LOGO

  JULY 31, 2023

 

  

2023 Annual Report

 

 

iShares Trust

 

·  

iShares MSCI ACWI ETF | ACWI | NASDAQ

·  

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

·  

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

·  

iShares MSCI Europe Financials ETF | EUFN | NASDAQ

·  

iShares MSCI Europe Small-Cap ETF | IEUS | NASDAQ

·  

iShares MSCI Kokusai ETF | TOK | NYSE Arca


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

    13.52%       13.02%  
   

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

    4.51          7.91     
   

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

    6.65          16.79     
   

Emerging market equities
(MSCI Emerging Markets Index)

    3.26          8.35     
   

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

    2.34          3.96     
   

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

    (2.08)         (7.56)     
   

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

    (1.02)         (3.37)     
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    0.20          0.93     
   

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

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

 

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     17  

Disclosure of Expenses

     17  

Schedules of Investments

     18  

Financial Statements:

  

Statements of Assets and Liabilities

     93  

Statements of Operations

     95  

Statements of Changes in Net Assets

     97  

Financial Highlights

     100  

Notes to Financial Statements

     106  

Report of Independent Registered Public Accounting Firm

     119  

Important Tax Information

     120  

Board Review and Approval of Investment Advisory Contract

     121  

Supplemental Information

     129  

Trustee and Officer Information

     131  

General Information

     134  

Glossary of Terms Used in this Report

     135  

 

 

 

  3


Market Overview

 

iShares Trust

Global Market Overview

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

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

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

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

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

 

 

4  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    12.75      8.30      8.82       12.75     49.01      132.76

Fund Market

    12.65        8.32        8.83         12.65       49.09        133.02  

Index

    12.91        8.24        8.64               12.91       48.55        128.98  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

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

 

  (a) 

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

 

 

 

F U N D  S U M M A R Y

  5


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

 

Portfolio Management Commentary

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

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

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

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

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

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    21.9%  

Financials

    15.6    

Health Care

    11.6    

Consumer Discretionary

    11.4    

Industrials

    10.5    

Communication Services

    7.5    

Consumer Staples

    7.2    

Energy

    4.7    

Materials

    4.6    

Utilities

    2.7    

Real Estate

    2.3    

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United States

    61.9%  

Japan

    5.5    

United Kingdom

    3.6    

China

    3.3    

France

    2.9    

Canada

    2.9    

Switzerland

    2.6    

Germany

    2.1    

Australia

    1.8    

Taiwan

    1.6    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

6  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    12.50      8.45      8.34       12.50     50.05      99.96

Fund Market

    12.41        8.43        8.33         12.41       49.88        99.82  

Index

    12.42        8.24        8.08               12.42       48.58        95.77  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

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

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

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

 

  (a) 

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

 

 

 

F U N D  S U M M A R Y

  7


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

 

Portfolio Management Commentary

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

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

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

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

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

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    22.0%  

Financials

    17.5    

Health Care

    11.7    

Consumer Discretionary

    10.6    

Industrials

    10.3    

Communication Services

    8.5    

Consumer Staples

    6.8    

Materials

    4.0    

Energy

    3.5    

Real Estate

    2.9    

Utilities

    2.2    

 

 

GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United States

    61.5%  

Japan

    5.5    

China

    3.6    

Canada

    3.6    

United Kingdom

    3.4    

France

    2.6    

Switzerland

    2.4    

Germany

    1.7    

Australia

    1.7    

South Korea

    1.5    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

8  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    5.64      1.25      4.20       5.64     6.42      50.93

Fund Market

    5.57        1.08        4.24         5.57       5.53        51.44  

Index

    6.19        1.97        4.92               6.19       10.23        61.69  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

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

 

  (a) 

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

 

 

 

F U N D  S U M M A R Y

  9


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

 

Portfolio Management Commentary

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

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

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

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    23.1%  

Financials

    20.6    

Consumer Discretionary

    15.5    

Communication Services

    10.0    

Industrials

    7.4    

Materials

    5.1    

Consumer Staples

    5.1    

Health Care

    3.8    

Energy

    3.6    

Real Estate

    3.4    

Utilities

    2.4    

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

China

    35.4%  

Taiwan

    17.0    

India

    16.3    

South Korea

    14.2    

Hong Kong

    6.6    

Singapore

    3.8    

Thailand

    2.2    

Indonesia

    2.2    

Malaysia

    1.6    

Philippines

    0.7    

 

 
  (a) 

Excludes money market funds.

 

 

 

10  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    31.94      3.10      3.19       31.94     16.51      36.85

Fund Market

    31.84        3.09        3.12         31.84       16.45        35.96  

Index

    32.63        3.14        3.31               32.63       16.73        38.54  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

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

 

  (a) 

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

 

 

 

F U N D  S U M M A R Y

  11


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

 

Portfolio Management Commentary

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

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

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

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

Portfolio Information

 

INDUSTRY ALLOCATION

 

 

 
Industry  

Percent of  

Total Investments(a)

 

 

 

Banks

    47.2%  

Insurance

    28.4    

Capital Markets

    15.2    

Financial Services

    9.2    

 

 

GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United Kingdom

    24.9%  

Switzerland

    13.7    

Germany

    12.8    

France

    11.2    

Sweden

    8.2    

Italy

    7.8    

Spain

    7.1    

Netherlands

    7.0    

Belgium

    2.0    

Denmark

    1.3    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

12  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    8.07      1.99      6.17       8.07     10.37      82.06

Fund Market

    7.98        2.03        6.19         7.98       10.58        82.28  

Index

    8.61        2.05        6.24               8.61       10.67        83.23  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

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

 

  (a) 

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

 

 

 

F U N D  S U M M A R Y

  13


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

 

Portfolio Management Commentary

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

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

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

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

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

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

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Industrials

    25.8%  

Financials

    14.6    

Consumer Discretionary

    11.0    

Information Technology

    10.0    

Real Estate

    8.2    

Health Care

    7.7    

Materials

    6.9    

Communication Services

    4.9    

Consumer Staples

    4.8    

Energy

    3.7    

Utilities

    2.4    

 

 

GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United Kingdom

    30.0%  

Sweden

    10.5    

Germany

    9.9    

Switzerland

    8.9    

France

    7.7    

Italy

    6.8    

Netherlands

    4.8    

Norway

    4.7    

Denmark

    4.3    

Spain

    3.8    

 

 
  (a) 

Excludes money market funds.

 

 

 

14  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    13.50      9.79      9.86       13.50     59.52      156.19

Fund Market

    13.80        9.82        9.79         13.80       59.76        154.37  

Index

    13.37        9.57        9.63               13.37       57.89        150.77  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(02/01/23)

 

 

 

      

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(02/01/23)

 

 

 

   

Ending

Account Value

(07/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

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

 

  (a) 

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

 

 

 

F U N D  S U M M A R Y

  15


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

 

Portfolio Management Commentary

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

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

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

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

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Information Technology

    22.6%  

Financials

    15.1    

Health Care

    12.8    

Consumer Discretionary

    10.5    

Industrials

    10.2    

Consumer Staples

    7.3    

Communication Services

    7.2    

Energy

    4.9    

Materials

    4.2    

Utilities

    2.8    

Real Estate

    2.4    

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

United States

    73.9%  

United Kingdom

    4.3    

France

    3.5    

Canada

    3.5    

Switzerland

    3.1    

Germany

    2.5    

Australia

    2.2    

Netherlands

    1.3    

Sweden

    0.9    

Denmark

    0.9    

 

 

 

  (a) 

Excludes money market funds.

 

 

 

16  

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


 

About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

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

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

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

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

 

 

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

  17


Schedule of Investments

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 1.8%

 

Ampol Ltd.

    83,746     $ 1,854,692  

APA Group

    345,281       2,322,747  

Aristocrat Leisure Ltd.

    171,027       4,529,688  

ASX Ltd.

    60,098       2,510,813  

Aurizon Holdings Ltd.

    573,384       1,469,476  

Australia & New Zealand Banking Group Ltd.

    819,610       14,219,549  

BHP Group Ltd.

    1,400,877       43,597,907  

BlueScope Steel Ltd.

    131,805       1,943,734  

Brambles Ltd.

    417,379       3,948,726  

Cochlear Ltd.

    19,614       3,155,350  

Coles Group Ltd.

    381,187       4,661,381  

Commonwealth Bank of Australia

    463,138       32,951,694  

Computershare Ltd.

    167,279       2,821,203  

CSL Ltd.

    133,109       23,975,080  

Dexus

    350,751       1,941,333  

Endeavour Group Ltd./Australia

    355,785       1,454,213  

Fortescue Metals Group Ltd.

    458,425       6,739,180  

Goodman Group

    460,302       6,364,666  

GPT Group (The)

    705,001       2,060,618  

IDP Education Ltd.

    59,429       995,935  

IGO Ltd.

    180,003       1,681,996  

Insurance Australia Group Ltd.

    503,431       2,009,702  

James Hardie Industries PLC(a)

    119,833       3,511,932  

Lendlease Corp. Ltd.

    195,606       1,137,169  

Lottery Corp. Ltd. (The)

    592,015       2,060,149  

Macquarie Group Ltd.

    96,767       11,411,724  

Medibank Pvt Ltd.

    914,310       2,158,600  

Mineral Resources Ltd.

    48,847       2,360,130  

Mirvac Group

    1,420,629       2,239,337  

National Australia Bank Ltd.

    869,456       16,655,341  

Newcrest Mining Ltd.

    230,108       4,127,435  

Northern Star Resources Ltd.

    362,613       2,830,631  

Orica Ltd.

    149,460       1,585,889  

Origin Energy Ltd.

    498,714       2,839,194  

Pilbara Minerals Ltd.

    824,651       2,697,883  

Qantas Airways Ltd.(a)

    255,654       1,123,285  

QBE Insurance Group Ltd.

    440,727       4,679,155  

Ramsay Health Care Ltd.

    54,282       2,151,101  

REA Group Ltd.

    13,321       1,412,205  

Reece Ltd.

    73,670       972,803  

Rio Tinto Ltd.

    83,854       6,639,961  

Santos Ltd.

    969,419       5,216,432  

Scentre Group

    1,515,142       2,867,090  

SEEK Ltd.

    124,301       2,084,543  

Sonic Healthcare Ltd.

    121,161       2,862,767  

South32 Ltd.

    1,407,354       3,705,838  

Stockland

    747,094       2,123,264  

Suncorp Group Ltd.

    339,332       3,251,487  

Telstra Corp. Ltd.

    1,085,044       3,105,625  

Transurban Group

    851,260       8,218,953  

Treasury Wine Estates Ltd.

    228,132       1,726,657  

Vicinity Ltd.

    1,226,434       1,630,671  

Washington H Soul Pattinson & Co. Ltd.

    67,452       1,496,600  

Wesfarmers Ltd.

    302,413       10,104,263  

Westpac Banking Corp.

    973,195       14,627,964  

WiseTech Global Ltd.

    46,251       2,670,950  

Woodside Energy Group Ltd.

    528,269       13,616,227  

Woolworths Group Ltd.

    339,007       8,803,617  
Security   Shares     Value  

Australia (continued)

   

Xero Ltd.(a)

    41,471     $ 3,408,974  
   

 

 

 
      331,325,529  
Austria — 0.0%            

Erste Group Bank AG

    85,659       3,237,556  

OMV AG

    43,999       1,982,335  

Verbund AG

    20,185       1,672,468  

voestalpine AG(b)

    37,685       1,245,314  
   

 

 

 
      8,137,673  
Belgium — 0.2%            

Ageas SA/NV

    51,736       2,190,153  

Anheuser-Busch InBev SA/NV

    233,349       13,348,880  

Argenx SE(a)

    16,055       8,085,931  

D’ieteren Group

    6,164       1,076,519  

Elia Group SA/NV

    9,522       1,172,396  

Groupe Bruxelles Lambert NV

    34,226       2,769,305  

KBC Group NV

    65,866       4,957,390  

Sofina SA

    3,860       917,802  

Solvay SA

    18,781       2,255,565  

UCB SA

    35,333       3,128,641  

Umicore SA

    58,604       1,735,565  

Warehouses De Pauw CVA

    64,185       1,896,492  
   

 

 

 
       43,534,639  
Brazil — 0.4%            

Ambev SA

    1,283,806       4,034,334  

Atacadao SA

    94,443       274,017  

B3 SA - Brasil, Bolsa, Balcao

    1,693,296       5,335,471  

Banco Bradesco SA

    90,907       285,481  

Banco BTG Pactual SA

    428,261       3,080,128  

Banco do Brasil SA

    230,784       2,351,886  

Banco Santander Brasil SA

    29,400       177,566  

BB Seguridade Participacoes SA

    187,167       1,231,750  

CCR SA

    386,833       1,087,182  

Centrais Eletricas Brasileiras SA

    364,603       2,980,049  

Cia. de Saneamento Basico do Estado de Sao Paulo

    110,000       1,351,520  

Cia. Siderurgica Nacional SA

    191,583       560,721  

Cosan SA

    360,842       1,521,584  

Energisa SA

    20,142       213,783  

Engie Brasil Energia SA

    54,547       508,009  

Equatorial Energia SA

    351,179       2,490,837  

Hapvida Participacoes e Investimentos SA(a)(c)

    1,434,118       1,455,726  

Hypera SA

    177,504       1,623,859  

JBS SA

    278,948       1,107,828  

Klabin SA

    215,260       1,046,995  

Localiza Rent a Car SA

    209,810       2,982,485  

Lojas Renner SA

    277,063       1,098,584  

Magazine Luiza SA(a)

    796,400       564,196  

Natura & Co. Holding SA(a)

    289,238       1,117,500  

Petroleo Brasileiro SA

    763,511       5,620,474  

PRIO SA(a)

    195,478       1,885,849  

Raia Drogasil SA

    367,397       2,250,804  

Rede D’Or Sao Luiz SA(c)

    166,684       1,268,966  

Rumo SA

    404,503       1,987,978  

Sendas Distribuidora SA

    401,014       1,142,302  

Suzano SA

    203,236       2,065,991  

Telefonica Brasil SA

    145,782       1,298,204  

Tim SA

    335,031       1,015,986  

TOTVS SA

    193,176       1,207,976  

Ultrapar Participacoes SA

    234,821       938,043  

 

 

18  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Brazil (continued)

 

Vale SA

    937,290     $ 13,708,269  

Vibra Energia SA

    308,058       1,115,947  

WEG SA

    517,752       4,370,851  
   

 

 

 
       78,359,131  
Canada — 2.9%  

Agnico Eagle Mines Ltd.

    135,286       7,092,345  

Air Canada(a)

    52,213       962,173  

Algonquin Power & Utilities Corp.

    172,307       1,421,681  

Alimentation Couche-Tard Inc.

    231,134       11,701,745  

AltaGas Ltd.

    71,908       1,419,456  

ARC Resources Ltd.

    165,060       2,493,456  

Bank of Montreal

    188,035       17,473,787  

Bank of Nova Scotia (The)

    323,402       16,284,755  

Barrick Gold Corp.

    469,192       8,105,406  

BCE Inc.

    25,152       1,086,458  

Brookfield Asset Management Ltd.

    96,037       3,239,469  

Brookfield Corp., Class A

    383,826       13,398,181  

Brookfield Renewable Corp., Class A

    32,773       1,021,477  

BRP Inc.

    8,949       823,269  

CAE Inc.(a)

    86,823       1,983,830  

Cameco Corp.

    121,494       4,271,385  

Canadian Apartment Properties REIT

    29,434       1,147,539  

Canadian Imperial Bank of Commerce

    245,992       10,834,729  

Canadian National Railway Co.

    159,005       19,273,772  

Canadian Natural Resources Ltd.

    315,333       19,176,092  

Canadian Pacific Kansas City Ltd.

    257,374       21,177,021  

Canadian Tire Corp. Ltd., Class A, NVS

    18,122       2,488,966  

Canadian Utilities Ltd., Class A, NVS

    90,060       2,242,877  

CCL Industries Inc., Class B, NVS

    50,606       2,426,202  

Cenovus Energy Inc.

    394,523       7,503,611  

CGI Inc.(a)

    57,416       5,834,561  

Constellation Software Inc./Canada

    5,990       12,655,292  

Descartes Systems Group Inc. (The)(a)

    17,254       1,345,750  

Dollarama Inc.

    87,824       5,785,002  

Element Fleet Management Corp.

    112,814       1,819,705  

Emera Inc.

    82,771       3,357,540  

Empire Co. Ltd., Class A, NVS

    33,415       907,437  

Enbridge Inc.

    557,462       20,495,020  

Fairfax Financial Holdings Ltd.

    7,037       5,614,231  

First Quantum Minerals Ltd.

    174,390       5,172,254  

FirstService Corp.

    9,657       1,512,428  

Fortis Inc.

    106,308       4,531,584  

Franco-Nevada Corp.

    53,489       7,805,220  

George Weston Ltd.

    15,637       1,800,689  

GFL Environmental Inc.

    63,829       2,179,668  

Gildan Activewear Inc.

    52,529       1,633,651  

Great-West Lifeco Inc.

    76,657       2,311,947  

Hydro One Ltd.(c)

    101,612       2,866,543  

iA Financial Corp. Inc.

    28,638       1,984,126  

Imperial Oil Ltd.

    60,567       3,262,943  

Intact Financial Corp.

    50,796       7,504,318  

Ivanhoe Mines Ltd., Class A(a)

    161,192       1,708,918  

Keyera Corp.

    58,279       1,458,909  

Kinross Gold Corp.

    426,652       2,125,737  

Loblaw Companies Ltd.

    40,839       3,623,526  

Lundin Mining Corp.

    179,343       1,603,499  

Magna International Inc.

    81,169       5,220,447  

Manulife Financial Corp.

    531,794       10,630,637  

Metro Inc.

    55,150       2,968,184  

National Bank of Canada

    101,243       7,929,608  
Security   Shares     Value  

Canada (continued)

 

Northland Power Inc.

    60,893     $ 1,178,008  

Nutrien Ltd.

    139,009       9,579,303  

Nuvei Corp.(a)(c)

    19,828       676,195  

Onex Corp.

    17,206       1,056,773  

Open Text Corp.

    86,361       3,709,466  

Pan American Silver Corp.

    98,709       1,670,788  

Parkland Corp.

    46,136       1,259,893  

Pembina Pipeline Corp.

    165,155       5,229,000  

Power Corp. of Canada

    181,382       5,138,916  

Quebecor Inc., Class B

    33,521       820,580  

RB Global Inc.

    50,694       3,273,879  

Restaurant Brands International Inc.

    82,390       6,307,413  

RioCan REIT

    19,364       294,429  

Rogers Communications Inc., Class B, NVS

    106,070       4,644,509  

Royal Bank of Canada

    381,545       37,826,093  

Saputo Inc.

    90,232       1,905,023  

Shopify Inc., Class A(a)

    333,920       22,557,611  

Sun Life Financial Inc.

    161,988       8,525,361  

Suncor Energy Inc.

    373,100       11,674,141  

TC Energy Corp.

    278,725       9,989,416  

Teck Resources Ltd., Class B

    129,893       5,770,395  

TELUS Corp.

    137,406       2,446,664  

TFI International Inc.

    21,880       2,808,319  

Thomson Reuters Corp.

    51,333       6,929,264  

TMX Group Ltd.

    76,935       1,709,472  

Toromont Industries Ltd.

    16,720       1,424,557  

Toronto-Dominion Bank (The)

    498,931       32,902,620  

Tourmaline Oil Corp.

    87,090       4,513,503  

Waste Connections Inc.(b)

    71,801       10,136,147  

West Fraser Timber Co. Ltd.

    18,937       1,595,496  

Wheaton Precious Metals Corp.

    131,182       5,882,373  

WSP Global Inc.

    31,811       4,382,109  
   

 

 

 
      534,516,772  
Chile — 0.1%  

Banco de Chile

    10,718,416       1,193,285  

Banco de Credito e Inversiones SA

    32,591       978,960  

Banco Santander Chile

    19,759,281       1,054,918  

Cia. Cervecerias Unidas SA

    105,695       876,356  

Cia. Sud Americana de Vapores SA

    3,271,046       247,586  

Empresas CMPC SA

    341,833       674,747  

Empresas COPEC SA

    139,972       1,073,634  

Enel Americas SA(a)

    8,633,698       1,167,015  

Enel Chile SA

    9,195,982       634,553  

Falabella SA

    181,034       500,627  
   

 

 

 
      8,401,681  
China — 3.3%  

3SBio Inc.(c)

    696,000       670,489  

AAC Technologies Holdings Inc.

    220,500       505,178  

Agricultural Bank of China Ltd., Class A

    5,211,100       2,640,381  

Agricultural Bank of China Ltd., Class H

    7,482,000       2,721,540  

Aier Eye Hospital Group Co. Ltd., Class A

    384,945       1,086,138  

Air China Ltd., Class H(a)

    862,000       706,883  

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

    185,000       979,820  

Alibaba Group Holding Ltd.(a)

    4,588,276       58,635,310  

Alibaba Health Information Technology Ltd.(a)

    1,652,000       1,186,165  

Aluminum Corp. of China Ltd., Class H

    1,516,000       753,874  

Anhui Conch Cement Co. Ltd., Class A

    571,092       2,173,198  

ANTA Sports Products Ltd.

    357,400       4,235,516  

Autohome Inc., ADR

    20,138       643,812  

 

 

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

  19


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

AviChina Industry & Technology Co. Ltd., Class H

    934,000     $ 467,918  

Baidu Inc.(a)

    620,960       12,140,257  

Bank of China Ltd., Class H

    21,696,000        8,046,999  

Bank of Communications Co. Ltd., Class A

    1,871,900       1,525,544  

Bank of Communications Co. Ltd., Class H

    736,000       444,640  

Bank of Ningbo Co. Ltd., Class A

    395,315       1,613,419  

Bank of Shanghai Co. Ltd., Class A

    1,006,351       869,024  

BeiGene Ltd.(a)

    184,134       3,049,723  

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

    552,000       360,986  

Beijing Enterprises Holdings Ltd.

    82,000       326,134  

Beijing Enterprises Water Group Ltd.

    1,340,000       326,967  

Beijing Kingsoft Office Software Inc., Class A

    13,600       773,888  

Bilibili Inc.(a)

    57,168       1,087,326  

BOC Aviation Ltd.(c)

    70,100       587,589  

Bosideng International Holdings Ltd.

    1,128,000       517,125  

BYD Co. Ltd., Class A

    77,100       2,942,933  

BYD Co. Ltd., Class H

    237,500       8,459,280  

BYD Electronic International Co. Ltd.

    268,500       1,036,562  

CGN Power Co. Ltd., Class H(c)

    5,503,000       1,350,660  

China Cinda Asset Management Co. Ltd., Class H

    554,000       58,468  

China CITIC Bank Corp. Ltd., Class H

    2,139,000       1,034,409  

China Coal Energy Co. Ltd., Class H

    695,000       503,699  

China Communications Services Corp. Ltd., Class H

    582,000       276,867  

China Conch Venture Holdings Ltd.

    489,500       613,029  

China Construction Bank Corp., Class H

    26,220,260       15,282,701  

China Everbright Bank Co. Ltd., Class A

    3,407,100       1,488,517  

China Everbright Environment Group Ltd.

    1,206,000       481,242  

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

    740,000       69,558  

China Feihe Ltd.(c)

    1,232,000       754,993  

China Gas Holdings Ltd.

    810,200       907,582  

China Hongqiao Group Ltd.

    680,500       656,600  

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

    828,400       1,833,362  

China Jinmao Holdings Group Ltd.(b)

    1,386,000       227,771  

China Lesso Group Holdings Ltd.

    391,000       267,152  

China Life Insurance Co. Ltd., Class H

    2,069,000       3,632,357  

China Literature Ltd.(a)(c)

    121,000       551,257  

China Longyuan Power Group Corp. Ltd., Class H

    1,059,000       1,025,278  

China Medical System Holdings Ltd.

    417,000       702,209  

China Meidong Auto Holdings Ltd.

    214,000       234,764  

China Mengniu Dairy Co. Ltd.

    927,000       3,520,921  

China Merchants Bank Co. Ltd., Class A

    646,200       3,224,812  

China Merchants Bank Co. Ltd., Class H

    942,288       4,685,744  

China Merchants Port Holdings Co. Ltd.

    444,000       610,832  

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

    630,222       1,258,597  

China Minsheng Banking Corp. Ltd., Class A

    2,870,400       1,614,586  

China Minsheng Banking Corp. Ltd., Class H

    13,500       5,146  

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

    1,060,000       669,977  

China Oilfield Services Ltd., Class H

    670,000       790,961  

China Overseas Land & Investment Ltd.

    1,063,000       2,521,615  

China Overseas Property Holdings Ltd.

    515,000       605,055  

China Pacific Insurance Group Co. Ltd., Class A

    402,697       1,690,103  

China Pacific Insurance Group Co. Ltd., Class H

    399,800       1,077,829  

China Petroleum & Chemical Corp., Class H

    7,187,200       4,025,091  

China Power International Development Ltd.

    1,850,000       695,237  

China Railway Group Ltd., Class H

    1,507,000       990,793  

China Resources Beer Holdings Co. Ltd.

    474,000       3,053,921  
Security   Shares     Value  

China (continued)

   

China Resources Cement Holdings Ltd.

    506,000     $ 220,466  

China Resources Gas Group Ltd.

    284,000       983,842  

China Resources Land Ltd.

    866,000        4,040,952  

China Resources Mixc Lifestyle Services Ltd.(c)

    187,400       906,964  

China Resources Power Holdings Co. Ltd.

    612,000       1,327,697  

China Ruyi Holdings Ltd.(a)(b)

    1,608,000       489,551  

China Shenhua Energy Co. Ltd., Class A

    334,300       1,329,682  

China Shenhua Energy Co. Ltd., Class H

    673,000       2,017,244  

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

    768,000       481,365  

China State Construction Engineering Corp. Ltd., Class A

    2,216,277       1,898,207  

China State Construction International Holdings Ltd.

    686,000       841,082  

China Taiping Insurance Holdings Co. Ltd.

    678,400       756,720  

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

    48,592       858,830  

China Tower Corp. Ltd., Class H(c)

    11,498,000       1,299,717  

China Traditional Chinese Medicine Holdings Co. Ltd.

    1,174,000       542,755  

China United Network Communications Ltd., Class A

    605,800       438,313  

China Vanke Co. Ltd., Class A

    665,296       1,421,896  

China Yangtze Power Co. Ltd., Class A

    933,810       2,806,756  

Chinasoft International Ltd.

    930,000       582,545  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    87,150       569,906  

CITIC Ltd.

    1,441,000       1,626,636  

CITIC Securities Co. Ltd., Class A

    502,623       1,698,612  

CITIC Securities Co. Ltd., Class H

    551,525       1,187,947  

CMOC Group Ltd., Class H

    1,476,000       987,723  

Contemporary Amperex Technology Co. Ltd., Class A

    98,500       3,283,693  

COSCO SHIPPING Holdings Co. Ltd., Class H

    1,217,800       1,288,934  

COSCO SHIPPING Ports Ltd.

    542,000       342,444  

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

    2,770,866       569,249  

Country Garden Services Holdings Co. Ltd.

    655,000       749,941  

CRRC Corp. Ltd., Class A

    2,875,200       2,701,799  

CSPC Pharmaceutical Group Ltd.

    2,737,120       2,286,248  

Dali Foods Group Co. Ltd.(c)

    1,218,000       568,638  

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

    19,565       764,405  

Dongfeng Motor Group Co. Ltd., Class H

    670,000       313,579  

Dongyue Group Ltd.

    508,000       501,174  

East Money Information Co. Ltd., Class A

    866,860       1,955,877  

ENN Energy Holdings Ltd.

    217,400       2,642,452  

Eve Energy Co. Ltd., Class A

    95,300       791,324  

Far East Horizon Ltd.

    462,000       347,497  

Flat Glass Group Co. Ltd., Class H

    262,000       784,237  

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

    130,321       846,303  

Fosun International Ltd.

    667,000       486,196  

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

    237,200       1,057,015  

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

    134,840       868,695  

Ganfeng Lithium Group Co. Ltd., Class A

    29,500       247,427  

GCL-Poly Energy Holdings Ltd.

    5,464,000       1,190,408  

GDS Holdings Ltd., Class A(a)

    281,788       463,968  

Geely Automobile Holdings Ltd.

    1,711,000       2,496,748  

Genscript Biotech Corp.(a)(b)

    464,000       1,195,064  

GF Securities Co. Ltd., Class H

    566,800       906,896  

Great Wall Motor Co. Ltd., Class H(b)

    995,000       1,361,463  

Greentown China Holdings Ltd.

    259,000       297,738  

 

 

20  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Greentown Service Group Co. Ltd.(b)

    488,000     $ 256,229  

Guangdong Investment Ltd.

    1,022,000       884,763  

Guangzhou Automobile Group Co. Ltd., Class H

    1,068,000       672,266  

H World Group Ltd., ADR(a)

    61,533        2,956,045  

Haidilao International Holding Ltd.(c)

    398,000       1,124,136  

Haier Smart Home Co. Ltd., Class A

    110,200       381,635  

Haier Smart Home Co. Ltd., Class H

    755,000       2,482,810  

Haitian International Holdings Ltd.

    196,000       490,920  

Haitong Securities Co. Ltd., Class H

    892,800       624,631  

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

    65,100       423,229  

Hansoh Pharmaceutical Group Co. Ltd.(c)

    480,000       779,442  

Hengan International Group Co. Ltd.

    226,500       931,663  

Hua Hong Semiconductor Ltd.(a)(c)

    182,000       619,721  

Huaneng Power International Inc., Class H(a)

    1,992,000       1,106,568  

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

    645,400       920,906  

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

    143,800       934,849  

Industrial & Commercial Bank of China Ltd., Class A

    3,788,791       2,529,949  

Industrial & Commercial Bank of China Ltd., Class H

    14,946,260       7,298,669  

Industrial Bank Co. Ltd., Class A

    838,000       1,956,131  

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

    368,100       1,478,437  

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

    453,800       667,887  

Innovent Biologics Inc.(a)(c)

    402,000       1,797,518  

iQIYI Inc., ADR(a)

    117,687       746,136  

JD Health International Inc.(a)(c)

    336,100       2,456,990  

JD.com Inc., Class A

    643,926       13,331,571  

Jiangsu Expressway Co. Ltd., Class H

    524,000       480,522  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    256,118       1,600,027  

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

    58,600       1,203,328  

Jiangxi Copper Co. Ltd., Class H

    375,000       629,984  

Jiumaojiu International Holdings Ltd.(b)(c)

    307,000       605,878  

Kanzhun Ltd., ADR(a)(b)

    49,184       918,757  

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

    176,214       3,069,648  

Kingboard Holdings Ltd.

    282,000       784,708  

Kingboard Laminates Holdings Ltd.

    494,000       506,855  

Kingdee International Software Group Co.
Ltd.(a)

    864,000       1,515,510  

Kingsoft Corp. Ltd.

    335,800       1,445,337  

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

    129,500       633,259  

Kuaishou Technology(a)(c)

    635,500       5,577,557  

Kunlun Energy Co. Ltd.

    1,192,000       975,407  

Kweichow Moutai Co. Ltd., Class A

    23,232       6,131,488  

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

    19,238       1,452,854  

Lenovo Group Ltd.

    2,166,000       2,493,474  

Li Auto Inc.(a)

    320,976       6,890,398  

Li Ning Co. Ltd.

    682,500       4,160,812  

Longfor Group Holdings Ltd.(c)

    555,000       1,501,513  

LONGi Green Energy Technology Co. Ltd., Class A

    390,020       1,634,164  

Lufax Holding Ltd., ADR

    217,336       386,858  

Luxshare Precision Industry Co. Ltd., Class A

    337,940       1,530,969  

Luzhou Laojiao Co. Ltd., Class A

    35,100       1,186,454  

Meituan, Class B(a)(c)

    1,401,020       26,745,634  

Microport Scientific Corp.(a)(b)

    269,400       543,686  

Minth Group Ltd.

    244,000       781,053  

Muyuan Foods Co. Ltd., Class A

    161,612       1,005,145  

NARI Technology Co. Ltd., Class A

    173,520       590,914  
Security   Shares     Value  

China (continued)

   

NAURA Technology Group Co. Ltd., Class A

    12,900     $ 513,096  

NetEase Inc.

    554,490       12,076,971  

New China Life Insurance Co. Ltd., Class H

    231,500       671,357  

New Oriental Education & Technology Group
Inc.(a)

    430,830        2,454,231  

Nine Dragons Paper Holdings Ltd.(b)

    456,000       300,502  

NIO Inc., ADR(a)(b)

    400,629       6,129,624  

Nongfu Spring Co. Ltd., Class H(c)

    502,000       2,926,877  

Orient Overseas International Ltd.

    40,000       668,408  

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

    2,442,000       940,143  

PetroChina Co. Ltd., Class H

    5,788,000       4,243,973  

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

    141,600       370,817  

PICC Property & Casualty Co. Ltd., Class H

    1,996,000       2,341,155  

Pinduoduo Inc., ADR(a)(b)

    138,718       12,459,651  

Ping An Bank Co. Ltd., Class A

    871,100       1,504,342  

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

    185,800       492,535  

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

    311,900       2,304,349  

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

    1,604,000       11,687,926  

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

    734,999       1,466,467  

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

    153,600       436,481  

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

    2,277,900       1,656,739  

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

    1,333,000       821,791  

Qifu Technology Inc.

    28,384       566,545  

Rongsheng Petrochemical Co. Ltd., Class A

    173,300       308,519  

SAIC Motor Corp. Ltd., Class A

    599,513       1,301,335  

Sany Heavy Equipment International Holdings Co. Ltd.

    707,000       1,119,011  

Sany Heavy Industry Co. Ltd., Class A

    143,400       356,720  

SF Holding Co. Ltd., Class A

    216,000       1,505,649  

Shaanxi Coal Industry Co. Ltd., Class A

    498,700       1,134,770  

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

    274,000       547,230  

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

    904,800       1,168,506  

Shanghai Baosight Software Co. Ltd., Class B

    325,052       839,291  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    256,000       675,585  

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

    169,000       450,537  

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

    299,900       201,488  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    369,900       671,384  

Shanghai Pudong Development Bank Co. Ltd., Class A

    1,090,665       1,161,444  

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

    32,100       1,074,690  

Shenzhen Inovance Technology Co. Ltd., Class A

    50,600       503,332  

Shenzhen International Holdings Ltd.

    296,500       278,196  

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

    40,200       1,668,150  

Shenzhou International Group Holdings Ltd.

    225,700       2,395,763  

Shimao Group Holdings Ltd.

    273,605       53,325  

Sino Biopharmaceutical Ltd.

    3,057,000       1,386,464  

Sinopharm Group Co. Ltd., Class H

    450,800       1,419,655  

Smoore International Holdings Ltd.(b)(c)

    536,000       603,463  

Sungrow Power Supply Co. Ltd., Class A

    49,300       770,360  

 

 

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

  21


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Sunny Optical Technology Group Co. Ltd.

    208,400     $ 2,043,169  

TAL Education Group, ADR(a)(b)

    111,771       914,287  

Tencent Holdings Ltd.

    1,723,400       79,209,395  

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

    229,292       1,602,751  

Tongcheng Travel Holdings Ltd.(a)

    455,200       1,104,594  

Tongwei Co. Ltd., Class A

    190,200       927,742  

Topsports International Holdings Ltd.(c)

    512,000       473,277  

TravelSky Technology Ltd., Class H

    444,000       852,662  

Trip.com Group Ltd.(a)

    145,676       5,949,815  

Tsingtao Brewery Co. Ltd., Class A

    102,600       1,418,737  

Tsingtao Brewery Co. Ltd., Class H

    62,000       557,525  

Uni-President China Holdings Ltd.

    586,000       506,650  

Vinda International Holdings Ltd.

    204,000       412,188  

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

    111,908       2,107,228  

Wanhua Chemical Group Co. Ltd., Class A

    172,053       2,358,396  

Want Want China Holdings Ltd.

    1,672,000       1,166,008  

Weibo Corp., ADR

    20,779       327,269  

Weichai Power Co. Ltd., Class H

    649,000       961,459  

Wens Foodstuffs Group Co. Ltd., Class A

    561,416       1,494,136  

Wuliangye Yibin Co. Ltd., Class A

    93,200       2,367,197  

WuXi AppTec Co. Ltd., Class A

    128,859       1,296,645  

WuXi AppTec Co. Ltd., Class H(c)

    12       114  

Wuxi Biologics Cayman Inc.(a)(c)

    1,019,500       5,883,326  

Xiaomi Corp., Class B(a)(c)

    4,060,800       6,460,250  

Xinyi Solar Holdings Ltd.

    1,544,000       1,676,546  

XPeng Inc.(a)(b)

    236,534       2,523,091  

Xtep International Holdings Ltd.

    442,500       493,143  

Yadea Group Holdings Ltd.(b)(c)

    446,000       1,014,943  

Yankuang Energy Group Co. Ltd., Class H

    864,000       1,300,845  

Yihai International Holding Ltd.

    194,000       446,927  

Yuexiu Property Co. Ltd.

    399,000       526,553  

Yum China Holdings Inc.

    121,584       7,419,056  

Zai Lab Ltd.(a)(b)

    286,080       874,831  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    21,692       881,452  

Zhaojin Mining Industry Co. Ltd., Class H

    462,500       667,199  

Zhejiang Expressway Co. Ltd., Class H

    528,000       424,089  

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

    208,900       684,601  

Zhongsheng Group Holdings Ltd.

    187,000       657,016  

Zhuzhou CRRC Times Electric Co. Ltd.

    216,100       861,500  

Zijin Mining Group Co. Ltd., Class A

    362,200       661,475  

Zijin Mining Group Co. Ltd., Class H

    1,812,000       3,129,550  

ZTE Corp., Class H

    243,600       891,534  

ZTO Express Cayman Inc., ADR

    122,992       3,419,178  
   

 

 

 
       607,545,623  
Colombia — 0.0%            

Interconexion Electrica SA ESP

    26,649       116,696  
   

 

 

 

Czech Republic — 0.0%

   

CEZ AS

    53,068       2,348,439  

Komercni Banka AS

    40,647       1,331,199  
   

 

 

 
      3,679,638  
Denmark — 0.7%            

AP Moller - Maersk A/S, Class A

    1,906       3,832,252  

AP Moller - Maersk A/S, Class B, NVS

    437       897,688  

Carlsberg AS, Class B

    26,937       4,040,068  

Chr Hansen Holding A/S

    31,086       2,348,971  

Coloplast A/S, Class B

    35,403       4,400,819  

Danske Bank A/S

    191,033       4,536,091  
Security   Shares     Value  

Denmark (continued)

   

Demant A/S(a)

    24,815     $ 987,507  

DSV A/S

    53,931       10,793,749  

Genmab A/S(a)

    18,979       7,823,136  

Novo Nordisk A/S, Class B

    458,595       73,949,449  

Novozymes A/S, Class B

    59,557       2,986,979  

Orsted AS(c)

    55,069       4,792,075  

Pandora A/S

    26,300       2,630,840  

Tryg A/S

    112,497       2,221,118  

Vestas Wind Systems A/S(a)

    284,717       7,615,172  
   

 

 

 
      133,855,914  
Egypt — 0.0%            

Commercial International Bank Egypt SAE

    636,678       820,751  
   

 

 

 
Finland — 0.2%            

Elisa OYJ

    32,204       1,679,935  

Fortum OYJ

    129,755       1,756,525  

Kesko OYJ, Class B

    77,603       1,552,734  

Kone OYJ, Class B

    88,084       4,518,075  

Metso OYJ

    152,807       1,736,509  

Neste OYJ

    121,372       4,468,319  

Nokia OYJ

    1,519,410       5,972,709  

Orion OYJ, Class B

    27,418       1,053,704  

Sampo OYJ, Class A

    128,646       5,668,995  

Stora Enso OYJ, Class R

    180,794       2,216,401  

UPM-Kymmene OYJ

    153,192       5,071,830  

Wartsila OYJ Abp

    156,489       1,965,947  
   

 

 

 
       37,661,683  
France — 2.9%            

Accor SA

    56,857       2,145,330  

Aeroports de Paris

    5,652       780,496  

Air Liquide SA

    146,202       26,286,242  

Airbus SE

    160,945       23,707,201  

Alstom SA

    82,624       2,529,967  

Amundi SA(c)

    12,544       769,768  

ArcelorMittal SA

    129,351       3,741,061  

Arkema SA

    13,122       1,415,063  

AXA SA

    524,601       16,125,630  

BioMerieux

    10,445       1,121,264  

BNP Paribas SA

    298,677       19,697,090  

Bollore SE

    246,856       1,560,802  

Bouygues SA

    73,152       2,620,417  

Bureau Veritas SA

    102,721       2,821,108  

Capgemini SE

    48,322       8,756,843  

Carrefour SA

    176,345       3,525,336  

Cie. de Saint-Gobain

    142,850       9,661,139  

Cie. Generale des Etablissements Michelin SCA

    209,034       6,845,247  

Covivio

    9,045       436,707  

Credit Agricole SA

    311,456       3,866,843  

Danone SA

    168,594       10,295,485  

Dassault Aviation SA

    6,399       1,243,078  

Dassault Systemes SE

    176,659       7,550,165  

Edenred

    77,638       5,042,616  

Eiffage SA

    30,009       3,122,062  

Engie SA

    508,421       8,340,811  

EssilorLuxottica SA

    80,564       16,207,478  

Eurazeo SE

    3,235       197,528  

Eurofins Scientific SE

    33,156       2,280,357  

Euronext NV(c)

    15,114       1,150,382  

Gecina SA

    12,822       1,386,219  

Getlink SE

    119,929       2,108,036  

 

 

22  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

France (continued)

   

Hermes International

    8,893     $ 19,682,563  

Ipsen SA

    10,773       1,357,687  

Kering SA

    20,878       11,987,423  

Klepierre SA

    40,707       1,080,513  

La Francaise des Jeux SAEM(c)

    26,279       1,003,263  

Legrand SA

    79,598       7,980,074  

L’Oreal SA

    67,434       31,364,188  

LVMH Moet Hennessy Louis Vuitton SE

    77,196       71,697,138  

Orange SA

    504,129       5,698,591  

Pernod Ricard SA

    59,894       13,204,923  

Publicis Groupe SA

    68,041       5,485,832  

Remy Cointreau SA

    4,015       689,208  

Renault SA

    60,590       2,661,212  

Safran SA

    91,298       15,156,665  

Sanofi

    312,359       33,323,870  

Sartorius Stedim Biotech

    7,802       2,441,022  

Schneider Electric SE

    149,844       26,727,978  

SEB SA

    5,107       571,708  

Societe Generale SA

    209,165       5,688,605  

Sodexo SA

    24,675       2,531,097  

Teleperformance

    17,029       2,469,866  

Thales SA

    29,061       4,347,229  

TotalEnergies SE

    663,802       40,330,291  

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

    37,951       2,150,412  

Valeo

    70,069       1,583,852  

Veolia Environnement SA

    197,873       6,442,536  

Vinci SA

    150,099       17,628,735  

Vivendi SE

    212,715       1,899,193  

Wendel SE

    14,726       1,453,670  

Worldline SA/France(a)(c)

    68,027       2,696,550  
   

 

 

 
       538,673,665  
Germany — 1.9%            

adidas AG

    45,107       9,106,429  

Allianz SE, Registered

    113,042       27,016,965  

BASF SE

    246,006       13,188,627  

Bayer AG, Registered

    271,680       15,888,777  

Bayerische Motoren Werke AG

    95,682       11,668,417  

Bechtle AG

    24,042       1,058,175  

Beiersdorf AG

    25,276       3,273,377  

Brenntag SE

    41,665       3,232,563  

Carl Zeiss Meditec AG, Bearer

    12,224       1,416,525  

Commerzbank AG

    297,445       3,557,882  

Continental AG

    30,151       2,407,245  

Covestro AG(a)(c)

    59,100       3,174,786  

Daimler Truck Holding AG

    137,237       5,150,544  

Delivery Hero SE(a)(c)

    53,862       2,444,781  

Deutsche Bank AG, Registered

    560,219       6,210,103  

Deutsche Boerse AG

    52,859       10,127,865  

Deutsche Lufthansa AG, Registered(a)

    166,295       1,677,294  

Deutsche Post AG, Registered

    281,743       14,488,130  

Deutsche Telekom AG, Registered

    884,661       19,286,701  

E.ON SE

    624,959       7,905,932  

Evonik Industries AG

    44,116       913,775  

Fresenius Medical Care AG & Co. KGaA

    55,852       2,900,646  

Fresenius SE & Co. KGaA

    112,857       3,541,694  

GEA Group AG

    54,820       2,326,660  

Hannover Rueck SE

    18,604       3,969,611  

HeidelbergCement AG

    39,029       3,163,216  

HelloFresh SE(a)

    48,677       1,388,029  

Henkel AG & Co. KGaA

    31,587       2,207,370  
Security   Shares     Value  

Germany (continued)

   

Infineon Technologies AG

    358,015     $ 15,729,555  

Knorr-Bremse AG

    15,885       1,117,318  

LEG Immobilien SE(a)

    17,941       1,268,475  

Mercedes-Benz Group AG

    239,349       19,115,109  

Merck KGaA

    37,966       6,671,573  

MTU Aero Engines AG

    16,043       3,746,224  

Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen, Registered

    37,820       14,237,183  

Nemetschek SE

    19,408       1,412,301  

Puma SE

    30,919       2,089,545  

Rational AG

    1,390       1,040,495  

Rheinmetall AG

    12,093       3,425,294  

RWE AG

    175,757       7,564,342  

SAP SE

    289,628       39,508,606  

Scout24 SE(c)

    25,597       1,692,107  

Siemens AG, Registered

    210,687       35,909,945  

Siemens Healthineers AG(c)

    77,639       4,511,083  

Symrise AG, Class A

    38,558       4,211,758  

Telefonica Deutschland Holding AG

    210,293       566,609  

Volkswagen AG

    3,088       493,511  

Vonovia SE

    197,197       4,594,686  

Zalando SE(a)(c)

    61,134       2,110,632  
   

 

 

 
       353,708,470  
Greece — 0.0%            

Alpha Services and Holdings SA(a)

    635,608       1,144,673  

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

    733,696       1,281,687  

Hellenic Telecommunications Organization SA

    56,482       891,397  

JUMBO SA

    65,225       1,946,343  

Mytilineos SA

    25,139       1,046,178  

National Bank of Greece SA(a)

    143,659       989,338  

OPAP SA

    53,509       941,092  
   

 

 

 
      8,240,708  
Hong Kong — 0.6%            

AIA Group Ltd.

    3,277,800       32,793,523  

BOC Hong Kong Holdings Ltd.

    1,096,500       3,346,564  

Budweiser Brewing Co. APAC Ltd.(c)

    495,800       1,209,314  

Chow Tai Fook Jewellery Group Ltd.

    542,400       946,979  

CK Asset Holdings Ltd.

    604,516       3,500,795  

CK Hutchison Holdings Ltd.

    755,516       4,659,514  

CK Infrastructure Holdings Ltd.

    215,000       1,139,358  

CLP Holdings Ltd.

    464,500       3,786,200  

ESR Group Ltd.(c)

    686,600       1,203,984  

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

    19,804       1,192,201  

Galaxy Entertainment Group Ltd.(a)

    656,000       4,788,490  

Hang Lung Properties Ltd.

    610,000       951,934  

Hang Seng Bank Ltd.

    209,100       3,196,210  

Henderson Land Development Co. Ltd.

    299,003       924,269  

HKT Trust & HKT Ltd., Class SS

    1,215,000       1,435,157  

Hong Kong & China Gas Co. Ltd.

    3,484,040       2,988,809  

Hong Kong Exchanges & Clearing Ltd.

    338,300       14,263,405  

Hongkong Land Holdings Ltd.(b)

    365,600       1,302,895  

Jardine Matheson Holdings Ltd.

    40,700       2,010,393  

Link REIT

    706,160       3,969,435  

MTR Corp. Ltd.(b)

    432,500       1,993,089  

New World Development Co. Ltd.

    483,916       1,196,710  

Power Assets Holdings Ltd.

    450,000       2,358,550  

Sands China Ltd.(a)

    696,400       2,682,889  

Sino Land Co. Ltd.

    1,668,000       2,047,509  

 

 

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

  23


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Hong Kong (continued)

   

SITC International Holdings Co. Ltd.

    441,000     $ 966,300  

Sun Hung Kai Properties Ltd.

    429,500       5,393,068  

Swire Pacific Ltd., Class A

    142,500       1,191,191  

Swire Properties Ltd.

    195,800       491,326  

Techtronic Industries Co. Ltd.

    397,000       4,510,138  

WH Group Ltd.(c)

    1,619,000       883,634  

Wharf Real Estate Investment Co. Ltd.

    476,200       2,555,511  

Xinyi Glass Holdings Ltd.

    547,000       910,261  
   

 

 

 
       116,789,605  
Hungary — 0.0%            

MOL Hungarian Oil & Gas PLC

    119,126       940,464  

OTP Bank Nyrt

    73,273       2,664,655  

Richter Gedeon Nyrt

    22,159       558,974  
   

 

 

 
      4,164,093  
India — 1.5%            

Adani Enterprises Ltd.

    45,254       1,372,808  

Adani Green Energy Ltd.(a)

    88,152       1,171,770  

Adani Ports & Special Economic Zone Ltd.

    144,051       1,362,934  

Adani Power Ltd.(a)

    204,666       680,810  

Ambuja Cements Ltd.

    189,376       1,067,262  

Apollo Hospitals Enterprise Ltd.

    32,206       2,027,406  

Asian Paints Ltd.

    122,739       5,041,871  

Aurobindo Pharma Ltd.

    103,245       1,033,124  

Avenue Supermarts Ltd.(a)(c)

    44,367       2,027,112  

Axis Bank Ltd.

    679,253       7,885,783  

Bajaj Auto Ltd.

    20,243       1,215,122  

Bajaj Finance Ltd.

    80,410       7,148,436  

Bajaj Finserv Ltd.

    128,412       2,499,031  

Bandhan Bank Ltd.(a)(c)

    184,727       502,212  

Bharat Electronics Ltd.

    1,053,536       1,676,323  

Bharat Forge Ltd.

    71,325       808,400  

Bharat Petroleum Corp. Ltd.

    251,010       1,152,788  

Bharti Airtel Ltd.

    692,888       7,503,957  

Britannia Industries Ltd.

    32,604       1,900,516  

Cholamandalam Investment and Finance Co. Ltd.

    132,926       1,831,538  

Cipla Ltd.

    145,111       2,075,413  

Coal India Ltd.

    384,143       1,072,158  

Colgate-Palmolive India Ltd.

    32,670       802,773  

Container Corp. of India Ltd.

    90,484       765,068  

Dabur India Ltd.

    158,487       1,110,306  

Divi’s Laboratories Ltd.

    41,499       1,861,236  

DLF Ltd.

    194,177       1,225,981  

Dr. Reddy’s Laboratories Ltd.

    36,581       2,509,651  

Eicher Motors Ltd.

    42,820       1,753,867  

GAIL India Ltd.

    677,920       982,373  

Godrej Consumer Products Ltd.(a)

    105,198       1,326,201  

Godrej Properties Ltd.(a)

    32,882       696,562  

Grasim Industries Ltd.

    82,044       1,847,560  

Havells India Ltd.

    85,052       1,380,990  

HCL Technologies Ltd.

    319,221       4,338,843  

HDFC Bank Ltd.

    823,683       16,536,331  

HDFC Life Insurance Co. Ltd.(c)

    269,443       2,120,046  

Hero MotoCorp Ltd.

    34,865       1,359,309  

Hindalco Industries Ltd.

    405,205       2,284,293  

Hindustan Unilever Ltd.

    235,472       7,335,095  

ICICI Bank Ltd.

    1,598,271       19,478,877  

ICICI Lombard General Insurance Co. Ltd.(c)

    69,193       1,166,082  

Indian Hotels Co. Ltd. (The), Class A

    238,669       1,148,001  

Indian Railway Catering & Tourism Corp. Ltd.

    74,239       578,868  
Security   Shares     Value  

India (continued)

   

Indraprastha Gas Ltd.

    104,676     $ 590,032  

Info Edge India Ltd.

    24,979       1,396,003  

Infosys Ltd.

    927,347       15,348,627  

InterGlobe Aviation Ltd.(a)(c)

    39,590       1,249,122  

ITC Ltd.

    929,499       5,266,914  

Jio Financial Services Ltd., NVS

    860,644       2,384,203  

JSW Steel Ltd.

    258,915       2,575,933  

Jubilant Foodworks Ltd.

    118,201       688,661  

Kotak Mahindra Bank Ltd.

    306,781       6,932,976  

Larsen & Toubro Infotech Ltd.(c)

    30,540       1,819,855  

Larsen & Toubro Ltd.

    188,021       6,134,886  

Lupin Ltd.

    83,400       999,966  

Mahindra & Mahindra Ltd.

    247,707       4,447,457  

Marico Ltd.

    148,901       1,015,881  

Maruti Suzuki India Ltd.

    38,708       4,625,721  

Max Healthcare Institute Ltd.(a)

    229,591       1,661,751  

Nestle India Ltd.

    8,554       2,345,776  

NTPC Ltd.

    1,093,986       2,908,054  

Oil & Natural Gas Corp. Ltd.

    940,384       2,028,043  

Page Industries Ltd.

    1,783       820,055  

PI Industries Ltd.

    23,399       1,029,378  

Pidilite Industries Ltd.

    44,530       1,416,863  

Power Grid Corp. of India Ltd.

    775,076       2,509,495  

Reliance Industries Ltd.

    860,644       26,716,937  

Samvardhana Motherson International Ltd.

    510,553       611,063  

SBI Life Insurance Co. Ltd.(c)

    132,381       2,066,481  

Shree Cement Ltd.

    2,990       877,010  

Shriram Transport Finance Co. Ltd.

    78,383       1,807,043  

Siemens Ltd.

    22,438       1,087,335  

SRF Ltd.

    43,279       1,144,106  

State Bank of India

    542,646       4,099,037  

Sun Pharmaceutical Industries Ltd.

    270,629       3,764,386  

Tata Consultancy Services Ltd.

    258,909       10,785,880  

Tata Consumer Products Ltd.

    186,424       1,948,771  

Tata Elxsi Ltd.

    11,558       1,007,701  

Tata Motors Ltd.

    487,497       3,825,116  

Tata Power Co. Ltd. (The)

    430,153       1,238,968  

Tata Steel Ltd.

    2,124,458       3,187,286  

Tech Mahindra Ltd.

    188,881       2,565,613  

Titan Co. Ltd.

    103,037       3,765,408  

Trent Ltd.

    69,964       1,496,529  

Tube Investments of India Ltd.

    34,678       1,300,228  

TVS Motor Co. Ltd.

    131,376       2,202,118  

UltraTech Cement Ltd.

    29,065       2,941,719  

UPL Ltd.

    156,658       1,191,158  

Varun Beverages Ltd.

    139,780       1,367,840  

Vedanta Ltd.

    221,160       744,252  

Wipro Ltd.

    368,466       1,817,321  

Zomato Ltd.(a)

    1,279,337       1,309,675  
   

 

 

 
       280,729,720  
Indonesia — 0.2%            

Adaro Energy Indonesia Tbk PT

    4,744,900       759,045  

Aneka Tambang Tbk

    2,287,700       301,542  

Astra International Tbk PT

    6,945,500       3,156,343  

Bank Central Asia Tbk PT

    13,646,600       8,264,809  

Bank Mandiri Persero Tbk PT

    9,662,528       3,673,165  

Bank Negara Indonesia Persero Tbk PT

    3,114,288       1,833,390  

Bank Rakyat Indonesia Persero Tbk PT

    18,475,930       6,917,461  

Barito Pacific Tbk PT

    7,625,694       391,849  

Charoen Pokphand Indonesia Tbk PT(a)

    2,535,445       869,753  

 

 

24  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Indonesia (continued)

   

GoTo Gojek Tokopedia Tbk PT(a)

    225,498,000     $ 1,692,742  

Indah Kiat Pulp & Paper Tbk PT

    682,500       414,305  

Indofood Sukses Makmur Tbk PT

    2,709,200       1,316,172  

Kalbe Farma Tbk PT

    8,902,700       1,130,750  

Merdeka Copper Gold Tbk PT(a)

    4,712,932       1,098,165  

Semen Indonesia Persero Tbk PT

    1,602,002       741,292  

Sumber Alfaria Trijaya Tbk PT

    6,202,500       1,110,608  

Telkom Indonesia Persero Tbk PT

    12,158,500       2,995,559  

Unilever Indonesia Tbk PT

    2,390,800       610,383  

United Tractors Tbk PT

    762,906       1,393,735  
   

 

 

 
       38,671,068  
Ireland — 0.2%            

AIB Group PLC

    194,648       915,558  

Bank of Ireland Group PLC

    220,118       2,322,422  

CRH PLC

    235,853       14,049,983  

Flutter Entertainment PLC, Class DI(a)

    46,585       9,265,739  

Kerry Group PLC, Class A

    56,697       5,632,895  

Kingspan Group PLC

    35,332       2,835,871  

Smurfit Kappa Group PLC

    91,793       3,632,343  
   

 

 

 
       38,654,811  
Israel — 0.2%            

Azrieli Group Ltd.

    10,219       581,511  

Bank Hapoalim BM

    363,470       3,228,645  

Bank Leumi Le-Israel BM

    380,251       3,035,399  

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

    26,388       3,488,757  

CyberArk Software Ltd.(a)(b)

    12,525       2,079,275  

Elbit Systems Ltd.

    9,213       1,959,015  

ICL Group Ltd.

    282,739       1,882,615  

Isracard Ltd.

    1       4  

Israel Discount Bank Ltd., Class A

    297,531       1,575,947  

Mizrahi Tefahot Bank Ltd.

    67,220       2,426,973  

Monday.com Ltd.(a)

    5,322       962,111  

Nice Ltd.(a)

    18,036       3,925,905  

Teva Pharmaceutical Industries Ltd., ADR(a)

    316,728       2,660,515  

Tower Semiconductor Ltd.(a)(b)

    31,401       1,164,577  

Wix.com Ltd.(a)

    16,486       1,554,959  
   

 

 

 
       30,526,208  
Italy — 0.6%            

Amplifon SpA

    32,389       1,095,787  

Assicurazioni Generali SpA

    285,801       6,087,709  

DiaSorin SpA

    7,108       797,462  

Enel SpA

    2,185,726       15,071,011  

Eni SpA

    666,025       10,168,115  

Ferrari NV

    36,169       11,595,299  

FinecoBank Banca Fineco SpA

    151,268       2,348,774  

Infrastrutture Wireless Italiane SpA(c)

    45,609       571,973  

Intesa Sanpaolo SpA

    4,387,868       12,688,254  

Mediobanca Banca di Credito Finanziario SpA

    229,402       3,057,148  

Moncler SpA

    42,539       3,070,193  

Nexi SpA(a)(c)

    143,593       1,243,516  

Poste Italiane SpA(c)

    103,000       1,176,619  

Prysmian SpA

    95,153       3,794,239  

Recordati Industria Chimica e Farmaceutica SpA

    45,327       2,340,690  

Snam SpA

    655,889       3,447,854  

Stellantis NV

    574,019       11,777,654  

Telecom Italia SpA/Milano(a)(b)

    3,175,713       915,467  

Tenaris SA

    157,569       2,618,407  

Terna - Rete Elettrica Nazionale

    530,902       4,485,593  
Security   Shares     Value  

Italy (continued)

   

UniCredit SpA

    527,581     $ 13,358,481  
   

 

 

 
       111,710,245  
Japan — 5.5%            

Advantest Corp.

    52,500       7,261,267  

Aeon Co. Ltd.

    175,400       3,798,925  

AGC Inc.

    58,300       2,106,590  

Aisin Corp.

    44,000       1,429,784  

Ajinomoto Co. Inc.

    128,800       5,018,678  

ANA Holdings Inc.(a)

    37,000       887,039  

Asahi Group Holdings Ltd.

    125,700       4,941,173  

Asahi Intecc Co. Ltd.

    69,100       1,418,020  

Asahi Kasei Corp.

    388,000       2,644,122  

Astellas Pharma Inc.

    509,700       7,453,010  

Azbil Corp.

    39,900       1,259,055  

Bandai Namco Holdings Inc.

    164,000       3,710,428  

BayCurrent Consulting Inc.

    42,000       1,356,379  

Bridgestone Corp.

    155,500       6,452,534  

Brother Industries Ltd.

    80,500       1,254,827  

Canon Inc.

    270,000       6,978,253  

Capcom Co. Ltd.

    48,300       2,171,906  

Central Japan Railway Co.

    35,400       4,511,136  

Chubu Electric Power Co. Inc.

    180,700       2,263,772  

Chugai Pharmaceutical Co. Ltd.

    187,300       5,574,280  

Concordia Financial Group Ltd.

    301,100       1,377,238  

CyberAgent Inc.

    119,900       757,978  

Dai Nippon Printing Co. Ltd.

    67,200       1,910,225  

Daifuku Co. Ltd.

    90,000       1,924,843  

Dai-ichi Life Holdings Inc.

    268,200       5,479,785  

Daiichi Sankyo Co. Ltd.

    512,000       15,769,400  

Daikin Industries Ltd.

    71,000       14,356,108  

Daito Trust Construction Co. Ltd.

    17,400       1,871,691  

Daiwa House Industry Co. Ltd.

    126,400       3,435,414  

Daiwa House REIT Investment Corp.

    631       1,242,332  

Daiwa Securities Group Inc.

    407,000       2,206,308  

Denso Corp.

    116,800       8,132,490  

Dentsu Group Inc.

    66,500       2,225,181  

Disco Corp.

    27,000       5,075,347  

East Japan Railway Co.

    84,400       4,778,232  

Eisai Co. Ltd.

    70,300       4,435,479  

ENEOS Holdings Inc.

    869,980       3,156,408  

FANUC Corp.

    259,500       7,938,733  

Fast Retailing Co. Ltd.

    48,600       12,174,918  

Fuji Electric Co. Ltd.

    40,700       1,840,030  

FUJIFILM Holdings Corp.

    101,500       5,893,661  

Fujitsu Ltd.

    48,700       6,306,152  

GLP J-Reit

    1,180       1,162,494  

GMO Payment Gateway Inc.

    14,200       1,083,302  

Hakuhodo DY Holdings Inc.

    70,500       811,061  

Hamamatsu Photonics KK

    33,300       1,604,440  

Hankyu Hanshin Holdings Inc.

    70,300       2,335,568  

Hikari Tsushin Inc.

    6,500       964,516  

Hirose Electric Co. Ltd.

    9,200       1,165,250  

Hitachi Construction Machinery Co. Ltd.

    31,000       930,264  

Hitachi Ltd.

    257,200       16,837,465  

Honda Motor Co. Ltd.

    436,600       13,919,414  

Hoshizaki Corp.

    30,300       1,162,031  

Hoya Corp.

    99,500       11,587,702  

Hulic Co. Ltd.

    124,800       1,062,573  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

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%
(Cost: $15,151,054,154)

      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%
(Cost: $58,801,279)

      70,106,338  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $15,209,855,433)

 

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

 

Security   Shares     Value  

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%
(Cost: $269,228,177)

      269,349,040  
   

 

 

 

Total Investments — 101.0%
(Cost: $15,479,083,610)

      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
07/31/23

    Income    

Capital

Gain
Distributions
from
Underlying
Funds

   
 

 

   
 

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/
Unrealized
Appreciation

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


Schedule of Investments 

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI 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%
(Cost: $811,989,454)

      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%
(Cost: $1,278,529)

      1,622,659  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $813,267,983)

       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%
(Cost: $8,766,410)

      8,768,918  

Total Investments — 100.6%
(Cost: $822,034,393)

      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
Distributions
from
Underlying
Funds

 

 

 

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI ACWI 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
Ltd.(a)

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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%
(Cost: $2,749,172,315)

       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%
(Cost: $5,956,680)

 

    20,647,850  
   

 

 

 

Rights

   
China — 0.0%            

Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(a)

    41,477        
   

 

 

 

Total Rights — 0.0%
(Cost: $—)

 

     
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $2,755,128,995)

 

    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%
(Cost: $59,567,845)

 

    59,588,230  
   

 

 

 

Total Investments — 101.7%
(Cost: $2,814,696,840)

 

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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%
(Cost: $1,591,649,743)

      1,549,875,151  
   

 

 

 

 

 

66  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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%
(Cost: $3,859,279)

      3,859,592  
   

 

 

 

Total Investments — 99.6%
(Cost: $1,595,509,022)

      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
Distributions
from
Underlying
Funds

 

 

 

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


Schedule of Investments 

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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%
(Cost: $167,227,376)

      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%
(Cost: $925,091)

      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%
(Cost: $—)

       
   

 

 

 

Total Long-Term Investments — 99.2%
(Cost: $168,152,467)

      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%
(Cost: $6,127,228)

      6,128,328  
   

 

 

 

Total Investments — 104.0%
(Cost: $174,279,695)

      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
Distributions
from
Underlying
Funds

 


 
 
 
 

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

July 31, 2023

  

iShares® MSCI 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%
(Cost: $210,133,502)

      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%
(Cost: $423,061)

      296,151  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $210,556,563)

       199,889,424  
   

 

 

 
Security   Shares     Value  

Short-Term Securities

 

Money Market Funds — 1.2%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 5.42%(d)(e)(f)

    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%
(Cost: $2,487,678)

      2,488,523  
   

 

 

 

Total Investments — 100.9%
(Cost: $213,044,241)

      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,
SL Agency Shares

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


 

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


 

Statements of Operations

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


 

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


 

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


Financial Highlights

(For a share outstanding throughout each period)

 

          iShares MSCI ACWI 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

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


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


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


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


Notes to Financial Statements

 

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 TT 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 ST 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 TT 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 ST 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 TT 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 ST 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 TT 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 ST 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 TT 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 ST 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 TT 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:

 

 

 
   

Year Ended

07/31/23

   

Year Ended

07/31/22

 
 

 

 

   

 

 

 
iShares ETF   Shares     Amount     Shares     Amount  

 

 

MSCI ACWI

       

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
 

 

 

   

 

 

   

 

 

   

 

 

 
    (16,600,000   $ (1,569,487,274     35,800,000     $ 3,517,278,339  
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI ACWI Low Carbon Target

       

Shares sold

        $ 24,806       2,650,000     $ 451,305,999  

Shares redeemed

    (650,000     (94,738,252     (1,600,000     (232,579,062
 

 

 

   

 

 

   

 

 

   

 

 

 
    (650,000   $ (94,713,446     1,050,000     $ 218,726,937  
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI All Country Asia ex Japan

       

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
 

 

 

   

 

 

   

 

 

   

 

 

 
    (8,000,000   $ (497,708,960     (14,400,000   $ (1,142,147,278
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI Europe Financials

       

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
 

 

 

   

 

 

   

 

 

   

 

 

 
    16,450,000     $ 268,062,230       (17,600,000   $ (162,927,425
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI Europe Small-Cap

       

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
 

 

 

   

 

 

   

 

 

   

 

 

 
    250,000     $ 14,444,402       (4,100,000   $ (263,106,981
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI Kokusai

       

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
 

 

 

   

 

 

   

 

 

   

 

 

 
    150,000     $ 12,882,742       (3,050,000   $ (387,883,657
 

 

 

   

 

 

   

 

 

   

 

 

 

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 ST 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 TT 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)

 

(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 TT 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

  121


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.

 

 

122  

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


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

 

 

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

  123


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.

 

 

124  

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


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

 

 

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

  125


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.

 

 

126  

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


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

 

 

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

  127


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.

 

 

128  

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


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.

 

 

S U P P L E M E N T A L  I N F O R M A T I O N

  129


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.

 

 

130  

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


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).

 

 

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

  131


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).

 

 

132  

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


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

  133


General Information

 

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.

 

 

134  

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


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

  135


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.

 

 


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.

 

 


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.

 

 


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.

 

 


 

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

 

 

LOGO

   LOGO