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JULY 31, 2023 |
2023 Annual Report
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iShares Trust
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iShares MSCI ACWI ETF | ACWI | NASDAQ |
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iShares MSCI ACWI Low Carbon Target ETF | CRBN | NYSE Arca |
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iShares MSCI All Country Asia ex Japan ETF | AAXJ | NASDAQ |
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iShares MSCI Europe Financials ETF | EUFN | NASDAQ |
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iShares MSCI Europe Small-Cap ETF | IEUS | NASDAQ |
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iShares MSCI Kokusai ETF | TOK | NYSE Arca |
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of July 31, 2023 | ||||||||
6-Month | 12-Month | |||||||
U.S.
large cap equities |
13.52% | 13.02% | ||||||
U.S.
small cap equities |
4.51 | 7.91 | ||||||
International
equities |
6.65 | 16.79 | ||||||
Emerging
market equities |
3.26 | 8.35 | ||||||
3-month
Treasury bills |
2.34 | 3.96 | ||||||
U.S.
Treasury securities |
(2.08) | (7.56) | ||||||
U.S.
investment grade bonds |
(1.02) | (3.37) | ||||||
Tax-exempt
municipal bonds |
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. |
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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.
4 |
2 0 2 3 I 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 $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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Sector |
Percent of Total Investments(a) |
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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 | |||
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GEOGRAPHIC ALLOCATION |
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Country/Geographic Region |
Percent of Total Investments(a) |
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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 3 I 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 |
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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 $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSETVALUE)
The inception date of the Fund was December 8, 2014. The first day of secondary market trading was December 9, 2014.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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Sector |
Percent of Total Investments(a) |
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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 | |||
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GEOGRAPHIC ALLOCATION |
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Country/Geographic Region |
Percent of Total Investments(a) |
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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 | |||
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(a) |
Excludes money market funds. |
8 |
2 0 2 3 I 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 $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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Sector |
Percent of Total Investments(a) |
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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 | |||
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GEOGRAPHIC ALLOCATION |
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Country/Geographic Region |
Percent of Total Investments(a) |
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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 3 I 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 $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (02/01/23) |
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Ending Account Value (07/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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. |
12 |
2 0 2 3 I 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 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)
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. |
14 |
2 0 2 3 I 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 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)
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 |
2 0 2 3 I 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 |
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.
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 |
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 3 I 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 3 I 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. |
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 |
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. |
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, |
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 3 I 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 3 I 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 | ||||||
Ibiden Co. Ltd. |
36,500 | 2,218,443 | ||||||
Idemitsu Kosan Co. Ltd. |
65,400 | 1,381,040 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
Iida Group Holdings Co. Ltd. |
36,200 | $ | 635,038 | |||||
Inpex Corp. |
288,000 | 3,718,719 | ||||||
Isuzu Motors Ltd. |
173,100 | 2,248,698 | ||||||
ITOCHU Corp. |
319,000 | 12,902,050 | ||||||
Itochu Techno-Solutions Corp. |
33,500 | 849,029 | ||||||
Japan Airlines Co. Ltd. |
42,000 | 909,326 | ||||||
Japan Exchange Group Inc. |
140,100 | 2,440,990 | ||||||
Japan Metropolitan Fund Invest |
2,328 | 1,596,769 | ||||||
Japan Post Bank Co. Ltd. |
414,500 | 3,448,450 | ||||||
Japan Post Holdings Co. Ltd. |
648,800 | 4,737,918 | ||||||
Japan Post Insurance Co. Ltd. |
50,200 | 811,240 | ||||||
Japan Real Estate Investment Corp. |
361 | 1,451,977 | ||||||
Japan Tobacco Inc. |
313,400 | 6,954,219 | ||||||
JFE Holdings Inc. |
138,600 | 2,241,981 | ||||||
JSR Corp. |
63,100 | 1,810,131 | ||||||
Kajima Corp. |
124,100 | 1,961,084 | ||||||
Kansai Electric Power Co. Inc. (The) |
217,900 | 2,862,613 | ||||||
Kao Corp. |
132,300 | 5,026,288 | ||||||
Kawasaki Kisen Kaisha Ltd. |
35,900 | 1,082,551 | ||||||
KDDI Corp. |
414,000 | 12,184,723 | ||||||
Keio Corp. |
32,800 | 1,090,292 | ||||||
Keisei Electric Railway Co. Ltd. |
43,200 | 1,793,027 | ||||||
Keyence Corp. |
54,300 | 24,366,688 | ||||||
Kikkoman Corp. |
41,300 | 2,380,154 | ||||||
Kintetsu Group Holdings Co. Ltd. |
55,300 | 1,855,127 | ||||||
Kirin Holdings Co. Ltd. |
228,500 | 3,375,045 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
14,900 | 819,073 | ||||||
Kobe Bussan Co. Ltd.(b) |
45,000 | 1,198,601 | ||||||
Koei Tecmo Holdings Co. Ltd. |
32,800 | 561,245 | ||||||
Koito Manufacturing Co. Ltd. |
62,800 | 1,154,730 | ||||||
Komatsu Ltd. |
243,700 | 6,827,117 | ||||||
Konami Group Corp. |
28,100 | 1,576,315 | ||||||
Kose Corp. |
9,700 | 949,884 | ||||||
Kubota Corp. |
292,600 | 4,420,006 | ||||||
Kurita Water Industries Ltd. |
38,800 | 1,560,349 | ||||||
Kyocera Corp. |
89,600 | 4,821,561 | ||||||
Kyowa Kirin Co. Ltd. |
80,900 | 1,544,840 | ||||||
Lasertec Corp. |
21,000 | 3,179,018 | ||||||
Lixil Corp. |
77,400 | 989,158 | ||||||
M3 Inc. |
125,600 | 2,904,352 | ||||||
Makita Corp. |
62,900 | 1,766,298 | ||||||
Marubeni Corp. |
429,100 | 7,597,213 | ||||||
MatsukiyoCocokara & Co. |
30,100 | 1,761,500 | ||||||
Mazda Motor Corp. |
157,900 | 1,566,445 | ||||||
McDonald’s Holdings Co. Japan Ltd.(b) |
24,100 | 948,652 | ||||||
MEIJI Holdings Co. Ltd. |
73,200 | 1,691,205 | ||||||
MINEBEA MITSUMI Inc. |
113,400 | 2,100,483 | ||||||
MISUMI Group Inc. |
92,400 | 1,690,377 | ||||||
Mitsubishi Chemical Group Corp. |
338,400 | 2,024,250 | ||||||
Mitsubishi Corp. |
347,700 | 17,790,577 | ||||||
Mitsubishi Electric Corp. |
499,400 | 7,206,907 | ||||||
Mitsubishi Estate Co. Ltd. |
297,300 | 3,643,616 | ||||||
Mitsubishi Heavy Industries Ltd. |
92,200 | 4,374,339 | ||||||
Mitsubishi UFJ Financial Group Inc. |
3,192,900 | 25,710,023 | ||||||
Mitsui & Co. Ltd. |
371,600 | 14,503,577 | ||||||
Mitsui Chemicals Inc. |
45,000 | 1,293,928 | ||||||
Mitsui Fudosan Co. Ltd. |
228,900 | 4,702,736 | ||||||
Mitsui OSK Lines Ltd. |
103,500 | 2,675,662 | ||||||
Mizuho Financial Group Inc. |
649,090 | 11,012,048 | ||||||
MonotaRO Co. Ltd. |
88,700 | 1,082,569 |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
MS&AD Insurance Group Holdings Inc. |
124,600 | $ | 4,634,287 | |||||
Murata Manufacturing Co. Ltd. |
155,900 | 9,260,725 | ||||||
NEC Corp. |
73,100 | 3,698,524 | ||||||
Nexon Co. Ltd. |
112,200 | 2,140,710 | ||||||
NGK Insulators Ltd. |
79,500 | 975,009 | ||||||
Nidec Corp. |
117,700 | 7,029,626 | ||||||
Nintendo Co. Ltd. |
283,900 | 12,842,142 | ||||||
Nippon Building Fund Inc. |
505 | 2,116,865 | ||||||
Nippon Express Holdings Inc. |
16,900 | 990,867 | ||||||
Nippon Paint Holdings Co. Ltd. |
274,100 | 2,511,375 | ||||||
Nippon Prologis REIT Inc. |
245 | 501,003 | ||||||
Nippon Sanso Holdings Corp. |
55,200 | 1,334,810 | ||||||
Nippon Shinyaku Co. Ltd. |
20,300 | 820,924 | ||||||
Nippon Steel Corp. |
234,634 | 5,362,881 | ||||||
Nippon Telegraph & Telephone Corp. |
8,107,500 | 9,297,016 | ||||||
Nippon Yusen KK |
135,000 | 3,284,031 | ||||||
Nissan Chemical Corp. |
39,700 | 1,783,946 | ||||||
Nissan Motor Co. Ltd. |
629,100 | 2,771,277 | ||||||
Nisshin Seifun Group Inc. |
71,500 | 886,672 | ||||||
Nissin Foods Holdings Co. Ltd. |
11,600 | 978,060 | ||||||
Nitori Holdings Co. Ltd. |
22,700 | 2,779,674 | ||||||
Nitto Denko Corp. |
38,300 | 2,723,551 | ||||||
Nomura Holdings Inc. |
877,700 | 3,631,020 | ||||||
Nomura Real Estate Holdings Inc. |
26,300 | 652,319 | ||||||
Nomura Real Estate Master Fund Inc. |
1,267 | 1,507,398 | ||||||
Nomura Research Institute Ltd. |
121,600 | 3,455,254 | ||||||
NTT Data Group Corp. |
194,600 | 2,707,118 | ||||||
Obayashi Corp. |
190,500 | 1,761,331 | ||||||
Obic Co. Ltd. |
20,600 | 3,370,987 | ||||||
Odakyu Electric Railway Co. Ltd. |
91,200 | 1,332,470 | ||||||
Oji Holdings Corp. |
194,000 | 765,970 | ||||||
Olympus Corp. |
338,000 | 5,515,121 | ||||||
Omron Corp. |
55,700 | 2,989,768 | ||||||
Ono Pharmaceutical Co. Ltd. |
117,200 | 2,147,727 | ||||||
Open House Group Co. Ltd. |
28,800 | 1,095,906 | ||||||
Oracle Corp. Japan |
13,500 | 946,331 | ||||||
Oriental Land Co. Ltd./Japan |
307,900 | 11,809,053 | ||||||
ORIX Corp. |
348,300 | 6,700,079 | ||||||
Osaka Gas Co. Ltd. |
119,600 | 1,881,887 | ||||||
Otsuka Corp. |
30,800 | 1,282,615 | ||||||
Otsuka Holdings Co. Ltd. |
109,900 | 4,040,727 | ||||||
Pan Pacific International Holdings Corp. |
117,900 | 2,331,071 | ||||||
Panasonic Holdings Corp. |
611,800 | 7,551,681 | ||||||
Persol Holdings Co. Ltd. |
64,000 | 1,265,960 | ||||||
Rakuten Group Inc. |
429,700 | 1,683,033 | ||||||
Recruit Holdings Co. Ltd. |
398,900 | 13,816,160 | ||||||
Renesas Electronics Corp.(a) |
338,000 | 6,521,313 | ||||||
Resona Holdings Inc. |
600,400 | 3,268,626 | ||||||
Ricoh Co. Ltd. |
195,100 | 1,735,544 | ||||||
Rohm Co. Ltd. |
24,800 | 2,323,964 | ||||||
SBI Holdings Inc. |
68,330 | 1,442,944 | ||||||
SCSK Corp. |
53,300 | 886,115 | ||||||
Secom Co. Ltd. |
56,800 | 3,811,555 | ||||||
Seiko Epson Corp. |
85,400 | 1,402,414 | ||||||
Sekisui Chemical Co. Ltd. |
129,800 | 1,971,597 | ||||||
Sekisui House Ltd. |
161,800 | 3,300,994 | ||||||
Seven & i Holdings Co. Ltd. |
204,100 | 8,467,105 | ||||||
SG Holdings Co. Ltd. |
96,900 | 1,414,111 | ||||||
Sharp Corp./Japan(a)(b) |
53,700 | 319,309 | ||||||
Shimadzu Corp. |
75,900 | 2,305,145 |
26 |
2 0 2 3 I 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 | ||||||
Japan (continued) |
||||||||
Shimano Inc. |
21,300 | $ | 3,210,488 | |||||
Shimizu Corp. |
141,500 | 974,869 | ||||||
Shin-Etsu Chemical Co. Ltd. |
511,600 | 16,854,582 | ||||||
Shionogi & Co. Ltd. |
80,200 | 3,361,024 | ||||||
Shiseido Co. Ltd. |
110,300 | 4,836,000 | ||||||
Shizuoka Financial Group Inc., NVS |
130,100 | 1,086,609 | ||||||
SMC Corp. |
15,800 | 8,256,495 | ||||||
SoftBank Corp. |
785,400 | 8,721,474 | ||||||
SoftBank Group Corp. |
284,500 | 14,470,351 | ||||||
Sompo Holdings Inc. |
74,000 | 3,271,595 | ||||||
Sony Group Corp. |
348,100 | 32,605,213 | ||||||
Square Enix Holdings Co. Ltd. |
24,500 | 1,134,822 | ||||||
Subaru Corp. |
165,300 | 3,133,025 | ||||||
SUMCO Corp. |
102,000 | 1,486,336 | ||||||
Sumitomo Chemical Co. Ltd. |
384,500 | 1,185,859 | ||||||
Sumitomo Corp. |
334,400 | 7,173,843 | ||||||
Sumitomo Electric Industries Ltd. |
208,000 | 2,666,969 | ||||||
Sumitomo Metal Mining Co. Ltd. |
71,400 | 2,465,813 | ||||||
Sumitomo Mitsui Financial Group Inc. |
359,100 | 16,824,427 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
92,408 | 3,594,829 | ||||||
Sumitomo Realty & Development Co. Ltd. |
80,300 | 2,151,993 | ||||||
Suntory Beverage & Food Ltd. |
41,700 | 1,484,395 | ||||||
Suzuki Motor Corp. |
102,300 | 4,108,937 | ||||||
Sysmex Corp. |
49,700 | 3,365,441 | ||||||
T&D Holdings Inc. |
151,600 | 2,464,835 | ||||||
Taisei Corp. |
53,000 | 2,008,510 | ||||||
Takeda Pharmaceutical Co. Ltd. |
414,734 | 12,680,426 | ||||||
TDK Corp. |
105,500 | 4,041,521 | ||||||
Terumo Corp. |
185,000 | 6,058,578 | ||||||
TIS Inc. |
63,100 | 1,600,455 | ||||||
Tobu Railway Co. Ltd. |
63,900 | 1,690,923 | ||||||
Toho Co. Ltd./Tokyo |
35,500 | 1,383,894 | ||||||
Tokio Marine Holdings Inc. |
502,700 | 11,559,577 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) |
445,000 | 1,767,113 | ||||||
Tokyo Electron Ltd. |
122,400 | 18,370,640 | ||||||
Tokyo Gas Co. Ltd. |
112,000 | 2,539,719 | ||||||
Tokyu Corp. |
156,000 | 1,979,278 | ||||||
Toppan Inc. |
73,200 | 1,723,020 | ||||||
Toray Industries Inc. |
409,200 | 2,291,279 | ||||||
Toshiba Corp. |
107,800 | 3,480,454 | ||||||
Tosoh Corp. |
64,600 | 844,365 | ||||||
TOTO Ltd. |
37,700 | 1,158,978 | ||||||
Toyota Industries Corp. |
38,900 | 2,811,192 | ||||||
Toyota Motor Corp. |
2,936,000 | 49,365,166 | ||||||
Toyota Tsusho Corp. |
56,400 | 3,299,691 | ||||||
Trend Micro Inc./Japan |
39,500 | 1,866,206 | ||||||
Unicharm Corp. |
114,600 | 4,240,046 | ||||||
USS Co. Ltd. |
66,100 | 1,146,179 | ||||||
Welcia Holdings Co. Ltd. |
33,600 | 632,478 | ||||||
West Japan Railway Co. |
62,100 | 2,551,338 | ||||||
Yakult Honsha Co. Ltd. |
37,800 | 2,097,364 | ||||||
Yamaha Corp. |
40,500 | 1,569,302 | ||||||
Yamaha Motor Co. Ltd. |
91,300 | 2,677,728 | ||||||
Yamato Holdings Co. Ltd. |
77,700 | 1,455,163 | ||||||
Yaskawa Electric Corp. |
67,000 | 2,912,508 | ||||||
Yokogawa Electric Corp. |
75,900 | 1,425,318 | ||||||
Z Holdings Corp. |
761,100 | 2,121,953 | ||||||
ZOZO Inc. |
39,200 | 765,263 | ||||||
|
|
|||||||
1,004,529,021 |
Security | Shares | Value | ||||||
Kuwait — 0.1% |
||||||||
Agility Public Warehousing Co. KSC(a) |
573,590 | $ | 1,176,265 | |||||
Boubyan Bank KSCP |
1,053,360 | 2,125,819 | ||||||
Kuwait Finance House KSCP |
1,812,461 | 4,656,190 | ||||||
Mabanee Co. KPSC |
379,518 | 1,091,035 | ||||||
Mobile Telecommunications Co. KSCP |
1,318,808 | 2,236,655 | ||||||
National Bank of Kuwait SAKP |
1,598,683 | 5,006,417 | ||||||
|
|
|||||||
16,292,381 | ||||||||
Malaysia — 0.2% | ||||||||
Axiata Group Bhd |
352,300 | 208,650 | ||||||
CIMB Group Holdings Bhd |
1,770,600 | 2,181,114 | ||||||
Dialog Group Bhd |
1,725,000 | 880,545 | ||||||
DiGi.Com Bhd(b) |
1,776,700 | 1,741,718 | ||||||
Genting Bhd |
1,208,500 | 1,155,456 | ||||||
Genting Malaysia Bhd |
423,900 | 244,515 | ||||||
Hong Leong Bank Bhd |
276,500 | 1,201,284 | ||||||
Hong Leong Financial Group Bhd |
411,600 | 1,670,499 | ||||||
IHH Healthcare Bhd |
1,339,600 | 1,769,264 | ||||||
Kuala Lumpur Kepong Bhd |
81,700 | 422,572 | ||||||
Malayan Banking Bhd |
1,023,000 | 2,046,734 | ||||||
Malaysia Airports Holdings Bhd |
498,300 | 762,548 | ||||||
Maxis Bhd(b) |
1,213,000 | 1,086,974 | ||||||
MISC Bhd |
384,100 | 612,394 | ||||||
MR DIY Group M Bhd(c) |
449,000 | 146,404 | ||||||
Petronas Chemicals Group Bhd |
680,100 | 1,049,128 | ||||||
Petronas Gas Bhd |
465,500 | 1,763,305 | ||||||
PPB Group Bhd |
174,100 | 644,815 | ||||||
Press Metal Aluminium Holdings Bhd |
1,483,600 | 1,658,982 | ||||||
Public Bank Bhd |
3,739,150 | 3,458,745 | ||||||
Sime Darby Plantation Bhd |
350,200 | 354,003 | ||||||
Telekom Malaysia Bhd |
423,200 | 477,828 | ||||||
Tenaga Nasional Bhd(b) |
672,400 | 1,431,858 | ||||||
Top Glove Corp. Bhd(a)(b) |
1,424,100 | 290,716 | ||||||
|
|
|||||||
27,260,051 | ||||||||
Mexico — 0.3% | ||||||||
America Movil SAB de CV |
8,652,600 | 9,068,566 | ||||||
Arca Continental SAB de CV |
94,200 | 943,744 | ||||||
Banco del Bajio SA(c) |
190,200 | 579,857 | ||||||
Cemex SAB de CV, NVS(a) |
5,156,354 | 3,916,920 | ||||||
Coca-Cola Femsa SAB de CV |
124,900 | 1,054,396 | ||||||
Fibra Uno Administracion SA de CV |
674,500 | 1,013,462 | ||||||
Fomento Economico Mexicano SAB de CV |
593,400 | 6,725,318 | ||||||
Gruma SAB de CV, Class B |
44,475 | 797,814 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
101,900 | 1,941,547 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
45,435 | 1,285,150 | ||||||
Grupo Bimbo SAB de CV, Series A |
369,400 | 1,915,056 | ||||||
Grupo Carso SAB de CV, Series A1 |
196,200 | 1,560,109 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
772,500 | 7,321,796 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) |
615,700 | 1,494,667 | ||||||
Grupo Mexico SAB de CV, Series B |
1,028,128 | 5,344,178 | ||||||
Grupo Televisa SAB, CPO |
814,600 | 862,031 | ||||||
Industrias Penoles SAB de CV(a)(b) |
45,395 | 649,085 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
306,900 | 720,652 | ||||||
Orbia Advance Corp. SAB de CV |
623,823 | 1,415,290 | ||||||
Wal-Mart de Mexico SAB de CV |
1,494,100 | 6,219,989 | ||||||
|
|
|||||||
54,829,627 | ||||||||
Netherlands — 1.1% | ||||||||
ABN AMRO Bank NV, CVA(c) |
125,802 | 2,139,037 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Netherlands (continued) |
||||||||
Adyen NV(a)(c) |
6,035 | $ | 11,201,048 | |||||
Aegon NV |
553,189 | 3,002,865 | ||||||
AerCap Holdings NV(a) |
41,846 | 2,670,193 | ||||||
Akzo Nobel NV |
51,716 | 4,424,201 | ||||||
ASM International NV |
12,670 | 6,019,268 | ||||||
ASML Holding NV |
112,368 | 80,485,690 | ||||||
Davide Campari-Milano NV |
202,275 | 2,720,372 | ||||||
EXOR NV, NVS(b) |
28,595 | 2,672,075 | ||||||
Ferrovial SE |
160,204 | 5,308,991 | ||||||
Heineken Holding NV |
38,158 | 3,128,007 | ||||||
Heineken NV |
71,787 | 7,026,617 | ||||||
IMCD NV |
15,415 | 2,335,826 | ||||||
ING Groep NV |
1,017,993 | 14,859,300 | ||||||
Just Eat Takeaway.com NV(a)(c) |
55,986 | 1,004,388 | ||||||
Koninklijke Ahold Delhaize NV |
277,002 | 9,547,876 | ||||||
Koninklijke KPN NV |
835,773 | 3,024,040 | ||||||
Koninklijke Philips NV(a) |
263,335 | 5,470,426 | ||||||
NEPI Rockcastle NV |
94,255 | 564,726 | ||||||
NN Group NV |
72,525 | 2,780,241 | ||||||
OCI NV |
26,393 | 752,195 | ||||||
Prosus NV |
220,146 | 17,415,169 | ||||||
QIAGEN NV(a) |
57,696 | 2,707,186 | ||||||
Randstad NV |
25,597 | 1,499,613 | ||||||
Universal Music Group NV |
214,446 | 5,500,520 | ||||||
Wolters Kluwer NV |
73,989 | 9,291,243 | ||||||
|
|
|||||||
207,551,113 | ||||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd.(a) |
521,759 | 2,723,712 | ||||||
EBOS Group Ltd. |
34,390 | 824,131 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
181,162 | 2,765,809 | ||||||
Meridian Energy Ltd. |
278,970 | 979,150 | ||||||
Spark New Zealand Ltd. |
749,019 | 2,411,501 | ||||||
|
|
|||||||
9,704,303 | ||||||||
Norway — 0.2% | ||||||||
Adevinta ASA(a) |
70,019 | 517,934 | ||||||
Aker BP ASA |
98,215 | 2,751,255 | ||||||
DNB Bank ASA |
267,501 | 5,512,522 | ||||||
Equinor ASA |
266,701 | 8,157,976 | ||||||
Gjensidige Forsikring ASA |
33,914 | 535,381 | ||||||
Kongsberg Gruppen ASA |
26,510 | 1,150,299 | ||||||
Mowi ASA |
107,419 | 1,888,415 | ||||||
Norsk Hydro ASA |
410,765 | 2,690,272 | ||||||
Orkla ASA |
247,986 | 1,956,814 | ||||||
Salmar ASA |
18,052 | 833,975 | ||||||
Telenor ASA |
197,875 | 2,118,240 | ||||||
Yara International ASA |
53,659 | 2,191,540 | ||||||
|
|
|||||||
30,304,623 | ||||||||
Peru — 0.0% | ||||||||
Cia. de Minas Buenaventura SAA, ADR |
85,396 | 659,257 | ||||||
Credicorp Ltd. |
19,375 | 3,042,844 | ||||||
Southern Copper Corp. |
22,859 | 1,998,791 | ||||||
|
|
|||||||
5,700,892 | ||||||||
Philippines — 0.1% | ||||||||
Aboitiz Equity Ventures Inc. |
892,620 | 873,696 | ||||||
ACEN Corp.(a) |
116,662 | 11,090 | ||||||
Ayala Corp. |
51,850 | 581,152 | ||||||
Ayala Land Inc. |
2,625,600 | 1,311,106 | ||||||
Bank of the Philippine Islands |
819,068 | 1,707,880 | ||||||
BDO Unibank Inc. |
1,181,676 | 3,125,002 |
Security | Shares | Value | ||||||
Philippines (continued) |
||||||||
JG Summit Holdings Inc. |
576,359 | $ | 452,225 | |||||
Jollibee Foods Corp. |
271,050 | 1,258,954 | ||||||
Metropolitan Bank & Trust Co. |
549,610 | 600,807 | ||||||
PLDT Inc. |
16,515 | 394,096 | ||||||
SM Investments Corp. |
70,920 | 1,178,391 | ||||||
SM Prime Holdings Inc. |
4,363,525 | 2,654,986 | ||||||
|
|
|||||||
14,149,385 | ||||||||
Poland — 0.1% | ||||||||
Allegro.eu SA (a)(c) |
122,096 | 1,076,460 | ||||||
Bank Polska Kasa Opieki SA |
63,764 | 1,882,816 | ||||||
CD Projekt SA |
16,970 | 692,358 | ||||||
Cyfrowy Polsat SA |
219,215 | 883,353 | ||||||
Dino Polska SA(a)(c) |
14,477 | 1,612,159 | ||||||
KGHM Polska Miedz SA |
56,799 | 1,756,597 | ||||||
LPP SA |
303 | 1,042,302 | ||||||
Polski Koncern Naftowy ORLEN SA |
155,150 | 2,765,324 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
303,272 | 3,077,005 | ||||||
Powszechny Zaklad Ubezpieczen SA |
139,463 | 1,410,382 | ||||||
|
|
|||||||
16,198,756 | ||||||||
Portugal — 0.0% | ||||||||
Banco Espirito Santo SA, Registered,NVS(d)(e) |
3 | — | ||||||
EDP - Energias de Portugal SA |
899,839 | 4,203,903 | ||||||
Galp Energia SGPS SA |
131,096 | 1,742,215 | ||||||
Jeronimo Martins SGPS SA |
87,858 | 2,392,002 | ||||||
|
|
|||||||
8,338,120 | ||||||||
Qatar — 0.1% | ||||||||
Commercial Bank PSQC (The) |
900,003 | 1,544,971 | ||||||
Industries Qatar QSC |
423,320 | 1,549,350 | ||||||
Masraf Al Rayan QSC |
3,587,719 | 2,472,654 | ||||||
Mesaieed Petrochemical Holding Co. |
1,233,545 | 661,026 | ||||||
Ooredoo QPSC |
643,581 | 2,019,611 | ||||||
Qatar Islamic Bank SAQ |
490,464 | 2,848,260 | ||||||
Qatar National Bank QPSC |
1,243,763 | 5,798,647 | ||||||
|
|
|||||||
16,894,519 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(d) |
472,000 | 51 | ||||||
Gazprom PJSC(a)(d) |
3,457,370 | 377 | ||||||
Inter RAO UES PJSC(d) |
11,798,500 | 1,286 | ||||||
LUKOIL PJSC(d) |
127,513 | 14 | ||||||
Magnit PJSC(d) |
16,753 | 2 | ||||||
Magnit PJSC, GDR(d)(e) |
3 | — | ||||||
MMC Norilsk Nickel PJSC(d) |
19,665 | 2 | ||||||
Mobile TeleSystems PJSC(d) |
482,206 | 53 | ||||||
Moscow Exchange MICEX-RTS PJSC(d) |
490,370 | 53 | ||||||
Novatek PJSC(d) |
290,740 | 32 | ||||||
Novolipetsk Steel PJSC(a)(d) |
316,690 | 35 | ||||||
PhosAgro PJSC(d) |
26,470 | 3 | ||||||
PhosAgro PJSC, New(d) |
511 | 5 | ||||||
Polymetal International PLC(a)(d) |
71,803 | 8 | ||||||
Polyus PJSC(a)(d) |
9,781 | 1 | ||||||
Rosneft Oil Co. PJSC(d) |
352,530 | 38 | ||||||
Sberbank of Russia PJSC(d) |
2,557,600 | 279 | ||||||
Severstal PAO(a)(d) |
47,814 | 5 | ||||||
Surgutneftegas PJSC(d) |
2,443,710 | 267 | ||||||
Tatneft PJSC(d) |
397,511 | 43 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) |
35,279 | 4 | ||||||
X5 Retail Group NV, GDR(a)(d) |
24,002 | 3 | ||||||
Yandex NV(a)(d) |
90,278 | 10 | ||||||
|
|
|||||||
2,571 |
28 |
2 0 2 3 I 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 | ||||||
Saudi Arabia — 0.5% |
||||||||
ACWA Power Co. |
24,108 | $ | 1,185,040 | |||||
Al Rajhi Bank |
548,061 | 10,894,111 | ||||||
Alinma Bank |
449,208 | 4,428,993 | ||||||
Almarai Co. JSC |
121,346 | 2,228,386 | ||||||
AngloGold Ashanti Ltd. |
109,059 | 2,418,894 | ||||||
Arab National Bank |
165,045 | 1,171,807 | ||||||
Bank AlBilad |
126,339 | 1,472,693 | ||||||
Bank Al-Jazira |
333,461 | 1,633,251 | ||||||
Banque Saudi Fransi |
250,858 | 2,847,782 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
20,006 | 920,165 | ||||||
Dar Al Arkan Real Estate Development Co.(a) |
168,874 | 762,039 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
24,324 | 1,873,845 | ||||||
Etihad Etisalat Co. |
113,443 | 1,416,531 | ||||||
Rabigh Refining & Petrochemical Co.(a) |
120,124 | 333,185 | ||||||
Reinet Investments SCA |
31,273 | 757,617 | ||||||
Riyad Bank |
504,046 | 4,273,081 | ||||||
SABIC Agri-Nutrients Co. |
76,534 | 2,941,535 | ||||||
Sahara International Petrochemical Co. |
107,561 | 1,085,377 | ||||||
Saudi Arabian Mining Co.(a) |
408,537 | 4,837,215 | ||||||
Saudi Arabian Oil Co.(c) |
748,022 | 6,464,243 | ||||||
Saudi Awwal Bank |
271,338 | 2,752,413 | ||||||
Saudi Basic Industries Corp. |
230,749 | 5,273,638 | ||||||
Saudi Electricity Co. |
486,332 | 2,909,374 | ||||||
Saudi Industrial Investment Group |
52,162 | 347,526 | ||||||
Saudi Investment Bank (The) |
70,310 | 335,441 | ||||||
Saudi Kayan Petrochemical Co.(a) |
195,819 | 639,764 | ||||||
Saudi National Bank (The) |
894,037 | 9,186,955 | ||||||
Saudi Research & Media Group(a) |
7,436 | 371,133 | ||||||
Saudi Tadawul Group Holding Co. |
13,276 | 712,554 | ||||||
Saudi Telecom Co. |
511,534 | 5,784,249 | ||||||
Savola Group (The) |
66,245 | 746,701 | ||||||
Yanbu National Petrochemical Co. |
32,669 | 399,145 | ||||||
|
|
|||||||
83,404,683 | ||||||||
Singapore — 0.4% | ||||||||
CapitaLand Ascendas REIT |
1,475,479 | 3,120,084 | ||||||
CapitaLand Integrated Commercial Trust |
2,159,632 | 3,315,649 | ||||||
Capitaland Investment Ltd/Singapore |
960,300 | 2,457,868 | ||||||
City Developments Ltd. |
111,500 | 620,418 | ||||||
DBS Group Holdings Ltd. |
477,800 | 12,325,825 | ||||||
Genting Singapore Ltd. |
2,738,700 | 1,937,152 | ||||||
Grab Holdings Ltd., Class A(a) |
471,876 | 1,807,285 | ||||||
Jardine Cycle & Carriage Ltd. |
30,000 | 774,295 | ||||||
Keppel Corp. Ltd. |
536,500 | 2,979,310 | ||||||
Mapletree Logistics Trust |
686,945 | 873,302 | ||||||
Mapletree Pan Asia Commercial Trust |
546,400 | 678,641 | ||||||
Oversea-Chinese Banking Corp. Ltd.(b) |
837,100 | 8,377,489 | ||||||
Sea Ltd., ADR(a)(b) |
99,036 | 6,587,875 | ||||||
Seatrium Ltd.(a) |
11,788,430 | 1,249,401 | ||||||
Singapore Airlines Ltd.(b) |
347,000 | 1,965,763 | ||||||
Singapore Exchange Ltd. |
64,300 | 470,020 | ||||||
Singapore Technologies Engineering Ltd. |
451,100 | 1,266,465 | ||||||
Singapore Telecommunications Ltd. |
1,953,200 | 3,918,246 | ||||||
United Overseas Bank Ltd. |
325,800 | 7,390,278 | ||||||
UOL Group Ltd. |
86,200 | 456,099 | ||||||
Venture Corp. Ltd. |
95,900 | 1,081,169 | ||||||
Wilmar International Ltd. |
425,000 | 1,234,936 | ||||||
|
|
|||||||
64,887,570 | ||||||||
South Africa — 0.3% | ||||||||
Absa Group Ltd. |
185,233 | 1,963,180 |
Security | Shares | Value | ||||||
South Africa (continued) |
||||||||
Anglo American Platinum Ltd. |
15,298 | $ | 764,581 | |||||
Aspen Pharmacare Holdings Ltd. |
105,329 | 1,129,576 | ||||||
Bid Corp. Ltd. |
134,379 | 3,182,942 | ||||||
Bidvest Group Ltd. (The) |
85,142 | 1,321,138 | ||||||
Capitec Bank Holdings Ltd. |
25,700 | 2,577,236 | ||||||
Clicks Group Ltd. |
54,661 | 857,399 | ||||||
Discovery Ltd.(a) |
94,243 | 832,569 | ||||||
Exxaro Resources Ltd. |
51,288 | 464,650 | ||||||
FirstRand Ltd. |
1,280,307 | 5,208,125 | ||||||
Foschini Group Ltd. (The) |
60,120 | 364,303 | ||||||
Gold Fields Ltd. |
270,267 | 4,191,618 | ||||||
Growthpoint Properties Ltd. |
1,875,787 | 1,328,928 | ||||||
Harmony Gold Mining Co. Ltd. |
138,760 | 599,145 | ||||||
Impala Platinum Holdings Ltd. |
238,897 | 1,725,570 | ||||||
Kumba Iron Ore Ltd. |
15,618 | 428,418 | ||||||
Mr. Price Group Ltd. |
114,111 | 1,004,643 | ||||||
MTN Group Ltd. |
504,857 | 3,953,602 | ||||||
MultiChoice Group |
157,902 | 781,486 | ||||||
Naspers Ltd., Class N |
56,150 | 11,032,732 | ||||||
Nedbank Group Ltd. |
163,427 | 2,147,499 | ||||||
Northam Platinum Holdings Ltd.(a) |
113,902 | 962,359 | ||||||
Old Mutual Ltd. |
1,545,956 | 1,124,646 | ||||||
Remgro Ltd. |
71,193 | 640,045 | ||||||
Sanlam Ltd. |
829,103 | 3,049,143 | ||||||
Sasol Ltd. |
169,424 | 2,365,516 | ||||||
Shoprite Holdings Ltd. |
121,530 | 1,755,971 | ||||||
Sibanye Stillwater Ltd. |
659,667 | 1,253,638 | ||||||
Standard Bank Group Ltd. |
371,132 | 3,963,722 | ||||||
Vodacom Group Ltd. |
119,982 | 792,244 | ||||||
Woolworths Holdings Ltd. |
407,544 | 1,823,081 | ||||||
|
|
|||||||
63,589,705 | ||||||||
South Korea — 1.3% | ||||||||
Amorepacific Corp. |
10,769 | 951,189 | ||||||
BGF retail Co. Ltd. |
4,415 | 579,277 | ||||||
Celltrion Healthcare Co. Ltd. |
30,864 | 1,594,485 | ||||||
Celltrion Inc. |
29,267 | 3,367,088 | ||||||
CJ CheilJedang Corp. |
4,008 | 879,836 | ||||||
CJ Corp. |
13,339 | 678,123 | ||||||
CosmoAM&T Co. Ltd.(a) |
6,403 | 913,011 | ||||||
Coway Co. Ltd. |
19,043 | 611,970 | ||||||
DB Insurance Co. Ltd. |
8,850 | 523,304 | ||||||
Doosan Enerbility Co. Ltd.(a)(b) |
121,144 | 1,662,822 | ||||||
Ecopro BM Co. Ltd. |
13,861 | 4,559,286 | ||||||
Hana Financial Group Inc. |
96,068 | 2,960,383 | ||||||
Hankook Tire & Technology Co. Ltd. |
32,991 | 1,000,659 | ||||||
Hanmi Pharm Co. Ltd. |
2,975 | 622,038 | ||||||
Hanwha Aerospace Co. Ltd. |
10,254 | 983,766 | ||||||
Hanwha Solutions Corp.(a) |
30,281 | 898,716 | ||||||
HD Hyundai Co. Ltd. |
25,617 | 1,237,074 | ||||||
HD Hyundai Heavy Industries Co. Ltd.(a) |
4,768 | 522,699 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) |
14,648 | 1,417,885 | ||||||
HLB Inc.(a)(b) |
37,901 | 977,382 | ||||||
HMM Co. Ltd. |
78,465 | 1,077,010 | ||||||
Hotel Shilla Co. Ltd. |
7,699 | 454,824 | ||||||
HYBE Co. Ltd.(a) |
4,860 | 1,000,856 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
16,025 | 470,323 | ||||||
Hyundai Glovis Co. Ltd. |
7,866 | 1,075,582 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a)(b) |
6,661 | 488,132 | ||||||
Hyundai Mobis Co. Ltd. |
18,814 | 3,437,625 |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
Hyundai Motor Co. |
46,404 | $ | 7,134,773 | |||||
Hyundai Steel Co. |
38,345 | 1,087,045 | ||||||
Iljin Materials Co. Ltd.(b) |
6,529 | 280,890 | ||||||
Kakao Corp.(b) |
94,110 | 3,788,579 | ||||||
Kakao Games Corp.(a) |
10,163 | 251,502 | ||||||
KakaoBank Corp.(b) |
44,721 | 912,255 | ||||||
Kangwon Land Inc. |
26,358 | 322,611 | ||||||
KB Financial Group Inc. |
104,175 | 4,172,354 | ||||||
Kia Corp. |
73,145 | 4,747,060 | ||||||
Korea Aerospace Industries Ltd. |
29,765 | 1,149,183 | ||||||
Korea Electric Power Corp.(a) |
76,646 | 1,154,880 | ||||||
Korea Zinc Co. Ltd. |
3,688 | 1,428,667 | ||||||
Korean Air Lines Co. Ltd. |
37,349 | 720,918 | ||||||
Krafton Inc.(a) |
7,834 | 1,056,010 | ||||||
KT Corp. |
8,741 | 202,420 | ||||||
KT&G Corp. |
34,020 | 2,201,362 | ||||||
Kumho Petrochemical Co. Ltd. |
5,329 | 501,825 | ||||||
L&F Co. Ltd.(b) |
7,356 | 1,486,690 | ||||||
LG Chem Ltd. |
14,286 | 7,267,371 | ||||||
LG Corp. |
28,831 | 1,887,401 | ||||||
LG Display Co. Ltd.(a) |
86,203 | 911,438 | ||||||
LG Electronics Inc. |
32,614 | 2,776,148 | ||||||
LG Energy Solution(a) |
9,344 | 4,105,113 | ||||||
LG H&H Co. Ltd. |
3,048 | 1,022,673 | ||||||
LG Innotek Co. Ltd. |
4,287 | 888,930 | ||||||
LG Uplus Corp. |
32,904 | 258,262 | ||||||
Lotte Chemical Corp. |
7,368 | 870,607 | ||||||
Meritz Financial Group Inc. |
27,202 | 1,050,278 | ||||||
Mirae Asset Securities Co. Ltd. |
246,522 | 1,340,144 | ||||||
NAVER Corp. |
34,690 | 6,180,625 | ||||||
NCSoft Corp. |
4,750 | 1,030,494 | ||||||
Netmarble Corp.(a)(c) |
7,710 | 297,726 | ||||||
Orion Corp./Republic of Korea |
11,572 | 1,029,968 | ||||||
Pearl Abyss Corp.(a) |
9,872 | 433,961 | ||||||
POSCO Future M Co. Ltd. |
8,747 | 3,618,734 | ||||||
POSCO Holdings Inc.(b) |
19,772 | 9,962,740 | ||||||
Samsung Biologics Co. Ltd.(a)(c) |
5,477 | 3,288,763 | ||||||
Samsung C&T Corp. |
27,680 | 2,242,651 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
11,547 | 1,317,268 | ||||||
Samsung Electronics Co. Ltd. |
1,317,188 | 72,119,505 | ||||||
Samsung Engineering Co. Ltd.(a) |
41,262 | 1,196,888 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
11,524 | 2,202,773 | ||||||
Samsung Heavy Industries Co. Ltd.(a) |
224,945 | 1,594,326 | ||||||
Samsung SDI Co. Ltd.(b) |
15,948 | 8,324,928 | ||||||
Samsung SDS Co. Ltd. |
7,375 | 742,466 | ||||||
Samsung Securities Co. Ltd. |
4,442 | 125,090 | ||||||
Shinhan Financial Group Co. Ltd. |
108,096 | 2,975,157 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) |
12,849 | 820,487 | ||||||
SK Bioscience Co. Ltd.(a)(b) |
6,817 | 392,554 | ||||||
SK Hynix Inc. |
152,135 | 14,733,509 | ||||||
SK IE Technology Co. Ltd.(a)(c) |
6,469 | 545,100 | ||||||
SK Inc. |
9,944 | 1,191,929 | ||||||
SK Innovation Co. Ltd.(a) |
15,992 | 2,712,549 | ||||||
SK Square Co. Ltd.(a) |
21,510 | 748,888 | ||||||
SKC Co. Ltd. |
6,573 | 511,687 | ||||||
S-Oil Corp. |
11,194 | 658,030 | ||||||
Woori Financial Group Inc. |
123,278 | 1,126,659 | ||||||
|
|
|||||||
232,048,189 | ||||||||
Spain — 0.6% | ||||||||
Acciona SA |
5,239 | 785,320 |
Security | Shares | Value | ||||||
Spain (continued) |
||||||||
ACS Actividades de Construccion y Servicios SA |
71,792 | $ | 2,511,194 | |||||
Aena SME SA(c) |
17,513 | 2,796,689 | ||||||
Amadeus IT Group SA |
124,955 | 8,963,783 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
1,721,448 | 13,644,841 | ||||||
Banco Santander SA |
4,546,150 | 18,422,278 | ||||||
CaixaBank SA |
1,170,341 | 4,734,264 | ||||||
Cellnex Telecom SA(c) |
151,473 | 6,186,018 | ||||||
EDP Renovaveis SA |
80,709 | 1,541,614 | ||||||
Enagas SA |
14,013 | 248,682 | ||||||
Endesa SA |
91,089 | 1,952,297 | ||||||
Grifols SA(a) |
92,834 | 1,363,760 | ||||||
Iberdrola SA |
1,695,812 | 21,166,324 | ||||||
Industria de Diseno Textil SA |
295,740 | 11,320,282 | ||||||
Naturgy Energy Group SA |
47,992 | 1,463,310 | ||||||
Redeia Corp. SA |
116,669 | 1,951,366 | ||||||
Repsol SA |
402,748 | 6,148,923 | ||||||
Telefonica SA |
1,400,732 | 5,968,187 | ||||||
|
|
|||||||
111,169,132 | ||||||||
Sweden — 0.8% | ||||||||
Alfa Laval AB |
85,253 | 3,191,320 | ||||||
Assa Abloy AB, Class B |
282,832 | 6,800,097 | ||||||
Atlas Copco AB, Class A |
796,128 | 11,309,703 | ||||||
Atlas Copco AB, Class B |
392,275 | 4,844,171 | ||||||
Beijer Ref AB, Class B |
128,525 | 1,747,749 | ||||||
Boliden AB |
83,974 | 2,469,612 | ||||||
Embracer Group AB, Class B(a)(b) |
171,049 | 490,961 | ||||||
Epiroc AB, Class A |
288,077 | 5,751,638 | ||||||
EQT AB |
93,279 | 2,228,163 | ||||||
Essity AB, Class B |
166,717 | 4,133,962 | ||||||
Evolution AB(c) |
52,470 | 6,470,212 | ||||||
Fastighets AB Balder, Class B(a) |
146,923 | 685,612 | ||||||
Getinge AB, Class B |
64,729 | 1,206,097 | ||||||
H & M Hennes & Mauritz AB, Class B |
183,697 | 3,089,741 | ||||||
Hexagon AB, Class B |
604,733 | 5,863,374 | ||||||
Holmen AB, Class B |
21,754 | 837,980 | ||||||
Husqvarna AB, Class B |
103,301 | 1,013,234 | ||||||
Industrivarden AB, Class A |
17,239 | 489,535 | ||||||
Industrivarden AB, Class C |
58,484 | 1,656,897 | ||||||
Indutrade AB |
76,121 | 1,597,501 | ||||||
Investment AB Latour, Class B |
39,962 | 805,299 | ||||||
Investor AB, Class B |
605,301 | 12,362,660 | ||||||
Kinnevik AB, Class B(a) |
66,284 | 904,690 | ||||||
L E Lundbergforetagen AB, Class B |
17,727 | 781,219 | ||||||
Lifco AB, Class B |
65,434 | 1,319,270 | ||||||
Nibe Industrier AB, Class B |
421,869 | 3,800,095 | ||||||
Nordea Bank Abp |
960,991 | 10,876,818 | ||||||
Saab AB, Class B |
23,908 | 1,260,169 | ||||||
Sagax AB, Class B |
47,127 | 1,046,486 | ||||||
Sandvik AB |
302,360 | 6,141,695 | ||||||
Securitas AB, Class B |
122,768 | 1,044,973 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
441,613 | 5,353,334 | ||||||
Skanska AB, Class B |
77,148 | 1,230,463 | ||||||
SKF AB, Class B |
105,038 | 2,001,229 | ||||||
Svenska Cellulosa AB SCA, Class B |
156,234 | 2,075,954 | ||||||
Svenska Handelsbanken AB, Class A |
396,662 | 3,482,675 | ||||||
Swedbank AB, Class A |
245,926 | 4,510,698 | ||||||
Swedish Orphan Biovitrum AB(a)(b) |
41,298 | 808,329 | ||||||
Tele2 AB, Class B |
129,607 | 975,235 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
815,423 | 4,101,964 | ||||||
Telia Co. AB |
728,016 | 1,564,493 |
30 |
2 0 2 3 I 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 | ||||||
Sweden (continued) |
||||||||
Volvo AB, Class B |
439,100 | $ | 9,685,938 | |||||
Volvo Car AB, Class B(a)(b) |
166,154 | 821,299 | ||||||
|
|
|||||||
142,832,544 | ||||||||
Switzerland — 2.6% | ||||||||
ABB Ltd., Registered |
457,379 | 18,353,483 | ||||||
Adecco Group AG, Registered |
47,757 | 1,946,304 | ||||||
Alcon Inc. |
138,924 | 11,821,268 | ||||||
Bachem Holding AG, Class A |
8,832 | 815,822 | ||||||
Baloise Holding AG, Registered |
8,792 | 1,360,903 | ||||||
Banque Cantonale Vaudoise, Registered |
9,248 | 1,038,008 | ||||||
Barry Callebaut AG, Registered |
707 | 1,325,625 | ||||||
BKW AG |
5,757 | 1,030,182 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
424 | 5,185,618 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered |
12 | 1,458,425 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
144,928 | 23,338,162 | ||||||
Clariant AG, Registered |
42,921 | 703,311 | ||||||
Coca-Cola HBC AG, Class DI |
68,598 | 2,018,354 | ||||||
DSM-Firmenich AG |
51,283 | 5,666,761 | ||||||
EMS-Chemie Holding AG, Registered |
1,756 | 1,465,645 | ||||||
Geberit AG, Registered |
10,392 | 5,897,480 | ||||||
Givaudan SA, Registered |
2,572 | 8,681,710 | ||||||
Helvetia Holding AG, Registered |
9,545 | 1,412,498 | ||||||
Holcim Ltd. |
145,574 | 10,146,059 | ||||||
Julius Baer Group Ltd. |
66,623 | 4,718,743 | ||||||
Kuehne + Nagel International AG, Registered |
15,846 | 4,958,149 | ||||||
Logitech International SA, Registered |
47,968 | 3,391,286 | ||||||
Lonza Group AG, Registered |
21,485 | 12,483,556 | ||||||
Nestle SA, Registered |
762,692 | 93,444,358 | ||||||
Novartis AG, Registered |
576,061 | 60,311,935 | ||||||
Partners Group Holding AG |
6,447 | 7,237,619 | ||||||
Roche Holding AG, Bearer |
8,144 | 2,700,314 | ||||||
Roche Holding AG, NVS |
196,474 | 60,917,027 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
10,366 | 2,517,038 | ||||||
Schindler Holding AG, Registered |
9,623 | 2,231,204 | ||||||
SGS SA |
41,781 | 4,056,727 | ||||||
Siemens Energy AG(a) |
147,490 | 2,498,721 | ||||||
SIG Group AG |
82,155 | 2,196,304 | ||||||
Sika AG, Registered |
42,000 | 13,071,974 | ||||||
Sonova Holding AG, Registered |
14,825 | 4,132,395 | ||||||
STMicroelectronics NV |
189,539 | 10,137,750 | ||||||
Straumann Holding AG |
30,615 | 5,065,953 | ||||||
Swatch Group AG (The), Bearer |
10,708 | 3,426,993 | ||||||
Swiss Life Holding AG, Registered |
8,498 | 5,403,488 | ||||||
Swiss Prime Site AG, Registered |
28,681 | 2,776,590 | ||||||
Swiss Re AG |
80,840 | 8,434,789 | ||||||
Swisscom AG, Registered |
7,388 | 4,750,894 | ||||||
Temenos AG, Registered |
19,022 | 1,635,945 | ||||||
UBS Group AG, Registered |
902,842 | 20,033,046 | ||||||
VAT Group AG(c) |
8,006 | 3,402,926 | ||||||
Zurich Insurance Group AG |
41,488 | 20,059,386 | ||||||
|
|
|||||||
469,660,728 | ||||||||
Taiwan — 1.6% | ||||||||
Accton Technology Corp. |
201,000 | 2,452,272 | ||||||
Acer Inc. |
808,000 | 902,325 | ||||||
Advantech Co. Ltd. |
131,312 | 1,639,790 |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
Airtac International Group |
48,393 | $ | 1,439,345 | |||||
ASE Technology Holding Co. Ltd. |
992,873 | 3,633,994 | ||||||
Asia Cement Corp. |
754,000 | 967,333 | ||||||
Asustek Computer Inc. |
206,000 | 2,392,545 | ||||||
AUO Corp. |
1,884,400 | 1,243,105 | ||||||
Catcher Technology Co. Ltd. |
155,000 | 857,107 | ||||||
Cathay Financial Holding Co. Ltd. |
2,800,264 | 4,081,593 | ||||||
Chailease Holding Co. Ltd. |
447,326 | 2,961,920 | ||||||
Chang Hwa Commercial Bank Ltd. |
992,212 | 595,712 | ||||||
China Airlines Ltd. |
815,000 | 648,105 | ||||||
China Development Financial Holding Corp.(a) |
4,621,000 | 1,847,595 | ||||||
China Steel Corp. |
3,021,305 | 2,687,965 | ||||||
Chunghwa Telecom Co. Ltd. |
1,030,140 | 3,800,141 | ||||||
CTBC Financial Holding Co. Ltd. |
4,992,142 | 4,176,265 | ||||||
Delta Electronics Inc. |
561,000 | 6,548,948 | ||||||
E Ink Holdings Inc. |
265,000 | 1,900,532 | ||||||
E.Sun Financial Holding Co. Ltd. |
4,761,240 | 3,921,528 | ||||||
Eclat Textile Co. Ltd. |
65,000 | 1,124,470 | ||||||
eMemory Technology Inc. |
21,000 | 1,244,425 | ||||||
Eva Airways Corp. |
729,000 | 854,785 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
302,000 | 1,001,499 | ||||||
Far EasTone Telecommunications Co. Ltd. |
445,000 | 1,004,749 | ||||||
Feng TAY Enterprise Co. Ltd. |
135,800 | 918,497 | ||||||
First Financial Holding Co. Ltd. |
2,926,158 | 2,706,949 | ||||||
Formosa Chemicals & Fibre Corp. |
1,042,000 | 2,169,174 | ||||||
Formosa Plastics Corp. |
1,175,160 | 3,111,460 | ||||||
Fubon Financial Holding Co. Ltd. |
2,340,419 | 4,884,958 | ||||||
Giant Manufacturing Co. Ltd. |
101,553 | 753,322 | ||||||
Global Unichip Corp. |
23,000 | 1,203,005 | ||||||
Globalwafers Co. Ltd. |
71,000 | 1,163,566 | ||||||
Hon Hai Precision Industry Co. Ltd. |
3,678,000 | 12,727,096 | ||||||
Hotai Motor Co. Ltd. |
100,000 | 2,414,522 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
2,448,398 | 1,734,481 | ||||||
Innolux Corp. |
2,688,755 | 1,427,796 | ||||||
Largan Precision Co. Ltd. |
32,000 | 2,219,573 | ||||||
Lite-On Technology Corp. |
783,000 | 3,764,895 | ||||||
MediaTek Inc. |
430,000 | 9,462,112 | ||||||
Mega Financial Holding Co. Ltd. |
2,850,994 | 3,655,857 | ||||||
Micro-Star International Co. Ltd. |
269,000 | 1,668,484 | ||||||
momo.com Inc. |
29,600 | 565,337 | ||||||
Nan Ya Plastics Corp. |
1,339,830 | 2,985,704 | ||||||
Nan Ya Printed Circuit Board Corp. |
86,000 | 680,959 | ||||||
Nanya Technology Corp. |
331,000 | 763,806 | ||||||
Novatek Microelectronics Corp. |
175,000 | 2,366,618 | ||||||
Parade Technologies Ltd. |
25,000 | 733,945 | ||||||
Pegatron Corp. |
450,000 | 1,095,798 | ||||||
PharmaEssentia Corp.(a) |
74,000 | 807,317 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
873,000 | 834,471 | ||||||
President Chain Store Corp. |
175,000 | 1,554,722 | ||||||
Quanta Computer Inc. |
759,000 | 5,774,365 | ||||||
Realtek Semiconductor Corp. |
153,000 | 2,101,321 | ||||||
Ruentex Development Co. Ltd. |
654,000 | 742,106 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
1,094,851 | 1,534,710 | ||||||
Silergy Corp. |
100,000 | 1,057,738 | ||||||
SinoPac Financial Holdings Co. Ltd. |
3,008,713 | 1,786,699 | ||||||
Taishin Financial Holding Co. Ltd. |
2,745,063 | 1,596,968 | ||||||
Taiwan Cement Corp. |
1,717,227 | 2,040,425 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
3,182,827 | 2,979,423 | ||||||
Taiwan High Speed Rail Corp. |
545,000 | 523,417 | ||||||
Taiwan Mobile Co. Ltd. |
532,000 | 1,598,570 |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
6,834,000 | $ | 123,405,631 | |||||
Unimicron Technology Corp. |
388,000 | 2,290,677 | ||||||
Uni-President Enterprises Corp. |
1,493,600 | 3,583,246 | ||||||
United Microelectronics Corp. |
3,260,000 | 4,898,798 | ||||||
Vanguard International Semiconductor Corp. |
314,000 | 774,184 | ||||||
Voltronic Power Technology Corp. |
24,000 | 1,339,213 | ||||||
Walsin Lihwa Corp. |
849,869 | 1,084,881 | ||||||
Wan Hai Lines Ltd. |
234,600 | 377,078 | ||||||
Win Semiconductors Corp. |
108,000 | 563,976 | ||||||
Winbond Electronics Corp.(a) |
1,015,000 | 951,387 | ||||||
Wistron Corp. |
789,000 | 3,561,334 | ||||||
Wiwynn Corp. |
33,000 | 1,874,041 | ||||||
Yageo Corp. |
105,858 | 1,551,914 | ||||||
Yang Ming Marine Transport Corp. |
525,000 | 778,788 | ||||||
Yuanta Financial Holding Co. Ltd. |
3,637,475 | 2,828,601 | ||||||
Zhen Ding Technology Holding Ltd. |
198,000 | 663,505 | ||||||
|
|
|||||||
294,565,468 | ||||||||
Thailand — 0.2% | ||||||||
Advanced Info Service PCL, NVDR |
346,300 | 2,288,062 | ||||||
Airports of Thailand PCL, NVDR(a) |
1,190,500 | 2,487,352 | ||||||
B Grimm Power PCL, NVDR |
603,000 | 683,328 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
4,220,400 | 3,550,528 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
3,385,500 | 901,045 | ||||||
BTS Group Holdings PCL, NVDR |
2,813,400 | 666,189 | ||||||
Central Pattana PCL, NVDR |
563,500 | 1,120,668 | ||||||
Charoen Pokphand Foods PCL, NVDR(b) |
2,556,000 | 1,516,834 | ||||||
CP ALL PCL, NVDR |
1,829,600 | 3,396,122 | ||||||
CP Axtra PCL(b) |
142,800 | 144,025 | ||||||
Delta Electronics Thailand PCL, NVDR |
1,008,200 | 3,333,558 | ||||||
Electricity Generating PCL, NVDR(b) |
277,300 | 1,081,561 | ||||||
Energy Absolute PCL, NVDR |
645,900 | 1,171,754 | ||||||
Global Power Synergy PCL, NVDR |
442,800 | 747,512 | ||||||
Gulf Energy Development PCL, NVDR |
1,270,856 | 1,848,988 | ||||||
Indorama Ventures PCL, NVDR(b) |
873,033 | 874,367 | ||||||
Intouch Holdings PCL, NVDR |
734,500 | 1,653,551 | ||||||
Muangthai Capital PCL, NVDR |
306,500 | 318,411 | ||||||
Osotspa PCL, NVDR |
213,500 | 182,640 | ||||||
PTT Exploration & Production PCL, NVDR |
397,900 | 1,858,096 | ||||||
PTT Global Chemical PCL, NVDR(b) |
627,600 | 725,392 | ||||||
PTT Public Company Ltd., NVDR |
2,715,300 | 2,778,398 | ||||||
Ratch Group PCL, NVDR |
1,111,600 | 1,177,745 | ||||||
Siam Cement PCL (The), NVDR(b) |
205,100 | 1,948,883 | ||||||
Srisawad Corp. PCL, NVDR(b) |
303,400 | 419,422 | ||||||
True Corp. PCL |
2,450,790 | 519,555 | ||||||
|
|
|||||||
37,393,986 | ||||||||
Turkey — 0.1% | ||||||||
Akbank TAS |
1,082,756 | 1,123,607 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS |
535,777 | 1,483,393 | ||||||
BIM Birlesik Magazalar AS |
210,410 | 1,689,638 | ||||||
Eregli Demir ve Celik Fabrikalari TAS(a) |
518,327 | 801,809 | ||||||
Hektas Ticaret TAS(a) |
370,393 | 419,624 | ||||||
Koza Altin Isletmeleri AS |
482,146 | 501,114 | ||||||
Sasa Polyester Sanayi AS(a) |
287,580 | 650,565 | ||||||
Turk Hava Yollari AO(a) |
178,861 | 1,555,423 | ||||||
Turkcell Iletisim Hizmetleri AS(b) |
381,536 | 731,947 | ||||||
Turkiye Petrol Rafinerileri AS |
455,756 | 1,749,367 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
870,502 | 1,725,859 | ||||||
12,432,346 |
Security | Shares | Value | ||||||
United Arab Emirates — 0.1% |
||||||||
Abu Dhabi Commercial Bank PJSC |
1,496,880 | $ | 3,578,264 | |||||
Abu Dhabi Islamic Bank PJSC |
324,383 | 992,694 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
824,011 | 874,961 | ||||||
Aldar Properties PJSC |
1,075,081 | 1,512,958 | ||||||
Emaar Properties PJSC |
1,594,391 | 2,933,755 | ||||||
Emirates NBD Bank PJSC |
690,145 | 3,193,381 | ||||||
Emirates Telecommunications Group Co. PJSC |
958,385 | 5,844,159 | ||||||
First Abu Dhabi Bank PJSC |
1,247,286 | 4,970,959 | ||||||
Multiply Group(a) |
905,432 | 796,154 | ||||||
|
|
|||||||
24,697,285 | ||||||||
United Kingdom — 3.6% | ||||||||
3i Group PLC |
314,590 | 7,981,512 | ||||||
abrdn PLC |
704,590 | 2,096,837 | ||||||
Admiral Group PLC |
50,892 | 1,389,504 | ||||||
Anglo American PLC |
327,001 | 10,055,861 | ||||||
Antofagasta PLC |
134,771 | 2,898,892 | ||||||
Ashtead Group PLC |
135,248 | 10,006,159 | ||||||
Associated British Foods PLC |
99,858 | 2,627,963 | ||||||
AstraZeneca PLC |
426,746 | 61,313,243 | ||||||
Auto Trader Group PLC(c) |
295,868 | 2,453,802 | ||||||
Aviva PLC |
659,846 | 3,287,459 | ||||||
BAE Systems PLC |
923,625 | 11,045,672 | ||||||
Barclays PLC |
4,389,474 | 8,710,082 | ||||||
Barratt Developments PLC |
295,829 | 1,731,667 | ||||||
Berkeley Group Holdings PLC |
44,661 | 2,490,194 | ||||||
BP PLC |
5,062,648 | 31,410,935 | ||||||
British American Tobacco PLC |
590,777 | 19,866,708 | ||||||
British Land Co. PLC (The) |
319,813 | 1,387,732 | ||||||
BT Group PLC |
1,937,286 | 3,035,698 | ||||||
Bunzl PLC |
78,476 | 2,908,942 | ||||||
Burberry Group PLC |
126,407 | 3,608,317 | ||||||
Centrica PLC |
1,292,775 | 2,290,992 | ||||||
CNH Industrial NV |
316,658 | 4,573,484 | ||||||
Coca-Cola Europacific Partners PLC |
60,072 | 3,807,964 | ||||||
Compass Group PLC |
455,825 | 11,859,485 | ||||||
Croda International PLC |
30,315 | 2,295,245 | ||||||
DCC PLC |
25,782 | 1,492,745 | ||||||
Diageo PLC |
621,667 | 27,130,952 | ||||||
Endeavour Mining PLC |
31,270 | 753,485 | ||||||
Entain PLC |
171,645 | 3,057,249 | ||||||
Experian PLC |
267,296 | 10,329,805 | ||||||
Glencore PLC |
2,876,322 | 17,492,161 | ||||||
GSK PLC |
1,087,200 | 19,353,412 | ||||||
Haleon PLC |
1,345,134 | 5,806,165 | ||||||
Halma PLC |
85,568 | 2,457,335 | ||||||
Hargreaves Lansdown PLC |
84,699 | 926,709 | ||||||
Hikma Pharmaceuticals PLC |
36,772 | 987,507 | ||||||
HSBC Holdings PLC |
5,584,784 | 46,389,520 | ||||||
Imperial Brands PLC |
261,906 | 6,187,644 | ||||||
Informa PLC |
316,837 | 3,082,782 | ||||||
InterContinental Hotels Group PLC |
36,871 | 2,725,032 | ||||||
Intertek Group PLC |
51,049 | 2,859,685 | ||||||
J Sainsbury PLC |
622,742 | 2,217,263 | ||||||
JD Sports Fashion PLC |
638,792 | 1,293,958 | ||||||
Johnson Matthey PLC |
58,564 | 1,354,429 | ||||||
Kingfisher PLC(b) |
653,672 | 2,061,269 | ||||||
Land Securities Group PLC |
242,650 | 2,015,157 | ||||||
Legal & General Group PLC |
1,732,797 | 5,192,958 | ||||||
Lloyds Banking Group PLC |
19,272,729 | 11,134,766 | ||||||
London Stock Exchange Group PLC |
108,619 | 11,795,453 |
32 |
2 0 2 3 I 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 | ||||||
United Kingdom (continued) |
||||||||
M&G PLC |
620,038 | $ | 1,597,155 | |||||
Mondi PLC |
84,466 | 1,481,584 | ||||||
National Grid PLC |
914,797 | 12,125,463 | ||||||
NatWest Group PLC, NVS |
1,453,410 | 4,562,309 | ||||||
Next PLC |
41,217 | 3,727,698 | ||||||
NMC Health PLC, NVS(d) |
19,275 | — | ||||||
Ocado Group PLC(a)(b) |
156,818 | 1,887,864 | ||||||
Pearson PLC |
225,978 | 2,499,667 | ||||||
Persimmon PLC |
92,610 | 1,376,826 | ||||||
Prudential PLC |
780,728 | 10,841,443 | ||||||
Reckitt Benckiser Group PLC |
193,386 | 14,486,942 | ||||||
RELX PLC |
549,010 | 18,477,869 | ||||||
Rentokil Initial PLC |
650,419 | 5,303,620 | ||||||
Rio Tinto PLC |
336,609 | 22,249,086 | ||||||
Rolls-Royce Holdings PLC(a) |
2,317,756 | 5,495,717 | ||||||
Sage Group PLC (The) |
224,395 | 2,699,152 | ||||||
Schroders PLC |
125,640 | 741,250 | ||||||
Segro PLC |
271,454 | 2,660,128 | ||||||
Severn Trent PLC |
93,273 | 3,056,916 | ||||||
Shell PLC |
1,953,397 | 59,203,073 | ||||||
Smith & Nephew PLC |
258,904 | 3,938,706 | ||||||
Smiths Group PLC |
91,048 | 1,985,725 | ||||||
Spirax-Sarco Engineering PLC |
17,465 | 2,494,347 | ||||||
SSE PLC |
293,111 | 6,337,978 | ||||||
St. James’s Place PLC |
228,171 | 2,754,280 | ||||||
Standard Chartered PLC |
739,462 | 7,102,936 | ||||||
Taylor Wimpey PLC |
1,089,895 | 1,599,812 | ||||||
Tesco PLC |
1,996,952 | 6,614,046 | ||||||
Unilever PLC |
707,972 | 38,041,385 | ||||||
United Utilities Group PLC |
138,593 | 1,777,254 | ||||||
Vodafone Group PLC |
6,764,252 | 6,434,560 | ||||||
Whitbread PLC |
45,146 | 2,028,008 | ||||||
Wise PLC, Class A(a) |
172,295 | 1,718,448 | ||||||
WPP PLC |
362,088 | 3,953,541 | ||||||
|
|
|||||||
664,486,578 | ||||||||
United States — 61.6% | ||||||||
3M Co. |
150,383 | 16,767,704 | ||||||
A O Smith Corp. |
37,315 | 2,710,188 | ||||||
Abbott Laboratories |
482,501 | 53,716,836 | ||||||
AbbVie Inc. |
492,745 | 73,704,797 | ||||||
Accenture PLC, Class A |
176,073 | 55,700,694 | ||||||
Activision Blizzard Inc.(a) |
205,927 | 19,101,788 | ||||||
Adobe Inc.(a) |
128,594 | 70,234,185 | ||||||
Advance Auto Parts Inc. |
16,677 | 1,240,602 | ||||||
Advanced Micro Devices Inc.(a)(b) |
448,244 | 51,279,114 | ||||||
AECOM |
35,972 | 3,129,564 | ||||||
AES Corp. (The) |
195,613 | 4,231,109 | ||||||
Aflac Inc. |
165,804 | 11,994,260 | ||||||
Agilent Technologies Inc. |
81,887 | 9,971,380 | ||||||
Air Products and Chemicals Inc. |
61,872 | 18,891,378 | ||||||
Airbnb Inc., Class A(a)(b) |
114,023 | 17,353,160 | ||||||
Akamai Technologies Inc.(a) |
43,784 | 4,137,588 | ||||||
Albemarle Corp. |
32,893 | 6,982,526 | ||||||
Albertsons Companies Inc., Class A |
75,902 | 1,649,350 | ||||||
Alcoa Corp. |
50,778 | 1,837,656 | ||||||
Alexandria Real Estate Equities Inc. |
43,422 | 5,457,277 | ||||||
Align Technology Inc.(a) |
20,894 | 7,895,634 | ||||||
Allegion PLC |
27,312 | 3,191,680 | ||||||
Alliant Energy Corp. |
75,549 | 4,060,003 | ||||||
Allstate Corp. (The) |
73,350 | 8,265,078 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Ally Financial Inc. |
78,583 | $ | 2,399,925 | |||||
Alnylam Pharmaceuticals Inc.(a) |
34,702 | 6,780,771 | ||||||
Alphabet Inc., Class A(a) |
1,652,662 | 219,341,301 | ||||||
Alphabet Inc., Class C, NVS(a) |
1,508,415 | 200,785,121 | ||||||
Altria Group Inc. |
489,609 | 22,238,041 | ||||||
Amazon.com Inc.(a) |
2,578,459 | 344,688,399 | ||||||
Amcor PLC |
435,351 | 4,466,701 | ||||||
AMERCO(b) |
23,375 | 1,337,284 | ||||||
Ameren Corp. |
73,019 | 6,255,538 | ||||||
American Electric Power Co. Inc. |
136,980 | 11,607,685 | ||||||
American Express Co. |
176,954 | 29,883,991 | ||||||
American Financial Group Inc./OH |
22,758 | 2,767,600 | ||||||
American Homes 4 Rent, Class A |
84,874 | 3,181,077 | ||||||
American International Group Inc. |
200,974 | 12,114,713 | ||||||
American Tower Corp. |
130,751 | 24,883,223 | ||||||
American Water Works Co. Inc. |
53,031 | 7,818,360 | ||||||
Ameriprise Financial Inc. |
29,808 | 10,386,598 | ||||||
AmerisourceBergen Corp. |
47,723 | 8,919,429 | ||||||
AMETEK Inc. |
62,557 | 9,921,540 | ||||||
Amgen Inc. |
148,346 | 34,735,216 | ||||||
Amphenol Corp., Class A |
163,355 | 14,425,880 | ||||||
Analog Devices Inc. |
140,657 | 28,065,291 | ||||||
Annaly Capital Management Inc. |
137,473 | 2,761,833 | ||||||
Ansys Inc.(a) |
24,555 | 8,400,265 | ||||||
Aon PLC, Class A |
57,215 | 18,222,977 | ||||||
APA Corp. |
86,485 | 3,501,778 | ||||||
Apollo Global Management Inc. |
113,916 | 9,308,076 | ||||||
Apple Inc. |
4,420,568 | 868,420,584 | ||||||
Applied Materials Inc. |
236,357 | 35,829,358 | ||||||
Aptiv PLC(a) |
74,958 | 8,207,151 | ||||||
Aramark |
65,365 | 2,638,785 | ||||||
Arch Capital Group Ltd.(a) |
108,634 | 8,439,775 | ||||||
Archer-Daniels-Midland Co. |
153,521 | 13,043,144 | ||||||
Ares Management Corp., Class A |
46,736 | 4,637,146 | ||||||
Arista Networks Inc.(a) |
73,107 | 11,338,165 | ||||||
Arrow Electronics Inc.(a) |
20,228 | 2,883,299 | ||||||
Arthur J Gallagher & Co. |
61,125 | 13,129,650 | ||||||
Aspen Technology Inc.(a) |
7,629 | 1,361,776 | ||||||
Assurant Inc. |
14,406 | 1,937,751 | ||||||
AT&T Inc. |
1,969,214 | 28,592,987 | ||||||
Atlassian Corp., NVS(a) |
41,638 | 7,575,618 | ||||||
Atmos Energy Corp. |
38,956 | 4,741,335 | ||||||
Autodesk Inc.(a) |
59,865 | 12,690,781 | ||||||
Automatic Data Processing Inc. |
114,579 | 28,330,804 | ||||||
AutoZone Inc.(a) |
5,220 | 12,954,578 | ||||||
AvalonBay Communities Inc. |
38,808 | 7,321,129 | ||||||
Avantor Inc.(a) |
175,913 | 3,618,530 | ||||||
Avery Dennison Corp. |
21,007 | 3,865,498 | ||||||
Axon Enterprise Inc.(a) |
19,614 | 3,646,831 | ||||||
Baker Hughes Co., Class A |
280,930 | 10,054,485 | ||||||
Ball Corp. |
90,973 | 5,339,205 | ||||||
Bank of America Corp. |
2,002,824 | 64,090,368 | ||||||
Bank of New York Mellon Corp. (The) |
226,009 | 10,251,768 | ||||||
Bath & Body Works Inc. |
61,494 | 2,278,968 | ||||||
Baxter International Inc. |
138,149 | 6,248,479 | ||||||
Becton Dickinson and Co. |
79,023 | 22,017,388 | ||||||
Bentley Systems Inc., Class B |
61,451 | 3,310,980 | ||||||
Berkshire Hathaway Inc., Class B(a) |
361,255 | 127,147,310 | ||||||
Best Buy Co. Inc. |
55,700 | 4,625,885 | ||||||
Bill.com Holdings Inc.(a) |
25,767 | 3,229,636 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Biogen Inc.(a) |
39,816 | $ | 10,757,885 | |||||
BioMarin Pharmaceutical Inc.(a) |
52,634 | 4,628,108 | ||||||
Bio-Rad Laboratories Inc., Class A(a) |
6,716 | 2,722,398 | ||||||
Bio-Techne Corp. |
42,901 | 3,577,943 | ||||||
Black Knight Inc.(a) |
43,010 | 3,024,463 | ||||||
BlackRock Inc.(f) |
41,748 | 30,845,510 | ||||||
Blackstone Inc., NVS |
196,737 | 20,616,070 | ||||||
Block Inc.(a) |
150,687 | 12,134,824 | ||||||
Boeing Co. (The)(a) |
158,563 | 37,872,773 | ||||||
Booking Holdings Inc.(a) |
10,522 | 31,258,758 | ||||||
Booz Allen Hamilton Holding Corp., Class A |
39,716 | 4,808,813 | ||||||
BorgWarner Inc. |
68,732 | 3,196,038 | ||||||
Boston Properties Inc. |
42,940 | 2,861,092 | ||||||
Boston Scientific Corp.(a) |
397,520 | 20,611,412 | ||||||
Bristol-Myers Squibb Co. |
583,977 | 36,317,530 | ||||||
Broadcom Inc. |
116,663 | 104,839,205 | ||||||
Broadridge Financial Solutions Inc. |
34,593 | 5,808,857 | ||||||
Brown & Brown Inc. |
70,299 | 4,952,565 | ||||||
Brown-Forman Corp., Class B |
89,531 | 6,320,889 | ||||||
Builders FirstSource Inc.(a) |
38,640 | 5,580,775 | ||||||
Bunge Ltd. |
38,757 | 4,211,723 | ||||||
Burlington Stores Inc.(a) |
18,698 | 3,321,139 | ||||||
Cadence Design Systems Inc.(a) |
76,302 | 17,855,431 | ||||||
Caesars Entertainment Inc.(a) |
58,946 | 3,478,993 | ||||||
Camden Property Trust |
27,688 | 3,020,484 | ||||||
Campbell Soup Co. |
58,367 | 2,674,376 | ||||||
Capital One Financial Corp. |
106,323 | 12,441,917 | ||||||
Cardinal Health Inc. |
76,232 | 6,972,941 | ||||||
Carlisle Companies Inc. |
14,498 | 4,018,846 | ||||||
Carlyle Group Inc. (The) |
56,150 | 2,001,747 | ||||||
CarMax Inc.(a)(b) |
46,298 | 3,824,678 | ||||||
Carnival Corp.(a)(b) |
273,264 | 5,148,294 | ||||||
Carrier Global Corp. |
235,255 | 14,009,435 | ||||||
Catalent Inc.(a)(b) |
49,524 | 2,402,904 | ||||||
Caterpillar Inc. |
144,256 | 38,252,363 | ||||||
Cboe Global Markets Inc. |
29,452 | 4,113,855 | ||||||
CBRE Group Inc., Class A(a) |
87,788 | 7,313,618 | ||||||
CDW Corp./DE |
38,259 | 7,157,111 | ||||||
Celanese Corp., Class A |
31,639 | 3,967,214 | ||||||
Centene Corp.(a) |
155,817 | 10,609,580 | ||||||
CenterPoint Energy Inc. |
188,789 | 5,680,661 | ||||||
Ceridian HCM Holding Inc.(a) |
40,546 | 2,871,062 | ||||||
CF Industries Holdings Inc. |
54,630 | 4,484,030 | ||||||
CH Robinson Worldwide Inc.(b) |
34,556 | 3,461,820 | ||||||
Charles River Laboratories International Inc.(a) |
13,225 | 2,771,166 | ||||||
Charles Schwab Corp. (The) |
419,654 | 27,739,129 | ||||||
Charter Communications Inc., Class A(a)(b) |
27,021 | 10,948,639 | ||||||
Cheniere Energy Inc. |
68,337 | 11,061,027 | ||||||
Chesapeake Energy Corp. |
31,805 | 2,682,434 | ||||||
Chevron Corp. |
500,155 | 81,855,367 | ||||||
Chewy Inc., Class A(a)(b) |
28,113 | 953,031 | ||||||
Chipotle Mexican Grill Inc., Class A(a) |
7,737 | 15,182,160 | ||||||
Chubb Ltd. |
115,742 | 23,658,822 | ||||||
Church & Dwight Co. Inc. |
71,797 | 6,868,819 | ||||||
Cigna Group (The) |
82,858 | 24,451,396 | ||||||
Cincinnati Financial Corp. |
43,024 | 4,628,522 | ||||||
Cintas Corp. |
26,300 | 13,203,652 | ||||||
Cisco Systems Inc. |
1,150,034 | 59,847,769 | ||||||
Citigroup Inc. |
541,890 | 25,826,477 | ||||||
Citizens Financial Group Inc. |
139,899 | 4,513,142 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Clarivate PLC(a)(b) |
105,136 | $ | 999,843 | |||||
Cleveland-Cliffs Inc.(a) |
144,433 | 2,549,242 | ||||||
Clorox Co. (The) |
34,888 | 5,284,834 | ||||||
Cloudflare Inc., Class A(a)(b) |
76,089 | 5,232,641 | ||||||
CME Group Inc. |
99,960 | 19,888,042 | ||||||
CMS Energy Corp. |
82,278 | 5,024,717 | ||||||
Coca-Cola Co. (The) |
1,145,649 | 70,950,043 | ||||||
Cognex Corp. |
51,992 | 2,839,803 | ||||||
Cognizant Technology Solutions Corp., Class A |
146,881 | 9,698,552 | ||||||
Coinbase Global Inc., Class A(a)(b) |
45,972 | 4,533,299 | ||||||
Colgate-Palmolive Co. |
217,990 | 16,623,917 | ||||||
Comcast Corp., Class A |
1,168,876 | 52,903,328 | ||||||
Conagra Brands Inc. |
143,179 | 4,697,703 | ||||||
ConocoPhillips |
337,726 | 39,757,105 | ||||||
Consolidated Edison Inc. |
93,923 | 8,909,536 | ||||||
Constellation Brands Inc., Class A |
45,599 | 12,439,407 | ||||||
Constellation Energy Corp. |
93,606 | 9,047,020 | ||||||
Cooper Companies Inc. (The) |
12,777 | 4,999,129 | ||||||
Copart Inc.(a) |
118,364 | 10,462,194 | ||||||
Corning Inc. |
218,296 | 7,408,966 | ||||||
Corteva Inc. |
201,142 | 11,350,443 | ||||||
CoStar Group Inc.(a)(b) |
112,140 | 9,416,396 | ||||||
Costco Wholesale Corp. |
123,695 | 69,352,076 | ||||||
Coterra Energy Inc. |
218,435 | 6,015,700 | ||||||
Crowdstrike Holdings Inc., Class A(a) |
62,203 | 10,055,737 | ||||||
Crown Castle Inc. |
119,781 | 12,971,084 | ||||||
Crown Holdings Inc. |
31,767 | 2,946,707 | ||||||
CSX Corp. |
565,167 | 18,831,364 | ||||||
Cummins Inc. |
40,451 | 10,549,621 | ||||||
CVS Health Corp. |
355,720 | 26,568,727 | ||||||
Danaher Corp. |
192,897 | 49,200,309 | ||||||
Darden Restaurants Inc. |
36,263 | 6,125,546 | ||||||
Darling Ingredients Inc.(a) |
42,251 | 2,925,882 | ||||||
Datadog Inc., Class A(a) |
69,569 | 8,120,094 | ||||||
DaVita Inc.(a) |
16,282 | 1,660,601 | ||||||
Deckers Outdoor Corp.(a) |
7,040 | 3,827,578 | ||||||
Deere & Co. |
78,389 | 33,675,914 | ||||||
Dell Technologies Inc., Class C |
70,590 | 3,735,623 | ||||||
Delta Air Lines Inc. |
45,050 | 2,084,013 | ||||||
DENTSPLY SIRONA Inc. |
64,648 | 2,684,185 | ||||||
Devon Energy Corp. |
174,237 | 9,408,798 | ||||||
Dexcom Inc.(a) |
107,728 | 13,418,600 | ||||||
Diamondback Energy Inc. |
44,423 | 6,544,396 | ||||||
Dick’s Sporting Goods Inc. |
17,309 | 2,440,569 | ||||||
Digital Realty Trust Inc. |
80,956 | 10,088,737 | ||||||
Discover Financial Services |
74,393 | 7,852,181 | ||||||
DocuSign Inc., Class A(a) |
56,524 | 3,042,122 | ||||||
Dollar General Corp. |
61,616 | 10,404,478 | ||||||
Dollar Tree Inc.(a) |
62,100 | 9,583,893 | ||||||
Dominion Energy Inc. |
227,966 | 12,207,579 | ||||||
Domino’s Pizza Inc. |
9,859 | 3,911,460 | ||||||
DoorDash Inc., Class A(a) |
69,892 | 6,345,495 | ||||||
Dover Corp. |
41,756 | 6,095,123 | ||||||
Dow Inc. |
200,001 | 11,294,056 | ||||||
DR Horton Inc. |
89,424 | 11,358,636 | ||||||
Dropbox Inc., Class A(a)(b) |
88,152 | 2,375,696 | ||||||
DTE Energy Co. |
55,412 | 6,333,592 | ||||||
Duke Energy Corp. |
206,048 | 19,290,214 | ||||||
DuPont de Nemours Inc. |
130,039 | 10,094,928 | ||||||
Dynatrace Inc.(a) |
58,629 | 3,206,420 |
34 |
2 0 2 3 I 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 | ||||||
United States (continued) |
||||||||
Eastman Chemical Co. |
30,848 | $ | 2,639,972 | |||||
Eaton Corp. PLC |
110,851 | 22,759,927 | ||||||
eBay Inc. |
143,336 | 6,379,885 | ||||||
Ecolab Inc. |
71,406 | 13,077,295 | ||||||
Edison International |
104,319 | 7,506,795 | ||||||
Edwards Lifesciences Corp.(a) |
170,111 | 13,961,010 | ||||||
Electronic Arts Inc. |
77,341 | 10,545,445 | ||||||
Elevance Health Inc. |
66,064 | 31,157,764 | ||||||
Eli Lilly & Co. |
226,516 | 102,962,848 | ||||||
Emerson Electric Co. |
156,602 | 14,305,593 | ||||||
Enphase Energy Inc.(a) |
38,115 | 5,787,000 | ||||||
Entegris Inc.(b) |
42,326 | 4,643,585 | ||||||
Entergy Corp. |
56,796 | 5,832,949 | ||||||
EOG Resources Inc. |
163,480 | 21,666,004 | ||||||
EPAM Systems Inc.(a) |
16,110 | 3,815,009 | ||||||
EQT Corp. |
100,355 | 4,232,974 | ||||||
Equifax Inc. |
36,398 | 7,428,104 | ||||||
Equinix Inc. |
25,804 | 20,899,176 | ||||||
Equitable Holdings Inc. |
108,637 | 3,116,796 | ||||||
Equity LifeStyle Properties Inc. |
40,457 | 2,879,729 | ||||||
Equity Residential |
101,067 | 6,664,358 | ||||||
Erie Indemnity Co., Class A, NVS |
9,142 | 2,029,158 | ||||||
Essential Utilities Inc. |
68,313 | 2,888,957 | ||||||
Essex Property Trust Inc. |
18,934 | 4,611,376 | ||||||
Estee Lauder Companies Inc. (The), Class A |
63,524 | 11,434,320 | ||||||
Etsy Inc.(a) |
35,003 | 3,558,055 | ||||||
Everest Group Ltd. |
12,400 | 4,470,324 | ||||||
Evergy Inc. |
64,940 | 3,894,452 | ||||||
Eversource Energy |
91,631 | 6,627,670 | ||||||
Exact Sciences Corp.(a)(b) |
49,898 | 4,867,051 | ||||||
Exelon Corp. |
273,582 | 11,452,142 | ||||||
Expedia Group Inc.(a) |
40,474 | 4,959,279 | ||||||
Expeditors International of Washington Inc. |
42,897 | 5,460,788 | ||||||
Extra Space Storage Inc. |
58,960 | 8,229,047 | ||||||
Exxon Mobil Corp. |
1,129,469 | 121,124,256 | ||||||
F5 Inc.(a) |
17,761 | 2,810,501 | ||||||
FactSet Research Systems Inc. |
11,253 | 4,895,505 | ||||||
Fair Isaac Corp.(a) |
7,350 | 6,159,079 | ||||||
Fastenal Co. |
162,946 | 9,550,265 | ||||||
FedEx Corp. |
66,441 | 17,935,748 | ||||||
Ferguson PLC |
58,716 | 9,489,680 | ||||||
Fidelity National Financial Inc. |
78,594 | 3,078,527 | ||||||
Fidelity National Information Services Inc. |
166,431 | 10,049,104 | ||||||
Fifth Third Bancorp |
195,332 | 5,684,161 | ||||||
First Citizens BancShares Inc./NC, Class A |
3,070 | 4,394,091 | ||||||
First Horizon Corp. |
143,444 | 1,955,142 | ||||||
First Solar Inc.(a) |
28,690 | 5,950,306 | ||||||
FirstEnergy Corp. |
151,097 | 5,951,711 | ||||||
Fiserv Inc.(a) |
174,923 | 22,077,032 | ||||||
FleetCor Technologies Inc.(a) |
20,116 | 5,007,074 | ||||||
FMC Corp. |
37,559 | 3,614,303 | ||||||
Ford Motor Co. |
1,087,776 | 14,369,521 | ||||||
Fortinet Inc.(a) |
185,987 | 14,454,910 | ||||||
Fortive Corp. |
92,934 | 7,281,379 | ||||||
Fortune Brands Home & Security Inc., NVS |
32,707 | 2,324,486 | ||||||
Fox Corp., Class A, NVS |
106,763 | 3,571,222 | ||||||
Franklin Resources Inc. |
85,333 | 2,495,137 | ||||||
Freeport-McMoRan Inc. |
395,865 | 17,675,372 | ||||||
Gaming and Leisure Properties Inc. |
69,391 | 3,293,297 | ||||||
Garmin Ltd. |
39,880 | 4,222,893 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Gartner Inc.(a) |
22,217 | $ | 7,855,709 | |||||
GE Healthcare Inc., NVS(a) |
111,539 | 8,700,042 | ||||||
Gen Digital Inc. |
169,531 | 3,297,378 | ||||||
Generac Holdings Inc.(a)(b) |
17,845 | 2,742,776 | ||||||
General Dynamics Corp. |
64,696 | 14,464,732 | ||||||
General Electric Co. |
303,543 | 34,676,752 | ||||||
General Mills Inc. |
163,670 | 12,232,696 | ||||||
General Motors Co. |
385,499 | 14,791,597 | ||||||
Genuine Parts Co. |
41,176 | 6,411,927 | ||||||
Gilead Sciences Inc. |
348,145 | 26,507,760 | ||||||
Global Payments Inc. |
74,164 | 8,176,581 | ||||||
Globe Life Inc. |
25,798 | 2,893,762 | ||||||
GoDaddy Inc., Class A(a) |
41,752 | 3,218,662 | ||||||
Goldman Sachs Group Inc. (The) |
93,595 | 33,307,653 | ||||||
Graco Inc. |
47,116 | 3,737,712 | ||||||
Halliburton Co. |
254,503 | 9,945,977 | ||||||
Hartford Financial Services Group Inc. (The) |
95,914 | 6,894,298 | ||||||
Hasbro Inc. |
36,825 | 2,377,422 | ||||||
HCA Healthcare Inc. |
58,444 | 15,944,108 | ||||||
Healthcare Realty Trust Inc., Class A |
103,367 | 2,018,757 | ||||||
Healthpeak Properties Inc. |
160,592 | 3,505,723 | ||||||
HEICO Corp. |
13,594 | 2,392,272 | ||||||
HEICO Corp., Class A |
17,405 | 2,442,792 | ||||||
Henry Schein Inc.(a)(b) |
38,742 | 3,052,482 | ||||||
Hershey Co. (The) |
40,680 | 9,409,691 | ||||||
Hess Corp. |
75,384 | 11,438,014 | ||||||
Hewlett Packard Enterprise Co. |
373,515 | 6,491,691 | ||||||
HF Sinclair Corp. |
42,500 | 2,213,825 | ||||||
Hilton Worldwide Holdings Inc. |
74,809 | 11,632,051 | ||||||
Hologic Inc.(a) |
67,863 | 5,389,679 | ||||||
Home Depot Inc. (The) |
281,844 | 94,090,801 | ||||||
Honeywell International Inc. |
185,891 | 36,087,020 | ||||||
Horizon Therapeutics PLC(a) |
59,540 | 5,970,076 | ||||||
Hormel Foods Corp. |
85,620 | 3,500,146 | ||||||
Host Hotels & Resorts Inc. |
204,455 | 3,761,972 | ||||||
Howmet Aerospace Inc. |
115,266 | 5,894,703 | ||||||
HP Inc. |
265,461 | 8,715,085 | ||||||
Hubbell Inc., Class B |
15,402 | 4,805,424 | ||||||
HubSpot Inc.(a) |
13,204 | 7,665,582 | ||||||
Humana Inc. |
35,211 | 16,085,441 | ||||||
Huntington Bancshares Inc./OH |
421,970 | 5,164,913 | ||||||
Huntington Ingalls Industries Inc. |
12,359 | 2,838,492 | ||||||
Hyatt Hotels Corp., Class A |
11,344 | 1,433,314 | ||||||
IDEX Corp. |
22,380 | 5,053,628 | ||||||
IDEXX Laboratories Inc.(a) |
23,400 | 12,980,682 | ||||||
Illinois Tool Works Inc. |
86,910 | 22,885,141 | ||||||
Illumina Inc.(a) |
43,640 | 8,385,426 | ||||||
Incyte Corp.(a) |
53,523 | 3,410,486 | ||||||
Ingersoll Rand Inc. |
108,219 | 7,063,454 | ||||||
Insulet Corp.(a) |
19,205 | 5,314,984 | ||||||
Intel Corp. |
1,158,462 | 41,438,186 | ||||||
Intercontinental Exchange Inc. |
155,578 | 17,860,354 | ||||||
International Business Machines Corp. |
252,073 | 36,343,885 | ||||||
International Flavors & Fragrances Inc. |
69,705 | 5,897,740 | ||||||
International Paper Co. |
91,415 | 3,296,425 | ||||||
Interpublic Group of Companies Inc. (The) |
105,598 | 3,614,620 | ||||||
Intuit Inc. |
78,088 | 39,957,630 | ||||||
Intuitive Surgical Inc.(a) |
97,736 | 31,705,558 | ||||||
Invesco Ltd. |
99,646 | 1,674,053 | ||||||
Invitation Homes Inc. |
179,060 | 6,356,630 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
IQVIA Holdings Inc.(a) |
52,836 | $ | 11,822,583 | |||||
Iron Mountain Inc. |
82,328 | 5,054,939 | ||||||
Jack Henry & Associates Inc. |
20,393 | 3,417,255 | ||||||
Jacobs Solutions Inc., NVS |
35,716 | 4,479,144 | ||||||
Jazz Pharmaceuticals PLC(a) |
18,745 | 2,444,723 | ||||||
JB Hunt Transport Services Inc. |
23,402 | 4,772,604 | ||||||
JM Smucker Co. (The) |
29,381 | 4,426,248 | ||||||
Johnson & Johnson |
725,621 | 121,563,286 | ||||||
Johnson Controls International PLC |
190,993 | 13,283,563 | ||||||
JPMorgan Chase & Co. |
819,058 | 129,378,402 | ||||||
Juniper Networks Inc. |
91,985 | 2,557,183 | ||||||
Kellogg Co. |
74,853 | 5,006,917 | ||||||
Keurig Dr Pepper Inc. |
241,589 | 8,216,442 | ||||||
KeyCorp |
263,414 | 3,242,626 | ||||||
Keysight Technologies Inc.(a) |
50,711 | 8,168,528 | ||||||
Kimberly-Clark Corp. |
93,404 | 12,058,456 | ||||||
Kimco Realty Corp. |
166,523 | 3,373,756 | ||||||
Kinder Morgan Inc. |
613,472 | 10,864,589 | ||||||
KKR & Co. Inc. |
165,377 | 9,820,086 | ||||||
KLA Corp. |
38,499 | 19,786,561 | ||||||
Knight-Swift Transportation Holdings Inc. |
45,098 | 2,739,703 | ||||||
Kraft Heinz Co. (The) |
216,022 | 7,815,676 | ||||||
Kroger Co. (The) |
191,583 | 9,318,597 | ||||||
L3Harris Technologies Inc. |
53,095 | 10,060,972 | ||||||
Laboratory Corp. of America Holdings |
23,061 | 4,933,440 | ||||||
Lam Research Corp. |
37,724 | 27,104,317 | ||||||
Lamb Weston Holdings Inc. |
41,423 | 4,292,665 | ||||||
Las Vegas Sands Corp.(a) |
94,306 | 5,640,442 | ||||||
Lattice Semiconductor Corp.(a) |
37,743 | 3,432,348 | ||||||
Lear Corp. |
14,355 | 2,221,580 | ||||||
Leidos Holdings Inc. |
38,278 | 3,580,141 | ||||||
Lennar Corp., Class A |
74,420 | 9,438,689 | ||||||
Lennox International Inc. |
9,718 | 3,570,782 | ||||||
Liberty Broadband Corp., Class C (a) |
30,728 | 2,738,787 | ||||||
Liberty Global PLC, Class A(a) |
41,981 | 779,587 | ||||||
Liberty Global PLC, Class C, NVS(a) |
82,719 | 1,634,527 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) |
58,759 | 4,265,903 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) |
39,932 | 1,271,036 | ||||||
Linde PLC |
137,656 | 53,778,069 | ||||||
Live Nation Entertainment Inc.(a) |
47,260 | 4,147,065 | ||||||
LKQ Corp. |
80,184 | 4,393,281 | ||||||
Lockheed Martin Corp. |
63,933 | 28,537,773 | ||||||
Loews Corp. |
46,949 | 2,941,355 | ||||||
Lowe’s Companies Inc. |
165,894 | 38,863,987 | ||||||
LPL Financial Holdings Inc. |
21,090 | 4,837,202 | ||||||
Lucid Group Inc.(a)(b) |
228,119 | 1,735,986 | ||||||
Lululemon Athletica Inc.(a) |
32,067 | 12,138,321 | ||||||
LyondellBasell Industries NV, Class A |
75,118 | 7,426,165 | ||||||
M&T Bank Corp. |
47,544 | 6,649,504 | ||||||
Marathon Oil Corp. |
181,824 | 4,776,516 | ||||||
Marathon Petroleum Corp. |
124,485 | 16,558,995 | ||||||
Markel Group Inc.(a)(b) |
3,517 | 5,098,630 | ||||||
MarketAxess Holdings Inc. |
10,967 | 2,952,536 | ||||||
Marriott International Inc./MD, Class A |
73,162 | 14,764,823 | ||||||
Marsh & McLennan Companies Inc. |
138,008 | 26,003,467 | ||||||
Martin Marietta Materials Inc. |
17,178 | 7,669,290 | ||||||
Marvell Technology Inc. |
239,432 | 15,594,206 | ||||||
Masco Corp. |
65,876 | 3,997,356 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Masimo Corp.(a) |
13,399 | $ | 1,638,698 | |||||
Mastercard Inc., Class A |
236,501 | 93,247,614 | ||||||
Match Group Inc.(a) |
73,383 | 3,413,043 | ||||||
McCormick & Co. Inc./MD, NVS |
71,789 | 6,423,680 | ||||||
McDonald’s Corp. |
203,017 | 59,524,584 | ||||||
McKesson Corp. |
39,365 | 15,840,476 | ||||||
Medtronic PLC |
367,074 | 32,214,414 | ||||||
MercadoLibre Inc.(a)(b) |
12,573 | 15,566,003 | ||||||
Merck & Co. Inc. |
709,889 | 75,709,662 | ||||||
Meta Platforms Inc, Class A(a) |
618,931 | 197,191,417 | ||||||
MetLife Inc. |
184,446 | 11,614,565 | ||||||
Mettler-Toledo International Inc.(a) |
6,359 | 7,996,252 | ||||||
MGM Resorts International |
89,741 | 4,556,151 | ||||||
Microchip Technology Inc. |
150,819 | 14,167,937 | ||||||
Micron Technology Inc. |
303,833 | 21,690,638 | ||||||
Microsoft Corp. |
1,974,416 | 663,245,823 | ||||||
Mid-America Apartment Communities Inc. |
33,893 | 5,072,426 | ||||||
Moderna Inc.(a) |
93,433 | 10,993,327 | ||||||
Mohawk Industries Inc.(a) |
15,237 | 1,620,303 | ||||||
Molina Healthcare Inc.(a) |
16,328 | 4,971,713 | ||||||
Molson Coors Beverage Co., Class B |
55,528 | 3,874,189 | ||||||
Mondelez International Inc., Class A |
380,068 | 28,174,441 | ||||||
MongoDB Inc.(a) |
19,683 | 8,333,782 | ||||||
Monolithic Power Systems Inc. |
12,435 | 6,957,258 | ||||||
Monster Beverage Corp.(a) |
219,189 | 12,601,176 | ||||||
Moody’s Corp. |
46,549 | 16,420,160 | ||||||
Morgan Stanley |
350,950 | 32,132,982 | ||||||
Mosaic Co. (The) |
92,516 | 3,770,952 | ||||||
Motorola Solutions Inc. |
47,500 | 13,614,925 | ||||||
MSCI Inc., Class A |
22,800 | 12,496,224 | ||||||
Nasdaq Inc. |
99,658 | 5,031,732 | ||||||
NetApp Inc. |
67,318 | 5,251,477 | ||||||
Netflix Inc.(a) |
124,312 | 54,569,239 | ||||||
Neurocrine Biosciences Inc.(a) |
26,499 | 2,699,983 | ||||||
Newmont Corp. |
218,229 | 9,366,389 | ||||||
News Corp., Class A, NVS |
115,802 | 2,295,196 | ||||||
NextEra Energy Inc. |
561,002 | 41,121,447 | ||||||
Nike Inc., Class B |
343,587 | 37,928,569 | ||||||
NiSource Inc. |
116,141 | 3,233,365 | ||||||
Nordson Corp. |
14,572 | 3,666,461 | ||||||
Norfolk Southern Corp. |
62,510 | 14,601,711 | ||||||
Northern Trust Corp. |
57,704 | 4,623,244 | ||||||
Northrop Grumman Corp. |
40,593 | 18,063,885 | ||||||
Novocure Ltd.(a)(b) |
27,296 | 890,941 | ||||||
NRG Energy Inc. |
71,033 | 2,698,544 | ||||||
Nucor Corp. |
70,734 | 12,172,614 | ||||||
Nvidia Corp. |
689,917 | 322,391,315 | ||||||
NVR Inc.(a) |
814 | 5,133,442 | ||||||
NXP Semiconductors NV |
72,649 | 16,199,274 | ||||||
Occidental Petroleum Corp. |
201,064 | 12,693,170 | ||||||
Okta Inc.(a) |
43,541 | 3,346,561 | ||||||
Old Dominion Freight Line Inc. |
28,474 | 11,944,558 | ||||||
Omnicom Group Inc. |
59,463 | 5,031,759 | ||||||
ON Semiconductor Corp.(a) |
122,651 | 13,215,645 | ||||||
ONEOK Inc. |
127,119 | 8,522,058 | ||||||
Oracle Corp. |
451,750 | 52,958,652 | ||||||
O’Reilly Automotive Inc.(a) |
17,383 | 16,093,008 | ||||||
Otis Worldwide Corp. |
115,297 | 10,487,415 | ||||||
Ovintiv Inc. |
63,822 | 2,941,556 | ||||||
Owens Corning |
24,724 | 3,461,113 |
36 |
2 0 2 3 I 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 | ||||||
United States (continued) |
||||||||
PACCAR Inc. |
147,881 | $ | 12,736,991 | |||||
Packaging Corp. of America |
24,028 | 3,684,694 | ||||||
Palantir Technologies Inc., Class A(a) |
499,638 | 9,912,818 | ||||||
Palo Alto Networks Inc.(a) |
84,286 | 21,068,129 | ||||||
Paramount Global, Class B, NVS |
140,020 | 2,244,521 | ||||||
Parker-Hannifin Corp. |
35,051 | 14,371,260 | ||||||
Paychex Inc. |
92,257 | 11,575,486 | ||||||
Paycom Software Inc. |
14,501 | 5,347,389 | ||||||
Paylocity Holding Corp.(a) |
12,995 | 2,947,916 | ||||||
PayPal Holdings Inc.(a) |
295,724 | 22,421,794 | ||||||
Pentair PLC |
52,954 | 3,680,303 | ||||||
PepsiCo Inc. |
384,192 | 72,020,632 | ||||||
Pfizer Inc. |
1,570,772 | 56,642,038 | ||||||
PG&E Corp.(a) |
494,077 | 8,700,696 | ||||||
Philip Morris International Inc. |
432,294 | 43,108,358 | ||||||
Phillips 66 |
129,532 | 14,449,295 | ||||||
Pinterest Inc., Class A(a) |
163,088 | 4,727,921 | ||||||
Pioneer Natural Resources Co. |
63,862 | 14,411,738 | ||||||
PNC Financial Services Group Inc. (The) |
112,808 | 15,442,287 | ||||||
Pool Corp. |
10,647 | 4,096,327 | ||||||
PPG Industries Inc. |
66,831 | 9,616,981 | ||||||
PPL Corp. |
202,417 | 5,572,540 | ||||||
Principal Financial Group Inc. |
69,722 | 5,568,696 | ||||||
Procter & Gamble Co. (The) |
657,968 | 102,840,398 | ||||||
Progressive Corp. (The) |
161,915 | 20,398,052 | ||||||
Prologis Inc. |
254,895 | 31,798,151 | ||||||
Prudential Financial Inc. |
106,316 | 10,258,431 | ||||||
PTC Inc.(a) |
32,523 | 4,742,179 | ||||||
Public Service Enterprise Group Inc. |
142,666 | 9,005,078 | ||||||
Public Storage |
44,212 | 12,456,731 | ||||||
PulteGroup Inc. |
66,717 | 5,630,248 | ||||||
Qorvo Inc.(a) |
29,845 | 3,283,547 | ||||||
Qualcomm Inc. |
307,851 | 40,688,667 | ||||||
Quanta Services Inc.(b) |
40,635 | 8,192,829 | ||||||
Quest Diagnostics Inc. |
31,513 | 4,260,873 | ||||||
Raymond James Financial Inc. |
58,717 | 6,462,980 | ||||||
Realty Income Corp. |
175,428 | 10,695,845 | ||||||
Regency Centers Corp. |
36,488 | 2,391,059 | ||||||
Regeneron Pharmaceuticals Inc.(a) |
29,806 | 22,113,369 | ||||||
Regions Financial Corp. |
275,216 | 5,606,150 | ||||||
Reliance Steel & Aluminum Co. |
16,078 | 4,708,603 | ||||||
Repligen Corp.(a) |
16,119 | 2,765,376 | ||||||
Republic Services Inc., Class A |
63,008 | 9,521,139 | ||||||
ResMed Inc. |
41,446 | 9,215,518 | ||||||
Revvity Inc. |
35,700 | 4,389,315 | ||||||
Rivian Automotive Inc., Class A(a)(b) |
177,199 | 4,897,780 | ||||||
Robert Half Inc. |
31,425 | 2,330,164 | ||||||
ROBLOX Corp., Class A(a) |
117,035 | 4,593,624 | ||||||
Rockwell Automation Inc. |
31,971 | 10,751,528 | ||||||
Roku Inc.(a)(b) |
33,489 | 3,223,986 | ||||||
Rollins Inc. |
73,991 | 3,021,053 | ||||||
Roper Technologies Inc. |
29,683 | 14,635,203 | ||||||
Ross Stores Inc. |
95,909 | 10,995,008 | ||||||
Royal Caribbean Cruises Ltd.(a) |
63,896 | 6,971,693 | ||||||
Royalty Pharma PLC, Class A |
97,166 | 3,049,069 | ||||||
RPM International Inc. |
35,367 | 3,653,765 | ||||||
RTX Corp. |
405,498 | 35,655,439 | ||||||
S&P Global Inc. |
91,634 | 36,150,529 | ||||||
Salesforce Inc.(a) |
277,959 | 62,543,555 | ||||||
SBA Communications Corp., Class A |
29,452 | 6,448,515 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Schlumberger NV |
396,341 | $ | 23,122,534 | |||||
Seagate Technology Holdings PLC |
54,778 | 3,478,403 | ||||||
Seagen Inc.(a) |
39,567 | 7,588,159 | ||||||
Sealed Air Corp. |
40,683 | 1,855,958 | ||||||
SEI Investments Co. |
41,497 | 2,613,896 | ||||||
Sempra Energy |
85,693 | 12,769,971 | ||||||
Sensata Technologies Holding PLC |
39,266 | 1,658,988 | ||||||
ServiceNow Inc.(a) |
56,642 | 33,022,286 | ||||||
Sherwin-Williams Co. (The) |
68,249 | 18,870,848 | ||||||
Simon Property Group Inc. |
88,245 | 10,995,327 | ||||||
Sirius XM Holdings Inc.(b) |
229,223 | 1,169,037 | ||||||
Skyworks Solutions Inc. |
46,727 | 5,344,167 | ||||||
Snap Inc., Class A, NVS(a) |
293,874 | 3,338,409 | ||||||
Snap-on Inc. |
13,811 | 3,762,669 | ||||||
Snowflake Inc., Class A(a) |
72,437 | 12,872,779 | ||||||
SolarEdge Technologies Inc.(a)(b) |
15,204 | 3,671,158 | ||||||
Southern Co. (The) |
306,888 | 22,200,278 | ||||||
Southwest Airlines Co. |
41,428 | 1,415,180 | ||||||
Splunk Inc.(a)(b) |
45,645 | 4,944,723 | ||||||
SS&C Technologies Holdings Inc. |
63,058 | 3,673,128 | ||||||
Stanley Black & Decker Inc. |
41,504 | 4,120,102 | ||||||
Starbucks Corp. |
319,014 | 32,402,252 | ||||||
State Street Corp. |
95,902 | 6,947,141 | ||||||
Steel Dynamics Inc.(b) |
47,038 | 5,013,310 | ||||||
STERIS PLC |
28,055 | 6,327,805 | ||||||
Stryker Corp. |
95,438 | 27,048,084 | ||||||
Sun Communities Inc. |
36,981 | 4,818,624 | ||||||
Synchrony Financial |
125,165 | 4,323,199 | ||||||
Synopsys Inc.(a) |
42,957 | 19,407,973 | ||||||
Sysco Corp. |
138,179 | 10,544,439 | ||||||
T Rowe Price Group Inc. |
63,943 | 7,881,614 | ||||||
Take-Two Interactive Software Inc.(a) |
47,268 | 7,229,168 | ||||||
Targa Resources Corp. |
59,386 | 4,869,058 | ||||||
Target Corp. |
128,588 | 17,548,404 | ||||||
TE Connectivity Ltd. |
89,986 | 12,912,091 | ||||||
Teledyne Technologies Inc.(a) |
12,300 | 4,729,719 | ||||||
Teleflex Inc. |
12,431 | 3,122,294 | ||||||
Teradyne Inc.(b) |
44,300 | 5,003,242 | ||||||
Tesla Inc.(a) |
797,006 | 213,143,315 | ||||||
Texas Instruments Inc. |
251,387 | 45,249,660 | ||||||
Texas Pacific Land Corp. |
1,761 | 2,652,594 | ||||||
Textron Inc. |
61,739 | 4,801,442 | ||||||
Thermo Fisher Scientific Inc. |
107,869 | 59,183,406 | ||||||
TJX Companies Inc. (The) |
320,964 | 27,773,015 | ||||||
T-Mobile U.S. Inc.(a) |
168,205 | 23,173,603 | ||||||
Toast Inc., Class A(a)(b) |
88,480 | 1,952,754 | ||||||
Toro Co. (The) |
29,465 | 2,995,117 | ||||||
Tractor Supply Co. |
31,311 | 7,013,351 | ||||||
Trade Desk Inc. (The), Class A(a)(b) |
122,843 | 11,210,652 | ||||||
Tradeweb Markets Inc., Class A |
30,974 | 2,533,363 | ||||||
Trane Technologies PLC |
62,965 | 12,557,740 | ||||||
TransDigm Group Inc. |
15,239 | 13,710,833 | ||||||
TransUnion |
54,898 | 4,374,822 | ||||||
Travelers Companies Inc. (The) |
63,796 | 11,011,828 | ||||||
Trimble Inc.(a) |
75,705 | 4,072,929 | ||||||
Truist Financial Corp. |
372,546 | 12,375,978 | ||||||
Twilio Inc., Class A(a) |
49,409 | 3,262,476 | ||||||
Tyler Technologies Inc.(a) |
11,617 | 4,607,651 | ||||||
Tyson Foods Inc., Class A |
80,531 | 4,487,187 | ||||||
U.S. Bancorp |
418,220 | 16,594,970 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Uber Technologies Inc.(a) |
506,224 | $ | 25,037,839 | |||||
UDR Inc. |
85,631 | 3,500,595 | ||||||
UGI Corp. |
58,060 | 1,567,039 | ||||||
UiPath Inc., Class A(a)(b) |
91,013 | 1,645,515 | ||||||
Ulta Beauty Inc.(a) |
13,950 | 6,204,960 | ||||||
Union Pacific Corp. |
170,064 | 39,458,249 | ||||||
United Parcel Service Inc., Class B |
200,890 | 37,592,546 | ||||||
United Rentals Inc. |
19,699 | 9,153,731 | ||||||
United Therapeutics Corp.(a) |
12,516 | 3,037,884 | ||||||
UnitedHealth Group Inc. |
259,880 | 131,595,436 | ||||||
Unity Software Inc.(a)(b) |
69,057 | 3,165,573 | ||||||
Universal Health Services Inc., Class B |
18,137 | 2,520,318 | ||||||
Vail Resorts Inc. |
12,130 | 2,856,494 | ||||||
Valero Energy Corp. |
102,747 | 13,245,116 | ||||||
Veeva Systems Inc., Class A(a) |
41,496 | 8,474,313 | ||||||
Ventas Inc. |
107,171 | 5,199,937 | ||||||
VeriSign Inc.(a) |
26,107 | 5,507,272 | ||||||
Verisk Analytics Inc., Class A |
41,063 | 9,400,963 | ||||||
Verizon Communications Inc. |
1,159,011 | 39,499,095 | ||||||
Vertex Pharmaceuticals Inc.(a) |
71,820 | 25,305,059 | ||||||
VF Corp. |
84,817 | 1,680,225 | ||||||
Viatris Inc. |
336,407 | 3,542,366 | ||||||
VICI Properties Inc., Class A |
268,591 | 8,455,245 | ||||||
Visa Inc., Class A |
451,355 | 107,300,624 | ||||||
Vistra Corp. |
104,699 | 2,937,854 | ||||||
VMware Inc., Class A(a) |
64,906 | 10,231,133 | ||||||
Vulcan Materials Co. |
37,573 | 8,284,846 | ||||||
W R Berkley Corp. |
59,923 | 3,696,650 | ||||||
Walgreens Boots Alliance Inc. |
208,971 | 6,262,861 | ||||||
Walmart Inc. |
414,458 | 66,255,256 | ||||||
Walt Disney Co. (The)(a) |
510,330 | 45,363,234 | ||||||
Warner Bros. Discovery Inc.(a)(b) |
644,989 | 8,430,006 | ||||||
Waste Management Inc. |
113,944 | 18,662,888 | ||||||
Waters Corp.(a) |
16,194 | 4,472,945 | ||||||
Watsco Inc. |
9,106 | 3,443,798 | ||||||
Webster Financial Corp. |
48,243 | 2,282,859 | ||||||
WEC Energy Group Inc. |
89,540 | 8,046,064 | ||||||
Wells Fargo & Co. |
1,049,670 | 48,452,767 | ||||||
Welltower Inc. |
135,838 | 11,159,092 | ||||||
West Pharmaceutical Services Inc. |
21,147 | 7,782,942 | ||||||
Western Digital Corp.(a) |
84,819 | 3,609,897 | ||||||
Westinghouse Air Brake Technologies Corp. |
49,484 | 5,860,885 | ||||||
Westlake Corp. |
9,363 | 1,287,412 | ||||||
Westrock Co. |
76,972 | 2,562,398 | ||||||
Weyerhaeuser Co. |
203,493 | 6,930,972 | ||||||
Whirlpool Corp. |
16,647 | 2,401,496 | ||||||
Williams Companies Inc. (The) |
332,081 | 11,440,190 | ||||||
Willis Towers Watson PLC |
29,005 | 6,129,627 | ||||||
Wolfspeed Inc.(a)(b) |
35,067 | 2,310,915 | ||||||
Workday Inc., Class A(a) |
56,662 | 13,436,260 | ||||||
WP Carey Inc. |
64,078 | 4,327,187 | ||||||
WW Grainger Inc. |
13,138 | 9,702,282 | ||||||
Wynn Resorts Ltd. |
30,353 | 3,307,870 | ||||||
Xcel Energy Inc. |
147,296 | 9,239,878 | ||||||
Xylem Inc./NY |
66,175 | 7,461,231 | ||||||
Yum! Brands Inc. |
76,005 | 10,463,608 | ||||||
Zebra Technologies Corp., Class A(a) |
14,654 | 4,512,846 | ||||||
Zillow Group Inc., Class C (a) |
42,948 | 2,326,064 | ||||||
Zimmer Biomet Holdings Inc. |
56,879 | 7,857,834 | ||||||
Zoetis Inc. |
130,548 | 24,554,773 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Zoom Video Communications Inc., Class A(a) |
63,142 | $ | 4,631,466 | |||||
ZoomInfo Technologies Inc., Class A(a) |
78,167 | 1,998,730 | ||||||
Zscaler Inc.(a) |
23,963 | 3,843,186 | ||||||
|
|
|||||||
11,360,051,504 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.2% |
18,282,799,403 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 0.2% | ||||||||
Banco Bradesco SA, Preference Shares, NVS |
1,752,155 | 6,173,069 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS |
506,421 | 1,356,882 | ||||||
Gerdau SA, Preference Shares, NVS |
304,890 | 1,885,918 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
1,264,621 | 7,659,264 | ||||||
Itausa SA, Preference Shares, NVS |
1,521,586 | 3,159,815 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
1,651,943 | 10,867,977 | ||||||
|
|
|||||||
31,102,925 | ||||||||
Chile — 0.0% |
||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
41,563 | 3,047,575 | ||||||
|
|
|||||||
Colombia — 0.0% | ||||||||
Bancolombia SA, Preference Shares, NVS |
177,201 | 1,353,073 | ||||||
|
|
|||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS |
18,328 | 2,059,170 | ||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS(c) |
31,290 | 3,826,224 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
47,538 | 3,668,333 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
44,832 | 2,645,352 | ||||||
Sartorius AG, Preference Shares, NVS |
7,800 | 3,218,119 | ||||||
Volkswagen AG, Preference Shares, NVS |
64,778 | 8,581,503 | ||||||
|
|
|||||||
23,998,701 | ||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) |
1,929,900 | 210 | ||||||
|
|
|||||||
South Korea — 0.1% | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
235,428 | 10,603,854 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.4% |
70,106,338 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.6% |
|
18,352,905,741 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h) |
237,007,937 | 237,079,040 |
38 |
2 0 2 3 I 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 | ||||||
Money Market Funds (continued) |
||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g) |
32,270,000 | $ | 32,270,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 1.4% |
269,349,040 | |||||||
|
|
|||||||
Total
Investments — 101.0% |
18,622,254,781 | |||||||
Liabilities in Excess of Other Assets — (1.0)% |
|
(193,124,386 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 18,429,130,395 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 07/31/23 |
Shares Held at |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 168,555,690 | $ | 68,439,897 | (a) | $ | — | $ | 17,896 | $ | 65,557 | $ | 237,079,040 | 237,007,937 | $ | 1,355,778 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
18,730,000 | 13,540,000 | (a) | — | — | — | 32,270,000 | 32,270,000 | 1,144,778 | 16 | ||||||||||||||||||||||||||||||
BlackRock Inc. |
31,719,801 | 5,590,507 | (9,151,325 | ) | 3,229,424 | (542,897 | ) | 30,845,510 | 41,748 | 900,466 | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 3,247,320 | $ | (477,340 | ) | $ | 300,194,550 | $ | 3,401,022 | $ | 16 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
157 | 09/15/23 | $ | 17,316 | $ | 419,879 | ||||||||||
MSCI Emerging Markets Index |
158 | 09/15/23 | 8,329 | 317,974 | ||||||||||||
S&P 500 E-Mini Index |
191 | 09/15/23 | 44,068 | 2,126,037 | ||||||||||||
|
|
|||||||||||||||
$ | 2,863,890 | |||||||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 2,863,890 | $ | — | $ | — | $ | — | $ | 2,863,890 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 7,181,573 | $ | — | $ | — | $ | — | $ | 7,181,573 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 362,816 | $ | — | $ | — | $ | — | $ | 362,816 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 54,657,104 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 12,218,357,683 | $ | 6,064,369,591 | $ | 72,129 | $ | 18,282,799,403 | ||||||||
Preferred Stocks |
35,503,573 | 34,602,555 | 210 | 70,106,338 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
269,349,040 | — | — | 269,349,040 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 12,523,210,296 | $ | 6,098,972,146 | $ | 72,339 | $ | 18,622,254,781 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 2,863,890 | $ | — | $ | — | $ | 2,863,890 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
40 |
2 0 2 3 I 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 July 31, 2023 |
iShares® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 1.7% | ||||||||
Aristocrat Leisure Ltd. |
13,431 | $ | 355,723 | |||||
ASX Ltd. |
3,441 | 143,760 | ||||||
Australia & New Zealand Banking Group Ltd. |
34,766 | 603,161 | ||||||
Brambles Ltd. |
73,371 | 694,146 | ||||||
Cochlear Ltd. |
1,110 | 178,568 | ||||||
Coles Group Ltd. |
6,771 | 82,800 | ||||||
Commonwealth Bank of Australia |
22,422 | 1,595,298 | ||||||
Computershare Ltd. |
26,307 | 443,674 | ||||||
CSL Ltd. |
7,326 | 1,319,531 | ||||||
Dexus |
74,370 | 411,622 | ||||||
Endeavour Group Ltd./Australia |
16,983 | 69,415 | ||||||
Goodman Group |
32,967 | 455,840 | ||||||
GPT Group (The) |
43,068 | 125,882 | ||||||
IDP Education Ltd. |
4,218 | 70,687 | ||||||
IGO Ltd. |
64,269 | 600,546 | ||||||
Insurance Australia Group Ltd. |
55,500 | 221,557 | ||||||
James Hardie Industries PLC(a) |
15,984 | 468,441 | ||||||
Lottery Corp. Ltd. (The) |
64,602 | 224,808 | ||||||
Macquarie Group Ltd. |
5,106 | 602,150 | ||||||
Medibank Pvt Ltd. |
35,631 | 84,121 | ||||||
Mineral Resources Ltd. |
14,874 | 718,664 | ||||||
Mirvac Group |
68,931 | 108,656 | ||||||
National Australia Bank Ltd. |
45,288 | 867,539 | ||||||
Newcrest Mining Ltd. |
15,207 | 272,767 | ||||||
QBE Insurance Group Ltd. |
30,303 | 321,724 | ||||||
Ramsay Health Care Ltd. |
3,552 | 140,760 | ||||||
Scentre Group |
97,236 | 183,999 | ||||||
Sonic Healthcare Ltd. |
9,324 | 220,306 | ||||||
Stockland |
77,367 | 219,879 | ||||||
Suncorp Group Ltd. |
21,534 | 206,339 | ||||||
Telstra Corp. Ltd. |
100,233 | 286,888 | ||||||
Transurban Group |
63,381 | 611,946 | ||||||
Treasury Wine Estates Ltd. |
28,860 | 218,432 | ||||||
Vicinity Ltd. |
138,750 | 184,483 | ||||||
Wesfarmers Ltd. |
17,427 | 582,273 | ||||||
Westpac Banking Corp. |
49,839 | 749,123 | ||||||
WiseTech Global Ltd. |
2,775 | 160,254 | ||||||
Woolworths Group Ltd. |
14,319 | 371,848 | ||||||
Xero Ltd.(a) |
2,109 | 173,363 | ||||||
|
|
|||||||
15,350,973 | ||||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG |
12,987 | 490,855 | ||||||
Verbund AG |
4,107 | 340,294 | ||||||
|
|
|||||||
831,149 | ||||||||
Belgium — 0.2% | ||||||||
Anheuser-Busch InBev SA/NV |
21,201 | 1,212,817 | ||||||
Argenx SE(a) |
222 | 111,808 | ||||||
D’ieteren Group |
444 | 77,543 | ||||||
Elia Group SA/NV |
2,256 | 277,770 | ||||||
|
|
|||||||
1,679,938 | ||||||||
Brazil — 0.4% | ||||||||
Ambev SA |
88,816 | 279,102 | ||||||
B3 SA - Brasil, Bolsa, Balcao |
116,550 | 367,242 | ||||||
Banco Bradesco SA |
60,456 | 189,854 | ||||||
Banco BTG Pactual SA |
53,391 | 383,997 | ||||||
Banco do Brasil SA |
67,488 | 687,760 | ||||||
BB Seguridade Participacoes SA |
34,632 | 227,914 | ||||||
CCR SA |
68,376 | 192,169 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
10,767 | $ | 132,289 | |||||
Hapvida Participacoes e Investimentos SA(a)(b) |
40,163 | 40,768 | ||||||
Hypera SA |
8,325 | 76,160 | ||||||
Localiza Rent a Car SA |
14,073 | 200,050 | ||||||
Lojas Renner SA |
20,313 | 80,543 | ||||||
PRIO SA(a) |
65,934 | 636,090 | ||||||
Suzano SA |
14,541 | 147,816 | ||||||
Telefonica Brasil SA |
17,316 | 154,201 | ||||||
|
|
|||||||
3,795,955 | ||||||||
Canada — 3.6% | ||||||||
Agnico Eagle Mines Ltd. |
11,211 | 587,735 | ||||||
Bank of Montreal |
8,325 | 773,629 | ||||||
Bank of Nova Scotia (The) |
19,203 | 966,958 | ||||||
BCE Inc. |
19,980 | 863,050 | ||||||
Brookfield Asset Management Ltd. |
4,308 | 145,315 | ||||||
Brookfield Renewable Corp., Class A |
15,873 | 494,733 | ||||||
CAE Inc.(a) |
32,634 | 745,658 | ||||||
Cameco Corp. |
11,766 | 413,659 | ||||||
Canadian Imperial Bank of Commerce |
11,100 | 488,900 | ||||||
Canadian National Railway Co. |
8,880 | 1,076,388 | ||||||
Canadian Pacific Kansas City Ltd. |
12,210 | 1,004,652 | ||||||
CCL Industries Inc., Class B, NVS |
3,441 | 164,972 | ||||||
CGI Inc.(a) |
2,109 | 214,315 | ||||||
Constellation Software Inc./Canada |
555 | 1,172,569 | ||||||
Dollarama Inc. |
10,323 | 679,980 | ||||||
Element Fleet Management Corp. |
10,212 | 164,721 | ||||||
Fairfax Financial Holdings Ltd. |
1,110 | 885,576 | ||||||
First Quantum Minerals Ltd. |
29,415 | 872,423 | ||||||
Franco-Nevada Corp. |
9,879 | 1,441,563 | ||||||
George Weston Ltd. |
2,220 | 255,645 | ||||||
Great-West Lifeco Inc. |
8,488 | 255,995 | ||||||
Hydro One Ltd.(b) |
50,061 | 1,412,254 | ||||||
Intact Financial Corp. |
3,108 | 459,159 | ||||||
Loblaw Companies Ltd. |
4,884 | 433,343 | ||||||
Lundin Mining Corp. |
41,403 | 370,183 | ||||||
Manulife Financial Corp. |
80,475 | 1,608,707 | ||||||
Metro Inc. |
4,995 | 268,832 | ||||||
Northland Power Inc. |
15,318 | 296,335 | ||||||
Onex Corp. |
4,218 | 259,065 | ||||||
Open Text Corp. |
4,440 | 190,711 | ||||||
Pan American Silver Corp. |
5,772 | 97,699 | ||||||
Pembina Pipeline Corp. |
80,919 | 2,561,990 | ||||||
Power Corp. of Canada |
6,216 | 176,112 | ||||||
Quebecor Inc., Class B |
15,096 | 369,544 | ||||||
RB Global Inc. |
6,660 | 430,111 | ||||||
Restaurant Brands International Inc. |
4,218 | 322,911 | ||||||
Rogers Communications Inc., Class B, NVS |
6,882 | 301,344 | ||||||
Royal Bank of Canada |
19,314 | 1,914,776 | ||||||
Shopify Inc., Class A(a) |
15,540 | 1,049,788 | ||||||
Sun Life Financial Inc. |
6,660 | 350,513 | ||||||
TC Energy Corp. |
22,089 | 791,663 | ||||||
TELUS Corp. |
8,214 | 146,259 | ||||||
TFI International Inc. |
1,443 | 185,210 | ||||||
Thomson Reuters Corp. |
10,976 | 1,481,612 | ||||||
Toronto-Dominion Bank (The) |
22,866 | 1,507,927 | ||||||
Wheaton Precious Metals Corp. |
28,416 | 1,274,211 | ||||||
WSP Global Inc. |
3,219 | 443,432 | ||||||
|
|
|||||||
32,372,127 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chile — 0.1% | ||||||||
Banco de Chile |
1,019,535 | $ | 113,505 | |||||
Banco de Credito e Inversiones SA |
3,883 | 116,636 | ||||||
Cia. Sud Americana de Vapores SA |
4,432,785 | 335,519 | ||||||
Falabella SA |
129,093 | 356,991 | ||||||
|
|
|||||||
922,651 | ||||||||
China — 3.6% | ||||||||
Agricultural Bank of China Ltd., Class H |
1,110,000 | 403,757 | ||||||
Alibaba Group Holding Ltd.(a) |
233,168 | 2,979,742 | ||||||
Alibaba Health Information Technology Ltd.(a)(c) |
42,000 | 30,157 | ||||||
ANTA Sports Products Ltd. |
22,200 | 263,090 | ||||||
Asia - Potash International Investment Guangzhou Co. Ltd.(a) |
22,200 | 85,114 | ||||||
Baidu Inc.(a) |
36,140 | 706,565 | ||||||
Bank of Beijing Co. Ltd., Class A |
99,900 | 65,293 | ||||||
Bank of Chengdu Co. Ltd., Class A |
33,300 | 65,995 | ||||||
Bank of China Ltd., Class H |
2,220,000 | 823,393 | ||||||
Bank of Communications Co. Ltd., Class A |
366,300 | 298,524 | ||||||
Bank of Communications Co. Ltd., Class H |
222,000 | 134,117 | ||||||
Bank of Jiangsu Co. Ltd., Class A |
210,900 | 213,320 | ||||||
Bank of Shanghai Co. Ltd., Class A |
233,100 | 201,291 | ||||||
Beijing Enterprises Water Group Ltd. |
444,000 | 108,338 | ||||||
BOC Aviation Ltd.(b) |
11,100 | 93,042 | ||||||
BYD Co. Ltd., Class H |
20,500 | 730,169 | ||||||
CGN Power Co. Ltd., Class H(b) |
1,776,000 | 435,903 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
2,331,000 | 246,009 | ||||||
China CITIC Bank Corp. Ltd., Class H |
999,000 | 483,111 | ||||||
China Conch Venture Holdings Ltd. |
333,000 | 417,035 | ||||||
China Construction Bank Corp., Class A |
122,100 | 105,337 | ||||||
China Construction Bank Corp., Class H |
1,554,000 | 905,762 | ||||||
China Everbright Bank Co. Ltd., Class A |
532,800 | 232,773 | ||||||
China Everbright Bank Co. Ltd., Class H |
336,000 | 100,098 | ||||||
China Galaxy Securities Co. Ltd., Class H |
388,500 | 227,298 | ||||||
China Life Insurance Co. Ltd., Class H |
222,000 | 389,745 | ||||||
China Merchants Bank Co. Ltd., Class A |
44,400 | 221,575 | ||||||
China Merchants Bank Co. Ltd., Class H |
55,500 | 275,986 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A |
166,500 | 148,910 | ||||||
China Merchants Port Holdings Co. Ltd. |
222,000 | 305,416 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
277,560 | 156,126 | ||||||
China Minsheng Banking Corp. Ltd., Class H |
1,022,500 | 389,741 | ||||||
China National Nuclear Power Co. Ltd., Class A |
355,298 | 363,655 | ||||||
China Oilfield Services Ltd., Class H |
444,000 | 524,159 | ||||||
China Pacific Insurance Group Co. Ltd., Class H |
88,800 | 239,398 | ||||||
China Resources Beer Holdings Co. Ltd. |
14,000 | 90,200 | ||||||
China Resources Land Ltd. |
6,000 | 27,997 | ||||||
China Ruyi Holdings Ltd.(a) |
444,000 | 135,175 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
88,800 | 99,052 | ||||||
China Tower Corp. Ltd., Class H(b) |
2,220,000 | 250,945 | ||||||
China Vanke Co. Ltd., Class H |
55,500 | 78,663 | ||||||
China Yangtze Power Co. Ltd., Class A |
77,700 | 233,543 | ||||||
China Zheshang Bank Co. Ltd., Class A |
360,750 | 140,448 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A |
144,300 | 79,399 | ||||||
CITIC Ltd. |
333,000 | 375,899 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A |
177,600 | 364,761 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H |
222,000 | 245,328 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
55,500 | 58,742 | ||||||
COSCO SHIPPING Ports Ltd. |
222,000 | 140,263 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A |
11,100 | 76,045 | ||||||
Far East Horizon Ltd. |
111,000 | 83,490 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Focus Media Information Technology Co. Ltd., Class A |
66,600 | $ | 69,518 | |||||
Ganfeng Lithium Co. Ltd., Class H(b) |
33,080 | 213,115 | ||||||
Great Wall Motor Co. Ltd., Class H |
55,500 | 75,941 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A |
11,100 | 57,280 | ||||||
H World Group Ltd., ADR(a) |
1,998 | 95,984 | ||||||
Huaxia Bank Co. Ltd., Class A |
122,100 | 99,138 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A |
11,100 | 242,007 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
999,000 | 487,839 | ||||||
Industrial Bank Co. Ltd., Class A |
99,998 | 233,424 | ||||||
JD Health International Inc.(a)(b) |
27,750 | 202,861 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
222,000 | 203,580 | ||||||
KE Holdings Inc., ADR(a)(c) |
5,772 | 100,548 | ||||||
Kingsoft Corp. Ltd. |
22,200 | 95,552 | ||||||
Kuaishou Technology(a)(b) |
22,200 | 194,842 | ||||||
Kweichow Moutai Co. Ltd., Class A |
800 | 211,139 | ||||||
Li Auto Inc.(a) |
33,780 | 725,156 | ||||||
Li Ning Co. Ltd. |
55,500 | 338,352 | ||||||
Meituan, Class B(a)(b) |
67,200 | 1,282,856 | ||||||
Muyuan Foods Co. Ltd., Class A |
13,936 | 86,675 | ||||||
NetEase Inc. |
44,400 | 967,046 | ||||||
New China Life Insurance Co. Ltd., Class H |
155,400 | 450,665 | ||||||
Nongfu Spring Co. Ltd., Class H(b) |
44,400 | 258,871 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
999,000 | 384,604 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
90,000 | 105,563 | ||||||
Pinduoduo Inc., ADR(a) |
7,659 | 687,931 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
134,500 | 980,066 | ||||||
Qifu Technology Inc. |
11,100 | 221,556 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(a) |
88,800 | 248,738 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
66,600 | 70,922 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A |
16,410 | 90,528 | ||||||
Shenzhen Capchem Technology Co. Ltd., Class A |
11,100 | 75,799 | ||||||
Shenzhen International Holdings Ltd. |
444,000 | 416,591 | ||||||
Shenzhou International Group Holdings Ltd. |
22,200 | 235,649 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
66,600 | 134,789 | ||||||
Sunny Optical Technology Group Co. Ltd. |
11,100 | 108,825 | ||||||
Tencent Holdings Ltd. |
88,800 | 4,081,348 | ||||||
Tianqi Lithium Corp., Class A |
22,200 | 207,253 | ||||||
Trip.com Group Ltd.(a) |
8,910 | 363,909 | ||||||
Weihai Guangwei Composites Co. Ltd., Class A |
18,180 | 77,260 | ||||||
WuXi AppTec Co. Ltd., Class H(b) |
13,100 | 124,613 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) |
55,500 | 320,279 | ||||||
XPeng Inc.(a) |
17,100 | 182,404 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A |
22,200 | 87,086 | ||||||
Yintai Gold Co. Ltd., Class A |
44,400 | 81,296 | ||||||
Yum China Holdings Inc. |
1,665 | 101,598 | ||||||
Zhejiang Expressway Co. Ltd., Class H |
444,000 | 356,620 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. |
22,200 | 88,502 | ||||||
ZTO Express Cayman Inc., ADR |
6,660 | 185,148 | ||||||
|
|
|||||||
32,561,160 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA |
29,082 | 247,579 | ||||||
Interconexion Electrica SA ESP |
92,685 | 405,866 | ||||||
|
|
|||||||
653,445 | ||||||||
Czech Republic — 0.0% | ||||||||
Komercni Banka AS |
7,770 | 254,469 | ||||||
|
|
42 |
2 0 2 3 I 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 Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Denmark — 0.7% | ||||||||
Carlsberg AS, Class B |
1,170 | $ | 175,479 | |||||
Chr Hansen Holding A/S |
3,885 | 293,565 | ||||||
DSV A/S |
3,108 | 622,035 | ||||||
Genmab A/S(a) |
619 | 255,151 | ||||||
Novo Nordisk A/S, Class B |
23,199 | 3,740,890 | ||||||
Novozymes A/S, Class B |
4,329 | 217,114 | ||||||
Pandora A/S |
888 | 88,828 | ||||||
Vestas Wind Systems A/S(a) |
18,537 | 495,799 | ||||||
|
|
|||||||
5,888,861 | ||||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE |
80,520 | 103,800 | ||||||
Eastern Co. SAE |
225,240 | 107,478 | ||||||
Egyptian Financial Group-Hermes Holding Co.(a) |
283,950 | 119,478 | ||||||
|
|
|||||||
330,756 | ||||||||
Finland — 0.1% | ||||||||
Kesko OYJ, Class B |
6,660 | 133,258 | ||||||
Kone OYJ, Class B |
2,997 | 153,725 | ||||||
Nokia OYJ |
60,384 | 237,366 | ||||||
Sampo OYJ, Class A |
3,219 | 141,850 | ||||||
|
|
|||||||
666,199 | ||||||||
France — 2.6% | ||||||||
Aeroports de Paris |
1,554 | 214,595 | ||||||
AXA SA |
39,405 | 1,211,264 | ||||||
BioMerieux |
555 | 59,579 | ||||||
BNP Paribas SA |
16,539 | 1,090,711 | ||||||
Bureau Veritas SA |
7,326 | 201,200 | ||||||
Capgemini SE |
1,776 | 321,844 | ||||||
Covivio |
4,107 | 198,292 | ||||||
Credit Agricole SA |
6,882 | 85,443 | ||||||
Dassault Systemes SE |
6,105 | 260,919 | ||||||
Edenred |
3,030 | 196,800 | ||||||
Eiffage SA |
1,998 | 207,867 | ||||||
EssilorLuxottica SA |
4,551 | 915,548 | ||||||
Eurofins Scientific SE |
2,220 | 152,684 | ||||||
Gecina SA |
1,286 | 139,033 | ||||||
Getlink SE |
11,988 | 210,717 | ||||||
Hermes International |
555 | 1,228,362 | ||||||
Ipsen SA |
666 | 83,934 | ||||||
Kering SA |
1,221 | 701,056 | ||||||
Klepierre SA |
20,646 | 548,020 | ||||||
Legrand SA |
7,293 | 731,157 | ||||||
L’Oreal SA |
3,885 | 1,806,950 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
3,996 | 3,711,355 | ||||||
Orange SA |
25,822 | 291,888 | ||||||
Pernod Ricard SA |
3,552 | 783,115 | ||||||
Publicis Groupe SA |
7,437 | 599,611 | ||||||
Sanofi |
17,094 | 1,823,665 | ||||||
Schneider Electric SE |
10,767 | 1,920,532 | ||||||
Societe Generale SA |
17,094 | 464,901 | ||||||
Teleperformance |
2,442 | 354,185 | ||||||
Thales SA |
1,998 | 298,880 | ||||||
Unibail-Rodamco-Westfield, New(a) |
13,946 | 790,220 | ||||||
Vinci SA |
10,212 | 1,199,373 | ||||||
Wendel SE |
666 | 65,744 | ||||||
Worldline SA/France(a)(b) |
5,550 | 219,999 | ||||||
|
|
|||||||
23,089,443 | ||||||||
Germany — 1.7% | ||||||||
Allianz SE, Registered |
6,882 | 1,644,794 | ||||||
Bayer AG, Registered |
15,540 | 908,832 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Bayerische Motoren Werke AG |
9,879 | $ | 1,204,744 | |||||
Commerzbank AG |
11,211 | 134,100 | ||||||
Delivery Hero SE(a)(b) |
2,664 | 120,918 | ||||||
Deutsche Bank AG, Registered |
38,961 | 431,888 | ||||||
Deutsche Boerse AG |
2,220 | 425,355 | ||||||
Deutsche Post AG, Registered |
12,765 | 656,417 | ||||||
Deutsche Telekom AG, Registered |
44,178 | 963,135 | ||||||
Fresenius SE & Co. KGaA |
6,882 | 215,972 | ||||||
Hannover Rueck SE |
1,110 | 236,845 | ||||||
HelloFresh SE(a) |
5,994 | 170,920 | ||||||
Infineon Technologies AG |
19,647 | 863,200 | ||||||
LEG Immobilien SE(a) |
1,776 | 125,568 | ||||||
Mercedes-Benz Group AG |
14,208 | 1,134,692 | ||||||
Merck KGaA |
2,109 | 370,604 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
2,553 | 961,066 | ||||||
Rational AG |
111 | 83,090 | ||||||
Rheinmetall AG |
333 | 94,321 | ||||||
SAP SE |
14,874 | 2,028,986 | ||||||
Siemens AG, Registered |
8,214 | 1,400,012 | ||||||
Symrise AG, Class A |
2,109 | 230,370 | ||||||
Vonovia SE |
22,533 | 525,018 | ||||||
|
|
|||||||
14,930,847 | ||||||||
Hong Kong — 0.6% | ||||||||
AIA Group Ltd. |
155,400 | 1,554,736 | ||||||
Budweiser Brewing Co. APAC Ltd.(b) |
55,500 | 135,371 | ||||||
CK Asset Holdings Ltd. |
55,500 | 321,404 | ||||||
Futu Holdings Ltd., ADR(a)(c) |
1,221 | 73,504 | ||||||
Galaxy Entertainment Group Ltd.(a) |
46,000 | 335,778 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
20,900 | 881,186 | ||||||
Link REIT |
54,000 | 303,542 | ||||||
Power Assets Holdings Ltd. |
55,500 | 290,888 | ||||||
Sands China Ltd.(a) |
44,400 | 171,052 | ||||||
Sino Land Co. Ltd. |
38,000 | 46,646 | ||||||
Sun Hung Kai Properties Ltd. |
89,000 | 1,117,539 | ||||||
Techtronic Industries Co. Ltd. |
26,500 | 301,055 | ||||||
|
|
|||||||
5,532,701 | ||||||||
India — 1.3% | ||||||||
Adani Ports & Special Economic Zone Ltd. |
25,389 | 240,217 | ||||||
Apollo Hospitals Enterprise Ltd. |
1,332 | 83,851 | ||||||
Asian Paints Ltd. |
11,544 | 474,204 | ||||||
Avenue Supermarts Ltd.(a)(b) |
5,772 | 263,721 | ||||||
Axis Bank Ltd. |
38,588 | 447,987 | ||||||
Bandhan Bank Ltd.(a)(b) |
21,680 | 58,941 | ||||||
Bharat Electronics Ltd. |
375,957 | 598,200 | ||||||
Bharti Airtel Ltd. |
53,058 | 574,617 | ||||||
DLF Ltd. |
30,747 | 194,128 | ||||||
Godrej Consumer Products Ltd.(a) |
8,214 | 103,552 | ||||||
HCL Technologies Ltd. |
19,425 | 264,024 | ||||||
Hindustan Unilever Ltd. |
15,873 | 494,454 | ||||||
ICICI Bank Ltd. |
53,788 | 655,540 | ||||||
ICICI Bank Ltd., ADR, NVS |
9,248 | 227,223 | ||||||
Indian Hotels Co. Ltd. (The), Class A |
53,391 | 256,811 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
9,435 | 73,568 | ||||||
Infosys Ltd. |
50,949 | 843,263 | ||||||
ITC Ltd. |
144,189 | 817,033 | ||||||
Jio Financial Services Ltd., NVS |
35,187 | 97,477 | ||||||
Kotak Mahindra Bank Ltd. |
6,993 | 158,036 | ||||||
Nestle India Ltd. |
666 | 182,638 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
PI Industries Ltd. |
5,883 | $ | 258,807 | |||||
Pidilite Industries Ltd. |
7,963 | 253,368 | ||||||
Power Grid Corp. of India Ltd. |
269,064 | 871,159 | ||||||
Reliance Industries Ltd. |
35,187 | 1,092,309 | ||||||
SRF Ltd. |
2,997 | 79,227 | ||||||
State Bank of India |
15,318 | 115,709 | ||||||
Sun Pharmaceutical Industries Ltd. |
16,317 | 226,966 | ||||||
Tata Consultancy Services Ltd. |
17,760 | 739,863 | ||||||
Tata Elxsi Ltd. |
666 | 58,066 | ||||||
Tech Mahindra Ltd. |
14,652 | 199,021 | ||||||
Titan Co. Ltd. |
4,773 | 174,426 | ||||||
United Spirits Ltd.(a) |
13,431 | 165,993 | ||||||
Varun Beverages Ltd. |
22,866 | 223,759 | ||||||
Wipro Ltd. |
22,977 | 113,325 | ||||||
|
|
|||||||
11,681,483 | ||||||||
Indonesia — 0.2% | ||||||||
Bank Central Asia Tbk PT |
444,000 | 268,900 | ||||||
Bank Mandiri Persero Tbk PT |
732,600 | 278,494 | ||||||
Bank Negara Indonesia Persero Tbk PT |
66,600 | 39,208 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
899,237 | 336,678 | ||||||
Merdeka Copper Gold Tbk PT(a) |
2,974,835 | 693,169 | ||||||
Sumber Alfaria Trijaya Tbk PT |
521,700 | 93,415 | ||||||
Telkom Indonesia Persero Tbk PT |
1,764,900 | 434,829 | ||||||
Unilever Indonesia Tbk PT |
366,300 | 93,518 | ||||||
|
|
|||||||
2,238,211 | ||||||||
Ireland — 0.1% | ||||||||
AIB Group PLC |
56,943 | 267,841 | ||||||
Bank of Ireland Group PLC |
26,529 | 279,902 | ||||||
Flutter Entertainment PLC, Class DI(a) |
3,996 | 794,803 | ||||||
|
|
|||||||
1,342,546 | ||||||||
Israel — 0.3% | ||||||||
Azrieli Group Ltd. |
2,997 | 170,544 | ||||||
Bank Hapoalim BM |
42,402 | 376,650 | ||||||
Bank Leumi Le-Israel BM |
46,888 | 374,289 | ||||||
Check Point Software Technologies Ltd.(a)(c) |
3,330 | 440,259 | ||||||
Elbit Systems Ltd. |
444 | 94,410 | ||||||
Isracard Ltd. |
— | 1 | ||||||
Israel Discount Bank Ltd., Class A |
37,684 | 199,603 | ||||||
Mizrahi Tefahot Bank Ltd. |
6,549 | 236,451 | ||||||
Nice Ltd.(a) |
999 | 217,453 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a) |
42,069 | 353,379 | ||||||
Wix.com Ltd.(a) |
777 | 73,287 | ||||||
|
|
|||||||
2,536,326 | ||||||||
Italy — 0.7% | ||||||||
Ferrari NV |
4,662 | 1,494,575 | ||||||
Intesa Sanpaolo SpA |
309,690 | 895,520 | ||||||
Moncler SpA |
4,551 | 328,462 | ||||||
Poste Italiane SpA(b) |
30,525 | 348,702 | ||||||
Tenaris SA |
117,105 | 1,945,995 | ||||||
Terna - Rete Elettrica Nazionale |
73,482 | 620,850 | ||||||
UniCredit SpA |
39,516 | 1,000,555 | ||||||
|
|
|||||||
6,634,659 | ||||||||
Japan — 5.5% | ||||||||
Advantest Corp. |
6,300 | 871,352 | ||||||
Asahi Intecc Co. Ltd. |
11,100 | 227,786 | ||||||
Astellas Pharma Inc. |
33,900 | 495,698 | ||||||
Bandai Namco Holdings Inc. |
4,500 | 101,810 | ||||||
BayCurrent Consulting Inc. |
4,400 | 142,097 | ||||||
Capcom Co. Ltd. |
11,100 | 499,134 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Central Japan Railway Co. |
7,100 | $ | 904,776 | |||||
Chiba Bank Ltd. (The) |
11,100 | 78,048 | ||||||
Chugai Pharmaceutical Co. Ltd. |
22,200 | 660,700 | ||||||
Concordia Financial Group Ltd. |
66,600 | 304,630 | ||||||
Dai-ichi Life Holdings Inc. |
22,200 | 453,584 | ||||||
Daiichi Sankyo Co. Ltd. |
33,300 | 1,025,627 | ||||||
Daikin Industries Ltd. |
1,200 | 242,638 | ||||||
Daiwa House Industry Co. Ltd. |
11,100 | 301,686 | ||||||
Daiwa Securities Group Inc. |
22,200 | 120,344 | ||||||
Disco Corp. |
3,800 | 714,308 | ||||||
East Japan Railway Co. |
11,100 | 628,417 | ||||||
FANUC Corp. |
33,300 | 1,018,728 | ||||||
Fast Retailing Co. Ltd. |
3,000 | 751,538 | ||||||
Fujitsu Ltd. |
3,300 | 427,316 | ||||||
Hikari Tsushin Inc. |
1,900 | 281,935 | ||||||
Hirose Electric Co. Ltd. |
2,100 | 265,981 | ||||||
Hoya Corp. |
11,100 | 1,292,698 | ||||||
Hulic Co. Ltd. |
44,400 | 378,031 | ||||||
Japan Post Holdings Co. Ltd. |
133,200 | 972,704 | ||||||
Japan Post Insurance Co. Ltd. |
11,100 | 179,378 | ||||||
Japan Tobacco Inc. |
44,400 | 985,218 | ||||||
KDDI Corp. |
33,300 | 980,076 | ||||||
Keisei Electric Railway Co. Ltd. |
11,100 | 460,708 | ||||||
Keyence Corp. |
3,700 | 1,660,345 | ||||||
Konami Group Corp. |
8,000 | 448,773 | ||||||
Lasertec Corp. |
1,700 | 257,349 | ||||||
M3 Inc. |
1,600 | 36,998 | ||||||
Makita Corp. |
11,100 | 311,700 | ||||||
MISUMI Group Inc. |
11,100 | 203,065 | ||||||
Mitsubishi Estate Co. Ltd. |
44,400 | 544,153 | ||||||
Mitsubishi HC Capital Inc. |
133,200 | 881,167 | ||||||
Mitsubishi UFJ Financial Group Inc. |
188,700 | 1,519,459 | ||||||
Mitsui Fudosan Co. Ltd. |
33,300 | 684,146 | ||||||
Mizuho Financial Group Inc. |
44,400 | 753,262 | ||||||
MS&AD Insurance Group Holdings Inc. |
11,100 | 412,846 | ||||||
Murata Manufacturing Co. Ltd. |
11,100 | 659,359 | ||||||
Nexon Co. Ltd. |
11,100 | 211,781 | ||||||
Nidec Corp. |
4,100 | 244,872 | ||||||
Nintendo Co. Ltd. |
20,100 | 909,218 | ||||||
Nippon Paint Holdings Co. Ltd. |
33,300 | 305,103 | ||||||
Nippon Telegraph & Telephone Corp. |
832,500 | 954,643 | ||||||
Nissan Chemical Corp. |
11,100 | 498,786 | ||||||
Nomura Holdings Inc. |
133,200 | 551,045 | ||||||
Nomura Real Estate Holdings Inc. |
11,100 | 275,313 | ||||||
Nomura Research Institute Ltd. |
11,100 | 315,406 | ||||||
NTT Data Group Corp. |
11,100 | 154,414 | ||||||
Olympus Corp. |
22,200 | 362,236 | ||||||
Omron Corp. |
2,700 | 144,926 | ||||||
Ono Pharmaceutical Co. Ltd. |
11,100 | 203,411 | ||||||
Oriental Land Co. Ltd./Japan |
33,300 | 1,277,173 | ||||||
ORIX Corp. |
44,400 | 854,101 | ||||||
Pan Pacific International Holdings Corp. |
11,100 | 219,465 | ||||||
Recruit Holdings Co. Ltd. |
22,200 | 768,911 | ||||||
Renesas Electronics Corp.(a) |
55,500 | 1,070,807 | ||||||
Resona Holdings Inc. |
88,800 | 483,434 | ||||||
SBI Holdings Inc. |
33,300 | 703,206 | ||||||
Secom Co. Ltd. |
11,100 | 744,864 | ||||||
Shimano Inc. |
600 | 90,436 | ||||||
Shin-Etsu Chemical Co. Ltd. |
44,400 | 1,462,751 | ||||||
Shionogi & Co. Ltd. |
2,500 | 104,770 |
44 |
2 0 2 3 I 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 Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Shiseido Co. Ltd. |
11,100 | $ | 486,669 | |||||
Shizuoka Financial Group Inc., NVS |
11,100 | 92,708 | ||||||
SMC Corp. |
2,300 | 1,201,895 | ||||||
SoftBank Corp. |
33,300 | 369,780 | ||||||
SoftBank Group Corp. |
22,200 | 1,129,145 | ||||||
Sompo Holdings Inc. |
6,300 | 278,528 | ||||||
Sony Group Corp. |
22,200 | 2,079,390 | ||||||
Sumitomo Mitsui Financial Group Inc. |
22,200 | 1,040,107 | ||||||
Sumitomo Realty & Development Co. Ltd. |
33,300 | 892,420 | ||||||
Sysmex Corp. |
7,700 | 521,406 | ||||||
Takeda Pharmaceutical Co. Ltd. |
33,375 | 1,020,435 | ||||||
Terumo Corp. |
11,100 | 363,515 | ||||||
Tokio Marine Holdings Inc. |
33,300 | 765,733 | ||||||
Tokyo Electron Ltd. |
7,800 | 1,170,678 | ||||||
Toyota Motor Corp. |
11,100 | 186,633 | ||||||
USS Co. Ltd. |
22,200 | 384,950 | ||||||
Yokogawa Electric Corp. |
11,100 | 208,446 | ||||||
Z Holdings Corp. |
55,500 | 154,734 | ||||||
|
|
|||||||
49,397,812 | ||||||||
Kuwait — 0.1% | ||||||||
Agility Public Warehousing Co. KSC(a) |
271,617 | 557,007 | ||||||
Kuwait Finance House KSCP |
80,747 | 207,438 | ||||||
Mobile Telecommunications Co. KSCP |
93,351 | 158,320 | ||||||
National Bank of Kuwait SAKP |
116,784 | 365,719 | ||||||
|
|
|||||||
1,288,484 | ||||||||
Malaysia — 0.1% | ||||||||
Dialog Group Bhd |
943,500 | 481,620 | ||||||
|
|
|||||||
Mexico — 0.2% | ||||||||
America Movil SAB de CV |
288,601 | 302,475 | ||||||
Fibra Uno Administracion SA de CV |
210,900 | 316,886 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
11,100 | 211,493 | ||||||
Grupo Carso SAB de CV, Series A1 |
32,100 | 255,247 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
22,201 | 210,422 | ||||||
Grupo Mexico SAB de CV, Series B |
122,100 | 634,672 | ||||||
Wal-Mart de Mexico SAB de CV |
66,600 | 277,258 | ||||||
|
|
|||||||
2,208,453 | ||||||||
Netherlands — 1.1% | ||||||||
Adyen NV(a)(b) |
333 | 618,053 | ||||||
AerCap Holdings NV(a) |
11,988 | 764,954 | ||||||
ASM International NV |
444 | 210,936 | ||||||
ASML Holding NV |
5,550 | 3,975,292 | ||||||
Davide Campari-Milano NV |
14,541 | 195,560 | ||||||
EXOR NV, NVS(c) |
7,326 | 684,582 | ||||||
Ferrovial SE |
10,767 | 356,807 | ||||||
Heineken NV |
2,886 | 282,486 | ||||||
ING Groep NV |
3,279 | 47,862 | ||||||
Koninklijke Ahold Delhaize NV |
5,550 | 191,301 | ||||||
NN Group NV |
4,440 | 170,207 | ||||||
Prosus NV |
14,652 | 1,159,081 | ||||||
Wolters Kluwer NV |
6,105 | 766,642 | ||||||
|
|
|||||||
9,423,763 | ||||||||
Norway — 0.4% | ||||||||
Adevinta ASA(a) |
24,642 | 182,278 | ||||||
DNB Bank ASA |
55,389 | 1,141,428 | ||||||
Gjensidige Forsikring ASA |
32,745 | 516,927 | ||||||
Mowi ASA |
38,022 | 668,423 | ||||||
Orkla ASA |
555 | 4,379 | ||||||
Salmar ASA |
9,657 | 446,139 |
Security | Shares | Value | ||||||
Norway (continued) | ||||||||
Telenor ASA |
71,151 | $ | 761,667 | |||||
|
|
|||||||
3,721,241 | ||||||||
Peru — 0.1% | ||||||||
Southern Copper Corp. |
9,879 | 863,820 | ||||||
|
|
|||||||
Philippines — 0.1% | ||||||||
International Container Terminal Services Inc. |
61,050 | 241,270 | ||||||
PLDT Inc. |
2,775 | 66,219 | ||||||
SM Investments Corp. |
9,990 | 165,992 | ||||||
SM Prime Holdings Inc. |
259,900 | 158,136 | ||||||
|
|
|||||||
631,617 | ||||||||
Portugal — 0.0% | ||||||||
Jeronimo Martins SGPS SA |
3,774 | 102,750 | ||||||
|
|
|||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. |
585,303 | 451,480 | ||||||
Commercial Bank PSQC (The) |
20,091 | 34,489 | ||||||
Mesaieed Petrochemical Holding Co. |
1,202,574 | 644,429 | ||||||
Ooredoo QPSC |
161,061 | 505,423 | ||||||
Qatar Islamic Bank SAQ |
17,871 | 103,782 | ||||||
Qatar National Bank QPSC |
51,948 | 242,191 | ||||||
|
|
|||||||
1,981,794 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(d) |
184,910 | 20 | ||||||
Magnit PJSC(d) |
4,127 | — | ||||||
Magnit PJSC, GDR(d) |
1 | — | ||||||
Mobile TeleSystems PJSC(d) |
73,304 | 8 | ||||||
Moscow Exchange MICEX-RTS PJSC(d) |
152,460 | 17 | ||||||
Ozon Holdings PLC, GDR(a)(d) |
5,270 | 1 | ||||||
Polymetal International PLC(a)(d) |
12,434 | 1 | ||||||
Polyus PJSC(a)(d) |
1,430 | — | ||||||
Sberbank of Russia PJSC(d) |
292,860 | 32 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) |
4,185 | — | ||||||
United Co. RUSAL International PJSC(a)(d) |
509,950 | 56 | ||||||
VK Co. Ltd.(a)(d) |
22,940 | 3 | ||||||
VTB Bank PJSC(a)(d) |
22,490,000 | 2 | ||||||
Yandex NV(a)(d) |
9,920 | 1 | ||||||
|
|
|||||||
141 | ||||||||
Saudi Arabia — 0.8% | ||||||||
Al Rajhi Bank |
30,553 | 607,319 | ||||||
Alinma Bank |
19,425 | 191,522 | ||||||
Arab National Bank |
32,301 | 229,335 | ||||||
Arabian Internet & Communications Services Co. |
3,552 | 345,295 | ||||||
Bank AlBilad |
6,105 | 71,164 | ||||||
Bank Al-Jazira |
12,432 | 60,890 | ||||||
Banque Saudi Fransi |
16,650 | 189,014 | ||||||
Dallah Healthcare Co. |
4,107 | 193,111 | ||||||
Dar Al Arkan Real Estate Development Co.(a) |
110,223 | 497,378 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
6,993 | 538,719 | ||||||
Elm Co. |
888 | 160,962 | ||||||
Emaar Economic City(a) |
73,371 | 176,073 | ||||||
Etihad Etisalat Co. |
23,310 | 291,065 | ||||||
Jarir Marketing Co. |
19,980 | 82,561 | ||||||
Mouwasat Medical Services Co. |
1,998 | 133,597 | ||||||
Nahdi Medical Co. |
8,658 | 401,197 | ||||||
Riyad Bank |
43,179 | 366,053 | ||||||
Saudi Awwal Bank |
24,975 | 253,343 | ||||||
Saudi Investment Bank (The) |
14,985 | 71,492 | ||||||
Saudi National Bank (The) |
55,775 | 573,133 | ||||||
Saudi Research & Media Group(a) |
3,219 | 160,661 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Saudi Tadawul Group Holding Co. |
2,331 | $ | 125,110 | |||||
Saudi Telecom Co. |
78,144 | 883,625 | ||||||
Yanbu National Petrochemical Co. |
20,646 | 252,250 | ||||||
|
|
|||||||
6,854,869 | ||||||||
Singapore — 0.4% | ||||||||
CapitaLand Ascendas REIT |
61,902 | 130,900 | ||||||
CapitaLand Integrated Commercial Trust |
144,300 | 221,542 | ||||||
Capitaland Investment Ltd/Singapore |
111,000 | 284,102 | ||||||
City Developments Ltd. |
122,100 | 679,399 | ||||||
DBS Group Holdings Ltd. |
8,500 | 219,275 | ||||||
Genting Singapore Ltd. |
754,800 | 533,889 | ||||||
Keppel Corp. Ltd. |
66,600 | 369,845 | ||||||
Oversea-Chinese Banking Corp. Ltd.(c) |
37,200 | 372,288 | ||||||
Sea Ltd., ADR(a) |
2,886 | 191,977 | ||||||
Seatrium Ltd.(a) |
1,271,522 | 134,763 | ||||||
Singapore Telecommunications Ltd. |
244,200 | 489,881 | ||||||
United Overseas Bank Ltd. |
5,100 | 115,686 | ||||||
|
|
|||||||
3,743,547 | ||||||||
South Africa — 0.3% | ||||||||
Absa Group Ltd. |
23,199 | 245,873 | ||||||
Capitec Bank Holdings Ltd. |
1,443 | 144,706 | ||||||
FirstRand Ltd. |
115,662 | 470,498 | ||||||
Growthpoint Properties Ltd. |
239,094 | 169,390 | ||||||
MTN Group Ltd. |
31,524 | 246,869 | ||||||
Naspers Ltd., Class N |
3,996 | 785,161 | ||||||
Nedbank Group Ltd. |
18,266 | 240,023 | ||||||
Old Mutual Ltd. |
112,221 | 81,638 | ||||||
Sanlam Ltd. |
43,197 | 158,863 | ||||||
Standard Bank Group Ltd. |
15,873 | 169,525 | ||||||
|
|
|||||||
2,712,546 | ||||||||
South Korea — 1.5% | ||||||||
Amorepacific Corp. |
1,332 | 117,651 | ||||||
Celltrion Healthcare Co. Ltd. |
2,494 | 128,844 | ||||||
Celltrion Inc. |
1,604 | 184,536 | ||||||
DB Insurance Co. Ltd. |
1,776 | 105,016 | ||||||
Ecopro BM Co. Ltd. |
888 | 292,089 | ||||||
Hana Financial Group Inc. |
13,875 | 427,565 | ||||||
Hotel Shilla Co. Ltd. |
1,443 | 85,246 | ||||||
Industrial Bank of Korea |
76,368 | 622,597 | ||||||
Kakao Corp. |
10,878 | 437,915 | ||||||
Kangwon Land Inc. |
13,875 | 169,824 | ||||||
KB Financial Group Inc. |
11,655 | 466,799 | ||||||
Korea Investment Holdings Co. Ltd. |
14,430 | 552,943 | ||||||
Krafton Inc.(a) |
333 | 44,888 | ||||||
KT&G Corp. |
7,215 | 466,867 | ||||||
L&F Co. Ltd. |
444 | 89,735 | ||||||
LG Energy Solution(a) |
888 | 390,126 | ||||||
LG H&H Co. Ltd. |
222 | 74,486 | ||||||
Meritz Financial Group Inc. |
6,327 | 244,288 | ||||||
Mirae Asset Securities Co. Ltd. |
59,385 | 322,829 | ||||||
NAVER Corp. |
3,330 | 593,297 | ||||||
NCSoft Corp. |
555 | 120,405 | ||||||
NH Investment & Securities Co. Ltd. |
25,641 | 199,126 | ||||||
Samsung Biologics Co. Ltd.(a)(b) |
333 | 199,956 | ||||||
Samsung Electronics Co. Ltd. |
68,598 | 3,755,921 | ||||||
Samsung Life Insurance Co. Ltd. |
2,331 | 127,525 | ||||||
Samsung SDI Co. Ltd. |
777 | 405,597 | ||||||
Samsung SDS Co. Ltd. |
777 | 78,223 | ||||||
Shinhan Financial Group Co. Ltd. |
17,871 | 491,869 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
SK Hynix Inc. |
6,105 | $ | 591,239 | |||||
SK IE Technology Co. Ltd.(a)(b) |
4,662 | 392,836 | ||||||
SK Square Co. Ltd.(a) |
7,215 | 251,196 | ||||||
Woori Financial Group Inc. |
66,822 | 610,698 | ||||||
|
|
|||||||
13,042,132 | ||||||||
Spain — 0.9% | ||||||||
Aena SME SA(b) |
3,663 | 584,952 | ||||||
Amadeus IT Group SA |
13,875 | 995,338 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
110,112 | 872,789 | ||||||
Banco Santander SA |
272,394 | 1,103,817 | ||||||
Cellnex Telecom SA(b) |
3,663 | 149,594 | ||||||
Corp. ACCIONA Energias Renovables SA |
9,879 | 310,949 | ||||||
EDP Renovaveis SA |
63,707 | 1,216,861 | ||||||
Enagas SA |
7,009 | 124,385 | ||||||
Grifols SA(a) |
5,661 | 83,162 | ||||||
Iberdrola SA |
85,127 | 1,062,518 | ||||||
Industria de Diseno Textil SA |
21,645 | 828,523 | ||||||
Redeia Corp. SA |
9,559 | 159,881 | ||||||
Telefonica SA |
124,653 | 531,117 | ||||||
|
|
|||||||
8,023,886 | ||||||||
Sweden — 0.7% | ||||||||
Alfa Laval AB |
4,884 | 182,825 | ||||||
Assa Abloy AB, Class B |
13,542 | 325,589 | ||||||
Atlas Copco AB, Class A |
31,968 | 454,134 | ||||||
Atlas Copco AB, Class B |
77,418 | 956,028 | ||||||
Epiroc AB, Class A |
11,433 | 228,267 | ||||||
Evolution AB(b) |
3,108 | 383,256 | ||||||
Getinge AB, Class B |
2,997 | 55,843 | ||||||
Hexagon AB, Class B |
61,938 | 600,539 | ||||||
Industrivarden AB, Class C |
15,096 | 427,681 | ||||||
Investor AB, Class B |
38,850 | 793,472 | ||||||
Kinnevik AB, Class B(a) |
4,773 | 65,145 | ||||||
Nibe Industrier AB, Class B |
28,638 | 257,964 | ||||||
Nordea Bank Abp |
36,963 | 418,360 | ||||||
Sandvik AB |
13,875 | 281,836 | ||||||
Svenska Cellulosa AB SCA, Class B |
14,319 | 190,263 | ||||||
Svenska Handelsbanken AB, Class A |
8,436 | 74,068 | ||||||
Swedbank AB, Class A |
4,218 | 77,365 | ||||||
Tele2 AB, Class B |
17,205 | 129,460 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
48,063 | 241,780 | ||||||
|
|
|||||||
6,143,875 | ||||||||
Switzerland — 2.3% | ||||||||
ABB Ltd., Registered |
28,083 | 1,126,901 | ||||||
Alcon Inc. |
5,106 | 434,478 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
18 | 220,144 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
7,770 | 1,251,225 | ||||||
DSM-Firmenich AG |
2,825 | 312,162 | ||||||
EMS-Chemie Holding AG, Registered |
666 | 555,877 | ||||||
Geberit AG, Registered |
444 | 251,971 | ||||||
Givaudan SA, Registered |
160 | 540,075 | ||||||
Julius Baer Group Ltd. |
2,664 | 188,685 | ||||||
Logitech International SA, Registered |
1,998 | 141,256 | ||||||
Lonza Group AG, Registered |
666 | 386,970 | ||||||
Nestle SA, Registered |
28,416 | 3,481,504 | ||||||
Novartis AG, Registered |
31,635 | 3,312,094 | ||||||
Roche Holding AG, NVS |
8,769 | 2,718,840 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
1,110 | 269,527 | ||||||
SGS SA |
2,775 | 269,439 |
46 |
2 0 2 3 I 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 Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Sika AG, Registered |
3,219 | $ | 1,001,873 | |||||
Sonova Holding AG, Registered |
555 | 154,703 | ||||||
STMicroelectronics NV |
12,654 | 676,816 | ||||||
Straumann Holding AG |
1,998 | 330,615 | ||||||
Swatch Group AG (The), Bearer |
333 | 106,573 | ||||||
Swiss Life Holding AG, Registered |
333 | 211,739 | ||||||
Swiss Re AG |
4,107 | 428,522 | ||||||
Swisscom AG, Registered |
111 | 71,379 | ||||||
Temenos AG, Registered |
1,665 | 143,195 | ||||||
UBS Group AG, Registered |
55,794 | 1,238,006 | ||||||
VAT Group AG(b) |
888 | 377,442 | ||||||
Zurich Insurance Group AG |
1,776 | 858,693 | ||||||
|
|
|||||||
21,060,704 | ||||||||
Taiwan — 1.4% | ||||||||
Airtac International Group |
10,000 | 297,428 | ||||||
Catcher Technology Co. Ltd. |
111,000 | 613,799 | ||||||
Cathay Financial Holding Co. Ltd. |
555,103 | 809,104 | ||||||
Chailease Holding Co. Ltd. |
36,000 | 238,370 | ||||||
China Development Financial Holding Corp.(a) |
444,542 | 177,739 | ||||||
Chunghwa Telecom Co. Ltd. |
111,000 | 409,474 | ||||||
CTBC Financial Holding Co. Ltd. |
444,400 | 371,771 | ||||||
Delta Electronics Inc. |
35,000 | 408,580 | ||||||
E Ink Holdings Inc. |
18,000 | 129,093 | ||||||
Fubon Financial Holding Co. Ltd. |
234,799 | 490,076 | ||||||
Hotai Motor Co. Ltd. |
1,000 | 24,145 | ||||||
Largan Precision Co. Ltd. |
4,000 | 277,447 | ||||||
MediaTek Inc. |
25,000 | 550,123 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) |
888,675 | 272,768 | ||||||
SinoPac Financial Holdings Co. Ltd. |
84,959 | 50,452 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
354,000 | 6,392,390 | ||||||
United Microelectronics Corp. |
222,000 | 333,599 | ||||||
Yageo Corp. |
12,000 | 175,924 | ||||||
Yuanta Financial Holding Co. Ltd. |
459,498 | 357,318 | ||||||
|
|
|||||||
12,379,600 | ||||||||
Thailand — 0.2% | ||||||||
Airports of Thailand PCL, NVDR(a) |
355,200 | 742,132 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
466,200 | 124,078 | ||||||
Bumrungrad Hospital PCL, NVDR |
35,800 | 226,138 | ||||||
Energy Absolute PCL, NVDR |
154,700 | 280,648 | ||||||
|
|
|||||||
1,372,996 | ||||||||
Turkey — 0.1% | ||||||||
Akbank TAS |
135,919 | 141,047 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS |
146,853 | 406,589 | ||||||
Hektas Ticaret TAS(a) |
29,859 | 33,828 | ||||||
Turkiye Is Bankasi AS, Class C |
280,497 | 157,471 | ||||||
Yapi ve Kredi Bankasi AS |
84,360 | 44,587 | ||||||
|
|
|||||||
783,522 | ||||||||
United Arab Emirates — 0.2% | ||||||||
Emaar Properties PJSC |
428,127 | 787,774 | ||||||
Emirates NBD Bank PJSC |
34,521 | 159,733 | ||||||
Emirates Telecommunications Group Co. PJSC |
63,603 | 387,846 | ||||||
Multiply Group(a) |
527,028 | 463,420 | ||||||
|
|
|||||||
1,798,773 | ||||||||
United Kingdom — 3.4% | ||||||||
3i Group PLC |
58,751 | 1,490,581 | ||||||
Admiral Group PLC |
3,219 | 87,888 | ||||||
Antofagasta PLC |
40,959 | 881,014 | ||||||
Ashtead Group PLC |
16,983 | 1,256,467 | ||||||
AstraZeneca PLC |
21,090 | 3,030,131 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
BAE Systems PLC |
32,079 | $ | 383,634 | |||||
Barclays PLC |
267,066 | 529,942 | ||||||
Berkeley Group Holdings PLC |
3,286 | 183,220 | ||||||
British American Tobacco PLC |
56,277 | 1,892,489 | ||||||
British Land Co. PLC (The) |
35,076 | 152,202 | ||||||
BT Group PLC |
187,479 | 293,777 | ||||||
Bunzl PLC(c) |
6,549 | 242,758 | ||||||
Burberry Group PLC |
7,992 | 228,133 | ||||||
Coca-Cola Europacific Partners PLC |
1,554 | 98,508 | ||||||
Compass Group PLC |
30,969 | 805,740 | ||||||
Croda International PLC |
3,774 | 285,741 | ||||||
Diageo PLC |
41,625 | 1,816,609 | ||||||
Entain PLC |
5,994 | 106,762 | ||||||
Experian PLC |
14,805 | 572,147 | ||||||
GSK PLC |
65,268 | 1,161,845 | ||||||
Haleon PLC |
75,813 | 327,241 | ||||||
Halma PLC |
5,772 | 165,760 | ||||||
HSBC Holdings PLC |
271,284 | 2,253,397 | ||||||
Imperial Brands PLC |
49,728 | 1,174,846 | ||||||
Informa PLC |
34,854 | 339,125 | ||||||
Intertek Group PLC |
2,886 | 161,669 | ||||||
Land Securities Group PLC |
22,644 | 188,054 | ||||||
Legal & General Group PLC |
130,592 | 391,366 | ||||||
Lloyds Banking Group PLC |
1,072,926 | 619,880 | ||||||
London Stock Exchange Group PLC |
4,662 | 506,269 | ||||||
National Grid PLC |
56,721 | 751,826 | ||||||
NatWest Group PLC, NVS |
61,844 | 194,131 | ||||||
Ocado Group PLC(a) |
3,996 | 48,106 | ||||||
Pearson PLC |
15,873 | 175,580 | ||||||
Prudential PLC |
40,380 | 560,730 | ||||||
Reckitt Benckiser Group PLC |
10,989 | 823,208 | ||||||
RELX PLC |
35,409 | 1,191,750 | ||||||
Rentokil Initial PLC |
24,975 | 203,650 | ||||||
Sage Group PLC (The) |
111 | 1,335 | ||||||
Severn Trent PLC |
13,542 | 443,824 | ||||||
Smith & Nephew PLC |
13,209 | 200,948 | ||||||
Smiths Group PLC |
13,209 | 288,084 | ||||||
SSE PLC |
20,757 | 448,831 | ||||||
Standard Chartered PLC |
25,899 | 248,774 | ||||||
Unilever PLC |
37,032 | 1,989,837 | ||||||
United Utilities Group PLC |
46,065 | 590,717 | ||||||
Vodafone Group PLC |
444,999 | 423,310 | ||||||
Whitbread PLC |
4,551 | 204,436 | ||||||
WPP PLC |
28,749 | 313,902 | ||||||
|
|
|||||||
30,730,174 | ||||||||
United States — 61.3% | ||||||||
3M Co. |
5,883 | 655,955 | ||||||
A O Smith Corp. |
3,885 | 282,168 | ||||||
Abbott Laboratories |
24,975 | 2,780,467 | ||||||
AbbVie Inc. |
25,419 | 3,802,178 | ||||||
Accenture PLC, Class A |
8,769 | 2,774,073 | ||||||
Activision Blizzard Inc.(a) |
11,100 | 1,029,636 | ||||||
Adobe Inc.(a) |
6,438 | 3,516,242 | ||||||
Advanced Micro Devices Inc.(a) |
23,643 | 2,704,759 | ||||||
Aflac Inc. |
9,884 | 715,009 | ||||||
Agilent Technologies Inc. |
4,551 | 554,175 | ||||||
Air Products and Chemicals Inc. |
666 | 203,350 | ||||||
Airbnb Inc., Class A(a)(c) |
8,214 | 1,250,089 | ||||||
Akamai Technologies Inc.(a) |
2,775 | 262,238 | ||||||
Albemarle Corp.(c) |
3,330 | 706,892 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Alexandria Real Estate Equities Inc. |
1,998 | $ | 251,109 | |||||
Align Technology Inc.(a) |
1,221 | 461,404 | ||||||
Allegion PLC |
2,906 | 339,595 | ||||||
Allstate Corp. (The) |
3,552 | 400,239 | ||||||
Alnylam Pharmaceuticals Inc.(a) |
1,443 | 281,962 | ||||||
Alphabet Inc., Class A(a) |
84,027 | 11,152,063 | ||||||
Alphabet Inc., Class C, NVS(a) |
72,173 | 9,606,948 | ||||||
Altria Group Inc. |
43,512 | 1,976,315 | ||||||
Amazon.com Inc.(a) |
126,540 | 16,915,867 | ||||||
AMERCO |
3,996 | 228,611 | ||||||
American Express Co. |
8,103 | 1,368,435 | ||||||
American International Group Inc. |
21,645 | 1,304,761 | ||||||
American Tower Corp. |
6,549 | 1,246,340 | ||||||
American Water Works Co. Inc. |
9,657 | 1,423,732 | ||||||
Ameriprise Financial Inc. |
1,666 | 580,518 | ||||||
AMETEK Inc. |
9,879 | 1,566,809 | ||||||
Amgen Inc. |
7,881 | 1,845,336 | ||||||
Amphenol Corp., Class A |
11,166 | 986,069 | ||||||
Analog Devices Inc. |
7,770 | 1,550,348 | ||||||
Annaly Capital Management Inc. |
24,006 | 482,281 | ||||||
Ansys Inc.(a) |
333 | 113,919 | ||||||
Aon PLC, Class A |
2,886 | 919,191 | ||||||
Apollo Global Management Inc. |
5,328 | 435,351 | ||||||
Apple Inc. |
219,669 | 43,153,975 | ||||||
Applied Materials Inc. |
6,771 | 1,026,416 | ||||||
Arch Capital Group Ltd.(a) |
4,112 | 319,461 | ||||||
Arista Networks Inc.(a) |
3,108 | 482,020 | ||||||
Arthur J Gallagher & Co. |
2,109 | 453,013 | ||||||
Aspen Technology Inc.(a) |
444 | 79,254 | ||||||
Assurant Inc. |
786 | 105,725 | ||||||
AT&T Inc. |
114,440 | 1,661,669 | ||||||
Autodesk Inc.(a) |
2,775 | 588,272 | ||||||
Automatic Data Processing Inc. |
9,657 | 2,387,790 | ||||||
AutoZone Inc.(a) |
222 | 550,942 | ||||||
AvalonBay Communities Inc. |
2,220 | 418,803 | ||||||
Avantor Inc.(a) |
9,435 | 194,078 | ||||||
Avery Dennison Corp. |
2,442 | 449,352 | ||||||
Axon Enterprise Inc.(a) |
3,885 | 722,338 | ||||||
Baker Hughes Co., Class A |
71,007 | 2,541,341 | ||||||
Bank of America Corp. |
94,239 | 3,015,648 | ||||||
Bank of New York Mellon Corp. (The) |
10,545 | 478,321 | ||||||
Bath & Body Works Inc. |
4,440 | 164,546 | ||||||
Baxter International Inc. |
6,105 | 276,129 | ||||||
Becton Dickinson and Co. |
3,996 | 1,113,366 | ||||||
Berkshire Hathaway Inc., Class B(a) |
16,428 | 5,781,999 | ||||||
Biogen Inc.(a) |
2,553 | 689,795 | ||||||
BioMarin Pharmaceutical Inc.(a) |
2,553 | 224,485 | ||||||
Bio-Techne Corp. |
2,331 | 194,405 | ||||||
Black Knight Inc.(a) |
2,775 | 195,139 | ||||||
BlackRock Inc.(f) |
1,690 | 1,248,656 | ||||||
Blackstone Inc., NVS |
10,101 | 1,058,484 | ||||||
Block Inc.(a) |
4,444 | 357,875 | ||||||
Booking Holdings Inc.(a) |
666 | 1,978,553 | ||||||
Booz Allen Hamilton Holding Corp., Class A |
3,219 | 389,757 | ||||||
Boston Properties Inc. |
1,887 | 125,731 | ||||||
Boston Scientific Corp.(a) |
21,201 | 1,099,272 | ||||||
Bristol-Myers Squibb Co. |
37,407 | 2,326,341 | ||||||
Broadcom Inc. |
6,216 | 5,586,008 | ||||||
Broadridge Financial Solutions Inc. |
3,175 | 533,146 | ||||||
Brown & Brown Inc. |
1,887 | 132,939 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Brown-Forman Corp., Class B |
6,039 | $ | 426,353 | |||||
Burlington Stores Inc.(a) |
777 | 138,011 | ||||||
Cadence Design Systems Inc.(a) |
3,552 | 831,204 | ||||||
Caesars Entertainment Inc.(a) |
1,110 | 65,512 | ||||||
Capital One Financial Corp. |
4,884 | 571,526 | ||||||
Carlyle Group Inc. (The) |
5,217 | 185,986 | ||||||
Carrier Global Corp. |
10,767 | 641,175 | ||||||
Catalent Inc.(a) |
3,219 | 156,186 | ||||||
Cboe Global Markets Inc. |
1,554 | 217,063 | ||||||
CDW Corp./DE |
1,665 | 311,472 | ||||||
Centene Corp.(a) |
3,663 | 249,414 | ||||||
Charles River Laboratories International Inc.(a) |
555 | 116,295 | ||||||
Charles Schwab Corp. (The) |
18,981 | 1,254,644 | ||||||
Charter Communications Inc., Class A(a) |
1,665 | 674,641 | ||||||
Chewy Inc., Class A(a)(c) |
2,775 | 94,073 | ||||||
Chipotle Mexican Grill Inc., Class A(a) |
444 | 871,252 | ||||||
Chubb Ltd. |
5,883 | 1,202,544 | ||||||
Church & Dwight Co. Inc. |
4,107 | 392,917 | ||||||
Cigna Group (The) |
4,329 | 1,277,488 | ||||||
Cintas Corp. |
1,665 | 835,897 | ||||||
Cisco Systems Inc. |
70,152 | 3,650,710 | ||||||
Citigroup Inc. |
28,749 | 1,370,177 | ||||||
Citizens Financial Group Inc. |
12,765 | 411,799 | ||||||
Clarivate PLC(a) |
9,546 | 90,782 | ||||||
Cloudflare Inc., Class A(a)(c) |
1,887 | 129,769 | ||||||
CME Group Inc. |
4,773 | 949,636 | ||||||
Coca-Cola Co. (The) |
63,048 | 3,904,563 | ||||||
Cognex Corp. |
2,886 | 157,633 | ||||||
Cognizant Technology Solutions Corp., Class A |
8,547 | 564,358 | ||||||
Coinbase Global Inc., Class A(a)(c) |
2,664 | 262,697 | ||||||
Colgate-Palmolive Co. |
13,209 | 1,007,318 | ||||||
Comcast Corp., Class A |
62,382 | 2,823,409 | ||||||
Consolidated Edison Inc. |
2,109 | 200,060 | ||||||
Constellation Brands Inc., Class A |
4,107 | 1,120,390 | ||||||
Cooper Companies Inc. (The) |
555 | 217,149 | ||||||
Copart Inc.(a) |
9,324 | 824,148 | ||||||
Corning Inc. |
7,881 | 267,481 | ||||||
Corteva Inc. |
26,751 | 1,509,559 | ||||||
CoStar Group Inc.(a) |
6,327 | 531,278 | ||||||
Costco Wholesale Corp. |
3,996 | 2,240,437 | ||||||
Crowdstrike Holdings Inc., Class A(a) |
2,220 | 358,885 | ||||||
Crown Castle Inc. |
6,660 | 721,211 | ||||||
CSX Corp. |
34,632 | 1,153,938 | ||||||
CVS Health Corp. |
17,649 | 1,318,204 | ||||||
Danaher Corp. |
10,212 | 2,604,673 | ||||||
Darden Restaurants Inc. |
1,443 | 243,752 | ||||||
Darling Ingredients Inc.(a) |
3,108 | 215,229 | ||||||
Datadog Inc., Class A(a) |
2,442 | 285,030 | ||||||
DaVita Inc.(a) |
3,108 | 316,985 | ||||||
Deere & Co. |
3,885 | 1,668,996 | ||||||
DENTSPLY SIRONA Inc. |
4,662 | 193,566 | ||||||
Dexcom Inc.(a) |
5,328 | 663,656 | ||||||
Digital Realty Trust Inc. |
2,331 | 290,489 | ||||||
Discover Financial Services |
2,220 | 234,321 | ||||||
DocuSign Inc., Class A(a) |
222 | 11,948 | ||||||
Dollar General Corp. |
3,552 | 599,791 | ||||||
Dollar Tree Inc.(a) |
3,219 | 496,788 | ||||||
Domino’s Pizza Inc. |
666 | 264,229 | ||||||
DoorDash Inc., Class A(a) |
3,774 | 342,641 | ||||||
DR Horton Inc. |
967 | 122,828 |
48 |
2 0 2 3 I 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 Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
DuPont de Nemours Inc. |
6,216 | $ | 482,548 | |||||
Eaton Corp. PLC |
7,104 | 1,458,593 | ||||||
eBay Inc. |
13,875 | 617,576 | ||||||
Ecolab Inc. |
8,769 | 1,605,955 | ||||||
Edison International |
17,094 | 1,230,084 | ||||||
Edwards Lifesciences Corp.(a) |
9,435 | 774,330 | ||||||
Electronic Arts Inc. |
3,774 | 514,585 | ||||||
Elevance Health Inc. |
3,330 | 1,570,528 | ||||||
Eli Lilly & Co. |
11,322 | 5,146,415 | ||||||
Emerson Electric Co. |
10,212 | 932,866 | ||||||
Enphase Energy Inc.(a) |
2,553 | 387,622 | ||||||
Entegris Inc. |
1,887 | 207,023 | ||||||
EPAM Systems Inc.(a) |
888 | 210,287 | ||||||
Equifax Inc. |
2,442 | 498,363 | ||||||
Equinix Inc. |
1,221 | 988,912 | ||||||
Equitable Holdings Inc. |
28,305 | 812,070 | ||||||
Equity Residential |
4,995 | 329,370 | ||||||
Essex Property Trust Inc. |
888 | 216,272 | ||||||
Estee Lauder Companies Inc. (The), Class A |
3,996 | 719,280 | ||||||
Etsy Inc.(a) |
2,442 | 248,229 | ||||||
Everest Group Ltd. |
333 | 120,050 | ||||||
Eversource Energy |
16,761 | 1,212,323 | ||||||
Exelon Corp. |
24,864 | 1,040,807 | ||||||
Expeditors International of Washington Inc. |
3,774 | 480,430 | ||||||
Extra Space Storage Inc. |
2,220 | 309,845 | ||||||
F5 Inc.(a) |
888 | 140,517 | ||||||
Fair Isaac Corp.(a) |
333 | 279,044 | ||||||
Fastenal Co. |
10,434 | 611,537 | ||||||
FedEx Corp. |
1,998 | 539,360 | ||||||
Fidelity National Financial Inc. |
8,682 | 340,074 | ||||||
Fidelity National Information Services Inc. |
9,768 | 589,792 | ||||||
Fifth Third Bancorp |
8,436 | 245,488 | ||||||
First Citizens BancShares Inc./NC, Class A |
111 | 158,874 | ||||||
First Solar Inc.(a) |
2,331 | 483,449 | ||||||
Fiserv Inc.(a) |
9,324 | 1,176,782 | ||||||
FleetCor Technologies Inc.(a) |
1,110 | 276,290 | ||||||
FMC Corp. |
5,772 | 555,440 | ||||||
Ford Motor Co. |
8,325 | 109,973 | ||||||
Fortinet Inc.(a) |
8,214 | 638,392 | ||||||
Fortive Corp. |
15,096 | 1,182,772 | ||||||
Fortune Brands Home & Security Inc., NVS |
2,109 | 149,887 | ||||||
Fox Corp., Class A, NVS |
6,105 | 204,212 | ||||||
Franklin Resources Inc. |
8,658 | 253,160 | ||||||
Freeport-McMoRan Inc. |
58,830 | 2,626,760 | ||||||
Garmin Ltd. |
2,664 | 282,091 | ||||||
Gartner Inc.(a) |
1,443 | 510,230 | ||||||
Gen Digital Inc. |
29,193 | 567,804 | ||||||
General Mills Inc. |
9,990 | 746,653 | ||||||
Gilead Sciences Inc. |
20,313 | 1,546,632 | ||||||
Global Payments Inc. |
4,329 | 477,272 | ||||||
GoDaddy Inc., Class A(a) |
2,220 | 171,140 | ||||||
Goldman Sachs Group Inc. (The) |
4,884 | 1,738,069 | ||||||
Graco Inc. |
7,962 | 631,625 | ||||||
Halliburton Co. |
165,143 | 6,453,788 | ||||||
Hartford Financial Services Group Inc. (The) |
4,440 | 319,147 | ||||||
HCA Healthcare Inc. |
3,663 | 999,303 | ||||||
HEICO Corp.(c) |
4,662 | 820,419 | ||||||
HEICO Corp., Class A |
777 | 109,052 | ||||||
Hershey Co. (The) |
2,886 | 667,561 | ||||||
Hess Corp. |
2,775 | 421,051 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Hewlett Packard Enterprise Co. |
29,637 | $ | 515,091 | |||||
Hilton Worldwide Holdings Inc. |
2,997 | 466,004 | ||||||
Hologic Inc.(a) |
3,441 | 273,284 | ||||||
Home Depot Inc. (The) |
14,097 | 4,706,143 | ||||||
Honeywell International Inc. |
9,324 | 1,810,068 | ||||||
Horizon Therapeutics PLC(a) |
2,220 | 222,599 | ||||||
Host Hotels & Resorts Inc. |
20,646 | 379,886 | ||||||
Hubbell Inc., Class B |
2,109 | 658,008 | ||||||
Humana Inc. |
1,776 | 811,330 | ||||||
Huntington Bancshares Inc./OH |
14,541 | 177,982 | ||||||
IDEX Corp. |
2,775 | 626,623 | ||||||
IDEXX Laboratories Inc.(a) |
1,110 | 615,750 | ||||||
Illinois Tool Works Inc. |
5,883 | 1,549,112 | ||||||
Illumina Inc.(a) |
2,220 | 426,573 | ||||||
Incyte Corp.(a) |
2,331 | 148,531 | ||||||
Ingersoll Rand Inc. |
16,225 | 1,059,006 | ||||||
Insulet Corp.(a) |
777 | 215,035 | ||||||
Intel Corp. |
61,827 | 2,211,552 | ||||||
Intercontinental Exchange Inc. |
7,215 | 828,282 | ||||||
International Business Machines Corp. |
15,318 | 2,208,549 | ||||||
International Flavors & Fragrances Inc. |
6,660 | 563,503 | ||||||
Interpublic Group of Companies Inc. (The) |
7,992 | 273,566 | ||||||
Intuit Inc. |
3,774 | 1,931,156 | ||||||
Intuitive Surgical Inc.(a) |
5,217 | 1,692,395 | ||||||
Invitation Homes Inc. |
8,463 | 300,437 | ||||||
IQVIA Holdings Inc.(a) |
2,997 | 670,609 | ||||||
Iron Mountain Inc. |
5,328 | 327,139 | ||||||
Jack Henry & Associates Inc. |
888 | 148,802 | ||||||
Jacobs Solutions Inc., NVS |
2,109 | 264,490 | ||||||
Jazz Pharmaceuticals PLC(a) |
1,332 | 173,719 | ||||||
Johnson & Johnson |
37,185 | 6,229,603 | ||||||
JPMorgan Chase & Co. |
39,429 | 6,228,205 | ||||||
Juniper Networks Inc. |
3,774 | 104,917 | ||||||
Keurig Dr Pepper Inc. |
14,430 | 490,764 | ||||||
KeyCorp |
20,868 | 256,885 | ||||||
Keysight Technologies Inc.(a) |
2,553 | 411,237 | ||||||
Kimberly-Clark Corp. |
2,886 | 372,583 | ||||||
Kimco Realty Corp. |
7,437 | 150,674 | ||||||
Kinder Morgan Inc. |
99,900 | 1,769,229 | ||||||
KKR & Co. Inc. |
7,437 | 441,609 | ||||||
KLA Corp. |
2,553 | 1,312,114 | ||||||
L3Harris Technologies Inc. |
13,431 | 2,545,040 | ||||||
Laboratory Corp. of America Holdings |
1,332 | 284,955 | ||||||
Lam Research Corp. |
1,776 | 1,276,038 | ||||||
Las Vegas Sands Corp.(a) |
9,324 | 557,668 | ||||||
Leidos Holdings Inc. |
2,331 | 218,018 | ||||||
Liberty Broadband Corp., Class C (a) |
2,109 | 187,975 | ||||||
Liberty Global PLC, Class A(a) |
10,212 | 189,637 | ||||||
Liberty Global PLC, Class C, NVS(a) |
14,319 | 282,943 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) |
4,329 | 314,285 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) |
12,321 | 392,177 | ||||||
Linde PLC |
6,216 | 2,428,405 | ||||||
Live Nation Entertainment Inc.(a) |
2,664 | 233,766 | ||||||
Loews Corp. |
12,543 | 785,819 | ||||||
Lowe’s Companies Inc. |
9,213 | 2,158,330 | ||||||
LPL Financial Holdings Inc. |
1,110 | 254,590 | ||||||
Lucid Group Inc.(a) |
39,516 | 300,717 | ||||||
Lululemon Athletica Inc.(a) |
1,887 | 714,286 | ||||||
M&T Bank Corp. |
3,219 | 450,209 |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
MarketAxess Holdings Inc. |
555 | $ | 149,417 | |||||
Marriott International Inc./MD, Class A |
2,220 | 448,018 | ||||||
Marsh & McLennan Companies Inc. |
8,240 | 1,552,581 | ||||||
Marvell Technology Inc. |
12,543 | 816,926 | ||||||
Masco Corp. |
8,547 | 518,632 | ||||||
Mastercard Inc., Class A |
11,877 | 4,682,864 | ||||||
Match Group Inc.(a) |
3,330 | 154,878 | ||||||
McCormick & Co. Inc./MD, NVS |
4,662 | 417,156 | ||||||
McDonald’s Corp. |
11,877 | 3,482,336 | ||||||
Medtronic PLC |
18,870 | 1,656,031 | ||||||
MercadoLibre Inc.(a) |
777 | 961,965 | ||||||
Merck & Co. Inc. |
36,297 | 3,871,075 | ||||||
Meta Platforms Inc., Class A(a) |
31,302 | 9,972,817 | ||||||
MetLife Inc. |
10,323 | 650,039 | ||||||
Mettler-Toledo International Inc.(a) |
333 | 418,738 | ||||||
MGM Resorts International |
5,661 | 287,409 | ||||||
Microchip Technology Inc. |
8,991 | 844,615 | ||||||
Micron Technology Inc. |
15,540 | 1,109,401 | ||||||
Microsoft Corp. |
97,347 | 32,700,804 | ||||||
Mid-America Apartment Communities Inc. |
1,554 | 232,572 | ||||||
Moderna Inc.(a) |
4,662 | 548,531 | ||||||
Mondelez International Inc., Class A |
22,089 | 1,637,458 | ||||||
MongoDB Inc.(a)(c) |
222 | 93,995 | ||||||
Monolithic Power Systems Inc. |
777 | 434,724 | ||||||
Monster Beverage Corp.(a) |
13,764 | 791,292 | ||||||
Moody’s Corp. |
1,998 | 704,795 | ||||||
Morgan Stanley |
18,204 | 1,666,758 | ||||||
Motorola Solutions Inc. |
3,330 | 954,478 | ||||||
NetApp Inc. |
3,552 | 277,092 | ||||||
Netflix Inc.(a) |
6,771 | 2,972,266 | ||||||
Neurocrine Biosciences Inc.(a) |
888 | 90,478 | ||||||
NextEra Energy Inc. |
27,306 | 2,001,530 | ||||||
Nike Inc., Class B |
17,538 | 1,936,020 | ||||||
Nordson Corp. |
666 | 167,572 | ||||||
Norfolk Southern Corp. |
3,441 | 803,783 | ||||||
Northern Trust Corp. |
2,109 | 168,973 | ||||||
Novocure Ltd.(a)(c) |
1,554 | 50,723 | ||||||
Nucor Corp. |
2,553 | 439,346 | ||||||
Nvidia Corp. |
34,965 | 16,338,795 | ||||||
NXP Semiconductors NV |
3,996 | 891,028 | ||||||
Old Dominion Freight Line Inc. |
1,665 | 698,451 | ||||||
Omnicom Group Inc. |
3,108 | 262,999 | ||||||
ON Semiconductor Corp.(a) |
6,216 | 669,774 | ||||||
Oracle Corp. |
26,034 | 3,051,966 | ||||||
O’Reilly Automotive Inc.(a) |
999 | 924,864 | ||||||
Otis Worldwide Corp. |
6,771 | 615,890 | ||||||
Palantir Technologies Inc., Class A(a) |
24,642 | 488,897 | ||||||
Palo Alto Networks Inc.(a)(c) |
4,107 | 1,026,586 | ||||||
Parker-Hannifin Corp. |
1,443 | 591,644 | ||||||
Paychex Inc. |
9,213 | 1,155,955 | ||||||
Paycom Software Inc. |
111 | 40,932 | ||||||
PayPal Holdings Inc.(a) |
15,096 | 1,144,579 | ||||||
Pentair PLC |
4,662 | 324,009 | ||||||
PepsiCo Inc. |
20,091 | 3,766,259 | ||||||
Pfizer Inc. |
81,030 | 2,921,942 | ||||||
PG&E Corp.(a) |
20,757 | 365,531 | ||||||
Philip Morris International Inc. |
29,970 | 2,988,608 | ||||||
Pinterest Inc., Class A(a)(c) |
7,659 | 222,034 | ||||||
PNC Financial Services Group Inc. (The) |
6,438 | 881,298 | ||||||
Pool Corp. |
555 | 213,531 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
PPG Industries Inc. |
5,772 | $ | 830,591 | |||||
Principal Financial Group Inc. |
5,772 | 461,010 | ||||||
Procter & Gamble Co. (The) |
34,521 | 5,395,632 | ||||||
Progressive Corp. (The) |
7,770 | 978,865 | ||||||
Prologis Inc. |
13,908 | 1,735,023 | ||||||
Prudential Financial Inc. |
6,993 | 674,755 | ||||||
PTC Inc.(a) |
1,110 | 161,849 | ||||||
Public Storage |
2,553 | 719,308 | ||||||
Qorvo Inc.(a) |
888 | 97,698 | ||||||
Qualcomm Inc. |
17,538 | 2,317,997 | ||||||
Quanta Services Inc. |
2,109 | 425,217 | ||||||
Quest Diagnostics Inc. |
1,887 | 255,141 | ||||||
Realty Income Corp. |
3,690 | 224,979 | ||||||
Regency Centers Corp. |
2,442 | 160,024 | ||||||
Regeneron Pharmaceuticals Inc.(a) |
1,554 | 1,152,928 | ||||||
Regions Financial Corp. |
20,424 | 416,037 | ||||||
Reliance Steel & Aluminum Co. |
5,106 | 1,495,343 | ||||||
Repligen Corp.(a) |
444 | 76,173 | ||||||
ResMed Inc. |
1,998 | 444,255 | ||||||
Revvity Inc. |
1,776 | 218,359 | ||||||
Rivian Automotive Inc., Class A(a)(c) |
18,870 | 521,567 | ||||||
Robert Half Inc. |
2,442 | 181,074 | ||||||
ROBLOX Corp., Class A(a) |
5,439 | 213,481 | ||||||
Rockwell Automation Inc. |
1,221 | 410,610 | ||||||
Roku Inc.(a) |
1,887 | 181,662 | ||||||
Rollins Inc. |
5,994 | 244,735 | ||||||
Roper Technologies Inc. |
2,383 | 1,174,938 | ||||||
Ross Stores Inc. |
4,329 | 496,277 | ||||||
Royalty Pharma PLC, Class A |
8,214 | 257,755 | ||||||
S&P Global Inc. |
5,114 | 2,017,524 | ||||||
Salesforce Inc.(a) |
12,432 | 2,797,324 | ||||||
SBA Communications Corp., Class A |
1,998 | 437,462 | ||||||
Schlumberger NV |
38,406 | 2,240,606 | ||||||
Seagate Technology Holdings PLC |
1,665 | 105,728 | ||||||
Seagen Inc.(a) |
1,110 | 212,876 | ||||||
Sensata Technologies Holding PLC |
11,988 | 506,493 | ||||||
ServiceNow Inc.(a) |
2,442 | 1,423,686 | ||||||
Sherwin-Williams Co. (The) |
4,440 | 1,227,660 | ||||||
Simon Property Group Inc. |
7,215 | 898,989 | ||||||
Skyworks Solutions Inc. |
2,442 | 279,292 | ||||||
Snap Inc., Class A, NVS(a) |
15,762 | 179,056 | ||||||
Snap-on Inc. |
1,110 | 302,408 | ||||||
Snowflake Inc., Class A(a) |
2,886 | 512,871 | ||||||
SolarEdge Technologies Inc.(a)(c) |
777 | 187,614 | ||||||
Splunk Inc.(a) |
333 | 36,074 | ||||||
SS&C Technologies Holdings Inc. |
12,432 | 724,164 | ||||||
Starbucks Corp. |
18,426 | 1,871,529 | ||||||
State Street Corp. |
4,662 | 337,715 | ||||||
Steel Dynamics Inc. |
4,218 | 449,554 | ||||||
STERIS PLC |
999 | 225,324 | ||||||
Stryker Corp. |
4,551 | 1,289,799 | ||||||
Sun Communities Inc. |
412 | 53,684 | ||||||
Synchrony Financial |
8,658 | 299,047 | ||||||
Synopsys Inc.(a) |
1,887 | 852,547 | ||||||
T Rowe Price Group Inc. |
3,108 | 383,092 | ||||||
Take-Two Interactive Software Inc.(a) |
2,220 | 339,527 | ||||||
Targa Resources Corp. |
57,165 | 4,686,958 | ||||||
Target Corp. |
6,327 | 863,446 | ||||||
TE Connectivity Ltd. |
5,328 | 764,515 | ||||||
Teledyne Technologies Inc.(a) |
333 | 128,049 |
50 |
2 0 2 3 I 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 Low Carbon Target ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Teleflex Inc. |
555 | $ | 139,399 | |||||
Teradyne Inc. |
2,664 | 300,872 | ||||||
Tesla Inc.(a) |
41,292 | 11,042,720 | ||||||
Texas Instruments Inc. |
13,209 | 2,377,620 | ||||||
Texas Pacific Land Corp. |
1,221 | 1,839,192 | ||||||
Thermo Fisher Scientific Inc. |
5,550 | 3,045,063 | ||||||
TJX Companies Inc. (The) |
16,872 | 1,459,934 | ||||||
T-Mobile U.S. Inc.(a) |
8,991 | 1,238,690 | ||||||
Tractor Supply Co. |
555 | 124,314 | ||||||
Trade Desk Inc. (The), Class A(a)(c) |
6,216 | 567,272 | ||||||
Tradeweb Markets Inc., Class A |
2,109 | 172,495 | ||||||
Trane Technologies PLC |
687 | 137,015 | ||||||
TransDigm Group Inc. |
1,332 | 1,198,427 | ||||||
TransUnion |
5,733 | 456,863 | ||||||
Travelers Companies Inc. (The) |
3,337 | 576,000 | ||||||
Trimble Inc.(a) |
4,440 | 238,872 | ||||||
Truist Financial Corp. |
19,536 | 648,986 | ||||||
U.S. Bancorp |
19,203 | 761,975 | ||||||
Uber Technologies Inc.(a) |
23,865 | 1,180,363 | ||||||
UDR Inc. |
1,478 | 60,421 | ||||||
Ulta Beauty Inc.(a) |
777 | 345,610 | ||||||
Union Pacific Corp. |
8,880 | 2,060,338 | ||||||
United Parcel Service Inc., Class B |
9,768 | 1,827,886 | ||||||
United Rentals Inc. |
4,107 | 1,908,441 | ||||||
UnitedHealth Group Inc. |
12,321 | 6,238,985 | ||||||
Vail Resorts Inc. |
888 | 209,115 | ||||||
Veeva Systems Inc., Class A(a)(c) |
3,552 | 725,389 | ||||||
Ventas Inc. |
1,332 | 64,629 | ||||||
VeriSign Inc.(a) |
1,221 | 257,570 | ||||||
Verisk Analytics Inc., Class A |
3,108 | 711,546 | ||||||
Verizon Communications Inc. |
62,937 | 2,144,893 | ||||||
Vertex Pharmaceuticals Inc.(a) |
3,663 | 1,290,621 | ||||||
VF Corp. |
6,105 | 120,940 | ||||||
Viatris Inc. |
67,044 | 705,973 | ||||||
VICI Properties Inc., Class A |
14,541 | 457,751 | ||||||
Visa Inc., Class A |
22,644 | 5,383,158 | ||||||
VMware Inc., Class A(a) |
3,552 | 559,902 | ||||||
Vulcan Materials Co. |
3,996 | 881,118 | ||||||
Walgreens Boots Alliance Inc. |
14,097 | 422,487 | ||||||
Walmart Inc. |
19,869 | 3,176,258 | ||||||
Walt Disney Co. (The)(a) |
24,531 | 2,180,561 | ||||||
Warner Bros. Discovery Inc.(a) |
28,860 | 377,200 | ||||||
Waters Corp.(a) |
888 | 245,274 | ||||||
Webster Financial Corp. |
2,997 | 141,818 | ||||||
Wells Fargo & Co. |
53,058 | 2,449,157 | ||||||
Welltower Inc. |
3,441 | 282,678 | ||||||
West Pharmaceutical Services Inc. |
999 | 367,672 | ||||||
Westinghouse Air Brake Technologies Corp. |
2,109 | 249,790 | ||||||
Williams Companies Inc. (The) |
68,265 | 2,351,729 | ||||||
Willis Towers Watson PLC |
1,796 | 379,549 | ||||||
Wolfspeed Inc.(a)(c) |
2,109 | 138,983 | ||||||
Workday Inc., Class A(a) |
1,665 | 394,821 | ||||||
WW Grainger Inc. |
777 | 573,807 | ||||||
Wynn Resorts Ltd. |
1,998 | 217,742 | ||||||
Xylem Inc./NY |
5,772 | 650,793 | ||||||
Yum! Brands Inc. |
4,662 | 641,818 | ||||||
Zillow Group Inc., Class C (a) |
3,552 | 192,376 | ||||||
Zimmer Biomet Holdings Inc. |
2,997 | 414,036 | ||||||
Zoetis Inc. |
6,771 | 1,273,557 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Zoom Video Communications Inc., Class A(a) |
1,998 | $ | 146,553 | |||||
ZoomInfo Technologies Inc., Class A(a) |
3,774 | 96,501 | ||||||
|
|
|||||||
550,006,623 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.4% |
892,048,641 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 0.1% | ||||||||
Banco Bradesco SA, Preference Shares, NVS |
55,592 | 195,858 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
38,295 | 231,936 | ||||||
|
|
|||||||
427,794 | ||||||||
Chile — 0.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
3,996 | 293,004 | ||||||
|
|
|||||||
Colombia — 0.0% | ||||||||
Bancolombia SA, Preference Shares, NVS |
51,282 | 391,579 | ||||||
|
|
|||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS |
3,319 | 372,893 | ||||||
Sartorius AG, Preference Shares, NVS(c) |
333 | 137,389 | ||||||
|
|
|||||||
510,282 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.2% |
1,622,659 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.6% |
893,671,300 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h) |
7,596,639 | 7,598,918 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g) |
1,170,000 | 1,170,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.0% |
8,768,918 | |||||||
Total
Investments — 100.6% |
902,440,218 | |||||||
Liabilities in Excess of Other Assets — (0.6)% |
|
(5,232,238 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 897,207,980 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI Low Carbon Target ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 9,661,298 | $ | — | $ | (2,062,511 | )(a) | $ | (709 | ) | $ | 840 | $ | 7,598,918 | 7,596,639 | $ | 46,167 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,320,000 | — | (150,000 | )(a) | — | — | 1,170,000 | 1,170,000 | 54,117 | 1 | ||||||||||||||||||||||||||
BlackRock Inc. |
1,410,631 | — | (278,334 | ) | (2,946 | ) | 119,305 | 1,248,656 | 1,690 | 38,967 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (3,655 | ) | $ | 120,145 | $ | 10,017,574 | $ | 139,251 | $ | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
8 | 09/15/23 | $ | 882 | $ | 28,518 | ||||||||||
MSCI Emerging Markets Index |
7 | 09/15/23 | 369 | 18,916 | ||||||||||||
S&P 500 E-Mini Index |
7 | 09/15/23 | 1,615 | 76,100 | ||||||||||||
|
|
|||||||||||||||
$ | 123,534 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 123,534 | $ | — | $ | — | $ | — | $ | 123,534 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 532,547 | $ | — | $ | — | $ | — | $ | 532,547 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (54,907 | ) | $ | — | $ | — | $ | — | $ | (54,907 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 |
2 0 2 3 I 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 Low Carbon Target ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 3,052,803 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 598,818,272 | $ | 293,230,228 | $ | 141 | $ | 892,048,641 | ||||||||
Preferred Stocks |
1,112,377 | 510,282 | — | 1,622,659 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
8,768,918 | — | — | 8,768,918 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 608,699,567 | $ | 293,740,510 | $ | 141 | $ | 902,440,218 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 123,534 | $ | — | $ | — | $ | 123,534 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments July 31, 2023 |
iShares® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
China — 35.2% | ||||||||
360 Security Technology Inc., Class A(a) |
247,200 | $ | 410,865 | |||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A |
82,449 | 310,562 | ||||||
3SBio Inc.(b) |
824,000 | 793,797 | ||||||
AAC Technologies Holdings Inc. |
309,000 | 707,936 | ||||||
AECC Aviation Power Co. Ltd., Class A |
83,491 | 472,910 | ||||||
Agricultural Bank of China Ltd., Class A |
2,575,000 | 1,304,711 | ||||||
Agricultural Bank of China Ltd., Class H |
13,596,000 | 4,945,477 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A |
280,960 | 792,740 | ||||||
Air China Ltd., Class A(a) |
267,919 | 350,958 | ||||||
Air China Ltd., Class H(a) |
828,000 | 679,001 | ||||||
Akeso Inc.(a)(b)(c) |
206,000 | 1,091,043 | ||||||
Alibaba Group Holding Ltd.(a) |
7,766,240 | 99,247,711 | ||||||
Alibaba
Health Information Technology |
2,060,000 | 1,479,116 | ||||||
Aluminum Corp. of China Ltd., Class A |
432,699 | 386,494 | ||||||
Aluminum Corp. of China Ltd., Class H |
2,060,000 | 1,024,393 | ||||||
Angel Yeast Co. Ltd., Class A |
41,298 | 214,359 | ||||||
Anhui Conch Cement Co. Ltd., Class A |
123,680 | 470,644 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
515,000 | 1,554,731 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A |
35 | 1,333 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
41,200 | 770,193 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A |
20,600 | 175,889 | ||||||
ANTA Sports Products Ltd. |
576,800 | 6,835,607 | ||||||
Autohome Inc., ADR |
36,668 | 1,172,276 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A |
309,000 | 177,995 | ||||||
AviChina Industry & Technology Co. Ltd., Class H |
1,236,000 | 619,215 | ||||||
Baidu Inc.(a) |
1,060,920 | 20,741,821 | ||||||
Bank of Beijing Co. Ltd., Class A |
782,800 | 511,626 | ||||||
Bank of Chengdu Co. Ltd., Class A |
103,000 | 204,128 | ||||||
Bank of China Ltd., Class A |
1,071,200 | 586,334 | ||||||
Bank of China Ltd., Class H |
37,286,000 | 13,829,296 | ||||||
Bank of Communications Co. Ltd., Class A |
1,256,686 | 1,024,163 | ||||||
Bank of Communications Co. Ltd., Class H |
3,914,100 | 2,364,627 | ||||||
Bank of Hangzhou Co. Ltd., Class A |
206,060 | 353,989 | ||||||
Bank of Jiangsu Co. Ltd., Class A |
432,600 | 437,563 | ||||||
Bank of Nanjing Co. Ltd., Class A |
353,200 | 423,964 | ||||||
Bank of Ningbo Co. Ltd., Class A |
206,025 | 840,860 | ||||||
Bank of Shanghai Co. Ltd., Class A |
556,241 | 480,336 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
700,495 | 629,873 | ||||||
BBMG Corp., Class A |
584,094 | 197,097 | ||||||
BeiGene Ltd.(a) |
309,030 | 5,118,315 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) |
824,000 | 538,864 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A |
144,200 | 142,937 | ||||||
Beijing Enlight Media Co. Ltd., Class A |
103,000 | 120,894 | ||||||
Beijing Enterprises Holdings Ltd. |
206,000 | 819,311 | ||||||
Beijing Enterprises Water Group Ltd. |
2,060,000 | 502,651 | ||||||
Beijing Kingsoft Office Software Inc., Class A |
14,800 | 842,173 | ||||||
Beijing New Building Materials PLC, Class A |
62,426 | 247,635 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A(a) |
114,096 | 222,302 | ||||||
Beijing Tongrentang Co. Ltd., Class A |
41,200 | 294,333 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
29,333 | 284,775 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A |
768,200 | 588,579 | ||||||
Bethel Automotive Safety Systems Co. Ltd. |
20,600 | 261,219 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Betta Pharmaceuticals Co. Ltd., Class A |
20,600 | $ | 157,056 | |||||
BGI Genomics Co. Ltd., Class A |
20,690 | 173,979 | ||||||
Bilibili Inc.(a) |
92,408 | 1,757,585 | ||||||
BOC Aviation Ltd.(b) |
103,200 | 865,039 | ||||||
BOE Technology Group Co. Ltd., Class A |
1,194,800 | 707,878 | ||||||
Bosideng International Holdings Ltd. |
1,784,000 | 817,864 | ||||||
BYD Co. Ltd., Class A |
61,850 | 2,360,836 | ||||||
BYD Co. Ltd., Class H |
464,500 | 16,544,570 | ||||||
BYD Electronic International Co. Ltd. |
412,000 | 1,590,553 | ||||||
By-health Co. Ltd., Class A |
61,800 | 183,025 | ||||||
C&D International Investment Group Ltd. |
206,000 | 562,760 | ||||||
Caitong Securities Co. Ltd., Class A |
217,208 | 253,830 | ||||||
Cambricon Technologies Corp. Ltd.(a) |
11,908 | 273,960 | ||||||
CGN Power Co. Ltd., Class H(b) |
5,364,000 | 1,316,544 | ||||||
Changchun High & New Technology Industry Group Inc., Class A |
20,600 | 433,635 | ||||||
Changjiang Securities Co. Ltd., Class A |
330,400 | 308,647 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A |
82,497 | 375,443 | ||||||
Chengxin Lithium Group Co. Ltd., Class A |
41,200 | 158,891 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
4,326,000 | 456,557 | ||||||
China CITIC Bank Corp. Ltd., Class H |
4,326,200 | 2,092,126 | ||||||
China Coal Energy Co. Ltd., Class H |
1,030,000 | 746,490 | ||||||
China Communications Services Corp. Ltd., Class H |
1,236,000 | 587,985 | ||||||
China Conch Venture Holdings Ltd. |
756,000 | 946,783 | ||||||
China Construction Bank Corp., Class A |
350,200 | 302,121 | ||||||
China Construction Bank Corp., Class H |
45,114,390 | 26,295,305 | ||||||
China CSSC Holdings Ltd., Class A |
164,800 | 770,537 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) |
350,295 | 239,984 | ||||||
China Energy Engineering Corp. Ltd. |
947,600 | 325,102 | ||||||
China Everbright Bank Co. Ltd., Class A |
1,297,800 | 566,992 | ||||||
China Everbright Bank Co. Ltd., Class H |
1,442,000 | 429,586 | ||||||
China Everbright Environment Group Ltd. |
1,854,370 | 739,967 | ||||||
China Evergrande Group(a)(c)(d) |
2,502,000 | 235,183 | ||||||
China Feihe Ltd.(b) |
1,650,000 | 1,011,151 | ||||||
China Galaxy Securities Co. Ltd., Class A |
123,651 | 235,551 | ||||||
China Galaxy Securities Co. Ltd., Class H |
1,751,000 | 1,024,449 | ||||||
China Gas Holdings Ltd. |
1,318,400 | 1,476,865 | ||||||
China Greatwall Technology Group Co. Ltd., Class A |
103,000 | 176,676 | ||||||
China Hongqiao Group Ltd. |
1,133,000 | 1,093,208 | ||||||
China International Capital Corp. Ltd., Class A |
44,000 | 246,277 | ||||||
China International Capital Corp. Ltd., Class H(b) |
741,600 | 1,641,262 | ||||||
China Jinmao Holdings Group Ltd. |
2,884,000 | 473,948 | ||||||
China Jushi Co. Ltd., Class A |
123,671 | 257,185 | ||||||
China Lesso Group Holdings Ltd. |
618,000 | 422,251 | ||||||
China Life Insurance Co. Ltd., Class A |
82,490 | 424,223 | ||||||
China Life Insurance Co. Ltd., Class H |
3,504,000 | 6,151,658 | ||||||
China Literature Ltd.(a)(b) |
206,000 | 938,504 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
1,648,000 | 1,595,522 | ||||||
China Medical System Holdings Ltd. |
618,000 | 1,040,683 | ||||||
China Meidong Auto Holdings Ltd. |
412,000 | 451,976 | ||||||
China Mengniu Dairy Co. Ltd. |
1,442,000 | 5,476,988 | ||||||
China Merchants Bank Co. Ltd., Class A |
597,404 | 2,981,300 | ||||||
China Merchants Bank Co. Ltd., Class H |
1,751,446 | 8,709,468 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A |
288,400 | 257,932 | ||||||
China Merchants Port Holdings Co. Ltd. |
412,180 | 567,056 | ||||||
China Merchants Securities Co. Ltd., Class A |
247,265 | 518,417 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
227,460 | 454,253 |
54 |
2 0 2 3 I 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 All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Minsheng Banking Corp. Ltd., Class A |
1,277,298 | $ | 718,474 | |||||
China Minsheng Banking Corp. Ltd., Class H |
2,575,020 | 981,507 | ||||||
China National Building Material Co. Ltd., Class H |
1,648,000 | 1,041,625 | ||||||
China National Chemical Engineering Co. Ltd., Class A |
226,656 | 275,375 | ||||||
China National Nuclear Power Co. Ltd., Class A |
638,600 | 653,621 | ||||||
China National Software & Service Co. Ltd., Class A |
27,050 | 197,065 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
123,600 | 427,650 | ||||||
China Oilfield Services Ltd., Class H |
900,000 | 1,062,484 | ||||||
China Overseas Land & Investment Ltd. |
1,751,260 | 4,154,284 | ||||||
China Overseas Property Holdings Ltd. |
925,000 | 1,086,750 | ||||||
China Pacific Insurance Group Co. Ltd., Class A |
226,698 | 951,442 | ||||||
China Pacific Insurance Group Co. Ltd., Class H |
1,194,800 | 3,221,085 | ||||||
China Petroleum & Chemical Corp., Class A |
1,071,292 | 930,746 | ||||||
China Petroleum & Chemical Corp., Class H |
11,536,000 | 6,460,576 | ||||||
China Power International Development Ltd. |
2,267,000 | 851,947 | ||||||
China Railway Group Ltd., Class A |
721,000 | 812,084 | ||||||
China Railway Group Ltd., Class H |
1,854,000 | 1,218,932 | ||||||
China Resources Beer Holdings Co. Ltd. |
824,000 | 5,308,925 | ||||||
China Resources Cement Holdings Ltd. |
1,236,000 | 538,529 | ||||||
China Resources Gas Group Ltd. |
453,200 | 1,569,990 | ||||||
China Resources Land Ltd. |
1,541,555 | 7,193,245 | ||||||
China Resources Microelectronics Ltd. |
28,396 | 228,236 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) |
329,600 | 1,595,172 | ||||||
China Resources Pharmaceutical Group Ltd.(b) |
824,000 | 641,336 | ||||||
China Resources Power Holdings Co. Ltd. |
824,000 | 1,787,619 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A |
41,273 | 289,354 | ||||||
China Ruyi Holdings Ltd.(a)(c) |
2,472,000 | 752,593 | ||||||
China Shenhua Energy Co. Ltd., Class A |
206,018 | 819,439 | ||||||
China Shenhua Energy Co. Ltd., Class H |
1,545,000 | 4,630,969 | ||||||
China Southern Airlines Co. Ltd., Class A(a) |
391,400 | 383,562 | ||||||
China Southern Airlines Co. Ltd., Class H(a)(c) |
824,000 | 516,465 | ||||||
China State Construction Engineering Corp. Ltd., Class A |
1,256,600 | 1,076,259 | ||||||
China State Construction International Holdings Ltd. |
824,000 | 1,010,279 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
700,590 | 781,471 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
885,800 | 668,547 | ||||||
China Tourism Group Duty Free Corp. Ltd.(b) |
20,600 | 330,922 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
62,898 | 1,111,679 | ||||||
China Tower Corp. Ltd., Class H(b) |
20,600,000 | 2,328,593 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. |
1,246,000 | 576,042 | ||||||
China United Network Communications Ltd., Class A |
1,053,400 | 762,165 | ||||||
China Vanke Co. Ltd., Class A |
329,607 | 704,449 | ||||||
China Vanke Co. Ltd., Class H |
947,684 | 1,343,200 | ||||||
China Yangtze Power Co. Ltd., Class A |
762,248 | 2,291,091 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A |
20,600 | 257,729 | ||||||
China Zheshang Bank Co. Ltd., Class A |
1,125,300 | 438,103 | ||||||
Chinasoft International Ltd. |
1,236,000 | 774,221 | ||||||
Chongqing Brewery Co. Ltd., Class A |
22,296 | 283,779 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A |
267,978 | 602,708 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A |
54,100 | 142,986 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
61,800 | 404,133 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CITIC Ltd. |
2,678,000 | $ | 3,022,992 | |||||
CITIC Securities Co. Ltd., Class A |
329,602 | 1,113,889 | ||||||
CITIC Securities Co. Ltd., Class H |
927,025 | 1,996,749 | ||||||
CMOC Group Ltd., Class A |
803,400 | 695,543 | ||||||
CMOC Group Ltd., Class H |
1,236,000 | 827,118 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A |
123,698 | 4,123,719 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A |
103,000 | 211,545 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H |
412,000 | 455,294 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A |
391,612 | 555,273 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
1,442,399 | 1,526,653 | ||||||
COSCO SHIPPING Ports Ltd. |
824,000 | 520,616 | ||||||
Country Garden Holdings Co. Ltd.(a)(c) |
5,947,838 | 1,221,929 | ||||||
Country Garden Services Holdings Co. Ltd. |
1,048,000 | 1,199,906 | ||||||
CRRC Corp. Ltd., Class A |
738,500 | 693,962 | ||||||
CRRC Corp. Ltd., Class H |
2,532,000 | 1,397,432 | ||||||
CSC Financial Co. Ltd., Class A |
144,299 | 538,040 | ||||||
CSPC Pharmaceutical Group Ltd. |
4,121,440 | 3,442,536 | ||||||
Dajin Heavy Industry Co. Ltd. |
20,600 | 87,421 | ||||||
Dali Foods Group Co. Ltd.(b) |
927,000 | 432,781 | ||||||
Daqin Railway Co. Ltd., Class A |
473,800 | 474,698 | ||||||
Daqo New Energy Corp., ADR(a)(c) |
28,840 | 1,126,779 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
31,380 | 122,250 | ||||||
DHC Software Co. Ltd., Class A |
144,200 | 137,243 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A |
41,200 | 282,258 | ||||||
Dongfang Electric Corp. Ltd., Class A |
123,888 | 333,918 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
1,236,000 | 578,483 | ||||||
Dongxing Securities Co. Ltd., Class A |
165,698 | 211,394 | ||||||
Dongyue Group Ltd. |
824,000 | 812,928 | ||||||
East Money Information Co. Ltd., Class A |
494,414 | 1,115,535 | ||||||
Ecovacs Robotics Co. Ltd., Class A |
20,600 | 228,234 | ||||||
ENN Energy Holdings Ltd. |
370,800 | 4,506,997 | ||||||
Eve Energy Co. Ltd., Class A |
61,816 | 513,289 | ||||||
Everbright Securities Co. Ltd., Class A |
124,693 | 320,592 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) |
167,175 | 145,150 | ||||||
Far East Horizon Ltd. |
618,000 | 464,834 | ||||||
First Capital Securities Co. Ltd., Class A |
185,400 | 163,583 | ||||||
Flat Glass Group Co. Ltd., Class A |
61,800 | 303,611 | ||||||
Flat Glass Group Co. Ltd., Class H |
206,000 | 616,614 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
474,940 | 495,748 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
139,492 | 905,860 | ||||||
Fosun International Ltd. |
1,236,000 | 900,957 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
288,400 | 903,124 | ||||||
Fujian Sunner Development Co. Ltd., Class A |
41,200 | 123,328 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
82,499 | 437,917 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) |
247,200 | 1,101,577 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(c) |
175,120 | 1,128,195 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
61,857 | 518,816 | ||||||
GCL-Poly Energy Holdings Ltd. |
9,888,000 | 2,154,237 | ||||||
GD Power Development Co. Ltd., Class A |
576,800 | 297,894 | ||||||
GDS Holdings Ltd., Class A(a) |
413,240 | 680,405 | ||||||
Geely Automobile Holdings Ltd. |
2,886,000 | 4,211,347 | ||||||
Gemdale Corp., Class A |
144,246 | 174,659 | ||||||
Genscript Biotech Corp.(a) |
412,000 | 1,061,134 | ||||||
GF Securities Co. Ltd., Class A |
164,800 | 378,388 | ||||||
GF Securities Co. Ltd., Class H |
494,400 | 791,054 | ||||||
GigaDevice Semiconductor Inc., Class A |
20,735 | 333,441 |
S C H E D U L E O F I N V E S T M E N T S |
55 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Ginlong Technologies Co. Ltd., Class A |
20,600 | $ | 272,925 | |||||
GoerTek Inc., Class A |
103,297 | 258,976 | ||||||
Goldwind Science & Technology Co. Ltd., Class A |
123,613 | 193,863 | ||||||
Gotion High-tech Co. Ltd., Class A(a) |
61,800 | 238,453 | ||||||
Great Wall Motor Co. Ltd., Class A |
62,000 | 257,121 | ||||||
Great Wall Motor Co. Ltd., Class H |
1,133,000 | 1,550,289 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A |
82,400 | 447,428 | ||||||
Greentown China Holdings Ltd. |
412,000 | 473,622 | ||||||
Greentown Service Group Co. Ltd.(c) |
412,000 | 216,325 | ||||||
GRG Banking Equipment Co. Ltd., Class A |
123,660 | 199,400 | ||||||
Guangdong Haid Group Co. Ltd., Class A |
61,899 | 436,339 | ||||||
Guangdong Investment Ltd. |
1,648,000 | 1,426,701 | ||||||
Guangdong Kinlong Hardware Products Co. Ltd., Class A |
18,700 | 169,281 | ||||||
Guanghui Energy Co. Ltd., Class A |
268,900 | 268,158 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A |
144,200 | 236,561 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H |
1,648,397 | 1,037,604 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
61,800 | 275,760 | ||||||
Guangzhou Great Power Energy & Technology Co. Ltd.(a) |
20,600 | 135,454 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A |
144,211 | 201,234 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
22,298 | 224,993 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A |
21,658 | 187,242 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A |
61,800 | 318,910 | ||||||
Guosen Securities Co. Ltd., Class A |
267,800 | 363,499 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
309,000 | 674,598 | ||||||
Guoyuan Securities Co. Ltd., Class A |
206,030 | 213,048 | ||||||
H World Group Ltd., ADR(a) |
93,319 | 4,483,045 | ||||||
Haidilao International Holding Ltd.(b) |
824,000 | 2,327,358 | ||||||
Haier Smart Home Co. Ltd., Class A |
226,600 | 784,742 | ||||||
Haier Smart Home Co. Ltd., Class H |
1,071,600 | 3,523,945 | ||||||
Hainan Airlines Holding Co. Ltd. |
922,200 | 215,691 | ||||||
Haitian International Holdings Ltd. |
206,000 | 515,966 | ||||||
Haitong Securities Co. Ltd., Class A |
535,600 | 776,865 | ||||||
Haitong Securities Co. Ltd., Class H |
910,800 | 637,224 | ||||||
Hangzhou Chang Chuan Technology Co. Ltd. |
20,600 | 121,409 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A |
59,623 | 292,204 | ||||||
Hangzhou Lion Electronics Co. Ltd. |
20,600 | 110,877 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A |
41,383 | 169,158 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A |
61,800 | 265,318 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A |
21,690 | 209,025 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)(c) |
41,400 | 269,150 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) |
412,000 | 669,021 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
103,098 | 364,454 | ||||||
Hengan International Group Co. Ltd. |
309,000 | 1,271,010 | ||||||
Hengli Petrochemical Co. Ltd., Class A(a) |
247,299 | 539,095 | ||||||
Hengyi Petrochemical Co. Ltd., Class A(a) |
185,400 | 189,562 | ||||||
Hesteel Co. Ltd., Class A |
391,400 | 132,069 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A |
20,688 | 548,074 | ||||||
Hongfa Technology Co. Ltd., Class A |
30,840 | 149,927 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A |
20,600 | 207,935 | ||||||
Hoyuan Green Energy Co. Ltd., Class A |
28,984 | 205,968 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Hua Hong Semiconductor Ltd.(a)(b) |
206,000 | $ | 701,443 | |||||
Huadian Power International Corp. Ltd., Class A |
329,600 | 261,784 | ||||||
Huadong Medicine Co. Ltd., Class A |
61,887 | 376,459 | ||||||
Hualan Biological Engineering Inc., Class A |
103,080 | 332,421 | ||||||
Huaneng Power International Inc., Class A(a) |
412,000 | 495,719 | ||||||
Huaneng Power International Inc., Class H(a) |
1,652,000 | 917,696 | ||||||
Huatai Securities Co. Ltd., Class A |
267,800 | 636,661 | ||||||
Huatai Securities Co. Ltd., Class H(b) |
576,800 | 823,022 | ||||||
Huaxi Securities Co. Ltd., Class A |
164,800 | 212,951 | ||||||
Huaxia Bank Co. Ltd., Class A |
576,899 | 468,410 | ||||||
Huaxin Cement Co. Ltd., Class A |
61,800 | 120,576 | ||||||
Huayu Automotive Systems Co. Ltd., Class A |
103,200 | 285,336 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A |
20,600 | 449,130 | ||||||
Hundsun Technologies Inc., Class A |
55,735 | 321,258 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(b)(c) |
171,200 | 1,112,978 | ||||||
Iflytek Co. Ltd., Class A |
61,800 | 544,017 | ||||||
Imeik Technology Development Co. Ltd., Class A |
8,200 | 546,851 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
1,874,600 | 1,251,756 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
26,368,350 | 12,876,389 | ||||||
Industrial Bank Co. Ltd., Class A |
638,625 | 1,490,733 | ||||||
Industrial Securities Co. Ltd., Class A |
380,386 | 371,770 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) |
1,483,296 | 392,678 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
638,600 | 399,716 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
206,091 | 827,744 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B(a) |
577,125 | 849,392 | ||||||
Innovent Biologics Inc.(a)(b) |
515,000 | 2,302,791 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A |
46,248 | 295,763 | ||||||
iQIYI Inc., ADR(a) |
201,880 | 1,279,919 | ||||||
JA Solar Technology Co. Ltd., Class A |
103,032 | 479,877 | ||||||
Jafron Biomedical Co. Ltd., Class A |
20,920 | 69,393 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A(a) |
28,280 | 179,504 | ||||||
JD Health International Inc.(a)(b) |
535,600 | 3,915,393 | ||||||
JD Logistics Inc.(a)(b)(c) |
824,000 | 1,402,376 | ||||||
JD.com Inc., Class A |
1,102,132 | 22,818,073 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A |
206,000 | 362,350 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
824,000 | 755,630 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
41,265 | 414,455 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
185,410 | 1,158,298 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A |
41,200 | 352,981 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
41,200 | 846,026 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A |
41,200 | 194,833 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A |
103,200 | 227,474 | ||||||
Jiangxi Copper Co. Ltd., Class A |
82,400 | 230,990 | ||||||
Jiangxi Copper Co. Ltd., Class H |
618,000 | 1,038,214 | ||||||
Jinko Solar Co. Ltd. |
178,748 | 311,816 | ||||||
Jiumaojiu International Holdings Ltd.(b) |
412,000 | 813,100 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
103,000 | 181,353 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A |
123,640 | 171,424 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A(a) |
41,286 | 202,768 | ||||||
JOYY Inc., ADR |
21,836 | 759,019 |
56 |
2 0 2 3 I 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 All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Juewei Food Co. Ltd., Class A |
20,600 | $ | 110,723 | |||||
Kanzhun Ltd., ADR(a) |
88,168 | 1,646,978 | ||||||
KE Holdings Inc., ADR(a) |
310,236 | 5,404,311 | ||||||
Kingboard Holdings Ltd. |
309,000 | 859,840 | ||||||
Kingboard Laminates Holdings Ltd. |
412,000 | 422,721 | ||||||
Kingdee International Software Group Co. Ltd.(a) |
1,236,000 | 2,168,022 | ||||||
Kingsoft Corp. Ltd. |
453,600 | 1,952,367 | ||||||
Koolearn Technology Holding Ltd.(a)(b)(c) |
206,000 | 1,007,347 | ||||||
Kuaishou Technology(a)(b) |
1,091,800 | 9,582,340 | ||||||
Kunlun Energy Co. Ltd. |
2,060,000 | 1,685,686 | ||||||
Kunlun Tech Co. Ltd., Class A(a) |
44,000 | 228,369 | ||||||
Kweichow Moutai Co. Ltd., Class A |
37,572 | 9,916,161 | ||||||
LB Group Co. Ltd., Class A |
82,400 | 219,373 | ||||||
Legend Biotech Corp., ADR(a)(c) |
27,192 | 2,053,540 | ||||||
Lenovo Group Ltd. |
3,296,000 | 3,794,317 | ||||||
Lens Technology Co. Ltd., Class A |
164,886 | 285,488 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A |
61,800 | 180,116 | ||||||
Li Auto Inc.(a) |
515,036 | 11,056,288 | ||||||
Li Ning Co. Ltd. |
1,133,000 | 6,907,253 | ||||||
Lingyi iTech Guangdong Co., Class A |
309,000 | 265,999 | ||||||
Livzon Pharmaceutical Group Inc., Class A |
41,201 | 212,266 | ||||||
Longfor Group Holdings Ltd.(b) |
927,000 | 2,507,932 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
226,628 | 949,560 | ||||||
Lufax Holding Ltd., ADR |
327,540 | 583,021 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
206,230 | 934,283 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
41,200 | 1,392,647 | ||||||
Mango Excellent Media Co. Ltd., Class A |
62,550 | 301,103 | ||||||
Maxscend Microelectronics Co. Ltd., Class A |
20,664 | 348,567 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) |
144,287 | 146,085 | ||||||
Meituan, Class B(a)(b) |
2,369,050 | 45,225,438 | ||||||
Metallurgical Corp. of China Ltd., Class A |
721,008 | 423,144 | ||||||
Microport Scientific Corp.(a) |
391,400 | 789,899 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
61,800 | 156,171 | ||||||
MINISO Group Holding Ltd. |
45,320 | 952,173 | ||||||
Minth Group Ltd. |
412,000 | 1,318,828 | ||||||
Montage Technology Co. Ltd., Class A |
41,200 | 334,036 | ||||||
Muyuan Foods Co. Ltd., Class A |
165,036 | 1,026,440 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A |
55,001 | 104,569 | ||||||
NARI Technology Co. Ltd., Class A |
247,267 | 842,056 | ||||||
NAURA Technology Group Co. Ltd., Class A |
20,600 | 819,363 | ||||||
NavInfo Co. Ltd., Class A(a) |
82,400 | 129,393 | ||||||
NetEase Inc. |
927,070 | 20,191,884 | ||||||
New China Life Insurance Co. Ltd., Class A |
82,499 | 525,841 | ||||||
New China Life Insurance Co. Ltd., Class H |
370,800 | 1,075,331 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) |
144,272 | 252,537 | ||||||
New Oriental Education & Technology Group Inc.(a) |
721,080 | 4,107,646 | ||||||
Nine Dragons Paper Holdings Ltd. |
824,000 | 543,013 | ||||||
Ninestar Corp., Class A |
62,300 | 292,208 | ||||||
Ningbo Deye Technology Co. Ltd., NVS |
22,000 | 386,001 | ||||||
Ningbo Joyson Electronic Corp., Class A |
41,200 | 109,879 | ||||||
Ningbo Orient Wires & Cables Co. Ltd. |
20,600 | 134,104 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A |
43,800 | 450,906 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A |
267,800 | 531,525 | ||||||
NIO Inc., ADR(a)(c) |
647,046 | 9,899,804 | ||||||
Nongfu Spring Co. Ltd., Class H(b)(c) |
824,000 | 4,804,277 | ||||||
Offshore Oil Engineering Co. Ltd., Class A |
145,000 | 127,211 | ||||||
Oppein Home Group Inc., Class A |
20,600 | 310,334 | ||||||
Orient Overseas International Ltd. |
80,500 | 1,345,172 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Orient Securities Co. Ltd., Class A |
278,813 | $ | 422,514 | |||||
Ovctek China Inc., Class A |
41,280 | 196,777 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) |
370,800 | 213,399 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
4,326,000 | 1,665,461 | ||||||
Perfect World Co. Ltd., Class A |
82,489 | 173,427 | ||||||
PetroChina Co. Ltd., Class A |
638,600 | 709,190 | ||||||
PetroChina Co. Ltd., Class H |
9,888,000 | 7,250,242 | ||||||
Pharmaron Beijing Co. Ltd., Class A |
50,250 | 199,178 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) |
144,300 | 377,888 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
3,297,814 | 3,868,083 | ||||||
Pinduoduo Inc., ADR(a) |
237,724 | 21,352,370 | ||||||
Ping An Bank Co. Ltd., Class A |
597,638 | 1,032,088 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c) |
267,800 | 709,908 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A |
329,699 | 2,435,850 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
2,987,000 | 21,765,483 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A |
370,895 | 740,008 | ||||||
Pop Mart International Group Ltd.(b)(c) |
247,200 | 702,462 | ||||||
Porton Pharma Solutions Ltd. |
20,600 | 87,187 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
824,000 | 599,303 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) |
3,708,000 | 2,285,972 | ||||||
Power Construction Corp. of China Ltd., Class A |
473,800 | 398,169 | ||||||
Qifu Technology Inc. |
56,856 | 1,134,846 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(a) |
164,800 | 461,621 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
329,668 | 586,896 | ||||||
SAIC Motor Corp. Ltd., Class A |
267,898 | 581,514 | ||||||
Sanan Optoelectronics Co. Ltd., Class A |
132,000 | 313,717 | ||||||
Sangfor Technologies Inc., Class A(a) |
20,600 | 325,994 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. |
618,000 | 978,146 | ||||||
Sany Heavy Industry Co. Ltd., Class A |
267,899 | 666,422 | ||||||
Satellite Chemical Co. Ltd., Class A |
129,991 | 293,254 | ||||||
SDIC Power Holdings Co. Ltd., Class A |
176,000 | 313,432 | ||||||
Seazen Holdings Co. Ltd., Class A(a) |
61,824 | 142,742 | ||||||
SF Holding Co. Ltd., Class A |
144,295 | 1,005,822 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
329,699 | 750,216 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd. |
154,950 | 176,487 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A |
82,400 | 235,252 | ||||||
Shandong Gold Mining Co. Ltd., Class A |
164,880 | 563,449 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b) |
360,500 | 719,987 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
82,420 | 390,312 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A |
41,400 | 139,651 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
782,800 | 355,399 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A |
103,000 | 173,327 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
1,236,800 | 1,597,268 | ||||||
Shanghai Aiko Solar Energy Co. Ltd. |
61,820 | 223,399 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A(a) |
41,268 | 213,808 | ||||||
Shanghai Baosight Software Co. Ltd., Class A |
67,456 | 453,857 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
297,004 | 766,870 | ||||||
Shanghai Construction Group Co. Ltd., Class A |
391,400 | 162,756 | ||||||
Shanghai Electric Group Co. Ltd., Class A(a) |
515,000 | 343,957 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A(a) |
82,400 | 365,906 |
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
206,000 | $ | 543,635 | |||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(c) |
206,000 | 549,176 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) |
41,200 | 273,838 | ||||||
Shanghai International Port Group Co. Ltd., Class A |
370,800 | 281,399 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A(a) |
26,564 | 151,528 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
576,875 | 387,573 | ||||||
Shanghai M&G Stationery Inc., Class A |
41,200 | 258,133 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
103,000 | 289,978 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
309,000 | 560,848 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
906,495 | 965,322 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A |
63,260 | 348,983 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A |
123,600 | 131,518 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
185,400 | 235,670 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A |
82,400 | 188,643 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) |
144,200 | 156,898 | ||||||
Shanxi Securities Co. Ltd., Class A |
185,440 | 169,045 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
227,700 | 137,119 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
41,280 | 1,382,031 | ||||||
Shengyi Technology Co. Ltd., Class A |
103,000 | 229,792 | ||||||
Shennan Circuits Co. Ltd., Class A |
20,620 | 220,990 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
844,697 | 596,120 | ||||||
Shenzhen Energy Group Co. Ltd., Class A |
391,486 | 376,403 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A |
61,800 | 614,742 | ||||||
Shenzhen International Holdings Ltd. |
618,000 | 579,849 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A(a) |
56,800 | 233,035 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
41,275 | 1,712,759 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A |
22,000 | 174,212 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A(a) |
288,400 | 198,425 | ||||||
Shenzhen SC New Energy Technology Corp., Class A |
20,600 | 270,466 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A |
23,451 | 402,904 | ||||||
Shenzhou International Group Holdings Ltd. |
391,400 | 4,154,637 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
61,800 | 215,954 | ||||||
Shimao Group Holdings Ltd. |
511,452 | 99,682 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
164,800 | 333,533 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A |
41,200 | 159,326 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A |
288,400 | 399,009 | ||||||
Sino Biopharmaceutical Ltd. |
4,738,250 | 2,148,974 | ||||||
Sinomine Resource Group Co. Ltd., Class A |
29,760 | 188,621 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A(a) |
185,400 | 84,054 | ||||||
Sinopharm Group Co. Ltd., Class H |
659,200 | 2,075,946 | ||||||
Smoore International Holdings Ltd.(b)(c) |
824,000 | 927,712 | ||||||
Songcheng Performance Development Co. Ltd., Class A |
114,120 | 214,377 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
SooChow Securities Co. Ltd., Class A |
194,357 | $ | 246,837 | |||||
Southwest Securities Co. Ltd., Class A |
412,000 | 273,659 | ||||||
Sungrow Power Supply Co. Ltd., Class A |
41,200 | 643,789 | ||||||
Sunny Optical Technology Group Co. Ltd. |
329,600 | 3,231,422 | ||||||
Sunwoda Electronic Co. Ltd., Class A |
63,499 | 146,324 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A |
82,400 | 259,096 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A |
7,940 | 204,673 | ||||||
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A |
27,530 | 124,084 | ||||||
TAL Education Group, ADR(a)(c) |
212,850 | 1,741,113 | ||||||
TBEA Co. Ltd., Class A |
187,606 | 430,758 | ||||||
TCL Technology Group Corp., Class A(a) |
567,750 | 341,192 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
131,098 | 534,131 | ||||||
Tencent Holdings Ltd. |
2,925,200 | 134,445,470 | ||||||
Tencent Music Entertainment Group, ADR(a) |
335,500 | 2,345,145 | ||||||
Thunder Software Technology Co. Ltd., Class A |
20,600 | 260,609 | ||||||
Tianma Microelectronics Co. Ltd., Class A(a) |
164,889 | 216,305 | ||||||
Tianqi Lithium Corp., Class A |
41,600 | 388,365 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A |
165,000 | 221,644 | ||||||
Tingyi Cayman Islands Holding Corp. |
826,000 | 1,275,583 | ||||||
Toly Bread Co. Ltd., Class A |
75,738 | 111,972 | ||||||
Tongcheng Travel Holdings Ltd.(a) |
576,800 | 1,399,670 | ||||||
Tongkun Group Co. Ltd., Class A(a) |
84,096 | 175,822 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A |
489,400 | 222,928 | ||||||
Tongwei Co. Ltd., Class A |
123,600 | 602,886 | ||||||
Topchoice Medical Corp., Class A(a) |
12,200 | 197,258 | ||||||
Topsports International Holdings Ltd.(b) |
824,000 | 761,681 | ||||||
TravelSky Technology Ltd., Class H |
414,000 | 795,049 | ||||||
Trina Solar Co. Ltd. |
79,596 | 420,065 | ||||||
Trip.com Group Ltd.(a) |
257,530 | 10,518,245 | ||||||
Tsingtao Brewery Co. Ltd., Class A |
20,600 | 284,854 | ||||||
Tsingtao Brewery Co. Ltd., Class H |
368,000 | 3,309,179 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A |
29,599 | 386,725 | ||||||
Uni-President China Holdings Ltd. |
620,000 | 536,046 | ||||||
Unisplendour Corp. Ltd., Class A |
103,020 | 393,774 | ||||||
Vinda International Holdings Ltd. |
206,000 | 416,229 | ||||||
Vipshop Holdings Ltd., ADR(a)(c) |
168,714 | 3,176,885 | ||||||
Walvax Biotechnology Co. Ltd., Class A |
61,800 | 234,924 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
104,699 | 1,435,149 | ||||||
Want Want China Holdings Ltd.(c) |
2,268,000 | 1,581,642 | ||||||
Weibo Corp., ADR |
29,664 | 467,208 | ||||||
Weichai Power Co. Ltd., Class A |
206,000 | 380,769 | ||||||
Weichai Power Co. Ltd., Class H |
1,030,600 | 1,526,780 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A |
206,098 | 548,503 | ||||||
Western Securities Co. Ltd., Class A |
247,299 | 249,012 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A |
41,210 | 592,749 | ||||||
Wingtech Technology Co. Ltd., Class A |
41,200 | 268,370 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A |
206,099 | 148,063 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A |
241,760 | 278,164 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
103,099 | 2,618,622 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A |
82,450 | 253,250 | ||||||
WuXi AppTec Co. Ltd., Class A |
84,764 | 852,938 | ||||||
WuXi AppTec Co. Ltd., Class H(b) |
164,874 | 1,568,350 | ||||||
Wuxi Autowell Technology Co. Ltd. |
4,282 | 103,196 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) |
1,751,000 | 10,104,663 | ||||||
XCMG Construction Machinery Co. Ltd., Class A |
480,298 | 475,472 | ||||||
Xiamen C & D Inc., Class A |
103,000 | 161,862 | ||||||
Xiaomi Corp., Class B(a)(b) |
7,210,000 | 11,470,252 |
58 |
2 0 2 3 I 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 All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Xinjiang Daqo New Energy Co. Ltd. |
46,748 | $ | 270,003 | |||||
Xinyi Solar Holdings Ltd. |
2,472,000 | 2,684,210 | ||||||
XPeng Inc.(a)(c) |
494,402 | 5,273,750 | ||||||
Xtep International Holdings Ltd. |
618,000 | 688,728 | ||||||
Yadea Group Holdings Ltd.(b)(c) |
412,000 | 937,571 | ||||||
Yankuang Energy Group Co. Ltd., Class A |
123,600 | 306,996 | ||||||
Yankuang Energy Group Co. Ltd., Class H |
1,191,000 | 1,793,179 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A |
41,301 | 162,015 | ||||||
Yealink Network Technology Corp. Ltd., Class A |
51,327 | 270,364 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A |
29,320 | 156,045 | ||||||
Yihai International Holding Ltd. |
206,000 | 474,572 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A |
41,200 | 242,916 | ||||||
Yintai Gold Co. Ltd., Class A |
123,621 | 226,348 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
103,290 | 273,078 | ||||||
YTO Express Group Co. Ltd., Class A |
103,000 | 226,841 | ||||||
Yuexiu Property Co. Ltd. |
824,600 | 1,088,209 | ||||||
Yum China Holdings Inc. |
196,318 | 11,979,324 | ||||||
Yunda Holding Co. Ltd., Class A |
103,020 | 149,919 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
62,515 | 471,174 | ||||||
Yunnan Energy New Material Co. Ltd., Class A(a) |
28,500 | 385,551 | ||||||
Zai Lab Ltd.(a)(c) |
448,290 | 1,370,869 | ||||||
Zangge Mining Co. Ltd. |
61,800 | 208,336 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
20,602 | 837,160 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H |
618,000 | 891,522 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) |
267,872 | 198,254 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
82,400 | 326,996 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A |
123,600 | 380,050 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A |
20,647 | 170,768 | ||||||
Zhejiang Expressway Co. Ltd., Class H |
826,000 | 663,442 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A |
61,825 | 159,350 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A |
61,800 | 436,446 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A |
41,200 | 356,519 | ||||||
Zhejiang NHU Co. Ltd., Class A |
123,812 | 286,175 | ||||||
Zhejiang Supcon Technology Co. Ltd. |
34,292 | 259,893 | ||||||
Zhejiang Supor Co. Ltd., Class A |
22,299 | 156,164 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A |
63,496 | 192,838 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A |
20,600 | 109,213 | ||||||
Zheshang Securities Co. Ltd., Class A |
144,200 | 219,453 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b) |
350,200 | 1,147,666 | ||||||
Zhongji Innolight Co. Ltd., Class A |
20,699 | 371,268 | ||||||
Zhongsheng Group Holdings Ltd. |
309,000 | 1,085,657 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. |
288,400 | 1,149,730 | ||||||
Zijin Mining Group Co. Ltd., Class A |
576,800 | 1,053,392 | ||||||
Zijin Mining Group Co. Ltd., Class H |
2,472,000 | 4,269,452 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
330,137 | 318,459 | ||||||
ZTE Corp., Class A |
123,600 | 677,984 | ||||||
ZTE Corp., Class H |
329,600 | 1,206,279 | ||||||
ZTO Express Cayman Inc., ADR |
197,966 | 5,503,455 | ||||||
|
|
|||||||
1,025,203,128 | ||||||||
Hong Kong — 6.5% | ||||||||
AIA Group Ltd. |
5,438,400 | 54,409,754 | ||||||
BOC Hong Kong Holdings Ltd. |
1,751,000 | 5,344,126 |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Budweiser Brewing Co. APAC Ltd.(b) |
782,800 | $ | 1,909,341 | |||||
Chow Tai Fook Jewellery Group Ltd. |
988,800 | 1,726,352 | ||||||
CK Asset Holdings Ltd. |
927,132 | 5,369,087 | ||||||
CK Hutchison Holdings Ltd. |
1,236,132 | 7,623,630 | ||||||
CK Infrastructure Holdings Ltd. |
309,000 | 1,637,497 | ||||||
CLP Holdings Ltd. |
721,000 | 5,876,966 | ||||||
ESR Group Ltd.(b) |
989,200 | 1,734,607 | ||||||
Futu Holdings Ltd., ADR(a)(c) |
25,956 | 1,562,551 | ||||||
Galaxy Entertainment Group Ltd.(a) |
1,030,000 | 7,518,513 | ||||||
Hang Lung Properties Ltd. |
824,000 | 1,285,891 | ||||||
Hang Seng Bank Ltd. |
350,200 | 5,353,002 | ||||||
Henderson Land Development Co. Ltd. |
618,166 | 1,910,855 | ||||||
HKT Trust & HKT Ltd., Class SS |
1,856,640 | 2,193,062 | ||||||
Hong Kong & China Gas Co. Ltd. |
5,356,763 | 4,595,338 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
580,553 | 24,477,276 | ||||||
Hongkong Land Holdings Ltd.(c) |
535,600 | 1,908,726 | ||||||
Jardine Matheson Holdings Ltd. |
81,600 | 4,030,665 | ||||||
Link REIT |
1,194,800 | 6,716,157 | ||||||
MTR Corp. Ltd.(c) |
722,000 | 3,327,192 | ||||||
New World Development Co. Ltd. |
618,166 | 1,528,706 | ||||||
Power Assets Holdings Ltd. |
618,000 | 3,239,075 | ||||||
Sands China Ltd.(a) |
1,153,600 | 4,444,258 | ||||||
Sino Land Co. Ltd. |
1,649,200 | 2,024,431 | ||||||
SITC International Holdings Co. Ltd. |
618,000 | 1,354,134 | ||||||
Sun Hung Kai Properties Ltd. |
719,500 | 9,034,487 | ||||||
Swire Pacific Ltd., Class A |
206,000 | 1,722,003 | ||||||
Swire Properties Ltd. |
535,600 | 1,343,994 | ||||||
Techtronic Industries Co. Ltd. |
618,000 | 7,020,819 | ||||||
WH Group Ltd.(b) |
3,914,000 | 2,136,222 | ||||||
Wharf Real Estate Investment Co. Ltd. |
824,000 | 4,421,969 | ||||||
Xinyi Glass Holdings Ltd. |
824,000 | 1,371,215 | ||||||
|
|
|||||||
190,151,901 | ||||||||
India — 16.3% | ||||||||
ABB India Ltd. |
24,926 | 1,381,515 | ||||||
ACC Ltd. |
31,455 | 772,522 | ||||||
Adani Enterprises Ltd. |
81,799 | 2,481,423 | ||||||
Adani Green Energy Ltd.(a) |
146,815 | 1,951,554 | ||||||
Adani Ports & Special Economic Zone Ltd. |
249,733 | 2,362,840 | ||||||
Adani Power Ltd.(a) |
362,221 | 1,204,908 | ||||||
Ambuja Cements Ltd. |
282,426 | 1,591,662 | ||||||
Apollo Hospitals Enterprise Ltd. |
49,028 | 3,086,371 | ||||||
Asian Paints Ltd. |
180,662 | 7,421,231 | ||||||
AU Small Finance Bank Ltd.(b) |
76,538 | 680,573 | ||||||
Aurobindo Pharma Ltd. |
121,334 | 1,214,132 | ||||||
Avenue Supermarts Ltd.(a)(b) |
77,250 | 3,529,524 | ||||||
Axis Bank Ltd. |
1,105,530 | 12,834,643 | ||||||
Bajaj Auto Ltd. |
31,106 | 1,867,192 | ||||||
Bajaj Finance Ltd. |
126,896 | 11,281,033 | ||||||
Bajaj Finserv Ltd. |
182,310 | 3,547,942 | ||||||
Bajaj Holdings & Investment Ltd. |
12,772 | 1,172,327 | ||||||
Balkrishna Industries Ltd. |
38,316 | 1,185,183 | ||||||
Bandhan Bank Ltd.(a)(b) |
353,424 | 960,844 | ||||||
Bank of Baroda |
493,988 | 1,216,566 | ||||||
Berger Paints India Ltd. |
127,102 | 1,055,608 | ||||||
Bharat Electronics Ltd. |
1,724,394 | 2,743,752 | ||||||
Bharat Forge Ltd. |
122,158 | 1,384,543 | ||||||
Bharat Petroleum Corp. Ltd. |
356,998 | 1,639,549 | ||||||
Bharti Airtel Ltd. |
1,037,004 | 11,230,724 | ||||||
Britannia Industries Ltd. |
50,882 | 2,965,957 | ||||||
CG Power and Industrial Solutions Ltd. |
291,696 | 1,427,366 |
S C H E D U L E O F I N V E S T M E N T S |
59 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Cholamandalam Investment and Finance Co. Ltd. |
196,112 | $ | 2,702,155 | |||||
Cipla Ltd. |
241,432 | 3,453,020 | ||||||
Coal India Ltd. |
701,842 | 1,958,869 | ||||||
Colgate-Palmolive India Ltd. |
54,796 | 1,346,458 | ||||||
Container Corp. of India Ltd. |
127,720 | 1,079,910 | ||||||
Dabur India Ltd. |
297,876 | 2,086,818 | ||||||
Divi’s Laboratories Ltd. |
56,444 | 2,531,522 | ||||||
DLF Ltd. |
297,876 | 1,880,708 | ||||||
Dr. Reddy’s Laboratories Ltd. |
50,470 | 3,462,510 | ||||||
Eicher Motors Ltd. |
64,890 | 2,657,834 | ||||||
GAIL India Ltd. |
1,121,368 | 1,624,973 | ||||||
Godrej Consumer Products Ltd.(a) |
192,198 | 2,422,985 | ||||||
Godrej Properties Ltd.(a) |
60,770 | 1,287,333 | ||||||
Grasim Industries Ltd. |
129,986 | 2,927,172 | ||||||
Havells India Ltd. |
115,566 | 1,876,446 | ||||||
HCL Technologies Ltd. |
444,754 | 6,045,084 | ||||||
HDFC Bank Ltd. |
1,299,997 | 26,098,852 | ||||||
HDFC Life Insurance Co. Ltd.(b) |
445,578 | 3,505,921 | ||||||
Hero MotoCorp Ltd. |
52,324 | 2,039,996 | ||||||
Hindalco Industries Ltd. |
591,838 | 3,336,414 | ||||||
Hindustan Aeronautics Ltd. |
37,961 | 1,831,498 | ||||||
Hindustan Petroleum Corp. Ltd. |
272,538 | 935,675 | ||||||
Hindustan Unilever Ltd. |
383,778 | 11,954,917 | ||||||
ICICI Bank Ltd. |
2,422,775 | 29,527,493 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) |
106,826 | 1,800,296 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) |
174,603 | 1,231,629 | ||||||
Indian Hotels Co. Ltd. (The), Class A |
384,602 | 1,849,941 | ||||||
Indian Oil Corp. Ltd. |
1,312,632 | 1,497,159 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
122,010 | 951,355 | ||||||
Indraprastha Gas Ltd. |
145,906 | 822,434 | ||||||
Info Edge India Ltd. |
34,608 | 1,934,140 | ||||||
Infosys Ltd. |
1,547,266 | 25,608,978 | ||||||
InterGlobe Aviation Ltd.(a)(b) |
59,534 | 1,878,384 | ||||||
ITC Ltd. |
1,410,894 | 7,994,691 | ||||||
Jindal Steel & Power Ltd. |
176,130 | 1,435,639 | ||||||
Jio Financial Services Ltd., NVS |
1,427,296 | 3,953,974 | ||||||
JSW Steel Ltd. |
264,298 | 2,629,488 | ||||||
Jubilant Foodworks Ltd. |
184,370 | 1,074,174 | ||||||
Kotak Mahindra Bank Ltd. |
536,424 | 12,122,702 | ||||||
Larsen & Toubro Infotech Ltd.(b) |
42,436 | 2,528,729 | ||||||
Larsen & Toubro Ltd. |
312,708 | 10,203,264 | ||||||
Lupin Ltd. |
96,202 | 1,153,462 | ||||||
Mahindra & Mahindra Ltd. |
431,982 | 7,756,023 | ||||||
Marico Ltd. |
239,578 | 1,634,527 | ||||||
Maruti Suzuki India Ltd. |
62,418 | 7,459,136 | ||||||
Max Healthcare Institute Ltd.(a) |
373,010 | 2,699,800 | ||||||
Mphasis Ltd. |
37,286 | 1,041,901 | ||||||
MRF Ltd. |
1,030 | 1,290,376 | ||||||
Muthoot Finance Ltd. |
63,036 | 1,035,846 | ||||||
Nestle India Ltd. |
16,068 | 4,406,351 | ||||||
NTPC Ltd. |
2,030,542 | 5,397,625 | ||||||
Oil & Natural Gas Corp. Ltd. |
1,395,444 | 3,009,431 | ||||||
Page Industries Ltd. |
2,884 | 1,326,437 | ||||||
Petronet LNG Ltd. |
358,440 | 1,019,091 | ||||||
PI Industries Ltd. |
39,552 | 1,739,986 | ||||||
Pidilite Industries Ltd. |
72,718 | 2,313,754 | ||||||
Power Grid Corp. of India Ltd. |
1,622,250 | 5,252,424 | ||||||
Reliance Industries Ltd. |
1,423,048 | 44,175,622 | ||||||
Samvardhana Motherson International Ltd. |
1,028,558 | 1,231,044 | ||||||
SBI Cards & Payment Services Ltd. |
125,454 | 1,305,983 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
SBI Life Insurance Co. Ltd.(b) |
204,970 | $ | 3,199,603 | |||||
Shree Cement Ltd. |
4,532 | 1,329,301 | ||||||
Shriram Transport Finance Co. Ltd. |
131,584 | 3,033,540 | ||||||
Siemens Ltd. |
39,758 | 1,926,654 | ||||||
Sona Blw Precision Forgings Ltd.(b) |
185,194 | 1,284,899 | ||||||
SRF Ltd. |
70,658 | 1,867,886 | ||||||
State Bank of India |
817,614 | 6,176,090 | ||||||
Sun Pharmaceutical Industries Ltd. |
448,050 | 6,232,271 | ||||||
Tata Consultancy Services Ltd. |
425,184 | 17,712,723 | ||||||
Tata Consumer Products Ltd. |
264,092 | 2,760,669 | ||||||
Tata Elxsi Ltd. |
16,686 | 1,454,793 | ||||||
Tata Motors Ltd. |
781,770 | 6,134,111 | ||||||
Tata Power Co. Ltd. (The) |
683,302 | 1,968,112 | ||||||
Tata Steel Ltd. |
3,455,444 | 5,184,140 | ||||||
Tech Mahindra Ltd. |
253,380 | 3,441,718 | ||||||
Titan Co. Ltd. |
167,272 | 6,112,826 | ||||||
Torrent Pharmaceuticals Ltd. |
48,174 | 1,174,528 | ||||||
Trent Ltd. |
88,992 | 1,903,538 | ||||||
Tube Investments of India Ltd. |
52,324 | 1,961,853 | ||||||
TVS Motor Co. Ltd. |
109,798 | 1,840,429 | ||||||
UltraTech Cement Ltd. |
51,912 | 5,254,103 | ||||||
United Spirits Ltd.(a) |
141,110 | 1,743,970 | ||||||
UPL Ltd. |
235,935 | 1,793,945 | ||||||
Varun Beverages Ltd. |
222,892 | 2,181,146 | ||||||
Vedanta Ltd. |
354,114 | 1,191,672 | ||||||
Wipro Ltd. |
608,967 | 3,003,502 | ||||||
Yes Bank Ltd.(a) |
5,967,614 | 1,230,789 | ||||||
Zomato Ltd.(a) |
1,983,780 | 2,030,822 | ||||||
|
|
|||||||
472,661,476 | ||||||||
Indonesia — 2.2% | ||||||||
Adaro Energy Indonesia Tbk PT |
6,715,600 | 1,074,299 | ||||||
Aneka Tambang Tbk |
4,202,400 | 553,920 | ||||||
Astra International Tbk PT |
9,455,400 | 4,296,953 | ||||||
Bank Central Asia Tbk PT |
25,482,200 | 15,432,819 | ||||||
Bank Mandiri Persero Tbk PT |
17,489,404 | 6,648,515 | ||||||
Bank Negara Indonesia Persero Tbk PT |
3,563,815 | 2,098,027 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
31,682,867 | 11,862,189 | ||||||
Barito Pacific Tbk PT |
14,740,842 | 757,464 | ||||||
Charoen Pokphand Indonesia Tbk PT(a) |
3,502,000 | 1,201,318 | ||||||
GoTo Gojek Tokopedia Tbk PT(a) |
386,023,400 | 2,897,756 | ||||||
Indah Kiat Pulp & Paper Tbk PT |
1,401,200 | 850,584 | ||||||
Indofood CBP Sukses Makmur Tbk PT |
988,800 | 734,751 | ||||||
Indofood Sukses Makmur Tbk PT |
1,977,600 | 960,749 | ||||||
Kalbe Farma Tbk PT |
10,423,600 | 1,323,922 | ||||||
Merdeka Copper Gold Tbk PT(a) |
6,180,177 | 1,440,049 | ||||||
Sarana Menara Nusantara Tbk PT |
9,743,800 | 655,769 | ||||||
Semen Indonesia Persero Tbk PT |
1,671,325 | 773,370 | ||||||
Sumber Alfaria Trijaya Tbk PT |
8,034,000 | 1,438,553 | ||||||
Telkom Indonesia Persero Tbk PT |
23,133,800 | 5,699,607 | ||||||
Unilever Indonesia Tbk PT |
3,605,000 | 920,375 | ||||||
United Tractors Tbk PT |
700,443 | 1,279,623 | ||||||
Vale Indonesia Tbk PT |
1,524,400 | 695,642 | ||||||
|
|
|||||||
63,596,254 | ||||||||
Malaysia — 1.6% | ||||||||
AMMB Holdings Bhd |
885,800 | 758,527 | ||||||
Axiata Group Bhd |
1,442,000 | 854,026 | ||||||
CIMB Group Holdings Bhd |
2,822,200 | 3,476,527 | ||||||
Dialog Group Bhd |
1,854,062 | 946,426 | ||||||
DiGi.Com Bhd |
1,559,000 | 1,528,304 |
60 |
2 0 2 3 I 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 All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Gamuda Bhd |
865,200 | $ | 825,007 | |||||
Genting Bhd |
988,800 | 945,399 | ||||||
Genting Malaysia Bhd |
1,545,000 | 891,192 | ||||||
Hong Leong Bank Bhd |
267,800 | 1,163,486 | ||||||
Hong Leong Financial Group Bhd |
144,200 | 585,243 | ||||||
IHH Healthcare Bhd |
844,600 | 1,115,497 | ||||||
Inari Amertron Bhd |
1,462,600 | 979,845 | ||||||
IOI Corp. Bhd |
1,112,400 | 1,029,182 | ||||||
Kuala Lumpur Kepong Bhd |
226,600 | 1,172,031 | ||||||
Malayan Banking Bhd |
2,451,400 | 4,904,559 | ||||||
Malaysia Airports Holdings Bhd |
370,800 | 567,435 | ||||||
Maxis Bhd(c) |
1,091,800 | 978,366 | ||||||
MISC Bhd |
638,600 | 1,018,159 | ||||||
MR DIY Group M Bhd(b) |
1,353,200 | 441,233 | ||||||
Nestle Malaysia Bhd |
39,800 | 1,181,907 | ||||||
Petronas Chemicals Group Bhd |
1,246,700 | 1,923,170 | ||||||
Petronas Dagangan Bhd |
144,200 | 734,272 | ||||||
Petronas Gas Bhd |
371,000 | 1,405,340 | ||||||
PPB Group Bhd |
309,020 | 1,144,519 | ||||||
Press Metal Aluminium Holdings Bhd |
1,751,000 | 1,957,992 | ||||||
Public Bank Bhd |
6,923,050 | 6,403,880 | ||||||
QL Resources Bhd |
597,400 | 726,048 | ||||||
RHB Bank Bhd |
700,445 | 884,296 | ||||||
Sime Darby Bhd |
1,442,000 | 697,847 | ||||||
Sime Darby Plantation Bhd |
968,200 | 978,715 | ||||||
Telekom Malaysia Bhd |
576,800 | 651,255 | ||||||
Tenaga Nasional Bhd |
1,133,000 | 2,412,693 | ||||||
Top Glove Corp. Bhd(a)(c) |
2,492,600 | 508,840 | ||||||
|
|
|||||||
45,791,218 | ||||||||
Philippines — 0.7% | ||||||||
Aboitiz Equity Ventures Inc. |
927,050 | 907,396 | ||||||
ACEN Corp.(a) |
392,103 | 37,273 | ||||||
Ayala Corp. |
121,548 | 1,362,351 | ||||||
Ayala Land Inc. |
3,337,200 | 1,666,447 | ||||||
Bank of the Philippine Islands |
741,062 | 1,545,226 | ||||||
BDO Unibank Inc. |
1,155,664 | 3,056,212 | ||||||
International Container Terminal Services Inc. |
437,280 | 1,728,132 | ||||||
JG Summit Holdings Inc. |
1,420,425 | 1,114,500 | ||||||
Jollibee Foods Corp. |
228,660 | 1,062,064 | ||||||
Manila Electric Co. |
115,360 | 748,241 | ||||||
Metropolitan Bank & Trust Co. |
977,360 | 1,068,402 | ||||||
PLDT Inc. |
38,120 | 909,654 | ||||||
SM Investments Corp. |
107,200 | 1,781,212 | ||||||
SM Prime Holdings Inc. |
5,005,825 | 3,045,793 | ||||||
Universal Robina Corp. |
440,840 | 985,858 | ||||||
|
|
|||||||
21,018,761 | ||||||||
Singapore — 3.8% | ||||||||
CapitaLand Ascendas REIT |
1,606,814 | 3,397,808 | ||||||
CapitaLand Integrated Commercial Trust |
2,554,447 | 3,921,802 | ||||||
Capitaland Investment Ltd/Singapore |
1,236,000 | 3,163,517 | ||||||
City Developments Ltd. |
226,600 | 1,260,867 | ||||||
DBS Group Holdings Ltd. |
844,600 | 21,788,179 | ||||||
Genting Singapore Ltd. |
2,822,200 | 1,996,214 | ||||||
Grab Holdings Ltd., Class A(a) |
867,672 | 3,323,184 | ||||||
Jardine Cycle & Carriage Ltd. |
41,200 | 1,063,365 | ||||||
Keppel Corp. Ltd. |
700,400 | 3,889,485 | ||||||
Mapletree Logistics Trust |
1,545,061 | 1,964,211 | ||||||
Mapletree Pan Asia Commercial Trust |
1,112,400 | 1,381,626 | ||||||
Oversea-Chinese Banking Corp. Ltd.(c) |
1,586,275 | 15,875,045 |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Sea Ltd., ADR(a) |
171,186 | $ | 11,387,293 | |||||
Seatrium Ltd.(a) |
19,631,885 | 2,080,692 | ||||||
Singapore Airlines Ltd.(c) |
639,000 | 3,619,950 | ||||||
Singapore Exchange Ltd. |
422,000 | 3,084,732 | ||||||
Singapore Technologies Engineering Ltd. |
742,000 | 2,083,168 | ||||||
Singapore Telecommunications Ltd. |
3,893,400 | 7,810,414 | ||||||
United Overseas Bank Ltd. |
576,800 | 13,083,832 | ||||||
UOL Group Ltd. |
206,000 | 1,089,982 | ||||||
Venture Corp. Ltd. |
144,200 | 1,625,699 | ||||||
Wilmar International Ltd. |
865,200 | 2,514,040 | ||||||
|
|
|||||||
111,405,105 | ||||||||
South Korea — 13.4% | ||||||||
Amorepacific Corp. |
13,596 | 1,200,888 | ||||||
BGF retail Co. Ltd. |
3,708 | 486,514 | ||||||
Celltrion Healthcare Co. Ltd. |
49,440 | 2,554,152 | ||||||
Celltrion Inc. |
51,088 | 5,877,535 | ||||||
Celltrion Pharm Inc.(a) |
8,925 | 621,433 | ||||||
CJ CheilJedang Corp. |
4,120 | 904,423 | ||||||
CJ Corp. |
7,622 | 387,484 | ||||||
CosmoAM&T Co. Ltd.(a) |
11,413 | 1,627,392 | ||||||
Coway Co. Ltd. |
27,402 | 880,596 | ||||||
DB Insurance Co. Ltd. |
21,424 | 1,266,809 | ||||||
Doosan Bobcat Inc. |
23,896 | 1,096,145 | ||||||
Doosan Enerbility Co. Ltd.(a) |
207,854 | 2,853,003 | ||||||
Ecopro BM Co. Ltd. |
23,072 | 7,589,051 | ||||||
E-MART Inc. |
9,476 | 562,471 | ||||||
F&F Co. Ltd./New |
8,858 | 719,167 | ||||||
GS Holdings Corp. |
24,926 | 736,549 | ||||||
Hana Financial Group Inc. |
137,402 | 4,234,111 | ||||||
Hankook Tire & Technology Co. Ltd. |
37,492 | 1,137,180 | ||||||
Hanmi Pharm Co. Ltd. |
3,573 | 747,073 | ||||||
Hanon Systems |
89,198 | 596,629 | ||||||
Hanwha Aerospace Co. Ltd. |
17,115 | 1,642,008 | ||||||
Hanwha Solutions Corp.(a) |
48,616 | 1,442,885 | ||||||
HD Hyundai Co. Ltd. |
22,660 | 1,094,277 | ||||||
HD Hyundai Heavy Industries Co. Ltd.(a) |
10,300 | 1,129,154 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) |
19,574 | 1,894,707 | ||||||
HLB Inc.(a) |
53,842 | 1,388,465 | ||||||
HMM Co. Ltd. |
113,300 | 1,555,155 | ||||||
Hotel Shilla Co. Ltd. |
15,862 | 937,059 | ||||||
HYBE Co. Ltd.(a) |
8,858 | 1,824,194 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
37,492 | 1,100,365 | ||||||
Hyundai Glovis Co. Ltd. |
7,004 | 957,714 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a)(c) |
10,506 | 769,902 | ||||||
Hyundai Mobis Co. Ltd. |
28,428 | 5,194,259 | ||||||
Hyundai Motor Co. |
64,272 | 9,882,039 | ||||||
Hyundai Steel Co. |
40,182 | 1,139,122 | ||||||
Iljin Materials Co. Ltd. |
11,948 | 514,025 | ||||||
Industrial Bank of Korea |
125,660 | 1,024,454 | ||||||
Kakao Corp. |
158,414 | 6,377,261 | ||||||
Kakao Games Corp.(a) |
17,922 | 443,512 | ||||||
Kakao Pay Corp.(a) |
12,772 | 502,677 | ||||||
KakaoBank Corp. |
77,662 | 1,584,211 | ||||||
Kangwon Land Inc. |
48,616 | 595,040 | ||||||
KB Financial Group Inc. |
181,074 | 7,252,266 | ||||||
Kia Corp. |
129,986 | 8,436,001 | ||||||
Korea Aerospace Industries Ltd. |
32,548 | 1,256,630 | ||||||
Korea Electric Power Corp.(a) |
124,012 | 1,868,577 | ||||||
Korea Investment Holdings Co. Ltd. |
20,814 | 797,572 |
S C H E D U L E O F I N V E S T M E N T S |
61 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Korea Zinc Co. Ltd. |
3,708 | $ | 1,436,415 | |||||
Korean Air Lines Co. Ltd. |
83,224 | 1,606,407 | ||||||
Krafton Inc.(a) |
14,214 | 1,916,023 | ||||||
KT Corp. |
28,634 | 663,092 | ||||||
KT&G Corp. |
47,792 | 3,092,519 | ||||||
Kumho Petrochemical Co. Ltd. |
9,064 | 853,545 | ||||||
L&F Co. Ltd. |
11,742 | 2,373,126 | ||||||
LG Chem Ltd. |
23,072 | 11,736,860 | ||||||
LG Corp. |
44,290 | 2,899,413 | ||||||
LG Display Co. Ltd.(a) |
112,302 | 1,187,387 | ||||||
LG Electronics Inc. |
49,028 | 4,173,330 | ||||||
LG Energy Solution(a)(c) |
16,480 | 7,240,182 | ||||||
LG H&H Co. Ltd. |
4,326 | 1,451,471 | ||||||
LG Innotek Co. Ltd. |
7,004 | 1,452,312 | ||||||
LG Uplus Corp. |
102,588 | 805,208 | ||||||
Lotte Chemical Corp. |
10,123 | 1,196,140 | ||||||
Meritz Financial Group Inc. |
50,265 | 1,940,748 | ||||||
Mirae Asset Securities Co. Ltd. |
133,488 | 725,668 | ||||||
NAVER Corp. |
61,594 | 10,974,040 | ||||||
NCSoft Corp. |
6,798 | 1,474,800 | ||||||
Netmarble Corp.(a)(b) |
9,682 | 373,876 | ||||||
NH Investment & Securities Co. Ltd. |
62,006 | 481,534 | ||||||
Orion Corp./Republic of Korea |
11,536 | 1,026,764 | ||||||
Pan Ocean Co. Ltd. |
137,402 | 515,227 | ||||||
Pearl Abyss Corp.(a) |
15,040 | 661,140 | ||||||
POSCO Future M Co. Ltd. |
14,626 | 6,050,943 | ||||||
POSCO Holdings Inc. |
33,578 | 16,919,324 | ||||||
Posco International Corp.(c) |
23,917 | 1,692,438 | ||||||
Samsung Biologics Co. Ltd.(a)(b) |
8,446 | 5,071,552 | ||||||
Samsung C&T Corp. |
37,492 | 3,037,625 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
25,956 | 2,961,031 | ||||||
Samsung Electronics Co. Ltd. |
2,232,216 | 122,219,693 | ||||||
Samsung Engineering Co. Ltd.(a) |
74,778 | 2,169,087 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
14,214 | 2,716,957 | ||||||
Samsung Heavy Industries Co. Ltd.(a) |
305,704 | 2,166,716 | ||||||
Samsung Life Insurance Co. Ltd. |
36,874 | 2,017,311 | ||||||
Samsung SDI Co. Ltd. |
25,544 | 13,334,084 | ||||||
Samsung SDS Co. Ltd. |
16,480 | 1,659,098 | ||||||
Samsung Securities Co. Ltd. |
30,694 | 864,367 | ||||||
Shinhan Financial Group Co. Ltd. |
199,408 | 5,488,364 | ||||||
SK Biopharmaceuticals Co. Ltd.(a)(c) |
16,274 | 1,039,194 | ||||||
SK Bioscience Co. Ltd.(a) |
12,566 | 723,608 | ||||||
SK Hynix Inc. |
254,822 | 24,678,228 | ||||||
SK IE Technology Co. Ltd.(a)(b) |
11,742 | 989,422 | ||||||
SK Inc. |
14,832 | 1,777,825 | ||||||
SK Innovation Co. Ltd.(a)(c) |
26,574 | 4,507,458 | ||||||
SK Square Co. Ltd.(a) |
47,586 | 1,656,745 | ||||||
SKC Co. Ltd.(c) |
9,270 | 721,640 | ||||||
S-Oil Corp. |
21,836 | 1,283,611 | ||||||
Woori Financial Group Inc. |
254,616 | 2,326,979 | ||||||
Yuhan Corp. |
25,744 | 1,472,967 | ||||||
|
|
|||||||
390,485,630 | ||||||||
Taiwan — 16.9% | ||||||||
Accton Technology Corp. |
206,000 | 2,513,274 | ||||||
Acer Inc. |
1,236,830 | 1,381,216 | ||||||
Advantech Co. Ltd. |
227,927 | 2,846,292 | ||||||
Airtac International Group |
69,109 | 2,055,497 | ||||||
ASE Technology Holding Co. Ltd. |
1,442,110 | 5,278,238 | ||||||
Asia Cement Corp. |
1,030,448 | 1,321,998 | ||||||
Asustek Computer Inc. |
377,100 | 4,379,751 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
AUO Corp. |
3,134,264 | $ | 2,067,618 | |||||
Catcher Technology Co. Ltd. |
406,000 | 2,245,068 | ||||||
Cathay Financial Holding Co. Ltd. |
4,326,374 | 6,306,011 | ||||||
Chailease Holding Co. Ltd. |
707,107 | 4,682,032 | ||||||
Chang Hwa Commercial Bank Ltd. |
2,266,442 | 1,360,745 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
824,303 | 1,010,374 | ||||||
China Airlines Ltd. |
1,442,000 | 1,146,709 | ||||||
China Development Financial Holding Corp.(a) |
7,416,763 | 2,965,412 | ||||||
China Steel Corp. |
5,562,484 | 4,948,777 | ||||||
Chunghwa Telecom Co. Ltd. |
1,648,110 | 6,079,806 | ||||||
Compal Electronics Inc. |
1,856,000 | 1,801,856 | ||||||
CTBC Financial Holding Co. Ltd. |
8,240,456 | 6,893,700 | ||||||
Delta Electronics Inc. |
922,000 | 10,763,156 | ||||||
E Ink Holdings Inc. |
412,000 | 2,954,790 | ||||||
E.Sun Financial Holding Co. Ltd. |
6,481,742 | 5,338,595 | ||||||
Eclat Textile Co. Ltd. |
95,208 | 1,647,054 | ||||||
eMemory Technology Inc. |
34,000 | 2,014,784 | ||||||
Eva Airways Corp. |
1,236,000 | 1,449,265 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
412,376 | 1,367,530 | ||||||
Far Eastern New Century Corp. |
1,442,040 | 1,363,849 | ||||||
Far EasTone Telecommunications Co. Ltd. |
618,000 | 1,395,360 | ||||||
Feng TAY Enterprise Co. Ltd. |
206,340 | 1,395,601 | ||||||
First Financial Holding Co. Ltd. |
4,896,591 | 4,529,769 | ||||||
Formosa Chemicals & Fibre Corp. |
1,648,740 | 3,432,250 | ||||||
Formosa Petrochemical Corp. |
412,000 | 1,051,512 | ||||||
Formosa Plastics Corp. |
1,854,400 | 4,909,878 | ||||||
Fubon Financial Holding Co. Ltd. |
3,472,163 | 7,247,151 | ||||||
Giant Manufacturing Co. Ltd. |
185,650 | 1,377,156 | ||||||
Global Unichip Corp. |
45,000 | 2,353,705 | ||||||
Globalwafers Co. Ltd. |
116,000 | 1,901,037 | ||||||
Hon Hai Precision Industry Co. Ltd. |
5,768,516 | 19,960,972 | ||||||
Hotai Motor Co. Ltd. |
149,000 | 3,597,638 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
4,276,466 | 3,029,511 | ||||||
Innolux Corp. |
4,292,852 | 2,279,612 | ||||||
Inventec Corp. |
1,236,460 | 2,515,197 | ||||||
Largan Precision Co. Ltd. |
48,000 | 3,329,359 | ||||||
Lite-On Technology Corp. |
824,371 | 3,963,819 | ||||||
MediaTek Inc. |
721,391 | 15,874,144 | ||||||
Mega Financial Holding Co. Ltd. |
5,302,097 | 6,798,930 | ||||||
Micro-Star International Co. Ltd. |
375,000 | 2,325,953 | ||||||
momo.com Inc. |
42,000 | 802,167 | ||||||
Nan Ya Plastics Corp. |
2,266,000 | 5,049,599 | ||||||
Nan Ya Printed Circuit Board Corp. |
137,000 | 1,084,783 | ||||||
Nanya Technology Corp. |
618,000 | 1,426,080 | ||||||
Nien Made Enterprise Co. Ltd. |
68,000 | 704,884 | ||||||
Novatek Microelectronics Corp. |
282,000 | 3,813,636 | ||||||
Parade Technologies Ltd. |
40,000 | 1,174,312 | ||||||
Pegatron Corp. |
824,000 | 2,006,528 | ||||||
PharmaEssentia Corp.(a) |
127,000 | 1,385,530 | ||||||
Pou Chen Corp. |
824,000 | 819,942 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
1,442,000 | 1,378,359 | ||||||
President Chain Store Corp. |
280,000 | 2,487,555 | ||||||
Quanta Computer Inc. |
1,236,000 | 9,403,314 | ||||||
Realtek Semiconductor Corp. |
206,642 | 2,838,047 | ||||||
Ruentex Development Co. Ltd. |
812,776 | 922,272 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
1,648,982 | 2,311,464 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) |
6,182,143 | 1,897,534 | ||||||
Silergy Corp. |
168,000 | 1,777,000 | ||||||
SinoPac Financial Holdings Co. Ltd. |
4,944,633 | 2,936,329 | ||||||
Synnex Technology International Corp. |
618,950 | 1,166,555 |
62 |
2 0 2 3 I 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 All Country Asia ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Taishin Financial Holding Co. Ltd. |
5,366,751 | $ | 3,122,162 | |||||
Taiwan Business Bank |
2,884,000 | 1,324,097 | ||||||
Taiwan Cement Corp. |
2,933,464 | 3,485,569 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
4,738,521 | 4,435,698 | ||||||
Taiwan High Speed Rail Corp. |
824,000 | 791,367 | ||||||
Taiwan Mobile Co. Ltd. |
824,000 | 2,475,981 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
11,536,670 | 208,324,559 | ||||||
Unimicron Technology Corp. |
618,000 | 3,648,552 | ||||||
Uni-President Enterprises Corp. |
2,268,694 | 5,442,749 | ||||||
United Microelectronics Corp. |
5,356,000 | 8,048,455 | ||||||
Vanguard International Semiconductor Corp. |
414,000 | 1,020,740 | ||||||
Voltronic Power Technology Corp. |
34,000 | 1,897,218 | ||||||
Walsin Lihwa Corp. |
1,236,272 | 1,578,136 | ||||||
Wan Hai Lines Ltd. |
206,875 | 332,515 | ||||||
Win Semiconductors Corp. |
206,000 | 1,075,732 | ||||||
Winbond Electronics Corp.(a) |
1,442,000 | 1,351,626 | ||||||
Wistron Corp. |
1,236,000 | 5,578,972 | ||||||
Wiwynn Corp. |
45,000 | 2,555,510 | ||||||
WPG Holdings Ltd. |
620,100 | 996,661 | ||||||
Yageo Corp. |
168,112 | 2,464,579 | ||||||
Yang Ming Marine Transport Corp. |
852,000 | 1,263,862 | ||||||
Yuanta Financial Holding Co. Ltd. |
4,738,890 | 3,685,091 | ||||||
Zhen Ding Technology Holding Ltd. |
206,097 | 690,638 | ||||||
|
|
|||||||
492,428,310 | ||||||||
Thailand — 2.3% | ||||||||
Advanced Info Service PCL, NVDR |
557,300 | 3,682,174 | ||||||
Airports of Thailand PCL, NVDR(a) |
1,915,800 | 4,002,747 | ||||||
Asset World Corp. PCL, NVDR |
4,429,000 | 580,380 | ||||||
B Grimm Power PCL, NVDR |
432,600 | 490,229 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
4,964,600 | 4,176,607 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
3,687,400 | 981,395 | ||||||
Banpu PCL, NVDR(c) |
3,852,200 | 1,098,055 | ||||||
Berli Jucker PCL, NVDR |
597,400 | 611,073 | ||||||
BTS Group Holdings PCL, NVDR(c) |
3,953,400 | 936,131 | ||||||
Bumrungrad Hospital PCL, NVDR |
288,400 | 1,821,738 | ||||||
Carabao Group PCL, NVDR |
144,200 | 306,976 | ||||||
Central Pattana PCL, NVDR |
988,800 | 1,966,490 | ||||||
Central Retail Corp. PCL, NVDR |
906,474 | 1,093,042 | ||||||
Charoen Pokphand Foods PCL, NVDR(c) |
1,689,200 | 1,002,440 | ||||||
CP ALL PCL, NVDR |
2,719,200 | 5,047,406 | ||||||
CP Axtra PCL |
878,200 | 885,731 | ||||||
Delta Electronics Thailand PCL, NVDR(c) |
1,462,600 | 4,836,007 | ||||||
Electricity Generating PCL, NVDR(c) |
123,600 | 482,080 | ||||||
Energy Absolute PCL, NVDR |
824,000 | 1,494,852 | ||||||
Global Power Synergy PCL, NVDR |
351,300 | 593,047 | ||||||
Gulf Energy Development PCL, NVDR |
1,462,800 | 2,128,251 | ||||||
Home Product Center PCL, NVDR |
2,884,043 | 1,197,355 | ||||||
Indorama Ventures PCL, NVDR(c) |
885,800 | 887,154 | ||||||
Intouch Holdings PCL, NVDR |
473,825 | 1,066,703 | ||||||
Kasikornbank PCL, NVDR |
267,800 | 987,069 | ||||||
Krung Thai Bank PCL, NVDR |
1,462,675 | 876,718 | ||||||
Krungthai Card PCL, NVDR |
453,200 | 622,830 | ||||||
Land & Houses PCL, NVDR |
3,357,800 | 834,042 | ||||||
Minor International PCL, NVDR |
1,586,220 | 1,530,480 | ||||||
Muangthai Capital PCL, NVDR |
370,800 | 385,210 | ||||||
Osotspa PCL, NVDR |
679,800 | 581,541 | ||||||
PTT Exploration & Production PCL, NVDR |
659,284 | 3,078,695 | ||||||
PTT Global Chemical PCL, NVDR |
1,091,876 | 1,262,011 | ||||||
PTT Oil & Retail Business PCL, NVDR |
1,318,400 | 824,695 | ||||||
PTT Public Company Ltd., NVDR |
4,655,600 | 4,763,786 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Ratch Group PCL, NVDR |
453,200 | $ | 480,167 | |||||
SCB X PCL, NVS |
370,800 | 1,219,746 | ||||||
SCG Packaging PCL, NVDR |
576,800 | 682,948 | ||||||
Siam Cement PCL (The), NVDR |
350,200 | 3,327,639 | ||||||
Srisawad Corp. PCL, NVDR(c) |
391,400 | 541,073 | ||||||
Thai Oil PCL, NVDR |
576,800 | 865,430 | ||||||
True Corp. PCL |
4,902,856 | 1,039,380 | ||||||
|
|
|||||||
65,271,523 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.9% |
2,878,013,306 | |||||||
|
|
|||||||
Preferred Stocks | ||||||||
South Korea — 0.7% | ||||||||
Hyundai Motor Co. |
||||||||
Preference Shares, NVS |
10,506 | 883,705 | ||||||
Series 2, Preference Shares, NVS |
16,686 | 1,419,255 | ||||||
LG Chem Ltd., Preference Shares, NVS |
3,708 | 1,142,747 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
381,924 | 17,202,143 | ||||||
|
|
|||||||
20,647,850 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.7% |
|
20,647,850 | ||||||
|
|
|||||||
Rights |
||||||||
China — 0.0% | ||||||||
Kangmei
Pharmaceutical Co. Ltd., |
41,477 | — | ||||||
|
|
|||||||
Total
Rights — 0.0% |
|
— | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.6% |
|
2,898,661,156 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 2.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(e)(f)(g) |
53,892,062 | 53,908,230 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(e)(f) |
5,680,000 | 5,680,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 2.1% |
|
59,588,230 | ||||||
|
|
|||||||
Total
Investments — 101.7% |
|
2,958,249,386 | ||||||
Liabilities in Excess of Other Assets — (1.7)% |
|
(48,054,286 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 2,910,195,100 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S |
63 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI All Country Asia ex Japan ETF |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 71,779,106 | $ | — | $ | (17,897,341 | )(a) | $ | 22,681 | $ | 3,784 | $ | 53,908,230 | 53,892,062 | $ | 646,892 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
5,400,000 | 280,000 | (a) | — | — | — | 5,680,000 | 5,680,000 | 252,301 | 10 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 22,681 | $ | 3,784 | $ | 59,588,230 | $ | 899,193 | $ | 10 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI China Index |
60 | 09/15/23 | $ | 1,539 | $ | 150,854 | ||||||||||
MSCI Emerging Markets Index |
188 | 09/15/23 | 9,910 | 471,324 | ||||||||||||
|
|
|||||||||||||||
$ | 622,178 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 622,178 | $ | — | $ | — | $ | — | $ | 622,178 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (830,793 | ) | $ | — | $ | — | $ | — | $ | (830,793 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 871,672 | $ | — | $ | — | $ | — | $ | 871,672 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64 |
2 0 2 3 I 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 All Country Asia ex Japan ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 5,373,742 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 103,919,450 | $ | 2,773,858,673 | $ | 235,183 | $ | 2,878,013,306 | ||||||||
Preferred Stocks |
— | 20,647,850 | — | 20,647,850 | ||||||||||||
Rights |
— | — | — | — | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
59,588,230 | — | — | 59,588,230 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 163,507,680 | $ | 2,794,506,523 | $ | 235,183 | $ | 2,958,249,386 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 471,324 | $ | 150,854 | $ | — | $ | 622,178 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
65 |
Schedule of Investments July 31, 2023 |
iShares® MSCI Europe Financials ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Austria — 0.7% |
||||||||
Erste Group Bank AG |
288,516 | $ | 10,904,714 | |||||
|
|
|||||||
Belgium — 2.0% | ||||||||
Ageas SA/NV |
135,315 | 5,728,323 | ||||||
Groupe Bruxelles Lambert NV |
84,206 | 6,813,303 | ||||||
KBC Group NV |
210,015 | 15,806,734 | ||||||
Sofina SA |
12,947 | 3,078,442 | ||||||
|
|
|||||||
31,426,802 | ||||||||
Denmark — 1.3% | ||||||||
Danske Bank A/S |
579,219 | 13,753,591 | ||||||
Tryg A/S |
302,112 | 5,964,839 | ||||||
|
|
|||||||
19,718,430 | ||||||||
Finland — 1.1% | ||||||||
Sampo OYJ, Class A |
387,261 | 17,065,286 | ||||||
|
|
|||||||
France — 11.1% | ||||||||
Amundi SA(a) |
51,315 | 3,148,967 | ||||||
AXA SA |
1,542,650 | 47,419,284 | ||||||
BNP Paribas SA |
933,958 | 61,592,473 | ||||||
Credit Agricole SA |
1,016,406 | 12,619,063 | ||||||
Edenred |
209,593 | 13,613,141 | ||||||
Eurazeo SE |
36,582 | 2,233,687 | ||||||
Euronext NV(a) |
71,907 | 5,473,106 | ||||||
Societe Generale SA |
612,563 | 16,659,713 | ||||||
Wendel SE |
22,375 | 2,208,737 | ||||||
Worldline SA/France(a)(b) |
202,298 | 8,018,972 | ||||||
|
|
|||||||
172,987,143 | ||||||||
Germany — 12.7% | ||||||||
Allianz SE, Registered |
339,093 | 81,043,008 | ||||||
Commerzbank AG |
893,133 | 10,683,191 | ||||||
Deutsche Bank AG, Registered |
1,631,859 | 18,089,378 | ||||||
Deutsche Boerse AG |
159,860 | 30,629,419 | ||||||
Hannover Rueck SE |
50,637 | 10,804,623 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
117,817 | 44,351,723 | ||||||
Talanx AG(b)(c) |
53,152 | 3,255,020 | ||||||
|
|
|||||||
198,856,362 | ||||||||
Ireland — 0.9% | ||||||||
AIB Group PLC |
1,121,492 | 5,275,120 | ||||||
Bank of Ireland Group PLC |
897,916 | 9,473,737 | ||||||
|
|
|||||||
14,748,857 | ||||||||
Italy — 7.7% | ||||||||
Assicurazioni Generali SpA |
851,120 | 18,129,297 | ||||||
FinecoBank Banca Fineco SpA |
516,706 | 8,023,017 | ||||||
Intesa Sanpaolo SpA |
13,576,318 | 39,258,195 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
463,147 | 6,172,173 | ||||||
Nexi SpA(a)(b) |
495,222 | 4,288,624 | ||||||
Poste Italiane SpA(a) |
438,338 | 5,007,349 | ||||||
UniCredit SpA |
1,550,795 | 39,266,511 | ||||||
|
|
|||||||
120,145,166 | ||||||||
Netherlands — 6.9% | ||||||||
ABN AMRO Bank NV, CVA(a) |
338,877 | 5,761,995 | ||||||
Adyen NV(a)(b) |
18,273 | 33,914,956 | ||||||
Aegon NV |
1,427,393 | 7,748,290 | ||||||
EXOR NV, NVS |
91,018 | 8,505,226 | ||||||
ING Groep NV |
3,043,705 | 44,427,935 |
Security | Shares | Value | ||||||
Netherlands (continued) |
||||||||
NN Group NV |
210,402 | $ | 8,065,745 | |||||
|
|
|||||||
108,424,147 | ||||||||
Norway — 1.2% | ||||||||
DNB Bank ASA |
780,454 | 16,083,192 | ||||||
Gjensidige Forsikring ASA |
167,809 | 2,649,104 | ||||||
|
|
|||||||
18,732,296 | ||||||||
Spain — 7.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA |
5,071,470 | 40,198,369 | ||||||
Banco Santander SA |
13,833,212 | 56,056,065 | ||||||
CaixaBank SA |
3,461,839 | 14,003,833 | ||||||
|
|
|||||||
110,258,267 | ||||||||
Sweden — 8.2% | ||||||||
EQT AB |
298,633 | 7,133,471 | ||||||
Industrivarden AB, Class A |
109,227 | 3,101,714 | ||||||
Industrivarden AB, Class C |
129,563 | 3,670,620 | ||||||
Investor AB, Class A |
366,103 | 7,434,967 | ||||||
Investor AB, Class B |
1,456,465 | 29,746,822 | ||||||
Kinnevik AB, Class B(b) |
203,623 | 2,779,190 | ||||||
L E Lundbergforetagen AB, Class B |
63,770 | 2,810,307 | ||||||
Nordea Bank Abp |
2,724,435 | 30,836,069 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
1,361,082 | 16,499,349 | ||||||
Svenska Handelsbanken AB, Class A |
1,223,756 | 10,744,526 | ||||||
Swedbank AB, Class A |
715,627 | 13,125,807 | ||||||
|
|
|||||||
127,882,842 | ||||||||
Switzerland — 13.7% | ||||||||
Baloise Holding AG, Registered |
38,460 | 5,953,178 | ||||||
Banque Cantonale Vaudoise, Registered |
25,288 | 2,838,360 | ||||||
Helvetia Holding AG, Registered |
31,148 | 4,609,375 | ||||||
Julius Baer Group Ltd. |
179,405 | 12,706,814 | ||||||
Partners Group Holding AG |
19,113 | 21,456,897 | ||||||
Swiss Life Holding AG, Registered |
25,888 | 16,460,990 | ||||||
Swiss Re AG |
253,883 | 26,489,973 | ||||||
UBS Group AG, Registered |
2,765,136 | 61,355,249 | ||||||
Zurich Insurance Group AG |
126,513 | 61,168,846 | ||||||
|
|
|||||||
213,039,682 | ||||||||
United Kingdom — 24.7% | ||||||||
3i Group PLC |
817,345 | 20,736,989 | ||||||
abrdn PLC |
1,679,542 | 4,998,263 | ||||||
Admiral Group PLC |
178,124 | 4,863,319 | ||||||
Aviva PLC |
2,348,669 | 11,701,448 | ||||||
Barclays PLC |
13,086,177 | 25,967,046 | ||||||
Hargreaves Lansdown PLC |
298,482 | 3,265,751 | ||||||
HSBC Holdings PLC |
16,796,539 | 139,518,982 | ||||||
Legal & General Group PLC |
5,011,499 | 15,018,785 | ||||||
Lloyds Banking Group PLC |
55,747,160 | 32,207,767 | ||||||
London Stock Exchange Group PLC |
337,792 | 36,682,437 | ||||||
M&G PLC |
1,881,332 | 4,846,122 | ||||||
NatWest Group PLC, NVS |
4,830,727 | 15,163,836 | ||||||
Phoenix Group Holdings PLC |
629,546 | 4,447,817 | ||||||
Prudential PLC |
2,316,346 | 32,165,533 | ||||||
Schroders PLC |
676,270 | 3,989,853 | ||||||
St. James’s Place PLC |
459,865 | 5,551,086 | ||||||
Standard Chartered PLC |
2,021,243 | 19,415,141 | ||||||
Wise PLC, Class A(b) |
515,846 | 5,144,982 | ||||||
|
|
|||||||
385,685,157 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 99.3% |
1,549,875,151 | |||||||
|
|
66 |
2 0 2 3 I 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 Europe Financials ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(d)(e)(f) |
3,288,605 | $ | 3,289,592 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(d)(e) |
570,000 | 570,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.3% |
3,859,592 | |||||||
|
|
|||||||
Total
Investments — 99.6% |
1,553,734,743 | |||||||
Other Assets Less Liabilities — 0.4% |
6,818,130 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 1,560,552,873 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security is on loan. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 2,031,168 | $ | 1,260,603 | (a) | $ | — | $ | (2,371 | ) | $ | 192 | $ | 3,289,592 | 3,288,605 | $ | 32,486 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
370,000 | 200,000 | (a) | — | — | — | 570,000 | 570,000 | 53,244 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (2,371 | ) | $ | 192 | $ | 3,859,592 | $ | 85,730 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
Euro STOXX 50 Index |
135 | 09/15/23 | $ | 6,669 | $ | 247,839 | ||||||||||
FTSE 100 Index |
38 | 09/15/23 | 3,751 | 38,482 | ||||||||||||
|
|
|||||||||||||||
$ | 286,321 | |||||||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
67 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Europe Financials ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 286,321 | $ | — | $ | — | $ | — | $ | 286,321 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 1,462,669 | $ | — | $ | — | $ | — | $ | 1,462,669 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (194,972 | ) | $ | — | $ | — | $ | — | $ | (194,972 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 13,325,841 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 14,748,857 | $ | 1,535,126,294 | $ | — | $ | 1,549,875,151 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
3,859,592 | — | — | 3,859,592 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 18,608,449 | $ | 1,535,126,294 | $ | — | $ | 1,553,734,743 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 286,321 | $ | — | $ | 286,321 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
68 |
2 0 2 3 I 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 July 31, 2023 |
iShares® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Austria — 2.0% |
||||||||
Agrana Beteiligungs AG |
1,128 | $ | 20,092 | |||||
ams-OSRAM AG(a)(b) |
26,323 | 232,999 | ||||||
ANDRITZ AG |
6,610 | 348,995 | ||||||
AT&S Austria Technologie & Systemtechnik AG(b) |
2,453 | 92,646 | ||||||
BAWAG Group AG(c) |
7,557 | 368,158 | ||||||
CA Immobilien Anlagen AG |
4,143 | 132,123 | ||||||
DO & CO AG |
667 | 90,057 | ||||||
EVN AG |
3,559 | 84,362 | ||||||
IMMOFINANZ AG(a) |
3,520 | 70,632 | ||||||
Lenzing AG(a)(b) |
1,699 | 85,529 | ||||||
Oesterreichische Post AG |
3,308 | 120,673 | ||||||
Palfinger AG |
1,662 | 48,706 | ||||||
Porr AG |
1,989 | 27,730 | ||||||
Raiffeisen Bank International AG(a) |
14,506 | 234,554 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG |
1,010 | 61,210 | ||||||
Semperit AG Holding |
793 | 17,709 | ||||||
UNIQA Insurance Group AG |
11,809 | 96,459 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe |
3,780 | 101,100 | ||||||
Wienerberger AG |
10,401 | 341,578 | ||||||
|
|
|||||||
2,575,312 | ||||||||
Belgium — 2.9% | ||||||||
Ackermans & van Haaren NV |
2,291 | 398,900 | ||||||
Aedifica SA |
4,541 | 311,880 | ||||||
AGFA-Gevaert NV(a) |
12,630 | 32,488 | ||||||
Barco NV |
6,394 | 148,802 | ||||||
Bekaert SA |
3,297 | 157,368 | ||||||
bpost SA(b) |
10,376 | 49,969 | ||||||
Cofinimmo SA |
3,168 | 247,939 | ||||||
Deme Group NV |
730 | 96,674 | ||||||
Etablissements Franz Colruyt NV |
5,919 | 225,597 | ||||||
Euronav NV |
10,806 | 177,539 | ||||||
Exmar NV |
1,276 | 16,031 | ||||||
Fagron |
6,740 | 119,936 | ||||||
Galapagos NV(a) |
4,485 | 188,479 | ||||||
Immobel SA |
414 | 16,376 | ||||||
Intervest Offices & Warehouses NV |
2,585 | 38,029 | ||||||
Ion Beam Applications |
2,097 | 33,847 | ||||||
KBC Ancora |
3,436 | 160,795 | ||||||
Kinepolis Group NV(b) |
1,318 | 64,244 | ||||||
Melexis NV |
1,948 | 210,004 | ||||||
Montea NV |
1,328 | 107,608 | ||||||
Ontex Group NV(a) |
6,311 | 54,086 | ||||||
Proximus SADP |
14,616 | 112,058 | ||||||
Recticel SA(b) |
3,996 | 50,735 | ||||||
Retail Estates NV |
1,043 | 66,596 | ||||||
Shurgard Self Storage Ltd. |
2,613 | 119,233 | ||||||
Telenet Group Holding NV |
4,450 | 101,897 | ||||||
Tessenderlo Group SA |
2,452 | 82,247 | ||||||
VGP NV |
1,340 | 143,062 | ||||||
X-Fab Silicon Foundries SE(a)(b)(c) |
5,591 | 67,768 | ||||||
Xior Student Housing NV |
2,731 | 85,174 | ||||||
|
|
|||||||
3,685,361 | ||||||||
China — 0.0% | ||||||||
Boshiwa International Holding Ltd.(d) |
20,000 | — | ||||||
|
|
|||||||
Denmark — 4.3% | ||||||||
ALK-Abello AS(a) |
12,940 | 140,897 |
Security | Shares | Value | ||||||
Denmark (continued) |
||||||||
Alm Brand A/S |
82,890 | $ | 132,106 | |||||
Ambu A/S, Class B(a)(b) |
18,443 | 272,104 | ||||||
Bavarian Nordic A/S(a)(b) |
7,640 | 163,916 | ||||||
Better Collective A/S(a)(b) |
2,851 | 65,544 | ||||||
cBrain A/S |
1,037 | 22,898 | ||||||
Chemometec A/S(a) |
1,510 | 101,329 | ||||||
D/S Norden A/S |
2,363 | 118,372 | ||||||
Dfds A/S |
3,404 | 122,034 | ||||||
FLSmidth & Co. A/S |
5,035 | 238,224 | ||||||
GN Store Nord A/S(a) |
11,244 | 299,819 | ||||||
H Lundbeck AS |
27,365 | 135,825 | ||||||
H Lundbeck AS, Class A |
3,912 | 17,544 | ||||||
ISS A/S |
15,216 | 307,458 | ||||||
Jyske Bank A/S, Registered(a) |
4,714 | 356,589 | ||||||
Matas A/S |
3,439 | 50,537 | ||||||
Netcompany Group A/S(a)(c) |
4,423 | 205,310 | ||||||
Nilfisk Holding A/S(a) |
1,136 | 21,396 | ||||||
NKT A/S(a)(b) |
5,260 | 300,537 | ||||||
NTG Nordic Transport Group A/S, Class A(a) |
655 | 40,877 | ||||||
Per Aarsleff Holding A/S |
1,652 | 78,413 | ||||||
Ringkjoebing Landbobank A/S |
2,771 | 394,365 | ||||||
Royal Unibrew A/S |
4,897 | 423,262 | ||||||
Scandinavian Tobacco Group A/S, Class A(c) |
5,459 | 94,957 | ||||||
Schouw & Co. A/S |
1,227 | 97,364 | ||||||
SimCorp A/S |
3,953 | 423,866 | ||||||
Solar A/S, Class B |
541 | 40,442 | ||||||
Spar Nord Bank A/S |
7,248 | 115,248 | ||||||
Sydbank AS |
5,738 | 275,184 | ||||||
Topdanmark AS |
4,376 | 198,364 | ||||||
TORM PLC, Class A |
2,832 | 69,705 | ||||||
Trifork Holding AG |
1,199 | 23,600 | ||||||
Zealand Pharma A/S(a) |
4,799 | 166,539 | ||||||
|
|
|||||||
5,514,625 | ||||||||
Finland — 2.5% | ||||||||
Aktia Bank OYJ |
5,338 | 55,178 | ||||||
Anora Group OYJ |
3,867 | 20,072 | ||||||
Cargotec OYJ, Class B |
3,767 | 179,913 | ||||||
Caverion OYJ |
8,187 | 77,054 | ||||||
Citycon OYJ |
8,522 | 52,901 | ||||||
Finnair OYJ(a)(b) |
65,631 | 40,633 | ||||||
F-Secure OYJ |
11,712 | 28,855 | ||||||
Huhtamaki OYJ |
9,461 | 336,315 | ||||||
Incap OYJ(a)(b) |
1,568 | 18,493 | ||||||
Kemira OYJ |
10,550 | 165,484 | ||||||
Kempower OYJ(a)(b) |
1,555 | 69,415 | ||||||
Kojamo OYJ |
12,167 | 118,874 | ||||||
Konecranes OYJ |
6,612 | 240,324 | ||||||
Marimekko OYJ |
2,995 | 29,637 | ||||||
Metsa Board OYJ, Class B(b) |
15,841 | 127,803 | ||||||
Musti Group OYJ |
2,976 | 58,374 | ||||||
Nokian Renkaat OYJ |
12,612 | 117,306 | ||||||
Oriola OYJ, Class B |
11,159 | 13,594 | ||||||
Outokumpu OYJ |
35,241 | 182,325 | ||||||
Puuilo OYJ |
5,474 | 44,750 | ||||||
QT Group OYJ(a) |
1,878 | 155,768 | ||||||
Revenio Group OYJ |
2,097 | 74,184 | ||||||
Rovio Entertainment OYJ(c) |
4,329 | 43,837 | ||||||
Talenom OYJ(b) |
2,962 | 21,690 | ||||||
TietoEVRY OYJ |
10,277 | 262,193 | ||||||
Tokmanni Group Corp. |
4,541 | 70,128 |
S C H E D U L E O F I N V E S T M E N T S |
69 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Finland (continued) |
||||||||
Uponor OYJ |
5,034 | $ | 159,296 | |||||
Valmet OYJ |
15,281 | 405,340 | ||||||
YIT OYJ |
13,217 | 31,890 | ||||||
|
|
|||||||
3,201,626 | ||||||||
France — 7.6% | ||||||||
AB Science SA(a)(b) |
2,707 | 11,937 | ||||||
ABC arbitrage |
3,439 | 22,460 | ||||||
Abivax SA, NVS |
1,871 | 36,042 | ||||||
Air France-KLM(a) |
111,531 | 192,600 | ||||||
AKWEL(b) |
861 | 15,525 | ||||||
ALD SA(c) |
13,768 | 146,278 | ||||||
Altarea SCA |
391 | 36,544 | ||||||
Alten SA |
2,869 | 413,233 | ||||||
Antin Infrastructure Partners SA |
3,456 | 62,066 | ||||||
APERAM SA |
4,982 | 157,227 | ||||||
Atos SE(a) |
10,898 | 113,202 | ||||||
Aubay |
744 | 34,936 | ||||||
Believe SA(a) |
1,789 | 21,734 | ||||||
Beneteau SA |
3,513 | 57,356 | ||||||
Boiron SA |
603 | 33,349 | ||||||
Bonduelle SCA |
1,193 | 14,200 | ||||||
Carmila SA |
6,352 | 102,937 | ||||||
Casino Guichard Perrachon SA(a)(b) |
3,549 | 9,251 | ||||||
CGG SA(a) |
68,734 | 48,359 | ||||||
Chargeurs SA |
1,896 | 23,312 | ||||||
Cie. des Alpes |
1,834 | 26,971 | ||||||
Cie. Plastic Omnium SA |
5,781 | 112,584 | ||||||
Coface SA |
10,104 | 148,012 | ||||||
Derichebourg SA |
8,186 | 50,470 | ||||||
Elior Group SA(a)(b)(c) |
11,027 | 28,104 | ||||||
Elis SA |
18,065 | 373,225 | ||||||
Equasens |
522 | 48,045 | ||||||
Eramet SA |
847 | 71,314 | ||||||
Esker SA |
520 | 86,365 | ||||||
Etablissements Maurel et Prom SA |
5,640 | 26,600 | ||||||
Euroapi SA(a) |
5,144 | 60,024 | ||||||
Eutelsat Communications SA(b) |
13,448 | 90,588 | ||||||
Faurecia SE(a) |
15,388 | 386,683 | ||||||
Fnac Darty SA |
1,056 | 36,814 | ||||||
Gaztransport Et Technigaz SA |
3,266 | 398,332 | ||||||
GL Events |
736 | 14,902 | ||||||
ICADE |
3,339 | 136,033 | ||||||
ID Logistics Group(a) |
239 | 68,535 | ||||||
Imerys SA |
3,362 | 116,746 | ||||||
Interparfums SA |
2,022 | 145,945 | ||||||
IPSOS |
3,870 | 193,461 | ||||||
JCDecaux SE(a) |
6,190 | 115,996 | ||||||
Kaufman & Broad SA |
1,120 | 30,833 | ||||||
Korian SA(b) |
7,071 | 55,060 | ||||||
LISI(b) |
1,565 | 40,907 | ||||||
Maisons du Monde SA(c) |
2,698 | 28,328 | ||||||
Manitou BF SA(b) |
902 | 26,033 | ||||||
McPhy Energy SA(a)(b) |
1,929 | 16,263 | ||||||
Mercialys SA |
7,839 | 67,858 | ||||||
Mersen SA |
2,162 | 101,758 | ||||||
Metropole Television SA |
2,651 | 37,447 | ||||||
Neoen SA(c) |
6,567 | 215,931 | ||||||
Nexans SA |
2,580 | 229,053 | ||||||
Nexity SA |
4,135 | 70,015 | ||||||
OVH Groupe SAS, NVS(a)(b) |
3,743 | 42,237 |
Security | Shares | Value | ||||||
France (continued) |
||||||||
Peugeot Invest |
472 | $ | 55,644 | |||||
Pierre & Vacances SA, NVS(a) |
13,266 | 22,557 | ||||||
Quadient SA |
3,211 | 71,587 | ||||||
Rexel SA |
23,611 | 569,551 | ||||||
Rubis SCA |
9,616 | 237,115 | ||||||
SCOR SE |
14,047 | 419,801 | ||||||
Seche Environnement SA, NVS |
221 | 28,284 | ||||||
SES SA, Class A |
37,655 | 243,948 | ||||||
SES-Imagotag SA(a) |
623 | 80,572 | ||||||
SMCP SA(a)(c) |
4,559 | 34,207 | ||||||
Societe BIC SA |
2,324 | 142,077 | ||||||
SOITEC(a) |
2,606 | 512,155 | ||||||
Sopra Steria Group SACA |
1,512 | 328,762 | ||||||
SPIE SA |
13,643 | 409,535 | ||||||
Television Francaise 1 |
3,995 | 32,670 | ||||||
Trigano SA |
857 | 125,491 | ||||||
Ubisoft Entertainment SA(a) |
9,260 | 311,429 | ||||||
Vallourec SA(a) |
14,610 | 190,611 | ||||||
Valneva SE(a)(b) |
10,365 | 77,836 | ||||||
Verallia SA(c) |
7,264 | 321,980 | ||||||
Vicat SA |
1,825 | 62,036 | ||||||
Vilmorin & Cie. SA |
569 | 39,164 | ||||||
Virbac SA |
406 | 125,053 | ||||||
Voltalia SA(a)(b) |
3,776 | 65,610 | ||||||
Waga Energy SA(a) |
459 | 14,384 | ||||||
Wavestone |
754 | 44,763 | ||||||
|
|
|||||||
9,816,842 | ||||||||
Germany — 9.2% | ||||||||
1&1 AG |
3,473 | 39,595 | ||||||
About You Holding SE(a)(b) |
3,479 | 24,765 | ||||||
Adesso SE |
307 | 35,856 | ||||||
ADVA Optical Networking SE(a) |
1,746 | 38,395 | ||||||
AIXTRON SE |
11,079 | 439,533 | ||||||
Amadeus Fire AG |
567 | 67,336 | ||||||
Aroundtown SA(a) |
83,038 | 129,009 | ||||||
Atoss Software AG |
396 | 96,154 | ||||||
Aurubis AG |
3,087 | 290,586 | ||||||
Auto1 Group SE(a)(c) |
9,543 | 102,837 | ||||||
Basler AG |
1,238 | 20,300 | ||||||
BayWa AG(b) |
1,322 | 55,402 | ||||||
Befesa SA(c) |
3,875 | 148,507 | ||||||
Bertrandt AG |
517 | 27,143 | ||||||
Bilfinger SE |
2,770 | 100,286 | ||||||
Borussia Dortmund GmbH & Co. KGaA(a) |
7,352 | 35,108 | ||||||
CANCOM SE |
3,397 | 97,809 | ||||||
Ceconomy AG(a) |
14,577 | 43,679 | ||||||
Cewe Stiftung & Co. KGaA |
517 | 53,434 | ||||||
CompuGroup Medical SE & Co. KgaA |
2,619 | 133,008 | ||||||
CropEnergies AG |
2,397 | 24,115 | ||||||
CTS Eventim AG & Co. KGaA |
6,081 | 415,004 | ||||||
CureVac NV(a)(b) |
9,812 | 86,547 | ||||||
Datagroup SE |
386 | 24,658 | ||||||
Dermapharm Holding SE |
1,870 | 91,346 | ||||||
Deutsche Beteiligungs AG |
1,430 | 47,644 | ||||||
Deutsche EuroShop AG |
1,399 | 34,103 | ||||||
Deutsche Pfandbriefbank AG(b)(c) |
13,163 | 109,554 | ||||||
Deutz AG |
12,063 | 66,374 | ||||||
DIC Asset AG(b) |
4,153 | 20,456 | ||||||
Draegerwerk AG & Co. KGaA |
282 | 12,520 | ||||||
Duerr AG |
5,033 | 157,032 |
70 |
2 0 2 3 I 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 Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) |
||||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG |
1,498 | $ | 59,286 | |||||
Elmos Semiconductor SE |
803 | 71,522 | ||||||
ElringKlinger AG |
2,811 | 24,106 | ||||||
Encavis AG(a) |
11,065 | 185,536 | ||||||
Energiekontor AG |
687 | 59,664 | ||||||
Evotec SE(a) |
13,884 | 365,728 | ||||||
Fielmann AG |
2,407 | 123,664 | ||||||
flatexDEGIRO AG(a) |
6,712 | 66,165 | ||||||
Formycon AG |
866 | 63,680 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(a) |
3,626 | 191,579 | ||||||
Freenet AG |
11,464 | 283,770 | ||||||
Gerresheimer AG |
3,372 | 399,392 | ||||||
GFT Technologies SE |
1,632 | 47,361 | ||||||
Grand City Properties SA(a) |
7,788 | 64,228 | ||||||
GRENKE AG |
2,757 | 76,040 | ||||||
Hamborner REIT AG |
6,890 | 49,862 | ||||||
Hamburger Hafen und Logistik AG(b) |
2,456 | 32,282 | ||||||
Heidelberger Druckmaschinen AG(a)(b) |
24,070 | 38,356 | ||||||
Hensoldt AG |
5,157 | 175,338 | ||||||
HOCHTIEF AG |
2,291 | 225,675 | ||||||
Hornbach Holding AG & Co. KGaA |
823 | 66,569 | ||||||
Hugo Boss AG |
5,498 | 443,955 | ||||||
Hypoport SE(a)(b) |
439 | 91,599 | ||||||
Indus Holding AG(b) |
1,881 | 50,339 | ||||||
Instone Real Estate Group SE(b)(c) |
3,000 | 20,847 | ||||||
Ionos SE(a) |
2,063 | 31,983 | ||||||
Jenoptik AG |
4,967 | 160,656 | ||||||
JOST Werke AG(c) |
1,221 | 71,142 | ||||||
K+S AG, Registered |
18,454 | 352,349 | ||||||
KION Group AG |
7,055 | 295,626 | ||||||
Kloeckner & Co. SE |
6,859 | 64,120 | ||||||
Knaus Tabbert AG |
408 | 26,885 | ||||||
Kontron AG |
3,750 | 81,560 | ||||||
Krones AG |
1,371 | 165,209 | ||||||
LANXESS AG |
7,908 | 266,707 | ||||||
MBB SE |
221 | 19,159 | ||||||
Medios AG(a)(b) |
1,396 | 26,901 | ||||||
METRO AG(a) |
14,272 | 124,098 | ||||||
MorphoSys AG(a)(b) |
3,214 | 94,091 | ||||||
Nagarro SE(a)(b) |
808 | 76,547 | ||||||
Nordex SE(a) |
11,486 | 162,304 | ||||||
Norma Group SE |
2,887 | 50,937 | ||||||
Northern Data AG(a) |
1,170 | 25,317 | ||||||
OHB SE |
471 | 16,394 | ||||||
PATRIZIA SE |
3,979 | 40,712 | ||||||
Pfeiffer Vacuum Technology AG |
329 | 54,476 | ||||||
PNE AG |
2,954 | 43,262 | ||||||
ProSiebenSat.1 Media SE(b) |
16,021 | 159,269 | ||||||
PVA TePla AG(a) |
2,110 | 49,700 | ||||||
SAF-Holland SE |
4,459 | 63,717 | ||||||
Salzgitter AG(b) |
2,361 | 81,822 | ||||||
Secunet Security Networks AG |
151 | 34,645 | ||||||
SGL Carbon SE(a)(b) |
6,185 | 51,748 | ||||||
Shop Apotheke Europe NV(a)(c) |
1,431 | 165,915 | ||||||
Siltronic AG |
1,771 | 155,906 | ||||||
Sixt SE |
1,328 | 160,132 | ||||||
SMA Solar Technology AG(a)(b) |
1,536 | 146,440 | ||||||
Software AG, NVS |
5,111 | 178,702 | ||||||
Stabilus SE |
2,377 | 135,517 | ||||||
Steico SE(b) |
518 | 20,072 |
Security | Shares | Value | ||||||
Germany (continued) |
||||||||
Stratec SE |
766 | $ | 42,994 | |||||
Stroeer SE & Co. KGaA |
3,280 | 158,625 | ||||||
Suedzucker AG |
6,017 | 104,168 | ||||||
SUESS MicroTec SE |
1,784 | 44,509 | ||||||
SUSE SA(a)(b) |
4,062 | 47,847 | ||||||
Synlab AG |
6,320 | 62,592 | ||||||
TAG Immobilien AG(a) |
16,074 | 180,681 | ||||||
Takkt AG |
2,256 | 32,395 | ||||||
TeamViewer AG(a)(c) |
13,449 | 228,615 | ||||||
thyssenkrupp AG |
48,640 | 386,706 | ||||||
United Internet AG, Registered(e) |
8,510 | 127,404 | ||||||
Varta AG(b) |
1,993 | 45,228 | ||||||
VERBIO Vereinigte BioEnergie AG(b) |
1,872 | 91,254 | ||||||
Vib Vermoegen AG |
809 | 14,099 | ||||||
Vitesco Technologies Group AG(a) |
1,914 | 163,693 | ||||||
Vossloh AG |
810 | 36,324 | ||||||
Wacker Neuson SE |
2,820 | 73,147 | ||||||
Wuestenrot & Wuerttembergische AG |
2,158 | 37,347 | ||||||
|
|
|||||||
11,876,286 | ||||||||
Hong Kong — 0.0% | ||||||||
Peace Mark Holdings Ltd.(d) |
30,000 | — | ||||||
|
|
|||||||
Ireland — 0.6% | ||||||||
Cairn Homes PLC(a) |
63,126 | 75,793 | ||||||
Dalata Hotel Group PLC(a) |
20,825 | 97,427 | ||||||
Glanbia PLC |
19,557 | 303,406 | ||||||
Glenveagh Properties PLC(a)(c) |
54,364 | 64,196 | ||||||
Greencore Group PLC(a) |
50,173 | 56,470 | ||||||
Irish Residential Properties REIT PLC |
44,711 | 47,587 | ||||||
Origin Enterprises PLC |
11,423 | 40,191 | ||||||
Uniphar PLC(a) |
26,818 | 84,773 | ||||||
|
|
|||||||
769,843 | ||||||||
Italy — 6.6% | ||||||||
A2A SpA |
151,024 | 288,148 | ||||||
ACEA SpA |
4,005 | 49,069 | ||||||
Anima Holding SpA(c) |
17,019 | 65,577 | ||||||
Antares Vision SpA(a) |
2,585 | 17,451 | ||||||
Arnoldo Mondadori Editore SpA |
11,822 | 27,853 | ||||||
Ascopiave SpA(b) |
5,283 | 13,268 | ||||||
Azimut Holding SpA |
10,534 | 248,735 | ||||||
Banca Generali SpA |
5,607 | 210,041 | ||||||
Banca IFIS SpA |
2,510 | 44,329 | ||||||
Banca Mediolanum SpA |
21,998 | 213,753 | ||||||
Banca Monte dei Paschi di Siena SpA(a)(b) |
49,494 | 142,934 | ||||||
Banca Popolare di Sondrio SPA |
40,066 | 193,548 | ||||||
Banco BPM SpA |
132,668 | 663,877 | ||||||
BFF Bank SpA(c) |
18,237 | 205,848 | ||||||
Biesse SpA |
848 | 11,428 | ||||||
Bio On SpA(b)(d) |
801 | — | ||||||
BPER Banca |
103,607 | 358,512 | ||||||
Brembo SpA |
14,451 | 204,549 | ||||||
Brunello Cucinelli SpA |
3,333 | 281,807 | ||||||
Buzzi Unicem SpA |
9,417 | 267,611 | ||||||
Carel Industries SpA(c) |
3,929 | 112,457 | ||||||
CIR SpA-Compagnie Industriali(a) |
64,315 | 28,639 | ||||||
Credito Emiliano SpA |
8,447 | 72,214 | ||||||
d’Amico International Shipping SA, NVS |
4,227 | 17,516 | ||||||
Danieli & C Officine Meccaniche SpA |
1,134 | 28,054 | ||||||
Datalogic SpA |
2,094 | 15,577 | ||||||
De’ Longhi SpA |
7,299 | 185,209 |
S C H E D U L E O F I N V E S T M E N T S |
71 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Italy (continued) |
||||||||
Digital Bros. SpA(b) |
489 | $ | 7,557 | |||||
Digital Value SpA(b) |
403 | 26,962 | ||||||
doValue SpA(b)(c) |
5,606 | 28,004 | ||||||
El.En. SpA |
4,344 | 51,608 | ||||||
Enav SpA(c) |
26,572 | 114,257 | ||||||
ERG SpA |
5,861 | 168,478 | ||||||
Esprinet SpA(b) |
3,600 | 21,173 | ||||||
Eurogroup Laminations SpA(a) |
7,388 | 40,656 | ||||||
Fila SpA |
3,238 | 28,838 | ||||||
Fincantieri SpA(a)(b) |
45,766 | 26,264 | ||||||
Gruppo MutuiOnline SpA |
2,436 | 87,181 | ||||||
GVS SpA(a)(c) |
6,705 | 42,485 | ||||||
Hera SpA |
80,289 | 249,300 | ||||||
Illimity Bank SpA |
5,782 | 39,542 | ||||||
Industrie De Nora SpA |
3,224 | 66,588 | ||||||
Interpump Group SpA |
6,912 | 376,074 | ||||||
Iren SpA |
63,932 | 129,558 | ||||||
Italgas SpA |
46,902 | 276,339 | ||||||
Juventus Football Club SpA(a) |
93,397 | 35,095 | ||||||
Leonardo SpA |
39,470 | 534,399 | ||||||
LU-VE SpA, NVS(b) |
866 | 28,041 | ||||||
Maire Tecnimont SpA(b) |
15,045 | 61,812 | ||||||
MARR SpA |
3,362 | 52,257 | ||||||
OVS SpA(c) |
19,635 | 53,955 | ||||||
Pharmanutra SpA(b) |
363 | 23,186 | ||||||
Piaggio & C SpA |
15,211 | 59,812 | ||||||
Pirelli & C SpA(c) |
29,468 | 157,094 | ||||||
RAI Way SpA(c) |
9,542 | 54,346 | ||||||
Reply SpA |
2,388 | 258,709 | ||||||
Safilo Group SpA(a) |
21,226 | 27,067 | ||||||
Saipem SpA(a) |
117,395 | 187,982 | ||||||
Salcef SpA |
1,532 | 39,668 | ||||||
Salvatore Ferragamo SpA |
5,803 | 94,505 | ||||||
Sanlorenzo SpA/Ameglia |
1,368 | 53,134 | ||||||
Saras SpA |
50,431 | 72,118 | ||||||
Seco SpA(a)(b) |
3,948 | 20,281 | ||||||
Sesa SpA |
759 | 88,929 | ||||||
SOL SpA |
3,570 | 100,682 | ||||||
Tamburi Investment Partners SpA |
10,923 | 105,983 | ||||||
Technogym SpA(c) |
12,854 | 118,578 | ||||||
Technoprobe SpA(a) |
11,450 | 104,702 | ||||||
Tinexta SpA |
2,132 | 39,820 | ||||||
Tod’s SpA(a) |
1,020 | 46,322 | ||||||
Unipol Gruppo SpA |
38,002 | 211,583 | ||||||
Webuild SpA |
39,752 | 77,819 | ||||||
Wiit SpA(b) |
1,029 | 21,828 | ||||||
Zignago Vetro SpA |
3,158 | 56,583 | ||||||
|
|
|||||||
8,535,158 | ||||||||
Netherlands — 4.7% | ||||||||
Aalberts NV |
9,708 | 438,069 | ||||||
Alfen Beheer BV(a)(b)(c) |
2,123 | 147,322 | ||||||
Allfunds Group PLC |
34,040 | 221,939 | ||||||
AMG Advanced Metallurgical Group NV |
3,029 | 123,841 | ||||||
Arcadis NV |
7,073 | 310,094 | ||||||
Ariston Holding NV |
6,164 | 57,370 | ||||||
ASR Nederland NV |
14,563 | 660,132 | ||||||
B&S Group Sarl(c) |
2,822 | 12,427 | ||||||
Basic-Fit NV(a)(b)(c) |
5,189 | 175,151 | ||||||
BE Semiconductor Industries NV |
7,525 | 898,474 | ||||||
Brunel International NV |
2,082 | 28,983 |
Security | Shares | Value | ||||||
Netherlands (continued) |
||||||||
Cementir Holding NV |
4,491 | $ | 42,367 | |||||
Corbion NV |
5,712 | 134,233 | ||||||
Ebusco Holding NV(a)(b) |
1,377 | 12,171 | ||||||
Eurocommercial Properties NV |
4,073 | 102,947 | ||||||
Fastned BV(a)(b) |
663 | 22,061 | ||||||
Flow Trades Ltd., NVS |
3,156 | 68,672 | ||||||
Fugro NV(a) |
11,143 | 198,694 | ||||||
InPost SA(a) |
21,694 | 259,239 | ||||||
Iveco Group NV(a) |
17,316 | 164,235 | ||||||
Koninklijke BAM Groep NV |
26,355 | 61,324 | ||||||
Koninklijke Vopak NV |
6,723 | 253,469 | ||||||
MFE-MediaForEurope NV, Class A |
82,457 | 43,644 | ||||||
MFE-MediaForEurope NV, Class B |
28,800 | 22,219 | ||||||
NSI NV |
1,914 | 40,237 | ||||||
Ordina NV |
7,958 | 49,875 | ||||||
Pharming Group NV(a)(b) |
63,875 | 80,623 | ||||||
PostNL NV |
29,967 | 60,853 | ||||||
SBM Offshore NV |
13,850 | 201,212 | ||||||
Signify NV(c) |
12,547 | 394,496 | ||||||
Sligro Food Group NV |
2,224 | 42,937 | ||||||
Technip Energies NV |
14,113 | 321,663 | ||||||
TKH Group NV |
3,921 | 204,584 | ||||||
TomTom NV(a) |
6,821 | 59,589 | ||||||
Van Lanschot Kempen NV |
3,171 | 103,904 | ||||||
Vastned Retail NV |
1,081 | 24,122 | ||||||
Wereldhave NV |
3,118 | 55,713 | ||||||
|
|
|||||||
6,098,885 | ||||||||
Norway — 4.7% | ||||||||
Aker ASA, Class A |
2,148 | 136,585 | ||||||
Aker Carbon Capture ASA(a) |
35,060 | 53,179 | ||||||
Aker Horizons Holding AS(a)(b) |
22,148 | 12,943 | ||||||
Aker Solutions ASA |
24,206 | 107,601 | ||||||
Atea ASA |
7,585 | 102,979 | ||||||
Austevoll Seafood ASA |
8,733 | 65,570 | ||||||
Bakkafrost P/F |
4,923 | 286,489 | ||||||
Belships ASA |
8,703 | 15,568 | ||||||
Bewi ASA |
4,396 | 17,805 | ||||||
BLUENORD ASA(a) |
2,316 | 101,839 | ||||||
Bonheur ASA |
2,146 | 53,994 | ||||||
Borr Drilling Ltd.(a) |
19,980 | 170,426 | ||||||
Borregaard ASA |
9,338 | 152,399 | ||||||
BW Energy Ltd.(a) |
8,190 | 24,337 | ||||||
BW LPG Ltd.(c) |
7,527 | 80,555 | ||||||
BW Offshore Ltd. |
8,917 | 24,422 | ||||||
Cadeler AS(a)(b) |
10,576 | 43,932 | ||||||
Cool Co. Ltd. |
2,373 | 32,277 | ||||||
Crayon Group Holding ASA(a)(c) |
7,142 | 76,045 | ||||||
DNO ASA |
46,858 | 50,829 | ||||||
Elkem ASA(c) |
28,265 | 67,050 | ||||||
Elopak ASA |
9,085 | 19,855 | ||||||
Entra ASA(c) |
7,156 | 69,799 | ||||||
Europris ASA(c) |
15,534 | 94,238 | ||||||
Flex LNG Ltd. |
2,826 | 89,624 | ||||||
Frontline PLC, NVS |
12,863 | 214,319 | ||||||
Golden Ocean Group Ltd. |
12,796 | 100,266 | ||||||
Grieg Seafood ASA |
5,015 | 36,146 | ||||||
Hafnia Ltd. |
19,913 | 108,231 | ||||||
Hexagon Composites ASA(a) |
12,177 | 36,331 | ||||||
Hexagon Purus ASA(a)(b) |
13,746 | 27,985 | ||||||
Hoegh Autoliners ASA |
4,578 | 26,492 |
72 |
2 0 2 3 I 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 Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Norway (continued) |
||||||||
Kahoot! ASA(a) |
31,466 | $ | 108,240 | |||||
Kitron ASA |
16,506 | 61,004 | ||||||
Leroy Seafood Group ASA |
25,782 | 107,264 | ||||||
MPC Container Ships AS |
30,533 | 56,963 | ||||||
NEL ASA(a) |
160,367 | 217,502 | ||||||
Nordic Semiconductor ASA(a) |
16,115 | 237,323 | ||||||
Norske Skog ASA(a)(c) |
6,052 | 27,133 | ||||||
Norwegian Air Shuttle ASA(a) |
68,455 | 68,330 | ||||||
Nykode Therapeutics AS(a)(b) |
9,459 | 27,174 | ||||||
Odfjell Drilling Ltd.(a) |
8,758 | 24,902 | ||||||
PGS ASA(a) |
84,089 | 59,131 | ||||||
Protector Forsikring ASA |
5,673 | 92,663 | ||||||
REC Silicon ASA(a)(b) |
26,286 | 44,806 | ||||||
Scatec ASA(c) |
11,068 | 92,506 | ||||||
Schibsted ASA, Class A |
7,152 | 153,219 | ||||||
Schibsted ASA, Class B |
9,427 | 184,858 | ||||||
SpareBank 1 Nord Norge |
9,469 | 90,185 | ||||||
SpareBank 1 Oestlandet |
3,244 | 40,778 | ||||||
SpareBank 1 SMN |
12,534 | 175,644 | ||||||
SpareBank 1 SR-Bank ASA |
17,547 | 226,470 | ||||||
Stolt-Nielsen Ltd. |
2,299 | 56,844 | ||||||
Storebrand ASA |
43,884 | 383,591 | ||||||
Subsea 7 SA |
21,584 | 290,071 | ||||||
TGS ASA |
12,393 | 165,413 | ||||||
TOMRA Systems ASA |
23,153 | 356,805 | ||||||
Veidekke ASA |
10,344 | 116,759 | ||||||
Wallenius Wilhelmsen ASA |
10,446 | 72,533 | ||||||
|
|
|||||||
6,038,221 | ||||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA |
6,553 | 30,813 | ||||||
Banco Comercial Portugues SA, Class R(a) |
811,881 | 221,729 | ||||||
Corticeira Amorim SGPS SA |
4,029 | 45,628 | ||||||
CTT-Correios de Portugal SA |
8,409 | 33,193 | ||||||
Greenvolt Energias Renovaveis SA(a) |
5,393 | 37,678 | ||||||
Mota-Engil SGPS SA |
9,040 | 24,881 | ||||||
Navigator Co. SA (The) |
20,211 | 70,843 | ||||||
NOS SGPS SA |
19,270 | 73,224 | ||||||
REN - Redes Energeticas Nacionais SGPS SA |
38,400 | 104,856 | ||||||
Semapa-Sociedade de Investimento e Gestao |
1,517 | 22,017 | ||||||
Sonae SGPS SA |
78,582 | 85,439 | ||||||
|
|
|||||||
750,301 | ||||||||
Singapore — 0.0% | ||||||||
Jurong Technologies Industrial Corp. Ltd.(d) |
60,000 | — | ||||||
|
|
|||||||
Spain — 3.8% | ||||||||
Acerinox SA |
17,851 | 187,925 | ||||||
Almirall SA |
8,159 | 78,267 | ||||||
Applus Services SA |
12,995 | 139,404 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA |
8,163 | 33,838 | ||||||
Audax Renovables SA(a) |
12,855 | 17,677 | ||||||
Banco de Sabadell SA |
547,340 | 674,527 | ||||||
Bankinter SA |
65,741 | 425,347 | ||||||
Cia. de Distribucion Integral Logista Holdings SA |
5,868 | 163,277 | ||||||
Cie. Automotive SA |
4,112 | 128,872 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA |
1,635 | 55,755 | ||||||
Distribuidora Internacional de Alimentacion SA(a) |
1,494,495 | 25,103 | ||||||
Ebro Foods SA |
6,731 | 124,080 | ||||||
eDreams ODIGEO SA(a) |
8,774 | 64,407 | ||||||
Ence Energia y Celulosa SA |
13,650 | 41,570 | ||||||
Faes Farma SA |
29,562 | 102,435 |
Security | Shares | Value | ||||||
Spain (continued) |
||||||||
Fluidra SA |
9,402 | $ | 207,927 | |||||
Gestamp Automocion SA(c) |
17,195 | 83,482 | ||||||
Global Dominion Access SA(c) |
8,894 | 37,405 | ||||||
Grenergy Renovables SA(a)(b) |
1,395 | 42,110 | ||||||
Indra Sistemas SA |
12,147 | 176,661 | ||||||
Inmobiliaria Colonial SOCIMI SA |
29,225 | 188,655 | ||||||
Laboratorios Farmaceuticos Rovi SA |
2,122 | 101,883 | ||||||
Lar Espana Real Estate SOCIMI SA |
4,996 | 32,354 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros |
57,719 | 56,037 | ||||||
Mapfre SA |
89,166 | 185,328 | ||||||
Melia Hotels International SA(a) |
10,625 | 78,002 | ||||||
Merlin Properties SOCIMI SA |
31,706 | 295,467 | ||||||
Miquel y Costas & Miquel SA |
1,561 | 19,635 | ||||||
Neinor Homes SA(c) |
2,611 | 25,837 | ||||||
Opdenergy Holdings SA, NVS(a) |
4,261 | 26,751 | ||||||
Pharma Mar SA |
1,426 | 53,614 | ||||||
Prosegur Cash SA(c) |
28,424 | 19,889 | ||||||
Prosegur Cia. de Seguridad SA |
20,176 | 37,106 | ||||||
Sacyr SA |
38,807 | 132,670 | ||||||
Solaria Energia y Medio Ambiente SA(a) |
7,978 | 124,786 | ||||||
Soltec Power Holdings SA(a) |
3,421 | 15,725 | ||||||
Talgo SA(c) |
5,801 | 23,976 | ||||||
Talgo SA, NVS |
166 | 685 | ||||||
Tecnicas Reunidas SA(a) |
4,639 | 44,702 | ||||||
Unicaja Banco SA(b)(c) |
130,392 | 152,190 | ||||||
Vidrala SA |
1,913 | 194,766 | ||||||
Viscofan SA |
3,867 | 251,049 | ||||||
|
|
|||||||
4,871,176 | ||||||||
Sweden — 10.4% | ||||||||
AAK AB |
17,773 | 341,620 | ||||||
AcadeMedia AB(c) |
7,897 | 38,073 | ||||||
AddLife AB, Class B |
10,961 | 89,264 | ||||||
AddTech AB, Class B |
25,285 | 471,055 | ||||||
AFRY AB |
9,029 | 125,301 | ||||||
Alimak Group AB(c) |
6,223 | 45,255 | ||||||
Alleima AB, NVS |
19,264 | 83,681 | ||||||
Ambea AB(c) |
6,786 | 21,970 | ||||||
Arjo AB, Class B |
21,163 | 90,546 | ||||||
Atrium Ljungberg AB, Class B |
5,077 | 99,575 | ||||||
Attendo AB(a)(c) |
10,409 | 31,643 | ||||||
Avanza Bank Holding AB |
12,323 | 279,059 | ||||||
Axfood AB |
10,528 | 268,241 | ||||||
Beijer Alma AB |
4,480 | 81,970 | ||||||
Betsson AB |
11,396 | 137,891 | ||||||
BICO Group AB, Class B(a)(b) |
4,366 | 17,079 | ||||||
Bilia AB, Class A |
5,965 | 62,688 | ||||||
Billerud AB |
21,773 | 185,672 | ||||||
BioArctic AB, Class B(a)(c) |
3,624 | 103,840 | ||||||
BioGaia AB, Class B |
8,289 | 82,210 | ||||||
Biotage AB |
6,373 | 78,666 | ||||||
BoneSupport Holding AB(a)(c) |
5,339 | 74,735 | ||||||
Boozt AB(a)(b)(c) |
5,495 | 65,461 | ||||||
Bravida Holding AB(c) |
20,021 | 160,911 | ||||||
Bufab AB |
2,642 | 77,335 | ||||||
Bure Equity AB |
5,418 | 115,269 | ||||||
Calliditas Therapeutics AB, Class B(a)(b) |
3,582 | 34,895 | ||||||
Camurus AB(a) |
2,969 | 83,881 | ||||||
Castellum AB(b) |
37,622 | 428,444 | ||||||
Catena AB |
3,172 | 121,853 |
S C H E D U L E O F I N V E S T M E N T S |
73 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) |
||||||||
Cellavision AB |
1,477 | $ | 30,799 | |||||
Cibus Nordic Real Estate AB |
4,428 | 49,792 | ||||||
Clas Ohlson AB, Class B |
3,740 | 30,462 | ||||||
Cloetta AB, Class B |
20,360 | 36,448 | ||||||
Collector Bank AB(a) |
5,922 | 19,199 | ||||||
Coor Service Management Holding AB(c) |
8,904 | 40,991 | ||||||
Corem Property Group AB, Class B |
52,531 | 35,433 | ||||||
Creades AB, Class A |
5,514 | 38,286 | ||||||
Dios Fastigheter AB |
9,283 | 63,299 | ||||||
Dometic Group AB(c) |
31,528 | 234,922 | ||||||
Dustin Group AB(a)(c) |
7,380 | 19,251 | ||||||
Electrolux AB, Class B |
21,573 | 266,453 | ||||||
Electrolux Professional AB, Class B |
23,185 | 130,619 | ||||||
Elekta AB, Class B |
33,757 | 273,473 | ||||||
Engcon AB |
3,913 | 28,881 | ||||||
Fabege AB |
25,816 | 223,577 | ||||||
Fortnox AB |
47,538 | 291,780 | ||||||
GARO AB |
3,074 | 17,027 | ||||||
Granges AB |
10,118 | 103,344 | ||||||
Hemnet Group AB |
7,881 | 139,630 | ||||||
Hexatronic Group AB(b) |
15,842 | 120,044 | ||||||
Hexpol AB |
25,885 | 280,813 | ||||||
HMS Networks AB |
2,764 | 111,613 | ||||||
Hufvudstaden AB, Class A |
10,826 | 132,532 | ||||||
Instalco AB |
20,555 | 80,875 | ||||||
Intrum AB(b) |
7,772 | 60,553 | ||||||
Investment AB Oresund |
2,848 | 28,291 | ||||||
INVISIO AB |
4,011 | 83,475 | ||||||
Inwido AB |
5,030 | 55,506 | ||||||
JM AB(b) |
6,268 | 98,482 | ||||||
Kambi Group PLC, Class B(a) |
2,351 | 44,522 | ||||||
K-Fast Holding AB, Class B(a)(b) |
5,246 | 10,023 | ||||||
Kindred Group PLC |
22,410 | 269,559 | ||||||
KNOW IT AB |
2,454 | 34,668 | ||||||
Lindab International AB |
7,369 | 114,247 | ||||||
Loomis AB, Class B |
7,024 | 204,908 | ||||||
Medicover AB, Class B |
6,182 | 94,585 | ||||||
MEKO AB |
3,792 | 39,580 | ||||||
Millicom International Cellular SA, SDR(a) |
16,964 | 263,403 | ||||||
MIPS AB |
2,589 | 117,217 | ||||||
Modern Times Group MTG AB, Class B(a) |
9,368 | 60,931 | ||||||
Munters Group AB(c) |
12,696 | 161,143 | ||||||
Mycronic AB |
7,161 | 154,103 | ||||||
NCC AB, Class B |
7,368 | 79,345 | ||||||
New Wave Group AB, Class B |
8,730 | 79,171 | ||||||
Nobia AB(a) |
11,939 | 12,907 | ||||||
Nolato AB, Class B |
17,812 | 73,622 | ||||||
Nordnet AB publ |
13,289 | 197,173 | ||||||
Note AB(a) |
1,851 | 31,350 | ||||||
NP3 Fastigheter AB |
2,617 | 43,935 | ||||||
Nyfosa AB |
14,734 | 93,470 | ||||||
Orron Energy AB(a) |
19,225 | 22,225 | ||||||
OX2 AB, Class B(a) |
10,707 | 66,984 | ||||||
Pandox AB, Class B |
8,935 | 105,357 | ||||||
Paradox Interactive AB |
3,631 | 104,242 | ||||||
Peab AB, Class B |
16,403 | 72,561 | ||||||
Platzer Fastigheter Holding AB, Class B |
5,706 | 43,365 | ||||||
PowerCell Sweden AB(a)(b) |
4,351 | 40,072 | ||||||
Ratos AB, Class B |
20,289 | 67,449 | ||||||
Resurs Holding AB(c) |
11,848 | 28,717 |
Security | Shares | Value | ||||||
Sweden (continued) |
||||||||
Rvrc Holding AB |
5,277 | $ | 17,036 | |||||
Samhallsbyggnadsbolaget i Norden AB(b) |
102,663 | 44,390 | ||||||
Samhallsbyggnadsbolaget i Norden AB, Class D(b) |
16,128 | 6,660 | ||||||
Scandic Hotels Group AB(a)(b)(c) |
13,834 | 54,554 | ||||||
Sdiptech AB, Class B(a) |
2,655 | 73,216 | ||||||
Sectra AB, NVS |
13,067 | 209,236 | ||||||
Sinch AB(a)(b)(c) |
65,799 | 170,540 | ||||||
SkiStar AB |
3,982 | 43,236 | ||||||
SSAB AB, Class A |
22,422 | 142,278 | ||||||
SSAB AB, Class B |
63,654 | 389,432 | ||||||
Stillfront Group AB(a) |
45,683 | 84,542 | ||||||
Storskogen Group AB |
130,965 | 134,806 | ||||||
Surgical Science Sweden AB(a) |
3,493 | 81,282 | ||||||
Svolder AB |
8,899 | 50,394 | ||||||
Sweco AB, Class B |
21,011 | 216,370 | ||||||
SwedenCare AB |
6,817 | 29,264 | ||||||
Synsam AB |
5,339 | 21,812 | ||||||
Thule Group AB(c) |
10,236 | 319,634 | ||||||
Trelleborg AB, Class B |
21,237 | 565,385 | ||||||
Troax Group AB |
3,684 | 66,353 | ||||||
Truecaller AB(a)(b) |
22,496 | 89,113 | ||||||
Vestum AB(a)(b) |
20,303 | 19,268 | ||||||
Viaplay Group AB, Class B(a)(b) |
6,743 | 29,275 | ||||||
Vimian Group AB(a)(b) |
17,680 | 45,819 | ||||||
Vitec Software Group AB, Class B |
3,009 | 171,401 | ||||||
Vitrolife AB |
7,310 | 108,470 | ||||||
Volati AB(b) |
2,304 | 21,692 | ||||||
Wallenstam AB, Class B |
33,990 | 132,509 | ||||||
Wihlborgs Fastigheter AB |
27,132 | 212,168 | ||||||
XANO Industri AB, Class B |
1,434 | 15,285 | ||||||
Xvivo Perfusion AB(a) |
2,074 | 62,814 | ||||||
|
|
|||||||
13,383,001 | ||||||||
Switzerland — 8.8% | ||||||||
Accelleron Industries AG, NVS |
7,899 | 208,102 | ||||||
Allreal Holding AG, Registered |
1,436 | 263,819 | ||||||
ALSO Holding AG, Registered |
626 | 143,249 | ||||||
Arbonia AG |
4,935 | 57,251 | ||||||
Aryzta AG(a) |
97,495 | 166,628 | ||||||
Autoneum Holding AG(a) |
260 | 44,805 | ||||||
Basilea Pharmaceutica AG, Registered(a) |
1,226 | 61,810 | ||||||
Belimo Holding AG, Registered |
960 | 517,392 | ||||||
Bell Food Group AG, Registered |
215 | 63,546 | ||||||
Bossard Holding AG, Class A, Registered |
555 | 129,708 | ||||||
Bucher Industries AG, Registered |
652 | 290,540 | ||||||
Burckhardt Compression Holding AG |
301 | 177,391 | ||||||
Burkhalter Holding AG |
717 | 76,595 | ||||||
Bystronic AG, Registered |
135 | 94,587 | ||||||
Cembra Money Bank AG |
2,936 | 222,849 | ||||||
Coltene Holding AG, Registered |
236 | 19,067 | ||||||
Comet Holding AG, Registered |
750 | 197,306 | ||||||
COSMO Pharmaceuticals NV |
948 | 48,702 | ||||||
Daetwyler Holding AG, Bearer |
727 | 143,807 | ||||||
DKSH Holding AG |
3,515 | 283,636 | ||||||
DocMorris AG(a)(b) |
1,117 | 68,359 | ||||||
dormakaba Holding AG |
309 | 150,663 | ||||||
Dottikon Es Holding AG(a)(b) |
279 | 76,629 | ||||||
EFG International AG |
9,202 | 114,798 | ||||||
Emmi AG, Registered |
206 | 201,602 | ||||||
Flughafen Zurich AG, Registered |
1,924 | 407,305 | ||||||
Forbo Holding AG, Registered |
95 | 136,664 |
74 |
2 0 2 3 I 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 Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) |
||||||||
Galenica AG(c) |
4,884 | $ | 393,065 | |||||
Georg Fischer Ltd. |
7,980 | 545,004 | ||||||
Gurit Holding AG(a) |
276 | 29,561 | ||||||
Huber + Suhner AG, Registered |
1,688 | 145,798 | ||||||
Idorsia Ltd.(a)(b) |
11,061 | 87,729 | ||||||
Implenia AG, Registered |
1,297 | 63,174 | ||||||
Inficon Holding AG, Registered |
168 | 215,381 | ||||||
Interroll Holding AG, Registered |
67 | 214,314 | ||||||
Intershop Holding AG |
103 | 71,099 | ||||||
Kardex Holding AG, Registered |
611 | 152,883 | ||||||
Komax Holding AG, Registered |
378 | 92,926 | ||||||
Landis+Gyr Group AG |
2,141 | 185,902 | ||||||
LEM Holding SA, Registered |
55 | 132,447 | ||||||
Leonteq AG |
943 | 44,523 | ||||||
Medacta Group SA(c) |
662 | 96,152 | ||||||
Medartis Holding AG(a)(c) |
433 | 40,219 | ||||||
Medmix AG(c) |
2,350 | 65,591 | ||||||
Meier Tobler Group AG |
455 | 24,932 | ||||||
Metall Zug AG, Class B, Registered |
20 | 36,236 | ||||||
Meyer Burger Technology AG(a) |
317,128 | 190,667 | ||||||
Mobilezone Holding AG, Registered |
4,397 | 73,280 | ||||||
Mobimo Holding AG, Registered |
706 | 208,776 | ||||||
Montana Aerospace AG(a)(c) |
2,740 | 43,126 | ||||||
OC Oerlikon Corp. AG, Registered |
18,250 | 99,235 | ||||||
Orior AG |
612 | 52,635 | ||||||
Peach Property Group AG(a)(b) |
1,224 | 16,432 | ||||||
PolyPeptide Group AG(a)(b)(c) |
1,477 | 34,817 | ||||||
PSP Swiss Property AG, Registered |
4,467 | 526,391 | ||||||
Rieter Holding AG, Registered(b) |
217 | 24,137 | ||||||
Schweiter Technologies AG, NVS(b) |
99 | 76,206 | ||||||
Sensirion Holding AG(a)(b)(c) |
896 | 78,522 | ||||||
SFS Group AG |
1,718 | 204,232 | ||||||
Siegfried Holding AG, Registered |
388 | 342,809 | ||||||
SKAN Group AG |
994 | 91,107 | ||||||
Softwareone Holding AG |
10,891 | 233,095 | ||||||
St. Galler Kantonalbank AG, Class A, Registered |
293 | 167,577 | ||||||
Stadler Rail AG |
5,895 | 236,729 | ||||||
Sulzer AG, Registered |
1,823 | 178,967 | ||||||
Swissquote Group Holding SA, Registered |
1,105 | 250,274 | ||||||
Tecan Group AG, Registered |
1,244 | 495,026 | ||||||
TX Group AG |
258 | 29,358 | ||||||
u-blox Holding AG |
676 | 75,706 | ||||||
Untrade Real Gold Mining(d) |
27,000 | — | ||||||
Valiant Holding AG, Registered |
1,527 | 168,020 | ||||||
Vetropack Holding AG, Class A, Registered |
1,285 | 64,615 | ||||||
Vontobel Holding AG, Registered |
2,728 | 183,779 | ||||||
V-ZUG Holding AG(a)(b) |
184 | 15,002 | ||||||
Ypsomed Holding AG, Registered |
469 | 137,694 | ||||||
Zehnder Group AG, Registered |
894 | 65,478 | ||||||
|
|
|||||||
11,367,438 | ||||||||
United Kingdom — 29.8% | ||||||||
4imprint Group PLC |
2,756 | 156,862 | ||||||
888 Holdings PLC(a) |
39,342 | 54,570 | ||||||
AB Dynamics PLC |
1,687 | 39,511 | ||||||
Advanced Medical Solutions Group PLC |
21,687 | 69,163 | ||||||
AG Barr PLC |
9,195 | 55,639 | ||||||
Airtel Africa PLC(c) |
89,945 | 134,592 | ||||||
AJ Bell PLC |
30,062 | 126,465 | ||||||
Alliance Pharma PLC(b) |
41,653 | 27,262 | ||||||
Alpha Financial Markets Consulting PLC |
10,940 | 53,632 |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Alpha FX Group PLC |
3,404 | $ | 98,292 | |||||
Alphawave IP Group PLC(a) |
24,091 | 49,838 | ||||||
AO World PLC(a) |
42,557 | 51,854 | ||||||
Ascential PLC(a) |
42,941 | 115,287 | ||||||
Ashmore Group PLC |
45,083 | 119,554 | ||||||
ASOS PLC(a) |
7,616 | 41,137 | ||||||
Assura PLC |
288,421 | 175,301 | ||||||
Aston Martin Lagonda Global Holdings PLC(a)(c) |
30,887 | 156,987 | ||||||
Atalaya Mining PLC |
10,405 | 44,066 | ||||||
Auction Technology Group PLC(a) |
8,958 | 81,508 | ||||||
Avon Protection PLC |
2,962 | 31,192 | ||||||
B&M European Value Retail SA |
92,506 | 657,062 | ||||||
Babcock International Group PLC(a) |
23,849 | 114,813 | ||||||
Balanced Commercial Property Trust Ltd. |
67,555 | 60,254 | ||||||
Balfour Beatty PLC |
56,098 | 251,545 | ||||||
Bank of Georgia Group PLC |
3,375 | 140,984 | ||||||
Beazley PLC |
65,473 | 461,300 | ||||||
Bellway PLC |
11,879 | 337,797 | ||||||
Big Yellow Group PLC |
17,125 | 235,677 | ||||||
Bodycote PLC |
18,400 | 163,406 | ||||||
boohoo Group PLC(a) |
95,308 | 47,520 | ||||||
Breedon Group PLC |
29,525 | 137,923 | ||||||
Bridgepoint Group PLC(c) |
23,712 | 57,484 | ||||||
Britvic PLC |
25,349 | 281,370 | ||||||
Burford Capital Ltd. |
17,945 | 242,528 | ||||||
Bytes Technology Group PLC |
22,339 | 147,931 | ||||||
C&C Group PLC |
39,121 | 69,292 | ||||||
Capita PLC(a) |
158,792 | 56,286 | ||||||
Capital & Counties Properties PLC |
143,954 | 221,322 | ||||||
Capricorn Energy PLC |
14,338 | 32,606 | ||||||
Carnival PLC(a) |
13,648 | 231,485 | ||||||
Centamin PLC |
112,527 | 138,943 | ||||||
Central Asia Metals PLC |
17,464 | 41,149 | ||||||
Ceres Power Holdings PLC(a)(b) |
12,598 | 58,947 | ||||||
Chemring Group PLC |
28,006 | 101,894 | ||||||
Clarkson PLC |
2,859 | 102,368 | ||||||
Close Brothers Group PLC |
14,499 | 171,569 | ||||||
CLS Holdings PLC |
17,155 | 30,778 | ||||||
CMC Markets PLC(c) |
9,443 | 16,942 | ||||||
Coats Group PLC |
153,477 | 137,875 | ||||||
Computacenter PLC |
7,857 | 221,661 | ||||||
ConvaTec Group PLC(c) |
159,588 | 427,559 | ||||||
Craneware PLC |
2,966 | 52,148 | ||||||
Cranswick PLC |
5,178 | 222,148 | ||||||
Crest Nicholson Holdings PLC |
22,295 | 61,059 | ||||||
Currys PLC |
105,812 | 72,446 | ||||||
Custodian Reit PLC |
43,022 | 48,035 | ||||||
CVS Group PLC |
7,024 | 185,589 | ||||||
Darktrace PLC(a) |
24,378 | 115,614 | ||||||
Dechra Pharmaceuticals PLC |
11,087 | 528,544 | ||||||
Deliveroo PLC, Class A(a)(c) |
94,971 | 160,152 | ||||||
Derwent London PLC |
9,383 | 254,978 | ||||||
Diploma PLC |
13,049 | 542,737 | ||||||
Direct Line Insurance Group PLC |
128,886 | 248,886 | ||||||
DiscoverIE Group PLC |
9,169 | 94,087 | ||||||
Diversified Energy Co. PLC |
95,419 | 116,088 | ||||||
Domino’s Pizza Group PLC |
37,290 | 166,252 | ||||||
Dowlais Group PLC(a) |
130,306 | 205,607 | ||||||
Dr. Martens PLC |
63,898 | 124,997 | ||||||
Draper Esprit PLC(a) |
13,224 | 44,600 |
S C H E D U L E O F I N V E S T M E N T S |
75 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Drax Group PLC |
39,396 | $ | 305,780 | |||||
DS Smith PLC |
134,075 | 533,062 | ||||||
Dunelm Group PLC |
11,885 | 175,405 | ||||||
easyJet PLC(a) |
29,399 | 170,754 | ||||||
Elementis PLC(a) |
58,480 | 83,006 | ||||||
EMIS Group PLC |
5,908 | 110,091 | ||||||
Empiric Student Property PLC |
56,760 | 64,102 | ||||||
Energean PLC |
13,197 | 196,123 | ||||||
EnQuest PLC(a) |
140,798 | 32,253 | ||||||
Ergomed PLC(a) |
4,274 | 59,368 | ||||||
Essentra PLC |
29,908 | 62,388 | ||||||
FD Technologies PLC(a) |
2,376 | 54,601 | ||||||
Ferrexpo PLC |
27,554 | 32,462 | ||||||
Fevertree Drinks PLC |
10,323 | 177,788 | ||||||
Finablr PLC(a)(c)(d) |
20,497 | — | ||||||
Firstgroup PLC |
69,075 | 129,369 | ||||||
Forterra PLC(c) |
18,778 | 41,450 | ||||||
Frasers Group PLC(a) |
13,802 | 143,855 | ||||||
Future PLC |
10,488 | 112,629 | ||||||
Games Workshop Group PLC |
3,212 | 480,214 | ||||||
Gamma Communications PLC |
9,038 | 128,940 | ||||||
GB Group PLC |
24,796 | 79,651 | ||||||
Genel Energy PLC |
14,288 | 19,107 | ||||||
Genuit Group PLC |
24,423 | 98,104 | ||||||
Genus PLC |
6,342 | 200,608 | ||||||
Grafton Group PLC |
19,208 | 215,914 | ||||||
Grainger PLC |
69,263 | 223,822 | ||||||
Great Portland Estates PLC |
24,922 | 136,762 | ||||||
Greatland Gold PLC(a) |
428,690 | 38,511 | ||||||
Greggs PLC |
9,934 | 352,297 | ||||||
Gulf Keystone Petroleum Ltd. |
20,519 | 32,732 | ||||||
Halfords Group PLC |
20,881 | 59,276 | ||||||
Hammerson PLC |
388,846 | 132,741 | ||||||
Harbour Energy PLC |
61,048 | 208,996 | ||||||
Hays PLC |
155,304 | 213,681 | ||||||
Helios Towers PLC(a) |
72,288 | 83,711 | ||||||
Hill & Smith PLC |
7,678 | 155,567 | ||||||
Hiscox Ltd. |
33,774 | 467,481 | ||||||
Hochschild Mining PLC |
32,161 | 31,868 | ||||||
Home Reit PLC(d) |
61,201 | 25,403 | ||||||
Howden Joinery Group PLC |
53,812 | 509,543 | ||||||
Hunting PLC |
14,014 | 47,480 | ||||||
Ibstock PLC(c) |
38,554 | 74,431 | ||||||
IG Group Holdings PLC |
40,260 | 365,826 | ||||||
IMI PLC |
25,388 | 530,797 | ||||||
Impact Healthcare Reit PLC, Class B |
33,334 | 39,785 | ||||||
Impax Asset Management Group PLC |
9,768 | 68,874 | ||||||
Inchcape PLC |
36,336 | 382,146 | ||||||
Indivior PLC, NVS(a) |
12,832 | 288,683 | ||||||
IntegraFin Holdings PLC |
28,839 | 90,676 | ||||||
Intermediate Capital Group PLC |
28,289 | 510,561 | ||||||
International Distributions Services PLC(a) |
70,475 | 240,727 | ||||||
Investec PLC |
63,852 | 401,200 | ||||||
IP Group PLC |
97,385 | 74,737 | ||||||
ITM Power PLC(a)(b) |
43,899 | 52,116 | ||||||
ITV PLC |
355,005 | 329,687 | ||||||
IWG PLC(a) |
73,588 | 144,397 | ||||||
J D Wetherspoon PLC(a) |
8,690 | 75,390 | ||||||
JET2 PLC |
16,882 | 243,342 | ||||||
John Wood Group PLC(a) |
66,531 | 126,462 |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Johnson Service Group PLC |
41,550 | $ | 59,935 | |||||
JTC PLC(c) |
13,908 | 128,512 | ||||||
Judges Scientific PLC |
577 | 70,051 | ||||||
Jupiter Fund Management PLC |
43,318 | 63,590 | ||||||
Just Group PLC |
102,169 | 107,911 | ||||||
Kainos Group PLC |
7,866 | 132,361 | ||||||
Keller Group PLC |
7,010 | 77,008 | ||||||
Keywords Studios PLC |
7,167 | 162,065 | ||||||
Kier Group PLC(a) |
41,510 | 46,773 | ||||||
Lancashire Holdings Ltd. |
23,527 | 180,074 | ||||||
Learning Technologies Group PLC |
55,932 | 53,835 | ||||||
Liontrust Asset Management PLC |
5,927 | 49,164 | ||||||
LondonMetric Property PLC |
96,653 | 229,297 | ||||||
LXI REIT PLC |
160,991 | 196,587 | ||||||
Man Group PLC/Jersey |
118,231 | 362,448 | ||||||
Marks & Spencer Group PLC(a) |
191,519 | 507,316 | ||||||
Marlowe PLC(a) |
7,601 | 55,407 | ||||||
Marshalls PLC |
21,446 | 73,876 | ||||||
Melrose Industries PLC |
131,860 | 897,381 | ||||||
Mitchells & Butlers PLC(a) |
25,535 | 75,294 | ||||||
Mitie Group PLC |
127,289 | 166,048 | ||||||
Mobico Group PLC |
52,355 | 62,771 | ||||||
Moneysupermarket.com Group PLC |
49,175 | 173,170 | ||||||
Moonpig Group PLC(a) |
23,661 | 54,506 | ||||||
Morgan Advanced Materials PLC |
28,122 | 98,663 | ||||||
Morgan Sindall Group PLC |
4,052 | 99,385 | ||||||
NCC Group PLC |
29,050 | 35,976 | ||||||
Network International Holdings PLC(a)(c) |
46,230 | 229,248 | ||||||
Next Fifteen Communications Group PLC |
8,155 | 66,457 | ||||||
Ninety One PLC |
27,521 | 60,890 | ||||||
OSB Group PLC |
41,559 | 196,417 | ||||||
Oxford Biomedica PLC(a) |
6,510 | 36,891 | ||||||
Oxford Instruments PLC |
5,334 | 164,289 | ||||||
Oxford Nanopore Technologies PLC(a) |
52,792 | 178,726 | ||||||
Pagegroup PLC |
31,685 | 181,434 | ||||||
Pan African Resources PLC |
161,451 | 29,919 | ||||||
Paragon Banking Group PLC |
22,370 | 151,581 | ||||||
Patisserie Holdings PLC, NVS(d) |
7,527 | — | ||||||
Penno Group PLC |
25,540 | 230,640 | ||||||
Petrofac Ltd.(a)(b) |
43,165 | 43,541 | ||||||
Pets at Home Group PLC |
47,457 | 238,481 | ||||||
Picton Property Income Ltd. |
53,273 | 48,299 | ||||||
Playtech PLC(a) |
22,293 | 160,500 | ||||||
Plus500 Ltd. |
8,805 | 170,176 | ||||||
Polar Capital Holdings PLC |
8,910 | 55,458 | ||||||
Premier Foods PLC |
64,231 | 104,522 | ||||||
Primary Health Properties PLC |
131,280 | 159,460 | ||||||
Provident Financial PLC |
24,937 | 40,260 | ||||||
PRS REIT PLC (The) |
53,205 | 56,263 | ||||||
PZ Cussons PLC |
22,912 | 48,806 | ||||||
QinetiQ Group PLC |
50,094 | 207,419 | ||||||
Quilter PLC(c) |
137,838 | 138,359 | ||||||
Rank Group PLC(a) |
19,024 | 22,412 | ||||||
Rathbones Group PLC |
5,965 | 138,003 | ||||||
Reach PLC |
32,990 | 35,966 | ||||||
Redde Northgate PLC |
20,783 | 91,751 | ||||||
Redrow PLC |
25,994 | 172,805 | ||||||
Regional REIT Ltd.(c) |
46,918 | 26,915 | ||||||
Renewi PLC(a) |
7,351 | 49,119 | ||||||
Renishaw PLC |
3,509 | 175,628 |
76 |
2 0 2 3 I 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 Europe Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Restore PLC |
13,450 | $ | 28,049 | |||||
RHI Magnesita NV(b) |
2,771 | 106,258 | ||||||
Rightmove PLC |
79,941 | 585,727 | ||||||
Rotork PLC |
83,995 | 332,706 | ||||||
RS GROUP PLC |
46,079 | 464,153 | ||||||
RWS Holdings PLC |
28,165 | 93,834 | ||||||
S4 Capital PLC(a) |
36,332 | 49,176 | ||||||
Safestore Holdings PLC |
21,009 | 238,827 | ||||||
Savills PLC |
13,476 | 168,448 | ||||||
Serco Group PLC |
110,372 | 219,976 | ||||||
Serica Energy PLC |
24,336 | 74,922 | ||||||
SIG PLC(a) |
64,121 | 23,823 | ||||||
Sirius Real Estate Ltd. |
114,336 | 121,499 | ||||||
Smart Metering Systems PLC |
13,102 | 117,197 | ||||||
Softcat PLC |
12,678 | 244,274 | ||||||
SolGold PLC(a) |
146,077 | 29,680 | ||||||
Spectris PLC |
10,205 | 460,526 | ||||||
Spire Healthcare Group PLC(c) |
26,737 | 73,944 | ||||||
Spirent Communications PLC |
58,724 | 127,628 | ||||||
SSP Group PLC(a) |
77,476 | 250,163 | ||||||
SThree PLC |
12,794 | 57,928 | ||||||
Supermarket Income Reit PLC |
120,402 | 117,854 | ||||||
Synthomer PLC(a) |
34,780 | 37,248 | ||||||
Target Healthcare REIT PLC |
62,904 | 59,335 | ||||||
Tate & Lyle PLC |
39,259 | 376,109 | ||||||
TBC Bank Group PLC |
4,087 | 130,602 | ||||||
Team17 Group PLC(a) |
11,513 | 46,690 | ||||||
Telecom Plus PLC |
7,024 | 149,997 | ||||||
THG PLC, Class B(a) |
89,338 | 118,248 | ||||||
TI Fluid Systems PLC(c) |
30,663 | 52,731 | ||||||
TP ICAP Group PLC |
75,855 | 154,784 | ||||||
Trainline PLC(a)(c) |
44,029 | 148,833 | ||||||
Travis Perkins PLC |
20,490 | 229,184 | ||||||
Tremor International Ltd.(a)(b) |
10,004 | 38,259 | ||||||
Tritax Big Box REIT PLC |
180,188 | 319,511 | ||||||
Trustpilot Group PLC(a)(c) |
26,787 | 30,114 | ||||||
TUI AG(a) |
44,699 | 362,085 | ||||||
Tullow Oil PLC(a)(b) |
113,443 | 50,198 | ||||||
Tyman PLC |
18,464 | 74,168 | ||||||
UK Commercial Property REIT Ltd. |
79,054 | 53,134 | ||||||
UNITE Group PLC (The) |
33,253 | 415,182 | ||||||
Urban Logistics REIT PLC |
47,088 | 73,604 | ||||||
Vesuvius PLC |
21,395 | 121,142 | ||||||
Victoria PLC(a)(b) |
5,429 | 45,706 | ||||||
Victrex PLC |
8,485 | 168,472 | ||||||
Virgin Money U.K. PLC |
114,078 | 258,775 | ||||||
Vistry Group PLC |
33,923 | 344,073 | ||||||
Volex PLC |
13,230 | 49,068 | ||||||
Volution Group PLC |
18,812 | 96,956 | ||||||
Warehouse REIT PLC |
38,399 | 42,282 | ||||||
Watches of Switzerland Group PLC(a)(c) |
23,431 | 226,579 | ||||||
Weir Group PLC (The) |
25,251 | 594,705 | ||||||
WH Smith PLC |
12,767 | 244,753 | ||||||
Wickes Group PLC |
24,158 | 42,350 | ||||||
Wincanton PLC |
11,622 | 36,095 | ||||||
Workspace Group PLC |
13,691 | 87,254 | ||||||
XP Power Ltd. |
1,645 | 43,137 | ||||||
Yellow Cake PLC(a)(c) |
19,459 | 107,735 | ||||||
YouGov PLC |
9,673 | 120,414 |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Young & Co.‘s Brewery PLC, Series A, Class A |
2,094 | $ | 31,845 | |||||
|
|
|||||||
38,289,669 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.5% |
126,773,744 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.6% | ||||||||
Draegerwerk AG & Co. KGaA, Preference Shares, NVS |
865 | 43,448 | ||||||
Einhell Germany AG, Preference Shares, NVS |
175 | 29,324 | ||||||
Fuchs Petrolub SE, Preference Shares, NVS |
6,802 | 281,560 | ||||||
Jungheinrich AG, Preference Shares, NVS |
4,673 | 174,834 | ||||||
Schaeffler AG, Preference Shares, NVS |
12,290 | 78,373 | ||||||
Sixt SE, Preference Shares, NVS |
1,617 | 120,075 | ||||||
STO SE & Co. KGaA, Preference Shares, NVS |
262 | 43,246 | ||||||
|
|
|||||||
770,860 | ||||||||
Italy — 0.1% | ||||||||
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS(b) |
3,854 | 74,071 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.7% |
844,931 | |||||||
|
|
|||||||
Warrants |
||||||||
Italy — 0.0% | ||||||||
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(a)(b) |
5,910 | — | ||||||
|
|
|||||||
Total
Warrants — 0.0% |
— | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.2% |
127,618,675 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 4.8% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h) |
6,086,502 | 6,088,328 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g) |
40,000 | 40,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 4.8% |
6,128,328 | |||||||
|
|
|||||||
Total
Investments — 104.0% |
133,747,003 | |||||||
Liabilities in Excess of Other Assets — (4.0)% |
|
(5,114,946 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 128,632,057 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
S C H E D U L E O F I N V E S T M E N T S |
77 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Europe Small-Cap ETF |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | |
Value at 07/31/22 |
|
|
Purchases at Cost |
|
|
Proceeds from Sale |
|
|
Net Realized Gain (Loss) |
|
|
Change
in Unrealized Appreciation (Depreciation) |
|
|
Value at 07/31/23 |
|
|
Shares Held at 07/31/23 |
|
Income | |
Capital Gain |
| |||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 4,948,756 | $ | 1,137,043 | (a) | $ | — | $ | 997 | $ | 1,532 | $ | 6,088,328 | 6,086,502 | $ | 199,385 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
30,000 | 10,000 | (a) | — | — | — | 40,000 | 40,000 | 2,753 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 997 | $ | 1,532 | $ | 6,128,328 | $ | 202,138 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
Euro STOXX 50 Index |
15 | 09/15/23 | $ | 741 | $ | 20,176 | ||||||||||
FTSE 100 Index |
4 | 09/15/23 | 395 | 7,489 | ||||||||||||
|
|
|||||||||||||||
$ | 27,665 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 27,665 | $ | — | $ | — | $ | — | $ | 27,665 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
78 |
2 0 2 3 I 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 Europe Small-Cap ETF |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 197,446 | $ | — | $ | — | $ | — | $ | 197,446 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (24,318 | ) | $ | — | $ | — | $ | — | $ | (24,318 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 1,068,424 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 18,403,533 | $ | 108,344,808 | $ | 25,403 | $ | 126,773,744 | ||||||||
Preferred Stocks |
29,324 | 815,607 | — | 844,931 | ||||||||||||
Warrants |
— | — | — | — | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
6,128,328 | — | — | 6,128,328 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 24,561,185 | $ | 109,160,415 | $ | 25,403 | $ | 133,747,003 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 27,665 | $ | — | $ | 27,665 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
79 |
Schedule of Investments July 31, 2023 |
iShares® MSCI Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 2.2% |
| |||||||
Ampol Ltd. |
992 | $ | 21,969 | |||||
APA Group |
4,800 | 32,290 | ||||||
Aristocrat Leisure Ltd. |
2,193 | 58,082 | ||||||
ASX Ltd. |
660 | 27,574 | ||||||
Aurizon Holdings Ltd. |
5,461 | 13,996 | ||||||
Australia & New Zealand Banking Group Ltd. |
11,115 | 192,836 | ||||||
BHP Group Ltd. |
18,478 | 575,070 | ||||||
BlueScope Steel Ltd. |
1,944 | 28,668 | ||||||
Brambles Ltd. |
4,718 | 44,636 | ||||||
Cochlear Ltd. |
260 | 41,827 | ||||||
Coles Group Ltd. |
5,255 | 64,261 | ||||||
Commonwealth Bank of Australia |
6,123 | 435,644 | ||||||
Computershare Ltd. |
1,985 | 33,478 | ||||||
CSL Ltd. |
1,735 | 312,502 | ||||||
Dexus |
3,889 | 21,525 | ||||||
Endeavour Group Ltd./Australia |
4,593 | 18,773 | ||||||
Fortescue Metals Group Ltd. |
6,412 | 94,261 | ||||||
Goodman Group |
6,039 | 83,502 | ||||||
GPT Group (The) |
7,034 | 20,559 | ||||||
IDP Education Ltd. |
743 | 12,452 | ||||||
IGO Ltd. |
2,483 | 23,202 | ||||||
Insurance Australia Group Ltd. |
7,987 | 31,884 | ||||||
James Hardie Industries PLC(a) |
1,614 | 47,301 | ||||||
Lendlease Corp. Ltd. |
2,151 | 12,505 | ||||||
Lottery Corp. Ltd. (The) |
7,678 | 26,719 | ||||||
Macquarie Group Ltd. |
1,326 | 156,375 | ||||||
Medibank Pvt Ltd. |
10,219 | 24,126 | ||||||
Mineral Resources Ltd. |
613 | 29,618 | ||||||
Mirvac Group |
16,010 | 25,237 | ||||||
National Australia Bank Ltd. |
11,554 | 221,329 | ||||||
Newcrest Mining Ltd. |
3,119 | 55,945 | ||||||
Northern Star Resources Ltd. |
4,013 | 31,326 | ||||||
Orica Ltd. |
1,447 | 15,354 | ||||||
Origin Energy Ltd. |
6,536 | 37,210 | ||||||
Pilbara Minerals Ltd. |
9,244 | 30,242 | ||||||
Qantas Airways Ltd.(a) |
2,731 | 11,999 | ||||||
QBE Insurance Group Ltd. |
5,684 | 60,346 | ||||||
Ramsay Health Care Ltd. |
660 | 26,155 | ||||||
REA Group Ltd. |
163 | 17,280 | ||||||
Reece Ltd. |
1,074 | 14,182 | ||||||
Rio Tinto Ltd. |
1,323 | 104,762 | ||||||
Santos Ltd. |
11,667 | 62,780 | ||||||
Scentre Group |
20,712 | 39,193 | ||||||
SEEK Ltd. |
1,157 | 19,403 | ||||||
Sonic Healthcare Ltd. |
1,572 | 37,143 | ||||||
South32 Ltd. |
17,914 | 47,171 | ||||||
Stockland |
9,307 | 26,451 | ||||||
Suncorp Group Ltd. |
4,552 | 43,617 | ||||||
Telstra Corp. Ltd. |
15,762 | 45,114 | ||||||
Transurban Group |
11,533 | 111,352 | ||||||
Treasury Wine Estates Ltd. |
2,566 | 19,421 | ||||||
Vicinity Ltd. |
12,205 | 16,228 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
784 | 17,395 | ||||||
Wesfarmers Ltd. |
4,137 | 138,226 | ||||||
Westpac Banking Corp. |
12,841 | 193,011 | ||||||
WiseTech Global Ltd. |
536 | 30,953 | ||||||
Woodside Energy Group Ltd. |
6,873 | 177,153 | ||||||
Woolworths Group Ltd. |
4,505 | 116,990 |
Security | Shares | Value | ||||||
Australia (continued) |
||||||||
Xero Ltd.(a) |
446 | $ | 36,662 | |||||
|
|
|||||||
4,315,265 | ||||||||
Austria — 0.1% |
||||||||
Erste Group Bank AG |
1,323 | 50,004 | ||||||
OMV AG |
577 | 25,996 | ||||||
Verbund AG |
246 | 20,383 | ||||||
voestalpine AG(b) |
453 | 14,970 | ||||||
|
|
|||||||
111,353 | ||||||||
Belgium — 0.3% |
||||||||
Ageas SA/NV |
495 | 20,955 | ||||||
Anheuser-Busch InBev SA/NV |
3,145 | 179,912 | ||||||
Argenx SE(a) |
197 | 99,217 | ||||||
D’ieteren Group |
90 | 15,718 | ||||||
Elia Group SA/NV |
130 | 16,006 | ||||||
Groupe Bruxelles Lambert NV |
412 | 33,336 | ||||||
KBC Group NV |
909 | 68,416 | ||||||
Sofina SA |
42 | 9,986 | ||||||
Solvay SA |
287 | 34,468 | ||||||
UCB SA |
454 | 40,201 | ||||||
Umicore SA |
743 | 22,004 | ||||||
Warehouses De Pauw CVA |
539 | 15,926 | ||||||
|
|
|||||||
556,145 | ||||||||
Canada — 3.5% |
||||||||
Agnico Eagle Mines Ltd. |
1,794 | 94,050 | ||||||
Air Canada(a) |
494 | 9,103 | ||||||
Algonquin Power & Utilities Corp. |
2,690 | 22,195 | ||||||
Alimentation Couche-Tard Inc. |
2,835 | 143,529 | ||||||
AltaGas Ltd. |
866 | 17,095 | ||||||
ARC Resources Ltd. |
2,500 | 37,766 | ||||||
Bank of Montreal |
2,599 | 241,521 | ||||||
Bank of Nova Scotia (The) |
4,334 | 218,237 | ||||||
Barrick Gold Corp. |
6,285 | 108,575 | ||||||
BCE Inc. |
246 | 10,626 | ||||||
Brookfield Asset Management Ltd. |
1,281 | 43,210 | ||||||
Brookfield Corp., Class A |
5,131 | 179,107 | ||||||
Brookfield Renewable Corp., Class A |
453 | 14,119 | ||||||
BRP Inc. |
138 | 12,695 | ||||||
CAE Inc.(a) |
1,051 | 24,014 | ||||||
Cameco Corp. |
1,490 | 52,384 | ||||||
Canadian Apartment Properties REIT |
287 | 11,189 | ||||||
Canadian Imperial Bank of Commerce |
3,310 | 145,789 | ||||||
Canadian National Railway Co. |
2,046 | 248,006 | ||||||
Canadian Natural Resources Ltd. |
4,036 | 245,438 | ||||||
Canadian Pacific Kansas City Ltd. |
3,436 | 282,718 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS |
234 | 32,139 | ||||||
Canadian Utilities Ltd., Class A, NVS |
494 | 12,303 | ||||||
CCL Industries Inc., Class B, NVS |
536 | 25,697 | ||||||
Cenovus Energy Inc. |
4,899 | 93,176 | ||||||
CGI Inc.(a) |
751 | 76,316 | ||||||
Constellation Software Inc./Canada |
72 | 152,117 | ||||||
Descartes Systems Group Inc. (The)(a) |
308 | 24,023 | ||||||
Dollarama Inc. |
952 | 62,709 | ||||||
Element Fleet Management Corp. |
1,430 | 23,066 | ||||||
Emera Inc. |
909 | 36,873 | ||||||
Empire Co. Ltd., Class A, NVS |
536 | 14,556 | ||||||
Enbridge Inc. |
7,364 | 270,737 | ||||||
Fairfax Financial Holdings Ltd. |
80 | 63,825 | ||||||
First Quantum Minerals Ltd. |
2,213 | 65,636 | ||||||
FirstService Corp. |
162 | 25,372 |
80 |
2 0 2 3 I 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 Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Canada (continued) |
||||||||
Fortis Inc. |
1,695 | $ | 72,253 | |||||
Franco-Nevada Corp. |
701 | 102,291 | ||||||
George Weston Ltd. |
224 | 25,795 | ||||||
GFL Environmental Inc. |
860 | 29,368 | ||||||
Gildan Activewear Inc. |
743 | 23,107 | ||||||
Great-West Lifeco Inc. |
1,075 | 32,422 | ||||||
Hydro One Ltd.(c) |
1,199 | 33,825 | ||||||
iA Financial Corp. Inc. |
412 | 28,545 | ||||||
IGM Financial Inc. |
301 | 9,379 | ||||||
Imperial Oil Ltd. |
819 | 44,122 | ||||||
Intact Financial Corp. |
660 | 97,505 | ||||||
Ivanhoe Mines Ltd., Class A(a)(b) |
2,193 | 23,250 | ||||||
Keyera Corp. |
743 | 18,600 | ||||||
Kinross Gold Corp. |
4,262 | 21,235 | ||||||
Loblaw Companies Ltd. |
619 | 54,922 | ||||||
Lundin Mining Corp. |
2,400 | 21,458 | ||||||
Magna International Inc. |
1,034 | 66,502 | ||||||
Manulife Financial Corp. |
6,826 | 136,453 | ||||||
Metro Inc. |
811 | 43,648 | ||||||
National Bank of Canada |
1,240 | 97,120 | ||||||
Northland Power Inc. |
701 | 13,561 | ||||||
Nutrien Ltd. |
1,765 | 121,629 | ||||||
Nuvei Corp.(a)(c) |
164 | 5,593 | ||||||
Onex Corp. |
288 | 17,689 | ||||||
Open Text Corp. |
950 | 40,805 | ||||||
Pan American Silver Corp. |
1,328 | 22,478 | ||||||
Parkland Corp. |
536 | 14,637 | ||||||
Pembina Pipeline Corp. |
2,116 | 66,995 | ||||||
Power Corp. of Canada |
2,151 | 60,942 | ||||||
Quebecor Inc., Class B |
494 | 12,093 | ||||||
RB Global Inc. |
660 | 42,624 | ||||||
Restaurant Brands International Inc. |
1,033 | 79,082 | ||||||
RioCan REIT |
536 | 8,150 | ||||||
Rogers Communications Inc., Class B, NVS |
1,389 | 60,820 | ||||||
Royal Bank of Canada |
5,025 | 498,175 | ||||||
Saputo Inc. |
1,075 | 22,696 | ||||||
Shopify Inc., Class A(a) |
4,371 | 295,278 | ||||||
Sun Life Financial Inc. |
2,068 | 108,838 | ||||||
Suncor Energy Inc. |
4,781 | 149,595 | ||||||
TC Energy Corp. |
3,557 | 127,482 | ||||||
Teck Resources Ltd., Class B |
1,730 | 76,854 | ||||||
TELUS Corp. |
1,613 | 28,721 | ||||||
TFI International Inc. |
288 | 36,965 | ||||||
Thomson Reuters Corp. |
651 | 87,876 | ||||||
TMX Group Ltd. |
1,020 | 22,664 | ||||||
Toromont Industries Ltd. |
288 | 24,538 | ||||||
Toronto-Dominion Bank (The) |
6,546 | 431,684 | ||||||
Tourmaline Oil Corp. |
1,116 | 57,837 | ||||||
Waste Connections Inc. |
950 | 134,111 | ||||||
West Fraser Timber Co. Ltd. |
219 | 18,451 | ||||||
Wheaton Precious Metals Corp. |
1,717 | 76,993 | ||||||
WSP Global Inc. |
483 | 66,535 | ||||||
|
|
|||||||
6,954,102 | ||||||||
Denmark — 0.9% |
||||||||
AP Moller - Maersk A/S, Class A |
11 | 22,117 | ||||||
AP Moller - Maersk A/S, Class B, NVS |
18 | 36,976 | ||||||
Carlsberg AS, Class B |
375 | 56,243 | ||||||
Chr Hansen Holding A/S |
370 | 27,959 | ||||||
Coloplast A/S, Class B |
411 | 51,090 | ||||||
Danske Bank A/S |
2,566 | 60,930 |
Security | Shares | Value | ||||||
Denmark (continued) |
||||||||
Demant A/S(a) |
412 | $ | 16,395 | |||||
DSV A/S |
687 | 137,496 | ||||||
Genmab A/S(a) |
246 | 101,401 | ||||||
Novo Nordisk A/S, Class B |
6,031 | 972,512 | ||||||
Novozymes A/S, Class B |
701 | 35,157 | ||||||
Orsted AS(c) |
665 | 57,868 | ||||||
Pandora A/S |
371 | 37,112 | ||||||
Rockwool A/S, Class B |
38 | 10,220 | ||||||
Tryg A/S |
1,448 | 28,589 | ||||||
Vestas Wind Systems A/S(a) |
3,558 | 95,164 | ||||||
|
|
|||||||
1,747,229 | ||||||||
Finland — 0.2% |
||||||||
Elisa OYJ |
577 | 30,099 | ||||||
Fortum OYJ |
1,695 | 22,946 | ||||||
Kesko OYJ, Class B |
992 | 19,849 | ||||||
Kone OYJ, Class B |
1,198 | 61,449 | ||||||
Metso OYJ |
2,416 | 27,456 | ||||||
Neste OYJ |
1,530 | 56,327 | ||||||
Nokia OYJ |
19,030 | 74,806 | ||||||
Orion OYJ, Class B |
370 | 14,219 | ||||||
Sampo OYJ, Class A |
1,691 | 74,517 | ||||||
Stora Enso OYJ, Class R |
1,944 | 23,832 | ||||||
UPM-Kymmene OYJ |
2,010 | 66,546 | ||||||
Wartsila OYJ Abp |
1,571 | 19,736 | ||||||
|
|
|||||||
491,782 | ||||||||
France — 3.5% |
||||||||
Accor SA |
702 | 26,488 | ||||||
Aeroports de Paris |
121 | 16,709 | ||||||
Air Liquide SA |
1,893 | 340,350 | ||||||
Airbus SE |
2,152 | 316,990 | ||||||
Alstom SA |
1,241 | 38,000 | ||||||
Amundi SA(c) |
245 | 15,035 | ||||||
ArcelorMittal SA |
1,901 | 54,980 | ||||||
Arkema SA |
245 | 26,421 | ||||||
AXA SA |
6,620 | 203,491 | ||||||
BioMerieux |
163 | 17,498 | ||||||
BNP Paribas SA |
3,984 | 262,736 | ||||||
Bollore SE |
3,060 | 19,348 | ||||||
Bouygues SA |
785 | 28,120 | ||||||
Bureau Veritas SA |
950 | 26,091 | ||||||
Capgemini SE |
617 | 111,812 | ||||||
Carrefour SA |
2,110 | 42,181 | ||||||
Cie. de Saint-Gobain |
1,741 | 117,746 | ||||||
Cie. Generale des Etablissements Michelin SCA |
2,485 | 81,376 | ||||||
Covivio |
204 | 9,849 | ||||||
Credit Agricole SA |
4,184 | 51,946 | ||||||
Danone SA |
2,274 | 138,866 | ||||||
Dassault Aviation SA |
80 | 15,541 | ||||||
Dassault Systemes SE |
2,482 | 106,077 | ||||||
Edenred |
867 | 56,312 | ||||||
Eiffage SA |
287 | 29,859 | ||||||
Engie SA |
6,971 | 114,361 | ||||||
EssilorLuxottica SA |
1,071 | 215,459 | ||||||
Eurazeo SE |
163 | 9,953 | ||||||
Eurofins Scientific SE |
454 | 31,225 | ||||||
Euronext NV(c) |
328 | 24,965 | ||||||
Gecina SA |
188 | 20,325 | ||||||
Getlink SE |
1,267 | 22,271 | ||||||
Hermes International |
113 | 250,099 |
S C H E D U L E O F I N V E S T M E N T S |
81 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) |
||||||||
Ipsen SA |
121 | $ | 15,249 | |||||
Kering SA |
269 | 154,450 | ||||||
Klepierre SA |
784 | 20,810 | ||||||
La Francaise des Jeux SAEM(c) |
328 | 12,522 | ||||||
Legrand SA |
1,015 | 101,758 | ||||||
L’Oreal SA |
866 | 402,785 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
1,001 | 929,696 | ||||||
Orange SA |
6,752 | 76,323 | ||||||
Pernod Ricard SA |
737 | 162,488 | ||||||
Publicis Groupe SA |
785 | 63,291 | ||||||
Remy Cointreau SA |
80 | 13,733 | ||||||
Renault SA |
701 | 30,789 | ||||||
Safran SA |
1,236 | 205,192 | ||||||
Sanofi |
4,089 | 436,233 | ||||||
Sartorius Stedim Biotech |
109 | 34,103 | ||||||
Schneider Electric SE |
1,989 | 354,782 | ||||||
SEB SA |
80 | 8,956 | ||||||
Societe Generale SA |
2,577 | 70,086 | ||||||
Sodexo SA |
329 | 33,748 | ||||||
Teleperformance |
205 | 29,733 | ||||||
Thales SA |
371 | 55,498 | ||||||
TotalEnergies SE |
8,535 | 518,557 | ||||||
Unibail-Rodamco-Westfield, New(a) |
429 | 24,308 | ||||||
Valeo |
909 | 20,547 | ||||||
Veolia Environnement SA |
2,482 | 80,811 | ||||||
Vinci SA |
1,920 | 225,499 | ||||||
Vivendi SE |
2,607 | 23,276 | ||||||
Wendel SE |
121 | 11,944 | ||||||
Worldline SA/France(a)(c) |
785 | 31,117 | ||||||
|
|
|||||||
6,990,764 | ||||||||
Germany — 2.3% |
||||||||
adidas AG |
591 | 119,314 | ||||||
Allianz SE, Registered |
1,455 | 347,744 | ||||||
BASF SE |
3,393 | 181,902 | ||||||
Bayer AG, Registered |
3,634 | 212,529 | ||||||
Bayerische Motoren Werke AG |
1,199 | 146,218 | ||||||
Bechtle AG |
288 | 12,676 | ||||||
Beiersdorf AG |
370 | 47,917 | ||||||
Brenntag SE |
577 | 44,766 | ||||||
Carl Zeiss Meditec AG, Bearer |
121 | 14,022 | ||||||
Commerzbank AG |
4,054 | 48,492 | ||||||
Continental AG |
371 | 29,621 | ||||||
Covestro AG(a)(c) |
660 | 35,454 | ||||||
Daimler Truck Holding AG(b) |
1,740 | 65,303 | ||||||
Delivery Hero SE(a)(c) |
577 | 26,190 | ||||||
Deutsche Bank AG, Registered |
7,449 | 82,573 | ||||||
Deutsche Boerse AG |
701 | 134,313 | ||||||
Deutsche Lufthansa AG, Registered(a) |
1,779 | 17,943 | ||||||
Deutsche Post AG, Registered |
3,641 | 187,232 | ||||||
Deutsche Telekom AG, Registered |
11,786 | 256,949 | ||||||
E.ON SE |
8,235 | 104,175 | ||||||
Evonik Industries AG |
826 | 17,109 | ||||||
Fresenius Medical Care AG & Co. KGaA |
702 | 36,458 | ||||||
Fresenius SE & Co. KGaA |
1,530 | 48,015 | ||||||
GEA Group AG |
452 | 19,184 | ||||||
Hannover Rueck SE |
211 | 45,022 | ||||||
HeidelbergCement AG |
536 | 43,442 | ||||||
HelloFresh SE(a) |
660 | 18,820 | ||||||
Henkel AG & Co. KGaA |
411 | 28,722 | ||||||
Infineon Technologies AG |
4,801 | 210,934 |
Security | Shares | Value | ||||||
Germany (continued) |
||||||||
Knorr-Bremse AG |
287 | $ | 20,187 | |||||
LEG Immobilien SE(a) |
246 | 17,393 | ||||||
Mercedes-Benz Group AG |
3,134 | 250,290 | ||||||
Merck KGaA |
493 | 86,632 | ||||||
MTU Aero Engines AG |
204 | 47,636 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
516 | 194,246 | ||||||
Nemetschek SE |
204 | 14,845 | ||||||
Puma SE |
370 | 25,005 | ||||||
Rational AG |
17 | 12,726 | ||||||
Rheinmetall AG |
156 | 44,186 | ||||||
RWE AG |
2,440 | 105,014 | ||||||
SAP SE |
3,819 | 520,956 | ||||||
Scout24 SE(c) |
226 | 14,940 | ||||||
Siemens AG, Registered |
2,748 | 468,375 | ||||||
Siemens Healthineers AG(c) |
992 | 57,638 | ||||||
Symrise AG, Class A |
515 | 56,254 | ||||||
Telefonica Deutschland Holding AG |
2,935 | 7,908 | ||||||
Volkswagen AG |
126 | 20,137 | ||||||
Vonovia SE |
2,742 | 63,889 | ||||||
Zalando SE(a)(c) |
826 | 28,517 | ||||||
|
|
|||||||
4,639,813 | ||||||||
Hong Kong — 0.7% |
||||||||
AIA Group Ltd. |
42,600 | 426,202 | ||||||
BOC Hong Kong Holdings Ltd. |
15,000 | 45,781 | ||||||
Budweiser Brewing Co. APAC Ltd.(c) |
7,900 | 19,269 | ||||||
CK Asset Holdings Ltd. |
6,836 | 39,588 | ||||||
CK Hutchison Holdings Ltd. |
10,336 | 63,745 | ||||||
CK Infrastructure Holdings Ltd. |
2,000 | 10,599 | ||||||
CLP Holdings Ltd. |
6,000 | 48,907 | ||||||
ESR Group Ltd.(c) |
8,400 | 14,730 | ||||||
Futu Holdings Ltd., ADR(a)(b) |
183 | 11,017 | ||||||
Galaxy Entertainment Group Ltd.(a) |
7,000 | 51,097 | ||||||
Hang Lung Properties Ltd. |
7,000 | 10,924 | ||||||
Hang Seng Bank Ltd. |
2,600 | 39,742 | ||||||
Henderson Land Development Co. Ltd. |
4,523 | 13,981 | ||||||
HKT Trust & HKT Ltd., Class SS |
12,740 | 15,048 | ||||||
Hong Kong & China Gas Co. Ltd. |
38,618 | 33,129 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
4,300 | 181,297 | ||||||
Hongkong Land Holdings Ltd. |
3,800 | 13,542 | ||||||
Jardine Matheson Holdings Ltd. |
500 | 24,698 | ||||||
Link REIT |
9,440 | 53,064 | ||||||
MTR Corp. Ltd. |
4,500 | 20,737 | ||||||
New World Development Co. Ltd. |
5,583 | 13,806 | ||||||
Power Assets Holdings Ltd. |
6,000 | 31,447 | ||||||
Sands China Ltd.(a) |
10,000 | 38,525 | ||||||
Sino Land Co. Ltd. |
12,000 | 14,730 | ||||||
SITC International Holdings Co. Ltd. |
4,000 | 8,765 | ||||||
Sun Hung Kai Properties Ltd. |
5,500 | 69,061 | ||||||
Swire Pacific Ltd., Class A |
1,500 | 12,539 | ||||||
Swire Properties Ltd. |
4,000 | 10,037 | ||||||
Techtronic Industries Co. Ltd. |
5,393 | 61,267 | ||||||
WH Group Ltd.(c) |
28,500 | 15,555 | ||||||
Wharf Real Estate Investment Co. Ltd. |
6,000 | 32,199 | ||||||
Xinyi Glass Holdings Ltd. |
9,000 | 14,977 | ||||||
|
|
|||||||
1,460,005 | ||||||||
Ireland — 0.2% |
||||||||
AIB Group PLC |
3,871 | 18,208 | ||||||
Bank of Ireland Group PLC |
3,865 | 40,779 |
82 |
2 0 2 3 I 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 Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Ireland (continued) |
||||||||
CRH PLC |
2,695 | $ | 160,543 | |||||
Flutter Entertainment PLC, Class DI(a) |
638 | 126,898 | ||||||
Kerry Group PLC, Class A |
578 | 57,425 | ||||||
Kingspan Group PLC |
577 | 46,312 | ||||||
Smurfit Kappa Group PLC |
951 | 37,632 | ||||||
|
|
|||||||
487,797 | ||||||||
Israel — 0.2% |
||||||||
Azrieli Group Ltd. |
163 | 9,275 | ||||||
Bank Hapoalim BM |
4,316 | 38,338 | ||||||
Bank Leumi Le-Israel BM |
5,271 | 42,076 | ||||||
Check Point Software Technologies Ltd.(a)(b) |
370 | 48,918 | ||||||
CyberArk Software Ltd.(a)(b) |
181 | 30,048 | ||||||
Elbit Systems Ltd. |
119 | 25,304 | ||||||
ICL Group Ltd. |
2,648 | 17,632 | ||||||
Isracard Ltd. |
— | 1 | ||||||
Israel Discount Bank Ltd., Class A |
4,469 | 23,671 | ||||||
Mizrahi Tefahot Bank Ltd. |
454 | 16,392 | ||||||
Nice Ltd.(a) |
246 | 53,547 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b) |
3,971 | 33,356 | ||||||
Tower Semiconductor Ltd.(a) |
396 | 14,687 | ||||||
Wix.com Ltd.(a) |
205 | 19,336 | ||||||
|
|
|||||||
372,581 | ||||||||
Italy — 0.7% |
||||||||
Amplifon SpA |
453 | 15,326 | ||||||
Assicurazioni Generali SpA |
3,889 | 82,838 | ||||||
DiaSorin SpA |
80 | 8,975 | ||||||
Enel SpA |
29,910 | 206,235 | ||||||
Eni SpA |
8,311 | 126,883 | ||||||
Ferrari NV |
457 | 146,508 | ||||||
FinecoBank Banca Fineco SpA |
2,231 | 34,641 | ||||||
Infrastrutture Wireless Italiane SpA(c) |
908 | 11,387 | ||||||
Intesa Sanpaolo SpA |
57,780 | 167,081 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
2,358 | 31,424 | ||||||
Moncler SpA |
777 | 56,079 | ||||||
Nexi SpA(a)(c) |
2,354 | 20,386 | ||||||
Poste Italiane SpA(c) |
1,944 | 22,207 | ||||||
Prysmian SpA |
1,005 | 40,074 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
411 | 21,224 | ||||||
Snam SpA |
6,784 | 35,662 | ||||||
Stellantis NV |
8,102 | 166,236 | ||||||
Telecom Italia SpA/Milano(a)(b) |
33,891 | 9,770 | ||||||
Tenaris SA |
1,737 | 28,865 | ||||||
Terna - Rete Elettrica Nazionale |
4,883 | 41,256 | ||||||
UniCredit SpA |
6,647 | 168,304 | ||||||
|
|
|||||||
1,441,361 | ||||||||
Netherlands — 1.3% |
||||||||
ABN AMRO Bank NV, CVA(c) |
1,695 | 28,821 | ||||||
Adyen NV(a)(c) |
79 | 146,625 | ||||||
Aegon NV |
6,951 | 37,732 | ||||||
AerCap Holdings NV(a) |
604 | 38,541 | ||||||
Akzo Nobel NV |
660 | 56,462 | ||||||
ASM International NV |
163 | 77,438 | ||||||
ASML Holding NV |
1,462 | 1,047,185 | ||||||
Davide Campari-Milano NV |
2,192 | 29,480 | ||||||
EXOR NV, NVS |
371 | 34,668 | ||||||
Ferrovial SE |
1,610 | 53,354 | ||||||
Heineken Holding NV |
415 | 34,020 | ||||||
Heineken NV |
975 | 95,435 | ||||||
IMCD NV |
204 | 30,912 |
Security | Shares | Value | ||||||
Netherlands (continued) |
||||||||
ING Groep NV |
13,016 | $ | 189,990 | |||||
JDE Peet’s NV |
287 | 8,659 | ||||||
Just Eat Takeaway.com NV(a)(c) |
660 | 11,840 | ||||||
Koninklijke Ahold Delhaize NV |
3,530 | 121,674 | ||||||
Koninklijke KPN NV |
12,411 | 44,906 | ||||||
Koninklijke Philips NV(a) |
3,370 | 70,007 | ||||||
NN Group NV |
950 | 36,418 | ||||||
OCI NV |
383 | 10,916 | ||||||
Prosus NV |
2,907 | 229,965 | ||||||
QIAGEN NV(a) |
826 | 38,757 | ||||||
Randstad NV |
453 | 26,539 | ||||||
Universal Music Group NV |
2,975 | 76,309 | ||||||
Wolters Kluwer NV |
992 | 124,571 | ||||||
|
|
|||||||
2,701,224 | ||||||||
New Zealand — 0.1% |
||||||||
Auckland International Airport Ltd.(a) |
3,641 | 19,007 | ||||||
EBOS Group Ltd. |
590 | 14,139 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
2,110 | 32,213 | ||||||
Mercury NZ Ltd. |
2,524 | 10,336 | ||||||
Meridian Energy Ltd. |
4,925 | 17,286 | ||||||
Spark New Zealand Ltd. |
6,494 | 20,908 | ||||||
|
|
|||||||
113,889 | ||||||||
Norway — 0.2% |
||||||||
Adevinta ASA(a) |
868 | 6,421 | ||||||
Aker BP ASA |
1,202 | 33,671 | ||||||
DNB Bank ASA |
3,226 | 66,480 | ||||||
Equinor ASA |
3,338 | 102,104 | ||||||
Gjensidige Forsikring ASA |
744 | 11,745 | ||||||
Kongsberg Gruppen ASA |
323 | 14,015 | ||||||
Mowi ASA |
1,596 | 28,058 | ||||||
Norsk Hydro ASA |
4,882 | 31,974 | ||||||
Orkla ASA |
2,977 | 23,491 | ||||||
Salmar ASA |
214 | 9,887 | ||||||
Telenor ASA |
2,731 | 29,235 | ||||||
Yara International ASA |
619 | 25,281 | ||||||
|
|
|||||||
382,362 | ||||||||
Portugal — 0.1% |
||||||||
EDP - Energias de Portugal SA |
10,970 | 51,250 | ||||||
Galp Energia SGPS SA |
1,902 | 25,277 | ||||||
Jeronimo Martins SGPS SA |
1,033 | 28,124 | ||||||
|
|
|||||||
104,651 | ||||||||
Singapore — 0.4% |
||||||||
CapitaLand Ascendas REIT |
12,077 | 25,538 | ||||||
CapitaLand Integrated Commercial Trust |
22,631 | 34,745 | ||||||
Capitaland Investment Ltd/Singapore |
10,300 | 26,363 | ||||||
City Developments Ltd. |
1,600 | 8,903 | ||||||
DBS Group Holdings Ltd. |
6,700 | 172,840 | ||||||
Genting Singapore Ltd. |
20,500 | 14,500 | ||||||
Grab Holdings Ltd., Class A(a) |
5,870 | 22,482 | ||||||
Jardine Cycle & Carriage Ltd. |
400 | 10,324 | ||||||
Keppel Corp. Ltd. |
4,600 | 25,545 | ||||||
Mapletree Logistics Trust(b) |
12,043 | 15,310 | ||||||
Mapletree Pan Asia Commercial Trust(b) |
8,000 | 9,936 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
12,125 | 121,344 | ||||||
Sea Ltd., ADR(a)(b) |
1,306 | 86,875 | ||||||
Seatrium Ltd.(a) |
169,208 | 17,934 | ||||||
Singapore Airlines Ltd.(b) |
6,400 | 36,256 | ||||||
Singapore Exchange Ltd. |
1,200 | 8,772 | ||||||
Singapore Technologies Engineering Ltd. |
7,500 | 21,056 |
S C H E D U L E O F I N V E S T M E N T S |
83 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore (continued) |
||||||||
Singapore Telecommunications Ltd. |
28,700 | $ | 57,574 | |||||
United Overseas Bank Ltd. |
4,200 | 95,271 | ||||||
UOL Group Ltd. |
1,600 | 8,466 | ||||||
Venture Corp. Ltd. |
900 | 10,146 | ||||||
Wilmar International Ltd. |
8,000 | 23,246 | ||||||
|
|
|||||||
853,426 | ||||||||
Spain — 0.7% |
||||||||
Acciona SA |
89 | 13,341 | ||||||
ACS Actividades de Construccion y Servicios SA |
919 | 32,146 | ||||||
Aena SME SA(c) |
289 | 46,151 | ||||||
Amadeus IT Group SA |
1,613 | 115,710 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
21,912 | 173,683 | ||||||
Banco Santander SA |
60,252 | 244,158 | ||||||
CaixaBank SA |
16,300 | 65,937 | ||||||
Cellnex Telecom SA(c) |
2,058 | 84,047 | ||||||
Corp. ACCIONA Energias Renovables SA |
238 | 7,491 | ||||||
EDP Renovaveis SA |
1,047 | 19,999 | ||||||
Enagas SA |
594 | 10,541 | ||||||
Endesa SA |
1,117 | 23,941 | ||||||
Grifols SA(a) |
1,117 | 16,409 | ||||||
Iberdrola SA |
21,893 | 273,260 | ||||||
Industria de Diseno Textil SA |
4,083 | 156,288 | ||||||
Naturgy Energy Group SA |
443 | 13,507 | ||||||
Redeia Corp. SA |
961 | 16,073 | ||||||
Repsol SA |
5,254 | 80,215 | ||||||
Telefonica SA |
19,820 | 84,448 | ||||||
|
|
|||||||
1,477,345 | ||||||||
Sweden — 0.9% |
||||||||
Alfa Laval AB |
946 | 35,412 | ||||||
Assa Abloy AB, Class B |
3,773 | 90,714 | ||||||
Atlas Copco AB, Class A |
9,932 | 141,093 | ||||||
Atlas Copco AB, Class B |
5,791 | 71,513 | ||||||
Beijer Ref AB, Class B |
1,233 | 16,767 | ||||||
Boliden AB |
950 | 27,939 | ||||||
Embracer Group AB, Class B(a)(b) |
1,899 | 5,451 | ||||||
Epiroc AB, Class A |
2,483 | 49,575 | ||||||
Epiroc AB, Class B |
1,447 | 24,583 | ||||||
EQT AB |
1,480 | 35,353 | ||||||
Essity AB, Class B |
2,193 | 54,378 | ||||||
Evolution AB(c) |
715 | 88,168 | ||||||
Fastighets AB Balder, Class B(a) |
2,235 | 10,429 | ||||||
Getinge AB, Class B |
826 | 15,391 | ||||||
H & M Hennes & Mauritz AB, Class B |
2,607 | 43,849 | ||||||
Hexagon AB, Class B |
6,909 | 66,988 | ||||||
Holmen AB, Class B |
341 | 13,136 | ||||||
Husqvarna AB, Class B |
1,158 | 11,358 | ||||||
Industrivarden AB, Class A |
453 | 12,864 | ||||||
Industrivarden AB, Class C |
536 | 15,185 | ||||||
Indutrade AB |
993 | 20,839 | ||||||
Investment AB Latour, Class B |
536 | 10,801 | ||||||
Investor AB, Class A |
1,460 | 29,650 | ||||||
Investor AB, Class B |
6,257 | 127,793 | ||||||
Kinnevik AB, Class B(a) |
909 | 12,407 | ||||||
L E Lundbergforetagen AB, Class B |
288 | 12,692 | ||||||
Lifco AB, Class B |
827 | 16,674 | ||||||
Nibe Industrier AB, Class B |
5,214 | 46,966 | ||||||
Nordea Bank Abp |
11,678 | 132,175 | ||||||
Saab AB, Class B |
293 | 15,444 | ||||||
Sagax AB, Class B |
577 | 12,813 |
Security | Shares | Value | ||||||
Sweden (continued) |
||||||||
Sandvik AB |
4,013 | $ | 81,514 | |||||
Securitas AB, Class B |
1,949 | 16,589 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
5,748 | 69,679 | ||||||
Skanska AB, Class B |
1,365 | 21,771 | ||||||
SKF AB, Class B |
1,022 | 19,472 | ||||||
Svenska Cellulosa AB SCA, Class B |
2,069 | 27,492 | ||||||
Svenska Handelsbanken AB, Class A |
4,936 | 43,338 | ||||||
Swedbank AB, Class A |
3,350 | 61,445 | ||||||
Swedish Orphan Biovitrum AB(a)(b) |
613 | 11,998 | ||||||
Tele2 AB, Class B |
1,559 | 11,731 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
10,758 | 54,118 | ||||||
Telia Co. AB |
9,639 | 20,714 | ||||||
Volvo AB, Class A |
743 | 16,848 | ||||||
Volvo AB, Class B |
5,493 | 121,168 | ||||||
Volvo Car AB, Class B(a)(b) |
2,168 | 10,716 | ||||||
|
|
|||||||
1,856,993 | ||||||||
Switzerland — 3.0% |
||||||||
ABB Ltd., Registered |
5,677 | 227,804 | ||||||
Adecco Group AG, Registered |
619 | 25,227 | ||||||
Alcon Inc. |
1,827 | 155,462 | ||||||
Bachem Holding AG, Class A |
86 | 7,944 | ||||||
Baloise Holding AG, Registered |
163 | 25,231 | ||||||
Banque Cantonale Vaudoise, Registered |
109 | 12,234 | ||||||
Barry Callebaut AG, Registered |
12 | 22,500 | ||||||
BKW AG |
76 | 13,600 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
8 | 97,842 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
1,876 | 302,097 | ||||||
Clariant AG, Registered |
660 | 10,815 | ||||||
Coca-Cola HBC AG, Class DI |
702 | 20,655 | ||||||
DSM-Firmenich AG |
619 | 68,399 | ||||||
Dufry AG, Registered(a) |
361 | 18,652 | ||||||
EMS-Chemie Holding AG, Registered |
24 | 20,032 | ||||||
Geberit AG, Registered |
120 | 68,100 | ||||||
Givaudan SA, Registered |
32 | 108,015 | ||||||
Helvetia Holding AG, Registered |
136 | 20,126 | ||||||
Holcim Ltd. |
2,060 | 143,576 | ||||||
Julius Baer Group Ltd. |
809 | 57,299 | ||||||
Kuehne + Nagel International AG, Registered |
204 | 63,831 | ||||||
Logitech International SA, Registered |
660 | 46,661 | ||||||
Lonza Group AG, Registered |
272 | 158,042 | ||||||
Nestle SA, Registered |
9,972 | 1,221,761 | ||||||
Novartis AG, Registered |
7,429 | 777,795 | ||||||
Partners Group Holding AG |
84 | 94,301 | ||||||
Roche Holding AG, Bearer |
109 | 36,141 | ||||||
Roche Holding AG, NVS |
2,548 | 790,011 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
163 | 39,579 | ||||||
Schindler Holding AG, Registered |
80 | 18,549 | ||||||
SGS SA |
574 | 55,733 | ||||||
Siemens Energy AG(a) |
1,892 | 32,054 | ||||||
SIG Group AG |
1,105 | 29,541 | ||||||
Sika AG, Registered |
535 | 166,512 | ||||||
Sonova Holding AG, Registered |
175 | 48,780 | ||||||
STMicroelectronics NV |
2,546 | 136,176 | ||||||
Straumann Holding AG |
420 | 69,499 | ||||||
Swatch Group AG (The), Bearer |
99 | 31,684 | ||||||
Swatch Group AG (The), Registered |
163 | 9,789 | ||||||
Swiss Life Holding AG, Registered |
107 | 68,036 | ||||||
Swiss Prime Site AG, Registered |
328 | 31,753 | ||||||
Swiss Re AG |
1,128 | 117,695 |
84 |
2 0 2 3 I 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 Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) |
||||||||
Swisscom AG, Registered |
88 | $ | 56,589 | |||||
Temenos AG, Registered |
246 | 21,157 | ||||||
UBS Group AG, Registered |
11,995 | 266,155 | ||||||
VAT Group AG(c) |
84 | 35,704 | ||||||
Zurich Insurance Group AG |
552 | 266,891 | ||||||
|
|
|||||||
6,116,029 | ||||||||
United Kingdom — 4.3% |
||||||||
3i Group PLC |
3,640 | 92,351 | ||||||
abrdn PLC |
7,572 | 22,534 | ||||||
Admiral Group PLC |
744 | 20,313 | ||||||
Anglo American PLC |
4,536 | 139,490 | ||||||
Antofagasta PLC |
1,282 | 27,576 | ||||||
Ashtead Group PLC |
1,654 | 122,369 | ||||||
Associated British Foods PLC |
1,323 | 34,817 | ||||||
AstraZeneca PLC |
5,619 | 807,317 | ||||||
Auto Trader Group PLC(c) |
2,986 | 24,765 | ||||||
Aviva PLC |
9,446 | 47,062 | ||||||
BAE Systems PLC |
11,167 | 133,547 | ||||||
Barclays PLC |
56,727 | 112,564 | ||||||
Barratt Developments PLC |
3,558 | 20,827 | ||||||
Berkeley Group Holdings PLC |
453 | 25,258 | ||||||
BP PLC |
64,167 | 398,121 | ||||||
British American Tobacco PLC |
7,598 | 255,506 | ||||||
British Land Co. PLC (The) |
3,558 | 15,439 | ||||||
BT Group PLC |
25,487 | 39,938 | ||||||
Bunzl PLC |
1,282 | 47,521 | ||||||
Burberry Group PLC |
1,254 | 35,796 | ||||||
Centrica PLC |
20,822 | 36,900 | ||||||
CNH Industrial NV |
3,598 | 51,966 | ||||||
Coca-Cola Europacific Partners PLC |
701 | 44,436 | ||||||
Compass Group PLC |
6,201 | 161,335 | ||||||
Croda International PLC |
536 | 40,582 | ||||||
DCC PLC |
370 | 21,423 | ||||||
Diageo PLC |
8,151 | 355,728 | ||||||
Endeavour Mining PLC |
680 | 16,385 | ||||||
Entain PLC |
2,420 | 43,104 | ||||||
Experian PLC |
3,225 | 124,632 | ||||||
Glencore PLC |
37,511 | 228,121 | ||||||
GSK PLC |
14,701 | 261,695 | ||||||
Haleon PLC |
18,375 | 79,314 | ||||||
Halma PLC |
1,406 | 40,377 | ||||||
Hargreaves Lansdown PLC |
1,281 | 14,016 | ||||||
Hikma Pharmaceuticals PLC |
743 | 19,953 | ||||||
HSBC Holdings PLC |
71,849 | 596,807 | ||||||
Imperial Brands PLC |
3,093 | 73,073 | ||||||
Informa PLC |
5,048 | 49,116 | ||||||
InterContinental Hotels Group PLC |
614 | 45,379 | ||||||
Intertek Group PLC |
619 | 34,675 | ||||||
J Sainsbury PLC |
5,790 | 20,615 | ||||||
JD Sports Fashion PLC |
10,054 | 20,366 | ||||||
Johnson Matthey PLC |
743 | 17,184 | ||||||
Kingfisher PLC(b) |
7,945 | 25,054 | ||||||
Land Securities Group PLC |
2,814 | 23,370 | ||||||
Legal & General Group PLC |
21,182 | 63,480 | ||||||
Lloyds Banking Group PLC |
246,548 | 142,442 | ||||||
London Stock Exchange Group PLC |
1,462 | 158,766 | ||||||
M&G PLC |
9,805 | 25,257 | ||||||
Mondi PLC |
1,819 | 31,906 | ||||||
National Grid PLC |
13,358 | 177,058 | ||||||
NatWest Group PLC, NVS |
19,746 | 61,983 |
Security | Shares | Value | ||||||
United Kingdom (continued) |
||||||||
Next PLC |
454 | $ | 41,060 | |||||
Ocado Group PLC(a)(b) |
1,655 | 19,924 | ||||||
Pearson PLC |
2,648 | 29,291 | ||||||
Persimmon PLC |
1,117 | 16,606 | ||||||
Phoenix Group Holdings PLC |
3,124 | 22,071 | ||||||
Prudential PLC |
9,923 | 137,794 | ||||||
Reckitt Benckiser Group PLC |
2,530 | 189,528 | ||||||
RELX PLC |
6,943 | 233,679 | ||||||
Rentokil Initial PLC |
9,090 | 74,121 | ||||||
Rio Tinto PLC |
4,040 | 267,035 | ||||||
Rolls-Royce Holdings PLC(a) |
30,241 | 71,706 | ||||||
Sage Group PLC (The) |
3,972 | 47,778 | ||||||
Schroders PLC |
2,677 | 15,794 | ||||||
Segro PLC |
4,262 | 41,766 | ||||||
Severn Trent PLC |
867 | 28,415 | ||||||
Shell PLC |
24,813 | 752,026 | ||||||
Smith & Nephew PLC |
3,225 | 49,062 | ||||||
Smiths Group PLC |
1,448 | 31,580 | ||||||
Spirax-Sarco Engineering PLC |
287 | 40,989 | ||||||
SSE PLC |
3,957 | 85,563 | ||||||
St. James’s Place PLC |
1,944 | 23,466 | ||||||
Standard Chartered PLC |
9,059 | 87,017 | ||||||
Taylor Wimpey PLC |
14,853 | 21,802 | ||||||
Tesco PLC |
27,428 | 90,843 | ||||||
Unilever PLC |
9,175 | 492,999 | ||||||
United Utilities Group PLC |
2,441 | 31,302 | ||||||
Vodafone Group PLC |
84,017 | 79,922 | ||||||
Whitbread PLC |
743 | 33,376 | ||||||
Wise PLC, Class A(a) |
2,251 | 22,451 | ||||||
WPP PLC |
3,909 | 42,681 | ||||||
|
|
|||||||
8,651,256 | ||||||||
United States — 73.7% |
||||||||
3M Co. |
1,976 | 220,324 | ||||||
A O Smith Corp. |
412 | 29,924 | ||||||
Abbott Laboratories |
6,343 | 706,166 | ||||||
AbbVie Inc. |
6,397 | 956,863 | ||||||
Accenture PLC, Class A |
2,303 | 728,554 | ||||||
Activision Blizzard Inc.(a) |
2,728 | 253,049 | ||||||
Adobe Inc.(a) |
1,663 | 908,281 | ||||||
Advance Auto Parts Inc. |
197 | 14,655 | ||||||
Advanced Micro Devices Inc.(a) |
5,824 | 666,266 | ||||||
AECOM |
480 | 41,760 | ||||||
AES Corp. (The) |
2,275 | 49,208 | ||||||
Aflac Inc. |
2,090 | 151,191 | ||||||
Agilent Technologies Inc. |
1,074 | 130,781 | ||||||
Air Products and Chemicals Inc. |
812 | 247,928 | ||||||
Airbnb Inc., Class A(a)(b) |
1,514 | 230,416 | ||||||
Akamai Technologies Inc.(a) |
577 | 54,527 | ||||||
Albemarle Corp. |
412 | 87,459 | ||||||
Albertsons Companies Inc., Class A |
1,051 | 22,838 | ||||||
Alcoa Corp. |
672 | 24,320 | ||||||
Alexandria Real Estate Equities Inc. |
535 | 67,239 | ||||||
Align Technology Inc.(a) |
255 | 96,362 | ||||||
Allegion PLC |
288 | 33,656 | ||||||
Alliant Energy Corp. |
850 | 45,679 | ||||||
Allstate Corp. (The) |
934 | 105,243 | ||||||
Ally Financial Inc. |
1,143 | 34,907 | ||||||
Alnylam Pharmaceuticals Inc.(a) |
446 | 87,148 | ||||||
Alphabet Inc., Class A(a) |
21,663 | 2,875,113 | ||||||
Alphabet Inc., Class C, NVS(a) |
19,477 | 2,592,583 |
S C H E D U L E O F I N V E S T M E N T S |
85 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Altria Group Inc. |
6,492 | $ | 294,867 | |||||
Amazon.com Inc.(a) |
33,539 | 4,483,494 | ||||||
Amcor PLC |
5,544 | 56,881 | ||||||
AMERCO |
366 | 20,939 | ||||||
Ameren Corp. |
909 | 77,874 | ||||||
American Electric Power Co. Inc. |
1,909 | 161,769 | ||||||
American Express Co. |
2,313 | 390,619 | ||||||
American Financial Group Inc./OH |
261 | 31,740 | ||||||
American Homes 4 Rent, Class A |
1,139 | 42,690 | ||||||
American International Group Inc. |
2,621 | 157,994 | ||||||
American Tower Corp. |
1,696 | 322,766 | ||||||
American Water Works Co. Inc. |
711 | 104,823 | ||||||
Ameriprise Financial Inc. |
381 | 132,759 | ||||||
AmerisourceBergen Corp. |
585 | 109,336 | ||||||
AMETEK Inc. |
850 | 134,810 | ||||||
Amgen Inc. |
1,929 | 451,675 | ||||||
Amphenol Corp., Class A |
2,193 | 193,664 | ||||||
Analog Devices Inc. |
1,821 | 363,344 | ||||||
Annaly Capital Management Inc. |
1,750 | 35,158 | ||||||
Ansys Inc.(a) |
328 | 112,209 | ||||||
Aon PLC, Class A |
755 | 240,467 | ||||||
APA Corp. |
1,033 | 41,826 | ||||||
Apollo Global Management Inc. |
1,500 | 122,565 | ||||||
Apple Inc. |
57,458 | 11,287,624 | ||||||
Applied Materials Inc. |
3,065 | 464,623 | ||||||
Aptiv PLC(a) |
992 | 108,614 | ||||||
Aramark |
909 | 36,696 | ||||||
Arch Capital Group Ltd.(a) |
1,294 | 100,531 | ||||||
Archer-Daniels-Midland Co. |
1,963 | 166,776 | ||||||
Ares Management Corp., Class A |
563 | 55,861 | ||||||
Arista Networks Inc.(a) |
903 | 140,046 | ||||||
Arrow Electronics Inc.(a) |
187 | 26,655 | ||||||
Arthur J Gallagher & Co. |
768 | 164,966 | ||||||
Aspen Technology Inc.(a) |
104 | 18,564 | ||||||
Assurant Inc. |
193 | 25,960 | ||||||
AT&T Inc. |
25,661 | 372,598 | ||||||
Atlassian Corp., NVS(a)(b) |
545 | 99,157 | ||||||
Atmos Energy Corp. |
495 | 60,246 | ||||||
Autodesk Inc.(a) |
785 | 166,412 | ||||||
Automatic Data Processing Inc. |
1,494 | 369,406 | ||||||
AutoZone Inc.(a) |
65 | 161,312 | ||||||
AvalonBay Communities Inc. |
495 | 93,382 | ||||||
Avantor Inc.(a) |
2,529 | 52,022 | ||||||
Avery Dennison Corp. |
287 | 52,811 | ||||||
Axon Enterprise Inc.(a) |
248 | 46,111 | ||||||
Baker Hughes Co., Class A |
3,769 | 134,893 | ||||||
Ball Corp. |
1,157 | 67,904 | ||||||
Bank of America Corp. |
26,102 | 835,264 | ||||||
Bank of New York Mellon Corp. (The) |
2,778 | 126,010 | ||||||
Bath & Body Works Inc. |
868 | 32,168 | ||||||
Baxter International Inc. |
1,852 | 83,766 | ||||||
Becton Dickinson and Co. |
1,033 | 287,814 | ||||||
Bentley Systems Inc., Class B |
813 | 43,804 | ||||||
Berkshire Hathaway Inc., Class B(a) |
4,708 | 1,657,028 | ||||||
Best Buy Co. Inc. |
723 | 60,045 | ||||||
Bill.com Holdings Inc.(a)(b) |
363 | 45,498 | ||||||
Biogen Inc.(a) |
536 | 144,822 | ||||||
BioMarin Pharmaceutical Inc.(a) |
660 | 58,034 | ||||||
Bio-Rad Laboratories Inc., Class A(a) |
80 | 32,429 | ||||||
Bio-Techne Corp. |
598 | 49,873 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Black Knight Inc.(a) |
537 | $ | 37,762 | |||||
BlackRock Inc.(d) |
546 | 403,412 | ||||||
Blackstone Inc., NVS |
2,580 | 270,358 | ||||||
Block Inc.(a) |
1,999 | 160,979 | ||||||
Boeing Co. (The)(a) |
2,067 | 493,703 | ||||||
Booking Holdings Inc.(a) |
138 | 409,970 | ||||||
Booz Allen Hamilton Holding Corp., Class A |
511 | 61,872 | ||||||
BorgWarner Inc. |
787 | 36,596 | ||||||
Boston Properties Inc. |
572 | 38,112 | ||||||
Boston Scientific Corp.(a) |
5,244 | 271,901 | ||||||
Bristol-Myers Squibb Co. |
7,627 | 474,323 | ||||||
Broadcom Inc. |
1,512 | 1,358,759 | ||||||
Broadridge Financial Solutions Inc. |
412 | 69,183 | ||||||
Brown & Brown Inc. |
925 | 65,166 | ||||||
Brown-Forman Corp., Class B |
1,116 | 78,790 | ||||||
Builders FirstSource Inc.(a) |
505 | 72,937 | ||||||
Bunge Ltd. |
536 | 58,247 | ||||||
Burlington Stores Inc.(a)(b) |
246 | 43,695 | ||||||
Cadence Design Systems Inc.(a) |
992 | 232,138 | ||||||
Caesars Entertainment Inc.(a) |
744 | 43,911 | ||||||
Camden Property Trust |
386 | 42,109 | ||||||
Campbell Soup Co. |
693 | 31,753 | ||||||
Capital One Financial Corp. |
1,369 | 160,200 | ||||||
Cardinal Health Inc. |
967 | 88,451 | ||||||
Carlisle Companies Inc. |
186 | 51,559 | ||||||
Carlyle Group Inc. (The) |
777 | 27,700 | ||||||
CarMax Inc.(a)(b) |
578 | 47,749 | ||||||
Carnival Corp.(a) |
3,996 | 75,285 | ||||||
Carrier Global Corp. |
3,024 | 180,079 | ||||||
Catalent Inc.(a)(b) |
619 | 30,034 | ||||||
Caterpillar Inc. |
1,872 | 496,398 | ||||||
Cboe Global Markets Inc. |
383 | 53,497 | ||||||
CBRE Group Inc., Class A(a) |
1,100 | 91,641 | ||||||
CDW Corp./DE |
509 | 95,219 | ||||||
Celanese Corp., Class A |
411 | 51,535 | ||||||
Centene Corp.(a) |
2,037 | 138,699 | ||||||
CenterPoint Energy Inc. |
2,234 | 67,221 | ||||||
Ceridian HCM Holding Inc.(a) |
494 | 34,980 | ||||||
CF Industries Holdings Inc. |
730 | 59,918 | ||||||
CH Robinson Worldwide Inc.(b) |
417 | 41,775 | ||||||
Charles River Laboratories International Inc.(a) |
194 | 40,651 | ||||||
Charles Schwab Corp. (The) |
5,457 | 360,708 | ||||||
Charter Communications Inc., Class A(a) |
360 | 145,868 | ||||||
Cheniere Energy Inc. |
891 | 144,217 | ||||||
Chesapeake Energy Corp. |
372 | 31,374 | ||||||
Chevron Corp. |
6,527 | 1,068,209 | ||||||
Chewy Inc., Class A(a)(b) |
287 | 9,729 | ||||||
Chipotle Mexican Grill Inc., Class A(a) |
100 | 196,228 | ||||||
Chubb Ltd. |
1,491 | 304,775 | ||||||
Church & Dwight Co. Inc. |
909 | 86,964 | ||||||
Cigna Group (The) |
1,077 | 317,823 | ||||||
Cincinnati Financial Corp. |
577 | 62,074 | ||||||
Cintas Corp. |
329 | 165,171 | ||||||
Cisco Systems Inc. |
14,853 | 772,950 | ||||||
Citigroup Inc. |
7,086 | 337,719 | ||||||
Citizens Financial Group Inc. |
1,878 | 60,584 | ||||||
Clarivate PLC(a) |
1,240 | 11,792 | ||||||
Cleveland-Cliffs Inc.(a) |
1,909 | 33,694 | ||||||
Clorox Co. (The) |
453 | 68,620 | ||||||
Cloudflare Inc., Class A(a)(b) |
942 | 64,781 |
86 |
2 0 2 3 I 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 Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
CME Group Inc. |
1,328 | $ | 264,219 | |||||
CMS Energy Corp. |
1,034 | 63,146 | ||||||
Coca-Cola Co. (The) |
14,904 | 923,005 | ||||||
Cognex Corp. |
660 | 36,049 | ||||||
Cognizant Technology Solutions Corp., Class A |
1,902 | 125,589 | ||||||
Coinbase Global Inc., Class A(a)(b) |
600 | 59,166 | ||||||
Colgate-Palmolive Co. |
2,903 | 221,383 | ||||||
Comcast Corp., Class A |
15,215 | 688,631 | ||||||
Conagra Brands Inc. |
1,778 | 58,336 | ||||||
ConocoPhillips |
4,438 | 522,441 | ||||||
Consolidated Edison Inc. |
1,248 | 118,385 | ||||||
Constellation Brands Inc., Class A |
614 | 167,499 | ||||||
Constellation Energy Corp. |
1,199 | 115,883 | ||||||
Cooper Companies Inc. (The)(b) |
189 | 73,948 | ||||||
Copart Inc.(a) |
1,571 | 138,861 | ||||||
Corning Inc. |
2,977 | 101,039 | ||||||
Corteva Inc. |
2,553 | 144,066 | ||||||
CoStar Group Inc.(a) |
1,485 | 124,695 | ||||||
Costco Wholesale Corp. |
1,612 | 903,800 | ||||||
Coterra Energy Inc. |
2,824 | 77,773 | ||||||
Crowdstrike Holdings Inc., Class A(a) |
816 | 131,915 | ||||||
Crown Castle Inc. |
1,602 | 173,481 | ||||||
Crown Holdings Inc. |
411 | 38,124 | ||||||
CSX Corp. |
7,428 | 247,501 | ||||||
Cummins Inc. |
520 | 135,616 | ||||||
CVS Health Corp. |
4,641 | 346,636 | ||||||
Danaher Corp. |
2,530 | 645,302 | ||||||
Darden Restaurants Inc. |
454 | 76,690 | ||||||
Darling Ingredients Inc.(a) |
582 | 40,304 | ||||||
Datadog Inc., Class A(a) |
876 | 102,247 | ||||||
DaVita Inc.(a)(b) |
205 | 20,908 | ||||||
Deckers Outdoor Corp.(a) |
97 | 52,738 | ||||||
Deere & Co. |
1,031 | 442,918 | ||||||
Dell Technologies Inc., Class C |
1,034 | 54,719 | ||||||
Delta Air Lines Inc. |
536 | 24,795 | ||||||
DENTSPLY SIRONA Inc. |
743 | 30,849 | ||||||
Devon Energy Corp. |
2,261 | 122,094 | ||||||
Dexcom Inc.(a) |
1,383 | 172,266 | ||||||
Diamondback Energy Inc. |
619 | 91,191 | ||||||
Dick’s Sporting Goods Inc. |
227 | 32,007 | ||||||
Digital Realty Trust Inc. |
1,033 | 128,732 | ||||||
Discover Financial Services |
922 | 97,317 | ||||||
DocuSign Inc., Class A(a) |
668 | 35,952 | ||||||
Dollar General Corp. |
781 | 131,880 | ||||||
Dollar Tree Inc.(a) |
826 | 127,477 | ||||||
Dominion Energy Inc. |
2,967 | 158,883 | ||||||
Domino’s Pizza Inc. |
122 | 48,402 | ||||||
DoorDash Inc., Class A(a)(b) |
853 | 77,444 | ||||||
Dover Corp. |
495 | 72,255 | ||||||
Dow Inc. |
2,643 | 149,250 | ||||||
DR Horton Inc. |
1,121 | 142,389 | ||||||
Dropbox Inc., Class A(a) |
1,075 | 28,971 | ||||||
DTE Energy Co. |
749 | 85,611 | ||||||
Duke Energy Corp. |
2,826 | 264,570 | ||||||
DuPont de Nemours Inc. |
1,665 | 129,254 | ||||||
Dynatrace Inc.(a) |
832 | 45,502 | ||||||
Eastman Chemical Co. |
399 | 34,146 | ||||||
Eaton Corp. PLC |
1,448 | 297,303 | ||||||
eBay Inc. |
1,905 | 84,792 | ||||||
Ecolab Inc. |
911 | 166,841 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Edison International |
1,437 | $ | 103,407 | |||||
Edwards Lifesciences Corp.(a) |
2,188 | 179,569 | ||||||
Electronic Arts Inc. |
1,004 | 136,895 | ||||||
Elevance Health Inc. |
866 | 408,432 | ||||||
Eli Lilly & Co. |
2,929 | 1,331,377 | ||||||
Emerson Electric Co. |
2,059 | 188,090 | ||||||
Enphase Energy Inc.(a)(b) |
488 | 74,093 | ||||||
Entegris Inc. |
576 | 63,193 | ||||||
Entergy Corp. |
744 | 76,409 | ||||||
EOG Resources Inc. |
2,116 | 280,433 | ||||||
EPAM Systems Inc.(a) |
204 | 48,309 | ||||||
EQT Corp. |
1,233 | 52,008 | ||||||
Equifax Inc. |
453 | 92,448 | ||||||
Equinix Inc. |
338 | 273,753 | ||||||
Equitable Holdings Inc. |
1,261 | 36,178 | ||||||
Equity LifeStyle Properties Inc. |
679 | 48,331 | ||||||
Equity Residential |
1,316 | 86,777 | ||||||
Erie Indemnity Co., Class A, NVS |
80 | 17,757 | ||||||
Essential Utilities Inc. |
975 | 41,233 | ||||||
Essex Property Trust Inc. |
236 | 57,478 | ||||||
Estee Lauder Companies Inc. (The), Class A |
862 | 155,160 | ||||||
Etsy Inc.(a) |
453 | 46,047 | ||||||
Everest Group Ltd. |
153 | 55,158 | ||||||
Evergy Inc. |
868 | 52,054 | ||||||
Eversource Energy |
1,319 | 95,403 | ||||||
Exact Sciences Corp.(a)(b) |
689 | 67,205 | ||||||
Exelon Corp. |
3,598 | 150,612 | ||||||
Expedia Group Inc.(a) |
535 | 65,554 | ||||||
Expeditors International of Washington Inc. |
552 | 70,270 | ||||||
Extra Space Storage Inc. |
771 | 107,608 | ||||||
Exxon Mobil Corp. |
14,793 | 1,586,401 | ||||||
F5 Inc.(a) |
205 | 32,439 | ||||||
FactSet Research Systems Inc. |
135 | 58,730 | ||||||
Fair Isaac Corp.(a) |
88 | 73,741 | ||||||
Fastenal Co. |
2,127 | 124,663 | ||||||
FedEx Corp. |
866 | 233,777 | ||||||
Ferguson PLC |
734 | 118,629 | ||||||
Fidelity National Financial Inc. |
869 | 34,039 | ||||||
Fidelity National Information Services Inc. |
2,192 | 132,353 | ||||||
Fifth Third Bancorp |
2,442 | 71,062 | ||||||
First Citizens BancShares Inc./NC, Class A |
42 | 60,115 | ||||||
First Horizon Corp. |
1,954 | 26,633 | ||||||
First Solar Inc.(a) |
349 | 72,383 | ||||||
FirstEnergy Corp. |
1,902 | 74,920 | ||||||
Fiserv Inc.(a) |
2,265 | 285,866 | ||||||
FleetCor Technologies Inc.(a) |
276 | 68,699 | ||||||
FMC Corp. |
489 | 47,056 | ||||||
Ford Motor Co. |
14,149 | 186,908 | ||||||
Fortinet Inc.(a) |
2,464 | 191,502 | ||||||
Fortive Corp. |
1,281 | 100,366 | ||||||
Fortune Brands Home & Security Inc., NVS |
453 | 32,195 | ||||||
Fox Corp., Class A, NVS |
1,116 | 37,330 | ||||||
Fox Corp., Class B |
619 | 19,443 | ||||||
Franklin Resources Inc. |
1,157 | 33,831 | ||||||
Freeport-McMoRan Inc. |
5,231 | 233,564 | ||||||
Gaming and Leisure Properties Inc. |
924 | 43,853 | ||||||
Garmin Ltd. |
577 | 61,099 | ||||||
Gartner Inc.(a) |
288 | 101,834 | ||||||
GE Healthcare Inc., NVS(a) |
1,486 | 115,908 | ||||||
Gen Digital Inc. |
2,250 | 43,763 |
S C H E D U L E O F I N V E S T M E N T S |
87 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Generac Holdings Inc.(a) |
215 | $ | 33,046 | |||||
General Dynamics Corp. |
828 | 185,124 | ||||||
General Electric Co. |
3,994 | 456,275 | ||||||
General Mills Inc. |
2,130 | 159,196 | ||||||
General Motors Co. |
5,067 | 194,421 | ||||||
Genuine Parts Co. |
532 | 82,843 | ||||||
Gilead Sciences Inc. |
4,552 | 346,589 | ||||||
Global Payments Inc. |
1,003 | 110,581 | ||||||
Globe Life Inc. |
329 | 36,904 | ||||||
GoDaddy Inc., Class A(a) |
542 | 41,783 | ||||||
Goldman Sachs Group Inc. (The) |
1,210 | 430,603 | ||||||
Graco Inc. |
614 | 48,709 | ||||||
Halliburton Co. |
3,225 | 126,033 | ||||||
Hartford Financial Services Group Inc. (The) |
1,167 | 83,884 | ||||||
Hasbro Inc. |
495 | 31,957 | ||||||
HCA Healthcare Inc. |
744 | 202,971 | ||||||
Healthcare Realty Trust Inc., Class A |
1,369 | 26,737 | ||||||
Healthpeak Properties Inc. |
1,819 | 39,709 | ||||||
HEICO Corp. |
186 | 32,732 | ||||||
HEICO Corp., Class A |
246 | 34,526 | ||||||
Henry Schein Inc.(a) |
536 | 42,231 | ||||||
Hershey Co. (The) |
542 | 125,370 | ||||||
Hess Corp. |
1,031 | 156,434 | ||||||
Hewlett Packard Enterprise Co. |
4,435 | 77,080 | ||||||
HF Sinclair Corp. |
592 | 30,837 | ||||||
Hilton Worldwide Holdings Inc. |
991 | 154,091 | ||||||
Hologic Inc.(a) |
909 | 72,193 | ||||||
Home Depot Inc. (The) |
3,672 | 1,225,860 | ||||||
Honeywell International Inc. |
2,414 | 468,630 | ||||||
Horizon Therapeutics PLC(a) |
826 | 82,823 | ||||||
Hormel Foods Corp. |
1,075 | 43,946 | ||||||
Host Hotels & Resorts Inc. |
2,731 | 50,250 | ||||||
Howmet Aerospace Inc. |
1,323 | 67,658 | ||||||
HP Inc. |
3,247 | 106,599 | ||||||
Hubbell Inc., Class B |
194 | 60,528 | ||||||
HubSpot Inc.(a) |
163 | 94,630 | ||||||
Humana Inc. |
454 | 207,401 | ||||||
Huntington Bancshares Inc./OH |
5,378 | 65,827 | ||||||
Huntington Ingalls Industries Inc. |
163 | 37,436 | ||||||
Hyatt Hotels Corp., Class A(b) |
174 | 21,985 | ||||||
IDEX Corp. |
290 | 65,485 | ||||||
IDEXX Laboratories Inc.(a) |
305 | 169,193 | ||||||
Illinois Tool Works Inc. |
1,118 | 294,392 | ||||||
Illumina Inc.(a) |
575 | 110,486 | ||||||
Incyte Corp.(a) |
661 | 42,119 | ||||||
Ingersoll Rand Inc. |
1,415 | 92,357 | ||||||
Insulet Corp.(a) |
246 | 68,081 | ||||||
Intel Corp. |
15,176 | 542,846 | ||||||
Intercontinental Exchange Inc. |
2,062 | 236,718 | ||||||
International Business Machines Corp. |
3,292 | 474,641 | ||||||
International Flavors & Fragrances Inc. |
909 | 76,910 | ||||||
International Paper Co. |
1,282 | 46,229 | ||||||
Interpublic Group of Companies Inc. (The) |
1,365 | 46,724 | ||||||
Intuit Inc. |
1,027 | 525,516 | ||||||
Intuitive Surgical Inc.(a) |
1,270 | 411,988 | ||||||
Invesco Ltd. |
1,245 | 20,916 | ||||||
Invitation Homes Inc. |
2,357 | 83,673 | ||||||
IQVIA Holdings Inc.(a) |
659 | 147,458 | ||||||
Iron Mountain Inc. |
1,033 | 63,426 | ||||||
Jack Henry & Associates Inc. |
245 | 41,055 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Jacobs Solutions Inc., NVS |
453 | $ | 56,811 | |||||
Jazz Pharmaceuticals PLC(a) |
253 | 32,996 | ||||||
JB Hunt Transport Services Inc. |
288 | 58,735 | ||||||
JM Smucker Co. (The) |
412 | 62,068 | ||||||
Johnson & Johnson |
9,422 | 1,578,468 | ||||||
Johnson Controls International PLC |
2,473 | 171,997 | ||||||
JPMorgan Chase & Co. |
10,684 | 1,687,645 | ||||||
Juniper Networks Inc. |
1,249 | 34,722 | ||||||
Kellogg Co. |
950 | 63,546 | ||||||
Keurig Dr Pepper Inc. |
3,348 | 113,865 | ||||||
KeyCorp |
3,582 | 44,094 | ||||||
Keysight Technologies Inc.(a) |
660 | 106,313 | ||||||
Kimberly-Clark Corp. |
1,240 | 160,084 | ||||||
Kimco Realty Corp. |
2,222 | 45,018 | ||||||
Kinder Morgan Inc. |
7,365 | 130,434 | ||||||
KKR & Co. Inc. |
2,081 | 123,570 | ||||||
KLA Corp. |
497 | 255,433 | ||||||
Knight-Swift Transportation Holdings Inc. |
506 | 30,740 | ||||||
Kraft Heinz Co. (The) |
2,897 | 104,813 | ||||||
Kroger Co. (The) |
2,472 | 120,238 | ||||||
L3Harris Technologies Inc. |
713 | 135,106 | ||||||
Laboratory Corp. of America Holdings |
336 | 71,880 | ||||||
Lam Research Corp. |
493 | 354,216 | ||||||
Lamb Weston Holdings Inc. |
523 | 54,198 | ||||||
Las Vegas Sands Corp.(a) |
1,255 | 75,062 | ||||||
Lattice Semiconductor Corp.(a)(b) |
504 | 45,834 | ||||||
Lear Corp. |
204 | 31,571 | ||||||
Leidos Holdings Inc. |
454 | 42,463 | ||||||
Lennar Corp., Class A |
950 | 120,488 | ||||||
Lennox International Inc. |
121 | 44,460 | ||||||
Liberty Broadband Corp., Class C (a)(b) |
463 | 41,267 | ||||||
Liberty Global PLC, Class A(a) |
702 | 13,036 | ||||||
Liberty Global PLC, Class C, NVS(a) |
1,116 | 22,052 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) |
743 | 53,942 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) |
672 | 21,390 | ||||||
Linde PLC |
1,778 | 694,611 | ||||||
Live Nation Entertainment Inc.(a)(b) |
622 | 54,581 | ||||||
LKQ Corp. |
950 | 52,051 | ||||||
Lockheed Martin Corp. |
835 | 372,719 | ||||||
Loews Corp. |
701 | 43,918 | ||||||
Lowe’s Companies Inc. |
2,163 | 506,726 | ||||||
LPL Financial Holdings Inc. |
289 | 66,285 | ||||||
Lucid Group Inc.(a)(b) |
3,275 | 24,923 | ||||||
Lululemon Athletica Inc.(a) |
430 | 162,768 | ||||||
LyondellBasell Industries NV, Class A |
908 | 89,765 | ||||||
M&T Bank Corp. |
594 | 83,077 | ||||||
Marathon Oil Corp. |
2,299 | 60,395 | ||||||
Marathon Petroleum Corp. |
1,617 | 215,093 | ||||||
Markel Group Inc.(a)(b) |
49 | 71,036 | ||||||
MarketAxess Holdings Inc. |
136 | 36,614 | ||||||
Marriott International Inc./MD, Class A |
936 | 188,894 | ||||||
Marsh & McLennan Companies Inc. |
1,808 | 340,663 | ||||||
Martin Marietta Materials Inc. |
220 | 98,221 | ||||||
Marvell Technology Inc. |
3,099 | 201,838 | ||||||
Masco Corp. |
826 | 50,122 | ||||||
Masimo Corp.(a)(b) |
163 | 19,935 | ||||||
Mastercard Inc., Class A |
3,087 | 1,217,142 | ||||||
Match Group Inc.(a) |
1,068 | 49,673 | ||||||
McCormick & Co. Inc./MD, NVS |
950 | 85,006 |
88 |
2 0 2 3 I 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 Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
McDonald’s Corp. |
2,646 | $ | 775,807 | |||||
McKesson Corp. |
497 | 199,993 | ||||||
Medtronic PLC |
4,826 | 423,530 | ||||||
MercadoLibre Inc.(a) |
163 | 201,802 | ||||||
Merck & Co. Inc. |
9,250 | 986,512 | ||||||
Meta Platforms Inc, Class A(a) |
8,031 | 2,558,677 | ||||||
MetLife Inc. |
2,350 | 147,979 | ||||||
Mettler-Toledo International Inc.(a) |
80 | 100,598 | ||||||
MGM Resorts International |
1,134 | 57,573 | ||||||
Microchip Technology Inc. |
2,027 | 190,416 | ||||||
Micron Technology Inc. |
3,950 | 281,990 | ||||||
Microsoft Corp. |
25,681 | 8,626,762 | ||||||
Mid-America Apartment Communities Inc. |
412 | 61,660 | ||||||
Moderna Inc.(a) |
1,191 | 140,133 | ||||||
Mohawk Industries Inc.(a) |
204 | 21,693 | ||||||
Molina Healthcare Inc.(a) |
204 | 62,116 | ||||||
Molson Coors Beverage Co., Class B |
702 | 48,979 | ||||||
Mondelez International Inc., Class A |
4,968 | 368,278 | ||||||
MongoDB Inc.(a) |
243 | 102,886 | ||||||
Monolithic Power Systems Inc. |
163 | 91,197 | ||||||
Monster Beverage Corp.(a) |
2,812 | 161,662 | ||||||
Moody’s Corp. |
603 | 212,708 | ||||||
Morgan Stanley |
4,548 | 416,415 | ||||||
Mosaic Co. (The) |
1,183 | 48,219 | ||||||
Motorola Solutions Inc. |
619 | 177,424 | ||||||
MSCI Inc., Class A |
295 | 161,684 | ||||||
Nasdaq Inc. |
1,245 | 62,860 | ||||||
NetApp Inc. |
738 | 57,571 | ||||||
Netflix Inc.(a) |
1,619 | 710,692 | ||||||
Neurocrine Biosciences Inc.(a) |
329 | 33,522 | ||||||
Newmont Corp. |
2,856 | 122,580 | ||||||
News Corp., Class A, NVS |
1,406 | 27,867 | ||||||
NextEra Energy Inc. |
7,350 | 538,755 | ||||||
Nike Inc., Class B |
4,468 | 493,223 | ||||||
NiSource Inc. |
1,365 | 38,002 | ||||||
Nordson Corp. |
170 | 42,774 | ||||||
Norfolk Southern Corp. |
825 | 192,712 | ||||||
Northern Trust Corp. |
714 | 57,206 | ||||||
Northrop Grumman Corp. |
528 | 234,960 | ||||||
Novocure Ltd.(a) |
328 | 10,706 | ||||||
NRG Energy Inc. |
910 | 34,571 | ||||||
Nucor Corp. |
930 | 160,044 | ||||||
Nvidia Corp. |
8,976 | 4,194,395 | ||||||
NVR Inc.(a) |
11 | 69,371 | ||||||
NXP Semiconductors NV |
950 | 211,831 | ||||||
Occidental Petroleum Corp. |
2,647 | 167,105 | ||||||
Okta Inc.(a) |
532 | 40,890 | ||||||
Old Dominion Freight Line Inc. |
359 | 150,597 | ||||||
Omnicom Group Inc. |
700 | 59,234 | ||||||
ON Semiconductor Corp.(a) |
1,529 | 164,750 | ||||||
ONEOK Inc. |
1,655 | 110,951 | ||||||
Oracle Corp. |
5,892 | 690,719 | ||||||
O’Reilly Automotive Inc.(a) |
220 | 203,674 | ||||||
Otis Worldwide Corp. |
1,530 | 139,169 | ||||||
Ovintiv Inc. |
926 | 42,679 | ||||||
Owens Corning |
317 | 44,377 | ||||||
PACCAR Inc. |
1,923 | 165,628 | ||||||
Packaging Corp. of America |
328 | 50,299 | ||||||
Palantir Technologies Inc., Class A(a) |
6,585 | 130,646 | ||||||
Palo Alto Networks Inc.(a)(b) |
1,104 | 275,956 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Paramount Global, Class B, NVS |
1,772 | $ | 28,405 | |||||
Parker-Hannifin Corp. |
476 | 195,165 | ||||||
Paychex Inc. |
1,198 | 150,313 | ||||||
Paycom Software Inc. |
176 | 64,902 | ||||||
Paylocity Holding Corp.(a) |
149 | 33,801 | ||||||
PayPal Holdings Inc.(a) |
3,860 | 292,665 | ||||||
Pentair PLC |
619 | 43,021 | ||||||
PepsiCo Inc. |
5,023 | 941,612 | ||||||
Pfizer Inc. |
20,587 | 742,367 | ||||||
PG&E Corp.(a) |
6,577 | 115,821 | ||||||
Philip Morris International Inc. |
5,648 | 563,219 | ||||||
Phillips 66 |
1,671 | 186,400 | ||||||
Pinterest Inc., Class A(a) |
2,254 | 65,343 | ||||||
Pioneer Natural Resources Co. |
826 | 186,403 | ||||||
PNC Financial Services Group Inc. (The) |
1,474 | 201,776 | ||||||
Pool Corp. |
141 | 54,248 | ||||||
PPG Industries Inc. |
868 | 124,905 | ||||||
PPL Corp. |
2,649 | 72,927 | ||||||
Principal Financial Group Inc. |
842 | 67,251 | ||||||
Procter & Gamble Co. (The) |
8,555 | 1,337,146 | ||||||
Progressive Corp. (The) |
2,140 | 269,597 | ||||||
Prologis Inc. |
3,365 | 419,784 | ||||||
Prudential Financial Inc. |
1,358 | 131,033 | ||||||
PTC Inc.(a) |
411 | 59,928 | ||||||
Public Service Enterprise Group Inc. |
1,861 | 117,466 | ||||||
Public Storage |
575 | 162,006 | ||||||
PulteGroup Inc. |
791 | 66,752 | ||||||
Qorvo Inc.(a) |
337 | 37,077 | ||||||
Qualcomm Inc. |
4,043 | 534,363 | ||||||
Quanta Services Inc. |
522 | 105,246 | ||||||
Quest Diagnostics Inc. |
391 | 52,867 | ||||||
Raymond James Financial Inc. |
701 | 77,159 | ||||||
Realty Income Corp. |
2,305 | 140,536 | ||||||
Regency Centers Corp. |
578 | 37,876 | ||||||
Regeneron Pharmaceuticals Inc.(a) |
388 | 287,861 | ||||||
Regions Financial Corp. |
3,219 | 65,571 | ||||||
Reliance Steel & Aluminum Co. |
214 | 62,672 | ||||||
Repligen Corp.(a) |
190 | 32,596 | ||||||
Republic Services Inc., Class A |
821 | 124,061 | ||||||
ResMed Inc. |
536 | 119,180 | ||||||
Revvity Inc. |
490 | 60,246 | ||||||
Rivian Automotive Inc., Class A(a)(b) |
2,356 | 65,120 | ||||||
Robert Half Inc. |
411 | 30,476 | ||||||
ROBLOX Corp., Class A(a) |
1,526 | 59,896 | ||||||
Rockwell Automation Inc. |
412 | 138,551 | ||||||
Roku Inc.(a) |
412 | 39,663 | ||||||
Rollins Inc. |
909 | 37,114 | ||||||
Roper Technologies Inc. |
393 | 193,769 | ||||||
Ross Stores Inc. |
1,248 | 143,071 | ||||||
Royal Caribbean Cruises Ltd.(a) |
826 | 90,125 | ||||||
Royalty Pharma PLC, Class A |
1,240 | 38,911 | ||||||
RPM International Inc. |
494 | 51,035 | ||||||
RTX Corp. |
5,286 | 464,798 | ||||||
S&P Global Inc. |
1,201 | 473,807 | ||||||
Salesforce Inc.(a) |
3,640 | 819,036 | ||||||
SBA Communications Corp., Class A |
385 | 84,296 | ||||||
Schlumberger NV |
5,133 | 299,459 | ||||||
Seagate Technology Holdings PLC |
663 | 42,101 | ||||||
Seagen Inc.(a) |
495 | 94,931 | ||||||
Sealed Air Corp. |
578 | 26,368 |
S C H E D U L E O F I N V E S T M E N T S |
89 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
SEI Investments Co. |
492 | $ | 30,991 | |||||
Sempra Energy |
1,157 | 172,416 | ||||||
Sensata Technologies Holding PLC |
619 | 26,153 | ||||||
ServiceNow Inc.(a) |
739 | 430,837 | ||||||
Sherwin-Williams Co. (The) |
904 | 249,956 | ||||||
Simon Property Group Inc. |
1,151 | 143,415 | ||||||
Sirius XM Holdings Inc.(b) |
2,658 | 13,556 | ||||||
Skyworks Solutions Inc. |
619 | 70,795 | ||||||
Snap Inc., Class A, NVS(a)(b) |
3,847 | 43,702 | ||||||
Snap-on Inc. |
206 | 56,123 | ||||||
Snowflake Inc., Class A(a) |
952 | 169,180 | ||||||
SolarEdge Technologies Inc.(a) |
205 | 49,499 | ||||||
Southern Co. (The) |
3,970 | 287,190 | ||||||
Southwest Airlines Co. |
577 | 19,710 | ||||||
Splunk Inc.(a) |
554 | 60,015 | ||||||
SS&C Technologies Holdings Inc. |
826 | 48,115 | ||||||
Stanley Black & Decker Inc. |
578 | 57,378 | ||||||
Starbucks Corp. |
4,201 | 426,696 | ||||||
State Street Corp. |
1,217 | 88,159 | ||||||
Steel Dynamics Inc. |
576 | 61,390 | ||||||
STERIS PLC |
370 | 83,453 | ||||||
Stryker Corp. |
1,238 | 350,862 | ||||||
Sun Communities Inc. |
426 | 55,508 | ||||||
Synchrony Financial |
1,612 | 55,678 | ||||||
Synopsys Inc.(a) |
562 | 253,912 | ||||||
Sysco Corp. |
1,816 | 138,579 | ||||||
T Rowe Price Group Inc. |
826 | 101,813 | ||||||
Take-Two Interactive Software Inc.(a) |
593 | 90,693 | ||||||
Targa Resources Corp. |
787 | 64,526 | ||||||
Target Corp. |
1,661 | 226,677 | ||||||
TE Connectivity Ltd. |
1,157 | 166,018 | ||||||
Teledyne Technologies Inc.(a) |
163 | 62,678 | ||||||
Teleflex Inc.(b) |
163 | 40,941 | ||||||
Teradyne Inc. |
594 | 67,086 | ||||||
Tesla Inc.(a) |
10,344 | 2,766,296 | ||||||
Texas Instruments Inc. |
3,279 | 590,220 | ||||||
Texas Pacific Land Corp. |
25 | 37,658 | ||||||
Textron Inc. |
733 | 57,005 | ||||||
Thermo Fisher Scientific Inc. |
1,397 | 766,478 | ||||||
TJX Companies Inc. (The) |
4,140 | 358,234 | ||||||
T-Mobile U.S. Inc.(a) |
2,206 | 303,921 | ||||||
Toast Inc., Class A(a)(b) |
891 | 19,664 | ||||||
Toro Co. (The) |
378 | 38,424 | ||||||
Tractor Supply Co. |
412 | 92,284 | ||||||
Trade Desk Inc. (The), Class A(a) |
1,652 | 150,762 | ||||||
Tradeweb Markets Inc., Class A |
411 | 33,616 | ||||||
Trane Technologies PLC |
821 | 163,740 | ||||||
TransDigm Group Inc. |
198 | 178,145 | ||||||
TransUnion |
660 | 52,595 | ||||||
Travelers Companies Inc. (The) |
858 | 148,099 | ||||||
Trimble Inc.(a) |
950 | 51,110 | ||||||
Truist Financial Corp. |
4,775 | 158,625 | ||||||
Twilio Inc., Class A(a) |
636 | 41,995 | ||||||
Tyler Technologies Inc.(a) |
160 | 63,461 | ||||||
Tyson Foods Inc., Class A |
1,013 | 56,444 | ||||||
U.S. Bancorp |
5,563 | 220,740 | ||||||
Uber Technologies Inc.(a) |
6,637 | 328,266 | ||||||
UDR Inc. |
1,165 | 47,625 | ||||||
UGI Corp. |
841 | 22,699 | ||||||
UiPath Inc., Class A(a)(b) |
1,304 | 23,576 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Ulta Beauty Inc.(a) |
192 | $ | 85,402 | |||||
Union Pacific Corp. |
2,235 | 518,565 | ||||||
United Parcel Service Inc., Class B |
2,623 | 490,842 | ||||||
United Rentals Inc. |
245 | 113,847 | ||||||
United Therapeutics Corp.(a) |
168 | 40,777 | ||||||
UnitedHealth Group Inc. |
3,383 | 1,713,050 | ||||||
Unity Software Inc.(a) |
757 | 34,701 | ||||||
Universal Health Services Inc., Class B |
245 | 34,045 | ||||||
Vail Resorts Inc. |
159 | 37,443 | ||||||
Valero Energy Corp. |
1,324 | 170,677 | ||||||
Veeva Systems Inc., Class A(a) |
535 | 109,258 | ||||||
Ventas Inc. |
1,504 | 72,974 | ||||||
VeriSign Inc.(a) |
332 | 70,035 | ||||||
Verisk Analytics Inc., Class A |
529 | 121,109 | ||||||
Verizon Communications Inc. |
15,301 | 521,458 | ||||||
Vertex Pharmaceuticals Inc.(a) |
937 | 330,143 | ||||||
VF Corp. |
1,241 | 24,584 | ||||||
Viatris Inc. |
4,469 | 47,059 | ||||||
VICI Properties Inc., Class A |
3,533 | 111,219 | ||||||
Visa Inc., Class A |
5,893 | 1,400,943 | ||||||
Vistra Corp. |
1,231 | 34,542 | ||||||
VMware Inc., Class A(a) |
857 | 135,089 | ||||||
Vulcan Materials Co. |
494 | 108,927 | ||||||
W R Berkley Corp. |
744 | 45,897 | ||||||
Walgreens Boots Alliance Inc. |
2,648 | 79,361 | ||||||
Walmart Inc. |
5,376 | 859,407 | ||||||
Walt Disney Co. (The)(a) |
6,625 | 588,896 | ||||||
Warner Bros. Discovery Inc.(a)(b) |
8,621 | 112,676 | ||||||
Waste Management Inc. |
1,474 | 241,426 | ||||||
Waters Corp.(a) |
219 | 60,490 | ||||||
Watsco Inc. |
122 | 46,139 | ||||||
Webster Financial Corp. |
647 | 30,616 | ||||||
WEC Energy Group Inc. |
1,158 | 104,058 | ||||||
Wells Fargo & Co. |
13,646 | 629,899 | ||||||
Welltower Inc. |
1,733 | 142,366 | ||||||
West Pharmaceutical Services Inc. |
259 | 95,322 | ||||||
Western Digital Corp.(a) |
1,157 | 49,242 | ||||||
Westinghouse Air Brake Technologies Corp. |
595 | 70,472 | ||||||
Westlake Corp. |
139 | 19,113 | ||||||
Westrock Co. |
950 | 31,626 | ||||||
Weyerhaeuser Co. |
2,773 | 94,448 | ||||||
Whirlpool Corp. |
204 | 29,429 | ||||||
Williams Companies Inc. (The) |
4,427 | 152,510 | ||||||
Willis Towers Watson PLC |
409 | 86,434 | ||||||
Wolfspeed Inc.(a) |
450 | 29,655 | ||||||
Workday Inc., Class A(a) |
743 | 176,188 | ||||||
WP Carey Inc. |
758 | 51,188 | ||||||
WW Grainger Inc. |
163 | 120,374 | ||||||
Wynn Resorts Ltd. |
350 | 38,143 | ||||||
Xcel Energy Inc. |
2,039 | 127,906 | ||||||
Xylem Inc./NY |
835 | 94,146 | ||||||
Yum! Brands Inc. |
1,009 | 138,909 | ||||||
Zebra Technologies Corp., Class A(a) |
178 | 54,817 | ||||||
Zillow Group Inc., Class C (a) |
536 | 29,030 | ||||||
Zimmer Biomet Holdings Inc. |
743 | 102,645 | ||||||
Zoetis Inc. |
1,693 | 318,436 | ||||||
Zoom Video Communications Inc., Class A(a) |
826 | 60,587 | ||||||
ZoomInfo Technologies Inc., Class A(a) |
1,020 | 26,081 |
90 |
2 0 2 3 I 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 Kokusai ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Zscaler Inc.(a)(b) |
287 | $ | 46,029 | |||||
|
|
|||||||
147,767,901 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.5% |
199,593,273 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.2% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS |
205 | 23,032 | ||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS(c) |
410 | 50,136 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
660 | 50,930 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
577 | 34,046 | ||||||
Sartorius AG, Preference Shares, NVS(b) |
94 | 38,783 | ||||||
Volkswagen AG, Preference Shares, NVS |
749 | 99,224 | ||||||
|
|
|||||||
296,151 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.2% |
296,151 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
199,889,424 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities |
| |||||||
Money Market Funds — 1.2% | ||||||||
BlackRock
Cash Funds: Institutional, |
2,207,860 | $ | 2,208,523 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(d)(e) |
280,000 | 280,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.2% |
2,488,523 | |||||||
|
|
|||||||
Total
Investments — 100.9% |
202,377,947 | |||||||
Liabilities in Excess of Other Assets — (0.9)% |
|
(1,798,971 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 200,578,976 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock
Cash Funds: Institutional, |
$ | 2,040,973 | $ | 166,096 | (a) | $ | — | $ | 1,081 | $ | 373 | $ | 2,208,523 | 2,207,860 | $ | 10,330 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
140,000 | 140,000 | (a) | — | — | — | 280,000 | 280,000 | 10,687 | — | ||||||||||||||||||||||||||
BlackRock Inc. |
343,289 | 53,625 | (25,607 | ) | (4,254 | ) | 36,359 | 403,412 | 546 | 10,597 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (3,173 | ) | $ | 36,732 | $ | 2,891,935 | $ | 31,614 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
Euro STOXX 50 Index |
4 | 09/15/23 | $ | 198 | $ | 4,776 | ||||||||||
S&P 500 E-Mini Index |
2 | 09/15/23 | 461 | 27,211 | ||||||||||||
|
|
|||||||||||||||
$ | 31,987 | |||||||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
91 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI Kokusai ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 31,987 | $ | — | $ | — | $ | — | $ | 31,987 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 21,546 | $ | — | $ | — | $ | — | $ | 21,546 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 5,151 | $ | — | $ | — | $ | — | $ | 5,151 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 607,736 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 155,675,221 | $ | 43,918,052 | $ | — | $ | 199,593,273 | ||||||||
Preferred Stocks |
— | 296,151 | — | 296,151 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
2,488,523 | — | — | 2,488,523 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 158,163,744 | $ | 44,214,203 | $ | — | $ | 202,377,947 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 27,211 | $ | 4,776 | $ | — | $ | 31,987 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
92 |
2 0 2 3 I 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 |
Statements of Assets and Liabilities
July 31, 2023
iShares MSCI ACWI ETF |
iShares MSCI ACWI Low Carbon Target ETF |
iShares MSCI All Country Asia ex Japan ETF |
iShares MSCI Europe Financials ETF |
|||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 18,322,060,231 | $ | 892,422,644 | $ | 2,898,661,156 | $ | 1,549,875,151 | ||||||||
Investments, at value — affiliated(c) |
300,194,550 | 10,017,574 | 59,588,230 | 3,859,592 | ||||||||||||
Cash |
708,603 | — | 369,698 | 6,664 | ||||||||||||
Cash pledged for futures contracts |
3,197,000 | 117,000 | 466,000 | — | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) |
— | — | — | 678,670 | ||||||||||||
Foreign currency, at value(e) |
24,461,628 | 1,113,605 | 5,919,060 | 2,374,752 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
— | — | 1,664 | — | ||||||||||||
Securities lending income — affiliated |
106,075 | 1,358 | 44,586 | 1,249 | ||||||||||||
Dividends — unaffiliated |
20,878,750 | 1,140,155 | 12,593,667 | 29,276 | ||||||||||||
Dividends — affiliated |
127,751 | 5,405 | 25,436 | 1,747 | ||||||||||||
Tax reclaims |
7,654,374 | 338,597 | — | 8,162,596 | ||||||||||||
Variation margin on futures contracts |
59,930 | 1,966 | 23,148 | 720 | ||||||||||||
Other assets |
116,924 | 13,906 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
18,679,565,816 | 905,172,210 | 2,977,692,645 | 1,564,990,417 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Bank overdraft |
— | 452 | — | — | ||||||||||||
Collateral on securities loaned, at value |
237,010,419 | 7,602,413 | 53,885,512 | 3,289,267 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
— | — | 2,645,996 | — | ||||||||||||
Capital shares redeemed |
— | — | — | 360,065 | ||||||||||||
Deferred foreign capital gain tax |
6,585,564 | 212,186 | 9,269,973 | — | ||||||||||||
Investment advisory fees |
4,877,022 | 149,179 | 1,696,064 | 626,251 | ||||||||||||
IRS compliance fee for foreign withholding tax claims |
1,806,667 | — | — | — | ||||||||||||
Professional fees |
155,749 | — | — | 161,961 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
250,435,421 | 7,964,230 | 67,497,545 | 4,437,544 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 18,429,130,395 | $ | 897,207,980 | $ | 2,910,195,100 | $ | 1,560,552,873 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 16,422,107,215 | $ | 892,960,668 | $ | 3,552,406,380 | $ | 1,800,460,835 | ||||||||
Accumulated earnings (loss) |
2,007,023,180 | 4,247,312 | (642,211,280 | ) | (239,907,962 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 18,429,130,395 | $ | 897,207,980 | $ | 2,910,195,100 | $ | 1,560,552,873 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
185,600,000 | 5,550,000 | 41,200,000 | 77,550,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 99.29 | $ | 161.66 | $ | 70.64 | $ | 20.12 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 15,183,889,118 | $ | 811,978,364 | $ | 2,755,128,995 | $ | 1,591,649,743 | ||||||||
(b) Securities loaned, at value |
$ | 224,073,903 | $ | 7,475,766 | $ | 51,716,111 | $ | 3,222,441 | ||||||||
(c) Investments, at cost — affiliated |
$ | 295,194,492 | $ | 10,056,029 | $ | 59,567,845 | $ | 3,859,279 | ||||||||
(d) Foreign currency collateral pledged, at cost |
$ | — | $ | — | $ | — | $ | 673,876 | ||||||||
(e) Foreign currency, at cost |
$ | 24,396,072 | $ | 1,122,969 | $ | 5,930,248 | $ | 2,367,302 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
93 |
Statements of Assets and Liabilities (continued)
July 31, 2023
iShares MSCI Europe Small-Cap ETF |
iShares MSCI Kokusai ETF |
|||||||
|
||||||||
ASSETS |
||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 127,618,675 | $ | 199,486,012 | ||||
Investments, at value — affiliated(c) |
6,128,328 | 2,891,935 | ||||||
Cash |
410 | 9,344 | ||||||
Cash pledged for futures contracts |
— | 25,000 | ||||||
Foreign currency collateral pledged for futures contracts(d) |
75,693 | 14,293 | ||||||
Foreign currency, at value(e) |
512,517 | 220,727 | ||||||
Receivables: |
||||||||
Securities lending income — affiliated |
17,242 | 801 | ||||||
Dividends — unaffiliated |
118,876 | 142,183 | ||||||
Dividends — affiliated |
140 | 1,053 | ||||||
Tax reclaims |
297,627 | 42,933 | ||||||
Variation margin on futures contracts |
97 | 718 | ||||||
|
|
|
|
|||||
Total assets |
134,769,605 | 202,834,999 | ||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Collateral on securities loaned, at value |
6,091,507 | 2,214,322 | ||||||
Payables: |
||||||||
Investment advisory fees |
42,956 | 41,701 | ||||||
Professional fees |
3,085 | — | ||||||
|
|
|
|
|||||
Total liabilities |
6,137,548 | 2,256,023 | ||||||
|
|
|
|
|||||
Commitments and contingent liabilities |
||||||||
NET ASSETS |
$ | 128,632,057 | $ | 200,578,976 | ||||
|
|
|
|
|||||
NET ASSETS CONSIST OF |
||||||||
Paid-in capital |
$ | 186,089,568 | $ | 238,653,058 | ||||
Accumulated loss |
(57,457,511 | ) | (38,074,082 | ) | ||||
|
|
|
|
|||||
NET ASSETS |
$ | 128,632,057 | $ | 200,578,976 | ||||
|
|
|
|
|||||
NET ASSET VALUE |
||||||||
Shares outstanding |
2,350,000 | 2,100,000 | ||||||
|
|
|
|
|||||
Net asset value |
$ | 54.74 | $ | 95.51 | ||||
|
|
|
|
|||||
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|||||
Par value |
None | None | ||||||
|
|
|
|
|||||
(a) Investments, at cost — unaffiliated |
$ | 168,152,467 | $ | 210,083,790 | ||||
(b) Securities loaned, at value |
$ | 5,422,793 | $ | 2,177,465 | ||||
(c) Investments, at cost — affiliated |
$ | 6,127,228 | $ | 2,960,451 | ||||
(d) Foreign currency collateral pledged, at cost |
$ | 76,649 | $ | 15,207 | ||||
(e) Foreign currency, at cost |
$ | 512,527 | $ | 216,853 |
See notes to financial statements.
94 |
2 0 2 3 I 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 |
Year Ended July 31, 2023
iShares MSCI ACWI ETF |
iShares MSCI ACWI Low Carbon Target ETF |
iShares MSCI All Country Asia ex Japan ETF |
iShares MSCI Europe Financials ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 413,402,962 | $ | 19,795,242 | $ | 81,436,690 | $ | 75,959,099 | ||||||||
Dividends — affiliated |
2,045,244 | 93,084 | 252,301 | 53,244 | ||||||||||||
Interest — unaffiliated |
156,876 | 7,743 | 29,785 | 20,443 | ||||||||||||
Securities lending income — affiliated — net |
1,355,778 | 46,167 | 646,892 | 32,486 | ||||||||||||
Other income — unaffiliated |
66,323 | 110 | — | 313,134 | ||||||||||||
Foreign taxes withheld |
(22,562,882 | ) | (1,262,579 | ) | (9,366,215 | ) | (7,043,132 | ) | ||||||||
Foreign withholding tax claims |
2,176,932 | 37,686 | — | 4,066,415 | ||||||||||||
IRS compliance fee for foreign withholding tax claims |
(42,747 | ) | — | — | — | |||||||||||
Other foreign taxes |
(109,647 | ) | (4,722 | ) | (165,001 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
396,488,839 | 18,712,731 | 72,834,452 | 73,401,689 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
56,517,117 | 1,721,204 | 20,348,108 | 6,634,007 | ||||||||||||
Professional |
225,575 | 3,780 | — | 437,981 | ||||||||||||
Commitment costs |
49,961 | 4,469 | 49,961 | — | ||||||||||||
Interest expense |
— | 3,429 | 31,682 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
56,792,653 | 1,732,882 | 20,429,751 | 7,071,988 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
339,696,186 | 16,979,849 | 52,404,701 | 66,329,701 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
(310,236,901 | ) | (23,837,050 | ) | (284,976,915 | ) | (76,359,488 | ) | ||||||||
Investments — affiliated |
(194,576 | ) | (54,657 | ) | 22,681 | (2,371 | ) | |||||||||
Capital gain distributions from underlying funds — affiliated |
16 | 1 | 10 | — | ||||||||||||
Foreign currency transactions |
(1,633,066 | ) | (68,795 | ) | (704,474 | ) | (48,956 | ) | ||||||||
Futures contracts |
7,181,573 | 532,547 | (830,793 | ) | 1,462,669 | |||||||||||
In-kind redemptions — unaffiliated(b) |
1,571,173,796 | 25,865,463 | (15,191,648 | ) | 34,651,460 | |||||||||||
In-kind redemptions — affiliated(b) |
3,441,896 | 51,002 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,269,732,738 | 2,488,511 | (301,681,139 | ) | (40,296,686 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
576,207,294 | 80,756,742 | 358,332,765 | 357,372,583 | ||||||||||||
Investments — affiliated |
(477,340 | ) | 120,145 | 3,784 | 192 | |||||||||||
Foreign currency translations |
751,580 | 20,942 | 54,670 | 492,353 | ||||||||||||
Futures contracts |
362,816 | (54,907 | ) | 871,672 | (194,972 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
576,844,350 | 80,842,922 | 359,262,891 | 357,670,156 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain |
1,846,577,088 | 83,331,433 | 57,581,752 | 317,373,470 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 2,186,273,274 | $ | 100,311,282 | $ | 109,986,453 | $ | 383,703,171 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | (1,461,283 | ) | $ | (131,122 | ) | $ | (1,356,359 | ) | $ | — | |||||
(b) See Note 2 of the Notes to Financial Statements |
||||||||||||||||
(c) Net of increase in deferred foreign capital gain tax of |
$ | (1,970,926 | ) | $ | (21,209 | ) | $ | (5,171,878 | ) | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
95 |
Statements of Operations (continued)
Year Ended July 31, 2023
iShares MSCI Europe Small-Cap ETF |
iShares MSCI Kokusai ETF |
|||||||
|
||||||||
INVESTMENT INCOME |
||||||||
Dividends — unaffiliated |
$ | 4,012,495 | $ | 3,681,290 | ||||
Dividends — affiliated |
2,753 | 21,284 | ||||||
Interest — unaffiliated |
1,911 | 1,320 | ||||||
Securities lending income — affiliated — net |
199,385 | 10,330 | ||||||
Other income — unaffiliated |
1,746 | 38,563 | ||||||
Foreign taxes withheld |
(408,082 | ) | (186,070 | ) | ||||
Foreign withholding tax claims |
169,223 | 168,656 | ||||||
|
|
|
|
|||||
Total investment income |
3,979,431 | 3,735,373 | ||||||
|
|
|
|
|||||
EXPENSES |
||||||||
Investment advisory |
451,568 | 438,109 | ||||||
Professional |
17,097 | 20,754 | ||||||
|
|
|
|
|||||
Total expenses |
468,665 | 458,863 | ||||||
|
|
|
|
|||||
Net investment income |
3,510,766 | 3,276,510 | ||||||
|
|
|
|
|||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments — unaffiliated |
(6,219,326 | ) | (2,654,876 | ) | ||||
Investments — affiliated |
997 | (776 | ) | |||||
Foreign currency transactions |
42,603 | 8,420 | ||||||
Futures contracts |
197,446 | 21,546 | ||||||
In-kind redemptions — unaffiliated(a) |
(1,302,461 | ) | 732,671 | |||||
In-kind redemptions — affiliated(a) |
— | (2,397 | ) | |||||
|
|
|
|
|||||
(7,280,741 | ) | (1,895,412 | ) | |||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments — unaffiliated |
11,892,422 | 22,389,876 | ||||||
Investments — affiliated |
1,532 | 36,732 | ||||||
Foreign currency translations |
19,907 | 7,005 | ||||||
Futures contracts |
(24,318 | ) | 5,151 | |||||
|
|
|
|
|||||
11,889,543 | 22,438,764 | |||||||
|
|
|
|
|||||
Net realized and unrealized gain |
4,608,802 | 20,543,352 | ||||||
|
|
|
|
|||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 8,119,568 | $ | 23,819,862 | ||||
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
96 |
2 0 2 3 I 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 |
Statements of Changes in Net Assets
iShares MSCI ACWI ETF |
iShares MSCI ACWI Low Carbon Target ETF |
|||||||||||||||||
|
|
|
|
|||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
|||||||||||||||
|
||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||
OPERATIONS |
||||||||||||||||||
Net investment income |
$ | 339,696,186 | $ | 310,089,383 | $ | 16,979,849 | $ | 19,671,712 | ||||||||||
Net realized gain |
1,269,732,738 | 217,017,555 | 2,488,511 | 52,893,381 | ||||||||||||||
Net change in unrealized appreciation (depreciation) |
576,844,350 | (2,540,124,332 | ) | 80,842,922 | (223,072,095 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net assets resulting from operations |
2,186,273,274 | (2,013,017,394 | ) | 100,311,282 | (150,507,002 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(315,032,351 | ) | (342,708,658 | ) | (15,702,910 | ) | (22,125,984 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(1,569,487,274 | ) | 3,517,278,339 | (94,713,446 | ) | 218,726,937 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
NET ASSETS |
||||||||||||||||||
Total increase (decrease) in net assets |
301,753,649 | 1,161,552,287 | (10,105,074 | ) | 46,093,951 | |||||||||||||
Beginning of year |
18,127,376,746 | 16,965,824,459 | 907,313,054 | 861,219,103 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
End of year |
$ | 18,429,130,395 | $ | 18,127,376,746 | $ | 897,207,980 | $ | 907,313,054 | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
97 |
Statements of Changes in Net Assets (continued)
iShares MSCI All Country Asia ex Japan ETF |
iShares MSCI Europe Financials ETF |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
(a)
|
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
| |||||||||
|
||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 52,404,701 | $ | 65,939,672 | $ | 66,329,701 | $ | 69,104,959 | ||||||||||||
Net realized gain (loss) |
(301,681,139 | ) | 452,293,902 | (40,296,686 | ) | (82,024,424 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) |
359,262,891 | (1,507,886,812 | ) | 357,670,156 | (313,933,523 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
109,986,453 | (989,653,238 | ) | 383,703,171 | (326,852,988 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||||||
From net investment income |
(50,273,411 | ) | (94,511,519 | ) | (63,365,245 | ) | (83,531,263 | ) | ||||||||||||
Return of capital |
— | — | — | (547,504 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(50,273,411 | ) | (94,511,519 | ) | (63,365,245 | ) | (84,078,767 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(497,708,960 | ) | (1,142,147,278 | ) | 268,062,230 | (162,927,425 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(437,995,918 | ) | (2,226,312,035 | ) | 588,400,156 | (573,859,180 | ) | |||||||||||||
Beginning of year |
3,348,191,018 | 5,574,503,053 | 972,152,717 | 1,546,011,897 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 2,910,195,100 | $ | 3,348,191,018 | $ | 1,560,552,873 | $ | 972,152,717 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Consolidated Statement of Changes in Net Assets. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
98 |
2 0 2 3 I 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 |
Statements of Changes in Net Assets (continued)
iShares MSCI Europe Small-Cap ETF |
iShares MSCI Kokusai ETF |
|||||||||||||||||
|
|
|
|
|||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
|||||||||||||||
|
||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||
OPERATIONS |
||||||||||||||||||
Net investment income |
$ | 3,510,766 | $ | 4,911,678 | $ | 3,276,510 | $ | 5,627,497 | ||||||||||
Net realized gain (loss) |
(7,280,741 | ) | 18,700,757 | (1,895,412 | ) | 155,521,841 | ||||||||||||
Net change in unrealized appreciation (depreciation) |
11,889,543 | (87,280,425 | ) | 22,438,764 | (84,708,726 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net assets resulting from operations |
8,119,568 | (63,667,990 | ) | 23,819,862 | 76,440,612 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(3,109,383 | ) | (7,908,962 | ) | (3,368,028 | ) | (5,904,840 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
14,444,402 | (263,106,981 | ) | 12,882,742 | (387,883,657 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
NET ASSETS |
||||||||||||||||||
Total increase (decrease) in net assets |
19,454,587 | (334,683,933 | ) | 33,334,576 | (317,347,885 | ) | ||||||||||||
Beginning of year |
109,177,470 | 443,861,403 | 167,244,400 | 484,592,285 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
End of year |
$ | 128,632,057 | $ | 109,177,470 | $ | 200,578,976 | $ | 167,244,400 | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
99 |
(For a share outstanding throughout each period)
iShares MSCI ACWI ETF | ||||||||||||||||||||||||
Year Ended |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 89.65 | $ | 101.96 | $ | 77.73 | $ | 73.94 | $ | 73.31 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income(a) |
1.72 | (b) | 1.72 | (b) | 1.42 | 1.48 | 1.60 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) |
9.55 | (12.09 | ) | 24.22 | 3.87 | 0.58 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) from investment operations |
11.27 | (10.37 | ) | 25.64 | 5.35 | 2.18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Distributions from net investment income(d) |
(1.63 | ) | (1.94 | ) | (1.41 | ) | (1.56 | ) | (1.55 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of year |
$ | 99.29 | $ | 89.65 | $ | 101.96 | $ | 77.73 | $ | 73.94 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Return(e) |
||||||||||||||||||||||||
Based on net asset value |
12.75 | %(b) | (10.30 | )%(b) | 33.14 | % | 7.29 | % | 3.14 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||
Total expenses |
0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses after fees waived |
0.32 | % | 0.32 | % | 0.31 | % | 0.31 | % | 0.31 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.32 | % | 0.32 | % | 0.32 | % | N/A | 0.32 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income |
1.93 | %(b) | 1.77 | %(b) | 1.55 | % | 2.01 | % | 2.25 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 18,429,130 | $ | 18,127,377 | $ | 16,965,824 | $ | 12,033,016 | $ | 10,854,370 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Portfolio turnover rate(g) |
5 | % | 5 | % | 6 | % | 16 | % | 11 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively: |
• Net investment income per share by $0.01 and $0.02.
• Total return by 0.01% and 0.02%.
• Ratio of net investment income to average net assets by 0.01% and 0.02%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
100 |
2 0 2 3 I 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI ACWI Low Carbon Target ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 146.34 | $ | 167.23 | $ | 127.09 | $ | 120.26 | $ | 118.67 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
2.86 | (b) | 2.83 | 2.49 | 2.49 | 2.58 | ||||||||||||||
Net realized and unrealized gain (loss)(c) |
15.18 | (20.67 | ) | 39.88 | 6.91 | 1.70 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
18.04 | (17.84 | ) | 42.37 | 9.40 | 4.28 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(d) |
(2.72 | ) | (3.05 | ) | (2.23 | ) | (2.57 | ) | (2.69 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 161.66 | $ | 146.34 | $ | 167.23 | $ | 127.09 | $ | 120.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
12.50 | %(b) | (10.78 | )% | 33.48 | % | 7.88 | % | 3.82 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||
Total expenses |
0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.20 | % | 0.20 | % | N/A | N/A | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.97 | %(b) | 1.76 | % | 1.64 | % | 2.07 | % | 2.24 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 897,208 | $ | 907,313 | $ | 861,219 | $ | 432,095 | $ | 468,999 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(g) |
19 | % | 20 | % | 12 | % | 15 | % | 14 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023: |
• Net investment income per share by $0.01.
• Total return by 0.00%.
• Ratio of net investment income to average net assets by 0.00%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
101 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI All Country Asia ex Japan ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
(a) |
|
Year Ended 07/31/21 |
(a) |
|
Year Ended 07/31/20 |
(a) |
|
Year Ended 07/31/19 |
(a) | ||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 68.05 | $ | 87.65 | $ | 75.15 | $ | 68.54 | $ | 72.59 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(b) |
1.19 | 1.19 | 1.00 | 1.20 | 1.24 | |||||||||||||||
Net realized and unrealized gain (loss)(c) |
2.58 | (18.91 | ) | 12.46 | 6.61 | (3.95 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
3.77 | (17.72 | ) | 13.46 | 7.81 | (2.71 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(d) |
(1.18 | ) | (1.88 | ) | (0.96 | ) | (1.20 | ) | (1.34 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 70.64 | $ | 68.05 | $ | 87.65 | $ | 75.15 | $ | 68.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
5.64 | % | (20.51 | )% | 17.88 | % | 11.52 | % | (3.61 | )% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||
Total expenses |
0.70 | % | 0.69 | % | 0.69 | % | 0.70 | % | 0.68 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.80 | % | 1.49 | % | 1.12 | % | 1.75 | % | 1.82 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 2,910,195 | $ | 3,348,191 | $ | 5,574,503 | $ | 4,043,280 | $ | 4,030,348 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(g) |
15 | % | 20 | % | 31 | % | 23 | % | 17 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
102 |
2 0 2 3 I 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Europe Financials ETF | ||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 15.91 | $ | 19.64 | $ | 14.48 | $ | 17.53 | $ | 21.18 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.86 | (b) | 0.86 | (b) | 0.48 | 0.31 | 0.68 | |||||||||||||
Net realized and unrealized gain (loss)(c) |
4.15 | (3.51 | ) | 5.17 | (3.01 | ) | (3.35 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
5.01 | (2.65 | ) | 5.65 | (2.70 | ) | (2.67 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions(d) |
||||||||||||||||||||
From net investment income |
(0.80 | ) | (1.07 | ) | (0.49 | ) | (0.35 | ) | (0.98 | ) | ||||||||||
Return of capital |
— | (0.01 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.80 | ) | (1.08 | ) | (0.49 | ) | (0.35 | ) | (0.98 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 20.12 | $ | 15.91 | $ | 19.64 | $ | 14.48 | $ | 17.53 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
31.94 | %(b) | (13.92 | )%(b) | 38.98 | % | (15.62 | )% | (12.53 | )% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||
Total expenses |
0.51 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.48 | % | 0.48 | % | 0.48 | % | N/A | 0.48 | % | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
4.80 | %(b) | 4.51 | %(b) | 2.68 | % | 1.90 | % | 3.62 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 1,560,553 | $ | 972,153 | $ | 1,546,012 | $ | 718,923 | $ | 1,035,148 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(g) |
12 | % | 7 | % | 4 | % | 5 | % | 5 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively: |
• Net investment income per share by $0.05 and $0.01.
• Total return by 0.30% and 0.07%.
• Ratio of net investment income to average net assets by 0.26% and 0.05%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
103 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Europe Small-Cap ETF | ||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 51.99 | $ | 71.59 | $ | 49.62 | $ | 49.09 | $ | 57.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.59 | (b) | 1.15 | (b) | 1.25 | 0.81 | 1.51 | |||||||||||||
Net realized and unrealized gain (loss)(c) |
2.53 | (18.54 | ) | 21.87 | 0.68 | (7.50 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
4.12 | (17.39 | ) | 23.12 | 1.49 | (5.99 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(d) |
(1.37 | ) | (2.21 | ) | (1.15 | ) | (0.96 | ) | (2.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 54.74 | $ | 51.99 | $ | 71.59 | $ | 49.62 | $ | 49.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
8.07 | %(b) | (24.65 | )%(b) | 46.76 | % | 2.98 | % | (10.32 | )% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||
Total expenses |
0.42 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.40 | % | 0.40 | % | N/A | N/A | 0.40 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
3.11 | %(b) | 1.74 | %(b) | 1.98 | % | 1.67 | % | 2.95 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 128,632 | $ | 109,177 | $ | 443,861 | $ | 124,046 | $ | 139,918 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(g) |
13 | % | 16 | % | 14 | % | 20 | % | 17 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively: |
• Net investment income per share by $0.07 and $0.01.
• Total return by 0.13% and 0.02%.
• Ratio of net investment income to average net assets by 0.13% and 0.01%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
104 |
2 0 2 3 I 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Kokusai ETF | ||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 85.77 | $ | 96.92 | $ | 72.42 | $ | 68.33 | $ | 66.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.60 | (b) | 1.32 | (b) | 1.31 | 1.32 | 1.42 | |||||||||||||
Net realized and unrealized gain (loss)(c) |
9.80 | (9.44 | ) | 24.61 | 4.06 | 1.51 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
11.40 | (8.12 | ) | 25.92 | 5.38 | 2.93 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(d) |
(1.66 | ) | (3.03 | ) | (1.42 | ) | (1.29 | ) | (1.50 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 95.51 | $ | 85.77 | $ | 96.92 | $ | 72.42 | $ | 68.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
13.50 | %(b) | (8.46 | )%(b) | 36.01 | % | 7.94 | % | 4.59 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||
Total expenses |
0.26 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.25 | % | 0.25 | % | 0.25 | % | N/A | N/A | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.87 | %(b) | 1.39 | %(b) | 1.53 | % | 1.93 | % | 2.17 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 200,579 | $ | 167,244 | $ | 484,592 | $ | 152,085 | $ | 143,483 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(g) |
3 | % | 9 | % | 3 | % | 4 | % | 4 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively: |
• Net investment income per share by $0.07 and $0.03.
• Total return by 0.08% and 0.08%.
• Ratio of net investment income to average net assets by 0.08% and 0.04%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
105 |
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification |
|||
MSCI ACWI |
Diversified | |||
MSCI ACWI Low Carbon Target |
Diversified | |||
MSCI All Country Asia ex Japan |
Diversified | |||
MSCI Europe Financials |
Diversified | |||
MSCI Europe Small-Cap |
Diversified | |||
MSCI Kokusai |
Diversified |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
106 |
2 0 2 3 I 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 |
Notes to Financial Statements (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The
N O T E S T O F I N A N C I A L S T A T E M E N T S |
107 |
Notes to Financial Statements (continued)
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
108 |
2 0 2 3 I 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 |
Notes to Financial Statements (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
MSCI ACWI |
||||||||||||||||
Barclays Bank PLC |
$ | 26,068,477 | $ | (26,068,477 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
18,364,590 | (18,364,590 | ) | — | — | |||||||||||
BNP Paribas SA |
7,860,995 | (7,860,995 | ) | — | — | |||||||||||
BofA Securities, Inc. |
8,371,008 | (8,371,008 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
1,356,504 | (1,356,504 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
24,292,012 | (24,292,012 | ) | — | — | |||||||||||
HSBC Bank PLC |
2,374,559 | (2,374,559 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
57,372,439 | (57,372,439 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC |
145,358 | (145,358 | ) | — | — | |||||||||||
Jefferies LLC |
11,210,456 | (11,210,456 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
135,099 | (135,099 | ) | — | — | |||||||||||
Morgan Stanley |
22,093,436 | (22,093,436 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
15,922,376 | (15,922,376 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
5,645,339 | (5,645,339 | ) | — | — | |||||||||||
SG Americas Securities LLC |
2,413,009 | (2,413,009 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
1,061,015 | (1,061,015 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
1,629,044 | (1,622,147 | ) | — | 6,897 | (b) | ||||||||||
UBS AG |
12,747,266 | (12,706,053 | ) | — | 41,213 | |||||||||||
UBS Securities LLC |
739,298 | (739,298 | ) | — | — | |||||||||||
Virtu Americas LLC |
759,152 | (759,152 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. |
3,248,957 | (3,090,661 | ) | — | 158,296 | |||||||||||
Wells Fargo Securities LLC |
263,514 | (263,514 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 224,073,903 | $ | (223,867,497 | ) | $ | — | $ | 206,406 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI ACWI Low Carbon Target |
||||||||||||||||
Barclays Bank PLC |
$ | 1,010,692 | $ | (1,010,692 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
677,667 | (677,667 | ) | — | — | |||||||||||
BofA Securities, Inc. |
1,054,871 | (1,054,871 | ) | — | — | |||||||||||
Citadel Clearing LLC |
84,680 | (83,953 | ) | — | 727 | (b) | ||||||||||
Goldman Sachs & Co. LLC |
1,701,445 | (1,701,445 | ) | — | — | |||||||||||
HSBC Bank PLC |
240,311 | (240,311 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
263,080 | (263,080 | ) | — | — | |||||||||||
Scotia Capital, Inc. |
1,237,457 | (1,237,457 | ) | — | — | |||||||||||
SG Americas Securities LLC |
46,231 | (46,231 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
28,649 | (28,649 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
191,352 | (190,277 | ) | — | 1,075 | (b) | ||||||||||
UBS Securities LLC |
679,296 | (678,982 | ) | — | 314 | (b) | ||||||||||
Wells Fargo Securities LLC |
260,035 | (254,988 | ) | — | 5,047 | (b) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 7,475,766 | $ | (7,468,603 | ) | $ | — | $ | 7,163 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI All Country Asia ex Japan |
||||||||||||||||
Barclays Bank PLC |
$ | 3,581,851 | $ | (3,581,851 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
519,851 | (519,851 | ) | — | — | |||||||||||
BNP Paribas SA |
1,131,695 | (1,128,355 | ) | — | 3,340 | (b) | ||||||||||
BofA Securities, Inc. |
9,995,814 | (9,995,814 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
144,872 | (144,872 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
8,355,451 | (8,355,451 | ) | — | — | |||||||||||
HSBC Bank PLC |
135,732 | (135,732 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
4,487,297 | (4,487,297 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC |
254,420 | (254,420 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
928,593 | (928,593 | ) | — | — | |||||||||||
Morgan Stanley |
21,312,010 | (21,312,010 | ) | — | — | |||||||||||
UBS AG |
868,525 | (868,525 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 51,716,111 | $ | (51,712,771 | ) | $ | — | $ | 3,340 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Europe Financials |
||||||||||||||||
J.P. Morgan Securities LLC |
$ | 3,222,441 | $ | (3,222,441 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
109 |
Notes to Financial Statements (continued)
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
MSCI Europe Small-Cap |
||||||||||||||||
Barclays Capital, Inc. |
$ | 387,794 | $ | (387,794 | ) | $ | — | $ | — | |||||||
BNP Paribas SA |
52,467 | (52,467 | ) | — | — | |||||||||||
BofA Securities, Inc. |
660,935 | (660,935 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
67,485 | (67,485 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
1,951,020 | (1,951,020 | ) | — | — | |||||||||||
HSBC Bank PLC |
48,635 | (48,635 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
645,481 | (645,481 | ) | — | — | |||||||||||
Morgan Stanley |
1,447,712 | (1,447,712 | ) | — | — | |||||||||||
SG Americas Securities LLC |
155,956 | (146,997 | ) | — | 8,959 | |||||||||||
UBS AG |
5,308 | (5,308 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 5,422,793 | $ | (5,413,834 | ) | $ | — | $ | 8,959 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Kokusai |
||||||||||||||||
Barclays Bank PLC |
$ | 305,460 | $ | (305,460 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
18,323 | (18,323 | ) | — | — | |||||||||||
BNP Paribas SA |
14,804 | (14,804 | ) | — | — | |||||||||||
BofA Securities, Inc. |
34,129 | (34,129 | ) | — | — | |||||||||||
Citadel Clearing LLC |
177,630 | (176,933 | ) | — | 697 | (b) | ||||||||||
Citigroup Global Markets, Inc. |
70,523 | (70,523 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
120,731 | (120,060 | ) | — | 671 | (b) | ||||||||||
HSBC Bank PLC |
181,315 | (181,315 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
130,953 | (130,953 | ) | — | — | |||||||||||
Morgan Stanley |
237,872 | (237,872 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
79,824 | (77,788 | ) | — | 2,036 | (b) | ||||||||||
Scotia Capital (USA), Inc. |
54,274 | (54,274 | ) | — | — | |||||||||||
Scotia Capital, Inc. |
227,981 | (227,981 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
341,962 | (341,962 | ) | — | — | |||||||||||
Virtu Americas LLC |
108,284 | (108,284 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. |
65,240 | (65,240 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
8,160 | (8,160 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,177,465 | $ | (2,174,061 | ) | $ | — | $ | 3,404 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
(b) |
The market value of the loaned securities is determined as of July 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
110 |
2 0 2 3 I 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 |
Notes to Financial Statements (continued)
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the iShares MSCI ACWI ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $30 billion |
0.350 | % | ||
Over $30 billion, up to and including $60 billion |
0.320 | |||
Over $60 billion, up to and including $90 billion |
0.280 | |||
Over $90 billion, up to and including $120 billion |
0.252 | |||
Over $120 billion, up to and including $150 billion |
0.227 | |||
Over $150 billion |
0.204 |
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
MSCI ACWI Low Carbon Target |
0.20 | % | ||
MSCI Europe Financials |
0.48 | |||
MSCI Europe Small-Cap |
0.40 | |||
MSCI Kokusai |
0.25 |
For its investment advisory services to the iShares MSCI All Country Asia ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $14 billion |
0.75 | % | ||
Over $14 billion, up to and including $28 billion |
0.68 | |||
Over $28 billion, up to and including $42 billion |
0.61 | |||
Over $42 billion, up to and including $56 billion |
0.54 | |||
Over $56 billion, up to and including $70 billion |
0.47 | |||
Over $70 billion, up to and including $84 billion |
0.41 | |||
Over $84 billion |
0.35 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For each of the iShares MSCI ACWI and iShares MSCI All Country Asia ex Japan ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for the Funds through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
For year ended July 31, 2023, there were no fees waived by BFA pursuant to these arrangements.
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
111 |
Notes to Financial Statements (continued)
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the iShares MSCI Kokusai ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, each of iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Europe Financials ETF and iShares MSCI Europe Small-Cap ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI ACWI |
$ | 378,825 | ||
MSCI ACWI Low Carbon Target |
12,663 | |||
MSCI All Country Asia ex Japan |
162,033 | |||
MSCI Europe Financials |
8,051 | |||
MSCI Europe Small-Cap |
45,212 | |||
MSCI Kokusai |
3,243 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales |
Net Realized Gain (Loss) |
|||||||||
MSCI ACWI |
$ | 98,281,276 | $ | 126,277,264 | $ | (63,403,830 | ) | |||||
MSCI ACWI Low Carbon Target |
64,754,044 | 73,413,088 | (9,446,371 | ) | ||||||||
MSCI All Country Asia ex Japan |
6,347,450 | 11,146,101 | (11,635,417 | ) | ||||||||
MSCI Europe Financials |
31,159,809 | 48,936,867 | (14,704,520 | ) | ||||||||
MSCI Europe Small-Cap |
1,774,911 | 5,797,631 | 122,755 | |||||||||
MSCI Kokusai |
547,926 | 598,251 | (507,383 | ) |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
112 |
2 0 2 3 I 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 |
Notes to Financial Statements (continued)
7. |
PURCHASES AND SALES |
For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI ACWI |
$ | 1,075,236,675 | $ | 876,300,251 | ||||
MSCI ACWI Low Carbon Target |
166,697,583 | 172,935,510 | ||||||
MSCI All Country Asia ex Japan |
433,823,164 | 610,652,342 | ||||||
MSCI Europe Financials |
176,984,808 | 166,199,470 | ||||||
MSCI Europe Small-Cap |
17,197,170 | 15,117,790 | ||||||
MSCI Kokusai |
6,161,284 | 5,748,240 |
For the year ended July 31, 2023, in-kind transactions were as follows:
iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
MSCI ACWI |
$ | 2,262,324,909 | $ | 4,015,551,259 | ||||
MSCI ACWI Low Carbon Target |
— | 86,186,009 | ||||||
MSCI All Country Asia ex Japan |
35,514,322 | 339,843,752 | ||||||
MSCI Europe Financials |
538,392,680 | 279,494,822 | ||||||
MSCI Europe Small-Cap |
26,762,946 | 12,530,618 | ||||||
MSCI Kokusai |
20,726,000 | 8,332,265 |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital |
Accumulated Earnings (Loss) |
||||||
MSCI ACWI |
$ | 1,559,764,347 | $ | (1,559,764,347 | ) | |||
MSCI ACWI Low Carbon Target |
25,581,636 | (25,581,636 | ) | |||||
MSCI All Country Asia ex Japan |
(19,961,460 | ) | 19,961,460 | |||||
MSCI Europe Financials |
34,434,089 | (34,434,089 | ) | |||||
MSCI Europe Small-Cap |
(1,333,388 | ) | 1,333,388 | |||||
MSCI Kokusai |
728,162 | (728,162 | ) |
The tax character of distributions paid was as follows:
|
||||||||
iShares ETF |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
||||||
|
||||||||
MSCI ACWI |
||||||||
Ordinary income |
$ | 315,032,351 | $ | 342,708,658 | ||||
|
|
|
|
|||||
MSCI ACWI Low Carbon Target |
||||||||
Ordinary income |
$ | 15,702,910 | $ | 22,125,984 | ||||
|
|
|
|
|||||
MSCI All Country Asia ex Japan |
||||||||
Ordinary income |
$ | 50,273,411 | $ | 94,511,519 | ||||
|
|
|
|
|||||
MSCI Europe Financials |
||||||||
Ordinary income |
$ | 63,365,245 | $ | 83,531,263 | ||||
Return of capital |
— | 547,504 | ||||||
|
|
|
|
|||||
$ | 63,365,245 | $ | 84,078,767 | |||||
|
|
|
|
|||||
MSCI Europe Small-Cap |
||||||||
Ordinary income |
$ | 3,109,383 | $ | 7,908,962 | ||||
|
|
|
|
|||||
MSCI Kokusai |
||||||||
Ordinary income |
$ | 3,368,028 | $ | 5,904,840 | ||||
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
113 |
Notes to Financial Statements (continued)
As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF |
|
Undistributed Ordinary Income |
|
|
Non-expiring Capital Loss Carryforwards |
(a) |
|
Net Unrealized Gains (Losses) |
(b) |
Total | ||||||
MSCI ACWI |
$ | 63,214,241 | $ | (1,089,461,508 | ) | $ | 3,033,270,447 | $ | 2,007,023,180 | |||||||
MSCI ACWI Low Carbon Target |
3,988,604 | (76,822,624 | ) | 77,081,332 | 4,247,312 | |||||||||||
MSCI All Country Asia ex Japan |
23,199,511 | (890,673,987 | ) | 225,263,196 | (642,211,280 | ) | ||||||||||
MSCI Europe Financials |
10,131,538 | (195,271,680 | ) | (54,767,820 | ) | (239,907,962 | ) | |||||||||
MSCI Europe Small-Cap |
601,651 | (15,892,116 | ) | (42,167,046 | ) | (57,457,511 | ) | |||||||||
MSCI Kokusai |
168,283 | (27,092,169 | ) | (11,150,196 | ) | (38,074,082 | ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, timing and recognition of partnership income, characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, foreign tax withholding reclaims and the timing and recognition of realized gains/losses for tax purposes. |
For the year ended July 31, 2023, the iShares MSCI All Country Asia ex Japan ETF utilized $3,582,079 of its capital loss carryforwards.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
MSCI ACWI |
$ | 15,582,450,711 | $ | 4,171,939,588 | $ | (1,132,135,518 | ) | $ | 3,039,804,070 | |||||||
MSCI ACWI Low Carbon Target |
825,149,100 | 142,602,831 | (65,311,713 | ) | 77,291,118 | |||||||||||
MSCI All Country Asia ex Japan |
2,723,751,414 | 873,088,929 | (638,590,957 | ) | 234,497,972 | |||||||||||
MSCI Europe Financials |
1,608,484,161 | 73,483,706 | (128,233,124 | ) | (54,749,418 | ) | ||||||||||
MSCI Europe Small-Cap |
175,915,402 | 5,385,069 | (47,553,468 | ) | (42,168,399 | ) | ||||||||||
MSCI Kokusai |
213,532,128 | 17,072,912 | (28,227,093 | ) | (11,154,181 | ) |
9. |
LINE OF CREDIT |
The iShares MSCIACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the year ended July 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF |
Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
MSCI ACWI Low Carbon Target |
$ | 2,360,000 | $ | 64,055 | 5.54 | % | ||||||
MSCI All Country Asia ex Japan |
16,500,000 | 546,575 | 5.58 |
114 |
2 0 2 3 I 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 |
Notes to Financial Statements (continued)
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: The iShares MSCI All Country Asia ex Japan ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
115 |
Notes to Financial Statements (continued)
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
116 |
2 0 2 3 I 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 |
Notes to Financial Statements (continued)
Transactions in capital shares were as follows:
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Year Ended 07/31/23 |
Year Ended 07/31/22 |
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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MSCI ACWI |
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Shares sold |
32,000,000 | $ | 2,753,829,363 | 42,600,000 | $ | 4,227,601,620 | ||||||||||
Shares redeemed |
(48,600,000 | ) | (4,323,316,637 | ) | (6,800,000 | ) | (710,323,281 | ) | ||||||||
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(16,600,000 | ) | $ | (1,569,487,274 | ) | 35,800,000 | $ | 3,517,278,339 | |||||||||
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MSCI ACWI Low Carbon Target |
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Shares sold |
— | $ | 24,806 | 2,650,000 | $ | 451,305,999 | ||||||||||
Shares redeemed |
(650,000 | ) | (94,738,252 | ) | (1,600,000 | ) | (232,579,062 | ) | ||||||||
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(650,000 | ) | $ | (94,713,446 | ) | 1,050,000 | $ | 218,726,937 | |||||||||
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MSCI All Country Asia ex Japan |
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Shares sold |
4,000,000 | $ | 289,083,612 | 7,200,000 | $ | 600,595,116 | ||||||||||
Shares redeemed |
(12,000,000 | ) | (786,792,572 | ) | (21,600,000 | ) | (1,742,742,394 | ) | ||||||||
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(8,000,000 | ) | $ | (497,708,960 | ) | (14,400,000 | ) | $ | (1,142,147,278 | ) | |||||||
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MSCI Europe Financials |
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Shares sold |
32,900,000 | $ | 554,975,187 | 35,100,000 | $ | 734,872,943 | ||||||||||
Shares redeemed |
(16,450,000 | ) | (286,912,957 | ) | (52,700,000 | ) | (897,800,368 | ) | ||||||||
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16,450,000 | $ | 268,062,230 | (17,600,000 | ) | $ | (162,927,425 | ) | |||||||||
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MSCI Europe Small-Cap |
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Shares sold |
500,000 | $ | 27,238,196 | 500,000 | $ | 35,879,764 | ||||||||||
Shares redeemed |
(250,000 | ) | (12,793,794 | ) | (4,600,000 | ) | (298,986,745 | ) | ||||||||
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250,000 | $ | 14,444,402 | (4,100,000 | ) | $ | (263,106,981 | ) | |||||||||
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MSCI Kokusai |
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Shares sold |
250,000 | $ | 21,573,570 | 39,500,000 | $ | 3,704,423,261 | ||||||||||
Shares redeemed |
(100,000 | ) | (8,690,828 | ) | (42,550,000 | ) | (4,092,306,918 | ) | ||||||||
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150,000 | $ | 12,882,742 | (3,050,000 | ) | $ | (387,883,657 | ) | |||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF and iShares MSCI Kokusai ETF are able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.
The iShares MSCI ACWI ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statements of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
117 |
Notes to Financial Statements (continued)
13. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
Effective August 11, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was extended until August 2024 under the same terms.
118 |
2 0 2 3 I 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 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
iShares Trust and Shareholders of each of the six funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
iShares MSCI ACWI ETF(1) iShares MSCI ACWI Low Carbon Target ETF(1) iShares MSCI All Country Asia ex Japan ETF(2) iShares MSCI Europe Financials ETF(1) iShares MSCI Europe Small-Cap ETF(1) iShares MSCI Kokusai ETF(1)
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(1) Statement of operations for the year ended July 31, 2023, statement of changes in net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023.
(2) Statement of operations for the year ended July 31, 2023, statement of changes in net assets for the year ended July 31, 2023, consolidated statement of changes in net assets for the year ended July 31, 2022, the financial highlights for the year ended July 31, 2023 and the consolidated financial highlights for each of the four years in the period ended July 31, 2022.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 22, 2023
We have served as the auditor of one or more BlackRock investment companies since 2000.
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |
119 |
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:
iShares ETF |
Qualified Dividend Income |
|||
MSCI ACWI |
$ | 351,874,519 | ||
MSCI ACWI Low Carbon Target |
17,190,021 | |||
MSCI All Country Asia ex Japan |
36,820,441 | |||
MSCI Europe Financials |
72,577,007 | |||
MSCI Europe Small-Cap |
3,553,130 | |||
MSCI Kokusai |
3,454,236 |
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2023:
iShares ETF |
Qualified Business Income |
|||
MSCI ACWI |
$ | 2,605,640 | ||
MSCI ACWI Low Carbon Target |
141,337 | |||
MSCI Kokusai |
30,367 |
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2023:
iShares ETF |
Foreign Source Income Earned |
Foreign Taxes Paid |
||||||
MSCI All Country Asia ex Japan |
$ | 88,723,699 | $ | 11,667,474 | ||||
MSCI Europe Financials |
75,959,101 | 2,477,618 | ||||||
MSCI Europe Small-Cap |
3,999,188 | 326,020 |
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2023 qualified for the dividends-received deduction for corporate shareholders:
iShares ETF |
Dividends-Received Deduction |
|||
MSCI ACWI |
44.46 | % | ||
MSCI ACWI Low Carbon Target |
42.62 | % | ||
MSCI All Country Asia ex Japan |
0.17 | % | ||
MSCI Europe Small-Cap |
0.34 | % | ||
MSCI Kokusai |
52.13 | % |
120 |
2 0 2 3 I 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 |
Board Review and Approval of Investment Advisory Contract
iShares MSCI ACWI ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
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Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Board Review and Approval of Investment Advisory Contract (continued)
iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI Europe Financials ETF, iShares MSCI Kokusai ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Board Review and Approval of Investment Advisory Contract (continued)
iShares MSCI All Country Asia ex Japan ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Board Review and Approval of Investment Advisory Contract (continued)
iShares MSCI Europe Small-Cap ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Supplemental Information (unaudited)
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares MSCIACWI ETF, iShares MSCI All Country Asia ex Japan ETF and iShares MSCI Kokusai ETF (the “Funds”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.43 million. There was a total of 8 beneficiaries of the remuneration described above.
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Supplemental Information (unaudited) (continued)
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Funds.
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI ACWI ETF, iShares MSCI All Country Asia ex Japan ETF and iShares MSCI Kokusai ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).
Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
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Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of July 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Trustees | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito(a) (1957) |
Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji(b) (1970) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
(a) |
Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
(b) |
Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Independent Trustees | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). | |||
Jane D. Carlin (1956) |
Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
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Trustee and Officer Information (unaudited) (continued)
Independent Trustees (continued) | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) |
Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan (1964) |
Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Officers | ||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||
Dominik Rohé (1973) |
President (since 2023). | Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023). | ||
Trent Walker (1974) |
Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Aaron Wasserman (1974) |
Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023). | Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
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Trustee and Officer Information (unaudited) (continued)
Officers (continued) | ||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||
Jennifer Hsui (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |
Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-705-0723
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