Schedule of Investments (unaudited) | iShares® MSCI South Korea ETF |
November 30, 2022 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.5% | ||||||||
Korea Aerospace Industries Ltd. | 471,209 | $ | 17,499,455 | |||||
Air Freight & Logistics — 0.5% | ||||||||
CJ Logistics Corp.(a) | 10,851 | 736,206 | ||||||
Hyundai Glovis Co. Ltd. | 122,585 | 16,629,753 | ||||||
17,365,959 | ||||||||
Airlines — 0.6% | ||||||||
Korean Air Lines Co. Ltd.(a) | 1,085,928 | 21,304,769 | ||||||
Auto Components — 2.1% | ||||||||
Hankook Tire & Technology Co. Ltd. | 522,225 | 13,638,940 | ||||||
Hanon Systems(b) | 1,322,792 | 8,852,636 | ||||||
Hyundai Mobis Co. Ltd. | 308,834 | 50,549,490 | ||||||
73,041,066 | ||||||||
Automobiles — 4.5% | ||||||||
Hyundai Motor Co. | 652,849 | 85,053,663 | ||||||
Kia Corp. | 1,263,854 | 66,559,481 | ||||||
151,613,144 | ||||||||
Banks — 7.2% | ||||||||
Hana Financial Group Inc. | 1,516,719 | 51,874,889 | ||||||
Industrial Bank of Korea | 1,694,849 | 14,507,329 | ||||||
KakaoBank Corp.(a)(b) | 526,699 | 10,218,433 | ||||||
KB Financial Group Inc. | 1,882,654 | 74,755,917 | ||||||
Shinhan Financial Group Co. Ltd. | 2,259,648 | 65,507,461 | ||||||
Woori Financial Group Inc. | 3,002,886 | 29,998,639 | ||||||
246,862,668 | ||||||||
Biotechnology — 2.1% | ||||||||
Alteogen Inc.(a) | 8,561 | 243,476 | ||||||
Celltrion Inc.(b) | 473,659 | 64,211,474 | ||||||
Seegene Inc. | 56,255 | 1,316,796 | ||||||
SK Bioscience Co. Ltd.(a)(b) | 97,439 | 6,232,438 | ||||||
72,004,184 | ||||||||
Capital Markets — 1.7% | ||||||||
Korea Investment Holdings Co. Ltd. | 265,848 | 11,817,427 | ||||||
Meritz Securities Co. Ltd.(b) | 2,887,179 | 12,987,036 | ||||||
Mirae Asset Securities Co. Ltd. | 2,493,164 | 12,724,428 | ||||||
NH Investment & Securities Co. Ltd. | 1,174,521 | 8,668,561 | ||||||
Samsung Securities Co. Ltd. | 430,924 | 11,661,759 | ||||||
57,859,211 | ||||||||
Chemicals — 5.8% | ||||||||
Hanwha Solutions Corp.(a) | 685,256 | 27,123,832 | ||||||
Kumho Petrochemical Co. Ltd. | 144,814 | 16,657,730 | ||||||
LG Chem Ltd. | 222,168 | 126,820,509 | ||||||
Lotte Chemical Corp.(b) | 103,467 | 14,606,637 | ||||||
SK Chemicals Co. Ltd. | 825 | 56,326 | ||||||
SK IE Technology Co. Ltd.(a)(b)(c) | 104,434 | 5,345,808 | ||||||
SKC Co. Ltd.(b) | 88,283 | 7,657,433 | ||||||
198,268,275 | ||||||||
Commercial Services & Supplies — 0.2% | ||||||||
S-1 Corp. | 137,044 | 6,703,102 | ||||||
Construction & Engineering — 1.0% | ||||||||
GS Engineering & Construction Corp. | 8,306 | 150,223 | ||||||
Hyundai Engineering & Construction Co. Ltd.(b) | 490,848 | 15,515,412 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,040,534 | 19,672,456 | ||||||
35,338,091 | ||||||||
Construction Materials — 0.9% | ||||||||
POSCO Chemical Co. Ltd. | 172,880 | 29,200,835 |
Security | Shares | Value | ||||||
Diversified Telecommunication Services — 0.4% | ||||||||
LG Uplus Corp. | 1,336,564 | $ | 12,355,543 | |||||
Electric Utilities — 0.6% | ||||||||
Korea Electric Power Corp.(a) | 1,381,065 | 21,897,205 | ||||||
Electrical Equipment — 2.9% | ||||||||
Doosan Enerbility Co. Ltd.(a)(b) | 1,791,124 | 23,208,904 | ||||||
Ecopro BM Co. Ltd.(b) | 210,599 | 18,661,009 | ||||||
LG Energy Solution(a)(b) | 128,768 | 58,250,421 | ||||||
100,120,334 | ||||||||
Electronic Equipment, Instruments & Components — 6.9% | ||||||||
Iljin Materials Co. Ltd. | 96,354 | 4,620,937 | ||||||
L&F Co. Ltd.(a)(b) | 100,530 | 17,334,941 | ||||||
LG Display Co. Ltd. | 1,398,408 | 15,606,187 | ||||||
LG Innotek Co. Ltd. | 87,336 | 21,056,499 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 302,936 | 33,161,734 | ||||||
Samsung SDI Co. Ltd. | 254,616 | 143,737,851 | ||||||
235,518,149 | ||||||||
Entertainment — 2.4% | ||||||||
CJ ENM Co. Ltd. | 6,872 | 443,670 | ||||||
HYBE Co. Ltd.(a)(b) | 79,134 | 8,774,919 | ||||||
Kakao Games Corp.(a) | 148,234 | 5,023,370 | ||||||
Krafton Inc.(a) | 118,972 | 20,939,983 | ||||||
NCSoft Corp. | 90,942 | 32,944,311 | ||||||
Netmarble Corp.(b)(c) | 172,304 | 6,479,543 | ||||||
Pearl Abyss Corp.(a)(b) | 241,355 | 8,128,993 | ||||||
82,734,789 | ||||||||
Food & Staples Retailing — 0.6% | ||||||||
BGF retail Co. Ltd. | 66,049 | 10,365,560 | ||||||
E-MART Inc. | 142,664 | 10,091,495 | ||||||
20,457,055 | ||||||||
Food Products — 0.9% | ||||||||
CJ CheilJedang Corp.(b) | 56,784 | 17,127,204 | ||||||
Orion Corp./Republic of Korea(b) | 156,560 | 14,058,710 | ||||||
31,185,914 | ||||||||
Health Care Equipment & Supplies — 0.6% | ||||||||
HLB Inc.(a)(b) | 609,459 | 15,345,819 | ||||||
SD Biosensor Inc. | 149,840 | 3,790,920 | ||||||
19,136,739 | ||||||||
Health Care Providers & Services — 0.6% | ||||||||
Celltrion Healthcare Co. Ltd.(b) | 375,080 | 18,827,001 | ||||||
Hotels, Restaurants & Leisure — 0.4% | ||||||||
Kangwon Land Inc.(a) | 736,460 | 14,152,634 | ||||||
Household Durables — 1.6% | ||||||||
Coway Co. Ltd. | 305,845 | 13,465,370 | ||||||
LG Electronics Inc. | 550,029 | 41,504,967 | ||||||
54,970,337 | ||||||||
Industrial Conglomerates — 3.7% | ||||||||
CJ Corp. | 121,133 | 7,118,584 | ||||||
GS Holdings Corp. | 346,215 | 12,868,467 | ||||||
LG Corp. | 460,703 | 29,710,959 | ||||||
Samsung C&T Corp. | 439,177 | 41,198,212 | ||||||
SK Inc. | 199,109 | 33,606,615 | ||||||
124,502,837 | ||||||||
Insurance — 2.0% | ||||||||
DB Insurance Co. Ltd. | 335,021 | 15,924,111 | ||||||
Meritz Fire & Marine Insurance Co. Ltd.(b) | 145,286 | 5,134,879 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 166,795 | 26,180,303 |
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Schedule of Investments (unaudited) (continued) | iShares® MSCI South Korea ETF |
November 30, 2022 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Insurance (continued) | ||||||||
Samsung Life Insurance Co. Ltd. | 398,476 | $ | 22,369,675 | |||||
69,608,968 | ||||||||
Interactive Media & Services — 4.2% | ||||||||
Kakao Corp.(b) | 1,360,514 | 59,694,467 | ||||||
NAVER Corp.(b) | 581,008 | 84,457,410 | ||||||
144,151,877 | ||||||||
IT Services — 0.5% | ||||||||
Samsung SDS Co. Ltd. | 186,272 | 18,201,041 | ||||||
Life Sciences Tools & Services — 1.8% | ||||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 87,712 | 59,656,267 | ||||||
Machinery — 1.6% | ||||||||
Doosan Bobcat Inc. | 399,266 | 10,928,700 | ||||||
Hyundai Heavy Industries Co. Ltd.(a)(b) | 75,109 | 6,880,096 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a) | 101,514 | 6,658,043 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 223,471 | 13,453,873 | ||||||
Samsung Heavy Industries Co. Ltd.(a)(b) | 3,721,661 | 14,889,426 | ||||||
52,810,138 | ||||||||
Marine — 0.9% | ||||||||
HMM Co. Ltd.(b) | 1,158,660 | 19,968,456 | ||||||
Pan Ocean Co. Ltd. | 2,508,928 | 10,437,100 | ||||||
30,405,556 | ||||||||
Media — 0.3% | ||||||||
Cheil Worldwide Inc. | 549,736 | 10,196,367 | ||||||
Metals & Mining — 3.7% | ||||||||
Hyundai Steel Co. | 545,341 | 14,268,755 | ||||||
Korea Zinc Co. Ltd. | 53,563 | 25,894,972 | ||||||
POSCO Holdings Inc. | 376,933 | 86,280,008 | ||||||
126,443,735 | ||||||||
Multiline Retail — 0.2% | ||||||||
Lotte Shopping Co. Ltd. | 96,961 | 6,301,893 | ||||||
Oil, Gas & Consumable Fuels — 2.1% | ||||||||
HD Hyundai Co. Ltd. | 311,512 | 15,402,694 | ||||||
SK Innovation Co. Ltd.(a) | 284,541 | 39,369,190 | ||||||
S-Oil Corp. | 272,912 | 18,068,957 | ||||||
72,840,841 | ||||||||
Personal Products — 1.3% | ||||||||
Amorepacific Corp.(b) | 175,973 | 17,715,652 | ||||||
AMOREPACIFIC Group | 44,005 | 1,069,660 | ||||||
LG H&H Co. Ltd. | 47,773 | 24,108,131 | ||||||
42,893,443 | ||||||||
Pharmaceuticals — 1.1% | ||||||||
Celltrion Pharm Inc.(a) | 84,739 | 4,348,557 | ||||||
Hanmi Pharm Co. Ltd. | 49,687 | 9,934,290 | ||||||
SK Biopharmaceuticals Co. Ltd.(a)(b) | 136,291 | 7,703,389 | ||||||
Yuhan Corp. | 365,767 | 16,349,587 | ||||||
38,335,823 | ||||||||
Semiconductors & Semiconductor Equipment — 5.2% | ||||||||
SK Hynix Inc.(b) | 2,472,258 | 163,168,991 | ||||||
SK Square Co. Ltd.(a) | 424,547 | 12,300,237 | ||||||
175,469,228 | ||||||||
Specialty Retail — 0.3% | ||||||||
Hotel Shilla Co. Ltd.(b) | 199,824 | 11,229,303 | ||||||
Technology Hardware, Storage & Peripherals — 22.1% | ||||||||
Samsung Electronics Co. Ltd. | 15,683,997 | 753,599,615 |
Security | Shares | Value | ||||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
F&F Co. Ltd./New(b) | 73,425 | $ | 8,571,926 | |||||
Tobacco — 1.3% | ||||||||
KT&G Corp. | 585,250 | 44,408,232 | ||||||
Total Common Stocks — 97.6% | ||||||||
(Cost: $1,661,969,513) | 3,328,043,549 | |||||||
Preferred Stocks | ||||||||
Automobiles — 0.7% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 174,265 | 11,184,880 | ||||||
Series 2, Preference Shares, NVS | 228,711 | 14,416,142 | ||||||
25,601,022 | ||||||||
Chemicals — 0.5% | ||||||||
LG Chem Ltd., Preference Shares, NVS | 60,321 | 15,535,815 | ||||||
Personal Products — 0.0% | ||||||||
LG H&H Co. Ltd., Preference Shares, NVS | 3,057 | 653,813 | ||||||
Technology Hardware, Storage & Peripherals — 0.1% | ||||||||
Samsung Electronics Co. Ltd., Preference | ||||||||
Shares, NVS | 75,441 | 3,244,088 | ||||||
Total Preferred Stocks — 1.3% | ||||||||
(Cost: $23,141,540) | 45,034,738 | |||||||
Rights | ||||||||
Health Care Equipment & Supplies — 0.0% | ||||||||
HLB Inc., (Expires 12/09/22, Strike Price KRW 25,200.00)(a) | 48,760 | 271,741 | ||||||
Total Rights — 0.0% | ||||||||
(Cost: $0) | 271,741 | |||||||
Total Long-Term Investments — 98.9% | ||||||||
(Cost: $1,685,111,053) | 3,373,350,028 | |||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.06%(d)(e)(f) | 153,346,260 | 153,361,595 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%(d)(e) | 2,580,000 | 2,580,000 | ||||||
Total Short-Term Securities — 4.6% | ||||||||
(Cost: $155,948,946) | 155,941,595 | |||||||
Total Investments — 103.5% | ||||||||
(Cost: $1,841,059,999) | 3,529,291,623 | |||||||
Liabilities in Excess of Other Assets — (3.5)% | (118,210,046 | ) | ||||||
Net Assets — 100.0% | $ | 3,411,081,577 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
2
Schedule of Investments (unaudited) (continued) | iShares® MSCI South Korea ETF |
November 30, 2022 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 11/30/22 | Shares Held at 11/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 132,934,661 | $ | 20,450,762 | (a) | $ | — | $ | 28,795 | $ | (52,623 | ) | $ | 153,361,595 | 153,346,260 | $ | 538,788 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,750,000 | 830,000 | (a) | — | — | — | 2,580,000 | 2,580,000 | 7,009 | — | ||||||||||||||||||||||||||
$ | 28,795 | $ | (52,623 | ) | $ | 155,941,595 | $ | 545,797 | $ | — |
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
Long Contracts | ||||||||||||||
KOSPI2 Index | 479 | 12/08/22 | $ | 29,489 | $ | 1,250,647 |
Fair Value Hierarchy as of Period End
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/exchanges for identical assets or liabilities that each Fund has the ability to access; |
● | Level 2 – Other observable inputs (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 active, inputs other than quoted prices that are observable for the assets or liabilities (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 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 judgment 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. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
3
Schedule of Investments (unaudited) (continued) | iShares® MSCI South Korea ETF |
November 30, 2022 |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | — | $ | 3,328,043,549 | $ | — | $ | 3,328,043,549 | ||||||||
Preferred Stocks | — | 45,034,738 | — | 45,034,738 | ||||||||||||
Rights | — | 271,741 | — | 271,741 | ||||||||||||
Money Market Funds | 155,941,595 | — | — | 155,941,595 | ||||||||||||
$ | 155,941,595 | $ | 3,373,350,028 | $ | — | $ | 3,529,291,623 | |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | — | $ | 1,250,647 | $ | — | $ | 1,250,647 |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation | |
NVS | Non-Voting Shares |
4