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

 

	Page
Fund Summary	3
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
Financial Statements
Statements of Assets and Liabilities	25
Statements of Operations	27
Statements of Changes in Net Assets	29
Financial Highlights	32
Notes to Financial Statements	37
Statement Regarding Liquidity Risk Management Program	45
Supplemental Information	46
General Information	47
Glossary of Terms Used in this Report	48

 

 

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.

 

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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

 

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

 

(a)

Excludes money market funds.

 

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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.

 

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About Fund Performance

 

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.

 

Shareholder Expenses

 

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.

 

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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.

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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.

 

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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.

 

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