249,033 | ||||
Nihon Nohyaku Co. Ltd. | 1,900 | 8,895 | ||||
Sakata Seed Corp. | 2,200 | 61,290 | ||||
YAMABIKO Corp. | 2,600 | 20,971 | ||||
1,627,037 | ||||||
Malaysia — 2.8% | ||||||
FGV Holdings Bhd(a) | 119,700 | 32,374 | ||||
Genting Plantations Bhd. | 19,000 | 45,167 | ||||
IOI Corp. Bhd | 142,500 | 140,979 | ||||
Kuala Lumpur Kepong Bhd | 32,300 | 167,362 | ||||
Leong Hup International Berhad | 79,800 | 13,253 | ||||
QL Resources Bhd | 49,405 | 95,645 | ||||
Sime Darby Plantation Bhd | 155,800 | 183,338 | ||||
678,118 | ||||||
Netherlands — 0.5% | ||||||
ForFarmers NV | 2,964 | 17,907 | ||||
OCI NV(a) | 6,270 | 104,377 | ||||
122,284 |
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) | iShares® MSCI Global Agriculture Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | |||||
Norway — 7.6% | |||||||
Austevoll Seafood ASA | 6,802 | $ | 59,461 | ||||
Bakkafrost P/F | 3,724 | 232,558 | |||||
Grieg Seafood ASA | 3,762 | 47,542 | |||||
Leroy Seafood Group ASA | 22,420 | 135,915 | |||||
Mowi ASA | 32,775 | 684,961 | |||||
Norway Royal Salmon ASA | 960 | 21,751 | |||||
Salmar ASA | 4,218 | 187,303 | |||||
Yara International ASA | 13,262 | 477,453 | |||||
1,846,944 | |||||||
Pakistan — 0.4% | |||||||
Engro Corp. Ltd./Pakistan | 23,220 | 46,635 | |||||
Engro Fertilizers Ltd. | 38,467 | 15,745 | |||||
Fauji Fertilizer Co. Ltd. | 40,100 | 26,869 | |||||
Millat Tractors Ltd. | 2,565 | 11,016 | |||||
100,265 | |||||||
Poland — 0.1% | |||||||
Grupa Azoty SA(a) | 3,382 | 17,448 | |||||
Russia — 0.4% | |||||||
PhosAgro PJSC, GDR(e) | 8,607 | 94,763 | |||||
Saudi Arabia — 2.0% | |||||||
Almarai Co. JSC | 18,829 | 229,873 | |||||
National Agriculture Development Co. (The)(a) | 3,040 | 20,907 | |||||
Saudi Arabian Fertilizer Co. | 12,521 | 224,286 | |||||
475,066 | |||||||
Singapore — 2.3% | |||||||
Bumitama Agri Ltd. | 26,600 | 11,149 | |||||
China XLX Fertiliser Ltd. | 38,000 | 11,703 | |||||
First Resources Ltd.(b) | 39,900 | 45,455 | |||||
Golden Agri-Resources Ltd. | 476,900 | 68,338 | |||||
Japfa Ltd. | 33,440 | 13,417 | |||||
Wilmar International Ltd. | 144,400 | 410,739 | |||||
560,801 | |||||||
South Africa — 0.2% | |||||||
Astral Foods Ltd. | 2,888 | 34,458 | |||||
Oceana Group Ltd. | 5,795 | 20,150 | |||||
Tongaat Hulett Ltd.(a) | 10,038 | 2,067 | |||||
56,675 | |||||||
South Korea — 0.2% | |||||||
Dongwon Industries Co. Ltd. | 114 | 18,398 | |||||
Easy Bio Inc.(a)(b) | 2,812 | 10,303 | |||||
Harim Holdings Co. Ltd. | 2,204 | 12,812 | |||||
Namhae Chemical Corp.(a) | 1,862 | 10,640 | |||||
52,153 | |||||||
Sweden — 0.1% | |||||||
Scandi Standard AB | 3,686 | 23,952 | |||||
Taiwan — 0.5% | |||||||
Charoen Pokphand Enterprise | 13,000 | 26,705 | |||||
Taiwan Fertilizer Co. Ltd. | 57,000 | 90,358 | |||||
117,063 | |||||||
Thailand — 1.1% | |||||||
Charoen Pokphand Foods PCL, NVDR | 288,800 | 244,823 | |||||
GFPT PCL, NVDR | 41,800 | 14,174 | |||||
Khon Kaen Sugar Industry PCL, NVDR | 138,754 | 9,322 | |||||
268,319 | |||||||
United Kingdom — 0.8% | |||||||
Cranswick PLC | 3,895 | 165,670 |
Security | Shares | Value | ||||
United Kingdom (continued) | ||||||
Sirius Minerals PLC(a)(b) | 528,105 | $ | 29,977 | |||
195,647 | ||||||
United States — 47.6% | ||||||
AGCO Corp. | 4,788 | 289,339 | ||||
American Vanguard Corp. | 2,071 | 31,583 | ||||
Archer-Daniels-Midland Co. | 41,648 | 1,568,047 | ||||
Bunge Ltd. | 10,564 | 495,980 | ||||
Cal-Maine Foods Inc.(b) | 2,318 | 80,875 | ||||
CF Industries Holdings Inc. | 16,226 | 598,090 | ||||
Corteva Inc.(a) | 55,936 | 1,521,459 | ||||
Darling Ingredients Inc.(a) | 12,255 | 314,953 | ||||
Deere & Co. | 22,363 | 3,499,362 | ||||
FMC Corp. | 9,690 | 902,139 | ||||
Fresh Del Monte Produce Inc. | 2,337 | 64,081 | ||||
Ingredion Inc. | 4,997 | 416,250 | ||||
Intrepid Potash Inc.(a) | 7,429 | 13,149 | ||||
Lindsay Corp. | 817 | 80,907 | ||||
Mosaic Co. (The). | 26,866 | 457,528 | ||||
Pilgrim's Pride Corp.(a)(b) | 4,693 | 99,304 | ||||
Sanderson Farms Inc. | 1,501 | 185,464 | ||||
Scotts Miracle-Gro Co. (The) | 3,135 | 332,279 | ||||
Toro Co. (The) | 7,961 | 568,654 | ||||
11,519,443 | ||||||
Total Common Stocks — 98.8% (Cost: $26,057,473) | 23,897,528 | |||||
Preferred Stocks | ||||||
Chile — 0.9% | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 8,569 | 224,125 | ||||
Total Preferred Stocks — 0.9% (Cost: $255,789) | 224,125 | |||||
Short-Term Investments | ||||||
Money Market Funds — 1.3% | ||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(f)(g)(h) | 285,033 | 285,233 | ||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(f)(g) | 30,000 | 30,000 | ||||
315,233 | ||||||
Total Short-Term Investments — 1.3% (Cost: $315,134) | 315,233 | |||||
Total Investments in Securities — 101.0% (Cost: $26,628,396) | 24,436,886 | |||||
Other Assets, Less Liabilities — (1.0)% | (245,209 | ) | ||||
Net Assets — 100.0% | $ | 24,191,677 |
(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) | 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. |
10 | 2 0 2 0 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) | iShares® MSCI Global Agriculture Producers ETF |
February 29, 2020 |
(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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 327,331 | (42,298 | ) | 285,033 | $ | 285,233 | $ | 3,168 | (b) | $ | 6 | $ | 72 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 21,000 | 9,000 | 30,000 | 30,000 | 237 | — | — | |||||||||||||||||||||
$ | 315,233 | $ | 3,405 | $ | 6 | $ | 72 |
(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 29, 2020. 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 | $ | 23,890,500 | $ | — | $ | 7,028 | $ | 23,897,528 | ||||||||
Preferred Stocks | 224,125 | — | — | 224,125 | ||||||||||||
Money Market Funds | 315,233 | — | — | 315,233 | ||||||||||||
$ | 24,429,858 | $ | — | $ | 7,028 | $ | 24,436,886 |
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 |
Schedule of Investments (unaudited) | iShares® MSCI Global Energy Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 0.1% | ||||||||
YPF SA, ADR | 3,626 | $ | 28,972 | |||||
Australia — 2.1% | ||||||||
Beach Energy Ltd. | 37,176 | 42,066 | ||||||
Cooper Energy Ltd.(a) | 34,700 | 10,851 | ||||||
New Hope Corp. Ltd. | 6,776 | 6,313 | ||||||
Oil Search Ltd. | 29,600 | 104,774 | ||||||
Santos Ltd. | 38,450 | 169,320 | ||||||
Senex Energy Ltd.(a) | 30,076 | 4,848 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 2,626 | 33,050 | ||||||
Whitehaven Coal Ltd. | 15,076 | 19,440 | ||||||
Woodside Petroleum Ltd. | 20,350 | 366,329 | ||||||
756,991 | ||||||||
Austria — 0.4% | ||||||||
OMV AG. | 3,226 | 134,125 | ||||||
Brazil — 1.4% | ||||||||
Dommo Energia SA(a) | 2,160 | 622 | ||||||
Enauta Participacoes SA | 2,600 | 7,659 | ||||||
Petro Rio SA(a) | 2,600 | 22,706 | ||||||
Petroleo Brasileiro SA | 80,000 | 481,420 | ||||||
512,407 | ||||||||
Canada — 6.6% | ||||||||
Advantage Oil & Gas Ltd.(a) | 4,076 | 6,134 | ||||||
ARC Resources Ltd. | 7,600 | 33,064 | ||||||
Baytex Energy Corp.(a) | .11,300 | 10,438 | ||||||
Birchcliff Energy Ltd. | 5,650 | 6,356 | ||||||
Cameco Corp. | 8,676 | 75,039 | ||||||
Canacol Energy Ltd. | 2,676 | 8,532 | ||||||
Canadian Natural Resources Ltd. | 25,600 | 658,904 | ||||||
Cenovus Energy Inc. | 22,776 | 167,467 | ||||||
Crescent Point Energy Corp. | 11,800 | 32,086 | ||||||
Enerplus Corp. | 5,250 | 22,801 | ||||||
Freehold Royalties Ltd. | 2,150 | 9,642 | ||||||
Frontera Energy Corp. | 1,526 | 8,628 | ||||||
Husky Energy Inc. | 7,826 | 37,254 | ||||||
Imperial Oil Ltd. | 5,800 | 126,988 | ||||||
Kelt Exploration Ltd.(a) | 3,157 | 7,526 | ||||||
MEG Energy Corp.(a)(b) | 5,276 | 24,290 | ||||||
NexGen Energy Ltd.(a) | 5,250 | 4,654 | ||||||
NuVista Energy Ltd.(a) | 4,250 | 6,269 | ||||||
Paramount Resources Ltd., Class A(a) | 1,250 | 3,986 | ||||||
Parex Resources Inc.(a) | .3,150 | 43,084 | ||||||
Peyto Exploration & Development Corp. | 3,576 | 5,861 | ||||||
PrairieSky Royalty Ltd. | 4,776 | 44,296 | ||||||
Seven Generations Energy Ltd., Class A(a) | 6,276 | 25,808 | ||||||
Suncor Energy Inc. | 33,400 | 920,376 | ||||||
Surge Energy Inc.(b) | 6,800 | 4,407 | ||||||
Tamarack Valley Energy Ltd.(a) | 4,126 | 3,965 | ||||||
TORC Oil & Gas Ltd. | 3,576 | 8,711 | ||||||
Tourmaline Oil Corp. | 5,676 | 47,147 | ||||||
Vermilion Energy Inc. | 3,300 | 33,090 | ||||||
Whitecap Resources Inc. | 8,826 | 25,906 | ||||||
2,412,709 | ||||||||
China — 2.7% | ||||||||
China Coal Energy Co. Ltd., Class H | 22,000 | 7,114 | ||||||
China Shenhua Energy Co. Ltd., Class A | 5,000 | 11,445 | ||||||
China Shenhua Energy Co. Ltd., Class H | 75,000 | 130,116 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CNOOC Ltd. | 400,000 | $ | 548,181 | |||||
Guanghui Energy Co. Ltd., Class A | 15,000 | 6,094 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 25,000 | 17,150 | ||||||
PetroChina Co. Ltd., Class A. | 20,000 | 14,506 | ||||||
PetroChina Co. Ltd., Class H | 472,000 | 182,912 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 7,600 | 8,589 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A(a) | 5,000 | 1,366 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 5,000 | 4,335 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 5,000 | 5,965 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A. | 5,000 | 3,619 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | .5,000 | 6,345 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 34,000 | 25,784 | ||||||
973,521 | ||||||||
Colombia — 0.3% | ||||||||
Ecopetrol SA. | 109,276 | 95,657 | ||||||
Finland — 1.0% | ||||||||
Neste OYJ. | 9,250 | 362,329 | ||||||
France — 6.0% | ||||||||
Etablissements Maurel et Prom SA | 976 | 2,450 | ||||||
TOTAL SA | 52,150 | 2,198,565 | ||||||
2,201,015 | ||||||||
Greece — 0.1% | ||||||||
Motor Oil Hellas Corinth Refineries SA | 1,323 | 21,508 | ||||||
Hong Kong — 0.0% | ||||||||
Agritrade Resources Ltd.(b) | 60,000 | 1,509 | ||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas PLC | 8,800 | 67,678 | ||||||
India — 4.0% | ||||||||
Bharat Petroleum Corp. Ltd. | 14,550 | 85,958 | ||||||
Coal India Ltd. | 28,100 | 65,570 | ||||||
Hindustan Petroleum Corp. Ltd. | 13,526 | 37,026 | ||||||
Indian Oil Corp. Ltd. | 42,000 | 61,544 | ||||||
Oil & Natural Gas Corp. Ltd. | 54,500 | 69,440 | ||||||
Oil India Ltd. | 5,326 | 7,970 | ||||||
Reliance Industries Ltd. | 25,700 | 473,154 | ||||||
Reliance Industries Ltd., GDR(c) | 18,250 | 663,388 | ||||||
1,464,050 | ||||||||
Indonesia — 0.3% | ||||||||
Adaro Energy Tbk PT | 305,000 | 24,553 | ||||||
Alfa Energi Investama Tbk PT(a) | 17,600 | 116 | ||||||
Bukit Asam Tbk PT | 62,600 | 9,773 | ||||||
Bumi Resources Tbk PT(a) | 1,210,000 | 4,217 | ||||||
Indika Energy Tbk PT | 35,000 | 1,830 | ||||||
Indo Tambangraya Megah Tbk PT | 10,000 | 7,876 | ||||||
Medco Energi Internasional Tbk PT(a) | 130,066 | 5,711 | ||||||
Sugih Energy Tbk PT(a)(d) | 206,700 | 58 | ||||||
United Tractors Tbk PT | 37,600 | 43,503 | ||||||
97,637 | ||||||||
Israel — 0.1% | ||||||||
Equital Ltd.(a) | 367 | 8,851 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 577 | 2,394 | ||||||
Oil Refineries Ltd. | 39,126 | 13,224 | ||||||
Paz Oil Co. Ltd. | 250 | 27,382 | ||||||
51,851 |
12 | 2 0 2 0 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) | iShares® MSCI Global Energy Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Italy — 1.9% | ||||||||
Eni SpA | 55,500 | $ | 680,236 | |||||
Saras SpA | 12,600 | 14,740 | ||||||
694,976 | ||||||||
Japan — 1.6% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 1,236 | 20,649 | ||||||
Idemitsu Kosan Co. Ltd. | 4,268 | 105,172 | ||||||
Inpex Corp. | 22,600 | 195,462 | ||||||
Japan Petroleum Exploration Co. Ltd. | 700 | 14,997 | ||||||
JXTG Holdings Inc. | 65,000 | 261,531 | ||||||
597,811 | ||||||||
Malaysia — 0.0% | ||||||||
Hengyuan Refining Co. Bhd(a) | 2,600 | 2,215 | ||||||
Hibiscus Petroleum Bhd(a) | 22,600 | 4,021 | ||||||
Petron Malaysia Refining & Marketing Bhd | 2,600 | 2,831 | ||||||
9,067 | ||||||||
New Zealand — 0.0% | ||||||||
New Zealand Refining Co. Ltd. (The) | 4,126 | 3,122 | ||||||
Norway — 1.1% | ||||||||
Aker BP ASA | 2,400 | 56,175 | ||||||
BW Energy Ltd.(a) | 1,000 | 1,798 | ||||||
DNO ASA | 12,750 | 8,693 | ||||||
Equinor ASA | 21,700 | 323,605 | ||||||
390,271 | ||||||||
Pakistan — 0.0% | ||||||||
Oil & Gas Development Co. Ltd. | 12,600 | 9,589 | ||||||
Pakistan Oilfields Ltd. | 3,011 | 7,192 | ||||||
16,781 | ||||||||
Philippines — 0.0% | ||||||||
Petron Corp. | 100,100 | 6,598 | ||||||
Pilipinas Shell Petroleum Corp. | 5,000 | 2,555 | ||||||
Semirara Mining & Power Corp. | 20,000 | 7,612 | ||||||
16,765 | ||||||||
Poland — 0.4% | ||||||||
Grupa Lotos SA | 1,950 | 29,408 | ||||||
Lubelski Wegiel Bogdanka SA | 184 | 768 | ||||||
Polski Koncern Naftowy ORLEN SA | 6,576 | 97,805 | ||||||
127,981 | ||||||||
Portugal — 0.4% | ||||||||
Galp Energia SGPS SA | 10,800 | 146,749 | ||||||
Russia — 4.4% | ||||||||
LUKOIL PJSC | 9,000 | 763,326 | ||||||
Novatek PJSC, GDR(e) | 2,000 | 286,600 | ||||||
Rosneft Oil Co. PJSC | 12,500 | 75,037 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 12,600 | 76,230 | ||||||
Surgutneftegas PJSC | 115,000 | 65,774 | ||||||
Surgutneftegas PJSC, ADR | 3,976 | 22,663 | ||||||
Tatneft PJSC | 32,800 | 327,805 | ||||||
1,617,435 | ||||||||
Saudi Arabia — 0.7% | ||||||||
Rabigh Refining & Petrochemical Co.(a) | 4,800 | 20,088 | ||||||
Saudi Arabian Oil Co.(a)(c) | 25,500 | 226,689 | ||||||
246,777 | ||||||||
South Africa — 0.1% | ||||||||
Exxaro Resources Ltd. | 5,750 | 40,937 | ||||||
South Korea — 0.5% | ||||||||
SK Innovation Co. Ltd. | 1,200 | 111,651 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
S-Oil Corp. | 1,000 | $ | 54,837 | |||||
166,488 | ||||||||
Spain — 0.9% | ||||||||
Repsol SA | 30,800 | 342,721 | ||||||
Sweden — 0.3% | ||||||||
Lundin Petroleum AB | 4,000 | 111,066 | ||||||
Thailand — 0.5% | ||||||||
Bangchak Corp. PCL, NVDR | 25,000 | 19,014 | ||||||
Banpu PCL, NVDR. | 100,000 | 22,500 | ||||||
Esso Thailand PCL, NVDR | 25,000 | 4,754 | ||||||
IRPC PCL, NVDR | 260,000 | 18,127 | ||||||
PTT Exploration & Production PCL, NVDR | 30,031 | 100,881 | ||||||
Thai Oil PCL, NVDR(b) | 25,000 | 34,266 | ||||||
199,542 | ||||||||
Turkey — 0.1% | ||||||||
Tupras Turkiye Petrol Rafinerileri AS | 2,700 | 43,767 | ||||||
United Arab Emirates — 0.1% | ||||||||
Dana Gas PJSC | 78,376 | 18,672 | ||||||
United Kingdom — 16.4% | ||||||||
Anglo Pacific Group PLC | 3,100 | 5,128 | ||||||
BP PLC | 440,900 | 2,230,966 | ||||||
Cairn Energy PLC(a) | 12,726 | 22,611 | ||||||
Diversified Gas & Oil PLC | 13,000 | 13,217 | ||||||
EnQuest PLC(a) | 34,400 | 8,788 | ||||||
Gulf Keystone Petroleum Ltd. | 4,400 | 8,329 | ||||||
Hurricane Energy PLC(a)(b) | 34,276 | 6,479 | ||||||
Pharos Energy PLC | 3,800 | 1,485 | ||||||
Premier Oil PLC(a)(b) | 17,700 | 17,553 | ||||||
Royal Dutch Shell PLC, Class A | 91,300 | 1,937,484 | ||||||
Royal Dutch Shell PLC, Class B | 80,850 | 1,717,996 | ||||||
Serica Energy PLC(a) | 3,750 | 4,689 | ||||||
Tullow Oil PLC | 29,726 | 12,796 | ||||||
5,987,521 | ||||||||
United States — 42.8% | ||||||||
Antero Resources Corp.(a)(b) | 5,200 | 8,320 | ||||||
Apache Corp. | 8,200 | 204,344 | ||||||
Arch Coal Inc., Class A | 350 | 17,623 | ||||||
Berry Corp. | 1,276 | 8,128 | ||||||
Bonanza Creek Energy Inc.(a)(b). | 350 | 5,702 | ||||||
Brigham Minerals Inc., Class A. | 500 | 7,975 | ||||||
Cabot Oil & Gas Corp. | 8,850 | 123,280 | ||||||
California Resources Corp.(a)(b) | 976 | 6,198 | ||||||
Callon Petroleum Co.(a) | 8,601 | 19,524 | ||||||
Centennial Resource Development Inc./DE, Class A(a)(b) | 3,976 | 9,423 | ||||||
Chesapeake Energy Corp.(a)(b) | 37,550 | 10,326 | ||||||
Chevron Corp. | 41,100 | 3,836,274 | ||||||
Cimarex Energy Co. | 2,100 | 69,405 | ||||||
CNX Resources Corp.(a) | 4,176 | 22,175 | ||||||
Concho Resources Inc. | 4,400 | 299,288 | ||||||
ConocoPhillips | 23,700 | 1,147,554 | ||||||
CONSOL Energy Inc.(a) | 550 | 3,130 | ||||||
Continental Resources Inc./OK | 2,026 | 38,393 | ||||||
Contura Energy Inc.(a)(b) | 376 | 2,139 | ||||||
CVR Energy Inc. | 650 | 18,473 | ||||||
Delek U.S. Holdings Inc. | 1,650 | 35,277 | ||||||
Denbury Resources Inc.(a)(b) | 9,926 | 7,468 | ||||||
Devon Energy Corp. | 8,250 | 133,980 |
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) | iShares® MSCI Global Energy Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Diamondback Energy Inc. | 3,350 | $ | 207,700 | |||||
EOG Resources Inc. | 12,650 | 800,239 | ||||||
EQT Corp. | 5,450 | 31,991 | ||||||
Extraction Oil & Gas Inc.(a) | 1,150 | 792 | ||||||
Exxon Mobil Corp. | 92,050 | 4,735,052 | ||||||
Gran Tierra Energy Inc.(a)(b) | 8,076 | 6,194 | ||||||
Gulfport Energy Corp.(a)(b) | 3,426 | 2,808 | ||||||
Hess Corp. | 5,976 | 335,732 | ||||||
HollyFrontier Corp. | 3,350 | 112,828 | ||||||
Kosmos Energy Ltd. | 6,050 | 18,453 | ||||||
Laredo Petroleum Inc.(a)(b) | 3,450 | 3,726 | ||||||
Magnolia Oil & Gas Corp., Class A(a)(b) | 2,426 | 18,219 | ||||||
Marathon Oil Corp. | 17,676 | 146,357 | ||||||
Marathon Petroleum Corp. | 14,100 | 668,622 | ||||||
Matador Resources Co.(a)(b) | 2,426 | 23,387 | ||||||
Murphy Oil Corp. | 3,350 | 63,147 | ||||||
NACCO Industries Inc., Class A. | 50 | 2,061 | ||||||
Noble Energy Inc. | 10,450 | 165,423 | ||||||
Northern Oil and Gas Inc.(a) | 4,476 | 6,490 | ||||||
Oasis Petroleum Inc.(a)(b) | 5,876 | 9,607 | ||||||
Occidental Petroleum Corp. | 19,400 | 635,156 | ||||||
Ovintiv Inc. | 5,700 | 65,860 | ||||||
Par Pacific Holdings Inc.(a). | 650 | 10,784 | ||||||
Parsley Energy Inc., Class A | 6,600 | 88,440 | ||||||
PBF Energy Inc., Class A | 2,450 | 54,855 | ||||||
PDC Energy Inc.(a)(b) | 2,163 | 41,162 | ||||||
Peabody Energy Corp. | 1,476 | 8,620 | ||||||
Penn Virginia Corp.(a) | 250 | 3,975 | ||||||
Pioneer Natural Resources Co. | 3,626 | 445,200 | ||||||
QEP Resources Inc. | 5,100 | 11,475 | ||||||
Range Resources Corp. | 4,776 | 13,230 | ||||||
SM Energy Co. | 2,326 | 15,282 | ||||||
Southwestern Energy Co.(a)(b) | 10,976 | 15,586 | ||||||
Talos Energy Inc.(a)(b). | 476 | 6,759 | ||||||
Tellurian Inc.(a)(b) | 2,050 | 3,690 | ||||||
Texas Pacific Land Trust. | 139 | 96,716 | ||||||
Valero Energy Corp. | 8,950 | 592,937 | ||||||
Viper Energy Partners LP | 1,250 | 22,288 | ||||||
W&T Offshore Inc.(a) | 2,026 | 5,268 | ||||||
Whiting Petroleum Corp.(a) | 1,962 | 3,630 | ||||||
WPX Energy Inc.(a) | 9,200 | 85,836 | ||||||
15,619,976 | ||||||||
Total Common Stocks — 97.5% | ||||||||
(Cost: $50,631,094) | 35,580,384 |
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Brazil — 1.4% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 91,737 | $ | 515,248 | |||||
Russia — 0.2% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 150,000 | 73,147 | ||||||
Total Preferred Stocks — 1.6% | ||||||||
(Cost: $465,464) | 588,395 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(f)(g)(h) | 240,040 | 240,208 | ||||||
Total Short-Term Investments — 0.7% | ||||||||
(Cost: $240,105) | 240,208 | |||||||
Total Investments in Securities — 99.8% | ||||||||
(Cost: $51,336,663) | 36,408,987 | |||||||
Other Assets, Less Liabilities — 0.2% | 84,746 | |||||||
Net Assets — 100.0% | $ | 36,493,733 |
(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) | 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. |
14 | 2 0 2 0 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) | iShares® MSCI Global Energy Producers ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 792,223 | (552,183 | ) | 240,040 | $ | 240,208 | $ | 3,666 | (b) | $ | (43 | ) | $ | 67 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 91,000 | (91,000 | ) | — | — | 666 | — | — | ||||||||||||||||||||
$ | 240,208 | $ | 4,332 | $ | (43 | ) | $ | 67 |
(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 | ||||||||||||||||
E-mini S&P Select Sector Energy Index | 7 | 03/20/20 | $ | 329 | $ | (61,505 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 61,505 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 3,149 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (61,505 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 220,182 |
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 | 15 |
Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Energy Producers ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 35,580,326 | $ | — | $ | 58 | $ | 35,580,384 | ||||||||
Preferred Stocks | 588,395 | — | — | 588,395 | ||||||||||||
Money Market Funds | 240,208 | — | — | 240,208 | ||||||||||||
$ | 36,408,929 | $ | — | $ | 58 | $ | 36,408,987 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (61,505 | ) | $ | — | $ | — | $ | (61,505 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
16 | 2 0 2 0 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) | iShares® MSCI Global Gold Miners ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 8.7% | ||||||||
Newcrest Mining Ltd. | 1,460,091 | $ | 24,758,650 | |||||
Resolute Mining Ltd.(a)(b) | 3,694,176 | 2,429,456 | ||||||
St. Barbara Ltd. | 2,284,117 | 3,460,808 | ||||||
Westgold Resources Ltd.(a) | 1,845,192 | 2,415,065 | ||||||
33,063,979 | ||||||||
Canada — 50.7% | ||||||||
Agnico Eagle Mines Ltd. | 379,056 | 17,984,934 | ||||||
Alacer Gold Corp.(a) | 994,722 | 4,498,054 | ||||||
Alamos Gold Inc., Class A | 1,158,771 | 6,741,909 | ||||||
B2Gold Corp. | 2,510,427 | 10,024,128 | ||||||
Barrick Gold Corp. | 3,859,815 | 73,610,656 | ||||||
Centerra Gold Inc.(a) | 699,009 | 4,415,835 | ||||||
China Gold International Resources Corp. Ltd.(a) | 1,429,197 | 1,117,933 | ||||||
Eldorado Gold Corp.(a) | 565,854 | 4,910,939 | ||||||
Endeavour Mining Corp.(a) | 242,212 | 4,276,399 | ||||||
IAMGOLD Corp.(a) | 1,415,115 | 4,027,071 | ||||||
Kinross Gold Corp.(a) | 3,277,657 | 16,481,681 | ||||||
Kirkland Lake Gold Ltd. | 493,433 | 15,912,925 | ||||||
Leagold Mining Corp.(a) | 492,937 | 1,193,463 | ||||||
New Gold Inc.(a) | 2,934,325 | 2,251,540 | ||||||
Premier Gold Mines Ltd.(a). | 1,113,521 | 1,028,619 | ||||||
SEMAFO Inc.(a) | 1,242,156 | 2,461,456 | ||||||
SSR Mining Inc.(a) | 361,142 | 5,649,780 | ||||||
TMAC Resources Inc.(a) | 370,211 | 441,269 | ||||||
Torex Gold Resources Inc.(a) | 294,413 | 3,899,626 | ||||||
Wesdome Gold Mines Ltd.(a) | 387,614 | 2,465,991 | ||||||
Yamana Gold Inc. | 2,658,503 | 10,357,933 | ||||||
193,752,141 | ||||||||
Peru — 1.6% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 545,233 | 6,079,348 | ||||||
Russia — 2.1% | ||||||||
Polymetal International PLC | 529,681 | 8,078,149 | ||||||
South Africa — 12.4% | ||||||||
AngloGold Ashanti Ltd. | 943,522 | 16,659,702 | ||||||
Gold Fields Ltd. | 2,211,233 | 12,962,522 | ||||||
Harmony Gold Mining Co. Ltd.(a) | 1,600,431 | 5,651,333 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Sibanye Stillwater Ltd.(a)(b) | 6,101,323 | $ | 12,205,361 | |||||
47,478,918 | ||||||||
Turkey — 0.7% | ||||||||
Koza Altin Isletmeleri AS(a) | 227,600 | 2,658,687 | ||||||
United Kingdom — 1.5% | ||||||||
Centamin PLC | 3,500,908 | 5,766,273 | ||||||
United States — 21.9% | ||||||||
Coeur Mining Inc.(a)(b) | 642,563 | 2,673,062 | ||||||
McEwen Mining Inc.(a) | 1,516,347 | 1,364,712 | ||||||
Newmont Corp. | 1,782,614 | 79,558,063 | ||||||
83,595,837 | ||||||||
Total Common Stocks — 99.6% | ||||||||
(Cost: $387,383,982) | 380,473,332 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(c)(d)(e) | 2,542,157 | 2,543,937 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(c)(d) | 90,000 | 90,000 | ||||||
2,633,937 | ||||||||
Total Short-Term Investments — 0.7% | ||||||||
(Cost: $2,632,733) | 2,633,937 | |||||||
Total Investments in Securities — 100.3% | ||||||||
(Cost: $390,016,715) | 383,107,269 | |||||||
Other Assets, Less Liabilities — (0.3)%. | (1,152,624 | ) | ||||||
Net Assets — 100.0%. | $ | 381,954,645 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 10,240,200 | (7,698,043 | ) | 2,542,157 | $ | 2,543,937 | $ | 48,097 | (b) | $ | 485 | $ | 373 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 98,000 | (8,000 | ) | 90,000 | 90,000 | 1,821 | — | — | ||||||||||||||||||||
$ | 2,633,937 | $ | 49,918 | $ | 485 | $ | 373 |
(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.
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) | iShares® MSCI Global Gold Miners ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 380,473,332 | $ | — | $ | — | $ | 380,473,332 | ||||||||
Money Market Funds | 2,633,937 | — | — | 2,633,937 | ||||||||||||
$ | 383,107,269 | $ | — | $ | — | $ | 383,107,269 |
See notes to financial statements.
18 | 2 0 2 0 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) | iShares® MSCI Global Metals & Mining Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 26.7% | ||||||||
Alumina Ltd. | 760,349 | $ | 951,056 | |||||
BHP Group Ltd. | 914,537 | 19,812,160 | ||||||
BHP Group PLC | 654,576 | 11,859,106 | ||||||
BlueScope Steel Ltd. | 158,808 | 1,210,267 | ||||||
Fortescue Metals Group Ltd. | 429,156 | 2,789,119 | ||||||
Galaxy Resources Ltd.(a)(b) | 122,152 | 70,094 | ||||||
IGO Ltd. | 159,120 | 540,663 | ||||||
Iluka Resources Ltd. | 130,104 | 699,597 | ||||||
Jupiter Mines Ltd. | 418,392 | 64,742 | ||||||
Lynas Corp. Ltd.(a) | 200,928 | 239,017 | ||||||
Mineral Resources Ltd. | 51,792 | 552,652 | ||||||
Mount Gibson Iron Ltd. | 125,268 | 55,729 | ||||||
Orocobre Ltd.(a)(b) | 64,740 | 112,701 | ||||||
OZ Minerals Ltd. | 100,559 | 583,519 | ||||||
Perenti Global Ltd. | 192,660 | 167,694 | ||||||
Pilbara Minerals Ltd.(a)(b) | 437,424 | 70,507 | ||||||
Rio Tinto Ltd. | 114,972 | 6,469,167 | ||||||
Sandfire Resources Ltd. | 52,260 | 143,539 | ||||||
Sims Ltd. | 54,444 | 336,635 | ||||||
South32 Ltd. | 1,546,428 | 2,213,472 | ||||||
Western Areas Ltd. | 81,588 | 127,301 | ||||||
49,068,737 | ||||||||
Austria — 0.4% | ||||||||
voestalpine AG | 36,972 | 803,303 | ||||||
Belgium — 0.1% | ||||||||
Bekaert SA | 11,856 | 253,822 | ||||||
Brazil — 5.5% | ||||||||
Cia. Siderurgica Nacional SA | 187,200 | 463,887 | ||||||
Vale SA | 973,388 | 9,559,878 | ||||||
10,023,765 | ||||||||
Canada — 3.2% | ||||||||
Altius Minerals Corp. | 14,664 | 99,737 | ||||||
ERO Copper Corp.(a)(b) | 19,812 | 212,385 | ||||||
First Quantum Minerals Ltd. | 213,876 | 1,580,549 | ||||||
Hudbay Minerals Inc. | 76,440 | 186,210 | ||||||
Ivanhoe Mines Ltd., Class A(a) | 187,356 | 436,864 | ||||||
Labrador Iron Ore Royalty Corp. | 19,812 | 287,509 | ||||||
Largo Resources Ltd.(a) | 91,728 | 61,500 | ||||||
Lithium Americas Corp.(a)(b) | 15,132 | 62,338 | ||||||
Lucara Diamond Corp. | 114,816 | 57,308 | ||||||
Lundin Mining Corp. | 204,516 | 1,043,643 | ||||||
Major Drilling Group International Inc.(a) | 26,832 | 92,348 | ||||||
Stelco Holdings Inc. | 11,076 | 58,914 | ||||||
Teck Resources Ltd., Class B | 152,724 | 1,535,944 | ||||||
Turquoise Hill Resources Ltd.(a) | 251,004 | 134,632 | ||||||
5,849,881 | ||||||||
Chile — 0.1% | ||||||||
CAP SA | 21,060 | 118,864 | ||||||
China — 2.6% | ||||||||
Aluminum Corp. of China Ltd., Class A(a) | 249,600 | 109,264 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 1,248,000 | 331,495 | ||||||
Angang Steel Co. Ltd., Class A | 109,283 | 44,712 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 358,863 | 266,958 | ||||||
China Hongqiao Group Ltd. | 546,000 | 292,861 | ||||||
China Metal Recycling Holdings Ltd.(a)(c) | 132,000 | 0 | (d) | |||||
China Molybdenum Co. Ltd., Class A | 249,600 | 145,328 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Molybdenum Co. Ltd., Class H | 1,266,000 | $ | 472,737 | |||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 78,070 | 101,633 | ||||||
China Oriental Group Co. Ltd. | 312,000 | 106,495 | ||||||
China Zhongwang Holdings Ltd. | 499,200 | 167,829 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 15,600 | 116,004 | ||||||
GEM Co. Ltd., Class A | 77,599 | 59,391 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 62,400 | 74,449 | ||||||
Hesteel Co. Ltd., Class A | 202,800 | 65,277 | ||||||
Hunan Valin Steel Co. Ltd., Class A(a) | 78,000 | 44,299 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 904,898 | 151,459 | ||||||
Inner Mongolia Eerduosi Resources Co. Ltd., Class B | 162,596 | 132,353 | ||||||
Jiangxi Copper Co. Ltd., Class A. | 15,600 | 30,552 | ||||||
Jiangxi Copper Co. Ltd., Class H | 468,000 | 548,889 | ||||||
Jinchuan Group International Resources Co. Ltd. | 780,000 | 77,069 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 62,400 | 57,488 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 93,600 | 37,091 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H. | 312,000 | 114,102 | ||||||
MMG Ltd.(a) | 758,000 | 154,653 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 93,600 | 41,242 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 171,600 | 58,671 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 47,051 | 52,704 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A. | 234,000 | 70,968 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 124,800 | 62,845 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 46,800 | 47,334 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 62,664 | 33,169 | ||||||
Shougang Fushan Resources Group Ltd. | 624,000 | 120,908 | ||||||
Tiangong International Co. Ltd. | 312,000 | 111,299 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 218,400 | 64,362 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 30,799 | 52,608 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 93,600 | 47,669 | ||||||
Xinyu Iron & Steel Co. Ltd., Class A | 62,400 | 38,028 | ||||||
Yintai Gold Co. Ltd., Class A | 31,200 | 62,443 | ||||||
Yunnan Tin Co. Ltd., Class A(a) | 31,200 | 41,331 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A. | 15,600 | 84,336 | ||||||
4,692,305 | ||||||||
Egypt — 0.0% | ||||||||
Ezz Steel Co. SAE(a) | 77,504 | 39,564 | ||||||
Finland — 0.2% | ||||||||
Outokumpu OYJ | 100,308 | 376,386 | ||||||
France — 0.6% | ||||||||
APERAM SA | 15,912 | 470,871 | ||||||
Constellium SE, Class A(a)(b). | 38,532 | 477,797 | ||||||
Eramet(b) | 2,964 | 95,786 | ||||||
1,044,454 | ||||||||
Germany — 1.0% | ||||||||
Aurubis AG | 10,764 | 505,346 | ||||||
Salzgitter AG(b) | 12,636 | 207,298 | ||||||
thyssenkrupp AG(a)(b) | 125,112 | 1,195,909 | ||||||
1,908,553 | ||||||||
India — 2.0% | ||||||||
APL Apollo Tubes Ltd. | 2,184 | 58,816 | ||||||
Hindalco Industries Ltd. | 364,884 | 788,242 | ||||||
Jindal Saw Ltd. | 46,488 | 48,957 | ||||||
Jindal Steel & Power Ltd.(a). | 129,279 | 275,693 | ||||||
JSW Steel Ltd. | 264,420 | 863,599 | ||||||
MOIL Ltd. | 24,466 | 40,953 |
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) | iShares® MSCI Global Metals & Mining Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
National Aluminium Co. Ltd. | 167,700 | $ | 77,846 | |||||
Tata Steel Ltd., GDR(b)(e) | 95,472 | 481,179 | ||||||
Vedanta Ltd. | 471,744 | 745,194 | ||||||
Vedanta Ltd., ADR | 34,632 | 227,532 | ||||||
Welspun Corp. Ltd. | 27,456 | 70,725 | ||||||
3,678,736 | ||||||||
Indonesia — 0.0% | ||||||||
Krakatau Steel Persero Tbk PT(a) | 967,253 | 15,506 | ||||||
Timah Tbk PT | 920,467 | 36,889 | ||||||
52,395 | ||||||||
Japan — 6.5% | ||||||||
Asahi Holdings Inc. | 15,600 | 354,766 | ||||||
Daido Steel Co. Ltd. | 10,100 | 367,520 | ||||||
Dowa Holdings Co. Ltd. | 15,600 | 515,589 | ||||||
Hitachi Metals Ltd. | 66,900 | 956,999 | ||||||
JFE Holdings Inc. | 156,000 | 1,449,145 | ||||||
Kobe Steel Ltd. | 93,600 | 347,968 | ||||||
Kyoei Steel Ltd. | 10,100 | 153,094 | ||||||
Maruichi Steel Tube Ltd. | 15,600 | 378,918 | ||||||
Mitsubishi Materials Corp. | 35,300 | 807,025 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 15,600 | 374,435 | ||||||
Nakayama Steel Works Ltd. | 15,600 | 59,441 | ||||||
Neturen Co. Ltd. | 15,600 | 98,490 | ||||||
Nippon Denko Co. Ltd.(a) | 62,400 | 84,461 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 187,200 | 329,746 | ||||||
Nippon Steel Corp. | 254,705 | 2,871,379 | ||||||
Sumitomo Metal Mining Co. Ltd. | 78,000 | 1,941,955 | ||||||
Toho Titanium Co. Ltd. | 15,600 | 104,275 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 31,200 | 199,004 | ||||||
UACJ Corp. | 13,238 | 232,691 | ||||||
Yamato Kogyo Co. Ltd. | 15,600 | 326,853 | ||||||
11,953,754 | ||||||||
Malaysia — 0.3% | ||||||||
Press Metal Aluminium Holdings Bhd | 452,400 | 500,162 | ||||||
Mexico — 1.4% | ||||||||
Grupo Mexico SAB de CV, Series B | 1,076,400 | 2,524,006 | ||||||
Netherlands — 1.7% | ||||||||
AMG Advanced Metallurgical Group NV(b) | 9,672 | 223,108 | ||||||
ArcelorMittal SA | 205,608 | 2,899,011 | ||||||
3,122,119 | ||||||||
Norway — 0.6% | ||||||||
Norsk Hydro ASA | 414,492 | 1,166,659 | ||||||
Peru — 0.5% | ||||||||
Southern Copper Corp. | 25,740 | 866,151 | ||||||
Poland — 0.5% | ||||||||
Jastrzebska Spolka Weglowa SA | 17,628 | 60,493 | ||||||
KGHM Polska Miedz SA(a) | 42,900 | 767,537 | ||||||
828,030 | ||||||||
Qatar — 0.1% | ||||||||
Qatar Aluminum Manufacturing Co. | 892,476 | 149,261 | ||||||
Russia — 4.7% | ||||||||
Alrosa PJSC | 794,042 | 843,551 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 702,000 | 417,700 | ||||||
Mechel PJSC, ADR(a) | 41,652 | 97,466 | ||||||
MMC Norilsk Nickel PJSC | 19,656 | 5,923,125 |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
Novolipetsk Steel PJSC | 363,480 | $ | 675,792 | |||||
Severstal PJSC | 63,492 | 769,652 | ||||||
8,727,286 | ||||||||
Saudi Arabia — 0.7% | ||||||||
Saudi Arabian Mining Co.(a) | 130,728 | 1,327,665 | ||||||
South Africa — 2.5% | ||||||||
African Rainbow Minerals Ltd. | 33,384 | 289,647 | ||||||
Anglo American Platinum Ltd. | 16,692 | 1,111,286 | ||||||
Impala Platinum Holdings Ltd.(a) | 247,728 | 1,962,896 | ||||||
Kumba Iron Ore Ltd. | 20,124 | 359,038 | ||||||
Northam Platinum Ltd.(a) | 110,604 | 781,888 | ||||||
Royal Bafokeng Platinum Ltd.(a) | 37,908 | 120,460 | ||||||
4,625,215 | ||||||||
South Korea — 3.1% | ||||||||
Dongkuk Steel Mill Co. Ltd.(a) | 17,784 | 68,530 | ||||||
Hyundai Steel Co. | 24,180 | 474,840 | ||||||
KISWIRE Ltd.(a) | 1,716 | 24,020 | ||||||
Korea Zinc Co. Ltd.(a) | 2,652 | 905,108 | ||||||
Namsun Aluminum Co. Ltd.(a)(b) | 19,344 | 59,967 | ||||||
Poongsan Corp. | 5,928 | 99,573 | ||||||
POSCO | 24,180 | 3,892,293 | ||||||
Seah Besteel Corp. | 3,900 | 35,002 | ||||||
SeAH Steel Holdings Corp. | 1 | 27 | ||||||
Young Poong Corp.(a) | 156 | 76,298 | ||||||
5,635,658 | ||||||||
Spain — 0.3% | ||||||||
Acerinox SA | 51,792 | 475,722 | ||||||
Tubacex SA | 40,560 | 96,234 | ||||||
571,956 | ||||||||
Sweden — 1.5% | ||||||||
Boliden AB | 84,552 | 1,730,268 | ||||||
Granges AB | 23,400 | 185,846 | ||||||
SSAB AB, Class A | 62,400 | 188,453 | ||||||
SSAB AB, Class B | 197,340 | 563,416 | ||||||
2,667,983 | ||||||||
Taiwan — 2.2% | ||||||||
China Metal Products | 156,011 | 149,419 | ||||||
China Steel Corp. | 3,744,612 | 2,844,369 | ||||||
Chung Hung Steel Corp. | 318,000 | 95,149 | ||||||
Feng Hsin Steel Co. Ltd. | 156,000 | 279,754 | ||||||
Hsin Kuang Steel Co. Ltd. | 156,000 | 150,696 | ||||||
TA Chen Stainless Pipe | 312,610 | 319,016 | ||||||
Tung Ho Steel Enterprise Corp. | 156,000 | 115,920 | ||||||
Yieh Phui Enterprise Co. Ltd. | 361,644 | 108,328 | ||||||
4,062,651 | ||||||||
Turkey — 0.4% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 430,560 | 568,408 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, | ||||||||
Class D(b) | 234,936 | 97,745 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a) | 57,564 | 104,088 | ||||||
770,241 | ||||||||
United Kingdom — 18.8% | ||||||||
Anglo American PLC | 320,892 | 7,344,151 | ||||||
Antofagasta PLC | 121,992 | 1,171,770 | ||||||
Central Asia Metals PLC | 51,792 | 122,385 | ||||||
Evraz PLC | 159,588 | 665,136 | ||||||
Ferrexpo PLC | 92,820 | 153,237 |
20 | 2 0 2 0 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) | iShares® MSCI Global Metals & Mining Producers ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Glencore PLC | 3,310,818 | $ | 8,172,792 | |||||
Hill & Smith Holdings PLC | 23,712 | 404,942 | ||||||
KAZ Minerals PLC | 80,808 | 423,083 | ||||||
Rio Tinto PLC | 349,908 | 16,125,513 | ||||||
34,583,009 | ||||||||
United States — 10.2% | ||||||||
AK Steel Holding Corp.(a) | 99,060 | 228,829 | ||||||
Alcoa Corp.(a) | 57,408 | 796,249 | ||||||
Allegheny Technologies Inc.(a) | 38,844 | 663,844 | ||||||
Carpenter Technology Corp. | 14,820 | 544,635 | ||||||
Century Aluminum Co.(a) | 17,940 | 104,052 | ||||||
Cleveland-Cliffs Inc.(b) | 83,460 | 484,903 | ||||||
Commercial Metals Co. | 37,128 | 677,957 | ||||||
Compass Minerals International Inc. | 10,764 | 587,176 | ||||||
Coronado Global Resources Inc.(f) | 62,712 | 65,098 | ||||||
Freeport-McMoRan Inc. | 449,280 | 4,474,829 | ||||||
Haynes International Inc. | 4,368 | 110,554 | ||||||
Kaiser Aluminum Corp. | 4,992 | 471,994 | ||||||
Materion Corp. | 6,396 | 289,995 | ||||||
Nucor Corp. | 94,692 | 3,915,514 | ||||||
Reliance Steel & Aluminum Co. | 20,436 | 2,090,398 | ||||||
Ryerson Holding Corp.(a) | 6,552 | 54,578 | ||||||
Schnitzer Steel Industries Inc., Class A | 8,424 | 138,827 | ||||||
Steel Dynamics Inc. | 67,392 | 1,794,649 | ||||||
SunCoke Energy Inc. | 27,612 | 127,291 | ||||||
TimkenSteel Corp.(a)(b) | 12,168 | 61,692 | ||||||
U.S. Steel Corp. | 53,196 | 426,632 | ||||||
Warrior Met Coal Inc. | 15,840 | 280,685 | ||||||
Worthington Industries Inc. | 12,480 | 396,864 | ||||||
18,787,245 | ||||||||
Total Common Stocks — 98.4% | ||||||||
(Cost: $248,756,841) | 180,779,816 | |||||||
Preferred Stocks | ||||||||
Brazil — 1.3% | ||||||||
Bradespar SA, Preference Shares, NVS | 78,000 | 577,265 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS | 15,600 | $ | 61,686 | |||||
Gerdau SA, Preference Shares, NVS | 343,200 | 1,287,860 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 218,400 | 384,844 | ||||||
2,311,655 | ||||||||
Total Preferred Stocks — 1.3% | ||||||||
(Cost: $1,069,433) | 2,311,655 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(g)(h)(i) | 2,277,799 | 2,279,394 | ||||||
Total Short-Term Investments — 1.2% | ||||||||
(Cost: $2,277,945) | 2,279,394 | |||||||
Total Investments in Securities — 100.9% | ||||||||
(Cost: $252,104,219) | 185,370,865 | |||||||
Other Assets, Less Liabilities — (0.9)% | (1,630,110 | ) | ||||||
Net Assets — 100.0%. | $ | 183,740,755 |
(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) | Rounds to less than $1. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | 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. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
(i) | 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 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 3,540,139 | (1,262,340 | ) | 2,277,799 | $ | 2,279,394 | $ | 49,486 | (b) | $ | 451 | $ | 258 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 186,000 | (186,000 | ) | — | — | 2,035 | — | — | ||||||||||||||||||||
$ | 2,279,394 | $ | 51,521 | $ | 451 | $ | 258 |
(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.
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) | iShares® MSCI Global Metals & Mining Producers ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 180,779,816 | $ | — | $ | 0 | (a) | $ | 180,779,816 | |||||||
Preferred Stocks | 2,311,655 | — | — | 2,311,655 | ||||||||||||
Money Market Funds | 2,279,394 | — | — | 2,279,394 | ||||||||||||
$ | 185,370,865 | $ | — | $ | 0 | (a) | $ | 185,370,865 |
(a) | Rounds to less than $1. |
See notes to financial statements.
22 | 2 0 2 0 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) | iShares® MSCI Global Silver and Metals Miners ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Canada — 74.2% | ||||||||
Agnico Eagle Mines Ltd. | 24,921 | $ | 1,182,418 | |||||
Dundee Precious Metals Inc.(a) | 453,040 | 1,771,863 | ||||||
Eldorado Gold Corp.(a) | 426,764 | 3,703,804 | ||||||
Endeavour Silver Corp.(a)(b) | 512,717 | 817,383 | ||||||
First Majestic Silver Corp.(a) | 403,888 | 3,047,927 | ||||||
Fortuna Silver Mines Inc.(a) | 511,208 | 1,496,664 | ||||||
Kinross Gold Corp.(a) | 126,477 | 635,989 | ||||||
Lundin Gold Inc.(a) | 213,564 | 1,653,019 | ||||||
MAG Silver Corp.(a)(b) | 225,771 | 1,914,012 | ||||||
New Gold Inc.(a) | 2,065,750 | 1,585,073 | ||||||
Pan American Silver Corp. | 480,552 | 9,511,876 | ||||||
Premier Gold Mines Ltd.(a)(b) | 755,349 | 697,756 | ||||||
Seabridge Gold Inc.(a)(b) | 140,595 | 1,384,636 | ||||||
Silvercorp Metals Inc. | 492,473 | 1,566,551 | ||||||
SilverCrest Metals Inc.(a) | 185,942 | 1,192,655 | ||||||
SSR Mining Inc.(a) | 235,215 | 3,679,752 | ||||||
Wheaton Precious Metals Corp. | 701,126 | 19,936,663 | ||||||
Yamana Gold Inc. | 2,053,295 | 7,999,950 | ||||||
63,777,991 | ||||||||
Japan — 2.7% | ||||||||
Asahi Holdings Inc. | 102,500 | 2,330,993 | ||||||
Mexico — 3.3% | ||||||||
Industrias Penoles SAB de CV | 319,478 | 2,863,545 | ||||||
Peru — 1.0% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 73,105 | 815,121 | ||||||
Russia — 0.4% | ||||||||
Polymetal International PLC | 19,900 | 303,494 | ||||||
South Africa — 4.6% | ||||||||
Harmony Gold Mining Co. Ltd.(a) | 1,116,219 | 3,941,516 | ||||||
United Kingdom — 2.6% | ||||||||
Hochschild Mining PLC | 793,978 | 1,619,595 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
SolGold PLC(a)(b) | 2,836,804 | $ | 618,161 | |||||
2,237,756 | ||||||||
United States — 11.3% | ||||||||
Coeur Mining Inc.(a)(b) | 584,840 | 2,432,934 | ||||||
Hecla Mining Co. | 1,262,828 | 3,333,866 | ||||||
Newmont Corp. | 87,935 | 3,924,539 | ||||||
9,691,339 | ||||||||
Total Common Stocks — 100.1% | ||||||||
(Cost: $79,465,697) | 85,961,755 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(c)(d)(e) | 2,142,350 | 2,143,850 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(c)(d) | 25,000 | 25,000 | ||||||
2,168,850 | ||||||||
Total Short-Term Investments — 2.5% | ||||||||
(Cost: $2,167,443) | 2,168,850 | |||||||
Total Investments in Securities — 102.6% | ||||||||
(Cost: $81,633,140) | 88,130,605 | |||||||
Other Assets, Less Liabilities — (2.6)% | (2,219,083 | ) | ||||||
Net Assets — 100.0% | $ | 85,911,522 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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 | 08/31/19 | Net Activity | 02/29/20 | 02/29/20 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 9,547,929 | (7,405,579 | ) | 2,142,350 | $ | 2,143,850 | $ | 116,562 | (b) | $ | 1,209 | $ | (600 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 35,000 | (10,000 | ) | 25,000 | 25,000 | 509 | — | — | ||||||||||||||||||||
$ | 2,168,850 | $ | 117,071 | $ | 1,209 | $ | (600 | ) |
(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.
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) | iShares® MSCI Global Silver and Metals Miners ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 85,961,755 | $ | — | $ | — | $ | 85,961,755 | ||||||||
Money Market Funds | 2,168,850 | — | — | 2,168,850 | ||||||||||||
$ | 88,130,605 | $ | — | $ | — | $ | 88,130,605 |
See notes to financial statements.
24 | 2 0 2 0 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 29, 2020
iShares | |||||||||||||||||
iShares | iShares | MSCI Global | |||||||||||||||
MSCI Global | MSCI Global | iShares | Metals & | ||||||||||||||
Agriculture | Energy | MSCI Global | Mining | ||||||||||||||
Producers | Producers | Gold Miners | Producers | ||||||||||||||
ETF | ETF | ETF | ETF | ||||||||||||||
ASSETS | |||||||||||||||||
Investments in securities, at value (including securities on loan)(a) | |||||||||||||||||
Unaffiliated(b) | $ | 24,121,653 | $ | 36,168,779 | $ | 380,473,332 | $ | 183,091,471 | |||||||||
Affiliated(c) | 315,233 | 240,208 | 2,633,937 | 2,279,394 | |||||||||||||
Cash | 666 | — | 864 | 113,323 | |||||||||||||
Foreign currency, at value(d) | 16,244 | 26,702 | 152,918 | 144,058 | |||||||||||||
Cash pledged: | |||||||||||||||||
Futures contracts | — | 20,000 | — | — | |||||||||||||
Receivables: | |||||||||||||||||
Investments sold | 35,606 | 256,956 | 10,725,938 | 1,002,671 | |||||||||||||
Securities lending income — Affiliated | 476 | 364 | 2,106 | 8,337 | |||||||||||||
Variation margin on futures contracts | — | 2,196 | — | — | |||||||||||||
Capital shares sold | — | 2,473 | 22,374,462 | 15,149 | |||||||||||||
Dividends | 46,913 | 312,936 | 478,539 | 480,630 | |||||||||||||
Tax reclaims | 2,638 | 2,685 | — | 38,638 | |||||||||||||
Total assets | 24,539,429 | 37,033,299 | 416,842,096 | 187,173,671 | |||||||||||||
LIABILITIES | |||||||||||||||||
Bank overdraft | — | 35,903 | — | — | |||||||||||||
Collateral on securities loaned, at value | 285,060 | 239,924 | 2,545,472 | 2,275,102 | |||||||||||||
Deferred foreign capital gain tax | 14,357 | — | — | — | |||||||||||||
Payables: | |||||||||||||||||
Investments purchased | 40,186 | 250,728 | 32,232,884 | 100,246 | |||||||||||||
Capital shares redeemed | — | — | — | 988,215 | |||||||||||||
Investment advisory fees | 8,149 | 13,011 | 109,095 | 69,335 | |||||||||||||
Foreign taxes | — | — | — | 18 | |||||||||||||
Total liabilities | 347,752 | 539,566 | 34,887,451 | 3,432,916 | |||||||||||||
NET ASSETS | $ | 24,191,677 | $ | 36,493,733 | $ | 381,954,645 | $ | 183,740,755 | |||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||
Paid-in capital | $ | 29,942,472 | $ | 55,176,032 | $ | 431,180,307 | $ | 297,602,160 | |||||||||
Accumulated loss | (5,750,795 | ) | (18,682,299 | ) | (49,225,662 | ) | (113,861,405 | ) | |||||||||
NET ASSETS | $ | 24,191,677 | $ | 36,493,733 | $ | 381,954,645 | $ | 183,740,755 | |||||||||
Shares outstanding | 950,000 | 2,500,000 | 17,400,000 | 7,800,000 | |||||||||||||
Net asset value | $ | 25.46 | $ | 14.60 | $ | 21.95 | $ | 23.56 | |||||||||
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 | $ | 270,021 | $ | 205,887 | $ | 1,636,392 | $ | 2,182,782 | |||||||||
(b) Investments, at cost — Unaffiliated | $ | 26,313,262 | $ | 51,096,558 | $ | 387,383,982 | $ | 249,826,274 | |||||||||
(c) Investments, at cost — Affiliated | $ | 315,134 | $ | 240,105 | $ | 2,632,733 | $ | 2,277,945 | |||||||||
(d) Foreign currency, at cost. | $ | 16,563 | $ | 27,103 | $ | 155,676 | $ | 144,791 |
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 Assets and Liabilities (unaudited) (continued)
February 29, 2020
iShares | ||||
MSCI Global | ||||
Silver and | ||||
Metals | ||||
Miners ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a) | ||||
Unaffiliated(b) | $ | 85,961,755 | ||
Affiliated(c) | 2,168,850 | |||
Cash | 382 | |||
Foreign currency, at value(d) | 798,646 | |||
Receivables: | ||||
Investments sold | 13,211,996 | |||
Securities lending income — Affiliated | 13,303 | |||
Dividends | 20,774 | |||
Total assets | 102,175,706 | |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 2,139,564 | |||
Payables: | ||||
Investments purchased | 14,094,280 | |||
Investment advisory fees | 30,340 | |||
Total liabilities | 16,264,184 | |||
NET ASSETS | $ | 85,911,522 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 111,029,689 | ||
Accumulated loss | (25,118,167 | ) | ||
NET ASSETS | $ | 85,911,522 | ||
Shares outstanding | 9,300,000 | |||
Net asset value | $ | 9.24 | ||
Shares authorized | 500 million | |||
Par value | $ | 0.001 | ||
(a) Securities loaned, at value | $ | 1,777,393 | ||
(b) Investments, at cost — Unaffiliated | $ | 79,465,697 | ||
(c) Investments, at cost — Affiliated | $ | 2,167,443 | ||
(d) Foreign currency, at cost | $ | 803,335 |
See notes to financial statements.
26 | 2 0 2 0 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 29, 2020
iShares | ||||||||||||||||
iShares | iShares | MSCI Global | ||||||||||||||
MSCI Global | MSCI Global | iShares | Metals & | |||||||||||||
Agriculture | Energy | MSCI Global | Mining | |||||||||||||
Producers | Producers | Gold Miners | Producers | |||||||||||||
ETF | ETF | ETF | ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 238,654 | $ | 1,032,903 | $ | 1,459,732 | $ | 3,828,788 | ||||||||
Dividends — Affiliated | 237 | 666 | 1,821 | 2,035 | ||||||||||||
Interest — Unaffiliated | — | 17 | — | — | ||||||||||||
Securities lending income — Affiliated — net | 3,168 | 3,666 | 48,097 | 49,486 | ||||||||||||
Foreign taxes withheld | (19,444 | ) | (61,543 | ) | (104,019 | ) | (191,348 | ) | ||||||||
Total investment income | 222,615 | 975,709 | 1,405,631 | 3,688,961 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 51,612 | 90,156 | 599,002 | 434,861 | ||||||||||||
Commitment fees | 20 | 27 | — | 104 | ||||||||||||
Total expenses | 51,632 | 90,183 | 599,002 | 434,965 | ||||||||||||
Net investment income | 170,983 | 885,526 | 806,629 | 3,253,996 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | (256,374 | ) | (1,128,122 | ) | (4,106,073 | ) | (4,315,620 | ) | ||||||||
Investments — Affiliated | 6 | (43 | ) | 485 | 451 | |||||||||||
In-kind redemptions — Unaffiliated | — | 1,102,877 | 15,971,016 | 2,542,054 | ||||||||||||
Futures contracts | — | 3,149 | — | — | ||||||||||||
Foreign currency transactions | 436 | 2,307 | 2,965 | 9,487 | ||||||||||||
Net realized gain (loss) | (255,932 | ) | (19,832 | ) | 11,868,393 | (1,763,628 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | (1,008,519 | ) | (7,099,796 | ) | (55,245,823 | ) | (13,078,440 | ) | ||||||||
Investments — Affiliated | 72 | 67 | 373 | 258 | ||||||||||||
Futures contracts | — | (61,505 | ) | — | — | |||||||||||
Foreign currency translations | (246 | ) | 14 | (4,262 | ) | (37,734 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (1,008,693 | ) | (7,161,220 | ) | (55,249,712 | ) | (13,115,916 | ) | ||||||||
Net realized and unrealized loss | (1,264,625 | ) | (7,181,052 | ) | (43,381,319 | ) | (14,879,544 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,093,642 | ) | $ | (6,295,526 | ) | $ | (42,574,690 | ) | $ | (11,625,548 | ) | ||||
(a) Net of foreign capital gain tax of | $ | — | $ | 1,112 | $ | — | $ | — | ||||||||
(b) Net of deferred foreign capital gain tax of | $ | 429 | $ | — | $ | — | $ | — |
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) (continued)
Six Months Ended February 29, 2020
iShares | ||||
MSCI Global | ||||
Silver and | ||||
Metals | ||||
Miners ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 287,209 | ||
Dividends — Affiliated | 509 | |||
Securities lending income — Affiliated — net | 116,562 | |||
Foreign taxes withheld | (25,480 | ) | ||
Total investment income | 378,800 | |||
EXPENSES | ||||
Investment advisory fees | 189,422 | |||
Total expenses | 189,422 | |||
Net investment income | 189,378 | |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (9,250,002 | ) | ||
Investments — Affiliated | 1,209 | |||
In-kind redemptions — Unaffiliated | 2,423,754 | |||
Foreign currency transactions | 1,298 | |||
Net realized loss | (6,823,741 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (6,653,224 | ) | ||
Investments — Affiliated | (600 | ) | ||
Foreign currency translations | (5,901 | ) | ||
Net change in unrealized appreciation (depreciation) | (6,659,725 | ) | ||
Net realized and unrealized loss | (13,483,466 | ) | ||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (13,294,088 | ) |
See notes to financial statements.
28 | 2 0 2 0 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 Global Agriculture Producers | iShares | |||||||||||||||
ETF | MSCI Global Energy Producers ETF | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 170,983 | $ | 565,093 | $ | 885,526 | $ | 1,633,512 | ||||||||
Net realized loss | (255,932 | ) | (727,749 | ) | (19,832 | ) | (686,050 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (1,008,693 | ) | (1,730,016 | ) | (7,161,220 | ) | (10,616,256 | ) | ||||||||
Net decrease in net assets resulting from operations | (1,093,642 | ) | (1,892,672 | ) | (6,295,526 | ) | (9,668,794 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (249,754 | ) | (581,369 | ) | (1,881,554 | ) | (1,510,562 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 8 | (5,512,108 | ) | (2,062,526 | ) | 10,023,638 | ||||||||||
NET ASSETS | ||||||||||||||||
Total decrease in net assets | (1,343,388 | ) | (7,986,149 | ) | (10,239,606 | ) | (1,155,718 | ) | ||||||||
Beginning of period | 25,535,065 | 33,521,214 | 46,733,339 | 47,889,057 | ||||||||||||
End of period | $ | 24,191,677 | $ | 25,535,065 | $ | 36,493,733 | $ | 46,733,339 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 (continued)
iShares | ||||||||||||||||
iShares | MSCI Global Metals & Mining | |||||||||||||||
MSCI Global Gold Miners ETF | Producers ETF | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Ended | |||||||||||||||
02/29/20 | Year Ended | 02/29/20 | Year Ended | |||||||||||||
(unaudited) | 08/31/19 | (unaudited) | 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 806,629 | $ | 2,199,144 | $ | 3,253,996 | $ | 14,488,853 | ||||||||
Net realized gain (loss) | 11,868,393 | (26,319,717 | ) | (1,763,628 | ) | (16,757,109 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (55,249,712 | ) | 141,307,485 | (13,115,916 | ) | (30,948,847 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (42,574,690 | ) | 117,186,912 | (11,625,548 | ) | (33,217,103 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (662,296 | ) | (2,150,687 | ) | (5,812,275 | ) | (16,052,832 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 99,907,572 | (22,741,524 | ) | (20,291,561 | ) | (132,895,907 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 56,670,586 | 92,294,701 | (37,729,384 | ) | (182,165,842 | ) | ||||||||||
Beginning of period | 325,284,059 | 232,989,358 | 221,470,139 | 403,635,981 | ||||||||||||
End of period | $ | 381,954,645 | $ | 325,284,059 | $ | 183,740,755 | $ | 221,470,139 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2 0 2 0 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 Silver and Metals | ||||||||
Miners ETF | ||||||||
Six Months | ||||||||
Ended | ||||||||
02/29/20 | Year Ended | |||||||
(unaudited) | 08/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 189,378 | $ | 575,030 | ||||
Net realized loss | (6,823,741 | ) | (8,711,851 | ) | ||||
Net change in unrealized appreciation (depreciation) | (6,659,725 | ) | 27,278,361 | |||||
Net increase (decrease) in net assets resulting from operations | (13,294,088 | ) | 19,141,540 | |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (1,767,698 | ) | (550,188 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 1,216,251 | 30,588,900 | ||||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | (13,845,535 | ) | 49,180,252 | |||||
Beginning of period | 99,757,057 | 50,576,805 | ||||||
End of period | 85,911,522 | $ | 99,757,057 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 |
(For a share outstanding throughout each period)
iShares MSCI Global Agriculture Producers ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 26.88 | $ | 29.15 | $ | 27.08 | $ | 24.31 | $ | 24.03 | $ | 27.29 | ||||||||||||
Net investment income(a) | 0.18 | 0.53 | 0.53 | 0.45 | 0.54 | 0.50 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.34 | ) | (2.25 | ) | 2.03 | 2.81 | 0.27 | (3.21 | ) | |||||||||||||||
Net increase (decrease) from investment operations | (1.16 | ) | (1.72 | ) | 2.56 | 3.26 | 0.81 | (2.71 | ) | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.26 | ) | (0.55 | ) | (0.49 | ) | (0.49 | ) | (0.53 | ) | (0.55 | ) | ||||||||||||
Total distributions | (0.26 | ) | (0.55 | ) | (0.49 | ) | (0.49 | ) | (0.53 | ) | (0.55 | ) | ||||||||||||
Net asset value, end of period | $ | 25.46 | $ | 26.88 | $ | 29.15 | $ | 27.08 | $ | 24.31 | $ | 24.03 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (4.37 | )%(d) | (5.88 | )% | 9.49 | % | 13.53 | % | 3.55 | % | (10.11 | )% | ||||||||||||
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 | % | 0.37 | % | 0.37 | % | 0.38 | % | 0.38 | % | ||||||||||||
Net investment income | 1.29 | %(e) | 1.88 | % | 1.84 | % | 1.76 | % | 2.38 | % | 1.87 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 24,192 | $ | 25,535 | $ | 33,521 | $ | 28,434 | $ | 27,951 | $ | 27,640 | ||||||||||||
Portfolio turnover rate(f) | 2 | %(d) | 13 | % | 25 | % | 16 | % | 7 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
32 | 2 0 2 0 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 Energy Producers ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 17.97 | $ | 22.80 | $ | 18.57 | $ | 18.72 | $ | 17.67 | $ | 28.06 | ||||||||||||
Net investment income(a) | 0.35 | 0.70 | 0.64 | 0.60 | 0.59 | 0.68 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.95 | ) | (4.90 | ) | 4.23 | (0.16 | ) | 1.00 | (10.61 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (2.60 | ) | (4.20 | ) | 4.87 | 0.44 | 1.59 | (9.93 | ) | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.77 | ) | (0.63 | ) | (0.64 | ) | (0.59 | ) | (0.54 | ) | (0.46 | ) | ||||||||||||
Total distributions | (0.77 | ) | (0.63 | ) | (0.64 | ) | (0.59 | ) | (0.54 | ) | (0.46 | ) | ||||||||||||
Net asset value, end of period | $ | 14.60 | $ | 17.97 | $ | 22.80 | $ | 18.57 | $ | 18.72 | $ | 17.67 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (15.40 | )%(d) | (18.56 | )% | 26.48 | % | 2.26 | % | 9.31 | % | (35.63 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Net investment income | 3.83 | %(e) | 3.41 | % | 2.93 | % | 3.10 | % | 3.36 | % | 3.23 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 36,494 | $ | 46,733 | $ | 47,889 | $ | 31,568 | $ | 37,440 | $ | 24,739 | ||||||||||||
Portfolio turnover rate(f) | 4 | %(d) | 6 | % | 5 | % | 4 | % | 6 | % | 4 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 Global Gold Miners ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08 /31/17 | (a) | 08 /31/16 | (a) | 08 /31/15 | (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 24.01 | $ | 14.43 | $ | 19.96 | $ | 21.20 | $ | 11.13 | $ | 22.53 | ||||||||||||
Net investment income(b) | 0.06 | 0.18 | 0.10 | 0.06 | 0.02 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (2.07 | ) | 9.59 | (5.51 | ) | (1.04 | ) | 10.11 | (11.42 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (2.01 | ) | 9.77 | (5.41 | ) | (0.98 | ) | 10.13 | (11.28 | ) | ||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.05 | ) | (0.19 | ) | (0.12 | ) | (0.26 | ) | (0.06 | ) | (0.12 | ) | ||||||||||||
Total distributions | (0.05 | ) | (0.19 | ) | (0.12 | ) | (0.26 | ) | (0.06 | ) | (0.12 | ) | ||||||||||||
Net asset value, end of period | $ | 21.95 | $ | 24.01 | $ | 14.43 | $ | 19.96 | $ | 21.20 | $ | 11.13 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (8.36 | )%(e) | 68.13 | % | (27.22 | )% | (4.30 | )% | 91.17 | % | (50.16 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Net investment income | 0.53 | %(f) | 1.04 | % | 0.56 | % | 0.38 | % | 0.06 | % | 0.88 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 381,955 | $ | 325,284 | $ | 232,989 | $ | 391,247 | $ | 266,108 | $ | 45,926 | ||||||||||||
Portfolio turnover rate(g) | 6 | %(e) | 15 | % | 4 | % | 26 | % | 30 | % | 20 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
34 | 2 0 2 0 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 Metals & Mining Producers ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08 /31/17 | (a) | 08 /31/16 | (a) | 08 /31/15 | (a) | ||||||||||||||||
Net asset value, beginning of period | $ | 25.60 | $ | 30.93 | $ | 31.86 | $ | 21.67 | $ | 21.30 | $ | 40.37 | ||||||||||||
Net investment income(b) | 0.41 | 1.49 | 1.06 | 0.53 | 0.42 | 1.62 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.71 | ) | (5.13 | ) | (1.05 | ) | 10.26 | 0.41 | (17.91 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (1.30 | ) | (3.64 | ) | 0.01 | 10.79 | 0.83 | (16.29 | ) | |||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.74 | ) | (1.69 | ) | (0.94 | ) | (0.60 | ) | (0.46 | ) | (2.78 | ) | ||||||||||||
Total distributions | (0.74 | ) | (1.69 | ) | (0.94 | ) | (0.60 | ) | (0.46 | ) | (2.78 | ) | ||||||||||||
Net asset value, end of period | $ | 23.56 | $ | 25.60 | $ | 30.93 | $ | 31.86 | $ | 21.67 | $ | 21.30 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (5.67 | )%(e) | (12.16 | )% | (0.10 | )% | 50.55 | % | 4.52 | % | (41.94 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Total expenses after fees waived | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Net investment income | 2.92 | %(f) | 5.05 | % | 3.15 | % | 2.31 | % | 2.16 | % | 5.18 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 183,741 | $ | 221,470 | $ | 403,636 | $ | 347,259 | $ | 223,182 | $ | 69,219 | ||||||||||||
Portfolio turnover rate(g) | 5 | %(e) | 14 | % | 14 | % | 12 | % | 8 | % | 17 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(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 | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Silver and Metals Miners ETF | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
02/29/20 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(unaudited) | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.84 | $ | 8.43 | $ | 11.47 | $ | 13.61 | $ | 6.14 | $ | 12.70 | ||||||||||||
Net investment income(a) | 0.02 | 0.09 | 0.10 | 0.09 | 0.05 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.43 | ) | 2.40 | (3.05 | ) | (1.94 | ) | 7.44 | (6.42 | ) | ||||||||||||||
Net increase (decrease) from investment operations | (1.41 | ) | 2.49 | (2.95 | ) | (1.85 | ) | 7.49 | (6.37 | ) | ||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.19 | ) | (0.08 | ) | (0.09 | ) | (0.29 | ) | (0.02 | ) | (0.19 | ) | ||||||||||||
Total distributions | (0.19 | ) | (0.08 | ) | (0.09 | ) | (0.29 | ) | (0.02 | ) | (0.19 | ) | ||||||||||||
Net asset value, end of period | $ | 9.24 | $ | 10.84 | $ | 8.43 | $ | 11.47 | $ | 13.61 | $ | 6.14 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (13.19 | )%(d) | 29.89 | % | (25.87 | )% | (13.26 | )% | 122.11 | % | (50.51 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Net investment income | 0.39 | %(e) | 0.98 | % | 0.94 | % | 0.79 | % | 0.47 | % | 0.57 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 85,912 | $ | 99,757 | $ | 50,577 | $ | 64,258 | $ | 87,078 | $ | 12,279 | ||||||||||||
Portfolio turnover rate(f) | 24 | %(d) | 27 | % | 19 | % | 14 | % | 27 | % | 31 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
36 | 2 0 2 0 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”):
Diversification | |
iShares ETF | 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 and Metals 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 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 29, 2020, 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.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. Th 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 | 37 |
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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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. 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 29, 2020, 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
38 | 2 0 2 0 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)
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 29, 2020 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 29, 2020:
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received | (a) | Received | Net Amount | |||||||||||
MSCI Global Agriculture Producers | ||||||||||||||||
Barclays Capital Inc. | $ | 99,304 | $ | 99,304 | $ | — | $ | — | ||||||||
Credit Suisse AG Dublin Branch | 1,907 | 1,907 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 6,115 | 6,115 | — | — | ||||||||||||
Goldman Sachs & Co. | 132,453 | 132,453 | — | — | ||||||||||||
Macquarie Bank Limited | 9,787 | 9,787 | — | — | ||||||||||||
SG Americas Securities LLC | 20,455 | 20,455 | — | — | ||||||||||||
$ | 270,021 | $ | 270,021 | $ | — | $ | — | |||||||||
MSCI Global Energy Producers | ||||||||||||||||
Barclays Bank PLC | $ | 6,317 | $ | 6,317 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 17,850 | 17,252 | — | (598 | )(b) | |||||||||||
BofA Securities, Inc. | 11,567 | 11,567 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 24,166 | 24,166 | — | — | ||||||||||||
Credit Suisse AG Dublin Branch | 8,640 | 8,640 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 12,569 | 12,569 | — | — | ||||||||||||
Goldman Sachs & Co. | 6,574 | 6,574 | — | — | ||||||||||||
JPMorgan Securities LLC | 16,739 | 16,739 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 50,105 | 50,105 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 20,085 | 19,583 | — | (502 | )(b) | |||||||||||
Nomura Securities International Inc. | 724 | 724 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 3,683 | 3,683 | — | — | ||||||||||||
SG Americas Securities LLC | 5,339 | 5,339 | — | — | ||||||||||||
UBS AG | 3,646 | 3,646 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 17,883 | 17,883 | — | — | ||||||||||||
$ | 205,887 | $ | 204,787 | $ | — | $ | (1,100 | ) | ||||||||
MSCI Global Gold Miners | ||||||||||||||||
Goldman Sachs & Co. | $ | 254,119 | $ | 254,119 | $ | — | $ | — | ||||||||
HSBC Bank PLC | 1,226,273 | 1,226,273 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 156,000 | 156,000 | — | — | ||||||||||||
$ | 1,636,392 | $ | 1,636,392 | $ | — | $ | — | |||||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
Barclays Bank PLC | $ | 465,198 | $ | 460,438 | $ | — | $ | (4,760 | )(b) | |||||||
BMO Capital Markets | 5,040 | 5,040 | — | — | ||||||||||||
BofA Securities, Inc. | 212,385 | 212,385 | — | — | ||||||||||||
Credit Suisse AG Dublin Branch | 571,323 | 571,323 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 60,227 | 60,227 | — | — | ||||||||||||
JPMorgan Securities LLC | 125,982 | 125,982 | — | — | ||||||||||||
Macquarie Bank Limited | 68,297 | 68,297 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 669,260 | 669,260 | — | — | ||||||||||||
UBS Securities LLC | 5,070 | 5,070 | — | — | ||||||||||||
$ | 2,182,782 | $ | 2,178,022 | $ | — | $ | (4,760 | ) |
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)
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received | (a) | Received | Net Amount | |||||||||||
MSCI Global Silver and Metals Miners | ||||||||||||||||
Barclays Capital Inc. | $ | 50,298 | $ | 50,298 | $ | — | $ | — | ||||||||
BofA Securities, Inc. | 86,619 | 86,619 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 653,536 | 653,536 | — | — | ||||||||||||
Goldman Sachs & Co. | 174,649 | 174,649 | — | — | ||||||||||||
JPMorgan Securities LLC | 130,556 | 130,556 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 162,499 | 162,499 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 203,226 | 203,226 | — | — | ||||||||||||
UBS AG | 7,754 | 7,754 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 308,256 | 308,256 | — | — | ||||||||||||
$ | 1,777,393 | $ | 1,777,393 | $ | — | $ | — |
(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 to the extent 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 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.
40 | 2 0 2 0 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 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.
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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
MSCI Global Agriculture Producers | $ | 752 | ||
MSCI Global Energy Producers | 889 | |||
MSCI Global Gold Miners | 11,512 | |||
MSCI Global Metals & Mining Producers | 11,748 | |||
MSCI Global Silver and Metals Miners | 27,053 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
Net Realized | ||||||||||||
iShares ETF | Purchases | Sales | Gain (Loss) | |||||||||
MSCI Global Agriculture Producers | $ | — | $ | 33,700 | $ | (12,021 | ) | |||||
MSCI Global Energy Producers | 25,140 | 103,463 | (63,885 | ) | ||||||||
MSCI Global Gold Miners | 1,491,553 | 3,152,140 | (625,594 | ) | ||||||||
MSCI Global Metals & Mining Producers | 46,471 | 178,536 | (207,931 | ) | ||||||||
MSCI Global Silver and Metals Miners | 3,218,920 | 1,959,712 | (1,038,071 | ) |
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 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Global Agriculture Producers | $ | 512,181 | $ | 553,465 | ||||
MSCI Global Energy Producers | 1,990,382 | 2,824,807 | ||||||
MSCI Global Gold Miners | 22,798,959 | 18,416,345 | ||||||
MSCI Global Metals & Mining Producers | 10,208,573 | 14,846,396 | ||||||
MSCI Global Silver and Metals Miners | 22,759,133 | 23,048,627 |
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 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
MSCI Global Energy Producers | $ | 5,340,627 | $ | 7,239,526 | ||||
MSCI Global Gold Miners | 154,881,768 | 59,959,154 | ||||||
MSCI Global Metals & Mining Producers | 19,735,262 | 36,783,221 | ||||||
MSCI Global Silver and Metals Miners | 6,394,966 | 6,202,527 |
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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Global Agriculture Producers | $ | 2,807,927 | ||
MSCI Global Energy Producers | 2,230,448 | |||
MSCI Global Gold Miners | 43,645,352 | |||
MSCI Global Metals & Mining Producers | 38,149,859 | |||
MSCI Global Silver and Metals Miners | 17,475,006 |
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 29, 2020, 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:
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
iShares ETF | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
MSCI Global Agriculture Producers | $ | 27,131,908 | $ | 2,862,666 | $ | (5,557,688 | ) | $ | (2,695,022 | ) | ||||||
MSCI Global Energy Producers | 53,076,177 | 983,169 | (17,711,864 | ) | (16,728,695 | ) | ||||||||||
MSCI Global Gold Miners | 400,889,832 | 20,586,147 | (38,368,710 | ) | (17,782,563 | ) | ||||||||||
MSCI Global Metals & Mining Producers | 258,837,024 | 11,581,786 | (85,047,945 | ) | (73,466,159 | ) | ||||||||||
MSCI Global Silver and Metals Miners | 89,305,465 | 13,309,013 | (14,483,873 | ) | (1,174,860 | ) |
9. | 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 21, 2020. 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 Funds did not borrow under the credit agreement during the six months ended February 29, 2020.
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.
42 | 2 0 2 0 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)
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The impact of the pandemic may be short term or may last for an extended period of time.
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.
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 | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Global Agriculture Producers | ||||||||||||||||
Shares sold | — | $ | 8 | — | $ | 359 | ||||||||||
Shares redeemed | — | — | (200,000 | ) | (5,512,467 | ) | ||||||||||
Net increase(decrease) | — | $ | 8 | (200,000 | ) | $ | (5,512,108 | ) | ||||||||
MSCI Global Energy Producers | ||||||||||||||||
Shares sold | 300,000 | $ | 5,729,462 | 600,000 | $ | 11,989,843 | ||||||||||
Shares redeemed | (400,000 | ) | (7,791,988 | ) | (100,000 | ) | (1,966,205 | ) | ||||||||
Net increase(decrease) | (100,000 | ) | $ | (2,062,526 | ) | 500,000 | $ | 10,023,638 |
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)
Six Months Ended | Year Ended | |||||||||||||||
02/29/20 | 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Global Gold Miners | ||||||||||||||||
Shares sold | 6,600,000 | $ | 161,876,354 | 5,300,000 | $ | 103,615,697 | ||||||||||
Shares redeemed | (2,750,000 | ) | (61,968,782 | ) | (7,900,000 | ) | (126,357,221 | ) | ||||||||
Net increase(decrease) | 3,850,000 | $ | 99,907,572 | (2,600,000 | ) | $ | (22,741,524 | ) | ||||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
Shares sold | 800,000 | $ | 23,942,432 | 2,600,000 | $ | 74,143,858 | ||||||||||
Shares redeemed | (1,650,000 | ) | (44,233,993 | ) | (7,000,000 | ) | (207,039,765 | ) | ||||||||
Net decrease | (850,000 | ) | $ | (20,291,561 | ) | (4,400,000 | ) | $ | (132,895,907 | ) | ||||||
MSCI Global Silver and Metals Miners | ||||||||||||||||
Shares sold | 700,000 | $ | 7,452,552 | 3,200,000 | $ | 30,588,900 | ||||||||||
Shares redeemed | (600,000 | ) | (6,236,301 | ) | — | — | ||||||||||
Net increase | 100,000 | $ | 1,216,251 | 3,200,000 | $ | 30,588,900 |
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.
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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
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.
44 | 2 0 2 0 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 Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver and Metals Miners ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m | 45 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions | % Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||
for the Fiscal Year-to-Date | Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||
Net | Net | |||||||||||||||||||||||||||||
Investment | Net Realized | Return of | Total Per | Investment | Net Realized | Return of | Total Per | |||||||||||||||||||||||
iShares ETF | Income | Gains | Capital | Share | Income | Capital Gains | Capital | Share | ||||||||||||||||||||||
MSCI Global Agriculture Producers(a) | $ | 0.203504 | $ | — | $ | 0.059395 | $ | 0.262899 | 77 | % | — | % | 23 | % | 100 | % | ||||||||||||||
MSCI Global Energy Producers(a) | 0.729081 | — | 0.038900 | 0.767981 | 95 | — | 5 | 100 | ||||||||||||||||||||||
MSCI Global Metals & Mining Producers(a) | 0.648298 | — | 0.093157 | 0.741455 | 87 | — | 13 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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 2 0 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 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
G e n e r a l I n f o r m a t i o n | 47 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-812-0220
FEBRUARY 29, 2020 |
2020 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.
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
Fund Summary as of February 29, 2020 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Investment Objective
The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-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 | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||
Fund NAV | 2.85 | % | 1.00 | % | 3.17 | % | 3.30 | % | 1.00 | % | 16.88 | % | 19.30 | % | ||||||||||||||
Fund Market | 3.27 | 1.16 | 3.21 | 3.36 | 1.16 | 17.09 | 19.66 | |||||||||||||||||||||
Index | 3.25 | 1.01 | 3.63 | 3.66 | 1.01 | 19.53 | 21.55 |
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 5 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a)(b) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a)(b) | Annualized Expense Ratio | (a) | |||||||||||||||||
$ | 1,000.00 | $ | 1,028.50 | $ | 0.00 | $ | 1,000.00 | $ | 1,024.90 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 5 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 | 23.4 | % | ||
Information Technology | 16.4 | |||
Consumer Discretionary | 14.7 | |||
Communication Services | 11.8 | |||
Materials | 6.9 | |||
Energy | 6.6 | |||
Consumer Staples | 6.3 | |||
Industrials | 5.2 | |||
Health Care | 3.2 | |||
Real Estate | 3.0 | |||
Utilities | 2.5 |
TEN LARGEST GEOGRAPHICAL LOCATION
Country/Geographic Region | Percent of Total Investments | (a) | ||
China | 36.7 | % | ||
Taiwan | 12.0 | |||
South Korea | 11.3 | |||
India | 8.8 | |||
Brazil | 6.7 | |||
South Africa | 4.2 | |||
Russia | 3.6 | |||
Saudi Arabia | 2.5 | |||
Mexico | 2.3 | |||
Thailand | 2.3 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® MSCI Emerging Markets ETF |
Investment Objective
The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-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 | 2.61 | % | (2.48 | )% | 2.14 | % | 2.47 | % | (2.48 | )% | 11.17 | % | 27.67 | % | ||||||||||||||
Fund Market | 3.24 | (1.59 | ) | 2.20 | 2.53 | (1.59 | ) | 11.49 | 28.35 | |||||||||||||||||||
Index | 2.93 | (1.88 | ) | 2.73 | 3.18 | (1.88 | ) | 14.41 | 36.77 |
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 5 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,026.10 | $ | 3.53 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.52 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 5 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments | (a) | ||
Financials | 23.4 | % | ||
Information Technology | 16.4 | |||
Consumer Discretionary | 14.7 | |||
Communication Services | 11.8 | |||
Materials | 6.9 | |||
Energy | 6.6 | |||
Consumer Staples | 6.3 | |||
Industrials | 5.2 | |||
Health Care | 3.2 | |||
Real Estate | 3.0 | |||
Utilities | 2.5 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments | (a) | ||
China | 36.7 | % | ||
Taiwan | 12.0 | |||
South Korea | 11.3 | |||
India | 8.8 | |||
Brazil | 6.7 | |||
South Africa | 4.2 | |||
Russia | 3.6 | |||
Saudi Arabia | 2.5 | |||
Mexico | 2.3 | |||
Thailand | 2.3 |
(a) | Excludes money market funds. |
4 | 2 0 2 0 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. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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 | 5 |
Schedule of Investments (unaudited) | iShares® Currency Hedged MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 99.8% | ||||||||
iShares MSCI Emerging Markets ETF(a)(b) | 4,262,048 | $ | 172,698,185 | |||||
Total Investment Companies — 99.8% | ||||||||
(Cost: $183,675,576) | 172,698,185 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 37.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(a)(c)(d) | 62,212,860 | 62,256,409 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(a)(c) | 2,003,000 | 2,003,000 | ||||||
64,259,409 | ||||||||
Total Short-Term Investments — 37.1% | ||||||||
(Cost: $64,253,187) | 64,259,409 | |||||||
Total Investments in Securities — 136.9% | ||||||||
(Cost: $247,928,763) | 236,957,594 | |||||||
Other Assets, Less Liabilities — (36.9)% | (63,873,403 | ) | ||||||
Net Assets — 100.0% | $ | 173,084,191 |
(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized 7-day yield as of period-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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Shares Purchased | Shares Sold | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 71,473,253 | — | (9,260,393 | )(b) | 62,212,860 | $ | 62,256,409 | $ | 30,326 | (c) | $ | (6,750 | ) | $ | 13,369 | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 4,729,000 | — | (2,726,000 | )(b) | 2,003,000 | 2,003,000 | 3,350 | — | — | |||||||||||||||||||||||
iShares MSCI Emerging Markets ETF | 4,491,885 | 757,280 | (987,117 | ) | 4,262,048 | 172,698,185 | 3,921,274 | 2,048,056 | 476,251 | |||||||||||||||||||||||
$ | 236,957,594 | $ | 3,954,950 | $ | 2,041,306 | $ | 489,620 |
(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
Unrealized | ||||||||||||||||
Appreciation | ||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||||
CNY | 52,740,320 | USD | 7,521,867 | MS | 03/04/20 | $ | 36,295 | |||||||||
EUR | 2,547,000 | USD | 2,788,041 | MS | 03/04/20 | 23,902 | ||||||||||
TWD | 32,967,000 | USD | 1,087,009 | MS | 03/04/20 | 2,696 | ||||||||||
USD | 13,565,425 | BRL | 57,601,000 | MS | 03/04/20 | 685,513 | ||||||||||
USD | 1,978,108 | CLP | 1,579,677,000 | MS | 03/04/20 | 46,726 | ||||||||||
USD | 2,992,364 | EUR | 2,710,000 | MS | 03/04/20 | 466 | ||||||||||
USD | 39,755,167 | HKD | 309,020,000 | MS | 03/04/20 | 111,348 | ||||||||||
USD | 16,663,232 | INR | 1,197,368,000 | MS | 03/04/20 | 77,644 | ||||||||||
USD | 27,093,934 | KRW | 32,262,122,000 | MS | 03/04/20 | 487,550 | ||||||||||
USD | 4,526,080 | MXN | 85,356,000 | MS | 03/04/20 | 190,203 | ||||||||||
USD | 6,537,117 | RUB | 414,579,000 | MS | 03/04/20 | 341,106 |
6 | 2 0 2 0 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) | iShares® Currency Hedged MSCI Emerging Markets ETF |
February 29, 2020 |
Forward Foreign Currency Exchange Contracts (continued)
Unrealized | ||||||||||||||||
Appreciation | ||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||||
USD | 963,570 | TRY | 5,807,000 | MS | 03/04/20 | $ | 32,480 | |||||||||
USD | 202,480 | TWD | 6,121,000 | MS | 03/04/20 | 154 | ||||||||||
USD | 8,700,401 | ZAR | 128,836,000 | MS | 03/04/20 | 443,010 | ||||||||||
BRL | 5,739,000 | USD | 1,271,094 | MS | 04/03/20 | 9,718 | ||||||||||
CLP | 107,315,000 | USD | 130,925 | MS | 04/03/20 | 299 | ||||||||||
CNY | 466,000 | USD | 66,645 | MS | 04/03/20 | 98 | ||||||||||
EUR | 278,000 | USD | 306,235 | MS | 04/03/20 | 1,255 | ||||||||||
INR | 46,138,000 | USD | 632,153 | MS | 04/03/20 | 2,710 | ||||||||||
KRW | 1,842,639,000 | USD | 1,527,035 | MS | 04/03/20 | 7,219 | ||||||||||
MXN | 6,360,000 | USD | 320,104 | MS | 04/03/20 | 1,438 | ||||||||||
RUB | 18,904,000 | USD | 280,578 | MS | 04/03/20 | 138 | ||||||||||
USD | 12,445,713 | BRL | 55,595,000 | MS | 04/03/20 | 38,192 | ||||||||||
USD | 1,864,497 | CLP | 1,521,066,000 | MS | 04/03/20 | 4,548 | ||||||||||
USD | 17,700 | EUR | 16,000 | MS | 04/03/20 | 3 | ||||||||||
USD | 38,201,588 | HKD | 297,706,000 | MS | 04/03/20 | 5,750 | ||||||||||
USD | 16,291,527 | INR | 1,171,621,000 | MS | 04/03/20 | 169,929 | ||||||||||
USD | 4,292,774 | MXN | 83,555,000 | MS | 04/03/20 | 68,494 | ||||||||||
USD | 6,137,563 | RUB | 405,118,000 | MS | 04/03/20 | 121,734 | ||||||||||
USD | 912,067 | TRY | 5,685,000 | MS | 04/03/20 | 13,767 | ||||||||||
USD | 8,000,495 | ZAR | 123,459,000 | MS | 04/03/20 | 123,293 | ||||||||||
ZAR | 6,607,000 | USD | 419,738 | MS | 04/03/20 | 1,816 | ||||||||||
TWD | 242,174,000 | USD | 8,032,885 | MS | 04/06/20 | 29,274 | ||||||||||
3,078,768 | ||||||||||||||||
BRL | 57,601,000 | USD | 12,938,107 | MS | 03/04/20 | (58,192 | ) | |||||||||
CLP | 1,579,677,000 | USD | 1,939,716 | MS | 03/04/20 | (8,334 | ) | |||||||||
EUR | 163,000 | USD | 180,678 | MS | 03/04/20 | (723 | ) | |||||||||
HKD | 309,020,000 | USD | 39,662,238 | MS | 03/04/20 | (18,419 | ) | |||||||||
INR | 1,197,368,000 | USD | 16,722,595 | MS | 03/04/20 | (137,008 | ) | |||||||||
KRW | 32,262,122,000 | USD | 26,664,412 | �� | MS | 03/04/20 | (58,028 | ) | ||||||||
MXN | 85,356,000 | USD | 4,411,217 | MS | 03/04/20 | (75,340 | ) | |||||||||
RUB | 414,579,000 | USD | 6,314,029 | MS | 03/04/20 | (118,017 | ) | |||||||||
TRY | 5,807,000 | USD | 941,163 | MS | 03/04/20 | (10,074 | ) | |||||||||
TWD | 877,100,000 | USD | 29,029,161 | MS | 03/04/20 | (37,132 | ) | |||||||||
USD | 7,528,246 | CNY | 52,740,320 | MS | 03/04/20 | (29,917 | ) | |||||||||
USD | 29,877,574 | TWD | 903,946,000 | MS | 03/04/20 | (1,834 | ) | |||||||||
ZAR | 128,836,000 | USD | 8,399,431 | MS | 03/04/20 | (142,040 | ) | |||||||||
HKD | 1,395,000 | USD | 179,028 | MS | 04/03/20 | (49 | ) | |||||||||
TRY | 511,000 | USD | 80,917 | MS | 04/03/20 | (173 | ) | |||||||||
USD | 247,869 | BRL | 1,113,000 | MS | 04/03/20 | (527 | ) | |||||||||
USD | 12,370 | CLP | 10,119,000 | MS | 04/03/20 | (5 | ) | |||||||||
USD | 7,609,555 | CNY | 53,391,320 | MS | 04/03/20 | (37,440 | ) | |||||||||
USD | 2,809,984 | EUR | 2,562,000 | MS | 04/03/20 | (23,793 | ) | |||||||||
USD | 272,120 | HKD | 2,121,000 | MS | 04/03/20 | (5 | ) | |||||||||
USD | 110,775 | INR | 8,056,000 | MS | 04/03/20 | (76 | ) | |||||||||
USD | 26,150,036 | KRW | 31,655,785,000 | MS | 04/03/20 | (207,820 | ) | |||||||||
USD | 27,940 | MXN | 553,000 | MS | 04/03/20 | (18 | ) | |||||||||
USD | 3,095,824 | MYR | 13,098,000 | MS | 04/03/20 | (10,397 | ) | |||||||||
USD | 3,995,308 | THB | 126,358,000 | MS | 04/03/20 | (11,415 | ) | |||||||||
USD | 5,844 | TRY | 37,000 | MS | 04/03/20 | (3 | ) |
S c h e d u l e o f I n v e s t m e n t s | 7 |
Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
February 29, 2020 |
Forward Foreign Currency Exchange Contracts (continued)
Unrealized | ||||||||||||||||
Appreciation | ||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||||
USD | 53,315 | ZAR | 836,000 | MS | 04/03/20 | $ | (25 | ) | ||||||||
USD | 28,512,311 | TWD | 859,932,000 | MS | 04/06/20 | (115,488 | ) | |||||||||
(1,102,292 | ) | |||||||||||||||
Net unrealized appreciation | $ | 1,976,476 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Foreign | ||||
Currency | ||||
Exchange | ||||
Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Forward foreign currency exchange contracts | ||||
Unrealized appreciation on forward foreign currency exchange contracts | $ | 3,078,768 | ||
Liabilities — Derivative Financial Instruments | ||||
Forward foreign currency exchange contracts | ||||
Unrealized depreciation on forward foreign currency exchange contracts | $ | 1,102,292 |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Foreign | ||||
Currency | ||||
Exchange | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Forward foreign currency exchange contracts | $ | 1,364,654 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Forward foreign currency exchange contracts | $ | (1,902,607 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 233,936,080 | ||
Average amounts sold — in USD | $ | 388,177,032 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
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 | $ | 3,078,768 | $ | 1,102,292 | ||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | $ | 3,078,768 | $ | 1,102,292 | ||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | — | ||||||
Total derivative assets and liabilities subject to an MNA | $ | 3,078,768 | $ | 1,102,292 |
8 | 2 0 2 0 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) | iShares® Currency Hedged MSCI Emerging Markets ETF |
February 29, 2020 |
The following tables present 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) | Cash Collateral Received | (b) | Net Amount of Derivative Assets | (c)(d) | |||||||||
Morgan Stanley & Co. International PLC | $ | 3,078,768 | $ | (1,102,292 | ) | $ | (1,900,000 | ) | $ | 76,476 |
Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | (a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities | (e) | ||||||||||
Morgan Stanley & Co. International PLC | $ | 1,102,292 | $ | (1,102,292 | ) | $ | — | $ | — |
(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) | Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |
(c) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(e) | Net amount represents the net amount payable due to 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 29, 2020. 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 | $ | 172,698,185 | $ | — | $ | — | $ | 172,698,185 | ||||||||
Money Market Funds | 64,259,409 | — | — | 64,259,409 | ||||||||||||
$ | 236,957,594 | $ | — | $ | — | $ | 236,957,594 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 3,078,768 | $ | — | $ | 3,078,768 | ||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | (1,102,292 | ) | — | (1,102,292 | ) | ||||||||||
$ | — | $ | 1,976,476 | $ | — | $ | 1,976,476 |
(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 | 9 |
Consolidated Schedule of Investments (unaudited) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 0.2% | ||||||||
Banco Macro SA, ADR | 204,438 | $ | 5,924,613 | |||||
Globant SA(a)(b) | 155,674 | 17,592,719 | ||||||
Grupo Financiero Galicia SA, ADR | 458,056 | 5,789,828 | ||||||
Telecom Argentina SA, ADR | 395,870 | 4,592,092 | ||||||
YPF SA, ADR | 791,658 | 6,325,347 | ||||||
40,224,599 | ||||||||
Brazil — 4.6% | ||||||||
Ambev SA | 21,035,315 | 67,791,934 | ||||||
Atacadao SA | 1,784,200 | 8,182,172 | ||||||
B2W Cia. Digital(a) | 945,929 | 13,030,596 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 9,188,701 | 97,759,722 | ||||||
Banco Bradesco SA | 5,490,269 | 33,209,456 | ||||||
Banco BTG Pactual SA | 1,011,300 | 15,143,778 | ||||||
Banco do Brasil SA | 3,812,374 | 39,597,009 | ||||||
Banco Santander Brasil SA | 1,806,100 | 15,956,722 | ||||||
BB Seguridade Participacoes SA | 3,113,400 | 21,979,052 | ||||||
BR Malls Participacoes SA | 3,569,588 | 12,928,101 | ||||||
BRF SA(a) | 2,536,285 | 15,200,901 | ||||||
CCR SA | 5,432,300 | 19,662,310 | ||||||
Centrais Eletricas Brasileiras SA | 1,172,173 | 8,971,249 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 1,528,524 | 19,904,200 | ||||||
Cia. Siderurgica Nacional SA | 2,793,328 | 6,921,948 | ||||||
Cielo SA | 5,473,976 | 8,311,091 | ||||||
Cogna Educacao | 7,643,080 | 17,093,231 | ||||||
Cosan SA | 724,600 | 11,751,572 | ||||||
Embraer SA(a) | 3,171,300 | 11,921,414 | ||||||
Energisa SA | 745,700 | 8,925,293 | ||||||
Engie Brasil Energia SA | 904,350 | 9,527,281 | ||||||
Equatorial Energia SA | 3,844,500 | 21,013,459 | ||||||
Hapvida Participacoes e Investimentos SA(c) | 977,000 | 11,953,587 | ||||||
Hypera SA | 1,716,200 | 13,047,479 | ||||||
IRB Brasil Resseguros S/A | 3,123,500 | 23,019,599 | ||||||
JBS SA | 4,868,565 | 24,495,789 | ||||||
Klabin SA | 3,119,800 | 13,311,350 | ||||||
Localiza Rent a Car SA | 2,727,508 | 29,949,302 | ||||||
Lojas Renner SA | 3,605,089 | 42,590,016 | ||||||
Magazine Luiza SA | 3,276,300 | 36,686,950 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,293,909 | 8,752,918 | ||||||
Natura & Co. Holding SA | 2,844,766 | 28,695,777 | ||||||
Notre Dame Intermedica Participacoes SA | 2,138,600 | 29,972,112 | ||||||
Petrobras Distribuidora SA | 3,155,500 | 18,254,641 | ||||||
Petroleo Brasileiro SA | 16,554,674 | 99,621,956 | ||||||
Porto Seguro SA | 432,900 | 5,851,128 | ||||||
Raia Drogasil SA | 1,039,200 | 27,617,408 | ||||||
Rumo SA(a) | 4,889,800 | 22,890,201 | ||||||
Sul America SA | 1,233,736 | 14,783,010 | ||||||
Suzano SA | 2,422,800 | 20,481,552 | ||||||
TIM Participacoes SA | 3,812,076 | 13,628,891 | ||||||
Ultrapar Participacoes SA | 3,235,200 | 13,681,827 | ||||||
Vale SA | 14,126,709 | 138,741,808 | ||||||
WEG SA | 3,747,706 | 35,843,541 | ||||||
1,158,653,333 | ||||||||
Chile — 0.6% | ||||||||
Aguas Andinas SA, Class A | 12,573,458 | 4,291,802 | ||||||
Banco de Chile | 198,716,554 | 17,453,376 | ||||||
Banco de Credito e Inversiones SA | 226,569 | 8,423,871 | ||||||
Banco Santander Chile | 290,857,960 | 12,937,972 |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
Cencosud SA | 6,533,529 | $ | 7,645,933 | |||||
Cia. Cervecerias Unidas SA | 674,090 | 5,048,711 | ||||||
Colbun SA | 38,838,408 | 4,862,317 | ||||||
Empresa Nacional de Telecomunicaciones SA(a) | 728,318 | 3,821,776 | ||||||
Empresas CMPC SA | 5,154,694 | 10,368,078 | ||||||
Empresas COPEC SA | 1,732,422 | 13,408,198 | ||||||
Enel Americas SA | 169,449,951 | 28,299,152 | ||||||
Enel Chile SA | 125,983,141 | 11,211,061 | ||||||
Itau CorpBanca | 746,735,942 | 2,731,772 | ||||||
Latam Airlines Group SA | 1,022,617 | 6,801,407 | ||||||
SACI Falabella | 3,256,120 | 10,796,443 | ||||||
148,101,869 | ||||||||
China — 36.7% | ||||||||
360 Security Technology Inc., Class A | 536,890 | 1,716,616 | ||||||
3SBio Inc.(a)(c) | 5,777,000 | 5,989,716 | ||||||
51job Inc., ADR(a)(b) | 119,601 | 8,942,567 | ||||||
58.com Inc., ADR(a)(b) | 424,414 | 23,414,920 | ||||||
AAC Technologies Holdings Inc.(b) | 3,264,500 | 21,384,788 | ||||||
AECC Aviation Power Co. Ltd., Class A | 852,773 | 2,818,096 | ||||||
Agile Group Holdings Ltd.(b) | 6,282,000 | 8,818,765 | ||||||
Agricultural Bank of China Ltd., Class A | 20,956,300 | 10,223,024 | ||||||
Agricultural Bank of China Ltd., Class H | 124,231,000 | 49,736,717 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 841,220 | 4,813,711 | ||||||
Air China Ltd., Class A | 224,693 | 239,794 | ||||||
Air China Ltd., Class H | 9,324,000 | 7,501,746 | ||||||
Aisino Corp., Class A | 1,183,174 | 3,994,579 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 7,727,405 | 1,607,300,240 | ||||||
Alibaba Health Information Technology Ltd.(a) | 16,282,000 | 31,214,105 | ||||||
Alibaba Pictures Group Ltd.(a) | 67,880,000 | 9,145,842 | ||||||
A-Living Services Co. Ltd., Class H(c) | 1,925,750 | 8,624,181 | ||||||
Aluminum Corp. of China Ltd., Class A(a) | 562,200 | 246,106 | ||||||
Aluminum Corp. of China Ltd., Class H(a)(b) | 22,006,000 | 5,845,262 | ||||||
Angang Steel Co. Ltd., Class A | 4,419,977 | 1,808,408 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,132,586 | 8,888,682 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 5,472,000 | 40,128,679 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 146,385 | 2,561,141 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 266,252 | 1,705,259 | ||||||
ANTA Sports Products Ltd. | 4,869,402 | 39,146,167 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 123,200 | 3,156,227 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 119,692 | 2,055,596 | ||||||
Autohome Inc., ADR(a)(b) | 264,945 | 20,578,278 | ||||||
AVIC Aircraft Co. Ltd., Class A | 1,521,686 | 3,702,881 | ||||||
Avic Capital Co. Ltd., Class A | 5,405,089 | 3,293,994 | ||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 523,193 | 2,940,725 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 11,735,000 | 5,104,760 | ||||||
AVICOPTER PLC, Class A | 397,084 | 2,290,410 | ||||||
BAIC Motor Corp. Ltd., Class H(c) | 7,708,500 | 3,778,555 | ||||||
Baidu Inc., ADR(a)(b) | 1,224,234 | 146,883,595 | ||||||
Bank of Beijing Co. Ltd., Class A | 6,319,206 | 4,619,488 | ||||||
Bank of Chengdu Co. Ltd., Class A | 2,615,100 | 3,056,474 | ||||||
Bank of China Ltd., Class A | 10,078,000 | 5,118,151 | ||||||
Bank of China Ltd., Class H | 352,854,000 | 139,456,352 | ||||||
Bank of Communications Co. Ltd., Class A | 11,946,873 | 8,887,262 | ||||||
Bank of Communications Co. Ltd., Class H | 34,921,600 | 22,405,605 | ||||||
Bank of Guiyang Co. Ltd., Class A | 3,110,700 | 3,738,073 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 3,176,245 | 3,903,171 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 3,747,685 | 3,420,536 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,705,046 | 3,002,941 | ||||||
Bank of Ningbo Co. Ltd., Class A | 1,585,381 | 5,706,301 |
10 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Bank of Shanghai Co. Ltd., Class A | 3,995,442 | $ | 4,921,283 | |||||
Baoshan Iron & Steel Co. Ltd., Class A | 5,064,373 | 3,767,380 | ||||||
Baozun Inc., ADR(a)(b) | 194,726 | 6,176,709 | ||||||
BBMG Corp., Class H | 12,158,000 | 3,416,637 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 7,916,000 | 6,175,923 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 1,239,495 | 1,922,138 | ||||||
Beijing Enterprises Holdings Ltd. | 2,327,500 | 9,826,031 | ||||||
Beijing Enterprises Water Group Ltd.(b) | 23,374,000 | 10,857,608 | ||||||
Beijing New Building Materials PLC, Class A | 826,713 | 2,980,339 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 647,786 | 2,878,349 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 350,130 | 1,943,942 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 287,000 | 2,258,161 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 699,586 | 2,512,032 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 527,192 | 2,611,751 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 992,812 | 3,712,641 | ||||||
BEST Inc., ADR(a)(b) | 856,688 | 4,634,682 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 140,696 | 1,624,298 | ||||||
BGI Genomics Co. Ltd., Class A | 127,600 | 1,512,354 | ||||||
BOC Aviation Ltd.(c) | 950,900 | 8,254,584 | ||||||
BOE Technology Group Co. Ltd., Class A | 9,141,800 | 6,408,232 | ||||||
Bosideng International Holdings Ltd.(b) | 14,526,000 | 4,231,209 | ||||||
Brilliance China Automotive Holdings Ltd.(b) | 13,786,000 | 11,675,480 | ||||||
BYD Co. Ltd., Class A | 488,112 | 4,564,659 | ||||||
BYD Co. Ltd., Class H(b) | 2,867,500 | 17,551,504 | ||||||
BYD Electronic International Co. Ltd.(b) | 3,079,500 | 5,769,333 | ||||||
Caitong Securities Co. Ltd., Class A | 1,703,165 | 2,704,519 | ||||||
Centre Testing International Group Co. Ltd., Class A | 784,900 | 1,828,012 | ||||||
CGN Power Co. Ltd., Class H(c) | 48,479,000 | 11,819,519 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 57,897 | 4,008,776 | ||||||
Changjiang Securities Co. Ltd., Class A | 3,426,574 | 3,303,927 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 429,205 | 1,461,343 | ||||||
China Agri-Industries Holdings Ltd. | 10,415,000 | 5,653,172 | ||||||
China Aoyuan Group Ltd. | 5,512,000 | 7,935,871 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 41,525,000 | 8,685,399 | ||||||
China CITIC Bank Corp. Ltd., Class A | 5,375,299 | 4,175,542 | ||||||
China CITIC Bank Corp. Ltd., Class H | 33,430,800 | 17,373,780 | ||||||
China Coal Energy Co. Ltd., Class H | 9,559,000 | 3,091,047 | ||||||
China Communications Construction Co. Ltd., Class H | 20,843,000 | 15,539,209 | ||||||
China Communications Services Corp. Ltd., Class H | 11,058,000 | 8,556,309 | ||||||
China Conch Venture Holdings Ltd. | 7,396,500 | 35,971,455 | ||||||
China Construction Bank Corp., Class A | 2,879,868 | 2,677,912 | ||||||
China Construction Bank Corp., Class H | 428,482,760 | 346,390,872 | ||||||
China East Education Holdings Ltd.(a)(c) | 1,979,000 | 4,027,555 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 5,136,497 | 3,336,056 | ||||||
China Eastern Airlines Corp. Ltd., Class H(a) | 4,192,000 | 1,796,637 | ||||||
China Education Group Holdings Ltd. | 2,796,000 | 3,975,296 | ||||||
China Everbright Bank Co. Ltd., Class A | 10,720,303 | 5,797,080 | ||||||
China Everbright Bank Co. Ltd., Class H | 13,954,000 | 5,586,578 | ||||||
China Everbright International Ltd. | 16,957,813 | 11,293,531 | ||||||
China Everbright Ltd. | 4,358,000 | 7,269,811 | ||||||
China Evergrande Group(b) | 8,301,388 | 18,641,519 | ||||||
China First Capital Group Ltd.(a) | 13,290,000 | 366,654 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Fortune Land Development Co. Ltd., Class A | 887,027 | $ | 2,993,472 | |||||
China Galaxy Securities Co. Ltd., Class H | 16,106,500 | 8,887,143 | ||||||
China Gas Holdings Ltd.(b) | 8,188,000 | 29,944,374 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 973,873 | 1,949,083 | ||||||
China Hongqiao Group Ltd. | 8,426,000 | 4,519,499 | ||||||
China Huarong Asset Management Co. Ltd., Class H(c) | 47,120,000 | 6,409,198 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 5,603,350 | 10,785 | ||||||
China International Capital Corp. Ltd., Class H(c) | 5,974,000 | 11,023,427 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 1,516,404 | 1,735,463 | ||||||
China International Travel Service Corp. Ltd., Class A | 532,632 | 5,981,461 | ||||||
China Jinmao Holdings Group Ltd.(b) | 23,934,000 | 17,475,117 | ||||||
China Jushi Co. Ltd., Class A | 1,839,992 | 2,469,046 | ||||||
China Lesso Group Holdings Ltd. | 4,297,000 | 6,451,248 | ||||||
China Life Insurance Co. Ltd., Class A | 769,599 | 3,242,352 | ||||||
China Life Insurance Co. Ltd., Class H | 33,153,000 | 77,681,239 | ||||||
China Literature Ltd.(a)(c) | 1,209,000 | 5,468,623 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 14,814,000 | 7,755,772 | ||||||
China Medical System Holdings Ltd. | 6,238,000 | 7,684,385 | ||||||
China Mengniu Dairy Co. Ltd. | 12,451,000 | 44,655,873 | ||||||
China Merchants Bank Co. Ltd., Class A | 5,266,089 | 25,764,677 | ||||||
China Merchants Bank Co. Ltd., Class H | 17,676,967 | 83,359,986 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 2,359,757 | 1,708,159 | ||||||
China Merchants Port Holdings Co. Ltd. | 6,530,000 | 9,602,633 | ||||||
China Merchants Securities Co. Ltd., Class A | 1,972,984 | 4,981,713 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,895,190 | 4,701,238 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 12,232,255 | 10,009,513 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 26,900,548 | 18,156,804 | ||||||
China Mobile Ltd. | 27,453,000 | 215,944,835 | ||||||
China Molybdenum Co. Ltd., Class A | 5,967,098 | 3,474,305 | ||||||
China Molybdenum Co. Ltd., Class H(b) | 16,545,000 | 6,178,063 | ||||||
China National Building Material Co. Ltd., Class H | 17,380,000 | 20,094,033 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 4,318,867 | 4,294,030 | ||||||
China National Nuclear Power Co. Ltd., Class A | 5,038,800 | 3,308,645 | ||||||
China National Software & Service Co. Ltd., Class A | 159,599 | 1,945,956 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1,588,554 | 2,068,015 | ||||||
China Oilfield Services Ltd., Class H | 7,482,000 | 9,600,862 | ||||||
China Overseas Land & Investment Ltd. | 17,192,960 | 57,691,905 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,673,148 | 7,633,071 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 11,768,200 | 38,733,786 | ||||||
China Petroleum & Chemical Corp., Class A | 7,100,689 | 4,672,709 | ||||||
China Petroleum & Chemical Corp., Class H | 114,172,800 | 58,895,382 | ||||||
China Power International Development Ltd. | 20,530,000 | 3,819,878 | ||||||
China Railway Construction Corp. Ltd., Class A | 3,429,120 | 4,660,330 | ||||||
China Railway Construction Corp. Ltd., Class H | 8,511,500 | 9,742,345 | ||||||
China Railway Group Ltd., Class A | 5,958,800 | 4,577,660 | ||||||
China Railway Group Ltd., Class H | 16,653,000 | 9,402,378 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(c) | 7,064,000 | 3,625,795 | ||||||
China Reinsurance Group Corp., Class H | 24,543,000 | 3,338,305 | ||||||
China Resources Beer Holdings Co. Ltd. | 6,612,000 | 30,628,984 |
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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Resources Cement Holdings Ltd. | 11,136,000 | $ | 14,018,152 | |||||
China Resources Gas Group Ltd. | 4,036,000 | 20,146,207 | ||||||
China Resources Land Ltd. | 13,455,333 | 62,070,591 | ||||||
China Resources Pharmaceutical Group Ltd.(c) | 7,463,500 | 6,493,290 | ||||||
China Resources Power Holdings Co. Ltd. | 8,692,999 | 10,340,509 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 532,371 | 2,498,036 | ||||||
China Shenhua Energy Co. Ltd., Class A | 1,272,694 | 2,913,093 | ||||||
China Shenhua Energy Co. Ltd., Class H | 15,278,000 | 26,505,484 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 6,207,792 | 3,916,392 | ||||||
China Southern Airlines Co. Ltd., Class A | 2,618,400 | 2,157,590 | ||||||
China Southern Airlines Co. Ltd., Class H(b) | 7,416,000 | 3,911,146 | ||||||
China Spacesat Co. Ltd., Class A | 333,300 | 1,621,632 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 10,044,471 | 7,716,347 | ||||||
China State Construction International Holdings Ltd. | 9,262,000 | 7,499,403 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 7,360,260 | 15,035,877 | ||||||
China Telecom Corp. Ltd., Class H | 62,564,000 | 23,522,564 | ||||||
China Tower Corp. Ltd., Class H(c) | 187,604,000 | 45,498,433 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 10,640,000 | 5,597,808 | ||||||
China TransInfo Technology Co. Ltd., Class A | 690,000 | 2,673,057 | ||||||
China Unicom Hong Kong Ltd. | 27,658,000 | 21,826,717 | ||||||
China United Network Communications Ltd., Class A | 8,139,298 | 6,380,841 | ||||||
China Vanke Co. Ltd., Class A | 2,568,759 | 10,873,735 | ||||||
China Vanke Co. Ltd., Class H | 6,437,431 | 24,781,431 | ||||||
China Yangtze Power Co. Ltd., Class A | 5,719,915 | 13,935,245 | ||||||
China Zhongwang Holdings Ltd. | 8,278,000 | 2,783,039 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,422,887 | 2,070,150 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 11,664,000 | 5,268,448 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 407,876 | 3,499,814 | ||||||
CIFI Holdings Group Co. Ltd. | 12,516,000 | 9,555,976 | ||||||
CITIC Ltd. | 26,280,000 | 29,169,837 | ||||||
CITIC Securities Co. Ltd., Class A | 2,855,351 | 9,558,412 | ||||||
CITIC Securities Co. Ltd., Class H | 8,599,000 | 18,382,962 | ||||||
CNOOC Ltd. | 79,926,000 | 109,534,737 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 593,429 | 11,517,626 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 5,996,000 | 2,338,987 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 3,680,188 | 2,126,972 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(a)(b) | 9,960,000 | 3,322,961 | ||||||
COSCO SHIPPING Ports Ltd. | 8,318,000 | 5,539,605 | ||||||
Country Garden Holdings Co. Ltd.(b) | 34,073,939 | 45,122,648 | ||||||
Country Garden Services Holdings Co. Ltd. | 5,448,000 | 21,252,167 | ||||||
CRRC Corp. Ltd., Class A | 7,356,337 | 6,735,223 | ||||||
CRRC Corp. Ltd., Class H | 18,589,300 | 11,926,845 | ||||||
CSC Financial Co. Ltd., Class A | 740,297 | 3,411,199 | ||||||
CSPC Pharmaceutical Group Ltd. | 20,998,000 | 47,853,469 | ||||||
Dali Foods Group Co. Ltd.(c) | 9,763,000 | 6,451,832 | ||||||
Daqin Railway Co. Ltd., Class A | 4,008,455 | 4,059,950 | ||||||
Datang International Power Generation Co. Ltd., Class H | 14,802,000 | 2,317,249 | ||||||
Dawning Information Industry Co. Ltd., Class A | 371,942 | 2,403,986 | ||||||
DHC Software Co. Ltd., Class A | 1,064,098 | 2,245,350 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Dongfeng Motor Group Co. Ltd., Class H | 12,338,000 | $ | 9,752,546 | |||||
Dongxing Securities Co. Ltd., Class A | 261,397 | 452,103 | ||||||
East Money Information Co. Ltd., Class A | 1,747,343 | 4,336,986 | ||||||
ENN Energy Holdings Ltd. | 3,538,600 | 39,209,053 | ||||||
Eve Energy Co. Ltd., Class A(a) | 303,589 | 2,890,310 | ||||||
Everbright Securities Co. Ltd., Class A | 1,924,549 | 3,270,814 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) | 455,096 | 655,606 | ||||||
Far East Horizon Ltd. | 10,541,000 | 9,211,311 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 683,190 | 2,930,107 | ||||||
First Capital Securities Co. Ltd., Class A | 2,048,000 | 2,229,590 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 4,162,878 | 3,180,133 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A. | 600,949 | 8,560,914 | ||||||
Fosun International Ltd. | 11,808,000 | 15,045,899 | ||||||
Founder Securities Co. Ltd., Class A | 2,983,587 | 3,124,354 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 1,107,597 | 2,706,326 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,127,572 | 3,737,496 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(c) | 2,139,600 | 6,108,789 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 356,181 | 2,648,606 | ||||||
GCL System Integration Technology Co. Ltd., Class A(a) | 2,051,200 | 1,619,785 | ||||||
GD Power Development Co. Ltd., Class A | 14,713,700 | 4,420,298 | ||||||
GDS Holdings Ltd., ADR(a)(b) | 276,896 | 16,051,661 | ||||||
Geely Automobile Holdings Ltd. | 22,474,000 | 39,970,184 | ||||||
Gemdale Corp., Class A | 1,938,530 | 3,965,692 | ||||||
Genscript Biotech Corp.(a)(b) | 4,256,000 | 8,858,190 | ||||||
GF Securities Co. Ltd., Class A | 1,809,494 | 3,753,492 | ||||||
GF Securities Co. Ltd., Class H | 6,237,200 | 7,459,301 | ||||||
Gigadevice Semiconductor Beijing Inc., Class A | 94,293 | 4,897,160 | ||||||
Glodon Co. Ltd., Class A | 515,793 | 3,299,062 | ||||||
GoerTek Inc., Class A | 1,002,000 | 3,192,261 | ||||||
GOME Retail Holdings Ltd.(a)(b) | 47,810,200 | 4,907,983 | ||||||
Great Wall Motor Co. Ltd., Class H | 13,973,000 | 10,112,564 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 745,810 | 6,316,264 | ||||||
Greenland Holdings Corp. Ltd., Class A | 4,838,018 | 4,041,948 | ||||||
Greentown Service Group Co. Ltd. | 5,208,000 | 6,509,123 | ||||||
Guangdong Haid Group Co. Ltd., Class A. | 666,827 | 3,262,494 | ||||||
Guangdong Investment Ltd. | 13,370,110 | 25,117,048 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 13,795,838 | 15,383,686 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 789,391 | 1,748,129 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 591,195 | 2,881,465 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 192,284 | 1,488,714 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 5,331,200 | 8,263,888 | ||||||
Guosen Securities Co. Ltd., Class A | 1,947,669 | 3,279,458 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 2,547,340 | 6,195,070 | ||||||
Guotai Junan Securities Co. Ltd., Class H(c) | 2,675,000 | 4,469,174 | ||||||
Haidilao International Holding Ltd.(b)(c) | 1,698,000 | 6,939,683 | ||||||
Haier Electronics Group Co. Ltd. | 5,776,000 | 16,528,163 | ||||||
Haier Smart Home Co. Ltd., Class A | 1,653,341 | 4,025,616 | ||||||
Haitian International Holdings Ltd. | 3,152,000 | 6,180,194 | ||||||
Haitong Securities Co. Ltd., Class A | 2,287,601 | 4,650,341 | ||||||
Haitong Securities Co. Ltd., Class H | 12,949,600 | 13,908,310 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 2,401,402 | 12,023,843 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 478,764 | 2,124,583 |
12 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 266,500 | $ | 2,916,547 | |||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(c) | 2,352,000 | 8,163,890 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 851,100 | 4,139,710 | ||||||
Hengan International Group Co. Ltd. | 3,261,000 | 24,207,319 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 1,670,391 | 3,560,531 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A | 1,193,555 | 2,812,202 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 1,299,615 | 2,567,549 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 167,300 | 2,955,549 | ||||||
Hua Hong Semiconductor Ltd.(b)(c) | 2,024,000 | 4,404,827 | ||||||
Huadian Power International Corp. Ltd., Class H | 8,396,000 | 2,531,820 | ||||||
Huadong Medicine Co. Ltd., Class A | 666,205 | 1,839,398 | ||||||
Hualan Biological Engineering Inc., Class A | 569,051 | 3,378,389 | ||||||
Huaneng Power International Inc., Class H | 19,168,000 | 7,723,230 | ||||||
Huatai Securities Co. Ltd., Class A | 1,948,317 | 5,170,278 | ||||||
Huatai Securities Co. Ltd., Class H(c) | 7,037,000 | 12,226,404 | ||||||
Huaxia Bank Co. Ltd., Class A | 4,458,180 | 4,432,541 | ||||||
Huaxin Cement Co. Ltd., Class A | 556,506 | 1,941,744 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 851,768 | 3,430,126 | ||||||
Huazhu Group Ltd., ADR(b) | 593,026 | 20,014,628 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A. | 2,583,399 | 2,202,663 | ||||||
Hundsun Technologies Inc., Class A | 238,594 | 3,283,219 | ||||||
Hutchison China MediTech Ltd., ADR(a)(b) | 275,512 | 6,424,940 | ||||||
HUYA Inc., ADR(a)(b) | 278,674 | 5,520,532 | ||||||
Iflytek Co. Ltd., Class A | 633,575 | 3,497,705 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 15,060,135 | 11,418,660 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 288,839,085 | 197,549,396 | ||||||
Industrial Bank Co. Ltd., Class A | 5,257,322 | 13,003,791 | ||||||
Industrial Securities Co. Ltd., Class A | 3,769,851 | 3,726,599 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 17,725,600 | 2,966,861 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,495,699 | 6,185,897 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 5,165,817 | 3,543,750 | ||||||
Innovent Biologics Inc.(a)(c) | 3,313,500 | 15,136,641 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 406,113 | 2,442,999 | ||||||
iQIYI Inc., ADR(a)(b) | 567,858 | 12,737,055 | ||||||
Jafron Biomedical Co. Ltd., Class A | 188,409 | 2,434,423 | ||||||
JD.com Inc., ADR(a) | 3,290,838 | 126,730,171 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 5,846,000 | 6,758,902 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 343,200 | 2,847,644 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 1,208,765 | 14,541,079 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 536,813 | 2,265,455 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 377,350 | 5,256,837 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 1,721,687 | 2,044,291 | ||||||
Jiangxi Copper Co. Ltd., Class A | 136,500 | 267,329 | ||||||
Jiangxi Copper Co. Ltd., Class H | 6,825,000 | 8,004,632 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 790,324 | 1,709,493 | ||||||
Jinke Properties Group Co. Ltd., Class A | 2,477,882 | 2,669,230 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 352,325 | 1,905,222 | ||||||
JOYY Inc.(a)(b) | 260,732 | 14,071,706 | ||||||
Juewei Food Co. Ltd., Class A | 364,614 | 2,118,769 | ||||||
Kaisa Group Holdings Ltd. | 11,214,000 | 4,978,852 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Kingboard Holdings Ltd. | 3,153,500 | $ | 8,335,902 | |||||
Kingboard Laminates Holdings Ltd. | 4,973,000 | 4,958,291 | ||||||
Kingdee International Software Group Co. Ltd.(b) | 10,524,000 | 13,463,827 | ||||||
Kingsoft Corp. Ltd.(a) | 3,739,000 | 12,090,619 | ||||||
Kunlun Energy Co. Ltd. | 15,282,000 | 10,667,721 | ||||||
Kweichow Moutai Co. Ltd., Class A | 341,187 | 51,591,465 | ||||||
KWG Group Holdings Ltd. | 5,802,000 | 8,502,299 | ||||||
Lee & Man Paper Manufacturing Ltd. | 6,155,000 | 4,802,022 | ||||||
Legend Holdings Corp., Class H(c) | 1,808,700 | 3,110,025 | ||||||
Lenovo Group Ltd.(b) | 32,334,000 | 19,957,082 | ||||||
Lens Technology Co. Ltd., Class A | 858,300 | 2,390,647 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 569,835 | 2,796,106 | ||||||
Li Ning Co. Ltd. | 8,849,000 | 23,277,728 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 1,655,680 | 2,683,593 | ||||||
Logan Property Holdings Co. Ltd. | 6,276,000 | 10,710,928 | ||||||
Longfor Group Holdings Ltd.(b)(c) | 8,044,500 | 37,213,187 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 988,541 | 4,341,537 | ||||||
Luckin Coffee Inc., ADR(a) | 274,131 | 10,844,622 | ||||||
Luxshare Precision Industry Co. Ltd., Class A. | 1,417,448 | 9,692,715 | ||||||
Luye Pharma Group Ltd.(b)(c) | 5,346,000 | 3,258,480 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 409,639 | 4,383,422 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 7,699,700 | 3,051,153 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 2,498,000 | 913,545 | ||||||
Mango Excellent Media Co. Ltd., Class A(a) | 522,100 | 3,291,601 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 1,246,280 | 2,348,074 | ||||||
Meituan Dianping, Class B(a) | 4,532,500 | 57,521,028 | ||||||
Metallurgical Corp. of China Ltd., Class A | 8,835,690 | 3,438,110 | ||||||
Metallurgical Corp. of China Ltd., Class H | 9,372,000 | 1,815,941 | ||||||
Momo Inc., ADR | 673,139 | 18,928,669 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 586,050 | 9,767,221 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 256,090 | 1,832,512 | ||||||
Nanjing Securities Co. Ltd., Class A | 898,500 | 1,736,536 | ||||||
NARI Technology Co. Ltd., Class A | 1,268,083 | 3,597,334 | ||||||
NAURA Technology Group Co. Ltd., Class A | 144,600 | 3,061,750 | ||||||
NavInfo Co. Ltd., Class A | 874,000 | 2,140,551 | ||||||
NetEase Inc., ADR | 317,079 | 101,056,248 | ||||||
New China Life Insurance Co. Ltd., Class A | 753,892 | 4,764,806 | ||||||
New China Life Insurance Co. Ltd., Class H | 3,489,400 | 13,276,023 | ||||||
New Hope Liuhe Co. Ltd., Class A | 1,164,197 | 4,030,438 | ||||||
New Oriental Education & Technology Group Inc., ADR(a)(b) | 636,518 | 81,404,287 | ||||||
Nexteer Automotive Group Ltd. | 4,154,000 | 3,059,644 | ||||||
Nine Dragons Paper Holdings Ltd.(b) | 7,489,000 | 8,841,057 | ||||||
Ninestar Corp., Class A | 388,600 | 2,311,520 | ||||||
Ningbo Joyson Electronic Corp., Class A(a) | 351,700 | 1,321,730 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 707,300 | 332,897 | ||||||
NIO Inc., ADR(a)(b) | 2,937,932 | 12,133,659 | ||||||
Noah Holdings Ltd.(a)(b) | 154,089 | 4,373,046 | ||||||
OFILM Group Co. Ltd., Class A(a) | 864,465 | 2,287,861 | ||||||
Orient Securities Co. Ltd., Class A | 1,814,386 | 2,587,827 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 212,800 | 309,297 | ||||||
Ovctek China Inc., Class A | 212,400 | 1,713,736 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class A | 1,399,400 | 1,355,317 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 37,367,000 | 13,233,961 | ||||||
Perfect World Co. Ltd., Class A | 436,000 | 3,184,144 |
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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
PetroChina Co. Ltd., Class A | 3,396,100 | $ | 2,463,195 | |||||
PetroChina Co. Ltd., Class H | 95,784,000 | 37,118,674 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 30,845,192 | 31,941,371 | ||||||
Pinduoduo Inc., ADR(a)(b) | 863,144 | 30,883,292 | ||||||
Ping An Bank Co. Ltd., Class A | 5,047,867 | 10,470,955 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(c) | 1,456,000 | 14,227,344 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,662,684 | 29,604,847 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 25,249,500 | 280,746,200 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 3,140,784 | 7,274,369 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(c) | 35,695,000 | 22,535,387 | ||||||
Power Construction Corp. of China Ltd., Class A | 4,698,400 | 2,856,599 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 2,423,200 | 2,967,382 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 1,879,872 | 2,783,422 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,922,406 | 6,108,071 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 1,175,200 | 4,144,185 | ||||||
Sangfor Technologies Inc., Class A | 107,300 | 3,057,732 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 2,317,152 | 5,777,797 | ||||||
SDIC Capital Co. Ltd., Class A | 1,328,300 | 2,462,700 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 2,121,790 | 2,294,746 | ||||||
Seazen Group Ltd(b) | 9,244,000 | 9,501,343 | ||||||
Seazen Holdings Co. Ltd., Class A | 612,973 | 2,814,860 | ||||||
Semiconductor Manufacturing International Corp.(a)(b) | 13,534,499 | 26,224,769 | ||||||
SF Holding Co. Ltd., Class A | 574,900 | 4,025,830 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 2,543,370 | 2,874,399 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 753,540 | 3,656,559 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 9,332,000 | 12,022,671 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 328,330 | 2,131,970 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 7,083,495 | 3,394,711 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 404,500 | 259,822 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 15,836,000 | 4,470,547 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 893,800 | 3,437,004 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 2,090,500 | 5,888,128 | ||||||
Shanghai Industrial Holdings Ltd. | 2,686,000 | 4,742,605 | ||||||
Shanghai International Airport Co. Ltd., Class A | 279,098 | 2,623,606 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 3,954,899 | 2,568,631 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 5,264,406 | 4,169,410 | ||||||
Shanghai M&G Stationery Inc., Class A | 385,337 | 2,447,564 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 100 | 267 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 4,310,400 | 7,887,323 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 7,271,696 | 11,286,931 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A(a) | 1,454,800 | 1,895,973 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) | 1,354,700 | 1,616,291 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 243,100 | 2,999,539 | ||||||
Shengyi Technology Co. Ltd., Class A | 717,100 | 3,164,793 | ||||||
Shennan Circuits Co. Ltd., Class A | 107,000 | 3,177,457 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 8,029,040 | $ | 5,375,512 | |||||
Shenzhen Expressway Co. Ltd., Class H | 1,878,000 | 2,272,479 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 108,200 | 4,796,265 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 823,600 | 3,335,543 | ||||||
Shenzhen International Holdings Ltd. | 4,527,000 | 8,667,061 | ||||||
Shenzhen Investment Ltd. | 13,592,000 | 4,569,590 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 209,386 | 3,325,817 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 165,232 | 5,649,402 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 4,347,900 | 4,061,656 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A(a) | 349,740 | 2,498,143 | ||||||
Shenzhou International Group Holdings Ltd. | 3,410,500 | 41,903,411 | ||||||
Shimao Property Holdings Ltd. | 5,203,500 | 18,629,118 | ||||||
Shui On Land Ltd. | 17,776,500 | 3,535,660 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 2,645,560 | 3,462,973 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 613,500 | 2,014,223 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 191,393 | 1,231,561 | ||||||
SINA Corp.(a)(b) | 280,501 | 9,186,408 | ||||||
Sino Biopharmaceutical Ltd.(b) | 31,099,500 | 45,014,771 | ||||||
Sino-Ocean Group Holding Ltd. | 14,567,000 | 5,289,920 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 6,540,500 | 3,239,596 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 17,589,000 | 4,491,452 | ||||||
Sinopharm Group Co. Ltd., Class H | 5,736,800 | 17,704,242 | ||||||
Sinotrans Ltd., Class H | 10,038,000 | 2,833,756 | ||||||
Sinotruk Hong Kong Ltd. | 3,175,500 | 6,071,429 | ||||||
SOHO China Ltd. | 10,201,500 | 3,691,524 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 700,663 | 2,764,483 | ||||||
Spring Airlines Co. Ltd., Class A | 557,573 | 2,839,632 | ||||||
SSY Group Ltd. | 7,142,000 | 5,984,468 | ||||||
Sun Art Retail Group Ltd. | 10,934,000 | 13,974,328 | ||||||
Sunac China Holdings Ltd. | 10,959,000 | 59,765,753 | ||||||
Suning.com Co. Ltd., Class A | 2,866,738 | 3,805,804 | ||||||
Sunny Optical Technology Group Co. Ltd. | 3,189,500 | 49,604,122 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 530,100 | 2,146,123 | ||||||
TAL Education Group, ADR(a)(b) | 1,722,064 | 93,663,061 | ||||||
TCL Technology Group Corp., Class A | 4,785,055 | 4,025,081 | ||||||
Tencent Holdings Ltd. | 25,623,700 | 1,269,175,509 | ||||||
Tencent Music Entertainment Group, ADR(a)(b) | 418,684 | 5,078,637 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 905,593 | 2,277,521 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 865,579 | 2,006,006 | ||||||
Tianqi Lithium Corp., Class A | 499,604 | 2,267,094 | ||||||
Tingyi Cayman Islands Holding Corp. | 8,942,000 | 16,270,595 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 856,600 | 1,396,990 | ||||||
Tongwei Co. Ltd., Class A | 1,204,784 | 2,973,094 | ||||||
Topchoice Medical Corp., Class A(a) | 154,800 | 2,305,103 | ||||||
Topsports International Holdings Ltd.(c) | 2,609,000 | 3,016,417 | ||||||
Towngas China Co. Ltd. | 4,886,000 | 2,833,899 | ||||||
Transfar Zhilian Co. Ltd., Class A | 1,538,198 | 1,368,715 | ||||||
TravelSky Technology Ltd., Class H | 4,314,000 | 8,436,409 | ||||||
Trip.com Group Ltd., ADR(a)(b) | 2,105,099 | 63,910,806 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 332,300 | 2,029,872 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 1,692,000 | 8,793,220 |
14 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 243,000 | $ | 2,014,513 | |||||
Uni-President China Holdings Ltd. | 6,074,000 | 6,266,476 | ||||||
Unisplendour Corp. Ltd., Class A | 601,763 | 3,910,056 | ||||||
Venustech Group Inc., Class A | 448,703 | 2,669,674 | ||||||
Vipshop Holdings Ltd., ADR(a)(b) | 1,968,594 | 25,257,061 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 614,494 | 2,514,167 | ||||||
Wanda Film Holding Co. Ltd., Class A(a) | 398,452 | 923,425 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 850,191 | 5,721,293 | ||||||
Want Want China Holdings Ltd. | 22,918,000 | 17,703,769 | ||||||
Weibo Corp., ADR(a)(b) | 248,365 | 10,466,101 | ||||||
Weichai Power Co. Ltd., Class A | 1,720,444 | 3,526,932 | ||||||
Weichai Power Co. Ltd., Class H | 8,721,800 | 17,168,171 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 1,367,575 | 6,364,226 | ||||||
Western Securities Co. Ltd., Class A | 290,180 | 393,122 | ||||||
Wharf Holdings Ltd. (The) | 4,487,000 | 9,465,650 | ||||||
Will Semiconductor Ltd., Class A | 165,400 | 4,122,341 | ||||||
Wingtech Technology Co. Ltd., Class A(a) | 84,200 | 1,678,772 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 688,565 | 2,533,532 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 257,200 | 1,745,157 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 659,788 | 3,195,963 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 1,049,903 | 18,113,688 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 521,083 | 1,945,619 | ||||||
WuXi AppTec Co. Ltd., Class A | 449,720 | 6,819,593 | ||||||
WuXi AppTec Co. Ltd., Class H(c) | 665,980 | 9,819,147 | ||||||
Wuxi Biologics Cayman Inc.(a)(c) | 3,213,000 | 47,001,110 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 318,825 | 2,561,017 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 4,373,569 | 3,297,289 | ||||||
Xiaomi Corp., Class B(a)(c) | 44,197,800 | 71,233,261 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 2,782,050 | 1,253,678 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 1,947,793 | 2,931,359 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 2,229,246 | 2,214,071 | ||||||
Xinyi Solar Holdings Ltd. | 17,044,000 | 13,494,265 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 419,098 | 2,074,446 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 8,638,800 | 6,551,390 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 201,187 | 3,001,601 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 177,685 | 2,076,745 | ||||||
Yihai International Holding Ltd. | 2,146,000 | 14,360,732 | ||||||
Yonghui Superstores Co. Ltd., Class A | 2,706,500 | 3,329,790 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 703,869 | 4,637,951 | ||||||
Yuexiu Property Co. Ltd. | 31,884,000 | 6,505,227 | ||||||
Yum China Holdings Inc. | 1,596,831 | 69,925,230 | ||||||
Yunda Holding Co. Ltd., Class A | 659,665 | 2,791,464 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 364,945 | 4,108,255 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 143,200 | 1,195,143 | ||||||
Yuzhou Properties Co. Ltd. | 7,977,000 | 3,910,169 | ||||||
Zai Lab Ltd., ADR(a) | 95,326 | 5,240,070 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 177,650 | 3,052,240 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 5,243,000 | 6,250,116 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 958,686 | 3,698,859 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 1,239,084 | 3,435,302 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 6,908,000 | 5,221,078 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 346,494 | 1,873,195 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 842,100 | 1,556,455 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Zhejiang NHU Co. Ltd., Class A | 950,278 | $ | 3,276,258 | |||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1,047,398 | 2,978,781 | ||||||
Zhejiang Supor Co. Ltd., Class A | 278,882 | 2,930,372 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 205,947 | 1,272,180 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1,169,867 | 2,523,761 | ||||||
Zhenro Properties Group Ltd. | 5,943,000 | 3,866,395 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 1,407,900 | 5,925,680 | ||||||
Zhongji Innolight Co. Ltd., Class A | 124,000 | 1,100,535 | ||||||
Zhongsheng Group Holdings Ltd.(b) | 2,619,500 | 9,966,339 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 2,503,800 | 8,755,051 | ||||||
Zijin Mining Group Co. Ltd., Class A | 5,854,500 | 3,484,124 | ||||||
Zijin Mining Group Co. Ltd., Class H | 25,666,000 | 11,527,066 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,881,168 | 1,690,042 | ||||||
Zoomlion Heavy Industry Science and Technology | ||||||||
Co. Ltd., Class H | 5,601,400 | 4,643,245 | ||||||
ZTE Corp., Class A(a) | 990,800 | 7,087,065 | ||||||
ZTE Corp., Class H(a) | 3,507,800 | 14,516,338 | ||||||
ZTO Express Cayman Inc., ADR | 1,417,189 | 33,247,254 | ||||||
9,273,226,608 | ||||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 1,032,467 | 11,351,996 | ||||||
Ecopetrol SA | 21,871,488 | 19,145,707 | ||||||
Grupo Argos SA | 1,409,480 | 5,960,486 | ||||||
Grupo de Inversiones Suramericana SA | 1,192,842 | 10,256,855 | ||||||
Interconexion Electrica SA ESP | 1,990,575 | 10,438,136 | ||||||
57,153,180 | ||||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 676,122 | 12,865,079 | ||||||
Komercni Banka AS | 330,742 | 10,080,077 | ||||||
Moneta Money Bank AS(c) | 2,195,036 | 7,238,660 | ||||||
30,183,816 | ||||||||
Egypt — 0.2% | ||||||||
Commercial International Bank Egypt SAE | 6,543,975 | 34,560,728 | ||||||
Eastern Co. SAE | 5,085,308 | 4,664,853 | ||||||
EISewedy Electric Co. | 4,013,196 | 2,426,016 | ||||||
41,651,597 | ||||||||
Greece — 0.2% | ||||||||
Alpha Bank AE(a) | 8,371,733 | 11,835,158 | ||||||
Eurobank Ergasias SA(a) | 11,515,599 | 7,159,507 | ||||||
FF Group(a)(d) | 246,892 | 2,712 | ||||||
Hellenic Telecommunications Organization SA | 1,019,182 | 14,352,248 | ||||||
Jumbo SA | 480,080 | 7,498,828 | ||||||
Motor Oil Hellas Corinth Refineries SA | 272,395 | 4,428,340 | ||||||
National Bank of Greece SA(a) | 2,456,642 | 5,395,646 | ||||||
OPAP SA | 824,351 | 8,783,428 | ||||||
Titan Cement International SA(a) | 217,361 | 3,051,354 | ||||||
62,507,221 | ||||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,830,463 | 14,077,592 | ||||||
OTP Bank Nyrt | 1,001,579 | 43,304,211 | ||||||
Richter Gedeon Nyrt | 646,727 | 13,076,216 | ||||||
70,458,019 | ||||||||
India — 8.7% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 2,756,807 | 13,072,080 |
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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Ambuja Cements Ltd. | 2,700,979 | $ | 7,674,310 | |||||
Ashok Leyland Ltd. | 5,334,660 | 5,167,045 | ||||||
Asian Paints Ltd. | 1,285,103 | 32,016,502 | ||||||
Aurobindo Pharma Ltd. | 1,205,098 | 8,441,155 | ||||||
Avenue Supermarts Ltd.(a)(c) | 562,377 | 18,109,759 | ||||||
Axis Bank Ltd. | 9,306,554 | 89,922,196 | ||||||
Bajaj Auto Ltd. | 372,758 | 14,927,365 | ||||||
Bajaj Finance Ltd. | 788,594 | 48,799,564 | ||||||
Bajaj Finserv Ltd. | 171,809 | 21,547,100 | ||||||
Bandhan Bank Ltd.(c) | 1,740,850 | 9,250,923 | ||||||
Berger Paints India Ltd. | 941,090 | 7,388,015 | ||||||
Bharat Forge Ltd. | 952,391 | 5,745,953 | ||||||
Bharat Petroleum Corp. Ltd. | 2,915,912 | 17,226,578 | ||||||
Bharti Airtel Ltd.(a) | 10,910,719 | 79,145,895 | ||||||
Bharti Infratel Ltd. | 1,522,279 | 4,523,542 | ||||||
Bosch Ltd. | 34,517 | 5,800,917 | ||||||
Britannia Industries Ltd. | 260,556 | 10,723,711 | ||||||
Cipla Ltd. | 1,568,762 | 8,740,766 | ||||||
Coal India Ltd. | 5,549,858 | 12,950,374 | ||||||
Colgate-Palmolive India Ltd. | 253,195 | 4,509,743 | ||||||
Container Corp. of India Ltd. | 953,945 | 6,736,801 | ||||||
Dabur India Ltd. | 2,406,206 | 16,540,947 | ||||||
Divi’s Laboratories Ltd. | 364,042 | 10,628,306 | ||||||
DLF Ltd. | 2,462,297 | 6,881,842 | ||||||
Dr. Reddy’s Laboratories Ltd. | 519,033 | 21,051,879 | ||||||
Eicher Motors Ltd. | 59,541 | 13,697,586 | ||||||
GAIL India Ltd. | 7,108,128 | 10,282,864 | ||||||
Godrej Consumer Products Ltd. | 1,610,139 | 12,505,392 | ||||||
Grasim Industries Ltd. | 1,340,332 | 12,763,033 | ||||||
Havells India Ltd. | 1,122,454 | 9,535,046 | ||||||
HCL Technologies Ltd. | 4,838,050 | 35,822,386 | ||||||
HDFC Asset Management Co. Ltd.(c) | 179,324 | 7,805,846 | ||||||
HDFC Life Insurance Co. Ltd.(c) | 2,269,673 | 17,111,984 | ||||||
Hero MotoCorp Ltd. | 433,421 | 12,322,327 | ||||||
Hindalco Industries Ltd. | 5,366,991 | 11,594,054 | ||||||
Hindustan Petroleum Corp. Ltd. | 2,753,845 | 7,538,325 | ||||||
Hindustan Unilever Ltd. | 2,902,917 | 87,478,695 | ||||||
Housing Development Finance Corp. Ltd. | 7,302,934 | 220,173,328 | ||||||
ICICI Bank Ltd. | 21,288,033 | 146,679,245 | ||||||
ICICI Lombard General Insurance Co. Ltd.(c) | 745,098 | 12,767,873 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(c) | 1,352,814 | 8,836,616 | ||||||
Indian Oil Corp. Ltd. | 8,428,182 | 12,350,161 | ||||||
Info Edge India Ltd. | 248,791 | 8,940,342 | ||||||
Infosys Ltd. | 15,188,459 | 153,994,464 | ||||||
InterGlobe Aviation Ltd.(c) | 419,010 | 7,548,189 | ||||||
ITC Ltd. | 15,352,420 | 42,025,435 | ||||||
JSW Steel Ltd. | 3,880,832 | 12,674,848 | ||||||
Larsen & Toubro Ltd. | 2,085,712 | 34,321,367 | ||||||
LIC Housing Finance Ltd. | 1,304,626 | 5,789,399 | ||||||
Lupin Ltd. | 1,007,085 | 8,931,089 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 1,388,811 | 6,605,596 | ||||||
Mahindra & Mahindra Ltd. | 3,322,946 | 21,044,826 | ||||||
Marico Ltd. | 2,042,372 | 8,454,756 | ||||||
Maruti Suzuki India Ltd. | 468,496 | 40,788,544 | ||||||
Motherson Sumi Systems Ltd. | 4,214,504 | 6,053,048 | ||||||
Nestle India Ltd. | 104,360 | 22,817,484 | ||||||
NTPC Ltd. | 10,574,769 | 15,612,868 | ||||||
Oil & Natural Gas Corp. Ltd. | 11,150,096 | 14,206,552 | ||||||
Page Industries Ltd. | 25,197 | 7,732,242 | ||||||
Petronet LNG Ltd. | 2,775,590 | 9,445,871 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Pidilite Industries Ltd. | 561,639 | $ | 11,775,605 | |||||
Piramal Enterprises Ltd. | 436,414 | 7,901,018 | ||||||
Power Grid Corp. of India Ltd. | 8,091,214 | 20,349,262 | ||||||
REC Ltd. | 3,150,065 | 5,141,894 | ||||||
Reliance Industries Ltd. | 12,719,911 | 234,181,727 | ||||||
SBI Life Insurance Co. Ltd.(c) | 1,491,468 | 18,401,678 | ||||||
Shree Cement Ltd. | 38,203 | 12,001,224 | ||||||
Shriram Transport Finance Co. Ltd. | 588,201 | 9,750,440 | ||||||
Siemens Ltd. | 278,310 | 5,027,840 | ||||||
State Bank of India(a) | 7,947,290 | 33,367,220 | ||||||
Sun Pharmaceutical Industries Ltd. | 3,786,154 | 19,563,610 | ||||||
Tata Consultancy Services Ltd. | 4,011,521 | 111,180,846 | ||||||
Tata Motors Ltd.(a) | 7,181,134 | 12,831,361 | ||||||
Tata Power Co. Ltd. (The) | 4,933,902 | 3,192,756 | ||||||
Tata Steel Ltd. | 1,552,955 | 8,214,786 | ||||||
Tech Mahindra Ltd. | 2,076,204 | 21,415,821 | ||||||
Titan Co. Ltd. | 1,391,175 | 24,183,033 | ||||||
UltraTech Cement Ltd. | 449,382 | 26,275,156 | ||||||
United Spirits Ltd.(a) | 1,328,118 | 12,631,084 | ||||||
UPL Ltd. | 2,406,761 | 17,331,814 | ||||||
Vedanta Ltd. | 8,394,101 | 13,259,812 | ||||||
Wipro Ltd. | 5,119,192 | 15,708,526 | ||||||
Zee Entertainment Enterprises Ltd. | 3,792,247 | 12,574,701 | ||||||
2,210,036,163 | ||||||||
Indonesia — 1.8% | ||||||||
Ace Hardware Indonesia Tbk PT | 13,926,900 | 1,470,587 | ||||||
Adaro Energy Tbk PT | 66,265,200 | 5,334,470 | ||||||
Astra International Tbk PT | 90,049,200 | 34,676,552 | ||||||
Bank Central Asia Tbk PT | 43,788,500 | 95,985,246 | ||||||
Bank Mandiri Persero Tbk PT | 83,248,900 | 42,211,936 | ||||||
Bank Negara Indonesia Persero Tbk PT | 33,494,276 | 16,399,881 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 247,173,410 | 72,183,766 | ||||||
Bank Tabungan Negara Persero Tbk PT | 19,225,000 | 2,277,923 | ||||||
Barito Pacific Tbk PT(a) | 120,650,600 | 8,283,035 | ||||||
Bukit Asam Tbk PT | 13,597,100 | 2,122,844 | ||||||
Bumi Serpong Damai Tbk PT(a) | 36,513,600 | 2,544,945 | ||||||
Charoen Pokphand Indonesia Tbk PT | 33,257,445 | 13,212,576 | ||||||
Gudang Garam Tbk PT | 2,187,600 | 7,776,100 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 42,572,300 | 5,044,287 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 12,472,900 | 4,890,055 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 8,426,400 | 8,765,570 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 10,698,100 | 7,661,473 | ||||||
Indofood Sukses Makmur Tbk PT | 20,083,000 | 9,098,414 | ||||||
Jasa Marga Persero Tbk PT | 10,358,195 | 3,378,732 | ||||||
Kalbe Farma Tbk PT | 98,638,915 | 8,387,487 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 6,403,900 | 2,678,055 | ||||||
Pakuwon Jati Tbk PT | 81,378,500 | 3,006,141 | ||||||
Perusahaan Gas Negara Tbk PT | 49,124,300 | 4,382,583 | ||||||
Semen Indonesia Persero Tbk PT | 13,455,200 | 9,823,539 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 221,598,000 | 53,903,260 | ||||||
Unilever Indonesia Tbk PT | 33,713,700 | 16,037,359 | ||||||
United Tractors Tbk PT | 7,665,353 | 8,868,783 | ||||||
XL Axiata Tbk PT(a) | 12,568,100 | 2,268,784 | ||||||
452,674,383 | ||||||||
Malaysia — 1.8% | ||||||||
AirAsia Group Bhd | 6,664,200 | 1,581,068 | ||||||
AMMB Holdings Bhd | 7,747,675 | 6,801,043 | ||||||
Axiata Group Bhd | 12,418,500 | 12,315,381 | ||||||
British American Tobacco Malaysia Bhd | 16,900 | 49,878 |
16 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Carlsberg Brewery Malaysia Bhd | 233,300 | $ | 1,762,342 | |||||
CIMB Group Holdings Bhd | 21,640,000 | 24,746,097 | ||||||
Dialog Group Bhd | 16,498,912 | 13,073,871 | ||||||
DiGi.Com Bhd | 13,928,000 | 13,746,259 | ||||||
Fraser & Neave Holdings Bhd | 604,200 | 4,403,564 | ||||||
Gamuda Bhd | 7,871,500 | 6,181,415 | ||||||
Genting Bhd | 9,698,000 | 11,389,110 | ||||||
Genting Malaysia Bhd | 13,446,300 | 9,219,409 | ||||||
Genting Plantations Bhd | 1,351,500 | 3,212,819 | ||||||
HAP Seng Consolidated Bhd | 2,781,000 | 5,911,687 | ||||||
Hartalega Holdings Bhd | 6,786,000 | 9,981,779 | ||||||
Hong Leong Bank Bhd | 2,979,400 | 10,814,904 | ||||||
Hong Leong Financial Group Bhd | 1,051,900 | 3,818,285 | ||||||
IHH Healthcare Bhd | 9,931,700 | 13,430,769 | ||||||
IJM Corp. Bhd | 12,783,240 | 5,883,626 | ||||||
IOI Corp. Bhd | 8,875,220 | 8,780,467 | ||||||
Kuala Lumpur Kepong Bhd | 1,948,800 | 10,097,697 | ||||||
Malayan Banking Bhd | 17,249,400 | 34,457,876 | ||||||
Malaysia Airports Holdings Bhd | 4,787,800 | 7,485,552 | ||||||
Maxis Bhd(b) | 10,463,200 | 13,479,283 | ||||||
MISC Bhd | 5,108,300 | 9,198,576 | ||||||
Nestle Malaysia Bhd | 307,300 | 10,425,599 | ||||||
Petronas Chemicals Group Bhd | 10,955,700 | 14,035,772 | ||||||
Petronas Dagangan Bhd | 1,078,900 | 5,846,281 | ||||||
Petronas Gas Bhd | 3,027,300 | 11,936,827 | ||||||
PPB Group Bhd | 2,739,160 | 11,762,466 | ||||||
Press Metal Aluminium Holdings Bhd(b) | 6,684,000 | 7,389,665 | ||||||
Public Bank Bhd | 13,951,930 | 56,602,136 | ||||||
QL Resources Bhd | 2,627,000 | 5,085,722 | ||||||
RHB Bank Bhd | 6,924,325 | 9,117,439 | ||||||
RHB Capital Bhd(a)(d) | 3,214,200 | 8 | ||||||
Sime Darby Bhd | 12,134,573 | 5,757,805 | ||||||
Sime Darby Plantation Bhd | 9,577,673 | 11,270,524 | ||||||
Telekom Malaysia Bhd | 5,079,800 | 4,459,136 | ||||||
Tenaga Nasional Bhd | 14,055,550 | 40,349,266 | ||||||
Top Glove Corp. Bhd | 6,918,900 | 9,258,030 | ||||||
Westports Holdings Bhd | 4,317,100 | 3,523,327 | ||||||
YTL Corp. Bhd | 13,984,189 | 2,803,473 | ||||||
451,446,233 | ||||||||
Mexico — 2.3% | ||||||||
Alfa SAB de CV, Class A | 13,297,100 | 8,443,136 | ||||||
Alsea SAB de CV(a) | 2,352,900 | 4,744,665 | ||||||
America Movil SAB de CV, Series L, NVS | 149,709,100 | 117,368,486 | ||||||
Arca Continental SAB de CV | 1,899,536 | 10,361,978 | ||||||
Cemex SAB de CV, CPO, NVS | 67,286,373 | 21,549,042 | ||||||
Coca-Cola Femsa SAB de CV | 2,334,793 | 12,853,067 | ||||||
El Puerto de Liverpool SAB de CV, Series C1, NVS(b) | 868,965 | 4,029,989 | ||||||
Fibra Uno Administracion SA de CV | 14,052,000 | 21,003,646 | ||||||
Fomento Economico Mexicano SAB de CV | 8,628,300 | 69,391,642 | ||||||
Gruma SAB de CV, Series B | 930,765 | 8,888,967 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 1,593,500 | 17,198,354 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 929,245 | 15,250,292 | ||||||
Grupo Bimbo SAB de CV, Series A(b) | 7,319,300 | 10,977,194 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,181,841 | 5,954,834 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 11,516,456 | 62,036,969 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(b) | 10,534,300 | 11,238,573 | ||||||
Grupo Mexico SAB de CV, Series B | 15,611,188 | 36,606,034 |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Grupo Televisa SAB, CPO | 10,798,800 | $ | 20,090,410 | |||||
Industrias Penoles SAB de CV | 637,333 | 5,712,543 | ||||||
Infraestructura Energetica Nova SAB de CV | 2,376,300 | 10,277,514 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 6,777,200 | 12,759,136 | ||||||
Megacable Holdings SAB de CV, CPO | 1,360,860 | 4,530,128 | ||||||
Orbia Advance Corp. SAB de CV | 4,693,634 | 9,125,753 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,023,275 | 9,931,141 | ||||||
Wal-Mart de Mexico SAB de CV | 23,149,200 | 64,548,574 | ||||||
574,872,067 | ||||||||
Pakistan — 0.0% | ||||||||
Habib Bank Ltd. | 2,909,900 | 2,951,980 | ||||||
MCB Bank Ltd. | 1,917,200 | 2,430,566 | ||||||
Oil & Gas Development Co. Ltd. | 3,194,800 | 2,431,318 | ||||||
7,813,864 | ||||||||
Peru — 0.3% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 981,954 | 10,948,787 | ||||||
Credicorp Ltd. | 294,900 | 53,456,523 | ||||||
Southern Copper Corp. | 371,572 | 12,503,398 | ||||||
76,908,708 | ||||||||
Philippines — 0.9% | ||||||||
Aboitiz Equity Ventures Inc. | 9,356,010 | 7,828,030 | ||||||
Aboitiz Power Corp. | 6,176,164 | 3,331,918 | ||||||
Altus San Nicolas Corp. | 195,768 | 19,947 | ||||||
Ayala Corp. | 1,262,646 | 16,410,063 | ||||||
Ayala Land Inc. | 33,185,600 | 25,389,669 | ||||||
Bank of the Philippine Islands | 4,176,564 | 6,071,278 | ||||||
BDO Unibank Inc. | 8,922,421 | 24,329,897 | ||||||
Globe Telecom Inc. | 157,180 | 5,485,497 | ||||||
GT Capital Holdings Inc. | 446,822 | 6,232,279 | ||||||
International Container Terminal Services Inc. | 4,297,540 | 8,936,523 | ||||||
JG Summit Holdings Inc. | 13,117,424 | 17,369,811 | ||||||
Jollibee Foods Corp. | 2,054,769 | 6,852,589 | ||||||
Manila Electric Co. | 946,140 | 5,007,721 | ||||||
Megaworld Corp. | 51,798,900 | 3,454,954 | ||||||
Metro Pacific Investments Corp. | 66,576,500 | 4,009,610 | ||||||
Metropolitan Bank & Trust Co. | 7,479,945 | 8,224,638 | ||||||
PLDT Inc. | 400,898 | 7,785,954 | ||||||
Robinsons Land Corp. | 9,374,606 | 3,917,197 | ||||||
Security Bank Corp. | 1,025,260 | 3,105,447 | ||||||
SM Investments Corp. | 1,124,497 | 21,497,250 | ||||||
SM Prime Holdings Inc. | 45,472,225 | 34,165,497 | ||||||
Universal Robina Corp. | 4,122,180 | 11,426,465 | ||||||
230,852,234 | ||||||||
Poland — 0.8% | ||||||||
Bank Millennium SA(a) | 2,832,778 | 3,467,417 | ||||||
Bank Polska Kasa Opieki SA | 745,565 | 16,648,374 | ||||||
CCC SA | 134,383 | 2,452,344 | ||||||
CD Projekt SA | 301,433 | 21,292,284 | ||||||
Cyfrowy Polsat SA | 1,148,734 | 7,342,201 | ||||||
Dino Polska SA(a)(c) | 218,640 | 7,863,432 | ||||||
Grupa Lotos SA | 415,719 | 6,269,473 | ||||||
KGHM Polska Miedz SA(a) | 635,205 | 11,364,639 | ||||||
LPP SA | 5,837 | 10,215,157 | ||||||
mBank SA(a) | 67,334 | 5,089,287 | ||||||
Orange Polska SA(a) | 2,962,814 | 4,636,559 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 3,737,438 | 4,237,286 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,337,082 | 19,886,496 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 7,841,654 | 6,300,850 |
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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Poland (continued) | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 3,866,735 | $ | 30,687,128 | |||||
Powszechny Zaklad Ubezpieczen SA | 2,662,845 | 23,469,669 | ||||||
Santander Bank Polska SA | 160,348 | 10,199,934 | ||||||
191,422,530 | ||||||||
Qatar — 0.9% | ||||||||
Barwa Real Estate Co. | 5,787,019 | 4,894,486 | ||||||
Commercial Bank PSQC (The) | 9,387,325 | 11,589,132 | ||||||
Industries Qatar QSC | 8,184,175 | 20,073,591 | ||||||
Masraf Al Rayan QSC | 17,324,179 | 19,237,009 | ||||||
Mesaieed Petrochemical Holding Co. | 19,863,368 | 9,592,165 | ||||||
Ooredoo QPSC | 3,794,829 | 6,547,486 | ||||||
Qatar Electricity & Water Co. QSC | 2,441,111 | 10,023,387 | ||||||
Qatar Fuel QSC | 2,432,155 | 12,806,753 | ||||||
Qatar Insurance Co. SAQ | 7,790,811 | 5,739,009 | ||||||
Qatar International Islamic Bank QSC | 2,051,870 | 4,758,381 | ||||||
Qatar Islamic Bank SAQ | 5,303,145 | 22,570,884 | ||||||
Qatar National Bank QPSC | 20,261,545 | 104,146,320 | ||||||
231,978,603 | ||||||||
Russia — 3.5% | ||||||||
Alrosa PJSC | 11,579,660 | 12,301,666 | ||||||
Gazprom PJSC | 44,200,619 | 133,292,492 | ||||||
Gazprom PJSC, ADR | 1,726,875 | 10,413,056 | ||||||
Inter RAO UES PJSC | 162,109,000 | 12,553,798 | ||||||
LUKOIL PJSC | 1,836,184 | 155,734,088 | ||||||
Magnit PJSC, GDR(e) | 1,647,006 | 17,935,895 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 10,354,800 | 6,161,260 | ||||||
MMC Norilsk Nickel PJSC | 282,038 | 84,989,129 | ||||||
Mobile TeleSystems PJSC, ADR | 2,215,909 | 21,494,317 | ||||||
Moscow Exchange MICEX-RTS PJSC | 6,072,120 | 8,952,763 | ||||||
Novatek PJSC, GDR(e) | 407,375 | 58,376,838 | ||||||
Novolipetsk Steel PJSC | 5,391,100 | 10,023,274 | ||||||
PhosAgro PJSC, GDR(e) | 559,415 | 6,159,159 | ||||||
Polymetal International PLC | 974,210 | 14,861,052 | ||||||
Polyus PJSC | 119,438 | 15,043,501 | ||||||
Rosneft Oil Co. PJSC | 5,008,197 | 30,064,087 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 291,820 | 1,765,511 | ||||||
Sberbank of Russia PJSC | 48,741,181 | 169,259,554 | ||||||
Severstal PJSC | 940,545 | 11,401,309 | ||||||
Surgutneftegas PJSC | 25,162,160 | 14,391,482 | ||||||
Surgutneftegas PJSC, ADR | 689,300 | 3,929,010 | ||||||
Tatneft PJSC | 6,817,058 | 68,130,002 | ||||||
VTB Bank PJSC | 14,436,581,998 | 9,308,588 | ||||||
X5 Retail Group NV, GDR(e) | 538,060 | 16,578,173 | ||||||
893,120,004 | ||||||||
Saudi Arabia — 2.5% | ||||||||
Advanced Petrochemical Co. | 344,878 | 4,123,092 | ||||||
Al Rajhi Bank | 5,546,667 | 91,520,375 | ||||||
Alinma Bank | 3,551,503 | 22,019,981 | ||||||
Almarai Co. JSC | 1,093,195 | 13,346,216 | ||||||
Arab National Bank | 2,262,104 | 15,255,559 | ||||||
Bank AlBilad | 1,560,713 | 9,967,928 | ||||||
Bank Al-Jazira | 2,034,709 | 7,549,820 | ||||||
Banque Saudi Fransi | 2,459,509 | 22,323,412 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 119,515 | 3,090,219 | ||||||
Co for Cooperative Insurance (The)(a) | 240,232 | 4,405,694 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 2,549,102 | 6,366,809 | ||||||
Emaar Economic City(a) | 1,582,785 | 3,906,861 | ||||||
Etihad Etisalat Co.(a) | 1,830,674 | 11,194,365 | ||||||
Jarir Marketing Co. | 241,738 | 9,781,642 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
National Commercial Bank | 5,513,567 | $ | 65,107,562 | |||||
National Industrialization Co.(a) | 1,501,237 | 4,714,000 | ||||||
Rabigh Refining & Petrochemical Co.(a) | 975,718 | 4,083,373 | ||||||
Riyad Bank | 5,510,119 | 32,195,604 | ||||||
Sahara International Petrochemical Co. | 1,509,934 | 6,278,814 | ||||||
Samba Financial Group | 4,540,453 | 32,496,645 | ||||||
Saudi Airlines Catering Co. | 125,477 | 3,050,381 | ||||||
Saudi Arabian Fertilizer Co. | 732,118 | 13,114,309 | ||||||
Saudi Arabian Mining Co.(a) | 1,896,305 | 19,258,755 | ||||||
Saudi Arabian Oil Co.(a)(c) | 4,903,717 | 43,592,953 | ||||||
Saudi Basic Industries Corp. | 3,479,178 | 72,987,154 | ||||||
Saudi British Bank (The) | 2,970,085 | 22,326,109 | ||||||
Saudi Cement Co. | 302,131 | 4,912,699 | ||||||
Saudi Electricity Co. | 3,710,684 | 16,617,217 | ||||||
Saudi Industrial Investment Group | 870,103 | 4,889,183 | ||||||
Saudi Kayan Petrochemical Co.(a) | 3,616,490 | 8,541,144 | ||||||
Saudi Telecom Co. | 1,831,041 | 40,315,604 | ||||||
Savola Group (The)(a) | 1,129,775 | 10,073,564 | ||||||
Yanbu National Petrochemical Co. | 1,042,823 | 13,759,760 | ||||||
643,166,803 | ||||||||
South Africa — 4.2% | ||||||||
Absa Group Ltd. | 3,204,815 | 26,952,104 | ||||||
Anglo American Platinum Ltd. | 242,891 | 16,170,706 | ||||||
AngloGold Ashanti Ltd. | 1,858,857 | 32,821,709 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 1,757,669 | 11,172,927 | ||||||
Bid Corp. Ltd. | 1,511,068 | 26,715,402 | ||||||
Bidvest Group Ltd. (The) | 1,280,218 | 14,648,269 | ||||||
Capitec Bank Holdings Ltd. | 203,942 | 16,852,974 | ||||||
Clicks Group Ltd. | 1,182,598 | 17,703,450 | ||||||
Discovery Ltd. | 1,778,203 | 10,885,227 | ||||||
Exxaro Resources Ltd. | 1,137,138 | 8,095,824 | ||||||
FirstRand Ltd. | 14,869,322 | 52,099,102 | ||||||
Fortress REIT Ltd., Series A | 5,367,700 | 5,510,495 | ||||||
Foschini Group Ltd. (The) | 1,083,041 | 8,587,083 | ||||||
Gold Fields Ltd. | 3,712,143 | 21,761,042 | ||||||
Growthpoint Properties Ltd. | 13,450,259 | 15,047,806 | ||||||
Impala Platinum Holdings Ltd.(a) | 3,539,217 | 28,043,314 | ||||||
Investec Ltd. | 1,343,884 | 6,737,573 | ||||||
Kumba Iron Ore Ltd. | 291,898 | 5,207,832 | ||||||
Liberty Holdings Ltd. | 610,232 | 3,635,053 | ||||||
Life Healthcare Group Holdings Ltd. | 6,402,929 | 9,076,396 | ||||||
Momentum Metropolitan Holdings | 4,192,317 | 4,743,555 | ||||||
Mr. Price Group Ltd. | 1,162,298 | 11,154,189 | ||||||
MTN Group Ltd. | 7,569,633 | 35,462,731 | ||||||
MultiChoice Group Ltd.(a) | 2,006,202 | 11,531,055 | ||||||
Naspers Ltd., Class N | 1,974,093 | 298,776,149 | ||||||
Nedbank Group Ltd. | 1,659,396 | 18,629,242 | ||||||
NEPI Rockcastle PLC | 1,735,896 | 12,579,356 | ||||||
Northam Platinum Ltd.(a) | 1,522,689 | 10,764,278 | ||||||
Old Mutual Ltd. | 21,289,218 | 21,192,458 | ||||||
Pepkor Holdings Ltd.(c) | 2,447,126 | 2,389,337 | ||||||
Pick n Pay Stores Ltd. | 1,668,677 | 5,859,436 | ||||||
PSG Group Ltd. | 691,330 | 8,200,247 | ||||||
Rand Merchant Investment Holdings Ltd. | 3,535,830 | 5,589,810 | ||||||
Redefine Properties Ltd. | 24,691,750 | 8,522,786 | ||||||
Reinet Investments SCA | 672,212 | 13,774,973 | ||||||
Remgro Ltd. | 2,364,504 | 24,048,606 | ||||||
RMB Holdings Ltd. | 3,555,280 | 15,833,386 | ||||||
Sanlam Ltd. | 8,339,485 | 34,446,794 | ||||||
Sasol Ltd. | 2,507,822 | 29,635,070 |
18 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Shoprite Holdings Ltd. | 2,119,700 | $ | 15,107,317 | |||||
Sibanye Stillwater Ltd.(a)(b) | 10,622,238 | 21,249,203 | ||||||
SPAR Group Ltd. (The) | 861,585 | 8,981,975 | ||||||
Standard Bank Group Ltd. | 5,727,761 | 54,068,112 | ||||||
Telkom SA SOC Ltd. | 1,281,205 | 2,124,008 | ||||||
Tiger Brands Ltd. | 727,708 | 7,003,926 | ||||||
Vodacom Group Ltd. | 2,851,305 | 19,877,483 | ||||||
Woolworths Holdings Ltd. | 4,504,687 | 10,236,949 | ||||||
1,049,506,719 | ||||||||
South Korea — 10.7% | ||||||||
Amorepacific Corp.(a)(b) | 142,109 | 18,838,657 | ||||||
AMOREPACIFIC Group(a) | 131,068 | 6,690,997 | ||||||
BGF retail Co. Ltd. | 36,570 | 4,561,840 | ||||||
BNK Financial Group Inc. | 1,250,879 | 6,354,816 | ||||||
Celltrion Healthcare Co. Ltd.(a)(b) | 238,927 | 12,748,019 | ||||||
Celltrion Inc.(a)(b) | 422,277 | 59,108,349 | ||||||
Cheil Worldwide Inc. | 322,330 | 5,135,517 | ||||||
CJ CheilJedang Corp. | 37,333 | 7,500,413 | ||||||
CJ Corp. | 63,999 | 4,242,009 | ||||||
CJ ENM Co. Ltd. | 50,592 | 5,240,406 | ||||||
CJ Logistics Corp.(a) | 40,871 | 4,492,613 | ||||||
Coway Co. Ltd. | 227,488 | 12,905,659 | ||||||
Daelim Industrial Co. Ltd.(a) | 123,751 | 7,387,359 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 824,306 | 2,748,818 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 173,216 | 3,159,106 | ||||||
DB Insurance Co. Ltd. | 222,958 | 7,949,017 | ||||||
Doosan Bobcat Inc. | 224,070 | 5,239,677 | ||||||
E-MART Inc. | 94,203 | 8,144,352 | ||||||
Fila Holdings Corp.(b) | 221,703 | 7,009,794 | ||||||
GS Engineering & Construction Corp. | 266,761 | 5,765,728 | ||||||
GS Holdings Corp. | 229,609 | 7,798,577 | ||||||
GS Retail Co. Ltd. | 123,564 | 3,596,531 | ||||||
Hana Financial Group Inc. | 1,340,105 | 34,647,424 | ||||||
Hankook Tire & Technology Co. Ltd. | 330,941 | 6,948,535 | ||||||
Hanmi Pharm Co. Ltd.(a) | 29,456 | 6,330,190 | ||||||
Hanon Systems | 843,096 | 7,323,724 | ||||||
Hanwha Corp. | 179,889 | 2,969,761 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,520,472 | 2,065,689 | ||||||
Hanwha Solutions Corp. | 473,118 | 6,953,608 | ||||||
HDC Holdings Co. Ltd. | 1 | 8 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(b) | 117,950 | 1,752,983 | ||||||
Helixmith Co. Ltd.(a)(b) | 86,722 | 4,434,283 | ||||||
HLB Inc.(a)(b) | 148,543 | 11,802,717 | ||||||
Hotel Shilla Co. Ltd.(b) | 141,507 | 9,356,124 | ||||||
Hyundai Department Store Co. Ltd. | 66,297 | 3,870,282 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 347,220 | 9,920,571 | ||||||
Hyundai Glovis Co. Ltd. | 84,533 | 8,561,185 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 43,766 | 9,747,800 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 282,129 | 5,249,992 | ||||||
Hyundai Mobis Co. Ltd. | 296,628 | 51,290,144 | ||||||
Hyundai Motor Co. | 657,366 | 62,245,443 | ||||||
Hyundai Steel Co. | 365,454 | 7,176,680 | ||||||
Industrial Bank of Korea(a) | 1,121,674 | 8,783,137 | ||||||
Kakao Corp. | 226,944 | 32,140,278 | ||||||
Kangwon Land Inc.(a) | 536,256 | 10,067,218 | ||||||
KB Financial Group Inc. | 1,763,765 | 56,492,761 | ||||||
KCC Corp. | 22,366 | 3,066,232 | ||||||
Kia Motors Corp. | 1,170,720 | 34,943,269 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
KMW Co. Ltd.(a)(b) | 115,437 | $ | 4,624,133 | |||||
Korea Aerospace Industries Ltd.(a) | 331,072 | 6,992,175 | ||||||
Korea Electric Power Corp.(a) | 1,137,599 | 19,951,304 | ||||||
Korea Gas Corp. | 122,236 | 2,828,186 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 188,079 | 9,725,287 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 173,845 | 14,886,686 | ||||||
Korea Zinc Co. Ltd.(a) | 38,901 | 13,276,628 | ||||||
Korean Air Lines Co. Ltd.(a) | 207,187 | 3,804,257 | ||||||
KT&G Corp. | 519,529 | 36,232,282 | ||||||
Kumho Petrochemical Co. Ltd. | 83,184 | 4,061,598 | ||||||
LG Chem Ltd. | 203,871 | 61,774,004 | ||||||
LG Corp. | 424,080 | 23,569,699 | ||||||
LG Display Co. Ltd.(a)(b) | 1,043,193 | 11,681,700 | ||||||
LG Electronics Inc. | 468,876 | 23,318,329 | ||||||
LG Household & Health Care Ltd. | 41,581 | 41,803,541 | ||||||
LG Innotek Co. Ltd. | 64,193 | 6,871,215 | ||||||
LG Uplus Corp. | 606,472 | 6,591,544 | ||||||
Lotte Chemical Corp.(b) | 77,078 | 11,899,650 | ||||||
Lotte Corp.(b) | 130,179 | 3,113,792 | ||||||
Lotte Shopping Co. Ltd. | 51,407 | 4,029,598 | ||||||
Medy-Tox Inc.(b) | 20,729 | 5,009,437 | ||||||
Meritz Securities Co. Ltd.(b) | 1,365,757 | 3,907,786 | ||||||
Mirae Asset Daewoo Co. Ltd.(a) | 1,776,266 | 9,272,562 | ||||||
NAVER Corp. | 637,315 | 91,307,378 | ||||||
NCSoft Corp. | 73,380 | 39,212,532 | ||||||
Netmarble Corp.(a)(b)(c) | 116,919 | 8,529,455 | ||||||
NH Investment & Securities Co. Ltd.(a) | 625,530 | 5,140,214 | ||||||
OCI Co. Ltd.(a)(b) | 88,845 | 3,602,813 | ||||||
Orion Corp. | 108,908 | 8,456,175 | ||||||
Ottogi Corp. | 6,087 | 2,490,934 | ||||||
Pan Ocean Co. Ltd.(a) | 1,222,831 | 3,760,621 | ||||||
Pearl Abyss Corp.(a)(b) | 29,542 | 4,310,286 | ||||||
POSCO | 348,287 | 56,064,313 | ||||||
POSCO Chemical Co. Ltd.(b) | 109,351 | 4,943,079 | ||||||
Posco International Corp. | 223,053 | 2,745,692 | ||||||
S-1 Corp. | 79,314 | 5,368,144 | ||||||
Samsung Biologics Co. Ltd.(a)(c) | 73,942 | 28,219,117 | ||||||
Samsung C&T Corp. | 380,351 | 33,039,959 | ||||||
Samsung Card Co. Ltd. | 134,734 | 3,738,605 | ||||||
Samsung Electro-Mechanics Co. Ltd.(b) | 250,077 | 25,944,588 | ||||||
Samsung Electronics Co. Ltd. | 21,369,985 | 953,687,268 | ||||||
Samsung Engineering Co. Ltd.(a) | 699,610 | 8,122,273 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 136,901 | 22,318,977 | ||||||
Samsung Heavy Industries Co. Ltd.(a)(b) | 1,972,622 | 9,469,235 | ||||||
Samsung Life Insurance Co. Ltd. | 311,419 | 15,000,421 | ||||||
Samsung SDI Co. Ltd. | 245,605 | 59,657,040 | ||||||
Samsung SDS Co. Ltd. | 154,808 | 21,223,163 | ||||||
Samsung Securities Co. Ltd. | 283,366 | 7,722,861 | ||||||
Shinhan Financial Group Co. Ltd. | 2,069,463 | 55,038,003 | ||||||
Shinsegae Inc. | 33,781 | 6,564,278 | ||||||
SK Holdings Co. Ltd. | 155,971 | 24,657,416 | ||||||
SK Hynix Inc. | 2,425,245 | 175,528,230 | ||||||
SK Innovation Co. Ltd. | 244,905 | 22,786,550 | ||||||
SK Telecom Co. Ltd. | 87,637 | 15,333,769 | ||||||
S-Oil Corp. | 202,337 | 11,095,631 | ||||||
Woori Financial Group Inc. | 2,345,486 | 18,559,177 | ||||||
Yuhan Corp. | 42,887 | 7,556,870 | ||||||
2,695,178,752 |
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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Spain — 0.0% | ||||||||
AmRest Holdings SE(a) | 223,159 | $ | 2,266,852 | |||||
Taiwan — 12.0% | ||||||||
Accton Technology Corp. | 2,280,000 | 12,311,300 | ||||||
Acer Inc.(b) | 13,187,121 | 7,120,640 | ||||||
Advantech Co. Ltd. | 1,549,126 | 15,066,880 | ||||||
Airtac International Group | 567,000 | 9,016,348 | ||||||
ASE Technology Holding Co. Ltd. | 15,390,110 | 36,239,530 | ||||||
Asia Cement Corp. | 9,676,077 | 14,172,427 | ||||||
Asustek Computer Inc. | 3,113,968 | 21,185,205 | ||||||
AU Optronics Corp.(b) | 38,724,000 | 12,149,408 | ||||||
Catcher Technology Co. Ltd.(b) | 2,934,210 | 22,966,290 | ||||||
Cathay Financial Holding Co. Ltd. | 34,539,710 | 45,684,882 | ||||||
Chailease Holding Co. Ltd. | 5,324,991 | 20,224,045 | ||||||
Chang Hwa Commercial Bank Ltd. | 25,129,244 | 19,253,900 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 8,735,128 | 11,409,512 | ||||||
Chicony Electronics Co. Ltd. | 2,667,998 | 7,357,382 | ||||||
China Airlines Ltd. | 11,771,347 | 3,172,252 | ||||||
China Development Financial Holding Corp. | 58,115,848 | 17,580,910 | ||||||
China Life Insurance Co. Ltd.(a) | 12,017,490 | 9,584,781 | ||||||
China Steel Corp. | 53,371,313 | 40,540,306 | ||||||
Chunghwa Telecom Co. Ltd. | 16,816,410 | 59,980,260 | ||||||
Compal Electronics Inc. | 17,151,908 | 10,451,054 | ||||||
CTBC Financial Holding Co. Ltd. | 81,897,772 | 61,397,296 | ||||||
Delta Electronics Inc.(b) | 8,672,000 | 40,095,774 | ||||||
E.Sun Financial Holding Co. Ltd. | 46,430,170 | 44,544,872 | ||||||
Eclat Textile Co. Ltd.(b) | 888,427 | 10,562,715 | ||||||
Eva Airways Corp. | 10,167,109 | 4,046,093 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 10,840,810 | 4,135,186 | ||||||
Far Eastern New Century Corp. | 14,260,038 | 13,304,251 | ||||||
Far EasTone Telecommunications Co. Ltd. | 7,145,000 | 15,597,500 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,501,281 | 8,478,312 | ||||||
First Financial Holding Co. Ltd. | 43,991,026 | 34,432,118 | ||||||
Formosa Chemicals & Fibre Corp. | 15,768,090 | 42,805,760 | ||||||
Formosa Petrochemical Corp.(b) | 5,565,000 | 15,824,122 | ||||||
Formosa Plastics Corp. | 20,030,280 | 60,197,674 | ||||||
Formosa Taffeta Co. Ltd. | 4,060,000 | 4,491,818 | ||||||
Foxconn Technology Co. Ltd. | 4,166,637 | 8,187,549 | ||||||
Fubon Financial Holding Co. Ltd. | 29,165,969 | 42,815,348 | ||||||
Giant Manufacturing Co. Ltd. | 1,399,203 | 7,601,476 | ||||||
Globalwafers Co. Ltd.(b) | 985,000 | 13,321,141 | ||||||
Highwealth Construction Corp.(b) | 3,908,170 | 5,788,782 | ||||||
Hiwin Technologies Corp. | 1,060,649 | 10,561,128 | ||||||
Hon Hai Precision Industry Co. Ltd. | 55,574,873 | 147,382,298 | ||||||
Hotai Motor Co. Ltd. | 1,386,000 | 28,700,012 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 35,787,615 | 25,470,140 | ||||||
Innolux Corp.(b) | 37,185,002 | 9,701,663 | ||||||
Inventec Corp. | 10,910,281 | 8,269,322 | ||||||
Largan Precision Co. Ltd. | 457,000 | 66,860,747 | ||||||
Lite-On Technology Corp. | 9,390,246 | 13,598,715 | ||||||
MediaTek Inc. | 6,713,338 | 79,816,433 | ||||||
Mega Financial Holding Co. Ltd. | 48,153,162 | 51,445,856 | ||||||
Micro-Star International Co. Ltd. | 3,016,000 | 9,044,165 | ||||||
Nan Ya Plastics Corp. | 23,271,160 | 52,337,918 | ||||||
Nanya Technology Corp. | 5,393,000 | 13,767,694 | ||||||
Nien Made Enterprise Co. Ltd. | 748,000 | 6,027,576 | ||||||
Novatek Microelectronics Corp. | 2,546,000 | 16,438,283 | ||||||
Pegatron Corp. | 8,653,414 | 17,918,693 | ||||||
Phison Electronics Corp. | 680,535 | 7,495,448 | ||||||
Pou Chen Corp. | 10,032,220 | 11,298,030 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Powertech Technology Inc. | 3,204,300 | $ | 10,794,055 | |||||
President Chain Store Corp. | 2,595,000 | 25,410,509 | ||||||
Quanta Computer Inc.(b) | 11,750,000 | 24,059,182 | ||||||
Realtek Semiconductor Corp.(b) | 2,141,637 | 15,914,012 | ||||||
Ruentex Development Co. Ltd. | 2,662,458 | 3,609,502 | ||||||
Ruentex Industries Ltd.(b) | 1,640,958 | 3,663,494 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 14,989,318 | 24,900,104 | ||||||
Shin Kong Financial Holding Co. Ltd. | 48,167,436 | 14,650,905 | ||||||
SinoPac Financial Holdings Co. Ltd. | 48,430,626 | 20,792,884 | ||||||
Standard Foods Corp. | 2,091,615 | 4,690,324 | ||||||
Synnex Technology International Corp. | 5,924,834 | 7,357,247 | ||||||
Taishin Financial Holding Co. Ltd. | 42,090,482 | 19,738,927 | ||||||
Taiwan Business Bank(b) | 20,632,493 | 8,176,817 | ||||||
Taiwan Cement Corp. | 21,753,898 | 30,353,942 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 40,154,869 | 27,782,642 | ||||||
Taiwan High Speed Rail Corp. | 8,875,000 | 10,112,040 | ||||||
Taiwan Mobile Co. Ltd. | 7,248,600 | 25,135,917 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 110,179,000 | 1,149,839,462 | ||||||
Tatung Co. Ltd.(a)(b) | 8,462,000 | 5,882,696 | ||||||
Uni-President Enterprises Corp. | 21,608,839 | 52,238,875 | ||||||
United Microelectronics Corp.(b) | 48,915,000 | 24,716,376 | ||||||
Vanguard International Semiconductor Corp.(b) | 3,870,000 | 9,483,446 | ||||||
Walsin Technology Corp.(b) | 1,416,000 | 9,960,799 | ||||||
Win Semiconductors Corp.(b) | 1,501,000 | 13,557,803 | ||||||
Winbond Electronics Corp. | 12,959,000 | 6,847,669 | ||||||
Wistron Corp. | 12,450,940 | 11,122,969 | ||||||
Wiwynn Corp. | 357,000 | 8,536,072 | ||||||
WPG Holdings Ltd. | 7,158,449 | 9,172,801 | ||||||
Yageo Corp.(b) | 1,169,861 | 15,840,519 | ||||||
Yuanta Financial Holding Co. Ltd. | 44,128,635 | 27,981,631 | ||||||
Zhen Ding Technology Holding Ltd. | 2,397,075 | 9,143,551 | ||||||
3,040,696,392 | ||||||||
Thailand — 2.2% | ||||||||
Advanced Info Service PCL, NVDR(b) | 5,286,000 | 33,503,407 | ||||||
Airports of Thailand PCL, NVDR | 18,846,400 | 35,686,021 | ||||||
B Grimm Power PCL, NVDR | 3,238,100 | 4,643,449 | ||||||
Bangkok Bank PCL, Foreign | 2,109,900 | 8,792,643 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 42,138,300 | 29,645,706 | ||||||
Bangkok Expressway & Metro PCL, NVDR(b) | 34,630,300 | 10,151,490 | ||||||
Banpu PCL, NVDR | 20,253,700 | 4,557,163 | ||||||
Berli Jucker PCL, NVDR(b) | 5,505,800 | 6,368,617 | ||||||
BTS Group Holdings PCL, NVDR | 30,519,700 | 10,542,378 | ||||||
Bumrungrad Hospital PCL, NVDR | 1,993,100 | 8,116,411 | ||||||
Central Pattana PCL, NVDR | 10,332,500 | 17,354,540 | ||||||
Central Retail Corp. PCL, NVDR(a) | 5,771,634 | 5,761,574 | ||||||
Charoen Pokphand Foods PCL, NVDR | 17,541,200 | 14,870,135 | ||||||
CP ALL PCL, NVDR | 25,938,500 | 54,047,104 | ||||||
Electricity Generating PCL, NVDR | 1,293,200 | 11,188,198 | ||||||
Energy Absolute PCL, NVDR | 7,608,500 | 9,403,628 | ||||||
Global Power Synergy PCL, NVDR | 3,041,100 | 6,071,599 | ||||||
Gulf Energy Development PCL, NVDR | 2,365,300 | 12,405,551 | ||||||
Home Product Center PCL, NVDR | 26,708,914 | 10,834,229 | ||||||
Indorama Ventures PCL, NVDR(b) | 7,689,980 | 6,336,222 | ||||||
Intouch Holdings PCL, NVDR | 10,227,800 | 17,502,811 | ||||||
IRPC PCL, NVDR(b) | 52,198,500 | 3,639,255 | ||||||
Kasikornbank PCL | 5,287,900 | 20,025,481 | ||||||
Kasikornbank PCL, NVDR | 2,611,100 | 9,846,962 | ||||||
Krung Thai Bank PCL, NVDR | 15,844,300 | 7,029,637 | ||||||
Land & Houses PCL, NVDR | 37,324,500 | 9,935,852 | ||||||
Minor International PCL, NVDR | 12,539,320 | 10,927,945 |
20 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Muangthai Capital PCL, NVDR | 2,837,800 | $ | 5,171,082 | |||||
Osotspa PCL, NVDR | 2,901,800 | 3,839,333 | ||||||
PTT Exploration & Production PCL, NVDR | 6,183,939 | 20,773,175 | ||||||
PTT Global Chemical PCL, NVDR | 10,186,730 | 13,316,514 | ||||||
PTT PCL, NVDR | 50,865,400 | 62,866,443 | ||||||
Ratch Group PCL, NVDR | 3,313,700 | 6,195,795 | ||||||
Siam Cement PCL (The), NVDR | 3,436,900 | 33,764,506 | ||||||
Siam Commercial Bank PCL(The), NVDR | 3,739,500 | 10,339,768 | ||||||
Srisawad Corp PCL, NVDR | 2,931,400 | 6,247,398 | ||||||
Thai Oil PCL, NVDR | 5,167,000 | 7,082,008 | ||||||
Thai Union Group PCL, NVDR | 15,302,800 | 7,419,833 | ||||||
TMB Bank PCL, NVDR(b) | 93,738,863 | 3,238,008 | ||||||
Total Access Communication PCL, NVDR(b) | 3,172,300 | 3,669,433 | ||||||
True Corp. PCL, NVDR(b) | 53,307,801 | 5,608,680 | ||||||
568,719,984 | ||||||||
Turkey — 0.5% | ||||||||
Akbank T.A.S.(a) | 12,571,098 | 13,598,532 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 956,937 | 3,359,635 | ||||||
Arcelik AS(a) | 877,051 | 2,607,610 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,504,741 | 6,621,655 | ||||||
BIM Birlesik Magazalar AS | 1,918,359 | 14,747,044 | ||||||
Enka Insaat ve Sanayi AS | 2 | 2 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 6,339,400 | 8,369,012 | ||||||
Ford Otomotiv Sanayi AS | 307,862 | 3,842,579 | ||||||
Haci Omer Sabanci Holding AS | 4,066,083 | 5,537,043 | ||||||
KOC Holding AS | 3,328,909 | 9,162,257 | ||||||
TAV Havalimanlari Holding AS | 811,949 | 2,645,323 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 555,975 | 9,012,324 | ||||||
Turk Hava Yollari AO(a)(b) | 2,363,617 | 4,444,133 | ||||||
Turkcell Iletisim Hizmetleri AS | 4,926,372 | 10,910,267 | ||||||
Turkiye Garanti Bankasi AS(a) | 10,175,721 | 15,468,952 | ||||||
Turkiye Is Bankasi AS, Class C(a) | 6,916,809 | 6,319,955 | ||||||
116,646,323 | ||||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Commercial Bank PJSC | 12,524,837 | 24,313,781 | ||||||
Aldar Properties PJSC | 17,055,190 | 9,844,266 | ||||||
DP World PLC | 749,508 | 12,179,505 | ||||||
Dubai Islamic Bank PJSC | 7,926,848 | 11,654,273 | ||||||
Emaar Malls PJSC | 10,928,438 | 4,790,434 | ||||||
Emaar Properties PJSC | 15,909,786 | 15,160,841 | ||||||
Emirates Telecommunications Group Co. PJSC | 7,868,520 | 33,848,625 | ||||||
First Abu Dhabi Bank PJSC | 12,195,078 | 47,546,494 | ||||||
159,338,219 | ||||||||
Total Common Stocks — 96.8% | ||||||||
(Cost: $22,257,637,287) | 24,478,805,075 | |||||||
Preferred Stocks | ||||||||
Brazil — 2.1% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 17,796,915 | 120,430,400 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 853,800 | 5,088,755 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 1,129,737 | 8,976,998 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 715,086 | 11,429,267 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 4,125,610 | 12,765,510 | ||||||
Gerdau SA, Preference Shares, NVS | 4,850,485 | 18,201,481 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 21,519,379 | $ | 152,631,549 | |||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 19,743,992 | 52,558,453 | ||||||
Lojas Americanas SA, Preference Shares, NVS | 3,403,429 | 20,066,098 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 18,752,427 | 105,324,327 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 1,996,867 | 23,626,115 | ||||||
531,098,953 | ||||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 1,447,232 | 3,484,309 | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 518,896 | 13,571,895 | ||||||
17,056,204 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 2,027,985 | 24,058,688 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares, NVS | 16,504,430 | 6,746,833 | ||||||
30,805,521 | ||||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 31,219,300 | 15,224,055 | ||||||
Transneft PJSC, Preference Shares, NVS | 2,232 | 5,043,589 | ||||||
20,267,644 | ||||||||
South Korea — 0.6% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 44,477 | 2,688,029 | ||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 110,331 | 6,023,010 | ||||||
Series 2, Preference Shares, NVS | 174,085 | 10,736,078 | ||||||
LG Chem Ltd., Preference Shares, NVS | 36,707 | 5,651,880 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 9,994 | 6,031,784 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 3,580,662 | 134,293,252 | ||||||
165,424,033 | ||||||||
Total Preferred Stocks — 3.0% | ||||||||
(Cost: $515,682,179) | 764,652,355 | |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Legend Holdings Corp. Class H, (Expires 04/16/20)(a) | 188,246 | 0 | (f) | |||||
South Korea — 0.0% | ||||||||
HDC Hyundai Development Co., (Expires 06/03/20)(a) | 64,888 | 0 | (f) | |||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 0 | (f) | ||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL (Expires 02/16/21)(a) | 3,207,030 | 87,405 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 87,405 |
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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(g)(h)(i) | 629,117,607 | $ | 629,557,990 | |||||
Total Short-Term Investments — 2.5% | ||||||||
(Cost: $629,228,157) | 629,557,990 | |||||||
Total Investments in Securities — 102.3% | ||||||||
(Cost: $23,402,547,623) | 25,873,102,825 | |||||||
Other Assets, Less Liabilities — (2.3)% | (581,279,695 | ) | ||||||
Net Assets — 100.0% | $ | 25,291,823,130 |
(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) | Rounds to less than $1. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
(i) | 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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 639,656,107 | (10,538,500 | ) | 629,117,607 | $ | 629,557,990 | $ | 7,078,272 | (b) | $ | 86,235 | $ | 36,232 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 50,332,000 | (50,332,000 | ) | — | — | 375,543 | — | — | ||||||||||||||||||||
$ | 629,557,990 | $ | 7,453,815 | $ | 86,235 | $ | 36,232 |
(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 | ||||||||||||||||
MSCI Emerging Markets E-Mini | 1,133 | 03/20/20 | $ | 57,149 | $ | (4,325,050 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 4,325,050 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
22 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ETF |
February 29, 2020 |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 561,248 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (2,176,681 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 48,259,507 |
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 29, 2020. 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 | $ | 24,478,771,623 | $ | 19,947 | $ | 13,505 | $ | 24,478,805,075 | ||||||||
Preferred Stocks | 764,652,355 | — | — | 764,652,355 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Warrants | 87,405 | — | — | 87,405 | ||||||||||||
Money Market Funds | 629,557,990 | — | — | 629,557,990 | ||||||||||||
$ | 25,873,069,373 | $ | 19,947 | $ | 13,505 | $ | 25,873,102,825 | |||||||||
Derivative financial instruments(b) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (4,325,050 | ) | $ | — | $ | — | $ | (4,325,050 | ) |
(a) | Rounds to less than $1. |
(b) | 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 29, 2020
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) | $ | — | $ | 25,243,544,835 | ||||
Affiliated(c) | 236,957,594 | 629,557,990 | ||||||
Cash | 345 | 42,267,038 | ||||||
Foreign currency, at value(d) | 97 | 35,815,638 | ||||||
Cash pledged: | ||||||||
Futures contracts | — | 2,976,000 | ||||||
Receivables: | ||||||||
Investments sold | — | 422,291,552 | ||||||
Securities lending income — Affiliated | 1,359 | 917,182 | ||||||
Capital shares sold | 47,612 | — | ||||||
Dividends | 826 | 61,014,863 | ||||||
Tax reclaims | — | 373,468 | ||||||
Unrealized appreciation on: | ||||||||
Forward foreign currency exchange contracts | 3,078,768 | — | ||||||
Other assets | — | 1,929,971 | ||||||
Total assets | 240,086,601 | 26,440,688,537 | ||||||
LIABILITIES | ||||||||
Cash received: | ||||||||
Collateral — forward foreign currency exchange contracts | 1,900,000 | — | ||||||
Collateral on securities loaned, at value | 62,250,000 | 628,506,851 | ||||||
Deferred foreign capital gain tax | — | 15,436,071 | ||||||
Payables: | ||||||||
Investments purchased | 1,750,118 | 139,045,583 | ||||||
Variation margin on futures contracts | — | 203,975 | ||||||
Bank borrowings | — | 3,424,469 | ||||||
Capital shares redeemed | — | 346,496,332 | ||||||
Investment advisory fees | — | 15,619,041 | ||||||
Foreign taxes | — | 133,085 | ||||||
Unrealized depreciation on: | ||||||||
Forward foreign currency exchange contracts | 1,102,292 | — | ||||||
Total liabilities | 67,002,410 | 1,148,865,407 | ||||||
NET ASSETS | $ | 173,084,191 | $ | 25,291,823,130 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 187,113,027 | $ | 34,464,490,962 | ||||
Accumulated loss | (14,028,836 | ) | (9,172,667,832 | ) | ||||
NET ASSETS | $ | 173,084,191 | $ | 25,291,823,130 | ||||
Shares outstanding | 7,050,000 | 625,950,000 | ||||||
Net asset value | $ | 24.55 | $ | 40.41 | ||||
Shares authorized | 250 million | 2 billion | ||||||
Par value | $ | 0.001 | $ | 0.001 | ||||
(a) Securities loaned, at value | $ | 60,780,000 | $ | 592,397,160 | ||||
(b) Investments, at cost — Unaffiliated | $ | — | $ | 22,773,319,466 | ||||
(c) Investments, at cost — Affiliated | $ | 247,928,763 | $ | 629,228,157 | ||||
(d) Foreign currency, at cost | $ | 97 | $ | 35,911,831 |
See notes to financial statements.
24 | 2 0 2 0 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 29, 2020
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||
INVESTMENT INCOME | ||||||||
Dividends — Unaffiliated | $ | — | $ | 245,506,455 | ||||
Dividends — Affiliated | 3,924,624 | 375,543 | ||||||
Non-cash dividends — Unaffiliated | — | 173,588,583 | ||||||
Interest — Unaffiliated | — | 24,569 | ||||||
Securities lending income — Affiliated — net(a) | 30,326 | 7,078,272 | ||||||
Other income — Unaffiliated | — | 1,966,406 | ||||||
Foreign taxes withheld | — | (27,578,929 | ) | |||||
Other foreign taxes | — | (24,392 | ) | |||||
Total investment income | 3,954,950 | 400,936,507 | ||||||
EXPENSES | ||||||||
Investment advisory fees | 715,177 | 94,637,297 | ||||||
Commitment fees | — | 75,467 | ||||||
Mauritius income taxes | — | 776,700 | ||||||
Interest expense | — | 48,670 | ||||||
Total expenses | 715,177 | 95,538,134 | ||||||
Less: | ||||||||
Investment advisory fees waived | (715,177 | ) | — | |||||
Total expenses after fees waived | — | 95,538,134 | ||||||
Net investment income | 3,954,950 | 305,398,373 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — Unaffiliated(b) | — | (393,591,673 | ) | |||||
Investments — Affiliated | (480,152 | ) | 86,235 | |||||
In-kind redemptions — Unaffiliated | — | 340,558,899 | ||||||
In-kind redemptions — Affiliated | 2,521,458 | — | ||||||
Futures contracts | — | 561,248 | ||||||
Forward foreign currency exchange contracts | 1,364,654 | — | ||||||
Foreign currency transactions | (55,213 | ) | (3,141,019 | ) | ||||
Net realized gain (loss) | 3,350,747 | (55,526,310 | ) | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — Unaffiliated(c) | — | 296,654,438 | ||||||
Investments — Affiliated | 489,620 | 36,232 | ||||||
Futures contracts | — | (2,176,681 | ) | |||||
Forward foreign currency exchange contracts | (1,902,607 | ) | — | |||||
Foreign currency translations | — | (2,606,156 | ) | |||||
Net change in unrealized appreciation (depreciation) | (1,412,987 | ) | 291,907,833 | |||||
Net realized and unrealized gain | 1,937,760 | 236,381,523 | ||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,892,710 | $ | 541,779,896 | ||||
(a) Net of securities lending income tax paid of | $ | — | $ | 257,127 | ||||
(b) Net of foreign capital gain tax of | $ | — | $ | 5,325 | ||||
(c) Net of deferred foreign capital gain tax of | $ | — | $ | (6,808,184 | ) |
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 Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 3,954,950 | $ | 5,827,092 | $ | 305,398,373 | $ | 676,194,320 | ||||||||
Net realized gain (loss) | 3,350,747 | 9,528,491 | (55,526,310 | ) | 230,083,592 | |||||||||||
Net change in unrealized appreciation (depreciation) | (1,412,987 | ) | (26,344,690 | ) | 291,907,833 | (2,464,390,731 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 5,892,710 | (10,989,107 | ) | 541,779,896 | (1,558,112,819 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (3,986,571 | ) | (5,899,803 | ) | (598,661,777 | ) | (665,424,186 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (9,197,491 | ) | (147,063,312 | ) | 717,130,420 | (4,293,900,423 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (7,291,352 | ) | (163,952,222 | ) | 660,248,539 | (6,517,437,428 | ) | |||||||||
Beginning of period | 180,375,543 | 344,327,765 | 24,631,574,591 | 31,149,012,019 | ||||||||||||
End of period | $ | 173,084,191 | $ | 180,375,543 | $ | 25,291,823,130 | $ | 24,631,574,591 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
26 | 2 0 2 0 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 Currency Hedged MSCI Emerging Markets ETF | ||||||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | 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 | $ | 24.38 | $ | 25.70 | $ | 25.57 | $ | 21.72 | $ | 21.40 | $ | 24.44 | ||||||||||||
Net investment income(b) | 0.55 | 0.55 | 0.60 | 0.36 | 0.50 | 0.41 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.19 | (1.27 | ) | 0.12 | 3.83 | 1.08 | (2.80 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 0.74 | (0.72 | ) | 0.72 | 4.19 | 1.58 | (2.39 | ) | ||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.57 | ) | (0.60 | ) | (0.59 | ) | (0.34 | ) | (0.48 | ) | (0.65 | ) | ||||||||||||
From net realized gain | — | — | — | — | (0.78 | ) | — | |||||||||||||||||
Total distributions | (0.57 | ) | (0.60 | ) | (0.59 | ) | (0.34 | ) | (1.26 | ) | (0.65 | ) | ||||||||||||
Net asset value, end of period | $ | 24.55 | $ | 24.38 | $ | 25.70 | $ | 25.57 | $ | 21.72 | $ | 21.40 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 2.85 | %(e) | (2.72 | )% | 2.77 | % | 19.55 | % | 7.84 | % | (10.01 | )%(e) | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses(f) | 0.78 | %(g) | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | %(g) | ||||||||||||
Total expenses after fees waived(f) | 0.00 | %(g) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.02 | %(g) | ||||||||||||
Net investment income | 4.31 | %(g) | 2.22 | % | 2.25 | % | 1.56 | % | 2.42 | % | 1.82 | %(g) | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 173,084 | $ | 180,376 | $ | 344,328 | $ | 393,757 | $ | 180,254 | $ | 211,865 | ||||||||||||
Portfolio turnover rate(h)(i) | 5 | %(e) | 7 | % | 7 | % | 4 | % | 11 | % | 7 | %(e) |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not 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) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
(i) | 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.
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 Emerging Markets ETF (Consolidated) | ||||||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 40.22 | $ | 43.24 | $ | 44.76 | $ | 36.74 | $ | 33.79 | $ | 45.11 | ||||||||||||
Net investment income(a) | 0.48 | 0.90 | 0.83 | (b) | 0.75 | 0.72 | 0.73 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.64 | (3.02 | ) | (1.36 | ) | 7.86 | 3.00 | (11.21 | ) | |||||||||||||||
Net increase (decrease) from investment operations | 1.12 | (2.12 | ) | (0.53 | ) | 8.61 | 3.72 | (10.48 | ) | |||||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.93 | ) | (0.90 | ) | (0.99 | ) | (0.59 | ) | (0.77 | ) | (0.84 | ) | ||||||||||||
Total distributions | (0.93 | ) | (0.90 | ) | (0.99 | ) | (0.59 | ) | (0.77 | ) | (0.84 | ) | ||||||||||||
Net asset value, end of period | $ | 40.41 | $ | 40.22 | $ | 43.24 | $ | 44.76 | $ | 36.74 | $ | 33.79 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 2.61 | %(e) | (4.87 | )% | (1.28 | )%(b) | 23.80 | % | 11.28 | % | (23.46 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.70 | %(f) | 0.68 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.69 | % | ||||||||||||
Total expenses after fees waived | 0.70 | %(f) | 0.68 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.69 | % | ||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.68 | % | 0.67 | % | 0.69 | % | N/A | N/A | |||||||||||||||
Net investment income | 2.22 | %(f) | 2.16 | % | 1.78 | %(b) | 1.92 | % | 2.15 | % | 1.79 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 25,291,823 | $ | 24,631,575 | $ | 31,149,012 | $ | 35,891,890 | $ | 30,866,469 | $ | 21,000,865 | ||||||||||||
Portfolio turnover rate(g) | 9 | %(e) | 15 | % | 16 | % | 9 | % | 23 | % | 10 | % |
(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, 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
28 | 2 0 2 0 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”):
Diversification | ||||
iShares ETF | Classification | |||
Currency Hedged MSCI Emerging Markets | Diversified | |||
MSCI Emerging Markets | Diversified |
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 (an “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 (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, including amortization and accretion of premiums and discounts on debt securities, and payment- in-kind interest income, if any, are recognized daily on the accrual basis.
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. 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 29, 2020, 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 have commercial substance, on an annual basis, to 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 and the same covers the period of any exists.
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, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary
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)
is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. 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.
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.
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. |
● | 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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; |
30 | 2 0 2 0 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 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. 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 29, 2020, 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 FundAdvisors (“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 29, 2020 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 29, 2020:
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 | ||||||||||||||||
BofA Securities, Inc. | $ | 60,780,000 | $ | 60,780,000 | $ | — | $ | — |
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)
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 | $ | 3,689,813 | $ | 3,689,813 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 1,856,570 | 1,856,570 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 5,739,129 | 5,739,129 | — | — | ||||||||||||
BNP Paribas Securities Corp. | 1,732,375 | 1,732,375 | — | — | ||||||||||||
BofA Securities, Inc. | 10,851,662 | 10,851,662 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 107,403,892 | 107,403,892 | — | — | ||||||||||||
Citigroup Global Markets Ltd. | 17,032,227 | 17,032,227 | — | — | ||||||||||||
Credit Suisse Securities (Europe) Ltd. | 17,110,735 | 17,110,735 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 48,634,596 | 48,634,596 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 277,596 | 277,596 | — | — | ||||||||||||
Goldman Sachs & Co. | 92,777,480 | 92,777,480 | — | — | ||||||||||||
Goldman Sachs International | 7,408,811 | 7,408,811 | — | — | ||||||||||||
HSBC Bank PLC | 514,956 | 514,956 | — | — | ||||||||||||
Jefferies LLC | 260,879 | 260,879 | — | — | ||||||||||||
JPMorgan Securities LLC | 52,908,178 | 52,908,178 | — | — | ||||||||||||
JPMorgan Securities PLC | 39,408,030 | 39,408,030 | — | — | ||||||||||||
Macquarie Bank Limited | 23,844,268 | 23,844,268 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 17,633,250 | 17,633,250 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 109,912,317 | 109,912,317 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 17,735,579 | 17,735,579 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 57,684 | 57,684 | — | — | ||||||||||||
SG Americas Securities LLC | 1,373,368 | 1,373,368 | — | — | ||||||||||||
State Street Bank & Trust Company | 1,992,805 | 1,992,805 | — | — | ||||||||||||
TD Prime Services LLC | 8,942,567 | 8,942,567 | — | — | ||||||||||||
UBS AG | 101,599 | 101,599 | — | — | ||||||||||||
UBS Securities LLC | 290,904 | 290,904 | — | — | ||||||||||||
Wells Fargo Securities LLC | 2,905,890 | 2,898,540 | — | (7,350 | )(b) | |||||||||||
$ | 592,397,160 | $ | 592,389,810 | $ | — | $ | (7,350 | ) |
(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 to the extent 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.
32 | 2 0 2 0 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)
Forward Foreign Currency Exchange Contracts: The currency-hedged fund uses forward foreign currency exchange contracts to hedge the currency exposure of non-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 traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-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 the mark-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 counterparty non-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 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.
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)
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.
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.
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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
Currency Hedged MSCI Emerging Markets | $ | 10,205 | ||
MSCI Emerging Markets | 1,724,122 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
Net Realized | |||||||||||
iShares ETF | Purchases | Sales | Gain (Loss) | ||||||||
MSCI Emerging Markets | $ | 21,439,972 | $ | 168,292,172 | $(24,414,823 | ) |
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 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 9,355,240 | $ | 10,494,647 | ||||
MSCI Emerging Markets | 3,119,740,479 | 2,521,536,029 |
34 | 2 0 2 0 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 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 23,052,598 | $ | 32,268,172 | ||||
MSCI Emerging Markets | 1,056,794,204 | 1,292,731,921 |
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 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Currency Hedged MSCI Emerging Markets | $ | 3,415,800 | ||
MSCI Emerging Markets | 10,625,028,180 |
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 29, 2020, 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 | $ | 249,337,500 | $ | 3,084,990 | $ | (13,488,420 | ) | $ | (10,403,430 | ) | ||||||
MSCI Emerging Markets | 24,439,085,393 | 6,703,792,448 | (5,274,100,066 | ) | 1,429,692,382 |
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 21, 2020. 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.
For the six months ended February 29, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
Maximum | Weighted | |||||||||||
Amount | Average | Average | ||||||||||
iShares ETF | Borrowed | Borrowing | Interest Rates | |||||||||
MSCI Emerging Markets | $ | 87,556,215 | $ | 3,602,975 | 2.67 | % |
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.
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)
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
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.
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 02/29/20 | Year Ended 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Currency Hedged MSCI Emerging Markets | ||||||||||||||||
Shares sold | 900,000 | $ | 23,090,990 | 3,450,000 | $ | 84,956,699 | ||||||||||
Shares redeemed | (1,250,000 | ) | (32,288,481 | ) | (9,450,000 | ) | (232,020,011 | ) | ||||||||
Net decrease | (350,000 | ) | $ | (9,197,491 | ) | (6,000,000 | ) | $ | (147,063,312 | ) |
36 | 2 0 2 0 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 02/29/20 | Year Ended 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Emerging Markets | ||||||||||||||||
Shares sold | 78,300,000 | $ | 3,486,925,611 | 90,000,000 | $ | 3,758,906,782 | ||||||||||
Shares redeemed | (64,800,000 | ) | (2,769,795,191 | ) | (198,000,000 | ) | (8,052,807,205 | ) | ||||||||
Net increase(decrease) | 13,500,000 | $ | 717,130,420 | (108,000,000 | ) | $ | (4,293,900,423 | ) |
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.
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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
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 | 37 |
Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
38 | 2 0 2 0 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 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
G e n e r a l I n f o r m a t i o n | 39 |
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 |
MYR | Malaysian Ringgit |
RUB | New Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | United States Dollar |
ZAR | South African Rand |
40 | 2 0 2 0 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 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-805-0220
FEBRUARY 29, 2020 |
2020 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. |
Table of Contents
Fund Summary as of February 29, 2020 | iShares® Edge MSCI Min Vol Emerging Markets ETF |
Investment Objective
The iShares Edge MSCI MinVol 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 | |||||||||||||||||||||
Since | Since | |||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | ||||||||||||||||
Fund NAV | (4.88 | )% | (7.45 | )% | 0.63 | % | 3.49 | % | (7.45 | )% | 3.21 | % | 33.29 | % | ||||||||
Fund Market | (4.58 | ) | (6.71 | ) | 0.60 | 3.52 | (6.71 | ) | 3.04 | 33.54 | ||||||||||||
Index | (4.78 | ) | (7.28 | ) | 0.86 | 3.72 | (7.28 | ) | 4.35 | 35.78 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 951.20 | $ | 1.21 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.26 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 29.5 | % | ||
Communication Services | 12.8 | |||
Information Technology | 11.2 | |||
Consumer Staples | 11.1 | |||
Consumer Discretionary | 8.6 | |||
Utilities. | 7.4 | |||
Industrials | 6.9 | |||
Materials | 4.5 | |||
Health Care | 4.1 | |||
Energy | 3.1 | |||
Real Estate | 0.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
China | 29.4 | % | ||
Taiwan | 17.7 | |||
India | 8.9 | |||
Thailand | 6.5 | |||
South Korea | 6.4 | |||
Malaysia | 5.6 | |||
Saudi Arabia | 5.3 | |||
Qatar | 3.0 | |||
Philippines | 2.6 | |||
Indonesia | 2.6 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 3 |
Fund Summary as of February 29, 2020 | iShares® Edge MSCI Min Vol Global ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||||||||||
Since | Since | ||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Inception | 1 Year | 5 Years | Inception | |||||||||||||||||||||||
Fund NAV | (2.46 | )% | 5.37 | % | 7.12 | % | 9.73 | % | 5.37 | % | 41.05 | % | 117.45 | % | |||||||||||||||
Fund Market | (2.27 | ) | 5.58 | 7.14 | 9.76 | 5.58 | 41.17 | 117.93 | |||||||||||||||||||||
Index | (2.54 | ) | 5.13 | 6.87 | 9.46 | 5.13 | 39.38 | 113.08 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 975.40 | $ | 0.98 | $ | 1,000.00 | $ | 1,023.90 | $ | 1.01 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 19.7 | % | ||
Consumer Staples | 13.1 | |||
Information Technology | 11.9 | |||
Communication Services | 11.2 | |||
Utilities | 8.7 | |||
Real Estate | 8.2 | |||
Industrials | 7.5 | |||
Health Care | 7.3 | |||
Consumer Discretionary | 7.1 | |||
Materials | 4.7 | |||
Energy | 0.6 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
United States | 51.2 | % | ||
Japan | 11.6 | |||
Switzerland | 5.9 | |||
Canada | 5.0 | |||
Taiwan | 4.4 | |||
India | 3.1 | |||
Hong Kong | 2.7 | |||
China | 1.7 | |||
Germany | 1.2 | |||
United Kingdom | 1.1 |
(a) | Excludes money market funds. |
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Fund Summary as of February 29, 2020 | iShares® Edge MSCI Multifactor Emerging Markets ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||
Since | Since | ||||||||||||||||||||
6 Months | 1 Year | Inception | 1 Year | Inception | |||||||||||||||||
Fund NAV | 2.13 | % | (2.27 | )% | 6.74 | % | (2.27 | )% | 31.73 | % | |||||||||||
Fund Market | 3.36 | (1.20 | ) | 6.97 | (1.20 | ) | 32.95 | ||||||||||||||
Index | 2.46 | (1.66 | ) | 6.98 | (1.66 | ) | 32.99 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,021.30 | $ | 2.26 | $ | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Information Technology | 22.0 | % | ||
Financials | 17.9 | |||
Consumer Discretionary | 14.7 | |||
Communication Services | 9.5 | |||
Health Care | 8.0 | |||
Materials | 7.6 | |||
Industrials | 7.1 | |||
Real Estate | 4.4 | |||
Consumer Staples | 3.7 | |||
Utilities | 2.9 | |||
Energy | 2.2 |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
China | 40.7 | % | ||
Taiwan | 14.6 | |||
Brazil | 11.5 | |||
South Korea | 9.5 | |||
South Africa | 6.1 | |||
India | 6.1 | |||
Saudi Arabia | 2.6 | |||
Qatar | 1.8 | |||
United Arab Emirates | 1.4 | |||
Russia | 1.4 |
(a) | Excludes money market funds. |
F u n d S u m m a r y | 5 |
Fund Summary as of February 29, 2020 | iShares® ESG MSCI EM ETF |
Investment Objective
The iShares ESG MSCI EM ETF (the “Fund”) 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 | |||||||||||||||
Since | Since | |||||||||||||||
6 Months | 1 Year | Inception | 1 Year | Inception | ||||||||||||
Fund NAV | 3.32% | (1.07 | )% | 9.24 | % | (1.07 | )% | 38.36 | % | |||||||
Fund Market | 4.05 | (0.66 | ) | 9.37 | (0.66 | ) | 38.96 | |||||||||
Index | 3.48 | (0.80 | ) | 9.78 | (0.80 | ) | 40.89 |
The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16. |
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. |
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 8 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 1,033.20 | $ | 1.26 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.26 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 27.5 | % | ||
Information Technology | 17.7 | |||
Consumer Discretionary | 15.4 | |||
Communication Services | 10.6 | |||
Energy | 6.6 | |||
Consumer Staples | 5.9 | |||
Materials | 5.3 | |||
Industrials | 4.4 | |||
Health Care | 2.7 | |||
Utilities | 2.0 | |||
Real Estate | 1.9 |
(a) | Excludes money market funds. |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
China | 33.2 | % | ||
Taiwan | 13.5 | |||
South Korea | 11.4 | |||
India | 9.1 | |||
Brazil | 6.4 | |||
South Africa | 5.2 | |||
Russia | 3.7 | |||
Malaysia | 3.2 | |||
Thailand | 3.2 | |||
Mexico | 2.2 |
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Fund Summary as of February 29, 2020 | iShares® MSCI Emerging Markets ex China ETF |
Investment Objective
The iShares 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 | ||||||||||||||||||||
Since | Since | ||||||||||||||||||||
6 Months | 1 Year | Inception | 1 Year | Inception | |||||||||||||||||
Fund NAV | (0.59 | )% | (4.82 | )% | (1.78 | )% | (4.82 | )% | (4.60 | )% | |||||||||||
Fund Market | 1.71 | (2.67 | ) | (0.94 | ) | (2.67 | ) | (2.43 | ) | ||||||||||||
Index | (0.83 | ) | (4.69 | ) | (1.45 | ) | (4.69 | ) | (3.74 | ) |
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 8 for more information. |
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/19) | Ending Account Value (02/29/20) | Expenses Paid During the Period | (a) | Annualized Expense Ratio | ||||||||||||||||||
$ | 1,000.00 | $ | 994.10 | $ | 0.79 | $ | 1,000.00 | $ | 1,024.10 | $ | 0.81 | 0.16 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||||
Percent of | ||||
Sector | Total Investments | (a) | ||
Financials | 21.7 | % | ||
Information Technology | 21.1 | |||
Exchanged-Traded Funds | 13.9 | |||
Materials | 8.7 | |||
Energy | 6.7 | |||
Consumer Staples | 6.3 | |||
Consumer Discretionary | 6.1 | |||
Communication Services | 5.6 | |||
Industrials | 4.3 | |||
Utilities | 2.2 | |||
Health Care | 1.9 | |||
Real Estate | 1.5 |
(a) | Excludes money market funds. |
TEN LARGEST GEOGRAPHIC ALLOCATION | ||||
Percent of | ||||
Country/Geographic Region | Total Investments | (a) | ||
Taiwan | 19.0 | % | ||
South Korea | 17.9 | |||
India | 14.0 | |||
Brazil | 10.6 | |||
South Africa | 6.6 | |||
Russia | 5.7 | |||
Saudi Arabia | 4.0 | |||
Mexico | 3.6 | |||
Thailand | 3.6 | |||
Indonesia | 2.8 |
F u n d S u m m a r y | 7 |
Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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.
8 | 2 0 2 0 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) | iShares® Edge MSCI Min Vol Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 2.0% | ||||||||
Ambev SA | 607,800 | $ | 1,958,798 | |||||
BB Seguridade Participacoes SA | 2,347,600 | 16,572,886 | ||||||
Equatorial Energia SA | 3,369,900 | 18,419,366 | ||||||
Hapvida Participacoes e Investimentos SA(a) | 472,500 | 5,781,034 | ||||||
Hypera SA | 2,028,200 | 15,419,472 | ||||||
IRB Brasil Resseguros S/A | 393,990 | 2,903,631 | ||||||
Magazine Luiza SA | 1,158,500 | 12,972,509 | ||||||
Petrobras Distribuidora SA | 1,222,200 | 7,070,455 | ||||||
Raia Drogasil SA | 163,200 | 4,337,145 | ||||||
Rumo SA(b) | 1,456,500 | 6,818,188 | ||||||
Sul America SA | 517,600 | 6,202,045 | ||||||
98,455,529 | ||||||||
Chile — 1.7% | ||||||||
Aguas Andinas SA, Class A | 27,230,511 | 9,294,815 | ||||||
Banco de Chile | 500,803,614 | 43,985,835 | ||||||
Banco de Credito e Inversiones SA | 94,636 | 3,518,582 | ||||||
Cia. Cervecerias Unidas SA | 295,680 | 2,214,545 | ||||||
Enel Americas SA | 24,476,472 | 4,087,717 | ||||||
SACI Falabella | 5,575,932 | 18,488,334 | ||||||
81,589,828 | ||||||||
China — 29.4% | ||||||||
Agricultural Bank of China Ltd., Class A | 29,009,298 | 14,151,484 | ||||||
Agricultural Bank of China Ltd., Class H | 84,739,000 | 33,925,829 | ||||||
Alibaba Group Holding Ltd., ADR(b) | 117,285 | 24,395,280 | ||||||
ANTA Sports Products Ltd. | 2,614,000 | 21,014,506 | ||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 1,132,486 | 6,365,394 | ||||||
Bank of Beijing Co. Ltd., Class A | 10,539,624 | 7,704,712 | ||||||
Bank of China Ltd., Class A | 35,499,400 | 18,028,507 | ||||||
Bank of China Ltd., Class H | 112,412,000 | 44,427,915 | ||||||
Bank of Communications Co. Ltd., Class A | 20,092,274 | 14,946,614 | ||||||
Bank of Communications Co. Ltd., Class H | 11,998,000 | 7,697,885 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 5,520,393 | 6,783,808 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 12,322,514 | 11,246,837 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,422,021 | 2,688,748 | ||||||
Bank of Ningbo Co. Ltd., Class A | 1,594,696 | 5,739,829 | ||||||
Bank of Shanghai Co. Ltd., Class A | 13,177,208 | 16,230,689 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 8,360,000 | 6,522,324 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 1,601,873 | 5,751,912 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 1,130,296 | 5,599,575 | ||||||
BOC Aviation Ltd.(a) | 673,500 | 5,846,527 | ||||||
BOE Technology Group Co. Ltd., Class A | 6,243,100 | 4,376,297 | ||||||
CGN Power Co. Ltd., Class H(a) | 67,230,000 | 16,391,143 | ||||||
China CITIC Bank Corp. Ltd., Class H | 21,085,000 | 10,957,744 | ||||||
China Construction Bank Corp., Class A | 3,317,984 | 3,085,305 | ||||||
China Construction Bank Corp., Class H | 5,188,000 | 4,194,045 | ||||||
China Everbright Bank Co. Ltd., Class H | 18,321,000 | 7,334,936 | ||||||
China First Capital Group Ltd.(b) | 9,978,000 | 275,280 | ||||||
China Gas Holdings Ltd. | 2,303,000 | 8,422,312 | ||||||
China Huishan Dairy Holdings Co. Ltd.(b)(c) | 22,241,266 | 42,810 | ||||||
China International Travel Service Corp. Ltd., Class A | 973,181 | 10,928,830 | ||||||
China Life Insurance Co. Ltd., Class H | 1,819,000 | 4,262,123 | ||||||
China Mengniu Dairy Co. Ltd. | 3,126,000 | 11,211,490 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,702,000 | 2,502,861 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 18,849,376 | 15,424,227 | ||||||
China Mobile Ltd. | 8,528,500 | 67,085,037 | ||||||
China National Medicines Corp. Ltd., Class A | 809,900 | 3,047,176 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 753,460 | 3,437,361 | ||||||
China Petroleum & Chemical Corp., Class H | 52,184,000 | 26,918,816 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Railway Signal & Communication Corp. Ltd., Class H(a) | 26,533,000 | $ | 13,618,801 | |||||
China Reinsurance Group Corp., Class H | 103,111,000 | 14,025,017 | ||||||
China Resources Beer Holdings Co. Ltd. | 4,788,000 | 22,179,609 | ||||||
China Resources Gas Group Ltd. | 2,592,000 | 12,938,298 | ||||||
China Resources Power Holdings Co. Ltd | 3,756,000 | 4,467,842 | ||||||
China Shenhua Energy Co. Ltd., Class A | 2,634,813 | 6,030,873 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 1,924,841 | 3,095,078 | ||||||
China Telecom Corp. Ltd., Class H | 104,828,000 | 39,412,815 | ||||||
China Tower Corp. Ltd., Class H(a) | 33,728,000 | 8,179,842 | ||||||
China Unicom Hong Kong Ltd | 2,956,000 | 2,332,771 | ||||||
China Yangtze Power Co. Ltd., Class A | 19,693,009 | 47,977,446 | ||||||
CITIC Ltd | 15,595,000 | 17,309,879 | ||||||
CNOOC Ltd. | 2,043,000 | 2,799,833 | ||||||
COSCO SHIPPING Ports Ltd. | 13,608,000 | 9,062,629 | ||||||
CRRC Corp. Ltd., Class H | 10,272,000 | 6,590,488 | ||||||
Dali Foods Group Co. Ltd.(a) | 5,510,500 | 3,641,588 | ||||||
Daqin Railway Co. Ltd., Class A | 15,927,133 | 16,131,742 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 7,572,000 | 5,985,271 | ||||||
ENN Energy Holdings Ltd | 1,120,600 | 12,416,680 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 1,250,482 | 5,363,144 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 190,395 | 2,712,302 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,164,303 | 3,859,246 | ||||||
GCL System Integration Technology Co. Ltd., Class A(b) | 5,447,900 | 4,302,081 | ||||||
GD Power Development Co. Ltd., Class A | 11,031,800 | 3,314,180 | ||||||
Giant Network Group Co. Ltd., Class A | 1,439,553 | 3,910,777 | ||||||
Glodon Co. Ltd., Class A | 949,988 | 6,076,216 | ||||||
GOME Retail Holdings Ltd.(b)(d) | 91,248,000 | 9,367,116 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 354,195 | 2,999,677 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 1,706,288 | 8,348,123 | ||||||
Guangdong Investment Ltd | 35,946,000 | 67,528,046 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 1,374,183 | 6,880,548 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 1,495,794 | 7,275,471 | ||||||
Hengan International Group Co. Ltd | 2,721,500 | 20,202,459 | ||||||
HLA Corp. Ltd., Class A | 3,112,203 | 3,031,974 | ||||||
Huadian Power International Corp. Ltd., Class H | 7,934,000 | 2,392,504 | ||||||
Hualan Biological Engineering Inc., Class A | 494,600 | 2,936,382 | ||||||
Huaneng Power International Inc., Class H | 33,336,000 | 13,431,845 | ||||||
Huaxia Bank Co. Ltd., Class A | 7,764,720 | 7,720,066 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 3,699,100 | 2,804,674 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 39,314,000 | 26,888,525 | ||||||
Industrial Bank Co. Ltd., Class A | 6,494,712 | 16,064,429 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 12,530,827 | 8,596,147 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 21,974,000 | 25,405,424 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 661,143 | 7,953,351 | ||||||
Jinyu Bio-Technology Co. Ltd., Class A | 1,200,804 | 3,743,172 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 2,001,378 | 4,641,117 | ||||||
Kunlun Energy Co. Ltd | 5,136,000 | 3,585,225 | ||||||
Kweichow Moutai Co. Ltd., Class A | 33,190 | 5,018,716 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 252,573 | 2,478,686 | ||||||
Lenovo Group Ltd.(d) | 24,774,000 | 15,290,925 | ||||||
Meituan Dianping, Class B(b) | 412,500 | 5,234,953 | ||||||
NetEase Inc., ADR | 31,583 | 10,065,818 | ||||||
New Oriental Education & Technology Group Inc., ADR(b) | 196,062 | 25,074,369 |
S c h e d u l e o f I n v e s t m e n t s | 9 |
Consolidated Schedule of Investments (unaudited) (continued) | iShares® Edge MSCI Min Vol Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
PetroChina Co. Ltd., Class A | 3,722,800 | $ | 2,700,151 | |||||
PetroChina Co. Ltd., Class H | 49,576,000 | 19,211,929 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 990,000 | 11,007,693 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 15,576,000 | 9,833,624 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,476,444 | 4,691,113 | ||||||
Sangfor Technologies Inc., Class A | 147,700 | 4,209,013 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 6,272,572 | 6,783,875 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 2,799,463 | 13,584,416 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 3,888,000 | 5,009,017 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 722,600 | 2,660,829 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 19,736,187 | 15,631,060 | ||||||
Shanghai M&G Stationery Inc., Class A | 483,300 | 3,069,801 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H. | 3,865,500 | 7,073,229 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A. | 9,172,168 | 14,236,792 | ||||||
Shenzhen Airport Co. Ltd., Class A | 2,222,800 | 2,566,163 | ||||||
Shenzhen Expressway Co. Ltd., Class H | 12,716,000 | 15,387,028 | ||||||
Shenzhen International Holdings Ltd. | 2,571,500 | 4,923,205 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 125,500 | 4,290,936 | ||||||
Shenzhou International Group Holdings Ltd. | 2,628,500 | 32,295,298 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 4,692,157 | 6,141,918 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 4,706,264 | 2,693,064 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 9,938,000 | 2,537,725 | ||||||
Sinopharm Group Co. Ltd., Class H | 2,559,600 | 7,899,138 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 1,288,855 | 5,085,208 | ||||||
Sun Art Retail Group Ltd. | 5,733,500 | 7,327,768 | ||||||
Suning.com Co. Ltd., Class A | 3,233,379 | 4,292,546 | ||||||
TAL Education Group, ADR(b)(d) | 226,527 | 12,320,803 | ||||||
Tencent Holdings Ltd. | 308,700 | 15,290,316 | ||||||
Topchoice Medical Corp., Class A(b) | 345,999 | 5,152,218 | ||||||
TravelSky Technology Ltd., Class H | 1,868,000 | 3,653,040 | ||||||
Uni-President China Holdings Ltd. | 2,726,000 | 2,812,383 | ||||||
Visionox Technology Inc., Class A(b) | 1,149,270 | 2,186,674 | ||||||
Want Want China Holdings Ltd.(d) | 4,764,000 | 3,680,110 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 2,147,191 | 9,992,292 | ||||||
WuXi AppTec Co. Ltd., Class H(a) | 215,000 | 3,169,940 | ||||||
Yum China Holdings Inc. | 797,224 | 34,910,439 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 514,467 | 5,791,452 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 18,858,000 | 22,480,392 | ||||||
Zhejiang Supor Co. Ltd., Class A | 234,185 | 2,460,715 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 3,689,668 | 4,280,737 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 693,600 | 2,425,315 | ||||||
Zijin Mining Group Co. Ltd., Class A | 11,746,600 | 6,990,623 | ||||||
Zoomlion Heavy Industry Science and Technology Co. | ||||||||
Ltd., Class A | 4,049,200 | 3,637,804 | ||||||
ZTE Corp., Class H(b) | 1,816,800 | 7,518,468 | ||||||
ZTO Express Cayman Inc., ADR | 161,151 | 3,780,602 | ||||||
1,419,337,220 | ||||||||
Czech Republic — 0.4% | ||||||||
CEZ AS | 138,208 | 2,629,787 | ||||||
Komercni Banka AS | 295,587 | 9,008,652 | ||||||
Moneta Money Bank AS(a) | 2,423,403 | 7,991,755 | ||||||
19,630,194 | ||||||||
Egypt — 0.5% | ||||||||
Commercial International Bank Egypt SAE | 4,550,008 | 24,029,980 |
Security | Shares | Value | ||||||
Greece — 0.6% | ||||||||
Hellenic Telecommunications Organization SA | 406,172 | $ | 5,719,765 | |||||
Jumbo SA. . | 200,614 | 3,133,582 | ||||||
Motor Oil Hellas Corinth Refineries SA | 388,404 | 6,314,305 | ||||||
OPAP SA | 463,992 | 4,943,817 | ||||||
Titan Cement International SA(b) | 635,497 | 8,921,225 | ||||||
29,032,694 | ||||||||
Hungary — 0.9% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,563,978 | 12,028,128 | ||||||
OTP Bank Nyrt . . | 206,891 | 8,945,127 | ||||||
Richter Gedeon Nyrt | 1,074,640 | 21,728,217 | ||||||
42,701,472 | ||||||||
India — 8.9% | ||||||||
Asian Paints Ltd | 1,138,621 | 28,367,113 | ||||||
Bajaj Finance Ltd | 277,219 | 17,154,792 | ||||||
Bajaj Finserv Ltd | 130,200 | 16,328,786 | ||||||
Bharat Petroleum Corp. Ltd. | 700,521 | 4,138,527 | ||||||
Bharti Infratel Ltd. | 1,062,169 | 3,156,298 | ||||||
Britannia Industries Ltd | 458,735 | 18,880,170 | ||||||
Cipla Ltd. | 411,998 | 2,295,554 | ||||||
Coal India Ltd. | 949,243 | 2,215,021 | ||||||
Colgate-Palmolive India Ltd. | 177,783 | 3,166,554 | ||||||
Dabur India Ltd | 3,908,311 | 26,866,846 | ||||||
Dr. Reddy’s Laboratories Ltd. | 72,800 | 2,952,754 | ||||||
Eicher Motors Ltd. | 8,660 | 1,992,259 | ||||||
HCL Technologies Ltd. | 4,076,423 | 30,183,069 | ||||||
Hindustan Petroleum Corp. Ltd. | 873,295 | 2,390,542 | ||||||
Hindustan Unilever Ltd. | 1,320,028 | 39,778,722 | ||||||
Housing Development Finance Corp. Ltd. | 414,963 | 12,510,559 | ||||||
Infosys Ltd.. | 4,507,386 | 45,699,994 | ||||||
InterGlobe Aviation Ltd.(a) | 373,707 | 6,732,086 | ||||||
ITC Ltd. | 697,970 | 1,910,610 | ||||||
Lupin Ltd. | 253,474 | 2,247,873 | ||||||
Marico Ltd | 3,826,055 | 15,838,625 | ||||||
Maruti Suzuki India Ltd. | 31,143 | 2,711,395 | ||||||
Nestle India Ltd. | 41,999 | 9,182,747 | ||||||
Petronet LNG Ltd. | 3,333,910 | 11,345,942 | ||||||
Pidilite Industries Ltd. | 208,390 | 4,369,209 | ||||||
Power Grid Corp. of India Ltd. | 2,587,831 | 6,508,350 | ||||||
Reliance Industries Ltd. | 548,524 | 10,098,679 | ||||||
Sun Pharmaceutical Industries Ltd. | 868,140 | 4,485,806 | ||||||
Tata Consultancy Services Ltd. | 1,327,066 | 36,780,144 | ||||||
Tech Mahindra Ltd. | 2,030,647 | 20,945,905 | ||||||
Titan Co. Ltd. | 701,035 | 12,186,211 | ||||||
Wipro Ltd. | 8,174,132 | 25,082,780 | ||||||
428,503,922 | ||||||||
Indonesia — 2.6% | ||||||||
Bank Central Asia Tbk PT | 33,555,800 | 73,554,968 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 13,999,800 | 10,025,994 | ||||||
Indofood Sukses Makmur Tbk PT | 17,469,400 | 7,914,347 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 70,766,300 | 17,213,758 | ||||||
Unilever Indonesia Tbk PT | 40,121,100 | 19,085,312 | ||||||
127,794,379 | ||||||||
Malaysia — 5.6% | ||||||||
DiGi.Com Bhd | 4,212,000 | 4,157,039 | ||||||
Fraser & Neave Holdings Bhd | 1,485,600 | 10,827,434 | ||||||
HAP Seng Consolidated Bhd | 8,146,300 | 17,316,927 | ||||||
Hong Leong Bank Bhd | 4,874,300 | 17,693,189 | ||||||
IHH Healthcare Bhd | 17,351,500 | 23,464,662 | ||||||
IOI Corp. Bhd | 2,518,200 | 2,491,315 |
10 | 2 0 2 0 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) | iShares® Edge MSCI Min Vol Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Kuala Lumpur Kepong Bhd | 2,842,700 | $ | 14,729,435 | |||||
Malayan Banking Bhd | 26,970,800 | 53,877,612 | ||||||
Maxis Bhd(d) | 8,993,900 | 11,586,448 | ||||||
Nestle Malaysia Bhd | 275,700 | 9,353,523 | ||||||
Petronas Chemicals Group Bhd | 5,845,100 | 7,488,384 | ||||||
Petronas Dagangan Bhd | 1,511,900 | 8,192,597 | ||||||
PPB Group Bhd | 3,736,600 | 16,045,661 | ||||||
Public Bank Bhd | 12,667,180 | 51,389,983 | ||||||
Tenaga Nasional Bhd | 6,194,400 | 17,782,263 | ||||||
Westports Holdings Bhd | 4,117,800 | 3,360,672 | ||||||
269,757,144 | ||||||||
Mexico — 1.4% | ||||||||
Arca Continental SAB de CV | 2,652,400 | 14,468,854 | ||||||
Coca-Cola Femsa SAB de CV | 735,500 | 4,048,938 | ||||||
Gruma SAB de CV, Series B | 864,185 | 8,253,116 | ||||||
Infraestructura Energetica Nova SAB de CV | 2,127,400 | 9,201,020 | ||||||
Wal-Mart de Mexico SAB de CV | 10,798,200 | 30,109,395 | ||||||
66,081,323 | ||||||||
Pakistan — 0.1% | ||||||||
MCB Bank Ltd. | 3,541,600 | 4,489,930 | ||||||
Peru — 1.0% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 465,941 | 5,195,242 | ||||||
Credicorp Ltd. | 230,004 | 41,692,825 | ||||||
46,888,067 | ||||||||
Philippines — 2.6% | ||||||||
Aboitiz Power Corp. | 20,412,300 | 11,012,031 | ||||||
Bank of the Philippine Islands | 15,263,288 | 22,187,536 | ||||||
BDO Unibank Inc | 11,843,053 | 32,293,955 | ||||||
International Container Terminal Services Inc. | 4,881,660 | 10,151,171 | ||||||
Jollibee Foods Corp. | 5,763,140 | 19,219,888 | ||||||
Manila Electric Co. | 1,892,810 | 10,018,247 | ||||||
Metropolitan Bank & Trust Co. | 5,833,583 | 6,414,366 | ||||||
Security Bank Corp. | 1,801,950 | 5,457,991 | ||||||
SM Investments Corp. | 152,185 | 2,909,353 | ||||||
Universal Robina Corp. | 3,052,200 | 8,460,537 | ||||||
128,125,075 | ||||||||
Poland — 0.1% | ||||||||
Cyfrowy Polsat SA | 685,921 | 4,384,105 | ||||||
Qatar — 3.0% | ||||||||
Barwa Real Estate Co. | 20,803,407 | 17,594,893 | ||||||
Commercial Bank PSQC (The) | 3,726,600 | 4,600,678 | ||||||
Masraf Al Rayan QSC | 31,046,143 | 34,474,068 | ||||||
Qatar Electricity & Water Co. QSC | 5,751,778 | 23,617,237 | ||||||
Qatar Fuel QSC | 830,158 | 4,371,279 | ||||||
Qatar International Islamic Bank QSC | 3,444,956 | 7,989,012 | ||||||
Qatar Islamic Bank SAQ | 4,906,146 | 20,881,204 | ||||||
Qatar National Bank QPSC | 5,772,119 | 29,669,256 | ||||||
143,197,627 | ||||||||
Russia — 0.8% | ||||||||
Polymetal International PLC | 538,711 | 8,217,748 | ||||||
Polyus PJSC | 163,858 | 20,638,305 | ||||||
Rosneft Oil Co. PJSC | 1,384,750 | 8,312,621 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 146,189 | 884,444 | ||||||
38,053,118 | ||||||||
Saudi Arabia — 5.3% | ||||||||
Al Rajhi Bank | 902,553 | 14,892,185 | ||||||
Alinma Bank | 4,992,185 | 30,952,478 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Bank AlBilad. | 1,375,407 | $ | 8,784,420 | |||||
Bank Al-Jazira | 1,540,464 | 5,715,916 | ||||||
Bupa Arabia for Cooperative Insurance Co | 505,520 | 13,070,889 | ||||||
Co for Cooperative Insurance (The)(b) | 576,544 | 10,573,431 | ||||||
Emaar Economic City(b) | 1,088,917 | 2,687,824 | ||||||
Etihad Etisalat Co.(b) | 1,644,001 | 10,052,881 | ||||||
Jarir Marketing Co. | 1,052,604 | 42,592,373 | ||||||
Saudi Airlines Catering Co. | 727,997 | 17,697,808 | ||||||
Saudi Arabian Fertilizer Co. | 795,100 | 14,242,495 | ||||||
Saudi Basic Industries Corp | 1,304,600 | 27,368,258 | ||||||
Saudi Electricity Co. | 2,140,816 | 9,587,021 | ||||||
Saudi Telecom Co. | 1,696,383 | 37,350,722 | ||||||
Savola Group (The)(b) | 359,407 | 3,204,629 | ||||||
Yanbu National Petrochemical Co. | 567,435 | 7,487,147 | ||||||
256,260,477 | ||||||||
South Africa — 0.3% | ||||||||
AngloGold Ashanti Ltd. | 682,875 | 12,057,477 | ||||||
Gold Fields Ltd. | 854,670 | 5,010,181 | ||||||
17,067,658 | ||||||||
South Korea — 6.4% | ||||||||
BGF retail Co. Ltd. | 28,154 | 3,512,006 | ||||||
Cheil Worldwide Inc. | 234,636 | 3,738,334 | ||||||
CJ CheilJedang Corp. | 14,366 | 2,886,212 | ||||||
CJ Logistics Corp.(b)(d) | 61,744 | 6,787,010 | ||||||
Coway Co. Ltd.. | 123,789 | 7,022,694 | ||||||
DB Insurance Co. Ltd. | 455,563 | 16,241,974 | ||||||
Fila Holdings Corp. | 51,825 | 1,638,600 | ||||||
GS Retail Co. Ltd. | 110,484 | 3,215,817 | ||||||
Hyundai Glovis Co. Ltd. | 42,676 | 4,322,065 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 256,859 | 4,779,756 | ||||||
Hyundai Mobis Co. Ltd. | 15,858 | 2,742,017 | ||||||
Kangwon Land Inc.(b) | 943,413 | 17,710,841 | ||||||
Kia Motors Corp. | 295,549 | 8,821,450 | ||||||
Korea Electric Power Corp.(b) | 295,905 | 5,189,606 | ||||||
KT&G Corp | 522,798 | 36,460,264 | ||||||
LG Uplus Corp. | 473,986 | 5,151,598 | ||||||
Lotte Shopping Co. Ltd. | 31,224 | 2,447,530 | ||||||
NAVER Corp | 121,143 | 17,356,016 | ||||||
NCSoft Corp. | 41,557 | 22,207,075 | ||||||
Pearl Abyss Corp.(b)(d) | 15,645 | 2,282,663 | ||||||
S-1 Corp. | 280,572 | 18,989,723 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 11,437 | 4,364,800 | ||||||
Samsung Electronics Co. Ltd. | 611,084 | 27,271,102 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 121,220 | 19,762,503 | ||||||
Samsung Life Insurance Co. Ltd. | 313,637 | 15,107,258 | ||||||
SK Hynix Inc. | 209,677 | 15,175,470 | ||||||
SK Telecom Co. Ltd. | 202,638 | 35,455,393 | ||||||
310,639,777 | ||||||||
Taiwan — 17.7% | ||||||||
Accton Technology Corp. | 727,000 | 3,925,577 | ||||||
Advantech Co. Ltd. | 3,564,333 | 34,666,889 | ||||||
Asustek Computer Inc. | 2,924,000 | 19,892,799 | ||||||
AU Optronics Corp. | 23,251,000 | 7,294,853 | ||||||
Cathay Financial Holding Co. Ltd. | 4,866,034 | 6,436,191 | ||||||
Chicony Electronics Co. Ltd. | 10,304,455 | 28,415,991 | ||||||
China Development Financial Holding Corp | 23,311,000 | 7,051,925 | ||||||
Chunghwa Telecom Co. Ltd. | 21,131,000 | 75,369,408 | ||||||
Compal Electronics Inc. | 36,269,000 | 22,099,541 | ||||||
E.Sun Financial Holding Co. Ltd. | 37,321,701 | 35,806,252 |
|
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) | iShares® Edge MSCI Min Vol Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Eva Airways Corp. | 8,699,685 | $ | 3,462,118 | |||||
Far EasTone Telecommunications Co. Ltd. | 28,612,000 | 62,459,856 | ||||||
First Financial Holding Co. Ltd. | 105,522,437 | 82,593,232 | ||||||
Formosa Petrochemical Corp. | 3,172,000 | 9,019,607 | ||||||
Formosa Plastics Corp. | 3,295,840 | 9,905,099 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 74,907,310 | 53,311,730 | ||||||
Lite-On Technology Corp. | 11,174,752 | 16,182,991 | ||||||
Mega Financial Holding Co. Ltd. | 17,225,000 | 18,402,838 | ||||||
Pou Chen Corp. | 4,393,000 | 4,947,284 | ||||||
Powertech Technology Inc. | 3,218,000 | 10,840,205 | ||||||
President Chain Store Corp. | 3,627,000 | 35,515,960 | ||||||
Quanta Computer Inc. | 3,800,000 | 7,780,842 | ||||||
Standard Foods Corp. | 2,367,476 | 5,308,926 | ||||||
Synnex Technology International Corp. | 16,253,000 | 20,182,394 | ||||||
Taiwan Business Bank | 42,940,147 | 17,017,512 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd | 115,316,631 | 79,786,107 | ||||||
Taiwan High Speed Rail Corp. | 10,338,000 | 11,778,959 | ||||||
Taiwan Mobile Co. Ltd. | 20,596,000 | 71,420,598 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5,776,000 | 60,278,935 | ||||||
Uni-President Enterprises Corp. | 4,134,000 | 9,993,851 | ||||||
United Microelectronics Corp. | 7,145,000 | 3,610,314 | ||||||
WPG Holdings Ltd. | 14,722,440 | 18,865,261 | ||||||
853,624,045 | ||||||||
Thailand — 6.5% | ||||||||
Advanced Info Service PCL, NVDR | 2,992,200 | 18,964,982 | ||||||
Airports of Thailand PCL, NVDR | 24,427,300 | 46,253,563 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 50,485,800 | 35,518,452 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 93,739,200 | 27,478,612 | ||||||
BTS Group Holdings PCL, NVDR. | 116,434,200 | 40,219,705 | ||||||
Bumrungrad Hospital PCL, NVDR | 3,708,500 | 15,101,957 | ||||||
Central Pattana PCL, NVDR | 1,755,000 | 2,947,710 | ||||||
CP ALL PCL, NVDR | 20,331,400 | 42,363,795 | ||||||
Electricity Generating PCL, NVDR | 2,616,000 | 22,632,483 | ||||||
Home Product Center PCL, NVDR | 35,199,300 | 14,278,277 | ||||||
Intouch Holdings PCL, NVDR | 9,134,500 | 15,631,849 | ||||||
Kasikornbank PCL, NVDR | 672,000 | 2,534,242 | ||||||
Krung Thai Bank PCL, NVDR | 38,213,400 | 16,954,131 | ||||||
Minor International PCL, NVDR | 4,365,000 | 3,804,072 | ||||||
Siam Cement PCL (The), NVDR | 625,400 | 6,144,002 | ||||||
Thai Union Group PCL, NVDR | 10,312,900 | 5,000,392 | ||||||
315,828,224 | ||||||||
United Arab Emirates — 1.9% | ||||||||
Dubai Islamic Bank PJSC | 5,099,673 | 7,497,681 | ||||||
Emirates Telecommunications Group Co. PJSC | 9,296,530 | 39,991,607 | ||||||
First Abu Dhabi Bank PJSC | 12,041,610 | 46,948,149 | ||||||
94,437,437 | ||||||||
Total Common Stocks — 99.7% | ||||||||
(Cost: $4,610,654,882) | 4,819,909,225 |
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Brazil — 0.1% | ||||||||
Telefonica Brasil SA, Preference Shares, NVS | 443,100 | $ | 5,242,578 | |||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 4,400,000 | 2,145,655 | ||||||
Transneft PJSC, Preference Shares, NVS | 968 | 2,187,363 | ||||||
4,333,018 | ||||||||
Total Preferred Stocks — 0.2% | ||||||||
(Cost: $10,075,279) | 9,575,596 | |||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL (Expires 02/16/21)(b) | 12,465,440 | 339,733 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 339,733 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(f)(g)(h) | 36,842,535 | 36,868,324 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(f)(g) | 2,109,000 | 2,109,000 | ||||||
38,977,324 | ||||||||
Total Short-Term Investments — 0.8% | ||||||||
(Cost: $38,963,388) | 38,977,324 | |||||||
Total Investments in Securities — 100.7% | ||||||||
(Cost: $4,659,693,549) | 4,868,801,878 | |||||||
Other Assets, Less Liabilities — (0.7)%. | (36,184,273 | ) | ||||||
Net Assets — 100.0% | $ | 4,832,617,605 |
(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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | All or a portion of this security is on loan. |
(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. |
12 | 2 0 2 0 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) | iShares® Edge MSCI Min Vol Emerging Markets ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 34,271,854 | 2,570,681 | 36,842,535 | $ | 36,868,324 | $ | 163,568 | (b) | $ | 3,311 | $ | 2,644 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 16,273,000 | (14,164,000 | ) | 2,109,000 | 2,109,000 | 88,502 | — | — | ||||||||||||||||||||
$ | 38,977,324 | $ | 252,070 | $ | 3,311 | $ | 2,644 |
(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 | 53 | 03/20/20 | $ | 2,673 | $ | (314,457 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Equity | ||||
Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 314,457 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Equity | ||||
Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (163,858 | ) | |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (128,587 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 7,605,507 |
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.
S c h e d u l e OF I n v e s t m e n t s | 13 |
Consolidated Schedule of Investments (unaudited) (continued) | iShares® Edge MSCI Min Vol Emerging Markets ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 4,819,866,415 | $ | — | $ | 42,810 | $ | 4,819,909,225 | ||||||||
Preferred Stocks | 9,575,596 | — | — | 9,575,596 | ||||||||||||
Warrants | 339,733 | — | — | 339,733 | ||||||||||||
Money Market Funds | 38,977,324 | — | — | 38,977,324 | ||||||||||||
$ | 4,868,759,068 | $ | — | $ | 42,810 | $ | 4,868,801,878 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (314,457 | ) | $ | — | $ | — | $ | (314,457 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements
14 | 2 0 2 0 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) | iShares® Edge MSCI Min Vol Global ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 0.4% | ||||||||
Newcrest Mining Ltd. | 202,932 | $ | 3,441,102 | |||||
Woolworths Group Ltd. | 626,179 | 15,664,679 | ||||||
19,105,781 | ||||||||
Belgium — 0.5% | ||||||||
Colruyt SA | 125,457 | 5,763,139 | ||||||
Proximus SADP | 339,051 | 8,327,545 | ||||||
Telenet Group Holding NV | 85,798 | 3,253,330 | ||||||
UCB SA | 76,791 | 7,048,373 | ||||||
24,392,387 | ||||||||
Brazil — 0.2% | ||||||||
BB Seguridade Participacoes SA | 417,100 | 2,944,518 | ||||||
Magazine Luiza SA | 511,300 | 5,725,372 | ||||||
Petrobras Distribuidora SA | 379,800 | 2,197,152 | ||||||
10,867,042 | ||||||||
Canada — 5.0% | ||||||||
Agnico Eagle Mines Ltd. | 543,875 | 25,805,042 | ||||||
Barrick Gold Corp. | 2,161,406 | 41,220,243 | ||||||
BCE Inc. | 345,974 | 15,193,629 | ||||||
CGI Inc.(a) | 185,161 | 13,008,928 | ||||||
Empire Co. Ltd., Class A, NVS | 315,441 | 7,047,399 | ||||||
Fairfax Financial Holdings Ltd. | 18,802 | 8,098,860 | ||||||
Franco-Nevada Corp. | 414,663 | 44,513,680 | ||||||
Intact Financial Corp | 311,949 | 33,810,452 | ||||||
Kinross Gold Corp.(a) | 1,604,237 | 8,066,897 | ||||||
Kirkland Lake Gold Ltd. | 77,225 | 2,490,461 | ||||||
Loblaw Companies Ltd. | 162,403 | 8,045,442 | ||||||
Metro Inc. | 122,801 | 4,782,684 | ||||||
RioCan REIT | 176,294 | 3,292,502 | ||||||
Rogers Communications Inc., Class B, NVS | 125,831 | 5,765,907 | ||||||
Shaw Communications Inc., Class B, NVS | 268,397 | 4,644,737 | ||||||
TELUS Corp. | 451,912 | 16,307,682 | ||||||
Thomson Reuters Corp. | 165,681 | 12,306,815 | ||||||
Waste Connections Inc. | 128,203 | 12,370,307 | ||||||
266,771,667 | ||||||||
Chile — 0.2% | ||||||||
Banco de Chile | 81,689,581 | 7,174,837 | ||||||
SACI Falabella | 1,303,410 | 4,321,767 | ||||||
11,496,604 | ||||||||
China — 1.6% | ||||||||
Agricultural Bank of China Ltd., Class A | 10,295,099 | 5,022,215 | ||||||
Agricultural Bank of China Ltd., Class H | 6,274,000 | 2,511,838 | ||||||
Bank of Communications Co. Ltd., Class A | 4,771,300 | 3,549,363 | ||||||
Bank of Communications Co. Ltd., Class H | 6,385,000 | 4,096,599 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(b) | 2,093,055 | 4,029 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 3,351,599 | 2,742,575 | ||||||
China Mobile Ltd. | 3,321,000 | 26,122,930 | ||||||
China Resources Pharmaceutical Group Ltd.(c) | 3,334,500 | 2,901,035 | ||||||
China Telecom Corp. Ltd., Class H | 30,622,000 | 11,513,138 | ||||||
China Unicom Hong Kong Ltd. | 3,112,000 | 2,455,881 | ||||||
COSCO SHIPPING Ports Ltd. | 3,168,000 | 2,109,818 | ||||||
CRRC Corp. Ltd., Class A | 2,778,897 | 2,544,268 | ||||||
Guangdong Investment Ltd. | 4,005,147 | 7,524,057 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 5,455,051 | 4,136,043 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 2,786,000 | 3,221,057 | ||||||
Lenovo Group Ltd. | 4,344,000 | 2,681,189 | ||||||
Shenzhen International Holdings Ltd. | 2,075,000 | 3,972,642 | ||||||
87,108,677 |
Security | Shares | Value | ||||||
Denmark — 0.6% | ||||||||
Carlsberg A/S, Class B | 40,532 | $ | 5,288,169 | |||||
Coloplast A/S, Class B | 82,719 | 11,001,397 | ||||||
Novo Nordisk A/S, Class B | 182,485 | 10,616,782 | ||||||
Tryg A/S | 263,730 | 7,256,970 | ||||||
34,163,318 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 575,748 | 3,040,701 | ||||||
Finland — 0.7% | ||||||||
Elisa OYJ | 322,897 | 18,422,396 | ||||||
Nokia OYJ | 2,722,794 | 10,303,485 | ||||||
Sampo OYJ, Class A | 234,378 | 9,494,846 | ||||||
38,220,727 | ||||||||
France — 0.9% | ||||||||
Eurazeo SE . | 39,100 | 2,602,733 | ||||||
Getlink SE | 258,362 | 4,137,770 | ||||||
Hermes International | 26,046 | 18,024,438 | ||||||
Orange SA | 1,656,547 | 22,181,332 | ||||||
Pernod Ricard SA | 16,515 | 2,655,827 | ||||||
49,602,100 | ||||||||
Germany — 1.2% | ||||||||
Deutsche Telekom AG, Registered | 2,931,007 | 47,507,881 | ||||||
Hannover Rueck SE | 16,791 | 2,969,495 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered . | 36,971 | 9,368,907 | ||||||
Telefonica Deutschland Holding AG | 2,014,778 | 5,225,205 | ||||||
65,071,488 | ||||||||
Hong Kong — 2.7% | ||||||||
CLP Holdings Ltd. | 1,789,254 | 18,780,962 | ||||||
Dairy Farm International Holdings Ltd. | 447,900 | 2,149,920 | ||||||
Hang Seng Bank Ltd | 1,290,400 | 26,907,308 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 5,889,000 | 5,924,479 | ||||||
HKT Trust & HKT Ltd. | 8,635,000 | 12,919,730 | ||||||
Hong Kong & China Gas Co. Ltd. | 5,257,130 | 10,118,882 | ||||||
Jardine Matheson Holdings Ltd. | 213,200 | 11,598,080 | ||||||
Jardine Strategic Holdings Ltd. | 173,800 | 4,989,798 | ||||||
Link REIT | 1,622,600 | 15,032,846 | ||||||
MTR Corp. Ltd. | 3,265,500 | 18,374,343 | ||||||
PCCW Ltd. | 9,513,000 | 5,725,097 | ||||||
Power Assets Holdings Ltd. | 1,220,500 | 8,692,072 | ||||||
Yue Yuen Industrial Holdings Ltd. | 980,000 | 2,361,643 | ||||||
143,575,160 | ||||||||
Hungary — 0.1% | ||||||||
OTP Bank Nyrt | 130,886 | 5,658,979 | ||||||
India — 3.1% | ||||||||
Asian Paints Ltd. | 342,261 | 8,526,943 | ||||||
Avenue Supermarts Ltd.(a)(c) | 142,727 | 4,596,119 | ||||||
Bajaj Auto Ltd. | 54,373 | 2,177,406 | ||||||
Bajaj Finance Ltd. | 216,107 | 13,373,076 | ||||||
Bajaj Finserv Ltd. | 89,551 | 11,230,869 | ||||||
Bharat Petroleum Corp. Ltd. | 761,807 | 4,500,591 | ||||||
Bosch Ltd. | 16,444 | 2,763,574 | ||||||
Britannia Industries Ltd. | 124,478 | 5,123,145 | ||||||
Coal India Ltd. | 2,804,772 | 6,544,824 | ||||||
Dabur India Ltd. | 971,637 | 6,679,310 | ||||||
Dr. Reddy's Laboratories Ltd. | 69,129 | 2,803,859 | ||||||
Eicher Motors Ltd. | 21,181 | 4,872,753 | ||||||
HCL Technologies Ltd. | 1,048,926 | 7,766,565 |
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) | iShares® Edge MSCI Min Vol Global ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Hero MotoCorp Ltd. | 88,004 | $ | 2,501,988 | |||||
Hindustan Petroleum Corp. Ltd. | 1,360,485 | 3,724,167 | ||||||
Hindustan Unilever Ltd. | 191,668 | 5,775,868 | ||||||
Housing Development Finance Corp. Ltd. | 174,955 | 5,274,650 | ||||||
Indian Oil Corp. Ltd. | 3,530,905 | 5,173,980 | ||||||
Infosys Ltd. | 617,084 | 6,256,561 | ||||||
InterGlobe Aviation Ltd.(c) | 207,670 | 3,741,038 | ||||||
ITC Ltd. | 728,704 | 1,994,741 | ||||||
Larsen & Toubro Ltd. | 143,150 | 2,355,600 | ||||||
LIC Housing Finance Ltd. | 486,824 | 2,160,327 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 626,741 | 2,980,966 | ||||||
Maruti Suzuki India Ltd. | 79,224 | 6,897,458 | ||||||
Petronet LNG Ltd. | 1,422,109 | 4,839,713 | ||||||
Pidilite Industries Ltd. | 272,347 | 5,710,164 | ||||||
Sun Pharmaceutical Industries Ltd. | 462,512 | 2,389,867 | ||||||
Tata Consultancy Services Ltd. | 278,961 | 7,731,511 | ||||||
Tech Mahindra Ltd. | 420,660 | 4,339,063 | ||||||
United Spirits Ltd.(a) | 339,131 | 3,225,310 | ||||||
Wipro Ltd. | 304,407 | 934,090 | ||||||
Wipro Ltd., ADR | 1,567,897 | 5,409,245 | ||||||
164,375,341 | ||||||||
Indonesia — 0.7% | ||||||||
Bank Central Asia Tbk PT | 12,833,000 | 28,130,186 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 4,054,600 | 2,903,713 | ||||||
Kalbe Farma Tbk PT | 28,272,600 | 2,404,082 | ||||||
Unilever Indonesia Tbk PT | 6,167,200 | 2,933,692 | ||||||
36,371,673 | ||||||||
Ireland — 0.5% | ||||||||
AIB Group PLC | 767,000 | 1,767,588 | ||||||
Kerry Group PLC, Class A | 195,164 | 24,653,450 | ||||||
26,421,038 | ||||||||
Israel — 0.5% | ||||||||
Azrieli Group Ltd. | 60,688 | 4,415,063 | ||||||
Bank Hapoalim BM | 513,406 | 4,010,019 | ||||||
Bank Leumi Le-Israel BM | 694,248 | 4,505,831 | ||||||
Check Point Software Technologies Ltd.(a)(d) | 27,913 | 2,897,370 | ||||||
Mizrahi Tefahot Bank Ltd | 311,489 | 8,029,447 | ||||||
Nice Ltd.(a) | 24,538 | 3,921,695 | ||||||
27,779,425 | ||||||||
Italy — 0.4% | ||||||||
Assicurazioni Generali SpA | 862,516 | 15,405,218 | ||||||
Intesa Sanpaolo SpA | 2,081,952 | 5,027,793 | ||||||
20,433,011 | ||||||||
Japan — 11.6% | ||||||||
ABC-Mart Inc. | 76,700 | 4,380,216 | ||||||
Ajinomoto Co. Inc. | 256,700 | 4,312,246 | ||||||
ANA Holdings Inc. | 262,000 | 7,062,207 | ||||||
Asahi Group Holdings Ltd. | 60,600 | 2,331,526 | ||||||
Canon Inc. | 1,150,100 | 29,145,676 | ||||||
Daiwa House REIT Investment Corp. | 4,089 | 10,204,967 | ||||||
East Japan Railway Co. | 78,200 | 6,031,111 | ||||||
FUJIFILM Holdings Corp. | 203,900 | 9,975,250 | ||||||
Hamamatsu Photonics KK | 184,800 | 7,169,963 | ||||||
Hankyu Hanshin Holdings Inc. | 71,700 | 2,359,755 | ||||||
Japan Airlines Co. Ltd. | 264,700 | 6,571,794 | ||||||
Japan Post Bank Co. Ltd. | 942,800 | 8,425,895 | ||||||
Japan Post Holdings Co. Ltd. | 3,169,900 | 27,644,972 | ||||||
Japan Prime Realty Investment Corp. | 1,799 | 7,922,171 | ||||||
Japan Real Estate Investment Corp. | 3,039 | 20,736,142 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Japan Retail Fund Investment Corp. | 5,949 | $ | 11,311,731 | |||||
Japan Tobacco Inc. | 118,600 | 2,357,376 | ||||||
KDDI Corp. | 632,900 | 17,942,875 | ||||||
Keikyu Corp. | 166,700 | 2,531,448 | ||||||
Keio Corp. | 133,000 | 6,399,388 | ||||||
Kintetsu Group Holdings Co. Ltd. | 192,200 | 8,312,363 | ||||||
Kirin Holdings Co. Ltd. | 122,800 | 2,362,305 | ||||||
Kyushu Railway Co. | 363,000 | 10,920,456 | ||||||
Lawson Inc. | 113,700 | 6,039,967 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 145,600 | 6,114,755 | ||||||
MEIJI Holdings Co. Ltd. | 115,300 | 6,883,901 | ||||||
Mizuho Financial Group Inc. | 11,149,900 | 15,257,268 | ||||||
Nagoya Railroad Co. Ltd. | 390,900 | 10,215,984 | ||||||
NEC Corp. | 506,500 | 18,970,565 | ||||||
Nippon Building Fund Inc. | 3,024 | 22,680,350 | ||||||
Nippon Prologis REIT Inc. | 3,991 | 10,829,886 | ||||||
Nippon Telegraph & Telephone Corp. | 1,263,900 | 29,639,225 | ||||||
Nissan Motor Co. Ltd. | 611,100 | 2,626,486 | ||||||
Nissin Foods Holdings Co. Ltd. | 41,900 | 3,301,813 | ||||||
Nitori Holdings Co. Ltd. | 80,300 | 11,140,681 | ||||||
Nomura Real Estate Master Fund Inc. | 9,086 | 14,429,442 | ||||||
Nomura Research Institute Ltd. | 159,690 | 3,486,487 | ||||||
NTT Data Corp. | 793,000 | 9,491,151 | ||||||
NTT DOCOMO Inc. | 1,989,600 | 53,998,554 | ||||||
Ono Pharmaceutical Co. Ltd. | 134,200 | 2,749,567 | ||||||
Oracle Corp. Japan | 64,500 | 5,046,864 | ||||||
Oriental Land Co. Ltd. | 201,800 | 22,946,062 | ||||||
Orix JREIT Inc. | 5,286 | 10,046,169 | ||||||
Pan Pacific International Holdings Corp. | 233,600 | 3,872,218 | ||||||
Sankyo Co. Ltd. | 106,600 | 3,503,426 | ||||||
Secom Co. Ltd. | 333,700 | 26,528,322 | ||||||
Seibu Holdings Inc | 135,900 | 1,922,620 | ||||||
Seven & i Holdings Co. Ltd. | 77,900 | 2,669,248 | ||||||
Shimamura Co. Ltd. | 49,000 | 3,275,298 | ||||||
Shionogi & Co. Ltd. | 49,029 | 2,656,789 | ||||||
Softbank Corp. | 532,000 | 6,966,579 | ||||||
Suntory Beverage & Food Ltd. | 301,500 | 11,488,110 | ||||||
Takeda Pharmaceutical Co. Ltd. | 127,900 | 4,461,945 | ||||||
Tobu Railway Co. Ltd. | 423,600 | 12,645,362 | ||||||
Toho Co. Ltd. | 170,600 | 5,258,842 | ||||||
Toyo Suisan Kaisha Ltd. | 192,100 | 7,613,475 | ||||||
United Urban Investment Corp. | 6,725 | 10,760,998 | ||||||
USS Co. Ltd. | 156,200 | 2,470,470 | ||||||
West Japan Railway Co | 208,200 | 14,704,191 | ||||||
Yamada Denki Co. Ltd. | 1,396,500 | 6,719,358 | ||||||
Yamazaki Baking Co. Ltd. | 229,900 | 3,911,060 | ||||||
613,735,321 | ||||||||
Malaysia — 0.6% | ||||||||
Hong Leong Bank Bhd | 1,464,900 | 5,317,431 | ||||||
IHH Healthcare Bhd | 2,113,600 | 2,858,249 | ||||||
Malayan Banking Bhd | 3,254,100 | 6,500,480 | ||||||
Maxis Bhd(d) | 3,721,000 | 4,793,601 | ||||||
Petronas Chemicals Group Bhd | 1,440,300 | 1,845,224 | ||||||
Petronas Dagangan Bhd | 481,700 | 2,610,208 | ||||||
Public Bank Bhd | 2,412,860 | 9,788,827 | ||||||
33,714,020 | ||||||||
Netherlands — 0.5% | ||||||||
Koninklijke Ahold Delhaize NV | 677,679 | 15,766,313 | ||||||
Koninklijke KPN NV | 1,839,795 | 4,448,050 |
16 | 2 0 2 0 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) | iShares® Edge MSCI Min Vol Global ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Netherlands (continued) | ||||||||
Unilever NV | 155,026 | $ | 8,108,275 | |||||
28,322,638 | ||||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 517,229 | 2,524,785 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 212,599 | 3,399,468 | ||||||
Spark New Zealand Ltd. | 2,360,369 | 6,639,326 | ||||||
12,563,579 | ||||||||
Norway — 0.2% | ||||||||
Telenor ASA | 791,294 | 12,560,554 | ||||||
Peru — 0.1% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 291,426 | 3,249,400 | ||||||
Credicorp Ltd. | 13,267 | 2,404,909 | ||||||
5,654,309 | ||||||||
Philippines — 0.3% | ||||||||
Bank of the Philippine Islands | 2,085,239 | 3,031,215 | ||||||
BDO Unibank Inc. | 3,115,509 | 8,495,454 | ||||||
Jollibee Foods Corp. | 1,037,910 | 3,461,397 | ||||||
PLDT Inc. | 144,835 | 2,812,882 | ||||||
17,800,948 | ||||||||
Qatar — 0.4% | ||||||||
Qatar Islamic Bank SAQ | 1,111,882 | 4,732,316 | ||||||
Qatar National Bank QPSC | 2,691,706 | 13,835,632 | ||||||
18,567,948 | ||||||||
Russia — 0.3% | ||||||||
Polymetal International PLC | 464,971 | 7,092,884 | ||||||
Polyus PJSC | 62,364 | 7,854,894 | ||||||
14,947,778 | ||||||||
Saudi Arabia — 0.9% | ||||||||
Alinma Bank | 1,684,590 | 10,444,772 | ||||||
Arab National Bank | 399,528 | 2,694,405 | ||||||
Bank AlBilad | 421,940 | 2,694,837 | ||||||
Bank Al-Jazira | 967,962 | 3,591,638 | ||||||
Jarir Marketing Co. | 125,356 | 5,072,382 | ||||||
Saudi Arabian Fertilizer Co. | 331,847 | 5,944,321 | ||||||
Saudi Basic Industries Corp. | 137,457 | 2,883,611 | ||||||
Saudi Telecom Co. | 450,310 | 9,914,862 | ||||||
Yanbu National Petrochemical Co. | 182,533 | 2,408,472 | ||||||
45,649,300 | ||||||||
Singapore — 1.1% | ||||||||
CapitaLand Commercial Trust | 3,614,900 | 4,817,449 | ||||||
CapitaLand Mall Trust | 5,602,800 | 9,112,529 | ||||||
Oversea-Chinese Banking Corp. Ltd.(d) | 609,300 | 4,627,484 | ||||||
SATS Ltd.(d) | 1,581,000 | 4,565,043 | ||||||
Singapore Airlines Ltd. | 1,253,500 | 7,184,925 | ||||||
Singapore Exchange Ltd. | 168,900 | 1,027,414 | ||||||
Singapore Telecommunications Ltd. | 11,253,800 | 24,189,582 | ||||||
55,524,426 | ||||||||
South Korea — 0.4% | ||||||||
DB Insurance Co. Ltd. | 113,983 | 4,063,783 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 122,351 | 2,276,766 | ||||||
KT&G Corp. | 32,517 | 2,267,756 | ||||||
S-1 Corp. | 39,665 | 2,684,613 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 21,387 | 3,486,724 | ||||||
SK Telecom Co. Ltd. | 45,120 | 7,894,607 | ||||||
22,674,249 | ||||||||
Sweden — 0.2% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 985,097 | 7,791,280 |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Telia Co. AB | 627,305 | $ | 2,454,196 | |||||
10,245,476 | ||||||||
Switzerland — 5.9% | ||||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 227 | 19,629,010 | ||||||
Givaudan SA, Registered | 3,100 | 9,627,150 | ||||||
Kuehne + Nagel International AG, Registered | 68,077 | 9,885,038 | ||||||
Nestle SA, Registered | 592,310 | 60,488,500 | ||||||
Novartis AG, Registered. | 310,684 | 26,078,904 | ||||||
Partners Group Holding AG | 9,194 | 7,893,191 | ||||||
Roche Holding AG, NVS | 116,848 | 37,386,048 | ||||||
Sonova Holding AG, Registered | 32,915 | 7,814,316 | ||||||
Swiss Life Holding AG, Registered | 9,844 | 4,460,539 | ||||||
Swiss Prime Site AG, Registered | 97,495 | 11,683,888 | ||||||
Swiss Re AG | 549,260 | 52,000,812 | ||||||
Swisscom AG, Registered | 58,798 | 31,198,567 | ||||||
Zurich Insurance Group AG | 84,334 | 32,315,182 | ||||||
310,461,145 | ||||||||
Taiwan — 4.3% | ||||||||
Advantech Co. Ltd. | 793,000 | 7,712,759 | ||||||
Asustek Computer Inc. | 1,510,000 | 10,272,957 | ||||||
AU Optronics Corp | 13,965,000 | 4,381,430 | ||||||
Chang Hwa Commercial Bank Ltd. | 11,513,732 | 8,821,763 | ||||||
Chicony Electronics Co. Ltd. | 1,361,020 | 3,753,205 | ||||||
China Development Financial Holding Corp. | 28,325,000 | 8,568,735 | ||||||
China Steel Corp. | 9,637,000 | 7,320,167 | ||||||
Chunghwa Telecom Co. Ltd. | 8,805,000 | 31,405,406 | ||||||
Compal Electronics Inc. | 9,729,000 | 5,928,105 | ||||||
CTBC Financial Holding Co. Ltd. | 4,568,000 | 3,424,548 | ||||||
E.Sun Financial Holding Co. Ltd. | 13,885,568 | 13,321,744 | ||||||
Far EasTone Telecommunications Co. Ltd. | 3,526,000 | 7,697,241 | ||||||
First Financial Holding Co. Ltd. | 23,510,606 | 18,401,934 | ||||||
Formosa Petrochemical Corp. | 967,000 | 2,749,672 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 18,978,332 | 13,506,929 | ||||||
Inventec Corp. | 3,775,000 | 2,861,218 | ||||||
Lite-On Technology Corp. | 4,472,000 | 6,476,236 | ||||||
Mega Financial Holding Co. Ltd. | 21,016,000 | 22,453,066 | ||||||
Nan Ya Plastics Corp. | 1,191,000 | 2,678,614 | ||||||
Quanta Computer Inc. | 4,581,000 | 9,380,010 | ||||||
Synnex Technology International Corp. | 3,235,250 | 4,017,418 | ||||||
Taishin Financial Holding Co. Ltd. | 6,322,000 | 2,964,791 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 21,461,226 | 14,848,749 | ||||||
Taiwan Mobile Co. Ltd. | 3,784,000 | 13,121,749 | ||||||
WPG Holdings Ltd. | 3,625,760 | 4,646,031 | ||||||
230,714,477 | ||||||||
Thailand — 0.8% | ||||||||
Advanced Info Service PCL, NVDR | 732,800 | 4,644,589 | ||||||
Airports of Thailand PCL, NVDR | 5,880,200 | 11,134,272 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 8,468,200 | 5,957,662 | ||||||
Bangkok Expressway & Metro PCL, NVDR. | 15,131,400 | 4,435,603 | ||||||
BTS Group Holdings PCL, NVDR | 13,230,900 | 4,570,331 | ||||||
Bumrungrad Hospital PCL, NVDR | 787,200 | 3,205,679 | ||||||
CP ALL PCL, NVDR | 1,150,600 | 2,397,463 | ||||||
Home Product Center PCL, NVDR | 8,552,300 | 3,469,163 | ||||||
Krung Thai Bank PCL, NVDR | 7,948,300 | 3,526,421 | ||||||
43,341,183 | ||||||||
United Arab Emirates — 0.2% | ||||||||
Emirates Telecommunications Group Co. PJSC | 1,989,211 | 8,557,144 | ||||||
First Abu Dhabi Bank PJSC | 888,721 | 3,464,969 | ||||||
12,022,113 |
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) | iShares® Edge MSCI Min Vol Global ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom — 1.1% | ||||||||
Admiral Group PLC | 106,497 | $ | 2,872,926 | |||||
AstraZeneca PLC | 39,022 | 3,386,322 | ||||||
Coca-Cola European Partners PLC | 50,556 | 2,576,334 | ||||||
Compass Group PLC | 644,889 | 14,089,682 | ||||||
Diageo PLC | 118,240 | 4,176,680 | ||||||
Direct Line Insurance Group PLC | 3,166,967 | 12,418,669 | ||||||
GlaxoSmithKline PLC | 724,368 | 14,454,033 | ||||||
RSA Insurance Group PLC | 385,906 | 2,557,259 | ||||||
56,531,905 | ||||||||
United States — 51.0% | ||||||||
Accenture PLC, Class A | 46,470 | 8,392,017 | ||||||
Aflac Inc. | 97,674 | 4,185,331 | ||||||
AGNC Investment Corp. | 1,241,596 | 21,156,796 | ||||||
Alleghany Corp.(a) | 31,256 | 21,011,846 | ||||||
Allstate Corp. (The) | 257,035 | 27,052,934 | ||||||
Altria Group Inc. | 212,124 | 8,563,446 | ||||||
Ameren Corp. | 74,665 | 5,898,535 | ||||||
American Electric Power Co. Inc. | 211,214 | 18,852,962 | ||||||
American Tower Corp. | 61,299 | 13,902,613 | ||||||
American Water Works Co. Inc. | 106,766 | 13,202,684 | ||||||
Amphenol Corp., Class A. | 119,599 | 10,964,836 | ||||||
Annaly Capital Management Inc. | 3,227,241 | 28,593,355 | ||||||
Anthem Inc. | 24,884 | 6,397,428 | ||||||
Aon PLC | 98,959 | 20,583,472 | ||||||
Arch Capital Group Ltd.(a) | 764,755 | 30,919,045 | ||||||
Arthur J Gallagher & Co. | 75,019 | 7,313,602 | ||||||
AT&T Inc. | 725,009 | 25,534,817 | ||||||
Automatic Data Processing Inc. | 105,546 | 16,332,188 | ||||||
AutoZone Inc.(a) | 15,225 | 15,719,965 | ||||||
AvalonBay Communities Inc. | 156,131 | 31,318,317 | ||||||
Baxter International Inc. | 183,051 | 15,279,267 | ||||||
Berkshire Hathaway Inc., Class B(a) | 105,126 | 21,691,699 | ||||||
Black Knight Inc.(a) | 302,853 | 20,203,324 | ||||||
Booz Allen Hamilton Holding Corp. | 146,238 | 10,426,769 | ||||||
Bristol-Myers Squibb Co. | 114,719 | 6,775,304 | ||||||
Broadridge Financial Solutions Inc. | 138,136 | 14,415,873 | ||||||
Brown & Brown Inc. | 251,564 | 10,819,768 | ||||||
Burlington Stores Inc.(a) | 27,692 | 5,988,672 | ||||||
Camden Property Trust | 73,885 | 7,830,332 | ||||||
Campbell Soup Co. | 171,660 | 7,745,299 | ||||||
Cboe Global Markets Inc. | 91,358 | 10,414,812 | ||||||
CH Robinson Worldwide Inc. | 81,566 | 5,619,897 | ||||||
Chevron Corp. | 24,802 | 2,315,019 | ||||||
Chubb Ltd. | 167,030 | 24,224,361 | ||||||
Church & Dwight Co. Inc. | 235,746 | 16,389,062 | ||||||
Cincinnati Financial Corp. | 141,173 | 13,162,971 | ||||||
Cisco Systems Inc. | 266,870 | 10,656,119 | ||||||
Citrix Systems Inc. | 200,712 | 20,751,614 | ||||||
Clorox Co. (The) | 152,613 | 24,329,564 | ||||||
CME Group Inc. | 86,261 | 17,150,412 | ||||||
CMS Energy Corp. | 141,623 | 8,556,862 | ||||||
Coca-Cola Co. (The) | 884,419 | 47,307,572 | ||||||
Cognizant Technology Solutions Corp., Class A | 44,165 | 2,690,973 | ||||||
Colgate-Palmolive Co. | 188,737 | 12,752,959 | ||||||
Comcast Corp., Class A | 329,015 | 13,302,076 | ||||||
Consolidated Edison Inc. | 674,719 | 53,181,352 | ||||||
Cooper Companies Inc. (The) | 12,327 | 4,000,974 | ||||||
Costco Wholesale Corp. | 30,022 | 8,440,385 | ||||||
Crown Castle International Corp. | 159,323 | 22,829,393 | ||||||
Danaher Corp. | 87,535 | 12,655,810 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Darden Restaurants Inc. | 54,586 | $ | 5,322,135 | |||||
Dollar General Corp. | 147,611 | 22,185,933 | ||||||
Dominion Energy Inc. | 375,807 | 29,380,591 | ||||||
DTE Energy Co. | 93,077 | 10,393,909 | ||||||
Duke Energy Corp. | 445,833 | 40,882,886 | ||||||
Duke Realty Corp. | 247,629 | 8,040,514 | ||||||
Ecolab Inc. | 33,594 | 6,062,037 | ||||||
Eli Lilly & Co. | 265,269 | 33,458,379 | ||||||
Entergy Corp. | 109,932 | 12,852,150 | ||||||
Equity LifeStyle Properties Inc. | 78,164 | 5,340,946 | ||||||
Equity Residential | 232,755 | 17,479,901 | ||||||
Erie Indemnity Co., Class A, NVS | 19,509 | 2,788,226 | ||||||
Essex Property Trust Inc. | 18,203 | 5,158,002 | ||||||
Everest Re Group Ltd. | 64,584 | 16,009,082 | ||||||
Evergy Inc. | 261,343 | 17,078,765 | ||||||
Eversource Energy. | 102,194 | 8,835,693 | ||||||
Extra Space Storage Inc. | 142,874 | 14,338,835 | ||||||
F5 Networks Inc.(a) | 44,023 | 5,280,559 | ||||||
Federal Realty Investment Trust | 21,872 | 2,544,588 | ||||||
Fidelity National Financial Inc. | 170,803 | 6,620,324 | ||||||
Fidelity National Information Services Inc. | 193,968 | 27,101,209 | ||||||
Fiserv Inc.(a)(d) | 246,924 | 27,003,609 | ||||||
General Mills Inc. | 148,269 | 7,265,181 | ||||||
Genuine Parts Co. | 50,571 | 4,411,814 | ||||||
Gilead Sciences Inc. | 42,108 | 2,920,611 | ||||||
Hartford Financial Services Group Inc. (The) | 247,736 | 12,374,413 | ||||||
Healthpeak Properties Inc. | 560,716 | 17,741,054 | ||||||
Henry Schein Inc.(a) | 51,543 | 3,141,030 | ||||||
Hershey Co. (The) | 219,755 | 31,642,522 | ||||||
Home Depot Inc. (The) | 70,415 | 15,339,204 | ||||||
Hormel Foods Corp. | 634,234 | 26,384,134 | ||||||
Humana Inc. | 18,111 | 5,789,725 | ||||||
Intel Corp. | 55,070 | 3,057,486 | ||||||
Intercontinental Exchange Inc. | 82,042 | 7,319,787 | ||||||
International Business Machines Corp. | 98,110 | 12,769,017 | ||||||
Intuit Inc. | 22,984 | 6,110,296 | ||||||
Invitation Homes Inc. | 162,700 | 4,667,863 | ||||||
Jack Henry & Associates Inc. | 167,788 | 25,460,151 | ||||||
JM Smucker Co. (The) | 93,716 | 9,651,811 | ||||||
Johnson & Johnson | 345,366 | 46,444,820 | ||||||
Juniper Networks Inc. | 120,359 | 2,554,018 | ||||||
Kellogg Co. | 328,341 | 19,854,780 | ||||||
Kimberly-Clark Corp | 140,003 | 18,366,994 | ||||||
L3Harris Technologies Inc. | 95,505 | 18,884,204 | ||||||
Lamb Weston Holdings Inc | 87,530 | 7,605,482 | ||||||
Liberty Broadband Corp., Class C, NVS(a) | 36,418 | 4,584,662 | ||||||
Lockheed Martin Corp. | 39,757 | 14,704,922 | ||||||
Markel Corp.(a) | 24,018 | 28,379,669 | ||||||
Marsh & McLennan Companies Inc. | 251,568 | 26,303,950 | ||||||
Mastercard Inc., Class A | 48,855 | 14,180,164 | ||||||
McCormick & Co. Inc./MD, NVS | 137,112 | 20,044,403 | ||||||
McDonald’s Corp. | 267,182 | 51,878,729 | ||||||
Medtronic PLC | 233,172 | 23,473,425 | ||||||
Merck & Co. Inc. | 501,089 | 38,363,374 | ||||||
Microsoft Corp. | 44,864 | 7,268,417 | ||||||
Mid-America Apartment Communities Inc. | 23,212 | 3,000,383 | ||||||
Mondelez International Inc., Class A | 102,158 | 5,393,942 | ||||||
Motorola Solutions Inc. | 239,280 | 39,643,910 | ||||||
National Retail Properties Inc. | 284,271 | 14,455,180 | ||||||
Newmont Corp. | 1,136,937 | 50,741,498 |
18 | 2 0 2 0 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) | iShares® Edge MSCI Min Vol Global ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
NextEra Energy Inc. | 211,238 | $ | 53,392,517 | |||||
NVR Inc.(a) | 721 | 2,644,037 | ||||||
Oracle Corp. | 95,713 | 4,733,965 | ||||||
O’Reilly Automotive Inc.(a) | 28,637 | 10,559,035 | ||||||
Palo Alto Networks Inc.(a) | 19,485 | 3,597,321 | ||||||
Paychex Inc. | 421,565 | 32,662,856 | ||||||
PepsiCo Inc. | 406,506 | 53,670,987 | ||||||
Pfizer Inc. | 510,897 | 17,074,178 | ||||||
Philip Morris International Inc. | 33,468 | 2,740,025 | ||||||
Pinnacle West Capital Corp. | 125,405 | 11,222,493 | ||||||
Procter & Gamble Co. (The) | 304,570 | 34,486,461 | ||||||
Progressive Corp. (The) | 189,554 | 13,867,771 | ||||||
Public Storage | 159,404 | 33,334,565 | ||||||
Raytheon Co. | 14,103 | 2,659,262 | ||||||
Realty Income Corp. | 157,260 | 11,384,051 | ||||||
RenaissanceRe Holdings Ltd. | 101,411 | 17,280,434 | ||||||
Republic Services Inc. | 514,091 | 46,401,854 | ||||||
Ross Stores Inc. | 129,019 | 14,034,687 | ||||||
Southern Co. (The) | 704,963 | 42,551,567 | ||||||
Starbucks Corp. | 280,725 | 22,017,262 | ||||||
Stryker Corp. | 24,233 | 4,618,567 | ||||||
Sysco Corp. | 188,697 | 12,576,655 | ||||||
Target Corp. | 56,902 | 5,860,906 | ||||||
TJX Companies Inc. (The) | 401,624 | 24,017,115 | ||||||
Travelers Companies Inc. (The) | 154,654 | 18,529,096 | ||||||
Tyler Technologies Inc.(a) | 34,660 | 10,860,711 | ||||||
Tyson Foods Inc., Class A | 50,257 | 3,408,932 | ||||||
UDR Inc. | 367,063 | 16,510,494 | ||||||
UnitedHealth Group Inc. | 34,538 | 8,805,809 | ||||||
Universal Health Services Inc., Class B | 34,083 | 4,217,430 | ||||||
Ventas Inc. | 179,465 | 9,649,833 | ||||||
VeriSign Inc.(a) | 43,304 | 8,216,934 | ||||||
Verizon Communications Inc. | 878,121 | 47,559,033 | ||||||
Visa Inc., Class A(d) | 271,504 | 49,348,567 | ||||||
WABCO Holdings Inc.(a) | 36,621 | 4,947,497 | ||||||
Walmart Inc. | 359,266 | 38,685,763 | ||||||
Walt Disney Co. (The) | 61,717 | 7,261,005 | ||||||
Waste Management Inc. | 535,548 | 59,344,074 | ||||||
WEC Energy Group Inc. | 458,871 | 42,367,559 | ||||||
Welltower Inc. | 126,368 | 9,454,854 | ||||||
Western Union Co. (The) | 911,438 | 20,407,097 | ||||||
WP Carey Inc. | 241,667 | 18,707,442 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
WR Berkley Corp. | 318,155 | $ | 21,360,927 | |||||
Xcel Energy Inc. | 638,902 | 39,816,373 | ||||||
Yum! Brands Inc. | 324,308 | 28,944,489 | ||||||
2,709,928,471 | ||||||||
Total Common Stocks — 99.5% | ||||||||
(Cost: $4,812,373,731) | 5,289,414,959 | |||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL (Expires 02/16/21)(a)(d) | 1,323,089 | 36,060 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 36,060 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(e)(f)(g) | 10,763,973 | 10,771,507 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(e)(f) | 8,515,000 | 8,515,000 | ||||||
19,286,507 | ||||||||
Total Short-Term Investments — 0.4% | ||||||||
(Cost: $19,281,679) | 19,286,507 | |||||||
Total Investments in Securities — 99.9% | ||||||||
(Cost: $4,831,655,410) | 5,308,737,526 | |||||||
Other Assets, Less Liabilities — 0.1% | 4,183,396 | |||||||
Net Assets — 100.0% | $ | 5,312,920,922 |
(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) | 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) | All or a portion of this security is on loan. |
(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 25,414,810 | (14,650,837 | ) | 10,763,973 | $ | 10,771,507 | $ | 88,064 | (b) | $ | 4,411 | $ | (2,254 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 10,157,000 | (1,642,000 | ) | 8,515,000 | 8,515,000 | 95,916 | — | — | ||||||||||||||||||||
$ | 19,286,507 | $ | 183,980 | $ | 4,411 | $ | (2,254 | ) |
(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 | 19 |
Schedule of Investments (unaudited) (continued) | iShares® Edge MSCI Min Vol Global ETF |
February 29, 2020 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
MSCI EAFE E-Mini | 89 | 03/20/20 | $ | 8,081 | $ | (713,623 | ) | |||||||
MSCI Emerging Markets E-Mini | 44 | 03/20/20 | 2,220 | (181,760 | ) | |||||||||
S&P 500 E-Mini Index | 63 | 03/20/20 | 9,296 | (748,862 | ) | |||||||||
$ | (1,644,245 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 1,644,245 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 1,880,260 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (1,312,276 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 18,558,417 |
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 29, 2020. 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 | $ | 5,289,410,930 | $ | — | $ | 4,029 | $ | 5,289,414,959 | ||||||||
Warrants | 36,060 | — | — | 36,060 | ||||||||||||
Money Market Funds | 19,286,507 | — | — | 19,286,507 | ||||||||||||
$ | 5,308,733,497 | $ | — | $ | 4,029 | $ | 5,308,737,526 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (1,644,245 | ) | $ | — | $ | — | $ | (1,644,245 | ) |
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
20 | 2 0 2 0 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) | iShares® Edge MSCI Multifactor Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 0.5% | ||||||||
Globant SA(a) | 18,758 | $ | 2,119,841 | |||||
Brazil — 8.5% | ||||||||
Banco BTG Pactual SA | 180,800 | 2,707,401 | ||||||
BB Seguridade Participacoes SA | 576,300 | 4,068,391 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 282,500 | 3,678,671 | ||||||
Hypera SA | 316,400 | 2,405,444 | ||||||
IRB Brasil Resseguros S/A | 576,300 | 4,247,221 | ||||||
JBS SA | 892,700 | 4,491,547 | ||||||
Lojas Renner SA | 316,400 | 3,737,905 | ||||||
Notre Dame Intermedica Participacoes SA | 282,500 | 3,959,189 | ||||||
Petrobras Distribuidora SA | 576,300 | 3,333,909 | ||||||
Porto Seguro SA | 84,100 | 1,136,706 | ||||||
Sul America SA | 237,378 | 2,844,337 | ||||||
TIM Participacoes SA | 700,600 | 2,504,777 | ||||||
39,115,498 | ||||||||
Chile — 0.2% | ||||||||
Cia. Cervecerias Unidas SA | 120,345 | 901,344 | ||||||
China — 40.5% | ||||||||
51job Inc., ADR(a)(b) | 20,905 | 1,563,067 | ||||||
Agile Group Holdings Ltd.(b) | 1,130,000 | 1,586,311 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 86,784 | 18,051,072 | ||||||
Angang Steel Co. Ltd., Class A | 194,860 | 79,726 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 56,539 | 443,725 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 1,017,000 | 7,458,126 | ||||||
ANTA Sports Products Ltd. | 113,000 | 908,431 | ||||||
BAIC Motor Corp. Ltd., Class H(c) | 1,356,000 | 664,685 | ||||||
Bank of Chengdu Co. Ltd., Class A | 180,800 | 211,315 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 1,356,000 | 1,057,927 | ||||||
Beijing Enterprises Holdings Ltd. | 452,000 | 1,908,213 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 33,900 | 266,731 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 45,200 | 223,924 | ||||||
BOC Aviation Ltd.(c) | 169,500 | 1,471,398 | ||||||
Bosideng International Holdings Ltd. | 2,712,000 | 789,965 | ||||||
BYD Electronic International Co. Ltd. | 565,000 | 1,058,507 | ||||||
Centre Testing International Group Co. Ltd., Class A | 90,400 | 210,539 | ||||||
Changjiang Securities Co. Ltd., Class A | 271,200 | 261,493 | ||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 179,399 | 116,003 | ||||||
China Agri-Industries Holdings Ltd. | 1,921,000 | 1,042,702 | ||||||
China Aoyuan Group Ltd. | 1,017,000 | 1,464,220 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 7,345,000 | 1,536,286 | ||||||
China CITIC Bank Corp. Ltd., Class H | 7,345,000 | 3,817,151 | ||||||
China Communications Services Corp. Ltd., Class H | 2,034,000 | 1,573,841 | ||||||
China Conch Venture Holdings Ltd. | 1,356,000 | 6,594,645 | ||||||
China Education Group Holdings Ltd. | 226,000 | 321,322 | ||||||
China Everbright Ltd. | 768,000 | 1,281,142 | ||||||
China Lesso Group Holdings Ltd. | 904,000 | 1,357,209 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,599,000 | 1,360,689 | ||||||
China Medical System Holdings Ltd. | 1,130,000 | 1,392,010 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 5,819,500 | 3,927,932 | ||||||
China Mobile Ltd. | 1,525,500 | 11,999,557 | ||||||
China Power International Development Ltd. | 3,729,000 | 693,830 | ||||||
China Reinsurance Group Corp., Class H | 4,895,000 | 665,811 | ||||||
China Resources Cement Holdings Ltd. | 2,034,000 | 2,560,428 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 43,797 | 84,709 | ||||||
China Resources Power Holdings Co. Ltd. | 1,582,000 | 1,881,823 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 45,200 | $ | 212,091 | |||||
China Telecom Corp. Ltd., Class H | 11,300,000 | 4,248,529 | ||||||
China Zhongwang Holdings Ltd.(b) | 1,401,200 | 471,079 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 67,800 | 137,924 | ||||||
Chongqing Brewery Co. Ltd., Class A | 21,197 | 138,156 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 1,921,000 | 867,686 | ||||||
COSCO SHIPPING Ports Ltd. | 1,356,000 | 903,066 | ||||||
Country Garden Services Holdings Co. Ltd. | 1,017,000 | 3,967,227 | ||||||
CSPC Pharmaceutical Group Ltd. | 3,164,000 | 7,210,609 | ||||||
Daqin Railway Co. Ltd., Class A | 757,128 | 766,854 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 2,196,000 | 1,735,824 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 56,500 | 175,315 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 100,299 | 222,115 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 768,400 | 1,191,096 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 67,870 | 330,116 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 22,600 | 399,255 | ||||||
Hua Hong Semiconductor Ltd.(b)(c) | 339,000 | 737,765 | ||||||
Huaxin Cement Co. Ltd., Class A | 67,800 | 236,566 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 45,200 | 150,016 | ||||||
Hunan Valin Steel Co. Ltd., Class A(a) | 225,320 | 127,968 | ||||||
Hundsun Technologies Inc., Class A | 22,600 | 310,992 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 316,400 | 127,643 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 937,900 | 643,399 | ||||||
Jafron Biomedical Co. Ltd., Class A | 21,988 | 284,106 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 904,000 | 1,045,167 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 56,500 | 238,441 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 79,100 | 185,806 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 90,400 | 148,076 | ||||||
Kingboard Holdings Ltd. | 537,000 | 1,419,496 | ||||||
Kingboard Laminates Holdings Ltd. | 904,000 | 901,326 | ||||||
Kingdee International Software Group Co. Ltd. | 339,000 | 433,698 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,017,000 | 793,445 | ||||||
Legend Holdings Corp., Class H(c) | 316,400 | 544,044 | ||||||
Li Ning Co. Ltd. | 1,638,500 | 4,310,155 | ||||||
Luye Pharma Group Ltd.(c) | 904,000 | 551,004 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 384,200 | 152,247 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H(b) | 678,000 | 247,952 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 271,200 | 119,495 | ||||||
New Hope Liuhe Co. Ltd., Class A | 113,000 | 391,205 | ||||||
Nexteer Automotive Group Ltd. | 678,000 | 499,383 | ||||||
Noah Holdings Ltd.(a)(b) | 27,007 | 766,459 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 5,651,000 | 5,851,826 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 56,500 | 172,162 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 79,100 | 191,011 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,808,000 | 2,329,296 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 45,200 | 293,501 | ||||||
Shanghai Industrial Holdings Ltd. | 399,000 | 704,505 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 45,200 | 96,088 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 316,400 | 159,327 | ||||||
Shenzhen Airport Co. Ltd., Class A | 101,700 | 117,410 | ||||||
Shenzhen Expressway Co. Ltd., Class H | 678,000 | 820,416 | ||||||
Shenzhen International Holdings Ltd. | 791,000 | 1,514,390 | ||||||
Shenzhen Investment Ltd. | 2,486,000 | 835,786 | ||||||
Shimao Property Holdings Ltd. | 960,500 | 3,438,699 |
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) | iShares® Edge MSCI Multifactor Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shui On Land Ltd. | 3,051,000 | $ | 606,829 | |||||
Sino Biopharmaceutical Ltd. | 5,763,000 | 8,341,617 | ||||||
Sinolink Securities Co. Ltd., Class A | 146,900 | 210,151 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 1,186,500 | 587,689 | ||||||
Sinotruk Hong Kong Ltd. | 565,000 | 1,080,257 | ||||||
SSY Group Ltd. | 1,356,000 | 1,136,228 | ||||||
Sun Art Retail Group Ltd. | 1,977,500 | 2,527,367 | ||||||
TangShan Port Group Co. Ltd., Class A | 293,800 | 97,090 | ||||||
Tencent Holdings Ltd. | 237,300 | 11,753,781 | ||||||
Topchoice Medical Corp., Class A(a) | 11,300 | 168,267 | ||||||
Towngas China Co. Ltd. | 830,000 | 481,403 | ||||||
Uni-President China Holdings Ltd. | 1,130,000 | 1,165,808 | ||||||
Weichai Power Co. Ltd., Class H | 1,582,000 | 3,114,041 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 45,200 | 126,867 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 43,796 | 297,165 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 79,100 | 295,343 | ||||||
Yuexiu Property Co. Ltd. | 5,650,000 | 1,152,758 | ||||||
Yum China Holdings Inc. | 253,685 | 11,108,866 | ||||||
Yuzhou Properties Co. Ltd. | 1,356,000 | 664,685 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,130,000 | 854,056 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 90,400 | 100,485 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 22,600 | 139,605 | ||||||
Zhongsheng Group Holdings Ltd. | 452,000 | 1,719,712 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 1,084,800 | 899,238 | ||||||
185,382,986 | ||||||||
Czech Republic — 0.3% | ||||||||
Moneta Money Bank AS(c) | 414,145 | 1,365,743 | ||||||
India — 6.0% | ||||||||
Bharti Infratel Ltd. | 269,731 | 801,522 | ||||||
Colgate-Palmolive India Ltd. | 54,127 | 964,074 | ||||||
Divi’s Laboratories Ltd. | 65,879 | 1,923,355 | ||||||
Dr. Reddy’s Laboratories Ltd. | 95,146 | 3,859,104 | ||||||
HDFC Asset Management Co. Ltd.(c) | 35,218 | 1,533,015 | ||||||
Hindustan Petroleum Corp. Ltd. | 510,082 | 1,396,289 | ||||||
Infosys Ltd. | 1,059,714 | 10,744,348 | ||||||
Petronet LNG Ltd. | 478,668 | 1,629,000 | ||||||
REC Ltd. | 559,802 | 913,772 | ||||||
Tech Mahindra Ltd. | 378,550 | 3,904,703 | ||||||
27,669,182 | ||||||||
Indonesia — 1.1% | ||||||||
Adaro Energy Tbk PT | 11,944,100 | 961,522 | ||||||
Bukit Asam Tbk PT | 2,542,500 | 396,947 | ||||||
Indofood Sukses Makmur Tbk PT | 3,582,100 | 1,622,837 | ||||||
Kalbe Farma Tbk PT | 17,266,400 | 1,468,201 | ||||||
Pakuwon Jati Tbk PT | 14,509,200 | 535,973 | ||||||
4,985,480 | ||||||||
Malaysia — 0.7% | ||||||||
AirAsia Group Bhd | 1,243,000 | 294,899 | ||||||
AMMB Holdings Bhd | 1,356,000 | 1,190,320 | ||||||
Nestle Malaysia Bhd | 50,000 | 1,696,323 | ||||||
3,181,542 | ||||||||
Mexico — 0.2% | ||||||||
Megacable Holdings SAB de CV, CPO | 259,900 | 865,174 | ||||||
Philippines — 0.7% | ||||||||
Altus San Nicolas Corp. | 30,439 | 3,102 | ||||||
Megaworld Corp. | 9,040,600 | 603,002 | ||||||
PLDT Inc. | 71,190 | 1,382,601 |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Robinsons Land Corp. | 1,649,800 | $ | 689,372 | |||||
Security Bank Corp. | 179,670 | 544,209 | ||||||
3,222,286 | ||||||||
Poland — 0.2% | ||||||||
PGE Polska Grupa Energetyczna SA(a) | 689,413 | 781,616 | ||||||
Qatar — 1.8% | ||||||||
Barwa Real Estate Co. | 1,734,889 | 1,467,317 | ||||||
Commercial Bank PSQC (The) | 1,665,846 | 2,056,572 | ||||||
Mesaieed Petrochemical Holding Co. | 1,025,927 | 495,428 | ||||||
Ooredoo QPSC | 688,961 | 1,188,713 | ||||||
Qatar Fuel QSC | 323,327 | 1,702,510 | ||||||
Qatar International Islamic Bank QSC | 635,060 | 1,472,733 | ||||||
8,383,273 | ||||||||
Russia — 0.7% | ||||||||
Inter RAO UES PJSC | 29,719,000 | 2,301,453 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 1,853,200 | 1,102,682 | ||||||
3,404,135 | ||||||||
Saudi Arabia — 2.6% | ||||||||
Advanced Petrochemical Co. | 45,856 | 548,218 | ||||||
Arab National Bank | 490,872 | 3,310,426 | ||||||
Bank Al-Jazira | 173,568 | 644,027 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 22,374 | 578,509 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 224,757 | 561,368 | ||||||
Jarir Marketing Co. | 24,973 | 1,010,503 | ||||||
Riyad Bank | 510,534 | 2,983,048 | ||||||
Saudi Airlines Catering Co. | 32,883 | 799,395 | ||||||
Saudi Cement Co. | 61,246 | 995,870 | ||||||
Saudi Industrial Investment Group | 97,406 | 547,333 | ||||||
11,978,697 | ||||||||
South Africa — 6.1% | ||||||||
Anglo American Platinum Ltd. | 44,183 | 2,941,526 | ||||||
AngloGold Ashanti Ltd. | 341,034 | 6,021,614 | ||||||
Exxaro Resources Ltd. | 63,167 | 449,716 | ||||||
Impala Platinum Holdings Ltd.(a) | 656,756 | 5,203,867 | ||||||
Investec Ltd. | 237,526 | 1,190,838 | ||||||
Kumba Iron Ore Ltd. | 52,545 | 937,470 | ||||||
Liberty Holdings Ltd. | 108,028 | 643,505 | ||||||
Momentum Metropolitan Holdings | 747,043 | 845,270 | ||||||
Mr. Price Group Ltd. | 210,858 | 2,023,534 | ||||||
Old Mutual Ltd. | 3,970,933 | 3,952,885 | ||||||
Reinet Investments SCA | 119,780 | 2,454,533 | ||||||
RMB Holdings Ltd. | 213,909 | 952,641 | ||||||
Telkom SA SOC Ltd. | 231,650 | 384,034 | ||||||
28,001,433 | ||||||||
South Korea — 9.5% | ||||||||
BNK Financial Group Inc. | 230,633 | 1,171,680 | ||||||
Coway Co. Ltd. | 42,375 | 2,403,983 | ||||||
Daelim Industrial Co. Ltd.(a) | 22,713 | 1,355,861 | ||||||
DB Insurance Co. Ltd. | 40,906 | 1,458,403 | ||||||
Hana Financial Group Inc. | 108,141 | 2,795,906 | ||||||
Hankook Tire & Technology Co. Ltd. | 60,681 | 1,274,076 | ||||||
Hyundai Department Store Co. Ltd. | 11,639 | 679,461 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 52,319 | 973,577 | ||||||
Kia Motors Corp. | 216,960 | 6,475,751 | ||||||
LG Uplus Corp. | 90,739 | 986,212 | ||||||
Samsung Electronics Co. Ltd. | 181,139 | 8,083,766 | ||||||
SK Hynix Inc. | 178,314 | 12,905,558 |
22 | 2 0 2 0 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) | iShares® Edge MSCI Multifactor Emerging Markets ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
SK Telecom Co. Ltd. | 16,611 | $ | 2,906,412 | |||||
43,470,646 | ||||||||
Taiwan — 14.5% | ||||||||
Accton Technology Corp. | 452,000 | 2,440,661 | ||||||
Asia Cement Corp. | 1,808,000 | 2,648,155 | ||||||
Chicony Electronics Co. Ltd. | 452,169 | 1,246,920 | ||||||
Compal Electronics Inc. | 3,277,000 | 1,996,752 | ||||||
Feng TAY Enterprise Co. Ltd. | 268,968 | 1,518,966 | ||||||
Formosa Taffeta Co. Ltd. | 678,000 | 750,111 | ||||||
Foxconn Technology Co. Ltd. | 791,000 | 1,554,335 | ||||||
Inventec Corp. | 2,034,000 | 1,541,647 | ||||||
Lite-On Technology Corp. | 1,752,718 | 2,538,241 | ||||||
Micro-Star International Co. Ltd. | 565,000 | 1,694,282 | ||||||
Nanya Technology Corp. | 1,017,000 | 2,596,281 | ||||||
Novatek Microelectronics Corp. | 477,000 | 3,079,757 | ||||||
Phison Electronics Corp. | 113,000 | 1,244,588 | ||||||
Pou Chen Corp. | 1,808,000 | 2,036,123 | ||||||
Powertech Technology Inc. | 610,000 | 2,054,856 | ||||||
Realtek Semiconductor Corp. | 452,000 | 3,358,708 | ||||||
Ruentex Development Co. Ltd. | 452,000 | 612,778 | ||||||
Ruentex Industries Ltd. | 281,400 | 628,235 | ||||||
Standard Foods Corp. | 339,000 | 760,188 | ||||||
Synnex Technology International Corp. | 1,130,000 | 1,403,193 | ||||||
Taiwan Business Bank | 3,277,104 | 1,298,742 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,062,000 | 11,083,142 | ||||||
United Microelectronics Corp. | 9,040,000 | 4,567,843 | ||||||
Walsin Technology Corp. | 226,000 | 1,589,788 | ||||||
Win Semiconductors Corp. | 280,000 | 2,529,104 | ||||||
Winbond Electronics Corp. | 2,373,000 | 1,253,918 | ||||||
Wistron Corp. | 2,260,063 | 2,019,013 | ||||||
WPG Holdings Ltd. | 1,243,160 | 1,592,979 | ||||||
Yageo Corp. | 226,358 | 3,065,004 | ||||||
Zhen Ding Technology Holding Ltd. | 452,000 | 1,724,137 | ||||||
66,428,447 | ||||||||
Thailand — 0.4% | ||||||||
Krung Thai Bank PCL, NVDR | 3,017,100 | 1,338,596 | ||||||
TMB Bank PCL, NVDR(b) | 9,474,089 | 327,262 | ||||||
1,665,858 | ||||||||
United Arab Emirates — 1.4% | ||||||||
Aldar Properties PJSC | 3,137,784 | 1,811,131 | ||||||
Dubai Islamic Bank PJSC | 1,324,812 | 1,947,775 | ||||||
Emaar Properties PJSC | 2,869,070 | 2,734,010 | ||||||
6,492,916 | ||||||||
Total Common Stocks — 95.9% | ||||||||
(Cost: $445,093,886) | 439,416,097 |
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Brazil — 2.9% | ||||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 3,288,338 | $ | 8,753,547 | |||||
Telefonica Brasil SA, Preference Shares, NVS | 372,900 | 4,412,000 | ||||||
13,165,547 | ||||||||
Russia — 0.6% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 5,717,800 | 2,788,278 | ||||||
Total Preferred Stocks — 3.5% | ||||||||
(Cost: $17,123,550) | 15,953,825 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(d)(e)(f) | 2,735,981 | 2,737,896 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(e) | 785,000 | 785,000 | ||||||
3,522,896 | ||||||||
Total Short-Term Investments — 0.8% | ||||||||
(Cost: $3,521,815) | 3,522,896 | |||||||
Total Investments in Securities — 100.2% | ||||||||
(Cost: $465,739,251) | 458,892,818 | |||||||
Other Assets, Less Liabilities — (0.2)% | (966,229 | ) | ||||||
Net Assets — 100.0% | $ | 457,926,589 |
(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. |
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) | iShares® Edge MSCI Multifactor Emerging Markets ETF |
February 29, 2020 |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss) | (a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 3,212,175 | (476,194 | ) | 2,735,981 | $ | 2,737,896 | $ | 21,527 | (b) | $ | (537 | ) | $ | 922 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 300,000 | 485,000 | 785,000 | 785,000 | 6,149 | — | — | |||||||||||||||||||||
$ | 3,522,896 | $ | 27,676 | $ | (537 | ) | $ | 922 |
(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 | 45 | 03/20/20 | $ | 2,270 | $ | (133,194 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 133,194 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 68,120 | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (64,397 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,785,100 |
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 2 0 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) | iShares® Edge MSCI Multifactor Emerging Markets ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 439,412,995 | $ | 3,102 | $ | — | $ | 439,416,097 | ||||||||
Preferred Stocks | 15,953,825 | — | — | 15,953,825 | ||||||||||||
Money Market Funds | 3,522,896 | — | — | 3,522,896 | ||||||||||||
$ | 458,889,716 | $ | 3,102 | $ | — | $ | 458,892,818 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (133,194 | ) | $ | — | $ | — | $ | (133,194 | ) |
(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) | iShares® ESG MSCI EM ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 0.1% | ||||||||
Globant SA(a) | 18,971 | $ | 2,143,913 | |||||
Brazil — 4.3% | ||||||||
Atacadao SA | 1,250,000 | 5,732,382 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 2,048,500 | 21,794,244 | ||||||
Banco Bradesco SA | 416,242 | 2,517,758 | ||||||
Banco do Brasil SA | 566,400 | 5,882,882 | ||||||
Banco Santander Brasil SA | 876,200 | 7,741,144 | ||||||
Cielo SA | 1,277,400 | 1,939,466 | ||||||
Cosan SA | 273,700 | 4,438,870 | ||||||
Energisa SA | 150,900 | 1,806,124 | ||||||
Klabin SA | 526,600 | 2,246,861 | ||||||
Localiza Rent a Car SA | 1,097,722 | 12,053,489 | ||||||
Lojas Renner SA | 449,810 | 5,313,992 | ||||||
Natura & Co. Holding SA | 764,600 | 7,712,687 | ||||||
Petrobras Distribuidora SA | 388,100 | 2,245,168 | ||||||
Ultrapar Participacoes SA | 1,631,700 | 6,900,543 | ||||||
88,325,610 | ||||||||
Chile — 0.9% | ||||||||
Empresas COPEC SA | 883,078 | 6,834,643 | ||||||
Enel Americas SA | 68,787,097 | 11,487,855 | ||||||
18,322,498 | ||||||||
China — 33.2% | ||||||||
3SBio Inc.(a)(b) | 1,698,500 | 1,761,041 | ||||||
AAC Technologies Holdings Inc. | 568,000 | 3,720,803 | ||||||
Aisino Corp., Class A | 812,595 | 2,743,447 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 637,889 | 132,680,912 | ||||||
Alibaba Health Information Technology Ltd.(a) | 2,468,000 | 4,731,385 | ||||||
Alibaba Pictures Group Ltd.(a) | 14,680,000 | 1,977,916 | ||||||
A-Living Services Co. Ltd., Class H(b) | 840,000 | 3,761,813 | ||||||
Autohome Inc., ADR(a) | 27,979 | 2,173,129 | ||||||
BAIC Motor Corp. Ltd., Class H(b) | 11,085,500 | 5,433,894 | ||||||
Baidu Inc., ADR(a) | 32,842 | �� | 3,940,383 | |||||
BBMG Corp., Class H | 7,500,000 | 2,107,647 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 637,995 | 2,834,844 | ||||||
BOC Aviation Ltd.(b) | 514,000 | 4,461,937 | ||||||
BOE Technology Group Co. Ltd., Class A | 4,322,100 | 3,029,712 | ||||||
Brilliance China Automotive Holdings Ltd. | 2,404,000 | 2,035,968 | ||||||
BYD Co. Ltd., Class A | 394,916 | 3,693,122 | ||||||
BYD Co. Ltd., Class H(c) | 803,000 | 4,915,033 | ||||||
BYD Electronic International Co. Ltd.(c) | 1,154,000 | 2,161,978 | ||||||
Caitong Securities Co. Ltd., Class A | 1,479,887 | 2,349,968 | ||||||
China Agri-Industries Holdings Ltd. | 4,198,000 | 2,278,638 | ||||||
China CITIC Bank Corp. Ltd., Class H | 4,466,000 | 2,320,953 | ||||||
China Construction Bank Corp., Class H | 29,978,000 | 24,234,594 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 3,025,400 | 1,964,939 | ||||||
China Everbright Bank Co. Ltd., Class H | 10,042,000 | 4,020,382 | ||||||
China Everbright International Ltd. | 3,125,666 | 2,081,625 | ||||||
China International Capital Corp. Ltd., Class H(b) | 1,945,600 | 3,590,087 | ||||||
China Lesso Group Holdings Ltd. | 2,757,000 | 4,139,188 | ||||||
China Life Insurance Co. Ltd., Class H | 1,527,000 | 3,577,934 | ||||||
China Mengniu Dairy Co. Ltd. | 617,000 | 2,212,888 | ||||||
China Merchants Bank Co. Ltd., Class H | 3,007,500 | 14,182,589 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2,084,271 | 5,170,275 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 11,674,500 | 7,879,825 | ||||||
China Mobile Ltd. | 1,299,000 | 10,217,912 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Molybdenum Co. Ltd., Class A | 3,116,000 | $ | 1,814,271 | |||||
China Molybdenum Co. Ltd., Class H | 12,054,000 | 4,501,080 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 1,035,200 | 3,407,251 | ||||||
China Vanke Co. Ltd., Class H | 732,000 | 2,817,895 | ||||||
Country Garden Services Holdings Co. Ltd. | 1,998,000 | 7,794,022 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,572,000 | 3,582,515 | ||||||
Eve Energy Co. Ltd., Class A(a) | 349,924 | 3,331,441 | ||||||
Everbright Securities Co. Ltd., Class A | 1,312,597 | 2,230,788 | ||||||
Fosun International Ltd. | 5,346,500 | 6,812,576 | ||||||
Founder Securities Co. Ltd., Class A | 2,224,666 | 2,329,627 | ||||||
Geely Automobile Holdings Ltd. | 6,474,000 | 11,514,059 | ||||||
Genscript Biotech Corp.(a) | 984,000 | 2,048,040 | ||||||
Glodon Co. Ltd., Class A | 479,685 | 3,068,112 | ||||||
Greentown Service Group Co. Ltd. | 2,524,000 | 3,154,575 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 2,317,200 | 2,583,901 | ||||||
Huadong Medicine Co. Ltd., Class A | 735,312 | 2,030,203 | ||||||
Huaxia Bank Co. Ltd., Class A | 4,883,332 | 4,855,248 | ||||||
Hutchison China MediTech Ltd., ADR(a) | 82,467 | 1,923,130 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 14,437,000 | 9,874,081 | ||||||
Industrial Bank Co. Ltd., Class A | 1,162,897 | 2,876,383 | ||||||
JD.com Inc., ADR(a) | 173,708 | 6,689,495 | ||||||
Kingboard Laminates Holdings Ltd. | 2,048,500 | 2,042,441 | ||||||
Kingdee International Software Group Co. Ltd. | 5,953,000 | 7,615,941 | ||||||
Legend Holdings Corp., Class H(b) | 2,686,000 | 4,618,525 | ||||||
Lenovo Group Ltd. | 8,260,000 | 5,098,209 | ||||||
Meituan Dianping, Class B(a) | 812,500 | 10,311,271 | ||||||
NetEase Inc., ADR | 21,875 | 6,971,781 | ||||||
NIO Inc., ADR(a)(c) | 823,971 | 3,403,000 | ||||||
Orient Securities Co. Ltd., Class A | 1,500,097 | 2,139,562 | ||||||
Pinduoduo Inc., ADR(a) | 111,599 | 3,993,012 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b) | 211,100 | 2,062,769 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 206,700 | 2,298,178 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 2,506,000 | 27,863,917 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 881,896 | 2,355,440 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 3,361,900 | 6,151,724 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 1,354,792 | 2,102,872 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 704,700 | 2,854,004 | ||||||
Shenzhou International Group Holdings Ltd. | 437,500 | 5,375,383 | ||||||
Shui On Land Ltd. | 15,398,000 | 3,062,588 | ||||||
Sino Biopharmaceutical Ltd. | 2,231,000 | 3,229,247 | ||||||
Sinopharm Group Co. Ltd., Class H. | 1,000,000 | 3,086,083 | ||||||
Sinotrans Ltd., Class H. | 13,135,000 | 3,708,048 | ||||||
SOHO China Ltd. | 14,375,000 | 5,201,750 | ||||||
Sunac China Holdings Ltd. | 816,000 | 4,450,119 | ||||||
Suning.com Co. Ltd., Class A. | 4,087,271 | 5,426,150 | ||||||
Sunny Optical Technology Group Co. Ltd. | 304,300 | 4,732,571 | ||||||
TAL Education Group, ADR(a)(c). | 84,260 | 4,582,901 | ||||||
TCL Technology Group Corp., Class A | 5,859,600 | 4,928,965 | ||||||
Tencent Holdings Ltd. | 2,242,600 | 111,078,923 | ||||||
Towngas China Co. Ltd. | 3,386,000 | 1,963,893 | ||||||
TravelSky Technology Ltd., Class H. | 1,050,000 | 2,053,368 | ||||||
Trip.com Group Ltd., ADR(a) . | 142,000 | 4,311,120 | ||||||
Unisplendour Corp. Ltd., Class A | 724,030 | 4,704,507 | ||||||
Vipshop Holdings Ltd., ADR(a)(c) | 267,750 | 3,435,233 | ||||||
Wanda Film Holding Co. Ltd., Class A(a). | 609,100 | 1,411,608 | ||||||
WuXi AppTec Co. Ltd., Class A | 151,064 | 2,290,748 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 370,300 | 5,459,669 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) . | 641,000 | 9,376,817 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 1,344,871 | 2,023,983 |
26 | 2 0 2 0 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) | iShares® ESG MSCI EM ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., | ||||||||
Class H | 2,552,136 | $ | 2,534,763 | |||||
Xinyi Solar Holdings Ltd. | 3,822,000 | 3,025,996 | ||||||
Yum China Holdings Inc. | 77,760 | 3,405,110 | ||||||
Yuzhou Properties Co. Ltd. | 12,844,000 | 6,295,876 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 3,100,400 | 2,570,057 | ||||||
673,233,576 | ||||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 200,625 | 2,205,876 | ||||||
Interconexion Electrica SA ESP | 357,275 | 1,873,471 | ||||||
4,079,347 | ||||||||
Czech Republic — 0.2% | ||||||||
Komercni Banka AS | 125,625 | 3,828,693 | ||||||
Greece — 0.2% | ||||||||
Alpha Bank AE(a) | 1,356,698 | 1,917,970 | ||||||
OPAP SA | 191,034 | 2,035,460 | ||||||
3,953,430 | ||||||||
Hungary — 0.8% | ||||||||
MOL Hungarian Oil & Gas PLC | 2,201,366 | 16,930,106 | ||||||
India — 9.1% | ||||||||
Ashok Leyland Ltd. | 1,917,797 | 1,857,540 | ||||||
Asian Paints Ltd. | 572,643 | 14,266,581 | ||||||
Axis Bank Ltd. | 525,000 | 5,072,678 | ||||||
Axis Bank Ltd., GDR(d) | 66,880 | 3,156,736 | ||||||
Bajaj Finance Ltd. | 63,901 | 3,954,305 | ||||||
Bandhan Bank Ltd.(b) | 360,597 | 1,916,222 | ||||||
Bharat Petroleum Corp. Ltd. | 342,753 | 2,024,911 | ||||||
Bharti Airtel Ltd.(a) | 418,373 | 3,034,860 | ||||||
Dabur India Ltd. | 1,386,769 | 9,533,046 | ||||||
Eicher Motors Ltd. | 9,080 | 2,088,881 | ||||||
HCL Technologies Ltd. | 678,813 | 5,026,137 | ||||||
Hero MotoCorp Ltd. | 72,946 | 2,073,883 | ||||||
Hindalco Industries Ltd. | 28,430 | 61,416 | ||||||
Hindustan Unilever Ltd. | 423,685 | 12,767,644 | ||||||
Housing Development Finance Corp. Ltd. | 798,172 | 24,063,778 | ||||||
ICICI Bank Ltd. | 894,529 | 6,163,502 | ||||||
Indian Oil Corp. Ltd. | 2,131,916 | 3,123,984 | ||||||
Infosys Ltd. | 1,945,625 | 19,726,523 | ||||||
Mahindra & Mahindra Ltd. | 332,592 | 2,106,366 | ||||||
Mahindra & Mahindra Ltd., GDR | 618,125 | 3,850,919 | ||||||
Marico Ltd. | 1,089,146 | 4,508,711 | ||||||
Nestle India Ltd. | 35,992 | 7,869,365 | ||||||
Power Grid Corp. of India Ltd. | 1,077,225 | 2,709,202 | ||||||
REC Ltd. | 1,113,555 | 1,817,671 | ||||||
Reliance Industries Ltd. | 715,734 | 13,177,122 | ||||||
Reliance Industries Ltd., GDR(b) | 78,416 | 2,850,422 | ||||||
Tata Consultancy Services Ltd. | 538,125 | 14,914,341 | ||||||
Titan Co. Ltd. | 321,455 | 5,587,907 | ||||||
UPL Ltd. | 335,000 | 2,412,436 | ||||||
Wipro Ltd. | 867,500 | 2,661,972 | ||||||
184,379,061 | ||||||||
Indonesia — 1.5% | ||||||||
Astra International Tbk PT | 1,421,700 | 547,475 | ||||||
Bank Central Asia Tbk PT | 5,484,700 | 12,022,569 | ||||||
Bank Negara Indonesia Persero Tbk PT | 8,326,200 | 4,076,777 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 30,406,500 | 8,879,821 | ||||||
Kalbe Farma Tbk PT | 22,187,600 | 1,886,661 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Unilever Indonesia Tbk PT | 4,936,500 | $ | 2,348,257 | |||||
United Tractors Tbk PT | 107,600 | 124,493 | ||||||
29,886,053 | ||||||||
Malaysia — 3.2% | ||||||||
AMMB Holdings Bhd | 2,970,300 | 2,607,381 | ||||||
Axiata Group Bhd | 2,812,500 | 2,789,146 | ||||||
Malayan Banking Bhd | 2,769,600 | 5,532,629 | ||||||
Maxis Bhd(c) | 6,375,000 | 8,212,633 | ||||||
Nestle Malaysia Bhd | 281,300 | 9,543,511 | ||||||
Petronas Dagangan Bhd | 664,900 | 3,602,922 | ||||||
Public Bank Bhd | 4,493,400 | 18,229,452 | ||||||
RHB Bank Bhd | 6,312,500 | 8,311,833 | ||||||
Sime Darby Plantation Bhd | 3,125,000 | 3,677,343 | ||||||
Telekom Malaysia Bhd | 2,375,000 | 2,084,816 | ||||||
64,591,666 | ||||||||
Mexico — 2.2% | ||||||||
Alsea SAB de CV(a) | 958,000 | 1,931,824 | ||||||
Arca Continental SAB de CV | 375,000 | 2,045,627 | ||||||
Cemex SAB de CV, CPO, NVS | 12,562,500 | 4,023,249 | ||||||
Coca-Cola Femsa SAB de CV . | 1,063,100 | 5,852,380 | ||||||
Fomento Economico Mexicano SAB de CV | 328,600 | 2,642,710 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,437,500 | 7,743,540 | ||||||
Infraestructura Energetica Nova SAB de CV | 2,609,500 | 11,286,106 | ||||||
Wal-Mart de Mexico SAB de CV | 3,250,000 | 9,062,208 | ||||||
44,587,644 | ||||||||
Philippines — 0.6% | ||||||||
BDO Unibank Inc. | 2,962,500 | 8,078,224 | ||||||
Globe Telecom Inc. | 57,850 | 2,018,934 | ||||||
SM Prime Holdings Inc. | 2,892,900 | 2,173,577 | ||||||
12,270,735 | ||||||||
Poland — 0.6% | ||||||||
Bank Polska Kasa Opieki SA | 99,375 | 2,219,032 | ||||||
KGHM Polska Miedz SA(a) | 211,059 | 3,776,118 | ||||||
Polski Koncern Naftowy ORLEN SA | 268,542 | 3,994,040 | ||||||
Santander Bank Polska SA | 33,566 | 2,135,175 | ||||||
12,124,365 | ||||||||
Qatar — 0.7% | ||||||||
Qatar Fuel QSC | 147,828 | 778,403 | ||||||
Qatar National Bank QPSC | 2,526,477 | 12,986,338 | ||||||
13,764,741 | ||||||||
Russia — 3.7% | ||||||||
Gazprom PJSC | 3,396,960 | 10,243,957 | ||||||
Gazprom PJSC, ADR | 342,500 | 2,065,275 | ||||||
Inter RAO UES PJSC | 21,202,635 | 1,641,942 | ||||||
LUKOIL PJSC | 236,191 | 20,032,301 | ||||||
Novatek PJSC, GDR(d) | 56,875 | 8,150,187 | ||||||
Novolipetsk Steel PJSC | 1,918,670 | 3,567,241 | ||||||
Polymetal International PLC | 476,851 | 7,274,107 | ||||||
Polyus PJSC | 40,472 | 5,097,545 | ||||||
Rosneft Oil Co. PJSC | 41,720 | 250,444 | ||||||
Rosneft Oil Co. PJSC, GDR(d) | 347,194 | 2,100,524 | ||||||
Sberbank of Russia PJSC | 4,413,510 | 15,326,439 | ||||||
75,749,962 | ||||||||
Saudi Arabia — 1.7% | ||||||||
Almarai Co. JSC | 256,875 | 3,136,046 | ||||||
Banque Saudi Fransi | 562,500 | 5,105,458 | ||||||
National Commercial Bank | 454,375 | 5,365,537 | ||||||
Samba Financial Group | 281,669 | 2,015,944 |
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) | iShares® ESG MSCI EM ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Saudi Arabian Mining Co.(a) | 397,500 | $ | 4,036,985 | |||||
Saudi Basic Industries Corp. | 625,000 | 13,111,422 | ||||||
Saudi British Bank (The) | 323,750 | 2,433,626 | ||||||
35,205,018 | ||||||||
South Africa — 5.1% | ||||||||
Absa Group Ltd. | 561,250 | 4,720,044 | ||||||
Bidvest Group Ltd. (The) | 153,125 | 1,752,058 | ||||||
Clicks Group Ltd. | 290,000 | 4,341,290 | ||||||
FirstRand Ltd. | 713,750 | 2,500,836 | ||||||
Gold Fields Ltd. | 358,082 | 2,099,121 | ||||||
Growthpoint Properties Ltd. | 3,410,000 | 3,815,021 | ||||||
Impala Platinum Holdings Ltd.(a) | 208,148 | 1,649,280 | ||||||
Investec Ltd. | 2,054,375 | 10,299,625 | ||||||
Kumba Iron Ore Ltd. | 201,875 | 3,601,707 | ||||||
MultiChoice Group Ltd.(a) | 312,072 | 1,793,697 | ||||||
Naspers Ltd., Class N | 161,875 | 24,499,550 | ||||||
Nedbank Group Ltd. | 216,102 | 2,426,074 | ||||||
NEPI Rockcastle PLC | 541,210 | 3,921,936 | ||||||
Old Mutual Ltd. | 10,762,576 | 10,713,660 | ||||||
Standard Bank Group Ltd. | 841,250 | 7,941,113 | ||||||
Vodacom Group Ltd. | 2,249,932 | 15,685,093 | ||||||
Woolworths Holdings Ltd. | 1,235,361 | 2,807,371 | ||||||
104,567,476 | ||||||||
South Korea — 10.6% | ||||||||
Amorepacific Corp.(a) | 28,125 | 3,728,386 | ||||||
AMOREPACIFIC Group(a) | 51,875 | 2,648,209 | ||||||
BNK Financial Group Inc. | 354,805 | 1,802,509 | ||||||
GS Holdings Corp. | 192,844 | 6,549,868 | ||||||
Hana Financial Group Inc. | 73,554 | 1,901,684 | ||||||
Hankook Tire & Technology Co. Ltd. | 93,125 | 1,955,280 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 113,313 | 2,108,583 | ||||||
KB Financial Group Inc. | 255,859 | 8,195,072 | ||||||
LG Chem Ltd. | 29,375 | 8,900,782 | ||||||
LG Corp. | 94,375 | 5,245,214 | ||||||
LG Display Co. Ltd.(a)(c) | 496,368 | 5,558,341 | ||||||
LG Electronics Inc. | 146,875 | 7,304,446 | ||||||
LG Household & Health Care Ltd. | 4,375 | 4,398,415 | ||||||
LG Innotek Co. Ltd. | 22,535 | 2,412,145 | ||||||
NAVER Corp. | 59,916 | 8,584,096 | ||||||
NCSoft Corp. | 6,875 | 3,673,837 | ||||||
POSCO | 54,520 | 8,776,171 | ||||||
Samsung Card Co. Ltd. | 69,645 | 1,932,513 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 22,102 | 2,293,003 | ||||||
Samsung Electronics Co. Ltd. | 1,714,520 | 76,514,602 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 12,553 | 2,046,516 | ||||||
Samsung SDI Co. Ltd. | 30,693 | 7,455,278 | ||||||
Shinhan Financial Group Co. Ltd. | 510,801 | 13,584,909 | ||||||
SK Holdings Co. Ltd. | 38,185 | 6,036,657 | ||||||
SK Hynix Inc. | 138,228 | 10,004,316 | ||||||
SK Innovation Co. Ltd. | 35,180 | 3,273,232 | ||||||
SK Telecom Co. Ltd. | 29,403 | 5,144,617 | ||||||
S-Oil Corp. | 55,194 | 3,026,694 | ||||||
215,055,375 | ||||||||
Taiwan — 13.5% | ||||||||
Acer Inc. | 11,093,000 | 5,989,879 | ||||||
ASE Technology Holding Co. Ltd. | 1,030,186 | 2,425,808 | ||||||
Catcher Technology Co. Ltd. | 253,000 | 1,980,251 | ||||||
Cathay Financial Holding Co. Ltd. | 8,697,110 | 11,503,468 | ||||||
Chailease Holding Co. Ltd. | 741,300 | 2,815,420 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
China Steel Corp. | 3,247,000 | $ | 2,466,388 | |||||
Chunghwa Telecom Co. Ltd. | 2,276,000 | 8,117,968 | ||||||
CTBC Financial Holding Co. Ltd. | 9,400,000 | 7,047,012 | ||||||
Delta Electronics Inc. | 1,382,000 | 6,389,802 | ||||||
E.Sun Financial Holding Co. Ltd. | 24,504,390 | 23,509,388 | ||||||
Eva Airways Corp. | 5,625,000 | 2,238,519 | ||||||
Far Eastern New Century Corp. | 3,750,000 | 3,498,654 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,250,000 | 2,728,744 | ||||||
First Financial Holding Co. Ltd. | 11,439,000 | 8,953,394 | ||||||
Fubon Financial Holding Co. Ltd. | 9,584,000 | 14,069,215 | ||||||
Hiwin Technologies Corp. | 203,050 | 2,021,816 | ||||||
Hotai Motor Co. Ltd. | 282,000 | 5,839,396 | ||||||
Inventec Corp. | 5,196,000 | 3,938,249 | ||||||
Lite-On Technology Corp. | 2,752,039 | 3,985,433 | ||||||
MediaTek Inc. | 382,000 | 4,541,687 | ||||||
President Chain Store Corp. | 807,000 | 7,902,228 | ||||||
Taishin Financial Holding Co. Ltd. | 26,113,054 | 12,246,086 | ||||||
Taiwan Business Bank | 14,504,500 | 5,748,245 | ||||||
Taiwan Mobile Co. Ltd. | 625,000 | 2,167,308 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 10,263,000 | 107,105,732 | ||||||
Tatung Co. Ltd.(a) | 3,003,000 | 2,087,655 | ||||||
Win Semiconductors Corp. | 226,000 | 2,041,348 | ||||||
Wistron Corp. | 8,584,768 | 7,669,148 | ||||||
Yuanta Financial Holding Co. Ltd. | 4,488,000 | 2,845,807 | ||||||
273,874,048 | ||||||||
Thailand — 3.2% | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 2,914,700 | 2,050,589 | ||||||
BTS Group Holdings PCL, NVDR | 9,974,300 | 3,445,409 | ||||||
Central Pattana PCL, NVDR | 1,312,500 | 2,204,484 | ||||||
Kasikornbank PCL | 625,000 | 2,366,899 | ||||||
Kasikornbank PCL, NVDR | 1,625,000 | 6,128,189 | ||||||
Minor International PCL, NVDR | 18,665,100 | 16,266,527 | ||||||
PTT Exploration & Production PCL, NVDR | 1,191,200 | 4,001,496 | ||||||
PTT PCL, NVDR | 6,862,600 | 8,481,743 | ||||||
Siam Cement PCL (The), NVDR | 1,004,300 | 9,866,360 | ||||||
Siam Commercial Bank PCL (The), NVDR | 2,812,500 | 7,776,600 | ||||||
Total Access Communication PCL, NVDR | 1,646,600 | 1,904,640 | ||||||
64,492,936 | ||||||||
Turkey — 0.4% | ||||||||
Arcelik AS(a) | 1,438,593 | 4,277,162 | ||||||
Turkcell Iletisim Hizmetleri AS | 1,434,540 | 3,177,027 | ||||||
7,454,189 | ||||||||
United Arab Emirates — 0.9% | ||||||||
Abu Dhabi Commercial Bank PJSC | 4,023,750 | 7,811,086 | ||||||
First Abu Dhabi Bank PJSC | 2,491,875 | 9,715,388 | ||||||
17,526,474 | ||||||||
Total Common Stocks — 96.9% | ||||||||
(Cost: $2,095,834,334) | 1,966,346,916 | |||||||
Preferred Stocks | ||||||||
Brazil — 2.0% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 1,500,046 | 10,150,700 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 239,500 | 3,827,944 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 2,483,182 | 7,683,491 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 1,429,210 | 10,137,028 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 1,500,031 | 3,993,078 |
28 | 2 0 2 0 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) | iShares® ESG MSCI EM ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Telefonica Brasil SA, Preference Shares, NVS | 453,800 | $ | 5,369,176 | |||||
41,161,417 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 213,125 | 2,528,376 | ||||||
South Korea — 0.8% | ||||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 3,556 | 2,146,190 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS . | 345,961 | 12,975,318 | ||||||
15,121,508 | ||||||||
Total Preferred Stocks — 2.9% | ||||||||
(Cost: $66,184,575) | 58,811,301 | |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Legend Holdings Corp. Class H, (Expires 04/16/20)(a) | 29,546 | 0 | (e) | |||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 0 | (e) | ||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL (Expires 02/16/21)(a) | 437,580 | 11,926 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 11,926 |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%(f)(g)(h) | 11,861,712 | $ | 11,870,015 | |||||
Total Short-Term Investments — 0.6% | ||||||||
(Cost: $11,867,321) | 11,870,015 | |||||||
Total Investments in Securities — 100.4% | ||||||||
(Cost: $2,173,886,230) | 2,037,040,158 | |||||||
Other Assets, Less Liabilities — (0.4)% | (7,683,836 | ) | ||||||
Net Assets — 100.0% | $ | 2,029,356,322 |
(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) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) | Rounds to less than $1. |
(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Net Activity | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 5,712,482 | 6,149,230 | 11,861,712 | $ | 11,870,015 | $ | 189,631 | (b) | $ | 1,109 | $ | 988 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,431,000 | (1,431,000 | ) | — | — | 15,270 | — | — | ||||||||||||||||||||
$ | 11,870,015 | $ | 204,901 | $ | 1,109 | $ | 988 |
(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 | ||||||||||||||||
MSCI Emerging Markets E-Mini | 148 | 03/20/20 | $ | 7,465 | $ | (266,110 | ) |
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) | iShares® ESG MSCI EM ETF |
February 29, 2020 |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 266,110 |
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (60,032 | ) | |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (241,612 | ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 3,664,273 |
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 29, 2020. 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 | $ | 1,966,346,916 | $ | — | $ | — | $ | 1,966,346,916 | ||||||||
Preferred Stocks | 58,811,301 | — | — | 58,811,301 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Warrants | 11,926 | — | — | 11,926 | ||||||||||||
Money Market Funds | 11,870,015 | — | — | 11,870,015 | ||||||||||||
$ | 2,037,040,158 | $ | 0 | (a) | $ | — | $ | 2,037,040,158 | ||||||||
Derivative financial instruments(b) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (266,110 | ) | $ | — | $ | — | $ | (266,110 | ) |
(a) | Rounds to less than $1. |
(b) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
30 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ex China ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 0.3% | ||||||||
Banco Macro SA, ADR | 343 | $ | 9,940 | |||||
Globant SA(a) | 315 | 35,598 | ||||||
Grupo Financiero Galicia SA, ADR | 665 | 8,406 | ||||||
Telecom Argentina SA, ADR | 1,295 | 15,022 | ||||||
YPF SA, ADR | 1,253 | 10,011 | ||||||
78,977 | ||||||||
Brazil — 7.2% | ||||||||
Ambev SA | 40,600 | 130,844 | ||||||
Atacadao SA | 3,500 | 16,051 | ||||||
B2W Cia. Digital(a) | 2,168 | 29,865 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 18,200 | 193,632 | ||||||
Banco Bradesco SA | 9,144 | 55,310 | ||||||
Banco BTG Pactual SA | 2,100 | 31,447 | ||||||
Banco do Brasil SA | 7,000 | 72,705 | ||||||
Banco Santander Brasil SA | 2,800 | 24,738 | ||||||
BB Seguridade Participacoes SA | 6,300 | 44,475 | ||||||
BR Malls Participacoes SA | 8,400 | 30,423 | ||||||
BRF SA(a) | 4,900 | 29,368 | ||||||
CCR SA. | 10,500 | 38,005 | ||||||
Centrais Eletricas Brasileiras SA | 2,791 | 21,361 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 2,800 | 36,461 | ||||||
Cia. Siderurgica Nacional SA | 6,300 | 15,612 | ||||||
Cielo SA | 10,500 | 15,942 | ||||||
Cogna Educacao | 13,300 | 29,745 | ||||||
Cosan SA | 1,400 | 22,705 | ||||||
Embraer SA(a) | 7,000 | 26,314 | ||||||
Energisa SA | 1,400 | 16,757 | ||||||
Engie Brasil Energia SA | 2,100 | 22,123 | ||||||
Equatorial Energia SA | 8,400 | 45,913 | ||||||
Hapvida Participacoes e Investimentos SA(b) | 1,400 | 17,129 | ||||||
Hypera SA | 3,500 | 26,609 | ||||||
IRB Brasil Resseguros S/A | 6,300 | 46,430 | ||||||
JBS SA | 9,800 | 49,308 | ||||||
Klabin SA | 7,700 | 32,854 | ||||||
Localiza Rent a Car SA | 5,840 | 64,126 | ||||||
Lojas Renner SA | 7,030 | 83,051 | ||||||
Magazine Luiza SA | 6,300 | 70,545 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 4,200 | 28,412 | ||||||
Natura & Co. Holding SA | 4,900 | 49,427 | ||||||
Notre Dame Intermedica Participacoes SA | 4,200 | 58,862 | ||||||
Petrobras Distribuidora SA | 5,600 | 32,396 | ||||||
Petroleo Brasileiro SA | 31,500 | 189,559 | ||||||
Raia Drogasil SA | 2,100 | 55,809 | ||||||
Rumo SA(a) | 11,200 | 52,430 | ||||||
Sul America SA | 1,400 | 16,775 | ||||||
Suzano SA | 4,900 | 41,423 | ||||||
TIM Participacoes SA | 7,000 | 25,026 | ||||||
Ultrapar Participacoes SA | 6,300 | 26,643 | ||||||
Vale SA | 28,071 | 275,692 | ||||||
WEG SA | 7,040 | 67,331 | ||||||
2,259,633 | ||||||||
Chile — 0.9% | ||||||||
Banco de Chile | 300,181 | 26,365 | ||||||
Banco de Credito e Inversiones SA | 540 | 20,077 | ||||||
Banco Santander Chile | 569,135 | 25,316 | ||||||
Cencosud SA | 13,265 | 15,524 | ||||||
Cia. Cervecerias Unidas SA | 1,918 | 14,365 | ||||||
Empresas CMPC SA | 12,418 | 24,977 |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
Empresas COPEC SA | 3,640 | $ | 28,172 | |||||
Enel Americas SA | 339,626 | 56,720 | ||||||
Enel Chile SA. | 335,699 | 29,873 | ||||||
Latam Airlines Group SA | 2,201 | 14,639 | ||||||
SACI Falabella | 8,008 | 26,553 | ||||||
282,581 | ||||||||
Colombia — 0.4% | ||||||||
Bancolombia SA | 3,157 | 34,711 | ||||||
Ecopetrol SA | 41,244 | 36,104 | ||||||
Grupo Argos SA | 3,843 | 16,252 | ||||||
Grupo de Inversiones Suramericana SA | 2,828 | 24,317 | ||||||
Interconexion Electrica SA ESP | 4,816 | 25,254 | ||||||
136,638 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 1,274 | 24,241 | ||||||
Komercni Banka AS | 714 | 21,761 | ||||||
Moneta Money Bank AS(b) | 3,885 | 12,812 | ||||||
58,814 | ||||||||
Egypt — 0.2% | ||||||||
Commercial International Bank Egypt SAE . | 10,737 | 56,706 | ||||||
Eastern Co. SAE | 9,744 | 8,938 | ||||||
65,644 | ||||||||
Greece — 0.3% | ||||||||
Alpha Bank AE(a) | 13,860 | 19,594 | ||||||
Eurobank Ergasias SA(a) | 20,004 | 12,437 | ||||||
Hellenic Telecommunications Organization SA | 1,824 | 25,686 | ||||||
Jumbo SA | 1,064 | 16,619 | ||||||
National Bank of Greece SA(a) | 4,914 | 10,793 | ||||||
OPAP SA | 1,794 | 19,115 | ||||||
104,244 | ||||||||
Hungary — 0.4% | ||||||||
MOL Hungarian Oil & Gas PLC | 3,864 | 29,717 | ||||||
OTP Bank Nyrt | 1,869 | 80,808 | ||||||
Richter Gedeon Nyrt | 1,253 | 25,334 | ||||||
135,859 | ||||||||
Indonesia — 2.8% | ||||||||
Adaro Energy Tbk PT | 130,900 | 10,538 | ||||||
Astra International Tbk PT | 168,700 | 64,964 | ||||||
Bank Central Asia Tbk PT | 86,100 | 188,733 | ||||||
Bank Mandiri Persero Tbk PT | 169,400 | 85,895 | ||||||
Bank Negara Indonesia Persero Tbk PT | 73,500 | 35,988 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 502,600 | 146,778 | ||||||
Barito Pacific Tbk PT(a) | 247,800 | 17,012 | ||||||
Charoen Pokphand Indonesia Tbk PT | 71,400 | 28,366 | ||||||
Gudang Garam Tbk PT | 4,900 | 17,418 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 62,300 | 7,382 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 21,000 | 8,233 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 18,200 | 18,933 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 14,700 | 10,527 | ||||||
Indofood Sukses Makmur Tbk PT | 47,600 | 21,565 | ||||||
Kalbe Farma Tbk PT | 199,500 | 16,964 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 14,700 | 6,147 | ||||||
Perusahaan Gas Negara Tbk PT | 108,500 | 9,680 | ||||||
Semen Indonesia Persero Tbk PT | 32,200 | 23,509 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 452,200 | 109,997 | ||||||
Unilever Indonesia Tbk PT | 66,500 | 31,633 | ||||||
United Tractors Tbk PT | 16,100 | 18,628 |
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) | iShares® MSCI Emerging Markets ex China ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
XL Axiata Tbk PT(a) | 12,600 | $ | 2,274 | |||||
881,164 | ||||||||
Malaysia — 2.8% | ||||||||
Axiata Group Bhd | 27,300 | 27,073 | ||||||
British American Tobacco Malaysia Bhd | 100 | 295 | ||||||
CIMB Group Holdings Bhd | 48,300 | 55,233 | ||||||
Dialog Group Bhd | 30,800 | 24,406 | ||||||
DiGi.Com Bhd | 35,700 | 35,234 | ||||||
Gamuda Bhd | 22,400 | 17,591 | ||||||
Genting Bhd | 23,800 | 27,950 | ||||||
Genting Malaysia Bhd | 28,000 | 19,198 | ||||||
Hartalega Holdings Bhd | 15,400 | 22,652 | ||||||
Hong Leong Bank Bhd | 8,400 | 30,491 | ||||||
IHH Healthcare Bhd | 21,000 | 28,399 | ||||||
IOI Corp. Bhd | 14,700 | 14,543 | ||||||
Kuala Lumpur Kepong Bhd | 4,900 | 25,389 | ||||||
Malayan Banking Bhd | 37,800 | 75,510 | ||||||
Malaysia Airports Holdings Bhd | 4,800 | 7,505 | ||||||
Maxis Bhd | 23,800 | 30,661 | ||||||
MISC Bhd | 16,800 | 30,252 | ||||||
Nestle Malaysia Bhd | 700 | 23,749 | ||||||
Petronas Chemicals Group Bhd | 19,600 | 25,110 | ||||||
Petronas Gas Bhd | 4,900 | 19,321 | ||||||
PPB Group Bhd | 6,340 | 27,225 | ||||||
Press Metal Aluminium Holdings Bhd | 17,500 | 19,348 | ||||||
Public Bank Bhd | 28,700 | 116,434 | ||||||
RHB Bank Bhd | 14,000 | 18,434 | ||||||
Sime Darby Bhd | 32,200 | 15,279 | ||||||
Sime Darby Plantation Bhd | 21,700 | 25,535 | ||||||
Telekom Malaysia Bhd | 4,200 | 3,687 | ||||||
Tenaga Nasional Bhd | 26,600 | 76,361 | ||||||
Top Glove Corp. Bhd | 17,500 | 23,416 | ||||||
YTL Corp. Bhd | 42,740 | 8,568 | ||||||
874,849 | ||||||||
Mexico — 3.6% | ||||||||
Alfa SAB de CV, Class A | 19,600 | 12,445 | ||||||
America Movil SAB de CV, Series L, NVS | 298,200 | 233,782 | ||||||
Arca Continental SAB de CV | 4,200 | 22,911 | ||||||
Cemex SAB de CV, CPO, NVS | 128,800 | 41,249 | ||||||
Coca-Cola Femsa SAB de CV | 4,900 | 26,975 | ||||||
Fibra Uno Administracion SA de CV | 30,100 | 44,991 | ||||||
Fomento Economico Mexicano SAB de CV | 16,800 | 135,111 | ||||||
Gruma SAB de CV, Series B | 1,820 | 17,381 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B. | 3,500 | 37,775 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B. | 2,205 | 36,187 | ||||||
Grupo Bimbo SAB de CV, Series A | 16,100 | 24,146 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 23,100 | 124,435 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 17,500 | 18,670 | ||||||
Grupo Mexico SAB de CV, Series B | 32,200 | 75,504 | ||||||
Grupo Televisa SAB, CPO | 21,700 | 40,371 | ||||||
Industrias Penoles SAB de CV | 1,400 | 12,549 | ||||||
Infraestructura Energetica Nova SAB de CV | 2,100 | 9,083 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 17,500 | 32,947 | ||||||
Megacable Holdings SAB de CV, CPO | 2,800 | 9,321 | ||||||
Orbia Advance Corp. SAB de CV | 9,100 | 17,693 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 3,010 | 29,213 | ||||||
Wal-Mart de Mexico SAB de CV | 46,200 | 128,823 | ||||||
1,131,562 |
Security | Shares | Value | ||||||
Pakistan — 0.0% | ||||||||
MCB Bank Ltd | 6,300 | $ | 7,987 | |||||
Peru — 0.5% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 1,967 | 21,932 | ||||||
Credicorp Ltd. | 602 | 109,125 | ||||||
Southern Copper Corp. | 777 | 26,146 | ||||||
157,203 | ||||||||
Philippines — 1.5% | ||||||||
Aboitiz Equity Ventures Inc. | 25,550 | 21,377 | ||||||
Ayala Corp. | 2,590 | 33,661 | ||||||
Ayala Land Inc. | 81,900 | 62,660 | ||||||
BDO Unibank Inc. | 17,360 | 47,338 | ||||||
GT Capital Holdings Inc. | 1,194 | 16,654 | ||||||
International Container Terminal Services Inc. | 8,960 | 18,632 | ||||||
JG Summit Holdings Inc. | 31,010 | 41,063 | ||||||
Jollibee Foods Corp. | 4,830 | 16,108 | ||||||
Manila Electric Co. | 2,870 | 15,190 | ||||||
Metro Pacific Investments Corp. | 189,600 | 11,419 | ||||||
Metropolitan Bank & Trust Co. | 7,987 | 8,782 | ||||||
PLDT Inc. | 875 | 16,993 | ||||||
SM Investments Corp. | 2,345 | 44,830 | ||||||
SM Prime Holdings Inc. | 100,100 | 75,210 | ||||||
Universal Robina Corp. | 9,030 | 25,031 | ||||||
454,948 | ||||||||
Poland — 1.2% | ||||||||
Bank Polska Kasa Opieki SA | 1,547 | 34,544 | ||||||
CCC SA | 532 | 9,708 | ||||||
CD Projekt SA | 609 | 43,018 | ||||||
Dino Polska SA(a)(b) | 294 | 10,574 | ||||||
Grupa Lotos SA | 896 | 13,513 | ||||||
KGHM Polska Miedz SA(a) | 1,365 | 24,422 | ||||||
LPP SA | 14 | 24,501 | ||||||
mBank SA(a) | 189 | 14,285 | ||||||
Orange Polska SA(a) | 2,982 | 4,667 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 8,498 | 9,634 | ||||||
Polski Koncern Naftowy ORLEN SA | 2,786 | 41,436 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 17,318 | 13,915 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 8,295 | 65,831 | ||||||
Powszechny Zaklad Ubezpieczen SA | 5,257 | 46,334 | ||||||
Santander Bank Polska SA | 343 | 21,819 | ||||||
378,201 | ||||||||
Qatar — 1.4% | ||||||||
Commercial Bank PSQC (The) | 16,450 | 20,308 | ||||||
Industries Qatar QSC | 14,952 | 36,673 | ||||||
Masraf Al Rayan QSC | 39,060 | 43,373 | ||||||
Mesaieed Petrochemical Holding Co. | 38,360 | 18,524 | ||||||
Ooredoo QPSC | 11,025 | 19,022 | ||||||
Qatar Electricity & Water Co. QSC | 6,160 | 25,294 | ||||||
Qatar Fuel QSC | 2,576 | 13,564 | ||||||
Qatar Insurance Co. SAQ | 17,220 | 12,685 | ||||||
Qatar International Islamic Bank QSC | 3,906 | 9,058 | ||||||
Qatar Islamic Bank SAQ | 10,360 | 44,094 | ||||||
Qatar National Bank QPSC | 40,516 | 208,256 | ||||||
450,851 | ||||||||
Russia — 5.6% | ||||||||
Alrosa PJSC | 21,420 | 22,756 | ||||||
Gazprom PJSC | 94,010 | 283,499 | ||||||
Inter RAO UES PJSC | 413,000 | 31,983 | ||||||
LUKOIL PJSC | 3,570 | 302,786 |
32 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ex China ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
Magnit PJSC, GDR(c) | 2,702 | $ | 29,425 | |||||
MMC Norilsk Nickel PJSC | 588 | 177,187 | ||||||
Mobile TeleSystems PJSC, ADR | 4,648 | 45,086 | ||||||
Moscow Exchange MICEX-RTS PJSC | 3,220 | 4,748 | ||||||
Novatek PJSC, GDR(c) | 812 | 116,360 | ||||||
Novolipetsk Steel PJSC | 9,660 | 17,960 | ||||||
PhosAgro PJSC, GDR(c) | 1,204 | 13,256 | ||||||
Polymetal International PLC | 1,841 | 28,083 | ||||||
Polyus PJSC | 140 | 17,633 | ||||||
Rosneft Oil Co. PJSC, GDR(c) | 10,927 | 66,108 | ||||||
Sberbank of Russia PJSC | 91,840 | 318,925 | ||||||
Severstal PJSC | 2,100 | 25,456 | ||||||
Surgutneftegas PJSC | 64,400 | 36,834 | ||||||
Tatneft PJSC | 13,440 | 134,320 | ||||||
VTB Bank PJSC, GDR(c) | 18,592 | 23,630 | ||||||
X5 Retail Group NV, GDR(c) | 1,246 | 38,391 | ||||||
1,734,426 | ||||||||
Saudi Arabia — 4.0% | ||||||||
Advanced Petrochemical Co. | 1,652 | 19,750 | ||||||
Al Rajhi Bank | 11,487 | 189,536 | ||||||
Alinma Bank | 4,151 | 25,737 | ||||||
Almarai Co. JSC | 2,247 | 27,432 | ||||||
Arab National Bank | 2,821 | 19,025 | ||||||
Bank AlBilad | 4,109 | 26,243 | ||||||
Bank Al-Jazira | 5,866 | 21,766 | ||||||
Banque Saudi Fransi | 4,872 | 44,220 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 602 | 15,565 | ||||||
Co for Cooperative Insurance (The)(a) . | 952 | 17,459 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 3,570 | 8,917 | ||||||
Etihad Etisalat Co.(a) | 3,045 | 18,620 | ||||||
Jarir Marketing Co. | 616 | 24,926 | ||||||
National Commercial Bank | 9,625 | 113,658 | ||||||
Riyad Bank | 11,039 | 64,501 | ||||||
Sahara International Petrochemical Co. | 4,543 | 18,891 | ||||||
Samba Financial Group | 8,799 | 62,976 | ||||||
Saudi Airlines Catering Co. | 588 | 14,294 | ||||||
Saudi Arabian Fertilizer Co. | 1,554 | 27,837 | ||||||
Saudi Arabian Mining Co.(a) | 3,003 | 30,498 | ||||||
Saudi Arabian Oil Co.(a)(b) | 8,687 | 77,225 | ||||||
Saudi Basic Industries Corp. | 6,167 | 129,373 | ||||||
Saudi British Bank (The) | 4,333 | 32,571 | ||||||
Saudi Cement Co. | 1,064 | 17,301 | ||||||
Saudi Electricity Co. | 7,616 | 34,106 | ||||||
Saudi Industrial Investment Group | 3,318 | 18,644 | ||||||
Saudi Kayan Petrochemical Co.(a) | 8,568 | 20,235 | ||||||
Saudi Telecom Co. | 3,794 | 83,536 | ||||||
Savola Group (The)(a) | 1,729 | 15,417 | ||||||
Yanbu National Petrochemical Co. | 2,002 | 26,416 | ||||||
1,246,675 | ||||||||
South Africa — 6.5% | ||||||||
Absa Group Ltd. | 6,517 | 54,807 | ||||||
Anglo American Platinum Ltd. | 483 | 32,156 | ||||||
AngloGold Ashanti Ltd. | 3,773 | 66,620 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 2,772 | 17,621 | ||||||
Bid Corp. Ltd. | 2,982 | 52,721 | ||||||
Bidvest Group Ltd. (The) | 2,856 | 32,678 | ||||||
Capitec Bank Holdings Ltd. | 406 | 33,550 | ||||||
Clicks Group Ltd. | 2,275 | 34,057 | ||||||
Discovery Ltd. | 3,542 | 21,682 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Exxaro Resources Ltd. | 2,457 | $ | 17,492 | |||||
FirstRand Ltd. | 30,226 | 105,906 | ||||||
Foschini Group Ltd. (The) | 2,282 | 18,093 | ||||||
Gold Fields Ltd. | 7,546 | 44,236 | ||||||
Growthpoint Properties Ltd. | 26,691 | 29,861 | ||||||
Impala Platinum Holdings Ltd.(a) | 6,972 | 55,243 | ||||||
Investec Ltd. | 2,709 | 13,582 | ||||||
Kumba Iron Ore Ltd. | 336 | 5,995 | ||||||
Life Healthcare Group Holdings Ltd. | 14,595 | 20,689 | ||||||
Mr. Price Group Ltd. | 2,009 | 19,280 | ||||||
MTN Group Ltd. | 15,407 | 72,180 | ||||||
MultiChoice Group Ltd.(a) | 4,256 | 24,462 | ||||||
Naspers Ltd., Class N | 3,815 | 577,395 | ||||||
Nedbank Group Ltd | 3,298 | 37,025 | ||||||
NEPI Rockcastle PLC | 3,864 | 28,001 | ||||||
Northam Platinum Ltd.(a) | 2,814 | 19,893 | ||||||
Old Mutual Ltd. | 45,682 | 45,474 | ||||||
Pick n Pay Stores Ltd. | 3,570 | 12,536 | ||||||
PSG Group Ltd. | 1,498 | 17,769 | ||||||
Rand Merchant Investment Holdings Ltd. | 6,594 | 10,424 | ||||||
Redefine Properties Ltd. | 51,156 | 17,657 | ||||||
Reinet Investments SCA | 1,428 | 29,263 | ||||||
Remgro Ltd. | 4,767 | 48,484 | ||||||
RMB Holdings Ltd. | 6,797 | 30,270 | ||||||
Sanlam Ltd. | 17,367 | 71,735 | ||||||
Sasol Ltd. | 4,837 | 57,159 | ||||||
Shoprite Holdings Ltd. | 4,018 | 28,637 | ||||||
Sibanye Stillwater Ltd.(a) | 19,824 | 39,657 | ||||||
SPAR Group Ltd. (The) | 1,645 | 17,149 | ||||||
Standard Bank Group Ltd. | 11,543 | 108,962 | ||||||
Tiger Brands Ltd. | 1,351 | 13,003 | ||||||
Vodacom Group Ltd. | 5,397 | 37,624 | ||||||
Woolworths Holdings Ltd. | 8,708 | 19,789 | ||||||
2,040,817 | ||||||||
South Korea — 16.9% | ||||||||
Amorepacific Corp.(a) | 322 | 42,686 | ||||||
AMOREPACIFIC Group(a) | 252 | 12,865 | ||||||
BGF retail Co. Ltd. | 99 | 12,350 | ||||||
BNK Financial Group Inc. | 2,758 | 14,011 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 514 | 27,425 | ||||||
Celltrion Inc.(a) | 837 | 117,159 | ||||||
CJ CheilJedang Corp. | 98 | 19,689 | ||||||
CJ ENM Co. Ltd. | 126 | 13,051 | ||||||
Coway Co. Ltd. | 490 | 27,798 | ||||||
Daelim Industrial Co. Ltd.(a) | 315 | 18,804 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 616 | 11,235 | ||||||
DB Insurance Co. Ltd. | 448 | 15,972 | ||||||
E-MART Inc. | 203 | 17,550 | ||||||
Fila Holdings Corp. | 427 | 13,501 | ||||||
GS Engineering & Construction Corp. | 714 | 15,432 | ||||||
GS Holdings Corp. | 539 | 18,307 | ||||||
Hana Financial Group Inc. | 2,394 | 61,895 | ||||||
Hankook Tire & Technology Co. Ltd. | 686 | 14,403 | ||||||
Hanmi Pharm Co. Ltd.(a) | 71 | 15,258 | ||||||
Hanon Systems | 2,233 | 19,397 | ||||||
Hanwha Corp. | 546 | 9,014 | ||||||
Hanwha Solutions Corp. | 1,022 | 15,021 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E | 231 | 3,433 | ||||||
Helixmith Co. Ltd.(a) | 200 | 10,226 |
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) | iShares® MSCI Emerging Markets ex China ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
HLB Inc.(a) | 318 | $ | 25,267 | |||||
Hotel Shilla Co. Ltd. | 322 | 21,290 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 728 | 20,800 | ||||||
Hyundai Glovis Co. Ltd. | 189 | 19,141 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 112 | 24,945 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 637 | 11,854 | ||||||
Hyundai Mobis Co. Ltd. | 609 | 105,303 | ||||||
Hyundai Motor Co. | 1,358 | 128,588 | ||||||
Hyundai Steel Co. | 847 | 16,633 | ||||||
Industrial Bank of Korea(a) | 2,261 | 17,705 | ||||||
Kakao Corp. | 441 | 62,455 | ||||||
Kangwon Land Inc.(a) | 847 | 15,901 | ||||||
KB Financial Group Inc. | 3,521 | 112,776 | ||||||
KCC Corp. | 40 | 5,484 | ||||||
Kia Motors Corp. | 2,394 | 71,455 | ||||||
KMW Co. Ltd.(a) | 406 | 16,263 | ||||||
Korea Aerospace Industries Ltd.(a) | 812 | 17,149 | ||||||
Korea Electric Power Corp.(a) | 2,219 | 38,917 | ||||||
Korea Investment Holdings Co. Ltd.(a). | 441 | 22,804 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 392 | 33,568 | ||||||
Korea Zinc Co. Ltd.(a) | 91 | 31,058 | ||||||
KT&G Corp | 994 | 69,322 | ||||||
LG Chem Ltd. | 399 | 120,899 | ||||||
LG Corp. | 945 | 52,522 | ||||||
LG Display Co. Ltd.(a) | 1,960 | 21,948 | ||||||
LG Electronics Inc. | 1,008 | 50,130 | ||||||
LG Household & Health Care Ltd. | 84 | 84,450 | ||||||
LG Innotek Co. Ltd. | 119 | 12,738 | ||||||
LG Uplus Corp. | 1,204 | 13,086 | ||||||
Lotte Chemical Corp. | 154 | 23,775 | ||||||
Lotte Corp. | 273 | 6,530 | ||||||
Lotte Shopping Co. Ltd. | 120 | 9,406 | ||||||
Medy-Tox Inc. | 50 | 12,083 | ||||||
Mirae Asset Daewoo Co. Ltd.(a) | 3,220 | 16,809 | ||||||
NAVER Corp. | 1,218 | 174,501 | ||||||
NCSoft Corp. | 140 | 74,813 | ||||||
Netmarble Corp.(a)(b) | 238 | 17,363 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,799 | 14,783 | ||||||
OCI Co. Ltd.(a) | 182 | 7,380 | ||||||
Orion Corp | 238 | 18,480 | ||||||
Pearl Abyss Corp.(a) | 56 | 8,171 | ||||||
POSCO | 686 | 110,427 | ||||||
POSCO Chemical Co. Ltd | 238 | 10,759 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 147 | 56,101 | ||||||
Samsung C&T Corp | 707 | 61,415 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 532 | 55,193 | ||||||
Samsung Electronics Co. Ltd. | 41,538 | 1,853,734 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,365 | 15,847 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 287 | 46,790 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 5,159 | 24,765 | ||||||
Samsung Life Insurance Co. Ltd. | 686 | 33,043 | ||||||
Samsung SDI Co. Ltd. | 511 | 124,121 | ||||||
Samsung SDS Co. Ltd. | 301 | 41,265 | ||||||
Samsung Securities Co. Ltd. | 413 | 11,256 | ||||||
Shinhan Financial Group Co. Ltd. | 3,759 | 99,972 | ||||||
Shinsegae Inc. | 70 | 13,602 | ||||||
SK Holdings Co. Ltd. | 350 | 55,331 | ||||||
SK Hynix Inc. | 4,802 | 347,547 | ||||||
SK Innovation Co. Ltd. | 476 | 44,288 | ||||||
SK Telecom Co. Ltd. | 168 | 29,395 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
S-Oil Corp | 434 | $ | 23,799 | |||||
Woori Financial Group Inc. | 3,456 | 27,346 | ||||||
Yuhan Corp. | 102 | 17,973 | ||||||
5,278,996 | ||||||||
Taiwan — 19.0% | ||||||||
Acer Inc. | 28,000 | 15,119 | ||||||
Advantech Co. Ltd. | 2,000 | 19,452 | ||||||
ASE Technology Holding Co. Ltd. | 35,000 | 82,416 | ||||||
Asia Cement Corp. | 21,000 | 30,758 | ||||||
Asustek Computer Inc. | 7,000 | 47,623 | ||||||
AU Optronics Corp. | 70,000 | 21,962 | ||||||
Catcher Technology Co. Ltd. | 7,000 | 54,790 | ||||||
Cathay Financial Holding Co. Ltd. | 70,063 | 92,671 | ||||||
Chailease Holding Co. Ltd. | 7,442 | 28,264 | ||||||
Chang Hwa Commercial Bank Ltd. | 56,461 | 43,260 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 14,000 | 18,286 | ||||||
China Airlines Ltd. | 56,000 | 15,091 | ||||||
China Development Financial Holding Corp. | 119,000 | 35,999 | ||||||
China Life Insurance Co. Ltd.(a) | 28,507 | 22,736 | ||||||
China Steel Corp. | 84,000 | 63,806 | ||||||
Chunghwa Telecom Co. Ltd. | 35,000 | 124,837 | ||||||
Compal Electronics Inc. | 35,000 | 21,326 | ||||||
CTBC Financial Holding Co. Ltd. | 168,000 | 125,947 | ||||||
Delta Electronics Inc. | 14,000 | 64,730 | ||||||
E.Sun Financial Holding Co. Ltd. | 105,691 | 101,399 | ||||||
Far Eastern New Century Corp. | 35,000 | 32,654 | ||||||
Far EasTone Telecommunications Co. Ltd. | 14,000 | 30,562 | ||||||
First Financial Holding Co. Ltd. | 92,572 | 72,457 | ||||||
Formosa Chemicals & Fibre Corp. | 35,000 | 95,015 | ||||||
Formosa Petrochemical Corp. | 14,000 | 39,809 | ||||||
Formosa Plastics Corp. | 42,000 | 126,224 | ||||||
Foxconn Technology Co. Ltd. | 14,000 | 27,510 | ||||||
Fubon Financial Holding Co. Ltd. | 56,000 | 82,207 | ||||||
Globalwafers Co. Ltd. | 1,000 | 13,524 | ||||||
Highwealth Construction Corp. | 7,000 | 10,368 | ||||||
Hon Hai Precision Industry Co. Ltd. | 112,200 | 297,550 | ||||||
Hotai Motor Co. Ltd. | 2,600 | 53,838 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 84,070 | 59,833 | ||||||
Innolux Corp. | 98,000 | 25,569 | ||||||
Inventec Corp. | 35,000 | 26,528 | ||||||
Largan Precision Co. Ltd. | 1,000 | 146,304 | ||||||
Lite-On Technology Corp. | 21,000 | 30,412 | ||||||
MediaTek Inc. | 14,000 | 166,449 | ||||||
Mega Financial Holding Co. Ltd. | 112,000 | 119,659 | ||||||
Micro-Star International Co. Ltd. | 7,000 | 20,991 | ||||||
Nan Ya Plastics Corp. | 42,000 | 94,460 | ||||||
Nanya Technology Corp. | 14,000 | 35,740 | ||||||
Novatek Microelectronics Corp. | 7,000 | 45,196 | ||||||
Pegatron Corp. | 21,000 | 43,485 | ||||||
Pou Chen Corp. | 35,000 | 39,416 | ||||||
Powertech Technology Inc. | 7,000 | 23,580 | ||||||
President Chain Store Corp. | 5,000 | 48,961 | ||||||
Quanta Computer Inc. | 28,000 | 57,333 | ||||||
Realtek Semiconductor Corp. | 7,000 | 52,015 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 28,437 | 47,239 | ||||||
Shin Kong Financial Holding Co. Ltd. | 107,258 | 32,624 | ||||||
SinoPac Financial Holdings Co. Ltd. | 133,259 | 57,213 | ||||||
Synnex Technology International Corp. | 14,000 | 17,385 | ||||||
Taishin Financial Holding Co. Ltd. | 106,904 | 50,134 | ||||||
Taiwan Business Bank | 51,100 | 20,251 |
34 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ex China ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Taiwan Cement Corp. | 35,173 | $ | 49,078 | |||||
Taiwan Cooperative Financial Holding Co. Ltd. | 84,664 | 58,578 | ||||||
Taiwan High Speed Rail Corp. | 28,000 | 31,903 | ||||||
Taiwan Mobile Co. Ltd. | 14,000 | 48,548 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 214,000 | 2,233,326 | ||||||
Uni-President Enterprises Corp. | 42,000 | 101,534 | ||||||
United Microelectronics Corp. | 105,000 | 53,056 | ||||||
Vanguard International Semiconductor Corp. | 7,000 | 17,154 | ||||||
Win Semiconductors Corp. | 2,000 | 18,065 | ||||||
Winbond Electronics Corp. | 42,000 | 22,193 | ||||||
Wistron Corp. | 35,598 | 31,801 | ||||||
WPG Holdings Ltd. | 15,520 | 19,887 | ||||||
Yageo Corp. | 1,000 | 13,541 | ||||||
Yuanta Financial Holding Co. Ltd. | 91,000 | 57,702 | ||||||
5,929,333 | ||||||||
Thailand — 3.6% | ||||||||
Advanced Info Service PCL, NVDR | 11,200 | 70,987 | ||||||
Airports of Thailand PCL, NVDR | 39,900 | 75,551 | ||||||
B Grimm Power PCL, NVDR | 8,400 | 12,046 | ||||||
Bangkok Bank PCL, Foreign | 2,800 | 11,669 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 85,400 | 60,082 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 65,800 | 19,289 | ||||||
Banpu PCL, NVDR | 51,100 | 11,498 | ||||||
Berli Jucker PCL, NVDR | 16,100 | 18,623 | ||||||
BTS Group Holdings PCL, NVDR | 17,500 | 6,045 | ||||||
Bumrungrad Hospital PCL, NVDR | 4,900 | 19,954 | ||||||
Central Pattana PCL, NVDR | 21,000 | 35,272 | ||||||
Charoen Pokphand Foods PCL, NVDR | 41,300 | 35,011 | ||||||
CP ALL PCL, NVDR | 51,800 | 107,934 | ||||||
Electricity Generating PCL, NVDR | 2,800 | 24,224 | ||||||
Energy Absolute PCL, NVDR | 14,700 | 18,168 | ||||||
Global Power Synergy PCL, NVDR | 4,200 | 8,385 | ||||||
Gulf Energy Development PCL, NVDR | 4,200 | 22,028 | ||||||
Home Product Center PCL, NVDR | 44,800 | 18,173 | ||||||
Indorama Ventures PCL, NVDR | 14,700 | 12,112 | ||||||
Intouch Holdings PCL, NVDR | 16,100 | 27,552 | ||||||
Kasikornbank PCL | 11,200 | 42,415 | ||||||
Kasikornbank PCL, NVDR | 7,700 | 29,038 | ||||||
Krung Thai Bank PCL, NVDR | 31,500 | 13,976 | ||||||
Land & Houses PCL, NVDR | 79,800 | 21,243 | ||||||
Minor International PCL, NVDR | 23,100 | 20,131 | ||||||
Muangthai Capital PCL, NVDR | 4,200 | 7,653 | ||||||
Osotspa PCL, NVDR | 8,400 | 11,114 | ||||||
PTT Exploration & Production PCL, NVDR | 13,300 | 44,678 | ||||||
PTT Global Chemical PCL, NVDR | 21,700 | 28,367 | ||||||
PTT PCL, NVDR | 105,000 | �� | 129,773 | |||||
Ratch Group PCL, NVDR | 9,800 | 18,324 | ||||||
Siam Cement PCL (The), NVDR | 6,300 | 61,892 | ||||||
Siam Commercial Bank PCL (The), NVDR | 8,400 | 23,226 | ||||||
Srisawad Corp PCL, NVDR | 4,200 | 8,951 | ||||||
Thai Oil PCL, NVDR | 11,900 | 16,310 | ||||||
Thai Union Group PCL, NVDR | 46,200 | 22,401 | ||||||
True Corp. PCL, NVDR | 117,600 | 12,373 | ||||||
1,126,468 | ||||||||
Turkey — 0.7% | ||||||||
Akbank T.A.S.(a) | 26,117 | 28,252 | ||||||
BIM Birlesik Magazalar AS | 4,284 | 32,932 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 16,961 | 22,391 | ||||||
Haci Omer Sabanci Holding AS | 11,823 | 16,100 |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
KOC Holding AS | 8,505 | $ | 23,409 | |||||
Tupras Turkiye Petrol Rafinerileri AS | 1,246 | 20,198 | ||||||
Turk Hava Yollari AO(a) | 6,489 | 12,201 | ||||||
Turkcell Iletisim Hizmetleri AS | 11,186 | 24,773 | ||||||
Turkiye Garanti Bankasi AS(a) | 22,771 | 34,616 | ||||||
Turkiye Is Bankasi AS, Class C(a) | 7,518 | 6,869 | ||||||
221,741 | ||||||||
United Arab Emirates — 1.0% | ||||||||
Abu Dhabi Commercial Bank PJSC | 21,476 | 41,690 | ||||||
Aldar Properties PJSC | 46,627 | 26,913 | ||||||
DP World PLC | 1,911 | 31,054 | ||||||
Dubai Islamic Bank PJSC | 14,931 | 21,952 | ||||||
Emaar Malls PJSC | 4,368 | 1,915 | ||||||
Emaar Properties PJSC | 33,908 | 32,312 | ||||||
Emirates Telecommunications Group Co. PJSC | 14,868 | 63,959 | ||||||
First Abu Dhabi Bank PJSC | 23,884 | 93,119 | ||||||
312,914 | ||||||||
Total Common Stocks — 81.0% | ||||||||
(Cost: $26,949,907) | 25,350,525 | |||||||
Investment Companies | ||||||||
India — 13.9% | ||||||||
iShares MSCI India ETF(d) | 135,023 | 4,346,390 | ||||||
Total Investment Companies — 13.9% | ||||||||
(Cost: $4,659,522) | 4,346,390 | |||||||
Preferred Stocks | ||||||||
Brazil — 3.3% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 36,476 | 246,831 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 1,400 | 8,344 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 1,400 | 11,125 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 700 | 11,188 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 5,608 | 17,352 | ||||||
Gerdau SA, Preference Shares, NVS | 10,500 | 39,401 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 42,700 | 302,860 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 39,934 | 106,304 | ||||||
Lojas Americanas SA, Preference Shares, NVS | 7,057 | 41,607 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 37,100 | 208,375 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 4,200 | 49,693 | ||||||
1,043,080 | ||||||||
Chile — 0.2% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 5,978 | 14,392 | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 1,078 | 28,196 | ||||||
42,588 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 3,227 | 38,283 | ||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 65,800 | 32,087 | ||||||
South Korea — 1.0% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 196 | 10,700 | ||||||
Series 2, Preference Shares, NVS | 301 | 18,563 |
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) | iShares® MSCI Emerging Markets ex China ETF |
February 29, 2020 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 7,287 | $ | 273,300 | |||||
302,563 | ||||||||
Total Preferred Stocks — 4.7% | ||||||||
(Cost: $1,613,810) | 1,458,601 | |||||||
Rights | ||||||||
South Korea — 0.0% | ||||||||
HDC Hyundai Development Co., (Expires 06/03/20)(a) | 115 | 0 | (e) | |||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 0 | (e) | ||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL (Expires 02/16/21)(a) | 1,080 | 29 | ||||||
Total Warrants — 0.0% | ||||||||
(Cost: $0) | 29 | |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%(d)(f) | 39,000 | 39,000 | ||||||
Total Short-Term Investments — 0.1% | ||||||||
(Cost: $39,000) | 39,000 | |||||||
Total Investments in Securities — 99.7% | ||||||||
(Cost: $33,262,239) | 31,194,545 | |||||||
Other Assets, Less Liabilities — 0.3% | 98,801 | |||||||
Net Assets — 100.0% | $ | 31,293,346 |
(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) | Rounds to less than $1. |
(f) | 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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/19 | Shares Purchased | Shares Sold | Shares Held at 02/29/20 | Value at 02/29/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 73,000 | — | (34,000 | )(b) | 39,000 | $ | 39,000 | $ | 379 | $ | — | $ | — | |||||||||||||||||||
iShares MSCI India ETF | 109,842 | 28,697 | (3,516 | ) | 135,023 | 4,346,390 | 3,818 | (2,950 | ) | (66,848 | ) | |||||||||||||||||||||
$ | 4,385,390 | $ | 4,197 | $ | (2,950 | ) | $ | (66,848 | ) |
(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.
36 | 2 0 2 0 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) | iShares® MSCI Emerging Markets ex China ETF |
February 29, 2020 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. 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 | $ | 25,350,525 | $ | — | $ | — | $ | 25,350,525 | ||||||||
Investment Companies | 4,346,390 | — | — | 4,346,390 | ||||||||||||
Preferred Stocks | 1,458,601 | — | — | 1,458,601 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Warrants | 29 | — | — | 29 | ||||||||||||
Money Market Funds | 39,000 | — | — | 39,000 | ||||||||||||
$ | 31,194,545 | $ | 0 | (a) | $ | — | $ | 31,194,545 |
(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 | 37 |
Statements of Assets and Liabilities (unaudited)
February 29, 2020
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) | $ | 4,829,824,554 | $ | 5,289,451,019 | $ | 455,369,922 | $ | 2,025,170,143 | ||||||||
Affiliated(c) | 38,977,324 | 19,286,507 | 3,522,896 | 11,870,015 | ||||||||||||
Cash | 2,039,106 | 978 | — | 7,327,369 | ||||||||||||
Foreign currency, at value(d) | 9,421,605 | 4,088,765 | 295,507 | 13,181,840 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 140,000 | 737,000 | 113,000 | 211,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 26,614,763 | — | 322,832 | 97,159,031 | ||||||||||||
Securities lending income — Affiliated | 30,111 | 6,602 | 1,684 | 28,157 | ||||||||||||
Variation margin on futures contracts | — | — | — | 43,961 | ||||||||||||
Capital shares sold | — | — | — | 15,072,930 | ||||||||||||
Dividends | 9,742,489 | 9,822,986 | 1,409,323 | 2,448,479 | ||||||||||||
Tax reclaims | 30,543 | 1,690,108 | 715 | 8,107 | ||||||||||||
Total assets | 4,916,820,495 | 5,325,083,965 | 461,035,879 | 2,172,521,032 | ||||||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | — | — | 20,727 | — | ||||||||||||
Collateral on securities loaned, at value | 36,824,390 | 10,735,265 | 2,736,679 | 11,863,704 | ||||||||||||
Deferred foreign capital gain tax | 9,648,045 | 512,133 | 175,542 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased. | 11,414 | — | — | 129,037,621 | ||||||||||||
Variation margin on futures contracts | 9,584 | 490 | 2,497 | — | ||||||||||||
Bank borrowings | — | — | — | 1,847,997 | ||||||||||||
Capital shares redeemed | 36,840,116 | — | — | — | ||||||||||||
Investment advisory fees | 869,195 | 913,816 | 172,151 | 415,370 | ||||||||||||
Foreign taxes | 146 | 1,339 | 1,694 | 18 | ||||||||||||
Total liabilities | 84,202,890 | 12,163,043 | 3,109,290 | 143,164,710 | ||||||||||||
NET ASSETS | $ | 4,832,617,605 | $ | 5,312,920,922 | $ | 457,926,589 | $ | 2,029,356,322 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 5,447,422,245 | $ | 4,899,315,946 | $ | 525,852,045 | $ | 2,226,218,106 | ||||||||
Accumulated earnings (loss) | (614,804,640 | ) | 413,604,976 | (67,925,456 | ) | (196,861,784 | ) | |||||||||
NET ASSETS | $ | 4,832,617,605 | $ | 5,312,920,922 | $ | 457,926,589 | $ | 2,029,356,322 | ||||||||
Shares outstanding | 90,800,000 | 59,100,000 | 11,300,000 | 62,500,000 | ||||||||||||
Net asset value | $ | 53.22 | $ | 89.90 | $ | 40.52 | $ | 32.47 | ||||||||
Shares authorized | 500 million | 500 million | 25 million | 600 million | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
(a) Securities loaned, at value | $ | 34,935,778 | $ | 10,491,587 | $ | 2,609,795 | $ | 10,979,539 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 4,620,730,161 | $ | 4,812,373,731 | $ | 462,217,436 | $ | 2,162,018,909 | ||||||||
(c) Investments, at cost — Affiliated | $ | 38,963,388 | $ | 19,281,679 | $ | 3,521,815 | $ | 11,867,321 | ||||||||
(d) Foreign currency, at cost | $ | 9,429,329 | $ | 4,140,810 | $ | 302,958 | $ | 13,237,484 |
See notes to financial statements.
38 | 2 0 2 0 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 29, 2020
iShares | ||||
MSCI | ||||
Emerging | ||||
Markets ex | ||||
China ETF | ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 26,809,155 | ||
Affiliated(b) | 4,385,390 | |||
Foreign currency, at value(c) | 45,783 | |||
Receivables: | ||||
Investments sold | 3,869 | |||
Dividends | 98,492 | |||
Total assets | 31,342,689 | |||
LIABILITIES | ||||
Bank overdraft | 18,141 | |||
Payables: | ||||
Investments purchased | 27,068 | |||
Investment advisory fees | 4,116 | |||
Foreign taxes | 18 | |||
Total liabilities | 49,343 | |||
NET ASSETS | $ | 31,293,346 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 34,062,182 | ||
Accumulated loss | (2,768,836 | ) | ||
NET ASSETS | $ | 31,293,346 | ||
Shares outstanding | 700,000 | |||
Net asset value | $ | 44.70 | ||
Shares authorized | 25 million | |||
Par value | $ | 0.001 | ||
(a) Investments, at cost — Unaffiliated | $ | 28,563,717 | ||
(b) Investments, at cost — Affiliated | $ | 4,698,522 | ||
(c) Foreign currency, at cost | $ | 47,152 | ||
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)
Six Months Ended February 29, 2020
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 | $ | 39,461,642 | $ | 56,319,794 | $ | 4,062,374 | $ | 8,597,021 | ||||||||
Dividends — Affiliated | 88,502 | 95,916 | 6,149 | 15,270 | ||||||||||||
Non-cash dividends — Unaffiliated | — | — | — | 4,695,795 | ||||||||||||
Interest — Unaffiliated | 5,727 | — | 845 | 1,122 | ||||||||||||
Securities lending income — Affiliated — net(a) | 163,568 | 88,064 | 21,527 | 189,631 | ||||||||||||
Foreign taxes withheld | (3,535,873 | ) | (2,339,572 | ) | (422,495 | ) | (924,963 | ) | ||||||||
Other foreign taxes | (44,569 | ) | (8,970 | ) | — | (12,977 | ) | |||||||||
Total investment income | 36,138,997 | 54,155,232 | 3,668,400 | 12,560,899 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 18,841,173 | 8,762,126 | 995,483 | 1,325,204 | ||||||||||||
Commitment fees | 15,102 | 4,916 | 555 | 1,950 | ||||||||||||
Mauritius income taxes | 175,988 | — | — | — | ||||||||||||
Interest expense | 10,405 | 9,521 | 6,694 | 2,789 | ||||||||||||
Total expenses | 19,042,668 | 8,776,563 | 1,002,732 | 1,329,943 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (12,204,183 | ) | (3,183,807 | ) | — | — | ||||||||||
Total expenses after fees waived | 6,838,485 | 5,592,756 | 1,002,732 | 1,329,943 | ||||||||||||
Net investment income | 29,300,512 | 48,562,476 | 2,665,668 | 11,230,956 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(b) | (75,809,094 | ) | (48,894,341 | ) | (13,746,167 | ) | (27,290,169 | ) | ||||||||
Investments — Affiliated | 3,311 | 4,411 | (537 | ) | 1,109 | |||||||||||
In-kind redemptions — Unaffiliated | 22,076,176 | 145,280,731 | 924,037 | — | ||||||||||||
Futures contracts | (163,858 | ) | 1,880,260 | 68,120 | (60,032 | ) | ||||||||||
Foreign currency transactions | (632,805 | ) | (191,037 | ) | (44,264 | ) | (325,451 | ) | ||||||||
Net realized gain (loss) | (54,526,270 | ) | 98,080,024 | (12,798,811 | ) | (27,674,543 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(c) | (219,376,745 | ) | (276,957,382 | ) | 13,939,913 | (119,417,122 | ) | |||||||||
Investments — Affiliated | 2,644 | (2,254 | ) | 922 | 988 | |||||||||||
Futures contracts | (128,587 | ) | (1,312,276 | ) | (64,397 | ) | (241,612 | ) | ||||||||
Foreign currency translations | (391,344 | ) | 37,849 | (76,072 | ) | (182,651 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (219,894,032 | ) | (278,234,063 | ) | 13,800,366 | (119,840,397 | ) | |||||||||
Net realized and unrealized gain (loss) | (274,420,302 | ) | (180,154,039 | ) | 1,001,555 | (147,514,940 | ) | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (245,119,790 | ) | $ | (131,591,563 | ) | $ | 3,667,223 | $ | (136,283,984 | ) | |||||
(a) Net of securities lending income tax paid of | $ | 19,090 | $ | — | $ | — | $ | — | ||||||||
(b) Net of foreign capital gain tax of | $ | 98,006 | $ | — | $ | 7,266 | $ | — | ||||||||
(c) Net of deferred foreign capital gain tax of | $ | (1,319,924 | ) | $ | 512,133 | $ | 175,542 | $ | (66,834 | ) |
See notes to financial statements
40 | 2 0 2 0 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 29, 2020
iShares MSCI Emerging Markets ex China ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 342,567 | ||
Dividends — Affiliated | 4,197 | |||
Non-cash dividends — Unaffiliated | 292,385 | |||
Foreign taxes withheld | (42,280 | ) | ||
Other foreign taxes | (50 | ) | ||
Total investment income | 596,819 | |||
EXPENSES | ||||
Investment advisory fees | 74,324 | |||
Total expenses | 74,324 | |||
Less: | ||||
Investment advisory fees waived | (50,677 | ) | ||
Total expenses after fees waived | 23,647 | |||
Net investment income | 573,172 | |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (172,069 | ) | ||
Investments — Affiliated | (2,950 | ) | ||
Foreign currency transactions | 1,027 | |||
Net realized loss | (173,992 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (975,377 | ) | ||
Investments — Affiliated | (66,848 | ) | ||
Foreign currency translations | (5,538 | ) | ||
Net change in unrealized appreciation (depreciation) | (1,047,763 | ) | ||
Net realized and unrealized loss | (1,221,755 | ) | ||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (648,583 | ) |
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
iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated) | iShares Edge MSCI Min Vol Global ETF | |||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 29,300,512 | $ | 142,041,168 | $ | 48,562,476 | $ | 98,989,651 | ||||||||
Net realized gain (loss) | (54,526,270 | ) | (100,762,003 | ) | 98,080,024 | 52,580,087 | ||||||||||
Net change in unrealized appreciation (depreciation) | (219,894,032 | ) | (100,503,198 | ) | (278,234,063 | ) | 301,773,485 | |||||||||
Net increase (decrease) in net assets resulting from operations | (245,119,790 | ) | (59,224,033 | ) | (131,591,563 | ) | 453,343,223 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (87,628,375 | ) | (130,514,441 | ) | (83,487,378 | ) | (93,156,234 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (251,898,750 | ) | 940,306,068 | 252,279,396 | 1,573,133,776 | |||||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (584,646,915 | ) | 750,567,594 | 37,200,455 | 1,933,320,765 | |||||||||||
Beginning of period | 5,417,264,520 | 4,666,696,926 | 5,275,720,467 | 3,342,399,702 | ||||||||||||
End of period | $ | 4,832,617,605 | $ | 5,417,264,520 | $ | 5,312,920,922 | $ | 5,275,720,467 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
42 | 2 0 2 0 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 Edge MSCI Multifactor Emerging Markets ETF | iShares ESG MSCI EM ETF | |||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 2,665,668 | $ | 11,186,154 | $ | 11,230,956 | $ | 13,880,674 | ||||||||
Net realized loss | (12,798,811 | ) | (36,746,895 | ) | (27,674,543 | ) | (21,353,323 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 13,800,366 | (4,230,105 | ) | (119,840,397 | ) | (6,895,209 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 3,667,223 | (29,790,846 | ) | (136,283,984 | ) | (14,367,858 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (7,432,603 | ) | (9,249,430 | ) | (15,708,116 | ) | (10,952,741 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase in net assets derived from capital share transactions | 50,117,458 | 159,543,885 | 1,508,805,345 | 368,110,977 | ||||||||||||
NET ASSETS | ||||||||||||||||
Total increase in net assets | 46,352,078 | 120,503,609 | 1,356,813,245 | 342,790,378 | ||||||||||||
Beginning of period | 411,574,511 | 291,070,902 | 672,543,077 | 329,752,699 | ||||||||||||
End of period | $ | 457,926,589 | $ | 411,574,511 | $ | 2,029,356,322 | $ | 672,543,077 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 Emerging Markets ex China ETF | ||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 573,172 | $ | 538,662 | ||||
Net realized loss | (173,992 | ) | (406,140 | ) | ||||
Net change in unrealized appreciation (depreciation) | (1,047,763 | ) | (947,735 | ) | ||||
Net decrease in net assets resulting from operations | (648,583 | ) | (815,213 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (855,829 | ) | (321,357 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 5,049,297 | 18,966,426 | ||||||
NET ASSETS | ||||||||
Total increase in net assets | 3,544,885 | 17,829,856 | ||||||
Beginning of period | 27,748,461 | 9,918,605 | ||||||
End of period | $ | 31,293,346 | $ | 27,748,461 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
44 | 2 0 2 0 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 Edge MSCI Min Vol Emerging Markets ETF (Consolidated) | ||||||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 56.84 | $ | 59.22 | $ | 58.01 | $ | 53.40 | $ | 50.98 | $ | 62.47 | ||||||||||||
Net investment income(a) | 0.31 | 1.57 | 1.49 | 1.28 | 1.57 | 1.58 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.01 | ) | (2.46 | ) | 1.23 | 4.48 | 2.13 | (11.65 | ) | |||||||||||||||
Net increase (decrease) from investment operations | (2.70 | ) | (0.89 | ) | 2.72 | 5.76 | 3.70 | (10.07 | ) | |||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.92 | ) | (1.49 | ) | (1.51 | ) | (1.15 | ) | (1.28 | ) | (1.42 | ) | ||||||||||||
Total distributions | (0.92 | ) | (1.49 | ) | (1.51 | ) | (1.15 | ) | (1.28 | ) | (1.42 | ) | ||||||||||||
Net asset value, end of period | $ | 53.22 | $ | 56.84 | $ | 59.22 | $ | 58.01 | $ | 53.40 | $ | 50.98 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (4.88 | )%(d) | (1.44 | )%(e) | 4.70 | % | 11.11 | % | 7.48 | % | (16.32 | )% | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.70 | %(f) | 0.68 | % | 0.67 | % | 0.69 | % | 0.71 | % | 0.69 | % | ||||||||||||
Total expenses after fees waived | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Net investment income | 1.07 | %(f) | 2.71 | % | 2.47 | % | 2.40 | % | 3.12 | % | 2.71 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,832,618 | $ | 5,417,265 | $ | 4,666,697 | $ | 4,037,428 | $ | 4,379,041 | $ | 2,462,357 | ||||||||||||
Portfolio turnover rate(g) | 12 | %(d) | 24 | % | 22 | % | 23 | % | 23 | % | 28 | % |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(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 | 45 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Edge MSCI Min Vol Global ETF | ||||||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | |||||||||||||||||||
Net asset value, beginning of period | $ | 93.54 | $ | 87.04 | $ | 81.13 | $ | 75.82 | $ | 67.59 | $ | 68.25 | ||||||||||||
Net investment income(a) | 0.83 | 2.16 | 1.82 | 1.84 | 1.79 | 1.70 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.06 | ) | 6.36 | 5.85 | 5.40 | 8.07 | (0.89 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | (2.23 | ) | 8.52 | 7.67 | 7.24 | 9.86 | 0.81 | |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (1.41 | ) | (2.02 | ) | (1.76 | ) | (1.93 | ) | (1.63 | ) | (1.47 | ) | ||||||||||||
Total distributions | (1.41 | ) | (2.02 | ) | (1.76 | ) | (1.93 | ) | (1.63 | ) | (1.47 | ) | ||||||||||||
Net asset value, end of period | $ | 89.90 | $ | 93.54 | $ | 87.04 | $ | 81.13 | $ | 75.82 | $ | 67.59 | ||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.46 | )%(d) | 9.99 | % | 9.56 | % | 9.75 | % | 14.76 | % | 1.15 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.31 | %(e) | 0.32 | % | 0.31 | % | 0.32 | % | 0.32 | % | 0.33 | % | ||||||||||||
Total expenses after fees waived | 0.20 | %(e) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Net investment income | 1.74 | %(e) | 2.45 | % | 2.17 | % | 2.40 | % | 2.49 | % | 2.41 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,312,921 | $ | 5,275,720 | $ | 3,342,400 | $ | 3,675,374 | $ | 3,267,688 | $ | 2,115,632 | ||||||||||||
Portfolio turnover rate(f) | 11 | %(d) | 21 | % | 23 | % | 24 | % | 24 | % | 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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
46 | 2 0 2 0 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 Multifactor Emerging Markets ETF | ||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Year Ended 08/31/17 | Period From 12/08/15(a) to 08/31/16 | ||||||||||||||||
Net asset value, beginning of period | $ | 40.35 | $ | 44.78 | $ | 46.04 | $ | 37.46 | $ | 33.82 | ||||||||||
Net investment income(b) | 0.26 | 1.47 | 1.39 | 0.91 | 1.27 | |||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.66 | (4.72 | ) | (1.63 | ) | 8.53 | 2.50 | |||||||||||||
Net increase (decrease) from investment operations | 0.92 | (3.25 | ) | (0.24 | ) | 9.44 | 3.77 | |||||||||||||
Distributions(d) | ||||||||||||||||||||
From net investment income | (0.75 | ) | (1.18 | ) | (1.02 | ) | (0.86 | ) | (0.13 | ) | ||||||||||
Total distributions | (0.75 | ) | (1.18 | ) | (1.02 | ) | (0.86 | ) | (0.13 | ) | ||||||||||
Net asset value, end of period | $ | 40.52 | $ | 40.35 | $ | 44.78 | $ | 46.04 | $ | 37.46 | ||||||||||
Total Return | ||||||||||||||||||||
Based on net asset value | 2.13 | %(e) | (7.16 | )% | (0.65 | )% | 25.80 | % | 11.16 | %(e) | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.45 | %(f) | 0.45 | % | 0.45 | %(g) | 0.50 | %(g) | 0.65 | %(f)(g) | ||||||||||
Total expenses after fees waived | 0.45 | %(f) | 0.45 | % | 0.42 | %(g) | 0.42 | %(g) | 0.49 | %(f)(g) | ||||||||||
Net investment income | 1.21 | %(f) | 3.55 | % | 2.87 | % | 2.24 | % | 4.91 | %(f) | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 457,927 | $ | 411,575 | $ | 291,071 | $ | 82,873 | $ | 29,969 | ||||||||||
Portfolio turnover rate(h) | 24 | %(e) | 53 | % | 39 | %(i) | 36 | %(i) | 11 | %(e)(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | 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. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
(i) | 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.
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 ESG MSCI EM ETF | ||||||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18(a) | Year Ended 08/31/17(a) | Period From 06/28/16(a)(b) to 08/31/16 | ||||||||||||||||
Net asset value, beginning of period | $ | 32.03 | $ | 33.65 | $ | 34.58 | $ | 28.23 | $ | 25.19 | ||||||||||
Net investment income(c) | 0.37 | 0.91 | 0.94 | 0.85 | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss)(d) | 0.74 | (1.85 | ) | (1.17 | ) | 5.81 | 2.88 | |||||||||||||
Net increase (decrease) from investment operations | 1.11 | (0.94 | ) | (0.23 | ) | 6.66 | 3.04 | |||||||||||||
Distributions(e) | ||||||||||||||||||||
From net investment income | (0.67 | ) | (0.68 | ) | (0.70 | ) | (0.31 | ) | — | |||||||||||
Total distributions | (0.67 | ) | (0.68 | ) | (0.70 | ) | (0.31 | ) | — | |||||||||||
Net asset value, end of period | $ | 32.47 | $ | 32.03 | $ | 33.65 | $ | 34.58 | $ | 28.23 | ||||||||||
Total Return | ||||||||||||||||||||
Based on net asset value | 3.32 | %(f) | (2.76 | )% | (0.72 | )% | 23.75 | % | 12.09 | %(f) | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.25 | %(g) | 0.25 | % | 0.25 | % | 0.42 | % | 0.45 | %(g) | ||||||||||
Net investment income | 2.12 | %(g) | 2.76 | % | 2.63 | % | 2.73 | % | 3.26 | %(g) | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 2,029,356 | $ | 672,543 | $ | 329,753 | $ | 96,812 | $ | 5,645 | ||||||||||
Portfolio turnover rate(h) | 18 | %(f) | 34 | % | 45 | % | 29 | % | 9 | %(f) |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(f) | Not annualized. |
(g) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
48 | 2 0 2 0 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 ex China ETF | ||||||||||||||||
Six Months Ended 02/29/20 (unaudited) | Year Ended 08/31/19 | Year Ended 08/31/18 | Period From 07/18/17 to 08/31/17 | (a)
| ||||||||||||
Net asset value, beginning of period | $ | 46.25 | $ | 49.59 | $ | 51.14 | $ | 50.22 | ||||||||
Net investment income(b) | 0.93 | 1.62 | 1.10 | 0.13 | ||||||||||||
Net realized and unrealized gain (loss)(c) | (1.05 | ) | (3.83 | ) | (1.80 | ) | 0.79 | |||||||||
Net increase (decrease) from investment operations | (0.12 | ) | (2.21 | ) | (0.70 | ) | 0.92 | |||||||||
Distributions(d) | ||||||||||||||||
From net investment income | (1.43 | ) | (1.13 | ) | (0.85 | ) | — | |||||||||
Total distributions | (1.43 | ) | (1.13 | ) | (0.85 | ) | — | |||||||||
Net asset value, end of period | $ | 44.70 | $ | 46.25 | $ | 49.59 | $ | 51.14 | ||||||||
Total Return | ||||||||||||||||
Based on net asset value | (0.59 | )%(e) | (4.42 | )% | (1.41 | )% | 1.83 | %(e) | ||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses(f) | 0.49 | %(g) | 0.49 | % | 0.49 | % | 0.49 | %(g) | ||||||||
Total expenses after fees waived(f) | 0.16 | %(g) | 0.26 | % | 0.41 | % | 0.41 | %(g) | ||||||||
Net investment income | 3.78 | %(g) | 3.38 | % | 2.09 | % | 2.07 | %(g) | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 31,293 | $ | 27,748 | $ | 9,919 | $ | 10,227 | ||||||||
Portfolio turnover rate(h)(i) | 7 | %(e) | 10 | % | 9 | % | 0 | %(e)(j) |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not 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) | Annualized. |
(h) | Portfolio turnover rate excludes in-kind transactions. |
(i) | 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. |
(j) | Rounds to less than 1%. |
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 |
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”):
Diversification | ||||
iShares ETF | Classification | |||
Edge MSCI Min Vol Emerging Markets | Diversified | |||
Edge MSCI Min Vol Global | Diversified | |||
Edge MSCI Multifactor Emerging Markets | Diversified | |||
ESG MSCI EM | Diversified | |||
MSCI Emerging Markets ex China | Non-diversified |
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.
InvestmentTransactions 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, including amortization and accretion of premiums and discounts on debt securities, and payment- in-kind interest income, if any, are recognized daily on the accrual basis.
Foreign CurrencyTranslation: 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 29, 2020, if any, are disclosed in the 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 have commercial substance, on an annual basis, to 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 and the same covers the period of any exists.
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, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the
50 | 2 0 2 0 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)
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.
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.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. Th 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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 valu 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 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)
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. 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 29, 2020, 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 FundAdvisors (“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 29, 2020 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 29, 2020:
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. | $ | 2,748,044 | $ | 2,748,044 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 1,544,726 | 1,544,726 | — | — | ||||||||||||
Goldman Sachs & Co. | 2,016,294 | 2,016,294 | — | — | ||||||||||||
JPMorgan Securities LLC | 4,528,769 | 4,528,769 | — | — | ||||||||||||
Macquarie Bank Limited | 2,084,181 | 2,084,181 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 114,745 | 114,745 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 9,551,129 | 9,551,129 | — | — | ||||||||||||
UBS Securities LLC | 12,347,890 | 12,347,890 | — | — | ||||||||||||
$ | 34,935,778 | $ | 34,935,778 | $ | — | $ | — | |||||||||
Edge MSCI Min Vol Global | ||||||||||||||||
BofA Securities, Inc. | $ | 1,802,696 | $ | 1,802,696 | $ | — | $ | — | ||||||||
Goldman Sachs & Co. | 2,340,304 | 2,340,304 | — | — | ||||||||||||
JPMorgan Securities LLC | 3,323,200 | 3,323,200 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 1,938,439 | 1,938,439 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,086,948 | 1,086,948 | — | — | ||||||||||||
$ | 10,491,587 | $ | 10,491,587 | $ | — | $ | — | |||||||||
Edge MSCI Multifactor Emerging Markets | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 149,540 | $ | 149,540 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 620,591 | 620,591 | — | — | ||||||||||||
JPMorgan Securities LLC | 733,112 | 733,112 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,094,364 | 1,094,364 | — | — | ||||||||||||
TD Prime Services LLC | 12,188 | 12,188 | — | — | ||||||||||||
$ | 2,609,795 | $ | 2,609,795 | $ | — | $ | — |
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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 | ||||||||||||
ESG MSCI EM | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 2,907 | $ | 2,907 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 3,459,882 | 3,459,882 | — | — | ||||||||||||
Jefferies LLC | 156,772 | 156,772 | — | — | ||||||||||||
JPMorgan Securities LLC | 3,348,939 | 3,348,939 | — | — | ||||||||||||
Macquarie Bank Limited | 875,657 | 875,657 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 644,128 | 644,128 | — | — | ||||||||||||
SG Americas Securities LLC | 1,836,251 | 1,836,251 | — | — | ||||||||||||
UBS AG | 447,157 | 447,157 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 207,846 | 202,608 | — | (5,238 | )(b) | |||||||||||
$ | 10,979,539 | $ | 10,974,301 | $ | — | $ | (5,238 | ) |
(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 to the extent 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).
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)
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 | 0.227 | |||
Over $150 billion | 0.204 |
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 it 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.
For the six months ended ended February 29, 2020, BFA has voluntarily waived a portion of its investment advisory fee for the iShares MSCI Emerging Markets ex China ETF in the amount of $37,920.
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.
54 | 2 0 2 0 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 that 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 (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.
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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
Fees Paid | ||||
iShares ETF | to BTC | |||
Edge MSCI Min Vol Emerging Markets | $ | 45,445 | ||
Edge MSCI Min Vol Global | 26,476 | |||
Edge MSCI Multifactor Emerging Markets | 5,708 | |||
ESG MSCI EM | 42,865 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: 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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
Edge MSCI Min Vol Emerging Markets | $ | 2,426,159 | $ | 51,741,747 | $ | 8,993,891 | ||||||
Edge MSCI Min Vol Global | 98,290,005 | 69,357,082 | (2,784,207 | ) | ||||||||
Edge MSCI Multifactor Emerging Markets | 769,993 | 2,678,760 | (1,224,009 | ) |
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 29, 2020, 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 | $ | 628,785,122 | $ | 819,720,098 | ||||
Edge MSCI Min Vol Global | 899,452,597 | 597,767,069 | ||||||
Edge MSCI Multifactor Emerging Markets | 142,697,696 | 102,835,180 | ||||||
ESG MSCI EM | 1,278,790,513 | 204,331,741 | ||||||
MSCI Emerging Markets ex China | 4,622,178 | 2,195,203 |
For the six months ended February 29, 2020, in-kind transactions were as follows:
In-kind | In-kind | |||||||
iShares ETF | Purchases | Sales | ||||||
Edge MSCI Min Vol Emerging Markets | $ | 5,614,503 | $ | 96,504,260 | ||||
Edge MSCI Min Vol Global | 366,341,850 | 449,374,350 | ||||||
Edge MSCI Multifactor Emerging Markets | 11,625,649 | 6,332,542 | ||||||
ESG MSCI EM | 422,574,667 | — | ||||||
MSCI Emerging Markets ex China | 2,006,068 | — |
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.
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)
Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Edge MSCI Min Vol Emerging Markets | $ | 682,796,848 | ||
Edge MSCI Min Vol Global | 107,300,323 | |||
Edge MSCI Multifactor Emerging Markets | 35,809,876 | |||
ESG MSCI EM | 18,084,612 | |||
MSCI Emerging Markets ex China | 353,754 |
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 29, 2020, 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 | $ | 4,735,729,605 | $ | 711,872,915 | $ | (579,115,099 | ) | $ | 132,757,816 | |||||||
Edge MSCI Min Vol Global | 4,889,223,639 | 688,779,353 | (270,909,711 | ) | 417,869,642 | |||||||||||
Edge MSCI Multifactor Emerging Markets | 478,515,522 | 34,730,280 | (54,486,178 | ) | (19,755,898 | ) | ||||||||||
ESG MSCI EM | 2,189,380,721 | 47,555,298 | (200,161,971 | ) | (152,606,673 | ) | ||||||||||
MSCI Emerging Markets ex China | 33,474,468 | 1,726,815 | (4,006,738 | ) | (2,279,923 | ) |
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 21, 2020. 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 MSCI Emerging Markets ex China ETF did not borrow under the credit agreement during the six months ended February 29, 2020.
For the six months ended February 29, 2020, the maximum amount borrowed, the average daily 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 | $ | 19,851,000 | $ | 763,500 | 2.70 | % | ||||||
Edge MSCI Min Vol Global | 18,166,000 | 698,692 | 2.70 | |||||||||
Edge MSCI Multifactor Emerging Markets | 12,771,000 | 491,192 | 2.70 | |||||||||
ESG MSCI EM | 4,568,484 | 204,038 | 2.70 |
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.
56 | 2 0 2 0 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 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
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.
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)
Transactions in capital shares were as follows:
Six Months Ended 02/29/20 | Year Ended 08/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Edge MSCI Min Vol Emerging Markets | ||||||||||||||||
Shares sold | 400,000 | $ | 25,287,546 | 19,800,000 | $ | 1,132,727,160 | ||||||||||
Shares redeemed | (4,900,000 | ) | (277,186,296 | ) | (3,300,000 | ) | (192,421,092 | ) | ||||||||
Net increase(decrease) | (4,500,000 | ) | $ | (251,898,750 | ) | 16,500,000 | $ | 940,306,068 | ||||||||
Edge MSCI Min Vol Global | ||||||||||||||||
Shares sold | 7,700,000 | $ | 732,784,628 | 20,500,000 | $ | 1,789,740,435 | ||||||||||
Shares redeemed | (5,000,000 | ) | (480,505,232 | ) | (2,500,000 | ) | (216,606,659 | ) | ||||||||
Net increase | 2,700,000 | $ | 252,279,396 | 18,000,000 | $ | 1,573,133,776 | ||||||||||
Edge MSCI Multifactor Emerging Markets | ||||||||||||||||
Shares sold | 1,400,000 | $ | 62,972,159 | 5,100,000 | $ | 215,590,994 | ||||||||||
Shares redeemed | (300,000 | ) | (12,854,701 | ) | (1,400,000 | ) | (56,047,109 | ) | ||||||||
Net increase | 1,100,000 | $ | 50,117,458 | 3,700,000 | $ | 159,543,885 | ||||||||||
ESG MSCI EM | ||||||||||||||||
Shares sold | 41,500,000 | $ | 1,508,805,345 | 11,200,000 | $ | 368,110,977 | ||||||||||
MSCI Emerging Markets ex China | ||||||||||||||||
Shares sold | 100,000 | $ | 5,049,297 | 400,000 | $ | 18,966,426 |
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.
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 Preferred and Income Securities 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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
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.
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Statement Regarding Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares Edge MSCI Min Vol Emerging Markets ETF, iShares Edge MSCI Min Vol Global ETF, iShares Edge MSCI Multifactor Emerging Markets ETF, iShares ESG MSCI EM ETF and iShares MSCI Emerging Markets ex China met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m | 59 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
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) | $ | 0.778021 | $ | — | $ | 0.137636 | $ | 0.915657 | 85 | % | —% | 15 | % | 100 | % | |||||||||||||||||
Edge MSCI Min Vol Global(a) | 1.179528 | — | 0.233118 | 1.412646 | 83 | — | 17 | 100 | ||||||||||||||||||||||||
Edge MSCI Multifactor Emerging Markets(a) | 0.627311 | — | 0.123457 | 0.750768 | 84 | — | 16 | 100 | ||||||||||||||||||||||||
ESG MSCI EM(a) | 0.615349 | — | 0.055938 | 0.671287 | 92 | — | 8 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets ex China(a) | 1.271834 | — | 0.154548 | 1.426382 | 89 | — | 11 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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. |
60 | 2 0 2 0 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 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 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
G e n e r a l I n f o r m a t i o n | 61 |
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 |
62 | 2 0 2 0 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 |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-816-0220
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 for Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-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 Rule 30a-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 Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-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 Rule 30a-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 for Closed-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.
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/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date: | May 05, 2020 |
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/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date: | May 05, 2020 |
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date: | May 05, 2020 |