LOGO

  AUGUST 31, 2023

 

   2023 Annual Report

 

iShares Trust

 

·  

iShares ESG Advanced MSCI EAFE ETF | DMXF | NASDAQ

·  

iShares ESG Advanced MSCI EM ETF | EMXF | NASDAQ


The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 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 rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

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. 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 two pauses, 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 AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. 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 August 31, 2023

 

     
    

 

6-Month 

 

 

 

12-Month 

 

   

 

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

 

  14.50%   15.94%
   

 

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

 

  0.99   4.65
   

 

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

 

  4.75   17.92
   

 

Emerging market equities
(MSCI Emerging Markets
Index)

 

  3.62   1.25
   

 

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

 

  2.47   4.25
   

 

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

 

  0.11   (4.71)
   

 

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

 

  0.95   (1.19)
   

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond
Index)

 

  1.04   1.70
   

 

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

 

  4.55   7.19
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 SN O T  P A R TO 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

     9  

Disclosure of Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     25  

Statements of Operations

     26  

Statements of Changes in Net Assets

     27  

Financial Highlights

     28  

Notes to Financial Statements

     30  

Report of Independent Registered Public Accounting Firm

     38  

Important Tax Information

     39  

Board Review and Approval of Investment Advisory Contract

     40  

Supplemental Information

     42  

Trustee and Officer Information

     43  

General Information

     46  

Glossary of Terms Used in this Report

     47  

 

 


Market Overview

 

  

 

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 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 13.95% 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-coronavirus 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 several key commodities, including oil, natural gas, and wheat, either stabilized or 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 over the course of 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 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, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the 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 half 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 modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

 

 

4  

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


Fund Summary  as of August 31, 2023    iShares® ESG Advanced MSCI EAFE ETF

 

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened 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       
Since
Inception
 
 
            1 Year       
Since
Inception
 
 

Fund NAV

    18.17      6.66       18.17      22.99

Fund Market

    18.02        6.83         18.02        23.63  

Index

    17.64        6.72               17.64        23.19  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

The inception date of the Fund was June 16, 2020. The first day of secondary market trading was June 18, 2020.

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
(03/01/23


      

Ending
Account Value
(08/31/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(03/01/23
 
 
      

Ending
Account Value
(08/31/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
          $   1,000.00          $   1,052.90          $   0.62               $   1,000.00          $   1,024.60          $   0.61          0.12

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 August 31, 2023 (continued)    iShares® ESG Advanced MSCI EAFE ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. In Europe, ESG investments continued to attract net inflows, although the rate of net purchases slowed in the first half of 2023.

During the reporting period, the Index of international developed stocks with favorable ESG characteristics and screened for controversial activities advanced substantially. Japanese financials stocks gained the most, as the Bank of Japan modified its yield curve control policy, allowing banks to keep portions of their capital in higher-yielding investments. The semiconductors and semiconductor equipment industry in the information technology sector also gained amid efforts by the government to increase domestic semiconductor manufacturing with subsidies and incentives.

Stocks in Europe further contributed to the Index’s return, most notably France, Germany, and Switzerland. The French industrials sector benefited from rising demand for data center infrastructure, while the German information technology sector posted robust sales of cloud-based enterprise software. In Switzerland, the healthcare sector led the advance, as strong earnings enabled a significant stock buyback program.

In terms of relative performance, the Index was nearly in line with the broader market, as represented by the MSCI EAFE Index. The Index seeks companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in Index held overweight positions in the information technology and industrials sectors and underweight positions in consumer staples and energy. Positioning in the information technology sector contributed to the Index’s relative performance, while the underweight position in energy and stock selection in industrials detracted.

Portfolio Information

 

SECTOR ALLOCATION

 

 

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    21.4

Industrials

    20.4  

Information Technology

    14.5  

Health Care

    12.3  

Consumer Discretionary

    9.7  

Materials

    7.8  

Communication Services

    5.7  

Real Estate

    4.2  

Consumer Staples

    3.4  

Utilities

    0.6  

GEOGRAPHIC ALLOCATION

 

 

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

Japan

    30.1

France

    9.7  

Germany

    9.5  

United Kingdom

    8.4  

Switzerland

    7.4  

Netherlands

    7.0  

Denmark

    5.4  

Australia

    5.0  

Sweden

    4.8  

Hong Kong

    3.1  

Singapore

    1.9  

Spain

    1.6  

Italy

    1.2  

Finland

    1.1  

Ireland

    1.0  

Belgium

    1.0  

Other (each representing less than 1%)

    1.8  
(a) 

Excludes money market funds

 

 

6  

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


Fund Summary  as of August 31, 2023    iShares® ESG Advanced MSCI EM ETF

 

Investment Objective

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped 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    

Since

Inception

           1 Year     Since
Inception
 

Fund NAV

    1.06     1.42       1.06     4.19

Fund Market

    1.16       1.49         1.16       4.38  

Index

    0.69       1.72               0.69       5.08  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

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
(03/01/23


      

Ending
Account Value
(08/31/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(03/01/23
 
 
      

Ending
Account Value
(08/31/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
          $   1,000.00          $   1,032.50          $   0.82               $   1,000.00          $   1,024.40          $   0.82          0.16

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 August 31, 2023 (continued)    iShares® ESG Advanced MSCI EM ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. Globally, fund flows to ESG-focused investments slowed in the first half of 2023, while remaining net positive.

During the reporting period, the Index of emerging market stocks with favorable ESG characteristics and screened for controversial activities posted a marginal advance. Taiwanese stocks contributed the most to the Index’s return, led by the information technology sector. Continued data center growth drove robust sales of high-end power units used in their construction, bolstering profits in the technology hardware, storage, and peripherals industry. The semiconductors and semiconductor equipment industry also posted gains, as increasing interest in artificial intelligence drove investments in additional capacity. The financials sector also contributed to the Index’s return. Mexican banks posted strong gains amid significantly higher interest rates.

On the downside, Chinese stocks detracted meaningfully from the Index’s return, as they were negatively impacted by slowing economic growth. The consumer discretionary sector declined as increased online competition from low-cost retailers pressured the broadline retail and the internet and direct marketing retail industries. The Chinese healthcare sector also declined, as life sciences tools and services stocks were pressured by a U.S. executive order introducing a national biotechnology and biomanufacturing initiative.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market, the Index seeks companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities. The Index held a significant overweight position in the financials sector and underweight positions in the energy and materials sectors, relative to the broader market. Stock selection in the consumer discretionary sector and materials sector detracted from the Index’s relative performance, while stock selection in the financials sector contributed to relative performance.

Portfolio Information

 

SECTOR ALLOCATION

 

 

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    34.6

Consumer Discretionary

    18.4  

Information Technology

    17.8  

Communication Services

    7.9  

Consumer Staples

    6.2  

Materials

    4.4  

Industrials

    4.3  

Health Care

    3.9  

Real Estate

    1.9  

Utilities

    0.6  

GEOGRAPHIC ALLOCATION

 

 

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

China

    30.4

Taiwan

    16.6  

India

    15.4  

South Korea

    6.5  

South Africa

    5.3  

Brazil

    4.6  

Saudi Arabia

    3.1  

Thailand

    2.8  

Indonesia

    2.7  

Mexico

    2.2  

Malaysia

    2.1  

United Arab Emirates

    2.0  

Poland

    1.2  

Other (each representing less than 1%)

    5.1  

 

(a) 

Excludes money market funds.

 

 

8  

2 0 2 3  I S H A R E S  A N N U A L  R E P O R TT 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 EO F  E X P E N S E S

  9


Schedule of Investments

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 5.0%            

ASX Ltd.

    11,920     $     443,607  

Aurizon Holdings Ltd.

    98,725       232,690  

BlueScope Steel Ltd.

    26,640       360,160  

Brambles Ltd.

    80,480       779,366  

Cochlear Ltd.

    3,840       674,014  

Computershare Ltd.

    32,880       534,528  

CSL Ltd.

    27,760       4,902,386  

Dexus

    61,600       307,822  

Fortescue Metals Group Ltd.

    97,920       1,348,103  

Goodman Group

    98,160       1,479,001  

GPT Group (The)

    114,808       310,855  

IDP Education Ltd.

    14,320       227,743  

IGO Ltd.

    38,560       344,120  

Insurance Australia Group Ltd.

    141,360       533,078  

James Hardie Industries PLC(a)

    25,520       767,061  

Lendlease Corp. Ltd.

    38,960       196,184  

Mineral Resources Ltd.

    10,160       466,364  

Mirvac Group

    232,960       363,210  

Newcrest Mining Ltd.

    50,960       849,332  

Northern Star Resources Ltd.

    66,640       510,605  

Orica Ltd.

    26,400       267,454  

Pilbara Minerals Ltd.

    154,640       463,613  

QBE Insurance Group Ltd.

    86,400       833,404  

Ramsay Health Care Ltd.

    10,480       347,768  

REA Group Ltd.

    2,960       315,589  

Reece Ltd.

    12,720       167,335  

Scentre Group

    297,440       527,230  

SEEK Ltd.

    20,640       308,149  

Sonic Healthcare Ltd.

    25,920       538,726  

Stockland

    133,046       363,368  

Suncorp Group Ltd.

    72,560       636,431  

Telstra Corp. Ltd.

    231,680       601,005  

Transurban Group

    176,480       1,510,983  

Vicinity Ltd.

    226,884       273,679  

WiseTech Global Ltd.

    9,920       444,999  

Xero Ltd.(a)

    8,560       692,877  
   

 

 

 
       23,922,839  
Austria — 0.3%            

Erste Group Bank AG

    19,440       693,500  

Verbund AG

    3,920       321,349  

voestalpine AG

    6,252       182,679  
   

 

 

 
      1,197,528  
Belgium — 1.0%            

Ageas SA/NV

    9,120       362,705  

Argenx SE(a)

    3,280       1,648,477  

D’ieteren Group

    1,280       209,055  

Elia Group SA/NV.

    1,680       193,695  

Groupe Bruxelles Lambert NV

    5,600       450,931  

KBC Group NV

    14,720       965,780  

Sofina SA

    880       197,707  

Umicore SA

    12,962       343,470  

Warehouses De Pauw CVA

    9,600       274,335  
   

 

 

 
      4,646,155  
Denmark — 5.3%            

AP Moller - Maersk A/S, Class A

    162       289,507  

AP Moller - Maersk A/S, Class B, NVS

    320       580,916  

Chr Hansen Holding A/S

    5,921       386,076  

Demant A/S(a)

    5,840       238,413  
Security   Shares     Value  
Denmark (continued)            

DSV A/S

    10,720     $    2,035,723  

Genmab A/S(a)

    3,840       1,471,239  

Novo Nordisk A/S, Class B

    94,480       17,427,188  

Novozymes A/S, Class B

    12,080       522,892  

Pandora A/S

    4,880       505,364  

Rockwool A/S, Class B

    566       144,454  

Tryg A/S

    20,895       398,662  

Vestas Wind Systems A/S(a)

    58,510       1,351,880  
   

 

 

 
        25,352,314  
Finland — 1.1%            

Elisa OYJ

    8,165       400,828  

Kesko OYJ, Class B

    16,000       312,325  

Kone OYJ, Class B

    19,840       902,506  

Metso OYJ

    39,040       448,395  

Nokia OYJ

    313,440       1,253,468  

Orion OYJ, Class B

    6,160       251,762  

Sampo OYJ, Class A

    27,120       1,190,407  

Wartsila OYJ Abp

    27,300       346,461  
   

 

 

 
      5,106,152  
France — 9.7%            

Accor SA

    10,560       377,660  

Aeroports de Paris

    1,600       210,572  

Air Liquide SA

    30,320       5,478,102  

Amundi SA(b)

    3,558       211,788  

AXA SA

    106,240       3,191,969  

BioMerieux

    2,402       248,078  

BNP Paribas SA

    60,720       3,926,619  

Bouygues SA

    11,040       381,210  

Bureau Veritas SA

    17,040       456,470  

Capgemini SE

    9,600       1,791,565  

Carrefour SA

    34,240       654,454  

Cie. Generale des Etablissements Michelin SCA

    40,320       1,261,450  

Covivio

    2,960       144,326  

Credit Agricole SA

    69,360       874,302  

Dassault Systemes SE

    38,800       1,537,664  

Edenred

    14,320       912,518  

Eiffage SA

    4,000       395,332  

EssilorLuxottica SA

    17,040       3,213,208  

Eurazeo SE

    2,411       142,061  

Eurofins Scientific SE

    7,840       482,573  

Euronext NV(b)

    5,120       369,616  

Gecina SA

    2,885       308,625  

Getlink SE

    20,480       342,782  

Hermes International

    1,869       3,843,945  

Ipsen SA

    2,174       281,629  

Klepierre SA

    12,865       339,811  

Legrand SA

    15,520       1,529,021  

Publicis Groupe SA

    13,040       1,017,485  

Sartorius Stedim Biotech

    1,600       453,778  

Schneider Electric SE

    31,520       5,402,789  

SEB SA

    1,374       150,818  

Sodexo SA

    4,880       523,528  

Teleperformance

    3,360       464,257  

Unibail-Rodamco-Westfield, New(a)

    6,880       367,218  

Valeo

    12,998       252,659  

Vinci SA

    30,960       3,448,574  

Vivendi SE

    41,040       373,787  

Wendel SE

    1,520       138,885  

 

 

10  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
France (continued)            

Worldline SA/France(a)(b)

    13,920     $     453,043  
   

 

 

 
      45,954,171  
Germany — 8.9%            

adidas AG

    9,360       1,867,975  

Bayerische Motoren Werke AG

    17,680       1,859,567  

Bechtle AG

    4,720       229,467  

Beiersdorf AG

    5,840       764,661  

Brenntag SE

    8,720       705,310  

Carl Zeiss Meditec AG, Bearer

    2,320       230,109  

Commerzbank AG

    60,640       666,280  

Continental AG

    6,320       468,806  

Covestro AG(a)(b)

    11,120       590,520  

Daimler Truck Holding AG

    28,560       1,004,930  

Deutsche Boerse AG

    11,040       1,959,864  

Deutsche Lufthansa AG, Registered(a)

    33,680       300,774  

Deutsche Post AG, Registered

    57,440       2,678,602  

Evonik Industries AG

    12,001       229,941  

GEA Group AG

    8,880       350,168  

Hannover Rueck SE

    3,524       749,479  

HelloFresh SE(a)

    9,440       304,233  

Henkel AG & Co. KGaA

    6,009       415,271  

Infineon Technologies AG

    76,080       2,718,771  

Knorr-Bremse AG

    3,930       268,421  

LEG Immobilien SE(a)

    4,240       305,350  

Merck KGaA

    7,318       1,313,765  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    7,907       3,069,175  

Nemetschek SE

    3,280       226,535  

Rational AG

    286       217,860  

SAP SE

    60,400       8,426,068  

Scout24 SE(b)

    4,429       305,098  

Siemens AG, Registered

    44,000       6,610,154  

Siemens Healthineers AG(b)

    15,920       796,991  

Symrise AG, Class A

    7,840       817,280  

Talanx AG(a)

    3,600       242,004  

Telefonica Deutschland Holding AG

    51,120       97,187  

Vonovia SE

    42,480       1,019,235  

Wacker Chemie AG

    1,040       153,182  

Zalando SE(a)(b)

    13,120       407,842  
   

 

 

 
       42,370,875  
Hong Kong — 3.1%            

AIA Group Ltd.

    672,000       6,080,425  

BOC Hong Kong Holdings Ltd.

    203,500       565,382  

ESR Group Ltd.(b)

    128,000       192,067  

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

    3,120       185,952  

Hang Lung Properties Ltd.

    160,000       213,098  

Hang Seng Bank Ltd.

    48,000       611,718  

Henderson Land Development Co. Ltd.

    80,000       219,691  

HKT Trust & HKT Ltd., Class SS

    240,000       255,760  

Hong Kong Exchanges & Clearing Ltd.

    65,200       2,527,034  

Hongkong Land Holdings Ltd.

    64,000       227,044  

Link REIT

    144,000       713,957  

MTR Corp. Ltd.

    83,500       348,401  

New World Development Co. Ltd.

    80,000       169,870  

Sino Land Co. Ltd.

    184,000       210,768  

Sun Hung Kai Properties Ltd.

    80,000       900,533  

Swire Pacific Ltd., Class A.

    40,000       329,815  

Swire Properties Ltd.

    80,000       167,182  

WH Group Ltd.(b)

    520,000       267,797  
Security   Shares     Value  
Hong Kong (continued)            

Wharf Real Estate Investment Co. Ltd.

    82,000     $     341,742  
   

 

 

 
       14,528,236  
Ireland — 1.0%            

AIB Group PLC

    83,440       379,781  

Bank of Ireland Group PLC

    61,360       611,009  

CRH PLC

    42,000       2,416,413  

Kerry Group PLC, Class A

    9,207       859,014  

Smurfit Kappa Group PLC

    14,880       624,223  
   

 

 

 
      4,890,440  
Israel — 0.5%            

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

    5,520       742,937  

CyberArk Software Ltd.(a)

    2,400       398,496  

Monday.com Ltd.(a)

    1,280       227,123  

Nice Ltd.(a)

    3,680       717,245  

Wix.com Ltd.(a)

    3,200       316,064  
   

 

 

 
      2,401,865  
Italy — 1.2%            

Amplifon SpA

    7,040       228,612  

Assicurazioni Generali SpA

    60,400       1,251,064  

DiaSorin SpA

    1,440       152,059  

FinecoBank Banca Fineco SpA

    34,960       477,814  

Infrastrutture Wireless Italiane SpA(b)

    20,246       250,491  

Mediobanca Banca di Credito Finanziario SpA

    31,600       412,524  

Moncler SpA

    11,840       802,215  

Nexi SpA(a)(b)

    33,840       242,778  

Poste Italiane SpA(b)

    28,582       317,287  

Prysmian SpA

    15,200       621,019  

Recordati Industria Chimica e Farmaceutica SpA

    5,612       281,318  

Telecom Italia SpA/Milano(a)

    514,223       159,528  

Terna - Rete Elettrica Nazionale

    88,240       727,677  
   

 

 

 
      5,924,386  
Japan — 30.0%            

Advantest Corp.

    10,800       1,351,842  

Aeon Co. Ltd.

    40,000       828,967  

AGC Inc.

    8,000       280,667  

Ajinomoto Co. Inc.

    24,000       1,016,708  

ANA Holdings Inc.(a)

    8,100       182,859  

Asahi Intecc Co. Ltd.

    16,000       324,568  

Asahi Kasei Corp.

    88,000       568,030  

Astellas Pharma Inc.

    104,000       1,573,558  

Azbil Corp.

    8,000       266,508  

Bridgestone Corp.

    32,000       1,242,424  

Brother Industries Ltd.

    16,000       270,777  

Canon Inc.

    56,700       1,395,617  

Capcom Co. Ltd.

    8,000       337,466  

Central Japan Railway Co.

    8,000       1,025,756  

Chiba Bank Ltd. (The)

    32,000       228,493  

Chugai Pharmaceutical Co. Ltd.

    40,000       1,219,276  

Concordia Financial Group Ltd.

    64,000       283,586  

CyberAgent Inc.

    24,000       152,714  

Dai Nippon Printing Co. Ltd.

    12,200       333,370  

Daifuku Co. Ltd.

    16,000       295,289  

Dai-ichi Life Holdings Inc.

    56,000       1,040,793  

Daiichi Sankyo Co. Ltd.

    104,000       3,063,180  

Daikin Industries Ltd.

    14,600       2,523,735  

Daito Trust Construction Co. Ltd.

    3,400       374,967  

Daiwa House Industry Co. Ltd.

    32,000       888,825  

Daiwa House REIT Investment Corp.

    160       303,627  

Daiwa Securities Group Inc.

    88,000       500,425  

 

 

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

  11


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Denso Corp.

    24,000     $    1,638,063  

Dentsu Group Inc.

    8,000       238,928  

Disco Corp.

    5,000       988,222  

East Japan Railway Co.

    16,000       904,626  

Eisai Co. Ltd.

    16,000       1,011,459  

FANUC Corp.

    56,000       1,592,716  

Fast Retailing Co. Ltd.

    9,700       2,225,289  

FUJIFILM Holdings Corp.

    21,100       1,246,935  

Fujitsu Ltd.

    9,900       1,237,419  

GLP J-Reit

    240       226,482  

GMO Payment Gateway Inc.

    1,100       69,655  

Hakuhodo DY Holdings Inc.

    16,000       151,798  

Hamamatsu Photonics KK

    8,000       370,148  

Hankyu Hanshin Holdings Inc.

    16,000       574,262  

Hikari Tsushin Inc.

    1,100       183,002  

Hirose Electric Co. Ltd.

    1,700       205,827  

Hitachi Construction Machinery Co. Ltd.

    8,000       248,753  

Hoshizaki Corp.

    8,000       307,027  

Hoya Corp.

    19,500       2,163,543  

Hulic Co. Ltd.

    24,000       215,372  

Ibiden Co. Ltd.

    8,000       482,001  

Isuzu Motors Ltd.

    40,000       512,062  

Itochu Techno-Solutions Corp.

    8,000       237,532  

Japan Airlines Co. Ltd.

    8,000       164,750  

Japan Exchange Group Inc.

    32,000       558,328  

Japan Metropolitan Fund Invest

    402       269,939  

Japan Post Bank Co. Ltd.

    91,600       735,004  

Japan Post Insurance Co. Ltd.

    8,000       129,077  

Japan Real Estate Investment Corp.

    80       332,464  

JFE Holdings Inc.

    32,000       505,539  

JSR Corp.

    8,000       223,288  

Kajima Corp.

    24,000       400,866  

Kao Corp.

    24,600       950,240  

KDDI Corp.

    88,000          2,616,013  

Keio Corp.

    8,000       276,805  

Keisei Electric Railway Co. Ltd.

    8,000       306,335  

Keyence Corp.

    10,900       4,525,369  

Kikkoman Corp.

    8,000       462,128  

Kintetsu Group Holdings Co. Ltd.

    8,000       253,220  

Kobayashi Pharmaceutical Co. Ltd.

    2,900       143,187  

Kobe Bussan Co. Ltd.

    8,000       199,314  

Koei Tecmo Holdings Co. Ltd.

    8,000       124,403  

Koito Manufacturing Co. Ltd.

    16,000       271,528  

Komatsu Ltd.

    52,100       1,482,672  

Konami Group Corp.

    2,500       145,073  

Kubota Corp.

    56,700       912,502  

Kurita Water Industries Ltd.

    8,000       311,642  

Kyocera Corp.

    16,000       820,635  

Kyowa Kirin Co. Ltd.

    16,000       292,509  

Lixil Corp.

    16,000       200,410  

Makita Corp.

    12,300       337,168  

MatsukiyoCocokara & Co.

    6,000       353,283  

McDonald’s Holdings Co. Japan Ltd.

    4,600       183,058  

MEIJI Holdings Co. Ltd.

    16,000       401,201  

MINEBEA MITSUMI Inc.

    24,000       406,935  

MISUMI Group Inc.

    16,100       280,457  

Mitsubishi Chemical Group Corp.

    80,000       477,577  

Mitsubishi Electric Corp.

    120,000       1,563,368  

Mitsubishi Estate Co. Ltd.

    64,900       826,632  

Mitsubishi HC Capital Inc.

    48,000       311,849  
Security   Shares      Value  
Japan (continued)             

Mitsubishi UFJ Financial Group Inc.

    664,000      $ 5,297,178  

Mitsui Chemicals Inc.

    8,000        216,870  

Mitsui Fudosan Co. Ltd.

    51,500        1,127,495  

Mizuho Financial Group Inc.

    136,000          2,241,147  

MonotaRO Co. Ltd.

    16,000        188,964  

MS&AD Insurance Group Holdings Inc.

    24,000        861,879  

Murata Manufacturing Co. Ltd.

    32,000        1,790,185  

NEC Corp.

    13,200        695,783  

NGK Insulators Ltd.

    16,000        212,259  

Nidec Corp.

    24,000        1,248,827  

Nintendo Co. Ltd.

    64,000        2,744,121  

Nippon Building Fund Inc.

    80        337,859  

Nippon Paint Holdings Co. Ltd.

    64,000        494,500  

Nippon Prologis REIT Inc.

    152        305,699  

Nippon Sanso Holdings Corp.

    8,000        192,897  

Nippon Telegraph & Telephone Corp.

    1,800,000        2,078,344  

Nippon Yusen KK

    32,000        851,340  

Nissan Chemical Corp.

    8,000        342,641  

Nissin Foods Holdings Co. Ltd.

    3,500        305,663  

Nitori Holdings Co. Ltd.

    3,900        443,929  

Nitto Denko Corp.

    8,000        545,780  

Nomura Real Estate Holdings Inc.

    8,000        201,308  

Nomura Real Estate Master Fund Inc.

    240        282,143  

Nomura Research Institute Ltd.

    24,000        689,739  

NTT Data Group Corp.

    32,500        436,986  

Obayashi Corp.

    48,000        434,724  

Odakyu Electric Railway Co. Ltd.

    16,000        237,913  

Oji Holdings Corp.

    48,000        196,337  

Omron Corp.

    8,000        386,020  

Ono Pharmaceutical Co. Ltd.

    24,000        453,406  

Open House Group Co. Ltd.

    4,200        141,879  

Oracle Corp. Japan

    1,100        76,832  

Oriental Land Co. Ltd./Japan

    64,000        2,305,357  

Otsuka Corp.

    8,000        356,544  

Otsuka Holdings Co. Ltd.

    24,000        911,801  

Pan Pacific International Holdings Corp.

    24,000        478,204  

Panasonic Holdings Corp.

    128,000        1,477,549  

Persol Holdings Co. Ltd.

    8,100        138,440  

Rakuten Group Inc.

    80,000        311,283  

Recruit Holdings Co. Ltd.

    80,000        2,849,797  

Renesas Electronics Corp.(a)

    72,000        1,199,496  

Resona Holdings Inc.

    136,000        720,463  

Ricoh Co. Ltd.

    32,000        260,685  

Rohm Co. Ltd.

    4,200        350,312  

SCSK Corp.

    8,000        138,675  

Secom Co. Ltd.

    10,600        741,870  

Seiko Epson Corp.

    16,000        250,534  

Sekisui Chemical Co. Ltd.

    24,000        368,097  

Sekisui House Ltd.

    32,500        662,330  

SG Holdings Co. Ltd.

    16,000        231,118  

Sharp Corp./Japan(a)

    16,000        98,493  

Shimadzu Corp.

    16,000        470,187  

Shimizu Corp.

    32,000        215,294  

Shin-Etsu Chemical Co. Ltd.

    104,000        3,314,870  

Shionogi & Co. Ltd.

    16,000        702,709  

Shiseido Co. Ltd.

    24,000        973,901  

Shizuoka Financial Group Inc., NVS

    24,200        196,653  

SoftBank Corp.

    168,000        1,926,742  

SoftBank Group Corp.

    56,000        2,509,721  

Sompo Holdings Inc.

    16,000        696,280  

 

 

12  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  
Japan (continued)             

Sony Group Corp.

    72,000      $   5,989,855  

Square Enix Holdings Co. Ltd.

    4,600        174,608  

SUMCO Corp.

    24,000        320,538  

Sumitomo Chemical Co. Ltd.

    80,000        221,466  

Sumitomo Electric Industries Ltd.

    48,000        587,630  

Sumitomo Metal Mining Co. Ltd.

    16,000        496,538  

Sumitomo Mitsui Financial Group Inc.

    72,000        3,291,585  

Sumitomo Realty & Development Co. Ltd.

    16,000        409,013  

Suntory Beverage & Food Ltd.

    8,000        257,395  

Sysmex Corp.

    8,000        424,484  

T&D Holdings Inc.

    32,000        507,181  

Taisei Corp.

    8,000        269,248  

TDK Corp.

    24,000        873,531  

Terumo Corp.

    40,000        1,210,298  

TIS Inc.

    12,200        287,632  

Tobu Railway Co. Ltd.

    16,000        438,628  

Tokio Marine Holdings Inc.

    104,000        2,295,123  

Tokyo Electron Ltd.

    27,200        4,039,897  

Tokyu Corp.

    32,000        404,372  

Toppan Inc.

    16,000        386,495  

Toray Industries Inc.

    96,000        517,600  

Tosoh Corp.

    16,000        207,037  

TOTO Ltd.

    8,000        219,391  

Toyota Industries Corp.

    8,200        578,989  

Trend Micro Inc./Japan

    8,000        339,533  

Unicharm Corp.

    24,000        957,447  

USS Co. Ltd.

    16,000        279,395  

Welcia Holdings Co. Ltd.

    8,000        147,178  

West Japan Railway Co.

    12,200        528,187  

Yakult Honsha Co. Ltd.

    8,000        419,150  

Yamaha Corp.

    8,000        246,754  

Yamaha Motor Co. Ltd.

    16,000        414,020  

Yamato Holdings Co. Ltd.

    16,000        300,540  

Yaskawa Electric Corp.

    16,000        627,316  

Yokogawa Electric Corp.

    16,000        316,815  

Z Holdings Corp.

    184,000        552,527  

Zensho Holdings Co. Ltd.

    8,000        377,525  

ZOZO Inc.

    8,000        159,768  
    

 

 

 
       142,652,657  
Netherlands — 6.9%             

ABN AMRO Bank NV, CVA(b)

    23,062        339,240  

Adyen NV(a)(b)

    1,280        1,068,827  

AerCap Holdings NV(a)

    9,089        559,155  

Akzo Nobel NV

    9,760        792,351  

ASM International NV

    2,720        1,309,325  

ASML Holding NV

    23,360        15,359,856  

ASR Nederland NV

    9,280        406,234  

BE Semiconductor Industries NV

    4,480        515,422  

EXOR NV(c)

    6,240        552,221  

Ferrovial SE

    30,160        956,592  

IMCD NV

    3,216        442,947  

ING Groep NV

    210,560        2,983,427  

JDE Peet’s NV

    7,200        200,492  

NN Group NV

    14,400        554,335  

OCI NV

    6,080        153,771  

Prosus NV

    40,640        2,803,119  

QIAGEN NV(a)

    13,200        602,283  

Randstad NV

    6,320        370,890  

Universal Music Group NV

    47,840        1,186,106  
Security   Shares      Value  
Netherlands (continued)             

Wolters Kluwer NV

    14,960      $   1,802,535  
    

 

 

 
       32,959,128  
New Zealand — 0.4%             

Auckland International Airport Ltd.(a)

    72,000        335,231  

EBOS Group Ltd.

    8,880        200,933  

Fisher & Paykel Healthcare Corp. Ltd.

    33,200        448,390  

Mercury NZ Ltd.

    42,885        158,707  

Meridian Energy Ltd.

    72,800        232,874  

Spark New Zealand Ltd.

    107,367        324,818  
    

 

 

 
       1,700,953  
Norway — 0.7%             

Adevinta ASA(a)

    15,769        111,865  

DNB Bank ASA

    53,600        1,059,487  

Gjensidige Forsikring ASA

    12,932        200,803  

Mowi ASA

    25,200        456,809  

Orkla ASA

    41,345        315,645  

Salmar ASA

    4,160        203,088  

Telenor ASA

    38,810        415,514  

Yara International ASA

    9,233        336,537  
    

 

 

 
         3,099,748  
Portugal — 0.1%             

Jeronimo Martins SGPS SA

    16,720        426,226  
    

 

 

 
Singapore — 1.9%             

CapitaLand Ascendas REIT

    216,099        442,594  

CapitaLand Integrated Commercial Trust

    312,081        440,842  

Capitaland Investment Ltd/Singapore

    160,000        383,282  

City Developments Ltd.

    32,000        158,093  

DBS Group Holdings Ltd.

    104,000        2,559,819  

Grab Holdings Ltd., Class A(a)

    107,040        403,540  

Mapletree Logistics Trust

    200,000        248,490  

Oversea-Chinese Banking Corp. Ltd.

    192,000        1,781,435  

Seatrium Ltd.(a)

    2,568,000        275,279  

Singapore Airlines Ltd.(c)

    88,000        447,140  

Singapore Exchange Ltd.

    42,500        302,553  

United Overseas Bank Ltd.

    72,000        1,512,530  

UOL Group Ltd.

    24,400        119,791  
    

 

 

 
       9,075,388  
Spain — 1.6%             

Acciona SA

    1,440        205,803  

ACS Actividades de Construccion y Servicios SA

    12,500        438,819  

Aena SME SA(b)

    4,339        682,078  

Amadeus IT Group SA

    26,320        1,805,906  

CaixaBank SA

    241,840        979,510  

Cellnex Telecom SA(b)

    32,800        1,254,451  

Corp. ACCIONA Energias Renovables SA

    4,880        145,015  

EDP Renovaveis SA

    19,445        355,632  

Grifols SA(a)

    17,200        235,637  

Redeia Corp. SA

    7,817        126,942  

Telefonica SA

    299,680        1,241,775  
    

 

 

 
       7,471,568  
Sweden — 4.7%             

Assa Abloy AB, Class B

    59,120        1,330,551  

Atlas Copco AB, Class A

    156,160        2,064,624  

Atlas Copco AB, Class B

    89,840        1,034,296  

Beijer Ref AB, Class B

    22,000        252,168  

Epiroc AB, Class A

    37,520        719,836  

Epiroc AB, Class B

    22,050        360,925  

EQT AB

    21,440        430,972  

 

 

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

  13


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Sweden (continued)            

Essity AB, Class B

    34,160     $     797,506  

Fastighets AB Balder, Class B(a)

    37,859       180,952  

Getinge AB, Class B

    12,924       224,068  

H & M Hennes & Mauritz AB, Class B

    37,360       570,412  

Hexagon AB, Class B

    121,840       1,087,807  

Holmen AB, Class B

    5,184       196,495  

Husqvarna AB, Class B

    20,240       174,258  

Industrivarden AB, Class A

    7,940       206,829  

Industrivarden AB, Class C

    9,040       235,047  

Indutrade AB

    15,130       290,369  

Investment AB Latour, Class B

    8,480       154,087  

Investor AB, Class A

    1,223       23,339  

Investor AB, Class B

    99,120       1,907,844  

Lifco AB, Class B

    13,200       241,381  

Nibe Industrier AB, Class B

    88,640       663,477  

Nordea Bank Abp

     186,560       2,043,812  

Sagax AB, Class B

    11,280       234,593  

Sandvik AB

    62,320       1,178,584  

Securitas AB, Class B

    28,160       229,114  

Skandinaviska Enskilda Banken AB, Class A

    94,160       1,091,652  

Skanska AB, Class B

    19,680       288,680  

SKF AB, Class B

    19,520       316,055  

Svenska Cellulosa AB SCA, Class B

    34,240       455,802  

Svenska Handelsbanken AB, Class A

    87,280       728,269  

Swedish Orphan Biovitrum AB(a)(c)

    9,040       174,367  

Tele2 AB, Class B

    30,640       216,465  

Telia Co. AB

    140,560       283,763  

Volvo AB, Class A

    11,440       233,991  

Volvo AB, Class B

    88,000       1,773,518  

Volvo Car AB, Class B(a)(c)

    33,004       125,304  
   

 

 

 
       22,521,212  
Switzerland — 7.3%            

ABB Ltd., Registered

    92,640       3,522,935  

Adecco Group AG, Registered

    8,839       380,210  

Alcon Inc.

    28,720       2,396,957  

Bachem Holding AG, Class B

    1,780       165,668  

Baloise Holding AG, Registered

    2,501       390,709  

Banque Cantonale Vaudoise, Registered

    1,680       182,019  

Coca-Cola HBC AG, Class DI

    12,640       364,119  

DSM-Firmenich AG

    10,800       999,010  

Geberit AG, Registered

    2,000       1,035,084  

Givaudan SA, Registered

    519       1,728,805  

Helvetia Holding AG, Registered

    2,000       304,149  

Julius Baer Group Ltd.

    12,080       838,466  

Kuehne + Nagel International AG, Registered

    3,120       937,388  

Logitech International SA, Registered

    9,440       653,083  

Lonza Group AG, Registered

    4,320       2,382,874  

Partners Group Holding AG

    1,352       1,457,327  

Schindler Holding AG, Participation Certificates, NVS

    2,320       516,661  

Schindler Holding AG, Registered

    1,360       285,374  

SGS SA

    8,800       799,241  

SIG Group AG

    17,280       454,558  

Sika AG, Registered

    8,480       2,396,297  

Sonova Holding AG, Registered

    2,960       782,128  

STMicroelectronics NV

    39,760       1,876,462  

Straumann Holding AG

    6,480       979,708  

Swiss Life Holding AG, Registered

    1,680       1,052,125  

Swiss Prime Site AG, Registered

    4,400       422,505  

Swiss Re AG

    17,640       1,712,978  

Swisscom AG, Registered

    1,445       879,845  
Security   Shares     Value  
Switzerland (continued)            

Temenos AG, Registered

    3,680     $ 291,662  

VAT Group AG(b)

    1,520       607,463  

Zurich Insurance Group AG

    8,820       4,135,636  
   

 

 

 
       34,931,446  
United Kingdom — 8.3%            

3i Group PLC

    56,400       1,420,233  

abrdn PLC

    114,720       239,314  

Admiral Group PLC

    12,160       383,089  

Anglo American PLC

    73,520       1,955,019  

Antofagasta PLC

    22,800       417,557  

Ashtead Group PLC

    25,360       1,769,070  

Associated British Foods PLC

    20,160       508,858  

Auto Trader Group PLC(b)

    53,600       411,029  

Aviva PLC

    159,600       757,264  

Barratt Developments PLC

    57,453       329,348  

Berkeley Group Holdings PLC

    6,160       316,477  

Bunzl PLC

    19,600       701,857  

Burberry Group PLC

    21,680       598,577  

CNH Industrial NV

    57,840       797,488  

Coca-Cola Europacific Partners PLC

    11,920       764,191  

Compass Group PLC

    100,400       2,531,758  

Croda International PLC

    8,320       581,051  

Endeavour Mining PLC

    10,640       217,278  

Halma PLC

    21,520       583,373  

Hikma Pharmaceuticals PLC

    9,440       260,762  

Informa PLC

    81,040       748,769  

InterContinental Hotels Group PLC

    9,440       710,033  

Intertek Group PLC

    9,200       481,800  

JD Sports Fashion PLC

    148,480       272,535  

Johnson Matthey PLC

    10,320       212,759  

Kingfisher PLC

    110,320       326,932  

Land Securities Group PLC

    40,000       304,796  

Legal & General Group PLC

    346,160       956,404  

Lloyds Banking Group PLC

    3,754,960       2,006,134  

London Stock Exchange Group PLC

    23,120       2,391,859  

M&G PLC

    129,840       313,608  

Mondi PLC

    27,440       455,801  

Ocado Group PLC(a)

    33,120       364,821  

Pearson PLC

    37,360       395,968  

Persimmon PLC

    18,320       246,977  

Phoenix Group Holdings PLC

    42,960       282,995  

Prudential PLC

    159,440       1,941,829  

RELX PLC

    109,680       3,574,990  

Rentokil Initial PLC

    144,400       1,099,384  

Sage Group PLC (The)

    59,360       729,451  

Schroders PLC

    46,160       240,138  

Segro PLC

    67,360       627,948  

Severn Trent PLC

    14,491       440,061  

Spirax-Sarco Engineering PLC

    4,240       543,340  

St. James’s Place PLC

    31,440       351,557  

Standard Chartered PLC

    137,360       1,235,925  

Taylor Wimpey PLC

    204,560       295,630  

Vodafone Group PLC

    1,331,600       1,234,463  

Whitbread PLC

    11,120       483,647  

Wise PLC, Class A(a)

    35,600       288,718  

WPP PLC

    61,840       599,440  
   

 

 

 
      39,702,305  
   

 

 

 

Total Common Stocks — 99.0%

   

(Cost: $481,060,980)

    .       470,835,592  
   

 

 

 

 

 

 

14  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Preferred Stocks            
Germany — 0.5%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    3,440     $ 330,520  

Dr Ing hc F Porsche AG, Preference Shares, NVS(b)

    6,880       758,794  

Henkel AG & Co. KGaA, Preference Shares, NVS

    9,440       723,395  

Sartorius AG, Preference Shares, NVS

    1,520       621,568  
   

 

 

 
      2,434,277  
   

 

 

 

Total Preferred Stocks — 0.5%

   

(Cost: $2,557,179)

      2,434,277  
   

 

 

 
Rights    
Sweden — 0.0%            

Swedish Orphan Biovitrum AB, (Expires 09/21/23, Strike Price SEK 142.00)(a)(c)

    8,814       7,962  
   

 

 

 

Total Rights — 0.0%
(Cost: $—)

      7,962  
   

 

 

 

Total Long-Term Investments — 99.5%

   

(Cost: $483,618,159)

      473,277,831  
   

 

 

 
Short-Term Securities    
Money Market Funds — 0.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)

    1,412,507       1,412,931  
Security   Shares     Value  
Money Market Funds (continued)            

BlackRock Cash Funds: Treasury, SL Agency Shares,
5.31%(d)(e)

    40,000     $ 40,000  
   

 

 

 

Total Short-Term Securities — 0.3%

   

(Cost: $1,452,822)

      1,452,931  
   

 

 

 

Total Investments — 99.8%

   

(Cost: $485,070,981)

      474,730,762  

Other Assets Less Liabilities — 0.2%

      1,145,007  
   

 

 

 

Net Assets — 100.0%

    $ 475,875,769  
   

 

 

 

 

(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)

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 August 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
08/31/22
     Purchases
at Cost
    Proceeds
from Sale
    Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
    Value at
08/31/23
     Shares
Held at
08/31/23
     Income     Capital Gain
Distributions
from
Underlying
Funds
 
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,631,126      $     $ (223,813 )(a)    $ 6,114      $ (496   $ 1,412,931        1,412,507      $ 22,079 (b)    $  
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    30,000        10,000 (a)                         40,000        40,000        6,255        
          

 

 

    

 

 

   

 

 

       

 

 

   

 

 

 
           $ 6,114      $ (496   $ 1,452,931         $ 28,334     $   —  
          

 

 

    

 

 

   

 

 

       

 

 

   

 

 

 

 

  (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            

Mini TOPIX Index

     59        09/07/23      $ 943      $ 37,413  
           

 

 

 

 

 

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

  15


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

 

Futures Contracts (continued)

 

         
Description    Number of
Contracts
     Expiration
Date
     Notional
Amount (000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

Euro STOXX 50 Index

     33        09/15/23      $ 1,540      $ (1,755
           

 

 

 
            $ 35,658  
           

 

 

 

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)

   $      $      $ 37,413      $      $      $      $ 37,413  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 1,755      $      $      $      $ 1,755  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 August 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

   $      $      $ 505,008      $      $      $      $ 505,008  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 48,787      $      $      $      $ 48,787  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 2,391,327  

 

 

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

  $  4,937,600      $  465,897,992      $    —      $  470,835,592  

Preferred Stocks

           2,434,277               2,434,277  

Rights

    7,962                      7,962  

 

 

16  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EAFE ETF

 

Fair Value Hierarchy as of Period End (continued)

 

 

 
    Level 1      Level 2     Level 3      Total  

 

 

Short-Term Securities

         

Money Market Funds

  $  1,452,931      $     $    —      $ 1,452,931  
 

 

 

    

 

 

   

 

 

    

 

 

 
  $ 6,398,493      $  468,332,269     $      $  474,730,762  
 

 

 

    

 

 

   

 

 

    

 

 

 

Derivative Financial Instruments(a)

         

Assets

         

Equity Contracts

  $      $ 37,413     $      $ 37,413  

Liabilities

         

Equity Contracts

           (1,755            (1,755
 

 

 

    

 

 

   

 

 

    

 

 

 
  $      $ 35,658     $        35,658  
 

 

 

    

 

 

   

 

 

    

 

 

 

 

  (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 EO F  I N V E S T M E N T S

  17


Schedule of Investments

August 31, 2023

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 2.9%            

Atacadao SA

    11,072     $ 22,940  

B3 SA - Brasil, Bolsa, Balcao

    98,224       256,467  

Banco Bradesco SA

    26,760       71,547  

Banco do Brasil SA

    14,608       138,940  

CCR SA

    16,768       42,190  

Cia. de Saneamento Basico do Estado de Sao Paulo

    5,712       66,808  

Energisa SA

    3,744       34,854  

Equatorial Energia SA

    17,408       111,295  

Hapvida Participacoes e Investimentos SA(a)(b)

    89,280       76,803  

Localiza Rent a Car SA

    15,233       194,563  

Lojas Renner SA

    16,672       53,968  

Natura & Co. Holding SA(b)

    15,040       46,104  

Raia Drogasil SA

    21,994       122,049  

Rede D’Or Sao Luiz SA(a)

    9,984       57,782  

Rumo SA

    21,824       98,498  

Sendas Distribuidora SA

    23,296       54,617  

Telefonica Brasil SA

    6,944       57,983  

Tim SA

    14,032       40,832  

TOTVS SA

    8,976       50,281  
   

 

 

 
        1,598,521  
Chile — 0.5%            

Banco de Chile

    766,544       83,616  

Banco de Credito e Inversiones SA

    1,137       32,710  

Banco Santander Chile

    1,104,824       52,872  

Cencosud SA

    21,584       46,203  

Empresas CMPC SA

    19,552       35,500  

Falabella SA

    14,464       35,629  
   

 

 

 
      286,530  
China — 30.3%            

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    3,200       10,846  

3SBio Inc.(a)

    32,000       26,761  

AAC Technologies Holdings Inc.

    16,000       30,993  

Agricultural Bank of China Ltd., Class A

    88,000       41,826  

Agricultural Bank of China Ltd., Class H

    496,000       170,006  

AIMA Technology Group Co. Ltd.

    1,600       6,244  

Air China Ltd., Class A(b)

    9,600       11,424  

Air China Ltd., Class H(b)

    32,000       23,687  

Akeso Inc.(a)(b)

    8,000       35,137  

Alibaba Group Holding Ltd.(b)

    249,600       2,896,891  

Alibaba Health Information Technology Ltd.(b)

    96,000       56,678  

BAIC BluePark New Energy Technology Co. Ltd., Class A

    8,000       5,650  

Baidu Inc.(b)

    38,640       690,081  

Bank of China Ltd., Class A

    36,800       18,957  

Bank of China Ltd., Class H

    1,344,000       455,504  

Bank of Communications Co. Ltd., Class A

    40,000       30,519  

Bank of Communications Co. Ltd., Class H

    144,000       82,418  

Bank of Hangzhou Co. Ltd., Class A

    6,400       9,860  

Bank of Ningbo Co. Ltd., Class A

    6,400       23,007  

Beijing Enterprises Water Group Ltd.

    64,000       14,745  

Beijing Kingsoft Office Software Inc., Class A

    478       25,918  

Beijing Shiji Information Technology Co. Ltd., Class A(b)

    2,576       4,800  

Beijing Tongrentang Co. Ltd., Class A

    1,600       12,363  

Beiqi Foton Motor Co. Ltd.(b)

    14,400       7,084  

BOC Aviation Ltd.(a)

    3,200       24,001  

Bosideng International Holdings Ltd.

    64,000       25,114  

BYD Co. Ltd., Class A

    1,800       61,736  

BYD Co. Ltd., Class H

    17,000       533,981  
Security   Shares     Value  
China (continued)            

By-health Co. Ltd., Class A

    1,600     $ 4,248  

China CITIC Bank Corp. Ltd., Class H

    160,000       71,211  

China Conch Venture Holdings Ltd.

    24,000       23,581  

China Construction Bank Corp., Class A

    9,600       7,918  

China Construction Bank Corp., Class H

    1,632,000           873,203  

China Everbright Bank Co. Ltd., Class A

    49,600       20,515  

China Everbright Bank Co. Ltd., Class H

    48,000       13,825  

China Everbright Environment Group Ltd.

    64,000       23,313  

China Feihe Ltd.(a)

    64,000       38,478  

China International Capital Corp. Ltd., Class A

    1,600       8,578  

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

    25,600       49,168  

China Jinmao Holdings Group Ltd.

    96,000       13,593  

China Jushi Co. Ltd., Class A

    4,971       9,538  

China Life Insurance Co. Ltd., Class A

    3,200       15,692  

China Life Insurance Co. Ltd., Class H

    128,000       194,002  

China Literature Ltd.(a)(b)

    6,400       25,702  

China Medical System Holdings Ltd.

    32,000       46,088  

China Mengniu Dairy Co. Ltd.

    55,000       184,936  

China Minsheng Banking Corp. Ltd., Class A

    39,376       20,443  

China Minsheng Banking Corp. Ltd., Class H

    112,000       35,973  

China Overseas Land & Investment Ltd.

    64,000       134,918  

China Railway Signal & Communication Corp. Ltd., Class A

    9,800       7,559  

China Resources Land Ltd.

    54,000       228,242  

China Resources Mixc Lifestyle Services Ltd.(a)

    12,800       55,311  

China Resources Pharmaceutical Group Ltd.(a)

    24,000       16,021  

China Ruyi Holdings Ltd.(b)

    128,000       33,943  

China Southern Airlines Co. Ltd., Class A(b)

    13,700       11,917  

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

    32,000       16,999  

China Tourism Group Duty Free Corp. Ltd.(a)

    1,600       21,487  

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

    1,600       23,987  

China Vanke Co. Ltd., Class A

    11,200       21,003  

China Vanke Co. Ltd., Class H

    36,800       42,928  

China Zheshang Bank Co. Ltd., Class A

    22,820       8,066  

Chow Tai Fook Jewellery Group Ltd.(c)

    35,200       53,376  

CITIC Securities Co. Ltd., Class A

    12,800       39,115  

CITIC Securities Co. Ltd., Class H

    32,000       62,484  

CMOC Group Ltd., Class A

    30,400       23,908  

CMOC Group Ltd., Class H

    48,000       28,635  

Contemporary Amperex Technology Co. Ltd., Class A

    4,380       142,276  

Country Garden Services Holdings Co. Ltd.

    39,000       45,312  

CSC Financial Co. Ltd., Class A

    4,800       17,018  

CSPC Pharmaceutical Group Ltd.

    160,000       120,257  

Dongfeng Motor Group Co. Ltd., Class H

    32,000       11,738  

Far East Horizon Ltd.

    16,000       10,931  

Foxconn Industrial Internet Co. Ltd., Class A

    9,600       28,859  

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

    6,400       30,570  

Ganfeng Lithium Group Co. Ltd., Class A

    1,600       10,429  

GDS Holdings Ltd., Class A(b)

    16,000       23,756  

Geely Automobile Holdings Ltd.

    96,000       119,172  

GEM Co. Ltd., Class A

    7,200       6,193  

Genscript Biotech Corp.(b)

    18,000       42,015  

Great Wall Motor Co. Ltd., Class A

    3,200       11,495  

Great Wall Motor Co. Ltd., Class H

    40,000       47,392  

Greentown China Holdings Ltd.

    16,000       19,001  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    1,624       6,902  

Haier Smart Home Co. Ltd., Class A

    6,400       20,670  

Haier Smart Home Co. Ltd., Class H

    41,600       128,847  

Haitong Securities Co. Ltd., Class A

    12,800       17,302  

 

 

18  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Haitong Securities Co. Ltd., Class H

    38,400     $ 23,826  

Hangzhou Robam Appliances Co. Ltd., Class A

    1,600       6,044  

Hansoh Pharmaceutical Group Co. Ltd.(a)

    32,000       41,578  

Huatai Securities Co. Ltd., Class A

    8,000       17,486  

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

    19,200       25,263  

Huaxia Bank Co. Ltd., Class A

    14,400       10,962  

Hundsun Technologies Inc., Class A

    1,978       9,786  

Hygeia Healthcare Holdings Co. Ltd.(a)

    6,400       32,392  

Industrial & Commercial Bank of China Ltd., Class A

    67,200       42,657  

Industrial & Commercial Bank of China Ltd., Class H

    1,104,000       506,159  

Industrial Bank Co. Ltd., Class A

    22,400       48,689  

Industrial Securities Co. Ltd., Class A

    9,660       8,517  

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

    6,400       22,883  

JD Health International Inc.(a)(b)

    19,200       103,561  

JD.com Inc., Class A

    40,000       664,324  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    6,400       36,794  

Jiumaojiu International Holdings Ltd.(a)

    16,000       25,662  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

    3,200       5,018  

Kanzhun Ltd., ADR(b)

    3,680       54,464  

Kingboard Holdings Ltd.

    8,000       18,154  

Kingdee International Software Group Co. Ltd.(b)

    48,000       74,165  

Kingsoft Corp. Ltd.

    16,000       63,775  

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

    8,000       40,526  

Kuaishou Technology(a)(b)

    40,000       327,437  

Li Auto Inc.(b)

    18,338       381,794  

Longfor Group Holdings Ltd.(a)

    32,000       67,539  

Meituan, Class B(a)(b)

    86,400         1,429,847  

Microport Scientific Corp.(b)

    14,400       24,659  

Ming Yang Smart Energy Group Ltd., Class A

    3,200       6,562  

MINISO Group Holding Ltd.(b)

    1,552       40,197  

NavInfo Co. Ltd., Class A(b)

    3,200       4,529  

NetEase Inc.

    32,075       664,512  

NIO Inc., ADR(b)(c)

    23,472       241,057  

Nongfu Spring Co. Ltd., Class H(a)

    28,800       161,752  

Orient Securities Co. Ltd., Class A

    8,400       11,518  

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

    9,600       7,714  

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

    144,000       49,015  

Pharmaron Beijing Co. Ltd., Class A

    2,400       9,811  

Ping An Bank Co. Ltd., Class A

    20,800       31,810  

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

    9,600       23,963  

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

    11,200       75,197  

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

    112,000       670,560  

Pop Mart International Group Ltd.(a)

    9,600       31,225  

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

    33,600       22,446  

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

    128,000       63,133  

SF Holding Co. Ltd., Class A

    4,800       28,666  

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

    44,800       44,607  

Shanghai Electric Group Co. Ltd., Class A(b)

    14,883       9,133  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    3,200       12,272  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    8,000       18,782  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    3,200       7,857  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    12,800       21,045  

Shanghai Pudong Development Bank Co. Ltd., Class A

    30,400       29,179  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    2,230       10,029  

Shanghai Rural Commercial Bank Co. Ltd.

    9,399       7,519  
Security   Shares     Value  
China (continued)            

Shenzhen Inovance Technology Co. Ltd., Class A

    1,650     $ 15,492  

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

    1,600       59,360  

Sino Biopharmaceutical Ltd.

    176,000       66,808  

Sinopharm Group Co. Ltd., Class H

    25,600       74,289  

Sungrow Power Supply Co. Ltd., Class A

    1,600       21,933  

Sunny Optical Technology Group Co. Ltd.

    12,800       104,514  

TCL Technology Group Corp., Class A(b)

    19,760       11,123  

Tongcheng Travel Holdings Ltd.(b)

    19,200       43,028  

Topsports International Holdings Ltd.(a)

    32,000       26,060  

Unisplendour Corp. Ltd., Class A(b)

    3,200       11,838  

Vipshop Holdings Ltd., ADR(b)

    5,744       90,698  

Want Want China Holdings Ltd.

    80,000       52,911  

WuXi AppTec Co. Ltd., Class A

    3,260       36,596  

WuXi AppTec Co. Ltd., Class H(a)

    6,440       70,571  

Wuxi Biologics Cayman Inc.(a)(b)

    64,000       360,806  

Xinyi Solar Holdings Ltd.

    96,000       80,102  

XPeng Inc.(b)

    18,136       162,997  

Xtep International Holdings Ltd.

    24,000       23,779  

Yadea Group Holdings Ltd.(a)

    20,000       38,453  

Yonyou Network Technology Co. Ltd., Class A

    3,200       7,983  

Yum China Holdings Inc.

    7,024       377,119  

Yunnan Baiyao Group Co. Ltd., Class A

    2,140       16,073  

Yunnan Chihong Zinc&Germanium Co. Ltd.

    4,800       3,463  

Zai Lab Ltd.(b)

    16,140       42,030  

Zhejiang Expressway Co. Ltd., Class H

    32,000       23,895  

Zhejiang Weixing New Building Materials Co. Ltd., Class A

    2,300       6,386  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    8,000       7,106  
   

 

 

 
       16,959,734  
Colombia — 0.1%            

Bancolombia SA

    4,240       30,164  

Interconexion Electrica SA ESP

    8,032       29,414  
   

 

 

 
      59,578  
Czech Republic — 0.1%            

Komercni Banka AS

    1,297       40,501  

Moneta Money Bank AS(a)

    5,648       21,069  
   

 

 

 
      61,570  
Egypt — 0.1%            

Commercial International Bank Egypt SAE

    32,770       45,535  
   

 

 

 
Greece — 0.6%            

Alpha Services and Holdings SA(b)

    37,199       62,537  

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

    43,528       75,459  

Hellenic Telecommunications Organization SA

    3,302       49,346  

JUMBO SA

    1,996       61,728  

National Bank of Greece SA(b)

    9,487       64,414  

Piraeus Financial Holdings SA(b)

    11,280       39,043  
   

 

 

 
      352,527  
Hungary — 0.4%            

OTP Bank Nyrt

    4,112       167,677  

Richter Gedeon Nyrt

    2,380       59,730  
   

 

 

 
      227,407  
India — 15.4%            

ABB India Ltd.

    912       48,234  

Adani Green Energy Ltd.(b)

    5,344       59,946  

Ashok Leyland Ltd.

    23,680       52,588  

Asian Paints Ltd.

    6,512       256,023  

 

 

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

  19


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Astral Ltd.

    2,016     $ 47,585  

AU Small Finance Bank Ltd.(a)

    3,008       26,258  

Axis Bank Ltd.

    38,588       453,355  

Bajaj Auto Ltd.

    1,168       65,038  

Bajaj Finance Ltd.

    4,624       399,682  

Bandhan Bank Ltd.(a)

    12,397       34,344  

Bank of Baroda

    17,456       39,417  

Berger Paints India Ltd.

    4,249       36,863  

Bharti Airtel Ltd.

    37,792       390,733  

Britannia Industries Ltd.

    1,840       99,286  

Cholamandalam Investment and Finance Co. Ltd.

    6,992       94,682  

Colgate-Palmolive India Ltd.

    2,032       47,639  

Cummins India Ltd.

    2,368       48,848  

DLF Ltd.

    10,496       63,856  

Eicher Motors Ltd.

    2,304       92,811  

Grasim Industries Ltd.

    4,528       97,878  

Havells India Ltd.

    4,352       72,726  

HCL Technologies Ltd.

    16,160       228,610  

HDFC Bank Ltd.

    47,205       893,872  

HDFC Life Insurance Co. Ltd.(a)

    16,144       125,621  

Hero MotoCorp Ltd.

    1,888       66,461  

Hindustan Unilever Ltd.

    13,968       422,530  

ICICI Lombard General Insurance Co. Ltd.(a)

    4,178       66,247  

ICICI Prudential Life Insurance Co. Ltd.(a)

    5,882       40,039  

IDFC First Bank Ltd.(b)

    50,996       57,503  

Indian Hotels Co. Ltd. (The), Class A

    14,288       72,578  

Info Edge India Ltd.

    1,185       61,922  

Infosys Ltd.

    56,256       974,869  

Kotak Mahindra Bank Ltd.

    18,464       391,804  

Mahindra & Mahindra Ltd.

    15,936       303,001  

Marico Ltd.

    8,784       60,443  

Mphasis Ltd.

    1,264       37,043  

Nestle India Ltd.

    576       152,902  

PI Industries Ltd.

    1,392       60,984  

SBI Cards & Payment Services Ltd.

    4,816       47,472  

Shriram Transport Finance Co. Ltd.

    4,832       112,465  

Siemens Ltd.

    1,536       72,727  

Sona Blw Precision Forgings Ltd.(a)

    6,880       49,498  

State Bank of India

    30,064       203,609  

Supreme Industries Ltd.

    955       51,423  

Tata Consultancy Services Ltd.

    15,520       628,620  

Tata Consumer Products Ltd.

    8,992       90,625  

Tata Elxsi Ltd.

    577       50,460  

Tech Mahindra Ltd.

    9,152       132,700  

Titan Co. Ltd.

    6,032       226,026  

Torrent Pharmaceuticals Ltd

    1,792       39,888  

Trent Ltd.

    3,088       76,384  

TVS Motor Co. Ltd.

    4,160       71,286  

Wipro Ltd.

    22,224       109,471  

Zomato Ltd.(b)

    73,107       86,025  
   

 

 

 
        8,592,900  
Indonesia — 2.7%            

Bank Central Asia Tbk PT

    944,000       568,293  

Bank Negara Indonesia Persero Tbk PT

    129,600       78,046  

Bank Rakyat Indonesia Persero Tbk PT

    1,156,847       421,435  

Barito Pacific Tbk PT

    492,862       34,623  

Kalbe Farma Tbk PT

    350,400       41,688  

Merdeka Copper Gold Tbk PT(b)

    209,600       46,458  

Sarana Menara Nusantara Tbk PT

    337,600       22,829  

Sumber Alfaria Trijaya Tbk PT

    280,000       53,316  
Security   Shares     Value  
Indonesia (continued)            

Telkom Indonesia Persero Tbk PT

    833,600     $ 203,764  

Unilever Indonesia Tbk PT

    132,800       32,000  
   

 

 

 
      1,502,452  
Kuwait — 0.6%            

Gulf Bank KSCP

    31,145       25,455  

Kuwait Finance House KSCP

    138,665       335,015  
   

 

 

 
      360,470  
Malaysia — 2.1%            

AMMB Holdings Bhd

    28,900       23,249  

Axiata Group Bhd

    51,200       26,055  

CIMB Group Holdings Bhd

    108,800       131,890  

DiGi.Com Bhd(c)

    62,400       58,924  

Gamuda Bhd

    28,800       27,960  

Hong Leong Bank Bhd

    11,200       48,191  

Hong Leong Financial Group Bhd

    3,200       12,566  

IHH Healthcare Bhd

    36,800       47,020  

Inari Amertron Bhd

    48,000       32,652  

Kuala Lumpur Kepong Bhd(c)

    8,000       37,153  

Malayan Banking Bhd

    92,800       182,164  

Maxis Bhd(c)

    36,800       31,814  

MR DIY Group M Bhd(a)(c)

    54,400       18,173  

Nestle Malaysia Bhd

    1,600       45,000  

PPB Group Bhd

    11,200       37,945  

Press Metal Aluminium Holdings Bhd

    60,800       63,555  

Public Bank Bhd

    246,200       224,419  

RHB Bank Bhd

    24,000       29,011  

Sime Darby Bhd

    46,400       22,971  

Sime Darby Plantation Bhd

    32,000       30,367  

Telekom Malaysia Bhd

    17,600       19,358  
   

 

 

 
      1,150,437  
Mexico — 2.1%            

Arca Continental SAB de CV

    8,500       82,754  

Banco del Bajio SA(a)

    12,800       40,373  

Gruma SAB de CV, Class B

    3,280       54,754  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    6,400       117,584  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    3,200       87,191  

Grupo Financiero Banorte SAB de CV, Class O

    44,800       379,462  

Grupo Televisa SAB, CPO

    36,800       32,655  

Kimberly-Clark de Mexico SAB de CV, Class A

    25,600       57,595  

Wal-Mart de Mexico SAB de CV

    89,600       352,977  
   

 

 

 
      1,205,345  
Netherlands — 0.1%            

NEPI Rockcastle NV

    8,144       48,877  
   

 

 

 
Peru — 0.3%            

Credicorp Ltd.

    1,136       160,664  
   

 

 

 
Philippines — 0.4%            

BDO Unibank Inc.

    39,768       97,773  

PLDT Inc.

    1,360       27,600  

SM Prime Holdings Inc.

    179,200       92,403  
   

 

 

 
          217,776  
Poland — 1.2%            

Allegro.eu SA (a)(b)

    8,289       66,300  

Bank Polska Kasa Opieki SA

    3,044       79,467  

Budimex SA

    208       22,687  

CD Projekt SA

    1,128       40,263  

KGHM Polska Miedz SA

    2,320       63,975  

LPP SA

    19       63,918  

 

 

20  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Poland (continued)            

mBank SA(b)

    256     $ 26,587  

Powszechna Kasa Oszczednosci Bank Polski SA

    14,784       133,511  

Powszechny Zaklad Ubezpieczen SA

    10,272       102,872  

Santander Bank Polska SA(b)

    608       54,701  
   

 

 

 
      654,281  
Qatar — 0.8%            

Commercial Bank PSQC (The)

    55,200       85,982  

Ooredoo QPSC

    13,552       40,149  

Qatar National Bank QPSC

    78,320       335,008  
   

 

 

 
      461,139  
Russia — 0.0%            

Magnit PJSC(b)(d)

    693        

Moscow Exchange MICEX-RTS PJSC(b)(d)

    12,190       1  

Novolipetsk Steel PJSC(b)(d)

    15,750       2  

PhosAgro PJSC(b)(d)

    563        

PhosAgro PJSC, New(b)(d)

    11        

Polymetal International PLC(b)(d)

    3,451       1  

Polyus PJSC(b)(d)

    329        

TCS Group Holding PLC, GDR(b)(d)(e)

    1,183        

VK Co. Ltd.(b)(d)

    1,337        
   

 

 

 
      4  
Saudi Arabia — 3.1%            

Al Rajhi Bank

    33,248       639,169  

Alinma Bank

    16,736       164,435  

Bank AlBilad

    8,227       93,951  

Banque Saudi Fransi

    9,648       98,650  

Dr Sulaiman Al Habib Medical Services Group Co.

    1,488       96,267  

Etihad Etisalat Co.

    6,240       75,117  

Jarir Marketing Co.

    9,648       37,968  

Mobile Telecommunications Co.

    7,360       26,491  

Sahara International Petrochemical Co.

    6,112       59,331  

Saudi Basic Industries Corp.

    15,312       360,615  

Saudi Investment Bank (The)

    8,528       37,709  

Savola Group (The)

    4,560       46,012  
   

 

 

 
        1,735,715  
South Africa — 5.3%            

Absa Group Ltd.

    14,280       137,681  

Anglo American Platinum Ltd.

    1,152       40,175  

Aspen Pharmacare Holdings Ltd.

    6,256       57,044  

Bid Corp. Ltd.

    5,756       129,485  

Bidvest Group Ltd. (The)

    4,816       72,667  

Capitec Bank Holdings Ltd.

    1,472       123,520  

Clicks Group Ltd.

    4,208       60,942  

Discovery Ltd.(b)

    9,136       70,984  

FirstRand Ltd.

    85,536       332,343  

Gold Fields Ltd.

    15,184       194,259  

Growthpoint Properties Ltd.

    58,752       36,741  

Impala Platinum Holdings Ltd.

    14,464       74,463  

Kumba Iron Ore Ltd.

    1,120       24,635  

MTN Group Ltd.

    28,840       183,745  

Naspers Ltd., Class N

    3,328       566,913  

Nedbank Group Ltd.

    7,312       83,559  

Northam Platinum Holdings Ltd.(b)

    6,096       40,188  

Old Mutual Ltd.

    81,584       54,821  

Pepkor Holdings Ltd.(a)

    35,334       30,497  

Remgro Ltd.

    9,040       75,656  

Sanlam Ltd.

    29,888       107,856  

Shoprite Holdings Ltd.

    8,560       119,586  

Standard Bank Group Ltd.

    22,752       232,773  
Security   Shares      Value  
South Africa (continued)             

Vodacom Group Ltd.

    10,400      $ 59,399  

Woolworths Holdings Ltd.

    15,968        62,722  
    

 

 

 
       2,972,654  
South Korea — 6.5%             

Amorepacific Corp.

    496        50,166  

BGF retail Co. Ltd.

    144        17,027  

Celltrion Healthcare Co. Ltd.

    1,776        86,936  

CJ CheilJedang Corp.

    144        32,540  

Coway Co. Ltd.

    912        29,780  

DB Insurance Co. Ltd.

    784        48,418  

Hana Financial Group Inc.

    5,024        150,130  

Hanon Systems

    3,344        23,024  

HYBE Co. Ltd.(b)

    320        61,101  

Hyundai Engineering & Construction Co. Ltd.

    1,264        33,903  

Industrial Bank of Korea

    4,528        36,861  

JYP Entertainment Corp.

    480        40,746  

KakaoBank Corp.

    2,816        56,015  

KB Financial Group Inc.

    6,496        264,622  

Korean Air Lines Co. Ltd.

    3,056        52,627  

KT Corp.

    1,056        26,365  

LG Display Co. Ltd.(b)

    3,872        39,173  

LG Electronics Inc.

    1,808        134,554  

LG H&H Co. Ltd.

    160        56,147  

Lotte Chemical Corp.

    328        33,851  

Mirae Asset Securities Co. Ltd.

    4,496        22,630  

NCSoft Corp.

    240        45,597  

Netmarble Corp.(a)(b)

    320        10,361  

NH Investment & Securities Co. Ltd.

    2,224        17,316  

POSCO Future M Co. Ltd.

    528        179,205  

Samsung Electro-Mechanics Co. Ltd.

    944        96,536  

Samsung Fire & Marine Insurance Co. Ltd.

    528        98,356  

Samsung Life Insurance Co. Ltd.

    1,312        67,058  

Samsung SDI Co. Ltd.

    928        430,408  

Samsung SDS Co. Ltd.

    675        72,440  

Samsung Securities Co. Ltd.

    1,136        32,062  

Shinhan Financial Group Co. Ltd.

    7,536        202,429  

SK Biopharmaceuticals Co. Ltd.(b)

    576        37,296  

SK Bioscience Co. Ltd.(b)

    464        25,792  

SK Hynix Inc.

    9,248        850,355  

SK IE Technology Co. Ltd.(a)(b)

    448        30,548  

SKC Co. Ltd.

    288        19,902  

Woori Financial Group Inc.

    10,220        91,945  

Yuhan Corp.

    886        48,771  
    

 

 

 
         3,652,993  
Taiwan — 16.6%             

Accton Technology Corp.

    9,000        134,229  

Acer Inc.

    48,000