LOGO

  JULY 31, 2023

 

  

2023 Annual Report

 

 

iShares Trust

 

·  

iShares MSCI ACWI ETF | ACWI | NASDAQ

·  

iShares MSCI ACWI Low Carbon Target ETF | CRBN | NYSE Arca

·  

iShares MSCI All Country Asia ex Japan ETF | AAXJ | NASDAQ

·  

iShares MSCI Europe Financials ETF | EUFN | NASDAQ

·  

iShares MSCI Europe Small-Cap ETF | IEUS | NASDAQ

·  

iShares MSCI Kokusai ETF | TOK | NYSE Arca


The Markets in Review

Dear Shareholder,

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

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

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

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

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of July 31, 2023  
     
      6-Month       12-Month  
   

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

    13.52%       13.02%  
   

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

    4.51          7.91     
   

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

    6.65          16.79     
   

Emerging market equities
(MSCI Emerging Markets Index)

    3.26          8.35     
   

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

    2.34          3.96     
   

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

    (2.08)         (7.56)     
   

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

    (1.02)         (3.37)     
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    0.20          0.93     
   

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

    2.92          4.42     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     17  

Disclosure of Expenses

     17  

Schedules of Investments

     18  

Financial Statements:

  

Statements of Assets and Liabilities

     93  

Statements of Operations

     95  

Statements of Changes in Net Assets

     97  

Financial Highlights

     100  

Notes to Financial Statements

     106  

Report of Independent Registered Public Accounting Firm

     119  

Important Tax Information

     120  

Board Review and Approval of Investment Advisory Contract

     121  

Supplemental Information

     129  

Trustee and Officer Information

     131  

General Information

     134  

Glossary of Terms Used in this Report

     135  

 

 

 

  3


Market Overview

 

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended July 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 12.91% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of oil, natural gas, and wheat all declined during the reporting period, easing pressure on the world’s economies.

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

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

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

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

 

 

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


Fund Summary as of July 31, 2023      iShares® MSCI ACWI ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    12.75      8.30      8.82       12.75     49.01      132.76

Fund Market

    12.65        8.32        8.83         12.65       49.09        133.02  

Index

    12.91        8.24        8.64               12.91       48.55        128.98  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $   1,099.90          $   1.67           $  1,000.00       $  1,023.20          $   1.61          0.32

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  5


Fund Summary as of July 31, 2023  (continued)    iShares® MSCI ACWI ETF

 

Portfolio Management Commentary

Global stocks advanced notably for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. U.S. stocks, which represented approximately 61% of the Index on average, drove the majority of gains.

Among U.S. stocks, the information technology sector was the largest contributor to the Index’s return. While companies in the sector were negatively impacted by rising interest rates, the pace of interest rate increases slowed as the reporting period continued, and investor optimism surrounding new developments in artificial intelligence (“AI”) applications boosted stocks in the sector. The semiconductors and semiconductor equipment industry was the leading source of strength, as the potential for growth in AI buoyed the industry. Generative AI is computationally intensive, and the strong interest in the area benefited companies that manufacture specialty chips that can be used for these applications. The U.S. software and services industry also advanced, driven by strength among systems software companies. An investment in a leading AI company by a large systems software company enabled the incorporation of AI into a search engine, driving optimism about other future applications. The technology hardware, storage, and peripherals industry also gained amid growing revenues from services.

The U.S. communication services sector was another notable contributor to the Index’s performance, helped by aggressive cost-cutting in the media and entertainment industry. Stocks in the industrials sector advanced amid a surge in new manufacturing capacity, leading to higher demand for machinery and equipment.

Japanese stocks also contributed to the Index’s return, as the economy returned to growth and the government lifted strict border controls. The industrials sector gained the most, helped by higher profits and government reforms that aimed to improve the corporate environment for investors.

European stocks, particularly from France and Germany, also contributed. The French consumer discretionary sector benefited from solid European sales of luxury goods, while German industrials stocks were buoyed by strong earnings guidance amid easing supply chain bottlenecks.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    21.9%  

Financials

    15.6    

Health Care

    11.6    

Consumer Discretionary

    11.4    

Industrials

    10.5    

Communication Services

    7.5    

Consumer Staples

    7.2    

Energy

    4.7    

Materials

    4.6    

Utilities

    2.7    

Real Estate

    2.3    

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United States

    61.9%  

Japan

    5.5    

United Kingdom

    3.6    

China

    3.3    

France

    2.9    

Canada

    2.9    

Switzerland

    2.6    

Germany

    2.1    

Australia

    1.8    

Taiwan

    1.6    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of July 31, 2023      iShares® MSCI ACWI Low Carbon Target ETF

 

Investment Objective

The iShares MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market, as represented by the MSCI ACWI Low Carbon Target Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since
Inception
           1 Year     5 Years      Since
Inception
 

Fund NAV

    12.50      8.45      8.34       12.50     50.05      99.96

Fund Market

    12.41        8.43        8.33         12.41       49.88        99.82  

Index

    12.42        8.24        8.08               12.42       48.58        95.77  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

The inception date of the Fund was December 8, 2014. The first day of secondary market trading was December 9, 2014.

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $   1,098.20          $   1.04           $  1,000.00       $  1,023.80          $   1.00          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  7


Fund Summary as of July 31, 2023  (continued)    iShares® MSCI ACWI Low Carbon Target ETF

 

Portfolio Management Commentary

As the global economy continued to recover from the effects of the COVID-19 pandemic, rising economic activity drove an increase in energy use and global carbon emissions grew by 0.9% in 2022. However, this represented a significant slowdown from the prior year’s sharp increase as the global economy rebounded. In addition, emissions growth in 2022 trailed global economic growth. Renewable energy output increased significantly and was able to meet 90% of the growth in demand for electricity. Nonetheless, elevated prices for fossil fuels drove a wave of switching from natural gas to coal for energy generation, which offset some of the benefits of increased renewable capacity.

In this environment, stocks of companies with lower carbon exposure advanced strongly for the reporting period. U.S. stocks contributed the most to the Index’s return, driven primarily by the information technology sector. Investor optimism surrounding new developments in artificial intelligence (“AI”) applications boosted stocks in the sector. The semiconductors and semiconductor equipment industry gained notably, as generative AI is computationally intensive, and the strong interest in the area benefited companies that manufacture specialty chips that can be used for these applications.

The U.S. software and services industry also advanced, as an investment in a leading AI company by a large systems software company enabled the incorporation of AI into a search engine. The communication services sector also gained, helped by cost cutting measures and improved advertising targeting.

The Japanese financials sector was a source of strength, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. In France, strong European sales of luxury goods drove gains in the consumer discretionary sector.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI ACWI Index, while tracking it fairly closely. Relative to broader market, the investment approach for CRBN leads to overweight positions in stocks with lower carbon exposure and underweight positions in stocks with higher carbon exposure. For the reporting period, the Index had underweight positions in the energy and materials sectors, resulting in relative underperformance, while overweight positions in the financials and communication services sectors contributed positively to relative performance. Security selection within the energy sector was the primary detractor from relative performance, meanwhile security selection within the financials sector offset these losses.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    22.0%  

Financials

    17.5    

Health Care

    11.7    

Consumer Discretionary

    10.6    

Industrials

    10.3    

Communication Services

    8.5    

Consumer Staples

    6.8    

Materials

    4.0    

Energy

    3.5    

Real Estate

    2.9    

Utilities

    2.2    

 

 

GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United States

    61.5%  

Japan

    5.5    

China

    3.6    

Canada

    3.6    

United Kingdom

    3.4    

France

    2.6    

Switzerland

    2.4    

Germany

    1.7    

Australia

    1.7    

South Korea

    1.5    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

8  

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


Fund Summary as of July 31, 2023      iShares® MSCI All Country Asia ex Japan ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    5.64      1.25      4.20       5.64     6.42      50.93

Fund Market

    5.57        1.08        4.24         5.57       5.53        51.44  

Index

    6.19        1.97        4.92               6.19       10.23        61.69  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $  1,004.70          $   3.48           $  1,000.00       $  1,021.30          $   3.51          0.70

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  9


Fund Summary as of July 31, 2023  (continued)    iShares® MSCI All Country Asia ex Japan ETF

 

Portfolio Management Commentary

Stocks in Asia excluding Japan advanced for the reporting period, albeit at a slower pace than other regions of the world. South Korean stocks were the largest contributor to the Index’s return, led by the information technology sector. The technology hardware, storage, and peripherals industry performed strongly, as companies benefited from a series of positive developments. A U.S. law enacted in August 2022 directed incentives toward a leading South Korean chip producer and electronics conglomerate to expand its manufacturing footprint within the U.S. Investors also responded favorably to early-2023 production cuts by chip producers, which aimed to lower inventories and help the market for chips to recover. In the materials sector, South Korean companies in the metals and mining industry involved in the production of electric vehicle batteries received positive investor attention in the wake of a U.S. government investigation involving the partnership between a U.S. automaker and a Chinese battery manufacturer.

Taiwanese information technology stocks contributed meaningfully to the Index’s performance, as companies in its technology hardware, storage, and peripherals industry and its semiconductors industry were buoyed by growing investor interest in technologies related to artificial intelligence (“AI”). In this environment, companies involved in AI-related activities, such as manufacturing AI servers and producing chips for AI applications, posted strong gains. A slowdown in the inflation rate in the U.S. also provided a tailwind to Taiwanese information technology stocks, as investors grew optimistic that the monetary tightening cycle was nearing an end.

Financials stocks in India added to the Index’s return. The Indian banking industry gained, as investors reacted positively to banks’ robust profits, driven by strength in net interest income (the difference between the return on interest-bearing assets and interest paid to depositors), and welcomed plans by one of the country’s largest banks to expand its service offerings in the wealth management space. Further, against a backdrop of strong economic growth in India, both state-owned and private banks benefited from increased volume of personal loans and term deposits along with improved asset quality.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    23.1%  

Financials

    20.6    

Consumer Discretionary

    15.5    

Communication Services

    10.0    

Industrials

    7.4    

Materials

    5.1    

Consumer Staples

    5.1    

Health Care

    3.8    

Energy

    3.6    

Real Estate

    3.4    

Utilities

    2.4    

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

China

    35.4%  

Taiwan

    17.0    

India

    16.3    

South Korea

    14.2    

Hong Kong

    6.6    

Singapore

    3.8    

Thailand

    2.2    

Indonesia

    2.2    

Malaysia

    1.6    

Philippines

    0.7    

 

 
  (a) 

Excludes money market funds.

 

 

 

10  

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


Fund Summary as of July 31, 2023      iShares® MSCI Europe Financials ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    31.94      3.10      3.19       31.94     16.51      36.85

Fund Market

    31.84        3.09        3.12         31.84       16.45        35.96  

Index

    32.63        3.14        3.31               32.63       16.73        38.54  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $   1,053.70          $   2.55           $  1,000.00       $  1,022.30          $   2.51          0.50

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  11


Fund Summary as of July 31, 2023  (continued)    iShares® MSCI Europe Financials ETF

 

Portfolio Management Commentary

European financials equities advanced for the reporting period, as European stocks outpaced those in most other regions of the globe despite modest economic growth. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings. The inflation rate slowed significantly, and unemployment declined to a historic low.

U.K. stocks contributed the most to the Index’s performance, despite sluggish economic growth. The banking industry in the financials sector was the leading source of strength. Bank revenues rose in an environment of rising interest rates, and cost cuts in the form of automation and layoffs also improved profitability, resulting in larger dividend payouts and a stock buyback program. A rebound in an international interbank lending rate drove higher net interest margins (a measure of the profitability of interest-bearing assets compared to interest paid to depositors) for large British banks.

German financials stocks added to the Index’s return, led by the insurance industry. Multi-line insurers benefited from higher prices for property and casualty policies, an expansion of life and health insurance business in Asia, and strategic acquisitions. Likewise, reinsurance companies performed strongly during the reporting period. Solid growth in premium volume for property and casualty reinsurance drove robust financial performance for German reinsurers, leading to a dividend increase and a stock buyback initiative.

In Italy, bank stocks further contributed to the Index’s performance. Net interest income (the difference between the return on interest-bearing assets and interest paid to depositors) grew and asset quality remained robust, as the ECB’s program of interest rate increases boosted the profits of the largest lenders. Improved trading revenues amid higher demand for hedging products further supported earnings of Italian diversified banks. Spanish banks also contributed, similarly buoyed by higher net interest income. The largest banks in both Italy and Spain maintained only limited exposure to a major Swiss bank that was forced by the Swiss government to merge with a rival in March 2023.

Portfolio Information

 

INDUSTRY ALLOCATION

 

 

 
Industry  

Percent of  

Total Investments(a)

 

 

 

Banks

    47.2%  

Insurance

    28.4    

Capital Markets

    15.2    

Financial Services

    9.2    

 

 

GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United Kingdom

    24.9%  

Switzerland

    13.7    

Germany

    12.8    

France

    11.2    

Sweden

    8.2    

Italy

    7.8    

Spain

    7.1    

Netherlands

    7.0    

Belgium

    2.0    

Denmark

    1.3    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of July 31, 2023      iShares® MSCI Europe Small-Cap ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    8.07      1.99      6.17       8.07     10.37      82.06

Fund Market

    7.98        2.03        6.19         7.98       10.58        82.28  

Index

    8.61        2.05        6.24               8.61       10.67        83.23  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $   1,026.50          $   2.01           $  1,000.00       $ 1,022.80          $  2.01          0.40

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  13


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

 

Portfolio Management Commentary

Small-capitalization European equities advanced strongly during the reporting period despite modest economic growth in the region. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict initially disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped to moderate consumption. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates eight times, to the highest levels since 2008, and beginning to reduce the size of its debt holdings.

Italian stocks contributed the most to the Index’s performance, as inflation declined substantially and unemployment reached a 14-year low. Banking stocks in the financials sector gained the most, as higher interest rates buoyed the profits of Italian lenders, leading to increased dividend payments and investor optimism about a potential rise in merger and acquisition activity for smaller banks.

Swiss stocks also contributed amid strength in the industrials sector and the growing value of the Swiss franc relative to the U.S. dollar. Continued strong demand for improved energy efficiency and high-quality drinking water resulted in robust sales of casting and piping products, bolstering the machinery industry.

German stocks were another source of strength, led by the industrials sector, as supply chain improvements boosted the sales of industrial trucks in the construction machinery industry. The information technology sector also advanced, as semiconductor materials and equipment companies benefited from growing demand for efficient power electronics.

In France, the diversified support services industry in the industrials sector added to the Index’s return, as a rebound in hospitality business supported revenues of companies that provide facilities management services. Spanish banks in the financials sector also contributed, as higher interest rates drove gains in net interest income (the difference between the return on interest-bearing assets and interest paid to depositors).

On the downside, Swedish real estate stocks detracted from the Index’s performance. Rising interest rates dampened commercial real estate activity and increased the cost of servicing debt.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Industrials

    25.8%  

Financials

    14.6    

Consumer Discretionary

    11.0    

Information Technology

    10.0    

Real Estate

    8.2    

Health Care

    7.7    

Materials

    6.9    

Communication Services

    4.9    

Consumer Staples

    4.8    

Energy

    3.7    

Utilities

    2.4    

 

 

GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United Kingdom

    30.0%  

Sweden

    10.5    

Germany

    9.9    

Switzerland

    8.9    

France

    7.7    

Italy

    6.8    

Netherlands

    4.8    

Norway

    4.7    

Denmark

    4.3    

Spain

    3.8    

 

 
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of July 31, 2023      iShares® MSCI Kokusai ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    13.50      9.79      9.86       13.50     59.52      156.19

Fund Market

    13.80        9.82        9.79         13.80       59.76        154.37  

Index

    13.37        9.57        9.63               13.37       57.89        150.77  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $   1,110.90          $   1.31           $  1,000.00       $  1,023.60          $   1.25          0.25

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  15


Fund Summary as of July 31, 2023  (continued)    iShares® MSCI Kokusai ETF

 

Portfolio Management Commentary

Developed market stocks outside of Japan advanced during the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. U.S. stocks, which represented approximately 73% of the Index on average, drove the majority of gains.

Among U.S. stocks, the information technology sector was the largest contributor to the Index’s return. While companies in the sector were negatively impacted by rising interest rates, the pace of interest rate increases slowed as the reporting period continued, and investor optimism surrounding new developments in artificial intelligence (“AI”) applications boosted stocks in the sector. The semiconductors and semiconductor equipment industry was the leading source of strength, as the potential for growth in AI buoyed the industry. Generative AI is computationally intensive, and the strong interest in the area benefited companies that manufacture specialty chips that can be used for these applications. Graphics processing units are particularly useful in training AI models, advantaging companies at the forefront of this market. The U.S. software and services industry also advanced, driven by strength among systems software companies. An investment in a leading AI company by a large systems software company enabled the incorporation of AI into a search engine, driving optimism about other future applications. The technology hardware, storage, and peripherals industry also gained amid growing revenues from services and an increasing installed base of users.

The U.S. communication services sector also contributed to the Index’s performance, driven by aggressive cost-cutting in the media and entertainment industry. Stocks in the industrials sector advanced amid a surge in new manufacturing capacity, leading to higher demand for machinery and equipment.

European stocks, particularly from France and Germany, also contributed to the Index’s performance. The French consumer discretionary sector benefited from solid European sales of luxury goods, while German industrials stocks were buoyed by strong earnings guidance amid easing supply chain bottlenecks. U.K. stocks also contributed modestly, as cost-cutting and high interest rates supported the banking industry in the financials sector.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    22.6%  

Financials

    15.1    

Health Care

    12.8    

Consumer Discretionary

    10.5    

Industrials

    10.2    

Consumer Staples

    7.3    

Communication Services

    7.2    

Energy

    4.9    

Materials

    4.2    

Utilities

    2.8    

Real Estate

    2.4    

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United States

    73.9%  

United Kingdom

    4.3    

France

    3.5    

Canada

    3.5    

Switzerland

    3.1    

Germany

    2.5    

Australia

    2.2    

Netherlands

    1.3    

Sweden

    0.9    

Denmark

    0.9    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

16  

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About Fund Performance

 

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

  17


Schedule of Investments

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 1.8%

 

Ampol Ltd.

    83,746     $ 1,854,692  

APA Group

    345,281       2,322,747  

Aristocrat Leisure Ltd.

    171,027       4,529,688  

ASX Ltd.

    60,098       2,510,813  

Aurizon Holdings Ltd.

    573,384       1,469,476  

Australia & New Zealand Banking Group Ltd.

    819,610       14,219,549  

BHP Group Ltd.

    1,400,877       43,597,907  

BlueScope Steel Ltd.

    131,805       1,943,734  

Brambles Ltd.

    417,379       3,948,726  

Cochlear Ltd.

    19,614       3,155,350  

Coles Group Ltd.

    381,187       4,661,381  

Commonwealth Bank of Australia

    463,138       32,951,694  

Computershare Ltd.

    167,279       2,821,203  

CSL Ltd.

    133,109       23,975,080  

Dexus

    350,751       1,941,333  

Endeavour Group Ltd./Australia

    355,785       1,454,213  

Fortescue Metals Group Ltd.

    458,425       6,739,180  

Goodman Group

    460,302       6,364,666  

GPT Group (The)

    705,001       2,060,618  

IDP Education Ltd.

    59,429       995,935  

IGO Ltd.

    180,003       1,681,996  

Insurance Australia Group Ltd.

    503,431       2,009,702  

James Hardie Industries PLC(a)

    119,833       3,511,932  

Lendlease Corp. Ltd.

    195,606       1,137,169  

Lottery Corp. Ltd. (The)

    592,015       2,060,149  

Macquarie Group Ltd.

    96,767       11,411,724  

Medibank Pvt Ltd.

    914,310       2,158,600  

Mineral Resources Ltd.

    48,847       2,360,130  

Mirvac Group

    1,420,629       2,239,337  

National Australia Bank Ltd.

    869,456       16,655,341  

Newcrest Mining Ltd.

    230,108       4,127,435  

Northern Star Resources Ltd.

    362,613       2,830,631  

Orica Ltd.

    149,460       1,585,889  

Origin Energy Ltd.

    498,714       2,839,194  

Pilbara Minerals Ltd.

    824,651       2,697,883  

Qantas Airways Ltd.(a)

    255,654       1,123,285  

QBE Insurance Group Ltd.

    440,727       4,679,155  

Ramsay Health Care Ltd.

    54,282       2,151,101  

REA Group Ltd.

    13,321       1,412,205  

Reece Ltd.

    73,670       972,803  

Rio Tinto Ltd.

    83,854       6,639,961  

Santos Ltd.

    969,419       5,216,432  

Scentre Group

    1,515,142       2,867,090  

SEEK Ltd.

    124,301       2,084,543  

Sonic Healthcare Ltd.

    121,161       2,862,767  

South32 Ltd.

    1,407,354       3,705,838  

Stockland

    747,094       2,123,264  

Suncorp Group Ltd.

    339,332       3,251,487  

Telstra Corp. Ltd.

    1,085,044       3,105,625  

Transurban Group

    851,260       8,218,953  

Treasury Wine Estates Ltd.

    228,132       1,726,657  

Vicinity Ltd.

    1,226,434       1,630,671  

Washington H Soul Pattinson & Co. Ltd.

    67,452       1,496,600  

Wesfarmers Ltd.

    302,413       10,104,263  

Westpac Banking Corp.

    973,195       14,627,964  

WiseTech Global Ltd.

    46,251       2,670,950  

Woodside Energy Group Ltd.

    528,269       13,616,227  

Woolworths Group Ltd.

    339,007       8,803,617  
Security   Shares     Value  

Australia (continued)

   

Xero Ltd.(a)

    41,471     $ 3,408,974  
   

 

 

 
      331,325,529  
Austria — 0.0%            

Erste Group Bank AG

    85,659       3,237,556  

OMV AG

    43,999       1,982,335  

Verbund AG

    20,185       1,672,468  

voestalpine AG(b)

    37,685       1,245,314  
   

 

 

 
      8,137,673  
Belgium — 0.2%            

Ageas SA/NV

    51,736       2,190,153  

Anheuser-Busch InBev SA/NV

    233,349       13,348,880  

Argenx SE(a)

    16,055       8,085,931  

D’ieteren Group

    6,164       1,076,519  

Elia Group SA/NV

    9,522       1,172,396  

Groupe Bruxelles Lambert NV

    34,226       2,769,305  

KBC Group NV

    65,866       4,957,390  

Sofina SA

    3,860       917,802  

Solvay SA

    18,781       2,255,565  

UCB SA

    35,333       3,128,641  

Umicore SA

    58,604       1,735,565  

Warehouses De Pauw CVA

    64,185       1,896,492  
   

 

 

 
       43,534,639  
Brazil — 0.4%            

Ambev SA

    1,283,806       4,034,334  

Atacadao SA

    94,443       274,017  

B3 SA - Brasil, Bolsa, Balcao

    1,693,296       5,335,471  

Banco Bradesco SA

    90,907       285,481  

Banco BTG Pactual SA

    428,261       3,080,128  

Banco do Brasil SA

    230,784       2,351,886  

Banco Santander Brasil SA

    29,400       177,566  

BB Seguridade Participacoes SA

    187,167       1,231,750  

CCR SA

    386,833       1,087,182  

Centrais Eletricas Brasileiras SA

    364,603       2,980,049  

Cia. de Saneamento Basico do Estado de Sao Paulo

    110,000       1,351,520  

Cia. Siderurgica Nacional SA

    191,583       560,721  

Cosan SA

    360,842       1,521,584  

Energisa SA

    20,142       213,783  

Engie Brasil Energia SA

    54,547       508,009  

Equatorial Energia SA

    351,179       2,490,837  

Hapvida Participacoes e Investimentos SA(a)(c)

    1,434,118       1,455,726  

Hypera SA

    177,504       1,623,859  

JBS SA

    278,948       1,107,828  

Klabin SA

    215,260       1,046,995  

Localiza Rent a Car SA

    209,810       2,982,485  

Lojas Renner SA

    277,063       1,098,584  

Magazine Luiza SA(a)

    796,400       564,196  

Natura & Co. Holding SA(a)

    289,238       1,117,500  

Petroleo Brasileiro SA

    763,511       5,620,474  

PRIO SA(a)

    195,478       1,885,849  

Raia Drogasil SA

    367,397       2,250,804  

Rede D’Or Sao Luiz SA(c)

    166,684       1,268,966  

Rumo SA

    404,503       1,987,978  

Sendas Distribuidora SA

    401,014       1,142,302  

Suzano SA

    203,236       2,065,991  

Telefonica Brasil SA

    145,782       1,298,204  

Tim SA

    335,031       1,015,986  

TOTVS SA

    193,176       1,207,976  

Ultrapar Participacoes SA

    234,821       938,043  

 

 

18  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Brazil (continued)

 

Vale SA

    937,290     $ 13,708,269  

Vibra Energia SA

    308,058       1,115,947  

WEG SA

    517,752       4,370,851  
   

 

 

 
       78,359,131  
Canada — 2.9%  

Agnico Eagle Mines Ltd.

    135,286       7,092,345  

Air Canada(a)

    52,213       962,173  

Algonquin Power & Utilities Corp.

    172,307       1,421,681  

Alimentation Couche-Tard Inc.

    231,134       11,701,745  

AltaGas Ltd.

    71,908       1,419,456  

ARC Resources Ltd.

    165,060       2,493,456  

Bank of Montreal

    188,035       17,473,787  

Bank of Nova Scotia (The)

    323,402       16,284,755  

Barrick Gold Corp.

    469,192       8,105,406  

BCE Inc.

    25,152       1,086,458  

Brookfield Asset Management Ltd.

    96,037       3,239,469  

Brookfield Corp., Class A

    383,826       13,398,181  

Brookfield Renewable Corp., Class A

    32,773       1,021,477  

BRP Inc.

    8,949       823,269  

CAE Inc.(a)

    86,823       1,983,830  

Cameco Corp.

    121,494       4,271,385  

Canadian Apartment Properties REIT

    29,434       1,147,539  

Canadian Imperial Bank of Commerce

    245,992       10,834,729  

Canadian National Railway Co.

    159,005       19,273,772  

Canadian Natural Resources Ltd.

    315,333       19,176,092  

Canadian Pacific Kansas City Ltd.

    257,374       21,177,021  

Canadian Tire Corp. Ltd., Class A, NVS

    18,122       2,488,966  

Canadian Utilities Ltd., Class A, NVS

    90,060       2,242,877  

CCL Industries Inc., Class B, NVS

    50,606       2,426,202  

Cenovus Energy Inc.

    394,523       7,503,611  

CGI Inc.(a)

    57,416       5,834,561  

Constellation Software Inc./Canada

    5,990       12,655,292  

Descartes Systems Group Inc. (The)(a)

    17,254       1,345,750  

Dollarama Inc.

    87,824       5,785,002  

Element Fleet Management Corp.

    112,814       1,819,705  

Emera Inc.

    82,771       3,357,540  

Empire Co. Ltd., Class A, NVS

    33,415       907,437  

Enbridge Inc.

    557,462       20,495,020  

Fairfax Financial Holdings Ltd.

    7,037       5,614,231  

First Quantum Minerals Ltd.

    174,390       5,172,254  

FirstService Corp.

    9,657       1,512,428  

Fortis Inc.

    106,308       4,531,584  

Franco-Nevada Corp.

    53,489       7,805,220  

George Weston Ltd.

    15,637       1,800,689  

GFL Environmental Inc.

    63,829       2,179,668  

Gildan Activewear Inc.

    52,529       1,633,651  

Great-West Lifeco Inc.

    76,657       2,311,947  

Hydro One Ltd.(c)

    101,612       2,866,543  

iA Financial Corp. Inc.

    28,638       1,984,126  

Imperial Oil Ltd.

    60,567       3,262,943  

Intact Financial Corp.

    50,796       7,504,318  

Ivanhoe Mines Ltd., Class A(a)

    161,192       1,708,918  

Keyera Corp.

    58,279       1,458,909  

Kinross Gold Corp.

    426,652       2,125,737  

Loblaw Companies Ltd.

    40,839       3,623,526  

Lundin Mining Corp.

    179,343       1,603,499  

Magna International Inc.

    81,169       5,220,447  

Manulife Financial Corp.

    531,794       10,630,637  

Metro Inc.

    55,150       2,968,184  

National Bank of Canada

    101,243       7,929,608  
Security   Shares     Value  

Canada (continued)

 

Northland Power Inc.

    60,893     $ 1,178,008  

Nutrien Ltd.

    139,009       9,579,303  

Nuvei Corp.(a)(c)

    19,828       676,195  

Onex Corp.

    17,206       1,056,773  

Open Text Corp.

    86,361       3,709,466  

Pan American Silver Corp.

    98,709       1,670,788  

Parkland Corp.

    46,136       1,259,893  

Pembina Pipeline Corp.

    165,155       5,229,000  

Power Corp. of Canada

    181,382       5,138,916  

Quebecor Inc., Class B

    33,521       820,580  

RB Global Inc.

    50,694       3,273,879  

Restaurant Brands International Inc.

    82,390       6,307,413  

RioCan REIT

    19,364       294,429  

Rogers Communications Inc., Class B, NVS

    106,070       4,644,509  

Royal Bank of Canada

    381,545       37,826,093  

Saputo Inc.

    90,232       1,905,023  

Shopify Inc., Class A(a)

    333,920       22,557,611  

Sun Life Financial Inc.

    161,988       8,525,361  

Suncor Energy Inc.

    373,100       11,674,141  

TC Energy Corp.

    278,725       9,989,416  

Teck Resources Ltd., Class B

    129,893       5,770,395  

TELUS Corp.

    137,406       2,446,664  

TFI International Inc.

    21,880       2,808,319  

Thomson Reuters Corp.

    51,333       6,929,264  

TMX Group Ltd.

    76,935       1,709,472  

Toromont Industries Ltd.

    16,720       1,424,557  

Toronto-Dominion Bank (The)

    498,931       32,902,620  

Tourmaline Oil Corp.

    87,090       4,513,503  

Waste Connections Inc.(b)

    71,801       10,136,147  

West Fraser Timber Co. Ltd.

    18,937       1,595,496  

Wheaton Precious Metals Corp.

    131,182       5,882,373  

WSP Global Inc.

    31,811       4,382,109  
   

 

 

 
      534,516,772  
Chile — 0.1%  

Banco de Chile

    10,718,416       1,193,285  

Banco de Credito e Inversiones SA

    32,591       978,960  

Banco Santander Chile

    19,759,281       1,054,918  

Cia. Cervecerias Unidas SA

    105,695       876,356  

Cia. Sud Americana de Vapores SA

    3,271,046       247,586  

Empresas CMPC SA

    341,833       674,747  

Empresas COPEC SA

    139,972       1,073,634  

Enel Americas SA(a)

    8,633,698       1,167,015  

Enel Chile SA

    9,195,982       634,553  

Falabella SA

    181,034       500,627  
   

 

 

 
      8,401,681  
China — 3.3%  

3SBio Inc.(c)

    696,000       670,489  

AAC Technologies Holdings Inc.

    220,500       505,178  

Agricultural Bank of China Ltd., Class A

    5,211,100       2,640,381  

Agricultural Bank of China Ltd., Class H

    7,482,000       2,721,540  

Aier Eye Hospital Group Co. Ltd., Class A

    384,945       1,086,138  

Air China Ltd., Class H(a)

    862,000       706,883  

Akeso Inc.(a)(b)(c)

    185,000       979,820  

Alibaba Group Holding Ltd.(a)

    4,588,276       58,635,310  

Alibaba Health Information Technology Ltd.(a)

    1,652,000       1,186,165  

Aluminum Corp. of China Ltd., Class H

    1,516,000       753,874  

Anhui Conch Cement Co. Ltd., Class A

    571,092       2,173,198  

ANTA Sports Products Ltd.

    357,400       4,235,516  

Autohome Inc., ADR

    20,138       643,812  

 

 

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 (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

AviChina Industry & Technology Co. Ltd., Class H

    934,000     $ 467,918  

Baidu Inc.(a)

    620,960       12,140,257  

Bank of China Ltd., Class H

    21,696,000        8,046,999  

Bank of Communications Co. Ltd., Class A

    1,871,900       1,525,544  

Bank of Communications Co. Ltd., Class H

    736,000       444,640  

Bank of Ningbo Co. Ltd., Class A

    395,315       1,613,419  

Bank of Shanghai Co. Ltd., Class A

    1,006,351       869,024  

BeiGene Ltd.(a)

    184,134       3,049,723  

Beijing Capital International Airport Co. Ltd., Class H(a)

    552,000       360,986  

Beijing Enterprises Holdings Ltd.

    82,000       326,134  

Beijing Enterprises Water Group Ltd.

    1,340,000       326,967  

Beijing Kingsoft Office Software Inc., Class A

    13,600       773,888  

Bilibili Inc.(a)

    57,168       1,087,326  

BOC Aviation Ltd.(c)

    70,100       587,589  

Bosideng International Holdings Ltd.

    1,128,000       517,125  

BYD Co. Ltd., Class A

    77,100       2,942,933  

BYD Co. Ltd., Class H

    237,500       8,459,280  

BYD Electronic International Co. Ltd.

    268,500       1,036,562  

CGN Power Co. Ltd., Class H(c)

    5,503,000       1,350,660  

China Cinda Asset Management Co. Ltd., Class H

    554,000       58,468  

China CITIC Bank Corp. Ltd., Class H

    2,139,000       1,034,409  

China Coal Energy Co. Ltd., Class H

    695,000       503,699  

China Communications Services Corp. Ltd., Class H

    582,000       276,867  

China Conch Venture Holdings Ltd.

    489,500       613,029  

China Construction Bank Corp., Class H

    26,220,260       15,282,701  

China Everbright Bank Co. Ltd., Class A

    3,407,100       1,488,517  

China Everbright Environment Group Ltd.

    1,206,000       481,242  

China Evergrande Group(a)(b)(d)

    740,000       69,558  

China Feihe Ltd.(c)

    1,232,000       754,993  

China Gas Holdings Ltd.

    810,200       907,582  

China Hongqiao Group Ltd.

    680,500       656,600  

China International Capital Corp. Ltd., Class H(c)

    828,400       1,833,362  

China Jinmao Holdings Group Ltd.(b)

    1,386,000       227,771  

China Lesso Group Holdings Ltd.

    391,000       267,152  

China Life Insurance Co. Ltd., Class H

    2,069,000       3,632,357  

China Literature Ltd.(a)(c)

    121,000       551,257  

China Longyuan Power Group Corp. Ltd., Class H

    1,059,000       1,025,278  

China Medical System Holdings Ltd.

    417,000       702,209  

China Meidong Auto Holdings Ltd.

    214,000       234,764  

China Mengniu Dairy Co. Ltd.

    927,000       3,520,921  

China Merchants Bank Co. Ltd., Class A

    646,200       3,224,812  

China Merchants Bank Co. Ltd., Class H

    942,288       4,685,744  

China Merchants Port Holdings Co. Ltd.

    444,000       610,832  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    630,222       1,258,597  

China Minsheng Banking Corp. Ltd., Class A

    2,870,400       1,614,586  

China Minsheng Banking Corp. Ltd., Class H

    13,500       5,146  

China National Building Material Co. Ltd., Class H(b)

    1,060,000       669,977  

China Oilfield Services Ltd., Class H

    670,000       790,961  

China Overseas Land & Investment Ltd.

    1,063,000       2,521,615  

China Overseas Property Holdings Ltd.

    515,000       605,055  

China Pacific Insurance Group Co. Ltd., Class A

    402,697       1,690,103  

China Pacific Insurance Group Co. Ltd., Class H

    399,800       1,077,829  

China Petroleum & Chemical Corp., Class H

    7,187,200       4,025,091  

China Power International Development Ltd.

    1,850,000       695,237  

China Railway Group Ltd., Class H

    1,507,000       990,793  

China Resources Beer Holdings Co. Ltd.

    474,000       3,053,921  
Security   Shares     Value  

China (continued)

   

China Resources Cement Holdings Ltd.

    506,000     $ 220,466  

China Resources Gas Group Ltd.

    284,000       983,842  

China Resources Land Ltd.

    866,000        4,040,952  

China Resources Mixc Lifestyle Services Ltd.(c)

    187,400       906,964  

China Resources Power Holdings Co. Ltd.

    612,000       1,327,697  

China Ruyi Holdings Ltd.(a)(b)

    1,608,000       489,551  

China Shenhua Energy Co. Ltd., Class A

    334,300       1,329,682  

China Shenhua Energy Co. Ltd., Class H

    673,000       2,017,244  

China Southern Airlines Co. Ltd., Class H(a)(b)

    768,000       481,365  

China State Construction Engineering Corp. Ltd., Class A

    2,216,277       1,898,207  

China State Construction International Holdings Ltd.

    686,000       841,082  

China Taiping Insurance Holdings Co. Ltd.

    678,400       756,720  

China Tourism Group Duty Free Corp. Ltd., Class A

    48,592       858,830  

China Tower Corp. Ltd., Class H(c)

    11,498,000       1,299,717  

China Traditional Chinese Medicine Holdings Co. Ltd.

    1,174,000       542,755  

China United Network Communications Ltd., Class A

    605,800       438,313  

China Vanke Co. Ltd., Class A

    665,296       1,421,896  

China Yangtze Power Co. Ltd., Class A

    933,810       2,806,756  

Chinasoft International Ltd.

    930,000       582,545  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    87,150       569,906  

CITIC Ltd.

    1,441,000       1,626,636  

CITIC Securities Co. Ltd., Class A

    502,623       1,698,612  

CITIC Securities Co. Ltd., Class H

    551,525       1,187,947  

CMOC Group Ltd., Class H

    1,476,000       987,723  

Contemporary Amperex Technology Co. Ltd., Class A

    98,500       3,283,693  

COSCO SHIPPING Holdings Co. Ltd., Class H

    1,217,800       1,288,934  

COSCO SHIPPING Ports Ltd.

    542,000       342,444  

Country Garden Holdings Co. Ltd.(a)(b)

    2,770,866       569,249  

Country Garden Services Holdings Co. Ltd.

    655,000       749,941  

CRRC Corp. Ltd., Class A

    2,875,200       2,701,799  

CSPC Pharmaceutical Group Ltd.

    2,737,120       2,286,248  

Dali Foods Group Co. Ltd.(c)

    1,218,000       568,638  

Daqo New Energy Corp., ADR(a)(b)

    19,565       764,405  

Dongfeng Motor Group Co. Ltd., Class H

    670,000       313,579  

Dongyue Group Ltd.

    508,000       501,174  

East Money Information Co. Ltd., Class A

    866,860       1,955,877  

ENN Energy Holdings Ltd.

    217,400       2,642,452  

Eve Energy Co. Ltd., Class A

    95,300       791,324  

Far East Horizon Ltd.

    462,000       347,497  

Flat Glass Group Co. Ltd., Class H

    262,000       784,237  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    130,321       846,303  

Fosun International Ltd.

    667,000       486,196  

Fuyao Glass Industry Group Co. Ltd., Class H(c)

    237,200       1,057,015  

Ganfeng Lithium Co. Ltd., Class H(b)(c)

    134,840       868,695  

Ganfeng Lithium Group Co. Ltd., Class A

    29,500       247,427  

GCL-Poly Energy Holdings Ltd.

    5,464,000       1,190,408  

GDS Holdings Ltd., Class A(a)

    281,788       463,968  

Geely Automobile Holdings Ltd.

    1,711,000       2,496,748  

Genscript Biotech Corp.(a)(b)

    464,000       1,195,064  

GF Securities Co. Ltd., Class H

    566,800       906,896  

Great Wall Motor Co. Ltd., Class H(b)

    995,000       1,361,463  

Greentown China Holdings Ltd.

    259,000       297,738  

 

 

20  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Greentown Service Group Co. Ltd.(b)

    488,000     $ 256,229  

Guangdong Investment Ltd.

    1,022,000       884,763  

Guangzhou Automobile Group Co. Ltd., Class H

    1,068,000       672,266  

H World Group Ltd., ADR(a)

    61,533        2,956,045  

Haidilao International Holding Ltd.(c)

    398,000       1,124,136  

Haier Smart Home Co. Ltd., Class A

    110,200       381,635  

Haier Smart Home Co. Ltd., Class H

    755,000       2,482,810  

Haitian International Holdings Ltd.

    196,000       490,920  

Haitong Securities Co. Ltd., Class H

    892,800       624,631  

Hangzhou Tigermed Consulting Co. Ltd., Class H(b)(c)

    65,100       423,229  

Hansoh Pharmaceutical Group Co. Ltd.(c)

    480,000       779,442  

Hengan International Group Co. Ltd.

    226,500       931,663  

Hua Hong Semiconductor Ltd.(a)(c)

    182,000       619,721  

Huaneng Power International Inc., Class H(a)

    1,992,000       1,106,568  

Huatai Securities Co. Ltd., Class H(c)

    645,400       920,906  

Hygeia Healthcare Holdings Co. Ltd.(b)(c)

    143,800       934,849  

Industrial & Commercial Bank of China Ltd., Class A

    3,788,791       2,529,949  

Industrial & Commercial Bank of China Ltd., Class H

    14,946,260       7,298,669  

Industrial Bank Co. Ltd., Class A

    838,000       1,956,131  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    368,100       1,478,437  

Inner Mongolia Yitai Coal Co. Ltd., Class B(a)

    453,800       667,887  

Innovent Biologics Inc.(a)(c)

    402,000       1,797,518  

iQIYI Inc., ADR(a)

    117,687       746,136  

JD Health International Inc.(a)(c)

    336,100       2,456,990  

JD.com Inc., Class A

    643,926       13,331,571  

Jiangsu Expressway Co. Ltd., Class H

    524,000       480,522  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    256,118       1,600,027  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    58,600       1,203,328  

Jiangxi Copper Co. Ltd., Class H

    375,000       629,984  

Jiumaojiu International Holdings Ltd.(b)(c)

    307,000       605,878  

Kanzhun Ltd., ADR(a)(b)

    49,184       918,757  

KE Holdings Inc., ADR(a)(b)

    176,214       3,069,648  

Kingboard Holdings Ltd.

    282,000       784,708  

Kingboard Laminates Holdings Ltd.

    494,000       506,855  

Kingdee International Software Group Co.
Ltd.(a)

    864,000       1,515,510  

Kingsoft Corp. Ltd.

    335,800       1,445,337  

Koolearn Technology Holding Ltd.(a)(b)(c)

    129,500       633,259  

Kuaishou Technology(a)(c)

    635,500       5,577,557  

Kunlun Energy Co. Ltd.

    1,192,000       975,407  

Kweichow Moutai Co. Ltd., Class A

    23,232       6,131,488  

Legend Biotech Corp., ADR(a)(b)

    19,238       1,452,854  

Lenovo Group Ltd.

    2,166,000       2,493,474  

Li Auto Inc.(a)

    320,976       6,890,398  

Li Ning Co. Ltd.

    682,500       4,160,812  

Longfor Group Holdings Ltd.(c)

    555,000       1,501,513  

LONGi Green Energy Technology Co. Ltd., Class A

    390,020       1,634,164  

Lufax Holding Ltd., ADR

    217,336       386,858  

Luxshare Precision Industry Co. Ltd., Class A

    337,940       1,530,969  

Luzhou Laojiao Co. Ltd., Class A

    35,100       1,186,454  

Meituan, Class B(a)(c)

    1,401,020       26,745,634  

Microport Scientific Corp.(a)(b)

    269,400       543,686  

Minth Group Ltd.

    244,000       781,053  

Muyuan Foods Co. Ltd., Class A

    161,612       1,005,145  

NARI Technology Co. Ltd., Class A

    173,520       590,914  
Security   Shares     Value  

China (continued)

   

NAURA Technology Group Co. Ltd., Class A

    12,900     $ 513,096  

NetEase Inc.

    554,490       12,076,971  

New China Life Insurance Co. Ltd., Class H

    231,500       671,357  

New Oriental Education & Technology Group
Inc.(a)

    430,830        2,454,231  

Nine Dragons Paper Holdings Ltd.(b)

    456,000       300,502  

NIO Inc., ADR(a)(b)

    400,629       6,129,624  

Nongfu Spring Co. Ltd., Class H(c)

    502,000       2,926,877  

Orient Overseas International Ltd.

    40,000       668,408  

People’s Insurance Co. Group of China Ltd. (The), Class H

    2,442,000       940,143  

PetroChina Co. Ltd., Class H

    5,788,000       4,243,973  

Pharmaron Beijing Co. Ltd., Class H(c)

    141,600       370,817  

PICC Property & Casualty Co. Ltd., Class H

    1,996,000       2,341,155  

Pinduoduo Inc., ADR(a)(b)

    138,718       12,459,651  

Ping An Bank Co. Ltd., Class A

    871,100       1,504,342  

Ping An Healthcare and Technology Co.
Ltd.(a)(b)(c)

    185,800       492,535  

Ping An Insurance Group Co. of China Ltd., Class A

    311,900       2,304,349  

Ping An Insurance Group Co. of China Ltd., Class H

    1,604,000       11,687,926  

Poly Developments and Holdings Group Co. Ltd., Class A

    734,999       1,466,467  

Pop Mart International Group Ltd.(b)(c)

    153,600       436,481  

Postal Savings Bank of China Co. Ltd., Class A

    2,277,900       1,656,739  

Postal Savings Bank of China Co. Ltd., Class H(c)

    1,333,000       821,791  

Qifu Technology Inc.

    28,384       566,545  

Rongsheng Petrochemical Co. Ltd., Class A

    173,300       308,519  

SAIC Motor Corp. Ltd., Class A

    599,513       1,301,335  

Sany Heavy Equipment International Holdings Co. Ltd.

    707,000       1,119,011  

Sany Heavy Industry Co. Ltd., Class A

    143,400       356,720  

SF Holding Co. Ltd., Class A

    216,000       1,505,649  

Shaanxi Coal Industry Co. Ltd., Class A

    498,700       1,134,770  

Shandong Gold Mining Co. Ltd., Class H(c)

    274,000       547,230  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    904,800       1,168,506  

Shanghai Baosight Software Co. Ltd., Class B

    325,052       839,291  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    256,000       675,585  

Shanghai Fudan Microelectronics Group Co. Ltd., Class H(b)

    169,000       450,537  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

    299,900       201,488  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    369,900       671,384  

Shanghai Pudong Development Bank Co. Ltd., Class A

    1,090,665       1,161,444  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    32,100       1,074,690  

Shenzhen Inovance Technology Co. Ltd., Class A

    50,600       503,332  

Shenzhen International Holdings Ltd.

    296,500       278,196  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    40,200       1,668,150  

Shenzhou International Group Holdings Ltd.

    225,700       2,395,763  

Shimao Group Holdings Ltd.

    273,605       53,325  

Sino Biopharmaceutical Ltd.

    3,057,000       1,386,464  

Sinopharm Group Co. Ltd., Class H

    450,800       1,419,655  

Smoore International Holdings Ltd.(b)(c)

    536,000       603,463  

Sungrow Power Supply Co. Ltd., Class A

    49,300       770,360  

 

 

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

  21


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Sunny Optical Technology Group Co. Ltd.

    208,400     $ 2,043,169  

TAL Education Group, ADR(a)(b)

    111,771       914,287  

Tencent Holdings Ltd.

    1,723,400       79,209,395  

Tencent Music Entertainment Group,
ADR(a)(b)

    229,292       1,602,751  

Tongcheng Travel Holdings Ltd.(a)

    455,200       1,104,594  

Tongwei Co. Ltd., Class A

    190,200       927,742  

Topsports International Holdings Ltd.(c)

    512,000       473,277  

TravelSky Technology Ltd., Class H

    444,000       852,662  

Trip.com Group Ltd.(a)

    145,676       5,949,815  

Tsingtao Brewery Co. Ltd., Class A

    102,600       1,418,737  

Tsingtao Brewery Co. Ltd., Class H

    62,000       557,525  

Uni-President China Holdings Ltd.

    586,000       506,650  

Vinda International Holdings Ltd.

    204,000       412,188  

Vipshop Holdings Ltd., ADR(a)(b)

    111,908       2,107,228  

Wanhua Chemical Group Co. Ltd., Class A

    172,053       2,358,396  

Want Want China Holdings Ltd.

    1,672,000       1,166,008  

Weibo Corp., ADR

    20,779       327,269  

Weichai Power Co. Ltd., Class H

    649,000       961,459  

Wens Foodstuffs Group Co. Ltd., Class A

    561,416       1,494,136  

Wuliangye Yibin Co. Ltd., Class A

    93,200       2,367,197  

WuXi AppTec Co. Ltd., Class A

    128,859       1,296,645  

WuXi AppTec Co. Ltd., Class H(c)

    12       114  

Wuxi Biologics Cayman Inc.(a)(c)

    1,019,500       5,883,326  

Xiaomi Corp., Class B(a)(c)

    4,060,800       6,460,250  

Xinyi Solar Holdings Ltd.

    1,544,000       1,676,546  

XPeng Inc.(a)(b)

    236,534       2,523,091  

Xtep International Holdings Ltd.

    442,500       493,143  

Yadea Group Holdings Ltd.(b)(c)

    446,000       1,014,943  

Yankuang Energy Group Co. Ltd., Class H

    864,000       1,300,845  

Yihai International Holding Ltd.

    194,000       446,927  

Yuexiu Property Co. Ltd.

    399,000       526,553  

Yum China Holdings Inc.

    121,584       7,419,056  

Zai Lab Ltd.(a)(b)

    286,080       874,831  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    21,692       881,452  

Zhaojin Mining Industry Co. Ltd., Class H

    462,500       667,199  

Zhejiang Expressway Co. Ltd., Class H

    528,000       424,089  

ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)

    208,900       684,601  

Zhongsheng Group Holdings Ltd.

    187,000       657,016  

Zhuzhou CRRC Times Electric Co. Ltd.

    216,100       861,500  

Zijin Mining Group Co. Ltd., Class A

    362,200       661,475  

Zijin Mining Group Co. Ltd., Class H

    1,812,000       3,129,550  

ZTE Corp., Class H

    243,600       891,534  

ZTO Express Cayman Inc., ADR

    122,992       3,419,178  
   

 

 

 
       607,545,623  
Colombia — 0.0%            

Interconexion Electrica SA ESP

    26,649       116,696  
   

 

 

 

Czech Republic — 0.0%

   

CEZ AS

    53,068       2,348,439  

Komercni Banka AS

    40,647       1,331,199  
   

 

 

 
      3,679,638  
Denmark — 0.7%            

AP Moller - Maersk A/S, Class A

    1,906       3,832,252  

AP Moller - Maersk A/S, Class B, NVS

    437       897,688  

Carlsberg AS, Class B

    26,937       4,040,068  

Chr Hansen Holding A/S

    31,086       2,348,971  

Coloplast A/S, Class B

    35,403       4,400,819  

Danske Bank A/S

    191,033       4,536,091  
Security   Shares     Value  

Denmark (continued)

   

Demant A/S(a)

    24,815     $ 987,507  

DSV A/S

    53,931       10,793,749  

Genmab A/S(a)

    18,979       7,823,136  

Novo Nordisk A/S, Class B

    458,595       73,949,449  

Novozymes A/S, Class B

    59,557       2,986,979  

Orsted AS(c)

    55,069       4,792,075  

Pandora A/S

    26,300       2,630,840  

Tryg A/S

    112,497       2,221,118  

Vestas Wind Systems A/S(a)

    284,717       7,615,172  
   

 

 

 
      133,855,914  
Egypt — 0.0%            

Commercial International Bank Egypt SAE

    636,678       820,751  
   

 

 

 
Finland — 0.2%            

Elisa OYJ

    32,204       1,679,935  

Fortum OYJ

    129,755       1,756,525  

Kesko OYJ, Class B

    77,603       1,552,734  

Kone OYJ, Class B

    88,084       4,518,075  

Metso OYJ

    152,807       1,736,509  

Neste OYJ

    121,372       4,468,319  

Nokia OYJ

    1,519,410       5,972,709  

Orion OYJ, Class B

    27,418       1,053,704  

Sampo OYJ, Class A

    128,646       5,668,995  

Stora Enso OYJ, Class R

    180,794       2,216,401  

UPM-Kymmene OYJ

    153,192       5,071,830  

Wartsila OYJ Abp

    156,489       1,965,947  
   

 

 

 
       37,661,683  
France — 2.9%            

Accor SA

    56,857       2,145,330  

Aeroports de Paris

    5,652       780,496  

Air Liquide SA

    146,202       26,286,242  

Airbus SE

    160,945       23,707,201  

Alstom SA

    82,624       2,529,967  

Amundi SA(c)

    12,544       769,768  

ArcelorMittal SA

    129,351       3,741,061  

Arkema SA

    13,122       1,415,063  

AXA SA

    524,601       16,125,630  

BioMerieux

    10,445       1,121,264  

BNP Paribas SA

    298,677       19,697,090  

Bollore SE

    246,856       1,560,802  

Bouygues SA

    73,152       2,620,417  

Bureau Veritas SA

    102,721       2,821,108  

Capgemini SE

    48,322       8,756,843  

Carrefour SA

    176,345       3,525,336  

Cie. de Saint-Gobain

    142,850       9,661,139  

Cie. Generale des Etablissements Michelin SCA

    209,034       6,845,247  

Covivio

    9,045       436,707  

Credit Agricole SA

    311,456       3,866,843  

Danone SA

    168,594       10,295,485  

Dassault Aviation SA

    6,399       1,243,078  

Dassault Systemes SE

    176,659       7,550,165  

Edenred

    77,638       5,042,616  

Eiffage SA

    30,009       3,122,062  

Engie SA

    508,421       8,340,811  

EssilorLuxottica SA

    80,564       16,207,478  

Eurazeo SE

    3,235       197,528  

Eurofins Scientific SE

    33,156       2,280,357  

Euronext NV(c)

    15,114       1,150,382  

Gecina SA

    12,822       1,386,219  

Getlink SE

    119,929       2,108,036  

 

 

22  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

France (continued)

   

Hermes International

    8,893     $ 19,682,563  

Ipsen SA

    10,773       1,357,687  

Kering SA

    20,878       11,987,423  

Klepierre SA

    40,707       1,080,513  

La Francaise des Jeux SAEM(c)

    26,279       1,003,263  

Legrand SA

    79,598       7,980,074  

L’Oreal SA

    67,434       31,364,188  

LVMH Moet Hennessy Louis Vuitton SE

    77,196       71,697,138  

Orange SA

    504,129       5,698,591  

Pernod Ricard SA

    59,894       13,204,923  

Publicis Groupe SA

    68,041       5,485,832  

Remy Cointreau SA

    4,015       689,208  

Renault SA

    60,590       2,661,212  

Safran SA

    91,298       15,156,665  

Sanofi

    312,359       33,323,870  

Sartorius Stedim Biotech

    7,802       2,441,022  

Schneider Electric SE

    149,844       26,727,978  

SEB SA

    5,107       571,708  

Societe Generale SA

    209,165       5,688,605  

Sodexo SA

    24,675       2,531,097  

Teleperformance

    17,029       2,469,866  

Thales SA

    29,061       4,347,229  

TotalEnergies SE

    663,802       40,330,291  

Unibail-Rodamco-Westfield, New(a)(b)

    37,951       2,150,412  

Valeo

    70,069       1,583,852  

Veolia Environnement SA

    197,873       6,442,536  

Vinci SA

    150,099       17,628,735  

Vivendi SE

    212,715       1,899,193  

Wendel SE

    14,726       1,453,670  

Worldline SA/France(a)(c)

    68,027       2,696,550  
   

 

 

 
       538,673,665  
Germany — 1.9%            

adidas AG

    45,107       9,106,429  

Allianz SE, Registered

    113,042       27,016,965  

BASF SE

    246,006       13,188,627  

Bayer AG, Registered

    271,680       15,888,777  

Bayerische Motoren Werke AG

    95,682       11,668,417  

Bechtle AG

    24,042       1,058,175  

Beiersdorf AG

    25,276       3,273,377  

Brenntag SE

    41,665       3,232,563  

Carl Zeiss Meditec AG, Bearer

    12,224       1,416,525  

Commerzbank AG

    297,445       3,557,882  

Continental AG

    30,151       2,407,245  

Covestro AG(a)(c)

    59,100       3,174,786  

Daimler Truck Holding AG

    137,237       5,150,544  

Delivery Hero SE(a)(c)

    53,862       2,444,781  

Deutsche Bank AG, Registered

    560,219       6,210,103  

Deutsche Boerse AG

    52,859       10,127,865  

Deutsche Lufthansa AG, Registered(a)

    166,295       1,677,294  

Deutsche Post AG, Registered

    281,743       14,488,130  

Deutsche Telekom AG, Registered

    884,661       19,286,701  

E.ON SE

    624,959       7,905,932  

Evonik Industries AG

    44,116       913,775  

Fresenius Medical Care AG & Co. KGaA

    55,852       2,900,646  

Fresenius SE & Co. KGaA

    112,857       3,541,694  

GEA Group AG

    54,820       2,326,660  

Hannover Rueck SE

    18,604       3,969,611  

HeidelbergCement AG

    39,029       3,163,216  

HelloFresh SE(a)

    48,677       1,388,029  

Henkel AG & Co. KGaA

    31,587       2,207,370  
Security   Shares     Value  

Germany (continued)

   

Infineon Technologies AG

    358,015     $ 15,729,555  

Knorr-Bremse AG

    15,885       1,117,318  

LEG Immobilien SE(a)

    17,941       1,268,475  

Mercedes-Benz Group AG

    239,349       19,115,109  

Merck KGaA

    37,966       6,671,573  

MTU Aero Engines AG

    16,043       3,746,224  

Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen, Registered

    37,820       14,237,183  

Nemetschek SE

    19,408       1,412,301  

Puma SE

    30,919       2,089,545  

Rational AG

    1,390       1,040,495  

Rheinmetall AG

    12,093       3,425,294  

RWE AG

    175,757       7,564,342  

SAP SE

    289,628       39,508,606  

Scout24 SE(c)

    25,597       1,692,107  

Siemens AG, Registered

    210,687       35,909,945  

Siemens Healthineers AG(c)

    77,639       4,511,083  

Symrise AG, Class A

    38,558       4,211,758  

Telefonica Deutschland Holding AG

    210,293       566,609  

Volkswagen AG

    3,088       493,511  

Vonovia SE

    197,197       4,594,686  

Zalando SE(a)(c)

    61,134       2,110,632  
   

 

 

 
       353,708,470  
Greece — 0.0%            

Alpha Services and Holdings SA(a)

    635,608       1,144,673  

Eurobank Ergasias Services and Holdings SA, Class A(a)

    733,696       1,281,687  

Hellenic Telecommunications Organization SA

    56,482       891,397  

JUMBO SA

    65,225       1,946,343  

Mytilineos SA

    25,139       1,046,178  

National Bank of Greece SA(a)

    143,659       989,338  

OPAP SA

    53,509       941,092  
   

 

 

 
      8,240,708  
Hong Kong — 0.6%            

AIA Group Ltd.

    3,277,800       32,793,523  

BOC Hong Kong Holdings Ltd.

    1,096,500       3,346,564  

Budweiser Brewing Co. APAC Ltd.(c)

    495,800       1,209,314  

Chow Tai Fook Jewellery Group Ltd.

    542,400       946,979  

CK Asset Holdings Ltd.

    604,516       3,500,795  

CK Hutchison Holdings Ltd.

    755,516       4,659,514  

CK Infrastructure Holdings Ltd.

    215,000       1,139,358  

CLP Holdings Ltd.

    464,500       3,786,200  

ESR Group Ltd.(c)

    686,600       1,203,984  

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

    19,804       1,192,201  

Galaxy Entertainment Group Ltd.(a)

    656,000       4,788,490  

Hang Lung Properties Ltd.

    610,000       951,934  

Hang Seng Bank Ltd.

    209,100       3,196,210  

Henderson Land Development Co. Ltd.

    299,003       924,269  

HKT Trust & HKT Ltd., Class SS

    1,215,000       1,435,157  

Hong Kong & China Gas Co. Ltd.

    3,484,040       2,988,809  

Hong Kong Exchanges & Clearing Ltd.

    338,300       14,263,405  

Hongkong Land Holdings Ltd.(b)

    365,600       1,302,895  

Jardine Matheson Holdings Ltd.

    40,700       2,010,393  

Link REIT

    706,160       3,969,435  

MTR Corp. Ltd.(b)

    432,500       1,993,089  

New World Development Co. Ltd.

    483,916       1,196,710  

Power Assets Holdings Ltd.

    450,000       2,358,550  

Sands China Ltd.(a)

    696,400       2,682,889  

Sino Land Co. Ltd.

    1,668,000       2,047,509  

 

 

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 (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Hong Kong (continued)

   

SITC International Holdings Co. Ltd.

    441,000     $ 966,300  

Sun Hung Kai Properties Ltd.

    429,500       5,393,068  

Swire Pacific Ltd., Class A

    142,500       1,191,191  

Swire Properties Ltd.

    195,800       491,326  

Techtronic Industries Co. Ltd.

    397,000       4,510,138  

WH Group Ltd.(c)

    1,619,000       883,634  

Wharf Real Estate Investment Co. Ltd.

    476,200       2,555,511  

Xinyi Glass Holdings Ltd.

    547,000       910,261  
   

 

 

 
       116,789,605  
Hungary — 0.0%            

MOL Hungarian Oil & Gas PLC

    119,126       940,464  

OTP Bank Nyrt

    73,273       2,664,655  

Richter Gedeon Nyrt

    22,159       558,974  
   

 

 

 
      4,164,093  
India — 1.5%            

Adani Enterprises Ltd.

    45,254       1,372,808  

Adani Green Energy Ltd.(a)

    88,152       1,171,770  

Adani Ports & Special Economic Zone Ltd.

    144,051       1,362,934  

Adani Power Ltd.(a)

    204,666       680,810  

Ambuja Cements Ltd.

    189,376       1,067,262  

Apollo Hospitals Enterprise Ltd.

    32,206       2,027,406  

Asian Paints Ltd.

    122,739       5,041,871  

Aurobindo Pharma Ltd.

    103,245       1,033,124  

Avenue Supermarts Ltd.(a)(c)

    44,367       2,027,112  

Axis Bank Ltd.

    679,253       7,885,783  

Bajaj Auto Ltd.

    20,243       1,215,122  

Bajaj Finance Ltd.

    80,410       7,148,436  

Bajaj Finserv Ltd.

    128,412       2,499,031  

Bandhan Bank Ltd.(a)(c)

    184,727       502,212  

Bharat Electronics Ltd.

    1,053,536       1,676,323  

Bharat Forge Ltd.

    71,325       808,400  

Bharat Petroleum Corp. Ltd.

    251,010       1,152,788  

Bharti Airtel Ltd.

    692,888       7,503,957  

Britannia Industries Ltd.

    32,604       1,900,516  

Cholamandalam Investment and Finance Co. Ltd.

    132,926       1,831,538  

Cipla Ltd.

    145,111       2,075,413  

Coal India Ltd.

    384,143       1,072,158  

Colgate-Palmolive India Ltd.

    32,670       802,773  

Container Corp. of India Ltd.

    90,484       765,068  

Dabur India Ltd.

    158,487       1,110,306  

Divi’s Laboratories Ltd.

    41,499       1,861,236  

DLF Ltd.

    194,177       1,225,981  

Dr. Reddy’s Laboratories Ltd.

    36,581       2,509,651  

Eicher Motors Ltd.

    42,820       1,753,867  

GAIL India Ltd.

    677,920       982,373  

Godrej Consumer Products Ltd.(a)

    105,198       1,326,201  

Godrej Properties Ltd.(a)

    32,882       696,562  

Grasim Industries Ltd.

    82,044       1,847,560  

Havells India Ltd.

    85,052       1,380,990  

HCL Technologies Ltd.

    319,221       4,338,843  

HDFC Bank Ltd.

    823,683       16,536,331  

HDFC Life Insurance Co. Ltd.(c)

    269,443       2,120,046  

Hero MotoCorp Ltd.

    34,865       1,359,309  

Hindalco Industries Ltd.

    405,205       2,284,293  

Hindustan Unilever Ltd.

    235,472       7,335,095  

ICICI Bank Ltd.

    1,598,271       19,478,877  

ICICI Lombard General Insurance Co. Ltd.(c)

    69,193       1,166,082  

Indian Hotels Co. Ltd. (The), Class A

    238,669       1,148,001  

Indian Railway Catering & Tourism Corp. Ltd.

    74,239       578,868  
Security   Shares     Value  

India (continued)

   

Indraprastha Gas Ltd.

    104,676     $ 590,032  

Info Edge India Ltd.

    24,979       1,396,003  

Infosys Ltd.

    927,347       15,348,627  

InterGlobe Aviation Ltd.(a)(c)

    39,590       1,249,122  

ITC Ltd.

    929,499       5,266,914  

Jio Financial Services Ltd., NVS

    860,644       2,384,203  

JSW Steel Ltd.

    258,915       2,575,933  

Jubilant Foodworks Ltd.

    118,201       688,661  

Kotak Mahindra Bank Ltd.

    306,781       6,932,976  

Larsen & Toubro Infotech Ltd.(c)

    30,540       1,819,855  

Larsen & Toubro Ltd.

    188,021       6,134,886  

Lupin Ltd.

    83,400       999,966  

Mahindra & Mahindra Ltd.

    247,707       4,447,457  

Marico Ltd.

    148,901       1,015,881  

Maruti Suzuki India Ltd.

    38,708       4,625,721  

Max Healthcare Institute Ltd.(a)

    229,591       1,661,751  

Nestle India Ltd.

    8,554       2,345,776  

NTPC Ltd.

    1,093,986       2,908,054  

Oil & Natural Gas Corp. Ltd.

    940,384       2,028,043  

Page Industries Ltd.

    1,783       820,055  

PI Industries Ltd.

    23,399       1,029,378  

Pidilite Industries Ltd.

    44,530       1,416,863  

Power Grid Corp. of India Ltd.

    775,076       2,509,495  

Reliance Industries Ltd.

    860,644       26,716,937  

Samvardhana Motherson International Ltd.

    510,553       611,063  

SBI Life Insurance Co. Ltd.(c)

    132,381       2,066,481  

Shree Cement Ltd.

    2,990       877,010  

Shriram Transport Finance Co. Ltd.

    78,383       1,807,043  

Siemens Ltd.

    22,438       1,087,335  

SRF Ltd.

    43,279       1,144,106  

State Bank of India

    542,646       4,099,037  

Sun Pharmaceutical Industries Ltd.

    270,629       3,764,386  

Tata Consultancy Services Ltd.

    258,909       10,785,880  

Tata Consumer Products Ltd.

    186,424       1,948,771  

Tata Elxsi Ltd.

    11,558       1,007,701  

Tata Motors Ltd.

    487,497       3,825,116  

Tata Power Co. Ltd. (The)

    430,153       1,238,968  

Tata Steel Ltd.

    2,124,458       3,187,286  

Tech Mahindra Ltd.

    188,881       2,565,613  

Titan Co. Ltd.

    103,037       3,765,408  

Trent Ltd.

    69,964       1,496,529  

Tube Investments of India Ltd.

    34,678       1,300,228  

TVS Motor Co. Ltd.

    131,376       2,202,118  

UltraTech Cement Ltd.

    29,065       2,941,719  

UPL Ltd.

    156,658       1,191,158  

Varun Beverages Ltd.

    139,780       1,367,840  

Vedanta Ltd.

    221,160       744,252  

Wipro Ltd.

    368,466       1,817,321  

Zomato Ltd.(a)

    1,279,337       1,309,675  
   

 

 

 
       280,729,720  
Indonesia — 0.2%            

Adaro Energy Indonesia Tbk PT

    4,744,900       759,045  

Aneka Tambang Tbk

    2,287,700       301,542  

Astra International Tbk PT

    6,945,500       3,156,343  

Bank Central Asia Tbk PT

    13,646,600       8,264,809  

Bank Mandiri Persero Tbk PT

    9,662,528       3,673,165  

Bank Negara Indonesia Persero Tbk PT

    3,114,288       1,833,390  

Bank Rakyat Indonesia Persero Tbk PT

    18,475,930       6,917,461  

Barito Pacific Tbk PT

    7,625,694       391,849  

Charoen Pokphand Indonesia Tbk PT(a)

    2,535,445       869,753  

 

 

24  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Indonesia (continued)

   

GoTo Gojek Tokopedia Tbk PT(a)

    225,498,000     $ 1,692,742  

Indah Kiat Pulp & Paper Tbk PT

    682,500       414,305  

Indofood Sukses Makmur Tbk PT

    2,709,200       1,316,172  

Kalbe Farma Tbk PT

    8,902,700       1,130,750  

Merdeka Copper Gold Tbk PT(a)

    4,712,932       1,098,165  

Semen Indonesia Persero Tbk PT

    1,602,002       741,292  

Sumber Alfaria Trijaya Tbk PT

    6,202,500       1,110,608  

Telkom Indonesia Persero Tbk PT

    12,158,500       2,995,559  

Unilever Indonesia Tbk PT

    2,390,800       610,383  

United Tractors Tbk PT

    762,906       1,393,735  
   

 

 

 
       38,671,068  
Ireland — 0.2%            

AIB Group PLC

    194,648       915,558  

Bank of Ireland Group PLC

    220,118       2,322,422  

CRH PLC

    235,853       14,049,983  

Flutter Entertainment PLC, Class DI(a)

    46,585       9,265,739  

Kerry Group PLC, Class A

    56,697       5,632,895  

Kingspan Group PLC

    35,332       2,835,871  

Smurfit Kappa Group PLC

    91,793       3,632,343  
   

 

 

 
       38,654,811  
Israel — 0.2%            

Azrieli Group Ltd.

    10,219       581,511  

Bank Hapoalim BM

    363,470       3,228,645  

Bank Leumi Le-Israel BM

    380,251       3,035,399  

Check Point Software Technologies Ltd.(a)(b)

    26,388       3,488,757  

CyberArk Software Ltd.(a)(b)

    12,525       2,079,275  

Elbit Systems Ltd.

    9,213       1,959,015  

ICL Group Ltd.

    282,739       1,882,615  

Isracard Ltd.

    1       4  

Israel Discount Bank Ltd., Class A

    297,531       1,575,947  

Mizrahi Tefahot Bank Ltd.

    67,220       2,426,973  

Monday.com Ltd.(a)

    5,322       962,111  

Nice Ltd.(a)

    18,036       3,925,905  

Teva Pharmaceutical Industries Ltd., ADR(a)

    316,728       2,660,515  

Tower Semiconductor Ltd.(a)(b)

    31,401       1,164,577  

Wix.com Ltd.(a)

    16,486       1,554,959  
   

 

 

 
       30,526,208  
Italy — 0.6%            

Amplifon SpA

    32,389       1,095,787  

Assicurazioni Generali SpA

    285,801       6,087,709  

DiaSorin SpA

    7,108       797,462  

Enel SpA

    2,185,726       15,071,011  

Eni SpA

    666,025       10,168,115  

Ferrari NV

    36,169       11,595,299  

FinecoBank Banca Fineco SpA

    151,268       2,348,774  

Infrastrutture Wireless Italiane SpA(c)

    45,609       571,973  

Intesa Sanpaolo SpA

    4,387,868       12,688,254  

Mediobanca Banca di Credito Finanziario SpA

    229,402       3,057,148  

Moncler SpA

    42,539       3,070,193  

Nexi SpA(a)(c)

    143,593       1,243,516  

Poste Italiane SpA(c)

    103,000       1,176,619  

Prysmian SpA

    95,153       3,794,239  

Recordati Industria Chimica e Farmaceutica SpA

    45,327       2,340,690  

Snam SpA

    655,889       3,447,854  

Stellantis NV

    574,019       11,777,654  

Telecom Italia SpA/Milano(a)(b)

    3,175,713       915,467  

Tenaris SA

    157,569       2,618,407  

Terna - Rete Elettrica Nazionale

    530,902       4,485,593  
Security   Shares     Value  

Italy (continued)

   

UniCredit SpA

    527,581     $ 13,358,481  
   

 

 

 
       111,710,245  
Japan — 5.5%            

Advantest Corp.

    52,500       7,261,267  

Aeon Co. Ltd.

    175,400       3,798,925  

AGC Inc.

    58,300       2,106,590  

Aisin Corp.

    44,000       1,429,784  

Ajinomoto Co. Inc.

    128,800       5,018,678  

ANA Holdings Inc.(a)

    37,000       887,039  

Asahi Group Holdings Ltd.

    125,700       4,941,173  

Asahi Intecc Co. Ltd.

    69,100       1,418,020  

Asahi Kasei Corp.

    388,000       2,644,122  

Astellas Pharma Inc.

    509,700       7,453,010  

Azbil Corp.

    39,900       1,259,055  

Bandai Namco Holdings Inc.

    164,000       3,710,428  

BayCurrent Consulting Inc.

    42,000       1,356,379  

Bridgestone Corp.

    155,500       6,452,534  

Brother Industries Ltd.

    80,500       1,254,827  

Canon Inc.

    270,000       6,978,253  

Capcom Co. Ltd.

    48,300       2,171,906  

Central Japan Railway Co.

    35,400       4,511,136  

Chubu Electric Power Co. Inc.

    180,700       2,263,772  

Chugai Pharmaceutical Co. Ltd.

    187,300       5,574,280  

Concordia Financial Group Ltd.

    301,100       1,377,238  

CyberAgent Inc.

    119,900       757,978  

Dai Nippon Printing Co. Ltd.

    67,200       1,910,225  

Daifuku Co. Ltd.

    90,000       1,924,843  

Dai-ichi Life Holdings Inc.

    268,200       5,479,785  

Daiichi Sankyo Co. Ltd.

    512,000       15,769,400  

Daikin Industries Ltd.

    71,000       14,356,108  

Daito Trust Construction Co. Ltd.

    17,400       1,871,691  

Daiwa House Industry Co. Ltd.

    126,400       3,435,414  

Daiwa House REIT Investment Corp.

    631       1,242,332  

Daiwa Securities Group Inc.

    407,000       2,206,308  

Denso Corp.

    116,800       8,132,490  

Dentsu Group Inc.

    66,500       2,225,181  

Disco Corp.

    27,000       5,075,347  

East Japan Railway Co.

    84,400       4,778,232  

Eisai Co. Ltd.

    70,300       4,435,479  

ENEOS Holdings Inc.

    869,980       3,156,408  

FANUC Corp.

    259,500       7,938,733  

Fast Retailing Co. Ltd.

    48,600       12,174,918  

Fuji Electric Co. Ltd.

    40,700       1,840,030  

FUJIFILM Holdings Corp.

    101,500       5,893,661  

Fujitsu Ltd.

    48,700       6,306,152  

GLP J-Reit

    1,180       1,162,494  

GMO Payment Gateway Inc.

    14,200       1,083,302  

Hakuhodo DY Holdings Inc.

    70,500       811,061  

Hamamatsu Photonics KK

    33,300       1,604,440  

Hankyu Hanshin Holdings Inc.

    70,300       2,335,568  

Hikari Tsushin Inc.

    6,500       964,516  

Hirose Electric Co. Ltd.

    9,200       1,165,250  

Hitachi Construction Machinery Co. Ltd.

    31,000       930,264  

Hitachi Ltd.

    257,200       16,837,465  

Honda Motor Co. Ltd.

    436,600       13,919,414  

Hoshizaki Corp.

    30,300       1,162,031  

Hoya Corp.

    99,500       11,587,702  

Hulic Co. Ltd.

    124,800       1,062,573