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AUGUST 31, 2023 |
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2023 Annual Report
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iShares, Inc.
· iShares Frontier and Select EM ETF | FM | NYSE Arca
· iShares MSCI World ETF | URTH | NYSE Arca
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of August 31, 2023
|
6-Month |
12-Month | |||
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U.S. large cap equities (S&P 500® Index)
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14.50% |
15.94% | ||
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U.S. small cap equities (Russell 2000® Index)
|
0.99 |
4.65 | ||
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International equities (MSCI Europe, Australasia, Far East Index)
|
4.75 |
17.92 | ||
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Emerging market equities (MSCI Emerging Markets Index)
|
3.62 |
1.25 | ||
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3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)
|
2.47 |
4.25 | ||
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U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)
|
0.11 |
(4.71) | ||
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U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)
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0.95 |
(1.19) | ||
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Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)
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1.04 |
1.70 | ||
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U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)
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4.55 |
7.19 | ||
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Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Financial Statements |
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iShares, Inc.
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 T T O S H A R E H O L D E R S |
| Fund Summary as of August 31, 2023 | iShares® Frontier and Select EM ETF |
Investment Objective
The iShares Frontier and Select EM ETF (the “Fund”) (formerly the iShares MSCI Frontier and Select EM ETF) seeks to provide exposure to frontier market equities along with select emerging market equities. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
On March 29, 2023, the Board approved a proposal to change the Fund’s name and investment objective. The Board also approved a proposal to change the Fund from tracking an underlying index to operating as a transparent active ETF. These changes became effective on June 1, 2023.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
| 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
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Fund NAV |
1.59 | % | 1.97 | % | 2.59 | % | 1.59 | % | 10.25 | % | 29.13 | % | ||||||||||||||||
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Fund Market |
1.20 | 2.21 | 2.38 | 1.20 | 11.54 | 26.50 | ||||||||||||||||||||||
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MSCI Frontier and Emerging Markets Select Index |
2.23 | 3.96 | 4.34 | 2.23 | 21.43 | 52.92 | ||||||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
The MSCI Frontier and Emerging Markets Select Index aims to reflect the performance of Frontier Markets (FM) and the lower size spectrum of Emerging Markets (EM), while putting stronger emphasis on the tradability & investability of the constituents compared to its Parent Index.
Index performance through February 28, 2021 reflects the performance of the MSCI Frontier Markets 100 Index. Index performance beginning on March 1, 2021 reflects the performance of the MSCI Frontier and Emerging Markets Select Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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| $ 1,000.00 | $ 1,113.80 | $ 4.26 | $ 1,000.00 | $ 1,021.20 | $ 4.08 | 0.80 | % | |||||||||||||||||||||
| (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. |
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F U N D S U M M A R Y |
5 |
| Fund Summary as of August 31, 2023 (continued) | iShares® Frontier and Select EM ETF |
Portfolio Management Commentary
Stocks in frontier and select emerging markets posted a modest gain for the reporting period. Kazakhstani equities contributed the most to the Index’s return, led by the financials sector. The country’s economy showed signs of accelerated growth in the first half of 2023, and its inflation rate, while still elevated, declined. In this environment, the consumer finance industry advanced, as increased adoption of digital payments and online marketplace services by both merchants and consumers drove robust growth in revenues.
Egyptian stocks contributed meaningfully to the Index’s performance, led by the financials sector. Egypt’s stock market reached record highs, as domestic investors sought to protect assets against rising inflation following multiple devaluations of the Egyptian pound. Growth in deposits of local and foreign currencies and higher net interest income benefited diversified banks.
Peruvian stocks, particularly the materials sector, were another source of strength. In the metals and mining industry, large copper producers benefited from rising prices, primarily early in the reporting period, though they remained lower than the previous year. Nonetheless, higher sales volumes, increased production, and reduced operating costs helped earnings exceed expectations and boosted returns on equity, even after prices moderated.
On the downside, Kenyan equities weighed on the Index’s return, driven by the telecommunication services sector. Stock prices in the wireless telecommunication services industry came under pressure as investors from developed markets shifted funds away from some frontier markets in response to economic uncertainty associated with increasing inflation in developed markets. Further, the cost of expanding service into Ethiopia limited the profits of a major Kenyan mobile services provider.
Vietnamese stocks further detracted from the Index’s performance, notably in the real estate sector, as bond defaults by residential property developers rose, property sales declined substantially, and builders across the country put a hold on hundreds of construction projects worth tens of billions in U.S. dollars. Nigerian stocks also detracted, driven by the consumer staples sector, as increased debt and interest expenses pressured the margins of a large food, beverage, and tobacco company.
Portfolio Information
SECTOR ALLOCATION
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| Sector | Percent
of Total Investments(a) |
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Financials |
34.1% | |||
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Real Estate |
13.4 | |||
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Materials |
12.5 | |||
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Consumer Staples |
9.6 | |||
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Energy |
8.4 | |||
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Industrials |
7.4 | |||
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Communication Services |
6.6 | |||
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Utilities |
4.9 | |||
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Health Care |
1.9 | |||
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Other (each representing less than 1%)
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|
1.2
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| (a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
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| Country/Geographic Region | Percent
of Total Investments(a) |
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Vietnam |
36.7% | |||
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Kazakhstan |
9.1 | |||
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Romania |
8.5 | |||
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Philippines |
6.5 | |||
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Morocco |
6.1 | |||
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Peru |
5.2 | |||
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Colombia |
4.4 | |||
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Egypt |
4.2 | |||
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Bangladesh |
3.6 | |||
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Oman
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3.4
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| 6 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of August 31, 2023 | iShares® MSCI World ETF |
Investment Objective
The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World 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 |
15.90 | % | 8.53 | % | 9.48 | % | 15.90 | % | 50.60 | % | 147.32 | % | ||||||||||||||||
|
Fund Market |
15.93 | 8.58 | 9.23 | 15.93 | 50.94 | 141.86 | ||||||||||||||||||||||
|
Index |
15.60 | 8.33 | 9.28 | 15.60 | 49.17 | 142.79 | ||||||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||
| $ 1,000.00 | $ 1,112.70 | $ 1.28 | $ 1,000.00 | $ 1,024.00 | $ 1.22 | 0.24 | % | |||||||||||||||||||||
| (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. |
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F U N D S U M M A R Y |
7 |
| Fund Summary as of August 31, 2023 (continued) | iShares® MSCI World ETF |
Portfolio Management Commentary
Global developed market stocks advanced solidly 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 69% of the Index on average for the reporting period, 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 microchips that can be used for these applications. New microchip development and a partnership with a major technology company further bolstered the stock of a major semiconductors firm.
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. Continued strength in enterprise cloud computing further raised revenues in the industry. The technology hardware, storage, and peripherals industry also gained amid growing revenues from services. The U.S. communication services sector was another notable contributor, helped by aggressive cost cutting and the adoption of new technologies in the interactive media and services industry.
Japanese stocks also contributed to the Index’s return, as the economy returned to growth in the fourth quarter of 2022 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. In France, the industrials sector also contributed, as a rebound in air travel drove increased orders for planes in the aerospace and defense industry.
Portfolio Information
SECTOR ALLOCATION
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| Sector | Percent
of Total Investments(a) |
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Information Technology |
22.3% | |||
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Financials |
14.7 | |||
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Health Care |
12.7 | |||
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Consumer Discretionary |
11.0 | |||
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Industrials |
10.9 | |||
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Consumer Staples |
7.3 | |||
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Communication Services |
7.2 | |||
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Energy |
4.8 | |||
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Materials |
4.1 | |||
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Utilities |
2.6 | |||
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Real Estate |
2.4 | |||
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| (a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
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| Country/Geographic Region | Percent
of Total Investments(a) |
|||
|
|
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United States |
69.9% | |||
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Japan |
6.1 | |||
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United Kingdom |
4.0 | |||
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France |
3.2 | |||
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Canada |
3.2 | |||
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Switzerland |
2.8 | |||
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Germany |
2.3 | |||
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Australia |
2.0 | |||
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Netherlands |
1.2 | |||
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Denmark |
0.9 | |||
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| 8 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
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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 |
9 |
|
August 31, 2023 |
iShares® Frontier and Select EM ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
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| Bahrain — 0.6% | ||||||||
|
Aluminium Bahrain BSC |
1,335,405 | $ | 3,967,251 | |||||
|
|
|
|||||||
| Bangladesh — 3.5% | ||||||||
|
Bangladesh Export Import Co. Ltd. |
2,820,442 | 2,984,636 | ||||||
|
Beacon Pharmaceuticals Ltd./Bangladesh |
686,541 | 1,541,057 | ||||||
|
Beximco Pharmaceuticals Ltd. |
1,561,396 | 2,089,925 | ||||||
|
Blue Owl Technology Finance Corp. |
2,870,284 | 5,543,660 | ||||||
|
BRAC Bank Ltd. |
2,581,004 | 845,766 | ||||||
|
British American Tobacco Bangladesh Co. Ltd. |
314,507 | 1,493,225 | ||||||
|
City Bank Ltd. (The) |
3,231,479 | 632,985 | ||||||
|
GrameenPhone Ltd. |
321,524 | 843,467 | ||||||
|
International Finance Investment & Commerce Bank Ltd. |
6,894,741 | 706,829 | ||||||
|
LafargeHolcim Bangladesh Ltd. |
2,655,963 | 1,699,473 | ||||||
|
National Bank Ltd.(a) |
6,888,003 | 523,299 | ||||||
|
Olympic Industries Ltd. |
600,255 | 814,259 | ||||||
|
Renata Ltd. |
85,181 | 949,583 | ||||||
|
Robi Axiata Ltd., NVS |
5,148,805 | 1,413,859 | ||||||
|
Summit Power Ltd. |
1,314,517 | 409,095 | ||||||
|
|
|
|||||||
| 22,491,118 | ||||||||
|
Colombia — 2.8% |
||||||||
|
Bancolombia SA |
828,729 | 5,895,615 | ||||||
|
Grupo Argos SA |
1,364,181 | 2,688,009 | ||||||
|
Interconexion Electrica SA ESP |
2,558,436 | 9,369,361 | ||||||
|
|
|
|||||||
| 17,952,985 | ||||||||
|
Egypt — 4.1% |
||||||||
|
Abou Kir Fertilizers & Chemical Industries |
2,419,215 | 3,115,688 | ||||||
|
Commercial International Bank Egypt SAE |
12,255,325 | 17,029,005 | ||||||
|
Eastern Co. SAE |
7,548,289 | 3,739,506 | ||||||
|
Egyptian Financial Group-Hermes Holding Co.(a) |
6,937,716 | 2,695,933 | ||||||
|
|
|
|||||||
| 26,580,132 | ||||||||
|
Estonia — 1.1% |
||||||||
|
Enefit Green AS, NVS |
634,880 | 2,684,043 | ||||||
|
LHV Group AS, NVS |
571,532 | 2,174,243 | ||||||
|
Tallink Grupp AS(a) |
2,276,630 | 1,727,875 | ||||||
|
Tallinna Sadam AS(b) |
179,964 | 237,028 | ||||||
|
|
|
|||||||
| 6,823,189 | ||||||||
|
Jordan — 2.4% |
||||||||
|
Arab Bank PLC |
495,252 | 3,019,957 | ||||||
|
Capital Bank of Jordan |
151,023 | 422,076 | ||||||
|
Jordan Islamic Bank |
127,140 | 719,676 | ||||||
|
Jordan Petroleum Refinery Co. |
774,676 | 5,544,481 | ||||||
|
Jordan Phosphate Mines Co. |
283,307 | 4,424,451 | ||||||
|
Jordanian Electric Power Co. |
382,937 | 1,048,624 | ||||||
|
|
|
|||||||
| 15,179,265 | ||||||||
|
Kazakhstan — 8.9% |
||||||||
|
Halyk Savings Bank of Kazakhstan JSC, GDR(c) |
444,911 | 6,673,665 | ||||||
|
Kaspi.KZ JSC(c) |
362,107 | 36,862,492 | ||||||
|
NAC Kazatomprom JSC, GDR(c) |
446,101 | 13,784,521 | ||||||
|
|
|
|||||||
| 57,320,678 | ||||||||
|
Kenya — 1.0% |
||||||||
|
Equity Group Holdings PLC/Kenya |
8,677,066 | 2,071,045 | ||||||
|
KCB Group PLC |
7,276,516 | 1,055,021 | ||||||
|
Safaricom PLC |
36,957,905 | 3,496,662 | ||||||
|
|
|
|||||||
| 6,622,728 | ||||||||
|
Lithuania — 0.7% |
||||||||
|
AB Ignitis Grupe |
168,006 | 3,679,983 | ||||||
| Security | Shares | Value | ||||||
| Lithuania (continued) | ||||||||
|
Siauliu Bankas AB |
1,158,290 | $ | 815,716 | |||||
|
|
|
|||||||
| 4,495,699 | ||||||||
|
Malta — 0.7% |
||||||||
|
MAS P.L.C |
3,962,849 | 4,364,695 | ||||||
|
|
|
|||||||
| Morocco — 6.0% | ||||||||
|
Attijariwafa Bank |
242,139 | 10,909,931 | ||||||
|
Banque Centrale Populaire |
103,417 | 2,688,401 | ||||||
|
Itissalat Al-Maghrib |
1,485,040 | 15,489,259 | ||||||
|
Label Vie |
8,791 | 3,978,216 | ||||||
|
Managem SA |
5,796 | 1,037,974 | ||||||
|
Societe d’Exploitation des Ports |
167,376 | 4,362,764 | ||||||
|
|
|
|||||||
| 38,466,545 | ||||||||
|
Nigeria — 3.0% |
||||||||
|
Access Bank PLC |
87,072,126 | 1,597,177 | ||||||
|
Afriland Properties PLC(a) |
8,020 | 18 | ||||||
|
Dangote Cement PLC |
11,938,113 | 4,749,020 | ||||||
|
FBN Holdings PLC |
84,216,832 | 1,563,414 | ||||||
|
Guaranty Trust Holding Co. PLC |
63,861,123 | 2,589,813 | ||||||
|
MTN Nigeria Communications PLC |
11,008,838 | 3,339,255 | ||||||
|
Nestle Nigeria PLC |
1,310,924 | 1,593,441 | ||||||
|
United Bank for Africa PLC |
79,997,106 | 1,237,565 | ||||||
|
Zenith Bank PLC |
69,373,073 | 2,518,506 | ||||||
|
|
|
|||||||
| 19,188,209 | ||||||||
|
Oman — 3.4% |
||||||||
|
Bank Muscat SAOG |
8,964,509 | 6,636,065 | ||||||
|
National Bank of Oman SAOG |
1,086,832 | 835,591 | ||||||
|
Oman Telecommunications Co. SAOG |
4,126,510 | 11,037,846 | ||||||
|
Omani Qatari Telecommunications Co. SAOG |
2,276,172 | 2,282,084 | ||||||
|
Renaissance Services SAOG |
784,842 | 856,191 | ||||||
|
|
|
|||||||
| 21,647,777 | ||||||||
|
Pakistan — 2.2% |
||||||||
|
Engro Corp. Ltd./Pakistan |
2,297,048 | 1,850,494 | ||||||
|
Engro Fertilizers Ltd. |
3,136,967 | 789,606 | ||||||
|
Fauji Fertilizer Co. Ltd. |
2,982,330 | 923,575 | ||||||
|
Hub Power Co. Ltd. (The) |
6,618,542 | 1,688,481 | ||||||
|
Lucky Cement Ltd.(a) |
928,362 | 1,702,316 | ||||||
|
Mari Petroleum Co. Ltd. |
170,171 | 888,648 | ||||||
|
MCB Bank Ltd. |
635,825 | 268,980 | ||||||
|
Millat Tractors Ltd. |
850,506 | 1,225,908 | ||||||
|
Oil & Gas Development Co. Ltd. |
4,148,352 | 1,261,952 | ||||||
|
Pakistan Oilfields Ltd. |
814,685 | 1,162,236 | ||||||
|
Pakistan Petroleum Ltd. |
3,431,748 | 741,832 | ||||||
|
Systems Ltd. |
640,463 | 900,107 | ||||||
|
TRG Pakistan(a) |
1,108,946 | 323,193 | ||||||
|
United Bank Ltd./Pakistan |
382,602 | 174,165 | ||||||
|
|
|
|||||||
| 13,901,493 | ||||||||
|
Peru — 5.1% |
||||||||
|
Cia. de Minas Buenaventura SAA, ADR |
494,046 | 4,219,153 | ||||||
|
Credicorp Ltd. |
111,601 | 15,783,729 | ||||||
|
Southern Copper Corp. |
156,135 | 12,593,849 | ||||||
|
|
|
|||||||
| 32,596,731 | ||||||||
|
Philippines — 6.3% |
||||||||
|
Aboitiz Equity Ventures Inc. |
2,008,240 | 1,667,031 | ||||||
|
ACEN Corp. |
229,927 | 20,321 | ||||||
|
Alliance Global Group Inc. |
3,586,600 | 791,814 | ||||||
|
Ayala Corp. |
212,330 | 2,308,278 | ||||||
|
Ayala Land Inc. |
4,529,200 | 2,170,342 | ||||||
|
Bank of the Philippine Islands |
1,170,168 | 2,272,693 | ||||||
| 10 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® Frontier and Select EM ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Philippines (continued) | ||||||||
|
BDO Unibank Inc. |
1,280,808 | $ | 3,148,964 | |||||
|
Bloomberry Resorts Corp.(a) |
2,845,000 | 555,787 | ||||||
|
Century Pacific Food Inc. |
2,212,100 | 1,056,823 | ||||||
|
Converge Information and Communications Technology Solutions Inc.(a) |
2,490,300 | 341,503 | ||||||
|
GT Capital Holdings Inc. |
134,940 | 1,363,724 | ||||||
|
International Container Terminal Services Inc. |
931,210 | 3,403,509 | ||||||
|
JG Summit Holdings Inc. |
2,274,510 | 1,466,935 | ||||||
|
Jollibee Foods Corp. |
478,880 | 2,003,414 | ||||||
|
LT Group Inc. |
5,424,700 | 873,909 | ||||||
|
Manila Electric Co. |
310,960 | 1,887,069 | ||||||
|
Megaworld Corp. |
290,000 | 10,190 | ||||||
|
Metro Pacific Investments Corp. |
13,146,000 | 1,171,870 | ||||||
|
Metropolitan Bank & Trust Co. |
1,387,370 | 1,352,053 | ||||||
|
PLDT Inc. |
152,240 | 3,089,597 | ||||||
|
Puregold Price Club Inc. |
1,296,700 | 638,995 | ||||||
|
Robinsons Land Corp. |
339,100 | 87,502 | ||||||
|
Security Bank Corp. |
182,960 | 260,060 | ||||||
|
SM Prime Holdings Inc. |
12,608,600 | 6,501,510 | ||||||
|
Universal Robina Corp. |
716,630 | 1,414,491 | ||||||
|
Wilcon Depot Inc. |
2,379,900 | 933,129 | ||||||
|
|
|
|||||||
| 40,791,513 | ||||||||
|
Romania — 8.3% |
||||||||
|
Banca Transilvania SA(a) |
3,570,991 | 16,444,722 | ||||||
|
BRD-Groupe Societe Generale SA(a) |
992,673 | 3,198,894 | ||||||
|
MED Life SA(a) |
505,452 | 2,056,572 | ||||||
|
OMV Petrom SA |
137,597,949 | 16,050,190 | ||||||
|
One United Properties SA |
4,731,231 | 956,287 | ||||||
|
Societatea Energetica Electrica SA |
1,034,538 | 2,156,872 | ||||||
|
Societatea Nationala de Gaze Naturale ROMGAZ SA |
924,218 | 8,211,322 | ||||||
|
Societatea Nationala Nuclearelectrica SA |
339,687 | 3,506,132 | ||||||
|
Teraplast SA |
4,946,755 | 492,868 | ||||||
|
|
|
|||||||
| 53,073,859 | ||||||||
|
Sri Lanka — 0.4% |
||||||||
|
Commercial Bank of Ceylon PLC(a) |
1,321,376 | 358,718 | ||||||
|
Expolanka Holdings PLC |
777,662 | 336,418 | ||||||
|
John Keells Holdings PLC |
2,732,474 | 1,531,128 | ||||||
|
Sampath Bank PLC |
2,492,590 | 547,745 | ||||||
|
|
|
|||||||
| 2,774,009 | ||||||||
|
Vietnam — 35.9% |
||||||||
|
Bank for Foreign Trade of Vietnam JSC(a) |
2,497,010 | 9,227,356 | ||||||
|
Bank for Investment and Development of Vietnam JSC(a) |
1,247,824 | 2,429,237 | ||||||
|
CEO Group JSC |
1,745,900 | 1,891,966 | ||||||
|
Dat Xanh Group JSC(a) |
1,875,780 | 1,727,135 | ||||||
|
Development Investment Construction(a) |
1,957,354 | 2,326,392 | ||||||
|
Digiworld Corp., NVS(a) |
551,300 | 1,322,465 | ||||||
|
Duc Giang Chemicals JSC |
1,596,494 | 5,787,679 | ||||||
|
FPT Digital Retail JSC |
529,545 | 1,831,153 | ||||||
|
Gelex Group JSC |
3,854,584 | 3,939,174 | ||||||
|
Ha Do Group JSC(a) |
873,085 | 1,120,930 | ||||||
|
Hoa Phat Group JSC(a) |
21,641,503 | 24,763,489 | ||||||
|
Hoa Sen Group(a) |
2,326,340 | 1,928,195 | ||||||
| Security | Shares | Value | ||||||
| Vietnam (continued) | ||||||||
|
IDICO Corp. JSC |
1,513,950 | $ | 2,985,785 | |||||
|
Khang Dien House Trading and Investment JSC(a) |
3,076,997 | 4,721,238 | ||||||
|
KIDO Group Corp. |
1,285,772 | 3,570,691 | ||||||
|
Kinh Bac City Development Share Holding Corp.(a) |
2,525,060 | 3,604,040 | ||||||
|
Masan Group Corp. |
4,731,156 | 15,993,427 | ||||||
|
Novaland Investment Group Corp.(a) |
6,071,733 | 5,155,364 | ||||||
|
PC1 Group JSC, NVS |
1,583,100 | 1,774,226 | ||||||
|
PetroVietnam Drilling & Well Services JSC(a) |
1,705,134 | 1,801,720 | ||||||
|
PetroVietnam Fertilizer & Chemicals JSC |
954,600 | 1,462,291 | ||||||
|
PetroVietnam Gas JSC |
346,500 | 1,417,461 | ||||||
|
PetroVietnam Power Corp.(a) |
5,498,940 | 2,916,073 | ||||||
|
PetroVietnam Technical Services Corp. |
2,150,398 | 3,169,571 | ||||||
|
Phat Dat Real Estate Development Corp.(a) |
2,067,036 | 2,128,399 | ||||||
|
Saigon - Hanoi Commercial Joint Stock Bank(a) |
5,852,403 | 3,018,982 | ||||||
|
Saigon Beer Alcohol Beverage Corp. |
592,980 | 3,886,900 | ||||||
|
Saigon-Hanoi Securities(a) |
2,479,150 | 1,914,560 | ||||||
|
SSI Securities Corp. |
7,464,541 | 10,327,372 | ||||||
|
Thaiholdings JSC(a) |
96,740 | 146,203 | ||||||
|
Thanh Thanh Cong - Bien Hoa JSC(a) |
3,205,697 | 2,153,667 | ||||||
|
Van Phu - Invest Investment JSC |
530,580 | 1,132,315 | ||||||
|
Viet Capital Securities JSC |
2,662,970 | 5,196,918 | ||||||
|
Vietjet Aviation JSC(a) |
1,354,390 | 5,510,908 | ||||||
|
Vietnam Construction and Import-Export JSC(a) |
2,521,088 | 3,018,641 | ||||||
|
Vietnam Dairy Products JSC |
5,477,174 | 17,685,841 | ||||||
|
Vietnam Export Import Commercial JSB, NVS |
2,779,900 | 3,000,930 | ||||||
|
Vincom Retail JSC(a) |
7,438,580 | 9,348,276 | ||||||
|
Vingroup JSC(a) |
8,658,134 | 22,323,858 | ||||||
|
Vinh Hoan Corp. |
804,600 | 2,583,379 | ||||||
|
Vinhomes JSC(a)(b) |
7,931,388 | 17,989,633 | ||||||
|
VIX Securities JSC |
6,137,900 | 5,045,897 | ||||||
|
Vndirect Securities Corp.(a) |
7,076,740 | 6,887,066 | ||||||
|
|
|
|||||||
| 230,166,803 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 96.4% |
618,404,679 | |||||||
|
|
|
|||||||
|
Preferred Stocks |
||||||||
| Colombia — 1.5% | ||||||||
|
Bancolombia SA, Preference Shares, NVS |
1,414,197 | 9,403,779 | ||||||
|
|
|
|||||||
|
Total
Preferred Stocks — 1.5% |
9,403,779 | |||||||
|
|
|
|||||||
|
Total
Investments — 97.9% |
627,808,458 | |||||||
|
Other Assets Less Liabilities — 2.1% |
13,625,854 | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 641,434,312 | ||||||
|
|
|
|||||||
| (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) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933 |
|
S C H E D U L E O F I N V E S T M E N T S |
11 |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® Frontier and Select EM ETF |
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 |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares(a) |
$ | — | $ | 0 | (b) | $ | — | $ | — | $ | — | $ | — | — | $ | 39 | (c) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares(a) |
— | 0 | (b) | — | — | — | — | — | 161,037 | 2 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | 161,076 | $ | 2 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
As of period end, the entity is no longer held. |
| (b) |
Represents net amount purchased (sold). |
| (c) |
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 Emerging Markets Index |
431 | 09/15/23 | $ | 21,104 | $ | (700,076 | ) | |||||||||
|
|
|
|||||||||||||||
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||
|
USD |
781,570 | NGN | 458,000,000 | Citibank N.A. | 10/27/23 | $ | 199,515 | |||||||||||||||||||||||
|
USD |
11,480,375 | NGN | 6,673,541,718 | JPMorgan Chase Bank N.A. | 10/27/23 | 2,999,231 | ||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| 3,198,746 | ||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| $3,198,746 | ||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
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 |
||||||||||||||||||||||||||||
|
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 3,198,746 | $ | — | $ | — | $ | 3,198,746 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 700,076 | $ | — | $ | — | $ | — | $ | 700,076 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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). |
| 12 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® Frontier and Select EM ETF |
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 |
$ | — | $ | — | $ | 41,301 | $ | — | $ | — | $ | — | $ | 41,301 | ||||||||||||||
|
Forward foreign currency exchange contracts |
— | — | — | (3,250,871 | ) | — | — | (3,250,871 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| $ | — | $ | — | $ | 41,301 | $ | (3,250,871 | ) | $ | — | $ | — | $ | (3,209,570 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (298,330 | ) | $ | — | $ | — | $ | — | $ | (298,330 | ) | ||||||||||||
|
Forward foreign currency exchange contracts |
— | — | — | 4,152,556 | — | — | 4,152,556 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| $ | — | $ | — | $ | (298,330 | ) | $ | 4,152,556 | $ | — | $ | — | $ | 3,854,226 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 24,628,820 | ||
|
Forward foreign currency exchange contracts: |
||||
|
Average amounts sold — in USD |
$ | 12,265,984 | ||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
|
||||||||
| Assets | Liabilities | |||||||
|
|
||||||||
|
Derivative Financial Instruments: |
||||||||
|
Futures contracts |
$ | — | $ | 700,076 | ||||
|
Forward foreign currency exchange contracts |
3,198,746 | — | ||||||
|
|
|
|
|
|||||
|
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
3,198,746 | 700,076 | ||||||
|
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | (700,076 | ) | |||||
|
|
|
|
|
|||||
|
Total derivative assets and liabilities subject to an MNA |
3,198,746 | — | ||||||
|
|
|
|
|
|||||
The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:
|
|
||||||||||||||||||||
| Counterparty | |
Derivative Assets Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
(a) |
|
Non-Cash Collateral Received |
|
|
Cash Collateral Received |
(b) |
|
Net Amount of Derivative Assets |
(c)(d) | |||||
|
|
||||||||||||||||||||
|
Citibank N.A. |
$ | 199,515 | $ | — | $ | — | $ | — | $ | 199,515 | ||||||||||
|
JPMorgan Chase Bank N.A. |
2,999,231 | — | — | (2,810,000 | ) | 189,231 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 3,198,746 | $ | — | $ | — | $ | (2,810,000 | ) | $ | 388,746 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| (b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| (c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
| (d) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
|
S C H E D U L E O F I N V E S T M E N T S |
13 |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® Frontier and Select EM ETF |
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 |
$ | 258,066,902 | $ | 360,337,777 | $ | — | $ | 618,404,679 | ||||||||
|
Preferred Stocks |
9,403,779 | — | — | 9,403,779 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 267,470,681 | $ | 360,337,777 | $ | — | $ | 627,808,458 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Foreign Currency Exchange Contracts |
$ | — | $ | 3,198,746 | $ | — | $ | 3,198,746 | ||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
(700,076 | ) | — | — | (700,076 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | (700,076 | ) | $ | 3,198,746 | $ | — | 2,498,670 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 14 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Australia — 2.0% | ||||||||
|
Ampol Ltd. |
11,237 | $ | 255,968 | |||||
|
APA Group |
57,043 | 331,368 | ||||||
|
Aristocrat Leisure Ltd. |
28,012 | 739,463 | ||||||
|
ASX Ltd. |
8,979 | 334,156 | ||||||
|
Aurizon Holdings Ltd. |
87,107 | 205,307 | ||||||
|
Australia & New Zealand Banking Group Ltd. |
141,440 | 2,309,307 | ||||||
|
BHP Group Ltd. |
240,733 | 6,920,623 | ||||||
|
BlueScope Steel Ltd. |
23,648 | 319,710 | ||||||
|
Brambles Ltd. |
67,163 | 650,405 | ||||||
|
Cochlear Ltd. |
3,023 | 530,610 | ||||||
|
Coles Group Ltd. |
61,951 | 651,819 | ||||||
|
Commonwealth Bank of Australia |
79,222 | 5,218,915 | ||||||
|
Computershare Ltd. |
25,414 | 413,154 | ||||||
|
CSL Ltd. |
22,716 | 4,011,621 | ||||||
|
Dexus |
48,658 | 243,149 | ||||||
|
Endeavour Group Ltd./Australia |
61,688 | 219,401 | ||||||
|
Fortescue Metals Group Ltd. |
79,754 | 1,098,004 | ||||||
|
Goodman Group |
77,027 | 1,160,584 | ||||||
|
GPT Group (The) |
87,861 | 237,893 | ||||||
|
IDP Education Ltd. |
9,852 | 156,685 | ||||||
|
IGO Ltd. |
37,186 | 331,858 | ||||||
|
Insurance Australia Group Ltd. |
119,356 | 447,945 | ||||||
|
James Hardie Industries PLC(a) |
20,868 | 627,235 | ||||||
|
Lendlease Corp. Ltd. |
32,558 | 163,946 | ||||||
|
Lottery Corp. Ltd. (The) |
104,050 | 338,452 | ||||||
|
Macquarie Group Ltd. |
17,471 | 1,997,468 | ||||||
|
Medibank Pvt Ltd. |
129,629 | 306,663 | ||||||
|
Mineral Resources Ltd. |
7,932 | 364,095 | ||||||
|
Mirvac Group |
180,662 | 281,671 | ||||||
|
National Australia Bank Ltd. |
146,749 | 2,734,883 | ||||||
|
Newcrest Mining Ltd. |
44,884 | 748,066 | ||||||
|
Northern Star Resources Ltd. |
52,785 | 404,446 | ||||||
|
Orica Ltd. |
19,558 | 198,139 | ||||||
|
Origin Energy Ltd. |
82,526 | 464,090 | ||||||
|
Pilbara Minerals Ltd. |
116,104 | 348,082 | ||||||
|
Qantas Airways Ltd.(a) |
44,133 | 168,129 | ||||||
|
QBE Insurance Group Ltd. |
69,587 | 671,228 | ||||||
|
Ramsay Health Care Ltd. |
9,102 | 302,041 | ||||||
|
REA Group Ltd. |
2,461 | 262,386 | ||||||
|
Reece Ltd.(b) |
13,848 | 182,174 | ||||||
|
Rio Tinto Ltd. |
17,299 | 1,252,904 | ||||||
|
Santos Ltd. |
145,962 | 722,225 | ||||||
|
Scentre Group |
235,958 | 418,250 | ||||||
|
SEEK Ltd. |
15,778 | 235,561 | ||||||
|
Sonic Healthcare Ltd. |
21,184 | 440,292 | ||||||
|
South32 Ltd. |
217,477 | 474,208 | ||||||
|
Stockland |
117,216 | 320,134 | ||||||
|
Suncorp Group Ltd. |
59,871 | 525,134 | ||||||
|
Telstra Corp. Ltd. |
193,914 | 503,035 | ||||||
|
Transurban Group |
151,278 | 1,295,209 | ||||||
|
Treasury Wine Estates Ltd. |
35,195 | 265,048 | ||||||
|
Vicinity Ltd. |
182,818 | 220,524 | ||||||
|
Washington H Soul Pattinson & Co. Ltd. |
10,242 | 218,194 | ||||||
|
Wesfarmers Ltd. |
55,526 | 1,932,549 | ||||||
|
Westpac Banking Corp. |
163,917 | 2,319,003 | ||||||
|
WiseTech Global Ltd. |
6,855 | 307,507 | ||||||
|
Woodside Energy Group Ltd. |
92,010 | 2,196,484 | ||||||
|
Woolworths Group Ltd. |
58,606 | 1,444,221 | ||||||
| Security | Shares | Value | ||||||
| Australia (continued) | ||||||||
|
Xero Ltd.(a) |
6,194 | $ | 501,365 | |||||
|
|
|
|||||||
| 52,942,986 | ||||||||
|
Austria — 0.0% |
||||||||
|
Erste Group Bank AG |
16,004 | 570,924 | ||||||
|
OMV AG |
6,857 | 317,534 | ||||||
|
Verbund AG |
3,169 | 259,348 | ||||||
|
voestalpine AG(b) |
5,513 | 161,086 | ||||||
|
|
|
|||||||
| 1,308,892 | ||||||||
|
Belgium — 0.3% |
||||||||
|
Ageas SA/NV |
8,022 | 319,037 | ||||||
|
Anheuser-Busch InBev SA/NV |
41,776 | 2,371,290 | ||||||
|
Argenx SE(a) |
2,622 | 1,317,776 | ||||||
|
D’ieteren Group |
1,084 | 177,043 | ||||||
|
Elia Group SA/NV |
1,539 | 177,438 | ||||||
|
Groupe Bruxelles Lambert NV |
5,247 | 422,506 | ||||||
|
KBC Group NV |
11,696 | 767,376 | ||||||
|
Lotus Bakeries NV |
19 | 149,781 | ||||||
|
Sofina SA |
686 | 154,122 | ||||||
|
Solvay SA |
3,447 | 399,154 | ||||||
|
UCB SA |
5,846 | 524,369 | ||||||
|
Umicore SA |
8,966 | 237,584 | ||||||
|
Warehouses De Pauw CVA |
7,061 | 201,779 | ||||||
|
|
|
|||||||
| 7,219,255 | ||||||||
|
Canada — 3.2% |
||||||||
|
Agnico Eagle Mines Ltd. |
23,314 | 1,132,054 | ||||||
|
Air Canada(a) |
8,498 | 143,520 | ||||||
|
Algonquin Power & Utilities Corp. |
30,923 | 234,120 | ||||||
|
Alimentation Couche-Tard Inc. |
37,816 | 1,977,560 | ||||||
|
AltaGas Ltd. |
13,293 | 259,918 | ||||||
|
ARC Resources Ltd. |
32,383 | 493,941 | ||||||
|
Bank of Montreal |
33,699 | 2,902,274 | ||||||
|
Bank of Nova Scotia (The) |
56,142 | 2,664,169 | ||||||
|
Barrick Gold Corp. |
82,295 | 1,333,822 | ||||||
|
BCE Inc. |
3,530 | 149,539 | ||||||
|
Brookfield Asset Management Ltd. |
16,299 | 563,203 | ||||||
|
Brookfield Corp., Class A |
65,195 | 2,225,276 | ||||||
|
Brookfield Renewable Corp., Class A |
6,405 | 178,802 | ||||||
|
BRP Inc. |
1,618 | 123,733 | ||||||
|
CAE Inc.(a) |
14,958 | 360,777 | ||||||
|
Cameco Corp. |
22,490 | 832,223 | ||||||
|
Canadian Apartment Properties REIT |
4,062 | 145,711 | ||||||
|
Canadian Imperial Bank of Commerce |
43,853 | 1,737,633 | ||||||
|
Canadian National Railway Co. |
26,746 | 3,012,686 | ||||||
|
Canadian Natural Resources Ltd. |
52,335 | 3,385,972 | ||||||
|
Canadian Pacific Kansas City Ltd. |
43,685 | 3,467,772 | ||||||
|
Canadian Tire Corp. Ltd., Class A, NVS |
2,705 | 320,908 | ||||||
|
Canadian Utilities Ltd., Class A, NVS |
6,124 | 145,123 | ||||||
|
CCL Industries Inc., Class B, NVS |
7,149 | 319,515 | ||||||
|
Cenovus Energy Inc. |
66,986 | 1,335,556 | ||||||
|
CGI Inc.(a) |
10,170 | 1,060,504 | ||||||
|
Constellation Software Inc./Canada |
989 | 2,031,476 | ||||||
|
Descartes Systems Group Inc. (The)(a) |
4,570 | 342,649 | ||||||
|
Dollarama Inc. |
13,480 | 874,025 | ||||||
|
Element Fleet Management Corp. |
21,767 | 334,592 | ||||||
|
Emera Inc. |
14,315 | 536,601 | ||||||
|
Empire Co. Ltd., Class A, NVS |
7,952 | 207,157 | ||||||
|
Enbridge Inc. |
95,822 | 3,364,266 | ||||||
|
Fairfax Financial Holdings Ltd. |
1,071 | 883,202 | ||||||
|
First Quantum Minerals Ltd. |
27,423 | 736,719 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
15 |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Canada (continued) | ||||||||
|
FirstService Corp. |
1,867 | $ | 282,330 | |||||
|
Fortis Inc. |
21,888 | 858,382 | ||||||
|
Franco-Nevada Corp. |
8,684 | 1,251,056 | ||||||
|
George Weston Ltd. |
2,735 | 303,315 | ||||||
|
GFL Environmental Inc. |
10,150 | 328,944 | ||||||
|
Gildan Activewear Inc. |
10,050 | 299,745 | ||||||
|
Great-West Lifeco Inc. |
14,103 | 405,284 | ||||||
|
Hydro One Ltd.(c) |
15,673 | 407,368 | ||||||
|
iA Financial Corp. Inc. |
5,045 | 316,507 | ||||||
|
IGM Financial Inc. |
4,047 | 115,372 | ||||||
|
Imperial Oil Ltd. |
9,459 | 537,144 | ||||||
|
Intact Financial Corp. |
8,118 | 1,144,523 | ||||||
|
Ivanhoe Mines Ltd., Class A(a) |
28,906 | 257,142 | ||||||
|
Keyera Corp. |
10,513 | 259,713 | ||||||
|
Kinross Gold Corp. |
59,797 | 303,587 | ||||||
|
Loblaw Companies Ltd. |
8,085 | 702,052 | ||||||
|
Lundin Mining Corp. |
31,610 | 245,169 | ||||||
|
Magna International Inc. |
13,365 | 786,153 | ||||||
|
Manulife Financial Corp. |
85,514 | 1,580,920 | ||||||
|
Metro Inc. |
11,401 | 587,600 | ||||||
|
National Bank of Canada |
15,639 | 1,089,938 | ||||||
|
Northland Power Inc. |
10,639 | 201,174 | ||||||
|
Nutrien Ltd. |
22,777 | 1,442,779 | ||||||
|
Nuvei Corp.(c) |
2,726 | 49,206 | ||||||
|
Onex Corp. |
3,596 | 222,195 | ||||||
|
Open Text Corp. |
12,546 | 505,573 | ||||||
|
Pan American Silver Corp. |
17,255 | 285,285 | ||||||
|
Parkland Corp. |
7,267 | 192,270 | ||||||
|
Pembina Pipeline Corp. |
25,598 | 795,675 | ||||||
|
Power Corp. of Canada |
25,389 | 693,350 | ||||||
|
Quebecor Inc., Class B |
8,040 | 183,804 | ||||||
|
RB Global Inc. |
8,590 | 531,217 | ||||||
|
Restaurant Brands International Inc. |
13,294 | 923,358 | ||||||
|
RioCan REIT |
7,927 | 113,285 | ||||||
|
Rogers Communications Inc., Class B, NVS |
16,496 | 671,096 | ||||||
|
Royal Bank of Canada |
65,458 | 5,897,615 | ||||||
|
Saputo Inc. |
11,716 | 253,274 | ||||||
|
Shopify Inc., Class A(a) |
56,173 | 3,736,968 | ||||||
|
Stantec Inc. |
5,265 | 351,701 | ||||||
|
Sun Life Financial Inc. |
27,355 | 1,334,346 | ||||||
|
Suncor Energy Inc. |
63,976 | 2,167,097 | ||||||
|
TC Energy Corp. |
47,759 | 1,724,866 | ||||||
|
Teck Resources Ltd., Class B |
22,020 | 910,655 | ||||||
|
TELUS Corp. |
20,368 | 357,706 | ||||||
|
TFI International Inc. |
3,881 | 528,841 | ||||||
|
Thomson Reuters Corp. |
8,048 | 1,036,317 | ||||||
|
TMX Group Ltd. |
12,982 | 287,272 | ||||||
|
Toromont Industries Ltd. |
3,844 | 315,326 | ||||||
|
Toronto-Dominion Bank (The) |
85,841 | 5,236,098 | ||||||
|
Tourmaline Oil Corp. |
14,452 | 741,104 | ||||||
|
Waste Connections Inc. |
12,031 | 1,648,127 | ||||||
|
West Fraser Timber Co. Ltd. |
2,863 | 216,420 | ||||||
|
Wheaton Precious Metals Corp. |
20,933 | 913,108 | ||||||
|
WSP Global Inc. |
5,427 | 760,149 | ||||||
|
|
|
|||||||
| 87,106,499 | ||||||||
|
Denmark — 0.9% |
||||||||
|
AP Moller - Maersk A/S, Class A |
163 | 291,294 | ||||||
|
AP Moller - Maersk A/S, Class B, NVS |
238 | 432,057 | ||||||
|
Carlsberg AS, Class B |
4,652 | 672,669 | ||||||
|
Chr Hansen Holding A/S |
5,268 | 343,498 | ||||||
| Security | Shares | Value | ||||||
| Denmark (continued) | ||||||||
|
Coloplast A/S, Class B |
5,505 | $ | 626,995 | |||||
|
Danske Bank A/S |
31,387 | 704,523 | ||||||
|
Demant A/S(a) |
5,074 | 207,142 | ||||||
|
DSV A/S |
8,776 | 1,666,559 | ||||||
|
Genmab A/S(a) |
3,014 | 1,154,769 | ||||||
|
Novo Nordisk A/S, Class B |
77,348 | 14,267,126 | ||||||
|
Novozymes A/S, Class B |
9,511 | 411,691 | ||||||
|
Orsted AS(c) |
8,818 | 565,716 | ||||||
|
Pandora A/S |
4,626 | 479,061 | ||||||
|
Rockwool A/S, Class B |
402 | 102,598 | ||||||
|
Tryg A/S |
16,763 | 319,826 | ||||||
|
Vestas Wind Systems A/S(a) |
47,032 | 1,086,679 | ||||||
|
|
|
|||||||
| 23,332,203 | ||||||||
|
Finland — 0.2% |
||||||||
|
Elisa OYJ |
6,605 | 324,246 | ||||||
|
Fortum OYJ |
20,752 | 278,586 | ||||||
|
Kesko OYJ, Class B |
12,449 | 243,008 | ||||||
|
Kone OYJ, Class B |
15,744 | 716,182 | ||||||
|
Metso OYJ |
31,317 | 359,692 | ||||||
|
Neste OYJ |
19,618 | 717,687 | ||||||
|
Nokia OYJ |
253,723 | 1,014,655 | ||||||
|
Orion OYJ, Class B |
4,970 | 203,126 | ||||||
|
Sampo OYJ, Class A |
23,093 | 1,013,646 | ||||||
|
Stora Enso OYJ, Class R |
27,146 | 345,231 | ||||||
|
UPM-Kymmene OYJ |
24,751 | 847,042 | ||||||
|
Wartsila OYJ Abp |
22,774 | 289,023 | ||||||
|
|
|
|||||||
| 6,352,124 | ||||||||
|
France — 3.2% |
||||||||
|
Accor SA |
8,042 | 287,608 | ||||||
|
Aeroports de Paris |
1,342 | 176,618 | ||||||
|
Air Liquide SA |
24,887 | 4,496,488 | ||||||
|
Airbus SE |
28,330 | 4,144,878 | ||||||
|
Alstom SA |
14,797 | 408,048 | ||||||
|
Amundi SA(c) |
2,873 | 171,014 | ||||||
|
ArcelorMittal SA |
24,848 | 660,077 | ||||||
|
Arkema SA |
2,815 | 294,165 | ||||||
|
AXA SA |
86,067 | 2,585,874 | ||||||
|
BioMerieux |
1,921 | 198,400 | ||||||
|
BNP Paribas SA |
49,735 | 3,216,245 | ||||||
|
Bollore SE |
42,007 | 248,485 | ||||||
|
Bouygues SA |
10,706 | 369,677 | ||||||
|
Bureau Veritas SA |
13,740 | 368,069 | ||||||
|
Capgemini SE |
7,972 | 1,487,745 | ||||||
|
Carrefour SA |
29,152 | 557,203 | ||||||
|
Cie. de Saint-Gobain |
23,429 | 1,524,106 | ||||||
|
Cie. Generale des Etablissements Michelin SCA |
31,444 | 983,756 | ||||||
|
Covivio |
2,458 | 119,849 | ||||||
|
Credit Agricole SA |
57,826 | 728,913 | ||||||
|
Danone SA |
30,306 | 1,766,621 | ||||||
|
Dassault Aviation SA |
1,143 | 224,439 | ||||||
|
Dassault Systemes SE |
33,248 | 1,317,635 | ||||||
|
Edenred |
11,605 | 739,509 | ||||||
|
Eiffage SA |
3,848 | 380,310 | ||||||
|
Engie SA |
84,658 | 1,363,353 | ||||||
|
EssilorLuxottica SA |
13,950 | 2,621,998 | ||||||
|
Eurazeo SE |
1,865 | 109,890 | ||||||
|
Eurofins Scientific SE |
6,358 | 391,352 | ||||||
|
Euronext NV(c) |
4,084 | 294,827 | ||||||
|
Gecina SA |
2,127 | 227,537 | ||||||
| 16 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| France (continued) | ||||||||
|
Getlink SE |
20,669 | $ | 345,945 | |||||
|
Hermes International |
1,476 | 3,035,668 | ||||||
|
Ipsen SA |
1,731 | 224,241 | ||||||
|
Kering SA |
3,443 | 1,841,076 | ||||||
|
Klepierre SA |
9,989 | 263,845 | ||||||
|
La Francaise des Jeux SAEM(c) |
4,522 | 163,514 | ||||||
|
Legrand SA |
12,389 | 1,220,557 | ||||||
|
L’Oreal SA |
11,311 | 4,968,154 | ||||||
|
LVMH Moet Hennessy Louis Vuitton SE |
13,019 | 11,009,613 | ||||||
|
Orange SA |
92,586 | 1,039,432 | ||||||
|
Pernod Ricard SA |
9,588 | 1,881,680 | ||||||
|
Publicis Groupe SA |
10,620 | 828,657 | ||||||
|
Remy Cointreau SA |
1,057 | 163,510 | ||||||
|
Renault SA |
9,113 | 367,703 | ||||||
|
Safran SA |
15,883 | 2,545,492 | ||||||
|
Sanofi |
53,981 | 5,749,189 | ||||||
|
Sartorius Stedim Biotech |
1,282 | 363,589 | ||||||
|
Schneider Electric SE |
25,963 | 4,450,273 | ||||||
|
SEB SA |
1,284 | 140,939 | ||||||
|
Societe Generale SA |
33,512 | 949,434 | ||||||
|
Sodexo SA |
4,081 | 437,811 | ||||||
|
Teleperformance |
2,738 | 378,314 | ||||||
|
Thales SA |
4,914 | 716,606 | ||||||
|
TotalEnergies SE |
106,585 | 6,685,959 | ||||||
|
Unibail-Rodamco-Westfield, New(a) |
5,896 | 314,697 | ||||||
|
Valeo |
10,855 | 211,003 | ||||||
|
Veolia Environnement SA |
33,670 | 1,050,401 | ||||||
|
Vinci SA |
24,960 | 2,780,246 | ||||||
|
Vivendi SE |
36,606 | 333,402 | ||||||
|
Wendel SE |
1,256 | 114,763 | ||||||
|
Worldline SA/France(a)(c) |
11,080 | 360,612 | ||||||
|
|
|
|||||||
| 87,401,014 | ||||||||
|
Germany — 2.1% |
||||||||
|
adidas AG |
8,027 | 1,601,948 | ||||||
|
Allianz SE, Registered |
19,008 | 4,620,449 | ||||||
|
BASF SE |
42,144 | 2,133,219 | ||||||
|
Bayer AG, Registered |
45,677 | 2,499,105 | ||||||
|
Bayerische Motoren Werke AG |
15,421 | 1,621,967 | ||||||
|
Bechtle AG |
3,845 | 186,928 | ||||||
|
Beiersdorf AG |
4,670 | 611,467 | ||||||
|
Brenntag SE |
7,171 | 580,020 | ||||||
|
Carl Zeiss Meditec AG, Bearer |
1,883 | 186,765 | ||||||
|
Commerzbank AG |
46,922 | 515,554 | ||||||
|
Continental AG |
5,029 | 373,042 | ||||||
|
Covestro AG(a)(c) |
8,642 | 458,927 | ||||||
|
Daimler Truck Holding AG |
24,055 | 846,414 | ||||||
|
Delivery Hero SE(a)(c) |
7,545 | 275,224 | ||||||
|
Deutsche Bank AG, Registered |
96,786 | 1,052,912 | ||||||
|
Deutsche Boerse AG |
8,775 | 1,557,772 | ||||||
|
Deutsche Lufthansa AG, Registered(a) |
30,731 | 274,438 | ||||||
|
Deutsche Post AG, Registered |
47,811 | 2,229,573 | ||||||
|
Deutsche Telekom AG, Registered |
153,960 | 3,295,286 | ||||||
|
E.ON SE |
103,923 | 1,279,257 | ||||||
|
Evonik Industries AG |
9,843 | 188,593 | ||||||
|
Fresenius Medical Care AG & Co. KGaA |
9,533 | 458,990 | ||||||
|
Fresenius SE & Co. KGaA |
21,917 | 702,642 | ||||||
|
GEA Group AG |
7,158 | 282,264 | ||||||
|
Hannover Rueck SE |
2,783 | 591,884 | ||||||
|
Heidelberg Materials AG |
6,710 | 539,528 | ||||||
|
HelloFresh SE(a) |
7,796 | 251,250 | ||||||
| Security | Shares | Value | ||||||
| Germany (continued) | ||||||||
|
Henkel AG & Co. KGaA |
4,830 | $ | 333,793 | |||||
|
Infineon Technologies AG |
62,827 | 2,245,166 | ||||||
|
Knorr-Bremse AG |
3,371 | 230,241 | ||||||
|
LEG Immobilien SE(a) |
3,380 | 243,416 | ||||||
|
Mercedes-Benz Group AG |
38,036 | 2,783,276 | ||||||
|
Merck KGaA |
5,977 | 1,073,022 | ||||||
|
MTU Aero Engines AG |
2,523 | 588,920 | ||||||
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
6,451 | 2,504,015 | ||||||
|
Nemetschek SE |
2,681 | 185,165 | ||||||
|
Puma SE |
4,902 | 328,525 | ||||||
|
Rational AG |
228 | 173,679 | ||||||
|
Rheinmetall AG |
1,970 | 535,101 | ||||||
|
RWE AG |
29,739 | 1,224,553 | ||||||
|
SAP SE |
49,426 | 6,895,147 | ||||||
|
Scout24 SE(c) |
4,253 | 292,974 | ||||||
|
Siemens AG, Registered |
35,833 | 5,383,219 | ||||||
|
Siemens Healthineers AG(c) |
14,220 | 711,885 | ||||||
|
Symrise AG, Class A |
6,776 | 706,363 | ||||||
|
Talanx AG(a) |
3,013 | 202,544 | ||||||
|
Telefonica Deutschland Holding AG |
49,965 | 94,991 | ||||||
|
Volkswagen AG |
1,499 | 214,215 | ||||||
|
Vonovia SE |
33,509 | 803,991 | ||||||
|
Wacker Chemie AG |
865 | 127,657 | ||||||
|
Zalando SE(a)(c) |
10,334 | 321,238 | ||||||
|
|
|
|||||||
| 57,418,514 | ||||||||
|
Hong Kong — 0.6% |
||||||||
|
AIA Group Ltd. |
553,600 | 5,009,112 | ||||||
|
BOC Hong Kong Holdings Ltd. |
185,500 | 515,373 | ||||||
|
Budweiser Brewing Co. APAC Ltd.(c) |
85,800 | 185,795 | ||||||
|
CK Asset Holdings Ltd. |
100,500 | 554,535 | ||||||
|
CK Hutchison Holdings Ltd. |
136,000 | 741,199 | ||||||
|
CK Infrastructure Holdings Ltd. |
42,500 | 214,821 | ||||||
|
CLP Holdings Ltd. |
73,500 | 576,352 | ||||||
|
ESR Group Ltd.(c) |
94,600 | 141,950 | ||||||
|
Futu Holdings Ltd., ADR(a)(b) |
2,624 | 156,390 | ||||||
|
Galaxy Entertainment Group Ltd.(a) |
102,000 | 674,190 | ||||||
|
Hang Lung Properties Ltd. |
111,000 | 147,837 | ||||||
|
Hang Seng Bank Ltd. |
38,100 | 485,551 | ||||||
|
Henderson Land Development Co. Ltd. |
48,000 | 131,815 | ||||||
|
HKT Trust & HKT Ltd., Class SS |
189,000 | 201,411 | ||||||
|
Hong Kong & China Gas Co. Ltd. |
484,589 | 356,155 | ||||||
|
Hong Kong Exchanges & Clearing Ltd. |
57,600 | 2,232,472 | ||||||
|
Hongkong Land Holdings Ltd. |
57,700 | 204,695 | ||||||
|
Jardine Matheson Holdings Ltd. |
6,500 | 309,031 | ||||||
|
Link REIT |
127,160 | 630,464 | ||||||
|
MTR Corp. Ltd. |
84,500 | 352,573 | ||||||
|
New World Development Co. Ltd. |
45,333 | 96,259 | ||||||
|
Power Assets Holdings Ltd. |
61,000 | 300,274 | ||||||
|
Sands China Ltd.(a) |
102,400 | 346,388 | ||||||
|
Sino Land Co. Ltd. |
118,000 | 135,166 | ||||||
|
SITC International Holdings Co. Ltd. |
42,000 | 78,335 | ||||||
|
Sun Hung Kai Properties Ltd. |
67,000 | 754,197 | ||||||
|
Swire Pacific Ltd., Class A |
28,500 | 234,993 | ||||||
|
Swire Properties Ltd. |
49,800 | 104,070 | ||||||
|
Techtronic Industries Co. Ltd. |
71,000 | 700,251 | ||||||
|
WH Group Ltd.(c) |
421,000 | 216,813 | ||||||
|
Wharf Real Estate Investment Co. Ltd. |
75,000 | 312,568 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
17 |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Hong Kong (continued) | ||||||||
|
Xinyi Glass Holdings Ltd. |
60,000 | $ | 88,512 | |||||
|
|
|
|||||||
| 17,189,547 | ||||||||
|
Ireland — 0.2% |
||||||||
|
AIB Group PLC |
68,276 | 310,761 | ||||||
|
Bank of Ireland Group PLC |
50,446 | 502,330 | ||||||
|
CRH PLC |
36,112 | 2,077,655 | ||||||
|
Flutter Entertainment PLC, Class DI(a) |
8,394 | 1,526,579 | ||||||
|
Kerry Group PLC, Class A |
7,443 | 694,433 | ||||||
|
Kingspan Group PLC |
7,253 | 612,838 | ||||||
|
Smurfit Kappa Group PLC |
11,550 | 484,528 | ||||||
|
|
|
|||||||
| 6,209,124 | ||||||||
|
Israel — 0.2% |
||||||||
|
Azrieli Group Ltd. |
1,946 | 104,317 | ||||||
|
Bank Hapoalim BM |
54,867 | 454,252 | ||||||
|
Bank Leumi Le-Israel BM |
72,780 | 564,956 | ||||||
|
Check Point Software Technologies Ltd.(a)(b) |
4,912 | 661,106 | ||||||
|
CyberArk Software Ltd.(a) |
1,895 | 314,646 | ||||||
|
Elbit Systems Ltd. |
1,247 | 244,752 | ||||||
|
Global-e Online Ltd.(a) |
4,282 | 169,696 | ||||||
|
ICL Group Ltd. |
33,059 | 197,554 | ||||||
|
Isracard Ltd. |
1 | 4 | ||||||
|
Israel Discount Bank Ltd., Class A |
54,564 | 272,896 | ||||||
|
Mizrahi Tefahot Bank Ltd. |
6,595 | 216,846 | ||||||
|
Monday.com Ltd.(a) |
909 | 161,293 | ||||||
|
Nice Ltd.(a) |
2,945 | 573,991 | ||||||
|
Teva Pharmaceutical Industries Ltd., ADR(a) |
53,135 | 518,597 | ||||||
|
Wix.com Ltd.(a) |
2,531 | 249,987 | ||||||
|
|
|
|||||||
| 4,704,893 | ||||||||
|
Italy — 0.7% |
||||||||
|
Amplifon SpA |
5,856 | 190,164 | ||||||
|
Assicurazioni Generali SpA |
51,291 | 1,062,390 | ||||||
|
DiaSorin SpA |
1,128 | 119,113 | ||||||
|
Enel SpA |
391,594 | 2,629,486 | ||||||
|
Eni SpA |
109,453 | 1,692,363 | ||||||
|
Ferrari NV |
5,805 | 1,840,546 | ||||||
|
FinecoBank Banca Fineco SpA |
32,290 | 441,321 | ||||||
|
Infrastrutture Wireless Italiane SpA(c) |
16,027 | 198,292 | ||||||
|
Intesa Sanpaolo SpA |
763,738 | 2,039,487 | ||||||
|
Mediobanca Banca di Credito Finanziario SpA |
29,215 | 381,389 | ||||||
|
Moncler SpA |
9,544 | 646,650 | ||||||
|
Nexi SpA(a)(c) |
34,908 | 250,440 | ||||||
|
Poste Italiane SpA(c) |
24,619 | 273,294 | ||||||
|
Prysmian SpA |
11,885 | 485,579 | ||||||
|
Recordati Industria Chimica e Farmaceutica SpA |
4,886 | 244,925 | ||||||
|
Snam SpA |
94,003 | 485,088 | ||||||
|
Stellantis NV |
104,980 | 1,948,770 | ||||||
|
Telecom Italia SpA/Milano(a) |
492,666 | 152,840 | ||||||
|
Tenaris SA |
22,117 | 353,205 | ||||||
|
Terna - Rete Elettrica Nazionale |
65,576 | 540,777 | ||||||
|
UniCredit SpA |
85,237 | 2,076,638 | ||||||
|
|
|
|||||||
| 18,052,757 | ||||||||
|
Japan — 6.1% |
||||||||
|
Advantest Corp. |
9,200 | 1,151,569 | ||||||
|
Aeon Co. Ltd. |
27,000 | 559,552 | ||||||
|
AGC Inc. |
8,300 | 291,192 | ||||||
|
Aisin Corp. |
4,300 | 143,504 | ||||||
|
Ajinomoto Co. Inc. |
21,500 | 910,801 | ||||||
|
ANA Holdings Inc.(a) |
4,800 | 108,361 | ||||||
|
Asahi Group Holdings Ltd. |
21,300 | 828,684 | ||||||
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
|
Asahi Intecc Co. Ltd. |
12,000 | $ | 243,426 | |||||
|
Asahi Kasei Corp. |
68,100 | 439,578 | ||||||
|
Astellas Pharma Inc. |
85,900 | 1,299,698 | ||||||
|
Azbil Corp. |
3,600 | 119,929 | ||||||
|
Bandai Namco Holdings Inc. |
27,200 | 630,967 | ||||||
|
BayCurrent Consulting Inc. |
6,500 | 223,422 | ||||||
|
Bridgestone Corp. |
28,300 | 1,098,769 | ||||||
|
Brother Industries Ltd. |
14,800 | 250,469 | ||||||
|
Canon Inc. |
44,900 | 1,105,171 | ||||||
|
Capcom Co. Ltd. |
9,000 | 379,649 | ||||||
|
Central Japan Railway Co. |
7,300 | 936,002 | ||||||
|
Chiba Bank Ltd. (The) |
23,300 | 166,371 | ||||||
|
Chubu Electric Power Co. Inc. |
26,700 | 355,873 | ||||||
|
Chugai Pharmaceutical Co. Ltd. |
33,700 | 1,027,240 | ||||||
|
Concordia Financial Group Ltd. |
46,500 | 206,043 | ||||||
|
CyberAgent Inc. |
19,700 | 125,353 | ||||||
|
Dai Nippon Printing Co. Ltd. |
10,800 | 295,114 | ||||||
|
Daifuku Co. Ltd. |
14,400 | 265,760 | ||||||
|
Dai-ichi Life Holdings Inc. |
44,900 | 834,493 | ||||||
|
Daiichi Sankyo Co. Ltd. |
87,900 | 2,588,976 | ||||||
|
Daikin Industries Ltd. |
12,500 | 2,160,732 | ||||||
|
Daito Trust Construction Co. Ltd. |
3,100 | 341,881 | ||||||
|
Daiwa House Industry Co. Ltd. |
28,700 | 797,165 | ||||||
|
Daiwa House REIT Investment Corp. |
141 | 267,571 | ||||||
|
Daiwa Securities Group Inc. |
73,700 | 419,106 | ||||||
|
Denso Corp. |
20,500 | 1,399,179 | ||||||
|
Dentsu Group Inc. |
9,600 | 286,714 | ||||||
|
Disco Corp. |
3,900 | 770,813 | ||||||
|
East Japan Railway Co. |
14,300 | 808,510 | ||||||
|
Eisai Co. Ltd. |
12,600 | 796,524 | ||||||
|
ENEOS Holdings Inc. |
159,900 | 600,446 | ||||||
|
FANUC Corp. |
44,800 | 1,274,172 | ||||||
|
Fast Retailing Co. Ltd. |
8,400 | 1,927,054 | ||||||
|
Fuji Electric Co. Ltd. |
5,200 | 245,027 | ||||||
|
FUJIFILM Holdings Corp. |
18,400 | 1,087,374 | ||||||
|
Fujitsu Ltd. |
8,400 | 1,049,931 | ||||||
|
GLP J-Reit |
203 | 191,441 | ||||||
|
GMO Payment Gateway Inc. |
1,400 | 88,652 | ||||||
|
Hakuhodo DY Holdings Inc. |
14,700 | 139,464 | ||||||
|
Hamamatsu Photonics KK |
4,700 | 217,462 | ||||||
|
Hankyu Hanshin Holdings Inc. |
14,600 | 524,014 | ||||||
|
Hikari Tsushin Inc. |
600 | 99,819 | ||||||
|
Hirose Electric Co. Ltd. |
1,100 | 133,182 | ||||||
|
Hitachi Construction Machinery Co. Ltd. |
3,100 | 96,392 | ||||||
|
Hitachi Ltd. |
44,200 | 2,937,630 | ||||||
|
Honda Motor Co. Ltd. |
73,100 | 2,362,327 | ||||||
|
Hoshizaki Corp. |
3,200 | 122,811 | ||||||
|
Hoya Corp. |
16,700 | 1,852,880 | ||||||
|
Hulic Co. Ltd. |
19,000 | 170,503 | ||||||
|
Ibiden Co. Ltd. |
5,300 | 319,326 | ||||||
|
Idemitsu Kosan Co. Ltd. |
6,100 | 129,847 | ||||||
|
Iida Group Holdings Co. Ltd. |
4,300 | 70,421 | ||||||
|
Inpex Corp. |
45,600 | 638,575 | ||||||
|
Isuzu Motors Ltd. |
24,900 | 318,759 | ||||||
|
ITOCHU Corp. |
58,000 | 2,176,700 | ||||||
|
Itochu Techno-Solutions Corp. |
2,800 | 83,136 | ||||||
|
Japan Airlines Co. Ltd. |
4,200 | 86,494 | ||||||
|
Japan Exchange Group Inc. |
22,800 | 397,809 | ||||||
|
Japan Metropolitan Fund Invest |
362 | 243,080 | ||||||
|
Japan Post Bank Co. Ltd. |
69,900 | 560,882 | ||||||
| 18 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
|
Japan Post Holdings Co. Ltd. |
113,500 | $ | 870,165 | |||||
|
Japan Post Insurance Co. Ltd. |
5,800 | 93,363 | ||||||
|
Japan Real Estate Investment Corp. |
56 | 232,725 | ||||||
|
Japan Tobacco Inc. |
56,200 | 1,230,571 | ||||||
|
JFE Holdings Inc. |
22,200 | 350,718 | ||||||
|
JSR Corp. |
5,900 | 164,675 | ||||||
|
Kajima Corp. |
21,000 | 350,758 | ||||||
|
Kansai Electric Power Co. Inc. (The) |
36,300 | 515,018 | ||||||
|
Kao Corp. |
21,700 | 838,219 | ||||||
|
Kawasaki Kisen Kaisha Ltd. |
6,600 | 221,174 | ||||||
|
KDDI Corp. |
71,100 | 2,113,619 | ||||||
|
Keio Corp. |
3,000 | 103,802 | ||||||
|
Keisei Electric Railway Co. Ltd. |
3,800 | 145,509 | ||||||
|
Keyence Corp. |
9,300 | 3,861,095 | ||||||
|
Kikkoman Corp. |
6,400 | 369,702 | ||||||
|
Kintetsu Group Holdings Co. Ltd. |
8,400 | 265,881 | ||||||
|
Kirin Holdings Co. Ltd. |
39,800 | 558,762 | ||||||
|
Kobayashi Pharmaceutical Co. Ltd. |
1,600 | 79,000 | ||||||
|
Kobe Bussan Co. Ltd. |
4,000 | 99,657 | ||||||
|
Koei Tecmo Holdings Co. Ltd. |
3,400 | 52,808 | ||||||
|
Koito Manufacturing Co. Ltd. |
6,000 | 101,823 | ||||||
|
Komatsu Ltd. |
45,100 | 1,283,465 | ||||||
|
Konami Group Corp. |
4,400 | 255,328 | ||||||
|
Kose Corp. |
1,200 | 99,522 | ||||||
|
Kubota Corp. |
45,700 | 735,473 | ||||||
|
Kurita Water Industries Ltd. |
2,900 | 112,970 | ||||||
|
Kyocera Corp. |
17,300 | 887,312 | ||||||
|
Kyowa Kirin Co. Ltd. |
15,800 | 288,852 | ||||||
|
Lasertec Corp. |
3,700 | 575,126 | ||||||
|
Lixil Corp. |
15,700 | 196,653 | ||||||
|
M3 Inc. |
20,800 | 414,602 | ||||||
|
Makita Corp. |
7,100 | 194,625 | ||||||
|
Marubeni Corp. |
72,000 | 1,176,379 | ||||||
|
MatsukiyoCocokara & Co. |
5,600 | 329,731 | ||||||
|
Mazda Motor Corp. |
24,500 | 255,263 | ||||||
|
McDonald’s Holdings Co. Japan Ltd.(b) |
4,700 | 187,037 | ||||||
|
MEIJI Holdings Co. Ltd. |
10,900 | 273,318 | ||||||
|
MINEBEA MITSUMI Inc. |
18,500 | 313,679 | ||||||
|
MISUMI Group Inc. |
16,200 | 282,198 | ||||||
|
Mitsubishi Chemical Group Corp. |
68,900 | 411,313 | ||||||
|
Mitsubishi Corp. |
54,500 | 2,688,208 | ||||||
|
Mitsubishi Electric Corp. |
92,700 | 1,207,702 | ||||||
|
Mitsubishi Estate Co. Ltd. |
53,600 | 682,704 | ||||||
|
Mitsubishi HC Capital Inc. |
27,200 | 176,714 | ||||||
|
Mitsubishi Heavy Industries Ltd. |
14,000 | 792,850 | ||||||
|
Mitsubishi UFJ Financial Group Inc. |
543,000 | 4,331,879 | ||||||
|
Mitsui & Co. Ltd. |
62,500 | 2,327,832 | ||||||
|
Mitsui Chemicals Inc. |
9,700 | 262,955 | ||||||
|
Mitsui Fudosan Co. Ltd. |
42,500 | 930,457 | ||||||
|
Mitsui OSK Lines Ltd. |
17,100 | 473,515 | ||||||
|
Mizuho Financial Group Inc. |
117,690 | 1,939,416 | ||||||
|
MonotaRO Co. Ltd. |
15,200 | 179,516 | ||||||
|
MS&AD Insurance Group Holdings Inc. |
20,900 | 750,553 | ||||||
|
Murata Manufacturing Co. Ltd. |
25,900 | 1,448,931 | ||||||
|
NEC Corp. |
10,300 | 542,922 | ||||||
|
Nexon Co. Ltd. |
22,300 | 452,415 | ||||||
|
NGK Insulators Ltd. |
15,400 | 204,300 | ||||||
|
Nidec Corp. |
20,900 | 1,087,520 | ||||||
|
Nintendo Co. Ltd. |
49,000 | 2,100,967 | ||||||
|
Nippon Building Fund Inc. |
82 | 346,305 | ||||||
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
|
Nippon Express Holdings Inc. |
2,200 | $ | 114,245 | |||||
|
Nippon Paint Holdings Co. Ltd. |
36,500 | 282,019 | ||||||
|
Nippon Prologis REIT Inc. |
142 | 285,587 | ||||||
|
Nippon Sanso Holdings Corp. |
10,000 | 241,121 | ||||||
|
Nippon Steel Corp. |
37,947 | 897,383 | ||||||
|
Nippon Telegraph & Telephone Corp. |
1,403,100 | 1,620,069 | ||||||
|
Nippon Yusen KK |
21,900 | 582,636 | ||||||
|
Nissan Chemical Corp. |
4,800 | 205,585 | ||||||
|
Nissan Motor Co. Ltd. |
115,000 | 489,005 | ||||||
|
Nissin Foods Holdings Co. Ltd. |
3,400 | 296,930 | ||||||
|
Nitori Holdings Co. Ltd. |
3,600 | 409,780 | ||||||
|
Nitto Denko Corp. |
6,000 | 409,335 | ||||||
|
Nomura Holdings Inc. |
160,000 | 619,458 | ||||||
|
Nomura Real Estate Holdings Inc. |
3,500 | 88,072 | ||||||
|
Nomura Real Estate Master Fund Inc. |
203 | 238,646 | ||||||
|
Nomura Research Institute Ltd. |
17,700 | 508,683 | ||||||
|
NTT Data Group Corp. |
26,300 | 353,622 | ||||||
|
Obayashi Corp. |
26,800 | 242,721 | ||||||
|
Obic Co. Ltd. |
3,800 | 660,698 | ||||||
|
Odakyu Electric Railway Co. Ltd. |
16,500 | 245,348 | ||||||
|
Oji Holdings Corp. |
39,500 | 161,569 | ||||||
|
Olympus Corp. |
61,700 | 833,345 | ||||||
|
Omron Corp. |
7,000 | 337,767 | ||||||
|
Ono Pharmaceutical Co. Ltd. |
18,700 | 353,279 | ||||||
|
Open House Group Co. Ltd. |
2,400 | 81,074 | ||||||
|
Oracle Corp. Japan |
1,100 | 76,832 | ||||||
|
Oriental Land Co. Ltd./Japan |
52,000 | 1,873,103 | ||||||
|
ORIX Corp. |
59,100 | 1,101,901 | ||||||
|
Osaka Gas Co. Ltd. |
18,800 | 300,131 | ||||||
|
Otsuka Corp. |
3,300 | 147,074 | ||||||
|
Otsuka Holdings Co. Ltd. |
19,300 | 733,240 | ||||||
|
Pan Pacific International Holdings Corp. |
19,900 | 396,511 | ||||||
|
Panasonic Holdings Corp. |
111,700 | 1,285,673 | ||||||
|
Persol Holdings Co. Ltd. |
5,200 | 88,875 | ||||||
|
Rakuten Group Inc. |
41,100 | 159,922 | ||||||
|
Recruit Holdings Co. Ltd. |
66,500 | 2,368,894 | ||||||
|
Renesas Electronics Corp.(a) |
60,000 | 999,580 | ||||||
|
Resona Holdings Inc. |
106,900 | 566,305 | ||||||
|
Ricoh Co. Ltd. |
27,400 | 223,211 | ||||||
|
Rohm Co. Ltd. |
4,200 | 350,312 | ||||||
|
SBI Holdings Inc. |
15,000 | 306,164 | ||||||
|
SCSK Corp. |
4,600 | 79,738 | ||||||
|
Secom Co. Ltd. |
10,500 | 734,871 | ||||||
|
Seiko Epson Corp. |
16,000 | 250,534 | ||||||
|
Sekisui Chemical Co. Ltd. |
18,900 | 289,876 | ||||||
|
Sekisui House Ltd. |
25,900 | 527,826 | ||||||
|
Seven & i Holdings Co. Ltd. |
35,400 | 1,452,503 | ||||||
|
SG Holdings Co. Ltd. |
17,200 | 248,452 | ||||||
|
Sharp Corp./Japan(a) |
6,200 | 38,166 | ||||||
|
Shimadzu Corp. |
14,800 | 434,923 | ||||||
|
Shimano Inc. |
3,400 | 498,747 | ||||||
|
Shimizu Corp. |
24,000 | 161,471 | ||||||
|
Shin-Etsu Chemical Co. Ltd. |
86,465 | 2,755,964 | ||||||
|
Shionogi & Co. Ltd. |
12,100 | 531,424 | ||||||
|
Shiseido Co. Ltd. |
19,600 | 795,353 | ||||||
|
Shizuoka Financial Group Inc., NVS |
20,900 | 169,837 | ||||||
|
SMC Corp. |
2,700 | 1,312,526 | ||||||
|
SoftBank Corp. |
134,300 | 1,540,247 | ||||||
|
SoftBank Group Corp. |
49,000 | 2,196,005 | ||||||
|
Sompo Holdings Inc. |
14,700 | 639,707 | ||||||
|
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) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
|
Sony Group Corp. |
59,300 | $ | 4,933,311 | |||||
|
Square Enix Holdings Co. Ltd. |
4,500 | 170,812 | ||||||
|
Subaru Corp. |
25,800 | 495,963 | ||||||
|
SUMCO Corp. |
17,600 | 235,061 | ||||||
|
Sumitomo Chemical Co. Ltd. |
74,700 | 206,794 | ||||||
|
Sumitomo Corp. |
48,600 | 999,527 | ||||||
|
Sumitomo Electric Industries Ltd. |
37,800 | 462,759 | ||||||
|
Sumitomo Metal Mining Co. Ltd. |
11,300 | 350,680 | ||||||
|
Sumitomo Mitsui Financial Group Inc. |
62,900 | 2,875,566 | ||||||
|
Sumitomo Mitsui Trust Holdings Inc. |
17,700 | 663,021 | ||||||
|
Sumitomo Realty & Development Co. Ltd. |
16,900 | 432,020 | ||||||
|
Suntory Beverage & Food Ltd. |
6,900 | 222,004 | ||||||
|
Suzuki Motor Corp. |
18,600 | 730,839 | ||||||
|
Sysmex Corp. |
8,300 | 440,402 | ||||||
|
T&D Holdings Inc. |
23,600 | 374,046 | ||||||
|
Taisei Corp. |
9,400 | 316,366 | ||||||
|
Takeda Pharmaceutical Co. Ltd. |
75,026 | 2,318,683 | ||||||
|
TDK Corp. |
19,200 | 698,825 | ||||||
|
Terumo Corp. |
29,000 | 877,466 | ||||||
|
TIS Inc. |
12,200 | 287,632 | ||||||
|
Tobu Railway Co. Ltd. |
5,500 | 150,779 | ||||||
|
Toho Co. Ltd./Tokyo |
6,100 | 232,500 | ||||||
|
Tokio Marine Holdings Inc. |
84,000 | 1,853,753 | ||||||
|
Tokyo Electric Power Co. Holdings Inc.(a) |
86,400 | 378,517 | ||||||
|
Tokyo Electron Ltd. |
22,400 | 3,326,974 | ||||||
|
Tokyo Gas Co. Ltd. |
18,800 | 435,042 | ||||||
|
Tokyu Corp. |
22,500 | 284,324 | ||||||
|
Toppan Inc. |
15,500 | 374,417 | ||||||
|
Toray Industries Inc. |
72,000 | 388,200 | ||||||
|
Toshiba Corp. |
20,200 | 638,381 | ||||||
|
Tosoh Corp. |
15,300 | 197,979 | ||||||
|
TOTO Ltd. |
7,100 | 194,709 | ||||||
|
Toyota Industries Corp. |
6,400 | 451,894 | ||||||
|
Toyota Motor Corp. |
506,500 | 8,726,540 | ||||||
|
Toyota Tsusho Corp. |
9,200 | 547,663 | ||||||
|
Trend Micro Inc./Japan |
5,700 | 241,918 | ||||||
|
Unicharm Corp. |
19,700 | 785,904 | ||||||
|
USS Co. Ltd. |
6,400 | 111,758 | ||||||
|
Welcia Holdings Co. Ltd. |
2,700 | 49,673 | ||||||
|
West Japan Railway Co. |
12,400 | 536,846 | ||||||
|
Yakult Honsha Co. Ltd. |
6,100 | 319,602 | ||||||
|
Yamaha Corp. |
6,800 | 209,741 | ||||||
|
Yamaha Motor Co. Ltd. |
16,600 | 429,546 | ||||||
|
Yamato Holdings Co. Ltd. |
16,400 | 308,054 | ||||||
|
Yaskawa Electric Corp. |
10,900 | 427,359 | ||||||
|
Yokogawa Electric Corp. |
14,600 | 289,094 | ||||||
|
Z Holdings Corp. |
138,900 | 417,098 | ||||||
|
Zensho Holdings Co. Ltd. |
4,400 | 207,639 | ||||||
|
ZOZO Inc. |
3,600 | 71,896 | ||||||
|
|
|
|||||||
| 165,472,774 | ||||||||
|
Netherlands — 1.2% |
||||||||
|
ABN AMRO Bank NV, CVA(c) |
20,656 | 303,848 | ||||||
|
Adyen NV(a)(c) |
1,049 | 875,937 | ||||||
|
Aegon NV |
70,222 | 359,887 | ||||||
|
AerCap Holdings NV(a) |
8,066 | 496,220 | ||||||
|
Akzo Nobel NV |
8,729 | 708,651 | ||||||
|
ASM International NV |
2,189 | 1,053,718 | ||||||
|
ASML Holding NV |
19,141 | 12,585,745 | ||||||
|
ASR Nederland NV |
7,577 | 331,685 | ||||||
|
BE Semiconductor Industries NV |
3,654 | 420,391 | ||||||
| Security | Shares | Value | ||||||
| Netherlands (continued) | ||||||||
|
Davide Campari-Milano NV |
24,596 | $ | 321,347 | |||||
|
EXOR NV(b) |
5,192 | 459,476 | ||||||
|
Ferrovial SE |
23,205 | 735,999 | ||||||
|
Heineken Holding NV |
5,090 | 407,317 | ||||||
|
Heineken NV |
13,652 | 1,327,117 | ||||||
|
IMCD NV |
2,717 | 374,218 | ||||||
|
ING Groep NV |
172,203 | 2,439,946 | ||||||
|
JDE Peet’s NV |
4,960 | 138,117 | ||||||
|
Koninklijke Ahold Delhaize NV |
46,407 | 1,517,973 | ||||||
|
Koninklijke KPN NV |
161,121 | 563,826 | ||||||
|
Koninklijke Philips NV(a)(b) |
45,192 | 1,015,536 | ||||||
|
NN Group NV |
12,878 | 495,745 | ||||||
|
OCI NV |
4,177 | 105,642 | ||||||
|
Prosus NV |
33,246 | 2,293,123 | ||||||
|
QIAGEN NV(a) |
10,899 | 497,294 | ||||||
|
Randstad NV |
5,888 | 345,538 | ||||||
|
Universal Music Group NV |
34,513 | 855,687 | ||||||
|
Wolters Kluwer NV |
11,834 | 1,425,882 | ||||||
|
|
|
|||||||
| 32,455,865 | ||||||||
|
New Zealand — 0.1% |
||||||||
|
Auckland International Airport Ltd.(a) |
58,784 | 273,698 | ||||||
|
EBOS Group Ltd. |
7,642 | 172,920 | ||||||
|
Fisher & Paykel Healthcare Corp. Ltd. |
28,268 | 381,780 | ||||||
|
Mercury NZ Ltd. |
32,838 | 121,526 | ||||||
|
Meridian Energy Ltd. |
60,796 | 194,475 | ||||||
|
Spark New Zealand Ltd. |
87,848 | 265,767 | ||||||
|
|
|
|||||||
| 1,410,166 | ||||||||
|
Norway — 0.2% |
||||||||
|
Adevinta ASA(a) |
11,930 | 84,631 | ||||||
|
Aker BP ASA |
14,665 | 398,857 | ||||||
|
DNB Bank ASA |
43,135 | 852,630 | ||||||
|
Equinor ASA |
42,708 | 1,311,614 | ||||||
|
Gjensidige Forsikring ASA |
9,425 | 146,348 | ||||||
|
Kongsberg Gruppen ASA |
4,193 | 173,930 | ||||||
|
Mowi ASA |
18,293 | 331,603 | ||||||
|
Norsk Hydro ASA |
68,911 | 381,277 | ||||||
|
Orkla ASA |
35,252 | 269,129 | ||||||
|
Salmar ASA |
3,283 | 160,274 | ||||||
|
Telenor ASA |
32,672 | 349,798 | ||||||
|
Yara International ASA |
7,716 | 281,243 | ||||||
|
|
|
|||||||
| 4,741,334 | ||||||||
|
Portugal — 0.0% |
||||||||
|
EDP - Energias de Portugal SA |
149,718 | 682,131 | ||||||
|
Galp Energia SGPS SA |
23,578 | 325,428 | ||||||
|
Jeronimo Martins SGPS SA |
13,274 | 338,380 | ||||||
|
|
|
|||||||
| 1,345,939 | ||||||||
|
Singapore — 0.4% |
||||||||
|
CapitaLand Ascendas REIT |
155,716 | 318,923 | ||||||
|
CapitaLand Integrated Commercial Trust |
232,376 | 328,252 | ||||||
|
Capitaland Investment Ltd/Singapore |
126,900 | 303,991 | ||||||
|
City Developments Ltd. |
19,800 | 97,820 | ||||||
|
DBS Group Holdings Ltd. |
84,800 | 2,087,237 | ||||||
|
Genting Singapore Ltd. |
284,300 | 183,942 | ||||||
|
Grab Holdings Ltd., Class A(a) |
88,258 | 332,733 | ||||||
|
Jardine Cycle & Carriage Ltd. |
5,400 | 133,427 | ||||||
|
Keppel Corp. Ltd. |
66,800 | 342,696 | ||||||
|
Mapletree Logistics Trust |
148,800 | 184,876 | ||||||
|
Mapletree Pan Asia Commercial Trust(b) |
103,700 | 116,568 | ||||||
|
Oversea-Chinese Banking Corp. Ltd. |
156,500 | 1,452,055 | ||||||
| 20 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Singapore (continued) |
||||||||
|
Sea Ltd., ADR(a)(b) |
17,491 | $ | 658,186 | |||||
|
Seatrium Ltd.(a) |
2,406,586 | 257,976 | ||||||
|
Sembcorp Industries Ltd. |
42,400 | 167,849 | ||||||
|
Singapore Airlines Ltd. |
64,000 | 325,193 | ||||||
|
Singapore Exchange Ltd. |
29,800 | 212,143 | ||||||
|
Singapore Technologies Engineering Ltd. |
70,500 | 198,634 | ||||||
|
Singapore Telecommunications Ltd. |
391,900 | 688,583 | ||||||
|
United Overseas Bank Ltd. |
59,000 | 1,239,434 | ||||||
|
UOL Group Ltd. |
21,400 | 105,063 | ||||||
|
Wilmar International Ltd. |
88,900 | 248,501 | ||||||
|
|
|
|||||||
| 9,984,082 | ||||||||
| Spain — 0.7% | ||||||||
|
Acciona SA |
1,209 | 172,789 | ||||||
|
ACS Actividades de Construccion y Servicios SA |
10,221 | 358,813 | ||||||
|
Aena SME SA(c) |
3,453 | 542,801 | ||||||
|
Amadeus IT Group SA |
22,175 | 1,521,503 | ||||||
|
Banco Bilbao Vizcaya Argentaria SA |
287,483 | 2,268,209 | ||||||
|
Banco Santander SA |
775,371 | 3,026,744 | ||||||
|
CaixaBank SA |
205,913 | 833,997 | ||||||
|
Cellnex Telecom SA(c) |
26,244 | 1,003,714 | ||||||
|
Corp. ACCIONA Energias Renovables SA |
3,871 | 115,031 | ||||||
|
EDP Renovaveis SA |
13,032 | 238,344 | ||||||
|
Enagas SA |
2,268 | 38,704 | ||||||
|
Endesa SA |
14,892 | 309,276 | ||||||
|
Grifols SA(a) |
14,089 | 193,017 | ||||||
|
Iberdrola SA |
284,450 | 3,374,355 | ||||||
|
Industria de Diseno Textil SA |
53,223 | 2,039,045 | ||||||
|
Naturgy Energy Group SA |
9,165 | 265,455 | ||||||
|
Redeia Corp. SA |
5,764 | 93,603 | ||||||
|
Repsol SA |
67,242 | 1,039,299 | ||||||
|
Telefonica SA |
251,891 | 1,043,753 | ||||||
|
|
|
|||||||
| 18,478,452 | ||||||||
| Sweden — 0.8% | ||||||||
|
Alfa Laval AB |
14,652 | 514,432 | ||||||
|
Assa Abloy AB, Class B |
45,750 | 1,029,646 | ||||||
|
Atlas Copco AB, Class A |
125,528 | 1,659,632 | ||||||
|
Atlas Copco AB, Class B |
72,355 | 832,997 | ||||||
|
Beijer Ref AB, Class B |
16,013 | 183,544 | ||||||
|
Boliden AB |
12,473 | 331,663 | ||||||
|
Epiroc AB, Class A |
30,658 | 588,185 | ||||||
|
Epiroc AB, Class B |
18,282 | 299,248 | ||||||
|
EQT AB |
18,311 | 368,075 | ||||||
|
Essity AB, Class B |
29,004 | 677,133 | ||||||
|
Evolution AB(c) |
8,437 | 912,520 | ||||||
|
Fastighets AB Balder, Class B(a) |
29,664 | 141,783 | ||||||
|
Getinge AB, Class B |
10,696 | 185,440 | ||||||
|
H & M Hennes & Mauritz AB, Class B |
35,664 | 544,518 | ||||||
|
Hexagon AB, Class B |
100,005 | 892,860 | ||||||
|
Holmen AB, Class B |
3,599 | 136,417 | ||||||
|
Husqvarna AB, Class B |
19,884 | 171,192 | ||||||
|
Industrivarden AB, Class A |
5,392 | 140,456 | ||||||
|
Industrivarden AB, Class C |
7,525 | 195,656 | ||||||
|
Indutrade AB |
12,386 | 237,707 | ||||||
|
Investment AB Latour, Class B |
7,018 | 127,522 | ||||||
|
Investor AB, Class A |
922 | 17,595 | ||||||
|
Investor AB, Class B |
84,246 | 1,621,552 | ||||||
|
L E Lundbergforetagen AB, Class B |
3,574 | 145,253 | ||||||
|
Lifco AB, Class B |
10,979 | 200,767 | ||||||
|
Nibe Industrier AB, Class B |
66,857 | 500,429 | ||||||
| Security | Shares | Value | ||||||
| Sweden (continued) | ||||||||
|
Nordea Bank Abp |
152,413 | $ | 1,669,723 | |||||
|
Saab AB, Class B |
3,810 | 200,841 | ||||||
|
Sagax AB, Class B |
11,856 | 246,573 | ||||||
|
Sandvik AB |
52,294 | 988,974 | ||||||
|
Securitas AB, Class B |
23,169 | 188,506 | ||||||
|
Skandinaviska Enskilda Banken AB, Class A |
75,472 | 874,991 | ||||||
|
Skanska AB, Class B |
15,956 | 233,572 | ||||||
|
SKF AB, Class B |
17,911 | 290,004 | ||||||
|
Svenska Cellulosa AB SCA, Class B |
27,665 | 368,276 | ||||||
|
Svenska Handelsbanken AB, Class A |
67,075 | 559,677 | ||||||
|
Swedbank AB, Class A |
42,068 | 744,508 | ||||||
|
Swedish Orphan Biovitrum AB(a)(b) |
7,998 | 154,269 | ||||||
|
Tele2 AB, Class B |
23,563 | 166,468 | ||||||
|
Telefonaktiebolaget LM Ericsson, Class B |
132,481 | 679,891 | ||||||
|
Telia Co. AB |
125,641 | 253,644 | ||||||
|
Volvo AB, Class A |
9,501 | 194,332 | ||||||
|
Volvo AB, Class B |
73,989 | 1,491,146 | ||||||
|
Volvo Car AB, Class B(a)(b) |
27,425 | 104,123 | ||||||
|
|
|
|||||||
| 22,065,740 | ||||||||
| Switzerland — 2.8% | ||||||||
|
ABB Ltd., Registered |
73,795 | 2,806,293 | ||||||
|
Adecco Group AG, Registered |
8,226 | 353,842 | ||||||
|
Alcon Inc. |
23,446 | 1,956,792 | ||||||
|
Bachem Holding AG, Class B |
1,432 | 133,279 | ||||||
|
Baloise Holding AG, Registered |
2,414 | 377,118 | ||||||
|
Banque Cantonale Vaudoise, Registered |
1,309 | 141,823 | ||||||
|
Barry Callebaut AG, Registered |
183 | 318,885 | ||||||
|
BKW AG |
1,336 | 229,556 | ||||||
|
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
48 | 573,733 | ||||||
|
Chocoladefabriken Lindt & Spruengli AG, Registered |
6 | 706,917 | ||||||
|
Cie. Financiere Richemont SA, Class A, Registered |
24,463 | 3,469,868 | ||||||
|
Clariant AG, Registered |
11,522 | 191,680 | ||||||
|
Coca-Cola HBC AG, Class DI |
9,254 | 266,579 | ||||||
|
DSM-Firmenich AG |
8,233 | 761,560 | ||||||
|
Dufry AG, Registered(a) |
4,645 | 206,389 | ||||||
|
EMS-Chemie Holding AG, Registered |
362 | 271,669 | ||||||
|
Geberit AG, Registered |
1,616 | 836,348 | ||||||
|
Givaudan SA, Registered |
426 | 1,419,019 | ||||||
|
Helvetia Holding AG, Registered |
1,764 | 268,259 | ||||||
|
Holcim AG |
26,593 | 1,758,599 | ||||||
|
Julius Baer Group Ltd. |
9,765 | 677,783 | ||||||
|
Kuehne + Nagel International AG, Registered |
2,395 | 719,565 | ||||||
|
Logitech International SA, Registered |
7,594 | 525,372 | ||||||
|
Lonza Group AG, Registered |
3,460 | 1,908,505 | ||||||
|
Nestle SA, Registered |
126,568 | 15,218,461 | ||||||
|
Novartis AG, Registered |
97,447 | 9,807,233 | ||||||
|
Partners Group Holding AG |
1,130 | 1,218,032 | ||||||
|
Roche Holding AG, Bearer |
1,593 | 496,472 | ||||||
|
Roche Holding AG, NVS |
33,269 | 9,764,059 | ||||||
|
Schindler Holding AG, Participation Certificates, NVS |
2,171 | 483,479 | ||||||
|
Schindler Holding AG, Registered |
1,020 | 214,030 | ||||||
|
SGS SA |
6,323 | 574,273 | ||||||
|
Siemens Energy AG(a) |
27,221 | 387,406 | ||||||
|
SIG Group AG |
13,576 | 357,123 | ||||||
|
Sika AG, Registered |
6,669 | 1,884,541 | ||||||
|
Sonova Holding AG, Registered |
2,520 | 665,866 | ||||||
|
STMicroelectronics NV |
32,091 | 1,514,525 | ||||||
|
Straumann Holding AG |
5,252 | 794,047 | ||||||
|
Swatch Group AG (The), Bearer |
1,514 | 425,041 | ||||||
|
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) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Switzerland (continued) | ||||||||
|
Swatch Group AG (The), Registered |
2,808 | $ | 149,605 | |||||
|
Swiss Life Holding AG, Registered |
1,402 | 878,024 | ||||||
|
Swiss Prime Site AG, Registered |
4,017 | 385,728 | ||||||
|
Swiss Re AG |
13,645 | 1,325,033 | ||||||
|
Swisscom AG, Registered |
1,120 | 681,956 | ||||||
|
Temenos AG, Registered |
3,568 | 282,785 | ||||||
|
UBS Group AG, Registered |
155,910 | 4,129,541 | ||||||
|
VAT Group AG(c) |
1,417 | 566,300 | ||||||
|
Zurich Insurance Group AG |
6,974 | 3,270,059 | ||||||
|
|
|
|||||||
| 76,353,052 | ||||||||
| United Kingdom — 3.9% | ||||||||
|
3i Group PLC |
48,343 | 1,217,347 | ||||||
|
abrdn PLC |
84,023 | 175,278 | ||||||
|
Admiral Group PLC |
9,627 | 303,289 | ||||||
|
Anglo American PLC |
60,146 | 1,599,382 | ||||||
|
Antofagasta PLC |
18,219 | 333,661 | ||||||
|
Ashtead Group PLC |
20,672 | 1,442,043 | ||||||
|
Associated British Foods PLC |
16,433 | 413,945 | ||||||
|
AstraZeneca PLC |
73,271 | 9,841,952 | ||||||
|
Auto Trader Group PLC(c) |
44,290 | 339,636 | ||||||
|
Aviva PLC |
137,531 | 652,552 | ||||||
|
BAE Systems PLC |
148,059 | 1,884,460 | ||||||
|
Barclays PLC |
730,578 | 1,360,816 | ||||||
|
Barratt Developments PLC |
47,062 | 269,782 | ||||||
|
Berkeley Group Holdings PLC |
5,170 | 265,615 | ||||||
|
BP PLC |
822,542 | 5,082,720 | ||||||
|
British American Tobacco PLC |
101,183 | 3,351,620 | ||||||
|
BT Group PLC |
328,051 | 479,909 | ||||||
|
Bunzl PLC |
15,565 | 557,368 | ||||||
|
Burberry Group PLC |
18,675 | 515,610 | ||||||
|
Centrica PLC |
270,535 | 519,255 | ||||||
|
CNH Industrial NV |
47,538 | 655,446 | ||||||
|
Coca-Cola Europacific Partners PLC |
9,546 | 611,994 | ||||||
|
Compass Group PLC |
83,041 | 2,094,021 | ||||||
|
Croda International PLC |
6,435 | 449,407 | ||||||
|
DCC PLC |
4,531 | 247,923 | ||||||
|
Diageo PLC |
107,106 | 4,386,308 | ||||||
|
Endeavour Mining PLC |
8,832 | 180,357 | ||||||
|
Entain PLC |
28,019 | 409,826 | ||||||
|
Experian PLC |
42,558 | 1,486,277 | ||||||
|
Glencore PLC |
504,504 | 2,686,581 | ||||||
|
GSK PLC |
192,167 | 3,365,984 | ||||||
|
Haleon PLC |
262,653 | 1,075,444 | ||||||
|
Halma PLC |
17,545 | 475,617 | ||||||
|
Hargreaves Lansdown PLC |
16,418 | 157,994 | ||||||
|
Hikma Pharmaceuticals PLC |
7,989 | 220,681 | ||||||
|
HSBC Holdings PLC |
946,503 | 6,982,549 | ||||||
|
Imperial Brands PLC |
42,385 | 959,663 | ||||||
|
Informa PLC |
69,422 | 641,424 | ||||||
|
InterContinental Hotels Group PLC |
8,516 | 640,534 | ||||||
|
Intertek Group PLC |
7,469 | 391,149 | ||||||
|
J Sainsbury PLC |
80,694 | 275,953 | ||||||
|
JD Sports Fashion PLC |
119,104 | 218,615 | ||||||
|
Johnson Matthey PLC |
8,954 | 184,597 | ||||||
|
Kingfisher PLC |
97,086 | 287,714 | ||||||
|
Land Securities Group PLC |
32,526 | 247,845 | ||||||
|
Legal & General Group PLC |
267,063 | 737,867 | ||||||
|
Lloyds Banking Group PLC |
3,097,047 | 1,654,636 | ||||||
|
London Stock Exchange Group PLC |
19,075 | 1,973,387 | ||||||
|
M&G PLC |
120,005 | 289,853 | ||||||
| Security | Shares | Value | ||||||
| United Kingdom (continued) | ||||||||
|
Melrose Industries PLC |
64,065 | $ | 416,013 | |||||
|
Mondi PLC |
22,498 | 373,710 | ||||||
|
National Grid PLC |
177,230 | 2,212,255 | ||||||
|
NatWest Group PLC, NVS |
247,245 | 719,008 | ||||||
|
Next PLC |
6,165 | 544,854 | ||||||
|
Ocado Group PLC(a)(b) |
22,081 | 243,225 | ||||||
|
Pearson PLC |
34,825 | 369,100 | ||||||
|
Persimmon PLC |
14,891 | 200,750 | ||||||
|
Phoenix Group Holdings PLC |
32,341 | 213,043 | ||||||
|
Prudential PLC |
130,991 | 1,595,347 | ||||||
|
Reckitt Benckiser Group PLC |
34,185 | 2,466,983 | ||||||
|
RELX PLC |
89,335 | 2,911,850 | ||||||
|
Rentokil Initial PLC |
117,660 | 895,800 | ||||||
|
Rio Tinto PLC |
53,331 | 3,284,369 | ||||||
|
Rolls-Royce Holdings PLC(a) |
385,870 | 1,082,489 | ||||||
|
Sage Group PLC (The) |
50,938 | 625,957 | ||||||
|
Schroders PLC |
33,977 | 176,758 | ||||||
|
Segro PLC |
55,445 | 516,873 | ||||||
|
Severn Trent PLC |
11,559 | 351,023 | ||||||
|
Shell PLC |
317,812 | 9,717,184 | ||||||
|
Smith & Nephew PLC |
40,602 | 547,925 | ||||||
|
Smiths Group PLC |
18,322 | 379,995 | ||||||
|
Spirax-Sarco Engineering PLC |
3,365 | 431,212 | ||||||
|
SSE PLC |
48,182 | 990,099 | ||||||
|
St. James’s Place PLC |
24,938 | 278,853 | ||||||
|
Standard Chartered PLC |
109,481 | 985,078 | ||||||
|
Taylor Wimpey PLC |
182,044 | 263,090 | ||||||
|
Tesco PLC |
362,311 | 1,218,915 | ||||||
|
Unilever PLC |
119,098 | 6,082,241 | ||||||
|
United Utilities Group PLC |
31,470 | 376,845 | ||||||
|
Vodafone Group PLC |
1,091,606 | 1,011,976 | ||||||
|
Whitbread PLC |
9,333 | 405,925 | ||||||
|
Wise PLC, Class A(a) |
29,251 | 236,771 | ||||||
|
WPP PLC |
45,958 | 445,489 | ||||||
|
|
|
|||||||
| 107,166,891 | ||||||||
| United States — 69.7% | ||||||||
|
3M Co. |
26,289 | 2,804,248 | ||||||
|
A O Smith Corp. |
6,428 | 466,030 | ||||||
|
Abbott Laboratories |
82,826 | 8,522,795 | ||||||
|
AbbVie Inc. |
83,798 | 12,314,954 | ||||||
|
Accenture PLC, Class A |
30,039 | 9,725,727 | ||||||
|
Activision Blizzard Inc. |
37,267 | 3,428,191 | ||||||
|
Adobe Inc.(a) |
21,627 | 12,096,846 | ||||||
|
Advanced Micro Devices Inc.(a)(b) |
75,880 | 8,022,034 | ||||||
|
AECOM |
6,202 | 544,226 | ||||||
|
AES Corp. (The) |
31,349 | 562,088 | ||||||
|
Aflac Inc. |
28,006 | 2,088,407 | ||||||
|
Agilent Technologies Inc. |
14,083 | 1,705,029 | ||||||
|
Air Products and Chemicals Inc. |
10,610 | 3,135,149 | ||||||
|
Airbnb Inc., Class A(a)(b) |
19,668 | 2,587,325 | ||||||
|
Akamai Technologies Inc.(a) |
7,769 | 816,444 | ||||||
|
Albemarle Corp. |
5,512 | 1,095,290 | ||||||
|
Albertsons Companies Inc., Class A |
13,639 | 305,514 | ||||||
|
Alexandria Real Estate Equities Inc. |
7,436 | 865,104 | ||||||
|
Align Technology Inc.(a) |
3,476 | 1,286,607 | ||||||
|
Allegion PLC |
4,212 | 479,368 | ||||||
|
Alliant Energy Corp. |
12,174 | 610,770 | ||||||
|
Allstate Corp. (The) |
12,646 | 1,363,365 | ||||||
|
Ally Financial Inc. |
12,752 | 353,103 | ||||||
|
Alnylam Pharmaceuticals Inc.(a) |
6,027 | 1,192,261 | ||||||
| 22 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Alphabet Inc., Class A(a) |
281,624 | $ | 38,348,740 | |||||
|
Alphabet Inc., Class C, NVS(a) |
250,605 | 34,420,597 | ||||||
|
Altria Group Inc. |
83,669 | 3,699,843 | ||||||
|
Amazon.com Inc.(a) |
437,742 | 60,412,773 | ||||||
|
Amcor PLC |
73,260 | 713,552 | ||||||
|
AMERCO |
4,020 | 214,025 | ||||||
|
Ameren Corp. |
12,078 | 957,423 | ||||||
|
American Electric Power Co. Inc. |
24,306 | 1,905,590 | ||||||
|
American Express Co. |
29,932 | 4,728,957 | ||||||
|
American Financial Group Inc./OH |
3,077 | 356,686 | ||||||
|
American Homes 4 Rent, Class A |
15,203 | 547,916 | ||||||
|
American International Group Inc. |
35,441 | 2,074,007 | ||||||
|
American Tower Corp. |
21,929 | 3,976,166 | ||||||
|
American Water Works Co. Inc. |
9,148 | 1,269,194 | ||||||
|
Ameriprise Financial Inc. |
4,958 | 1,673,722 | ||||||
|
AMETEK Inc. |
10,782 | 1,719,837 | ||||||
|
Amgen Inc. |
25,191 | 6,457,461 | ||||||
|
Amphenol Corp., Class A |
27,695 | 2,447,684 | ||||||
|
Analog Devices Inc. |
24,179 | 4,395,259 | ||||||
|
Annaly Capital Management Inc. |
21,452 | 434,832 | ||||||
|
Ansys Inc.(a) |
4,044 | 1,289,510 | ||||||
|
Aon PLC, Class A |
9,660 | 3,220,547 | ||||||
|
APA Corp. |
15,702 | 688,376 | ||||||
|
Apollo Global Management Inc. |
18,788 | 1,640,944 | ||||||
|
Apple Inc. |
745,601 | 140,076,060 | ||||||
|
Applied Materials Inc. |
40,036 | 6,115,899 | ||||||
|
Aptiv PLC(a) |
13,580 | 1,377,691 | ||||||
|
Aramark |
11,093 | 412,438 | ||||||
|
Arch Capital Group Ltd.(a) |
17,771 | 1,365,879 | ||||||
|
Archer-Daniels-Midland Co. |
26,297 | 2,085,352 | ||||||
|
Ares Management Corp., Class A |
7,295 | 754,595 | ||||||
|
Arista Networks Inc.(a) |
12,293 | 2,399,962 | ||||||
|
Arrow Electronics Inc.(a) |
2,676 | 357,059 | ||||||
|
Arthur J Gallagher & Co. |
10,067 | 2,320,242 | ||||||
|
Aspen Technology Inc.(a) |
1,356 | 263,064 | ||||||
|
Assurant Inc. |
2,531 | 352,644 | ||||||
|
AT&T Inc. |
337,580 | 4,992,808 | ||||||
|
Atlassian Corp., NVS(a) |
7,051 | 1,438,827 | ||||||
|
Atmos Energy Corp. |
7,095 | 822,665 | ||||||
|
Autodesk Inc.(a) |
10,290 | 2,283,763 | ||||||
|
Automatic Data Processing Inc. |
19,562 | 4,980,681 | ||||||
|
AutoZone Inc.(a) |
857 | 2,169,350 | ||||||
|
AvalonBay Communities Inc. |
6,488 | 1,192,624 | ||||||
|
Avantor Inc.(a) |
33,698 | 729,562 | ||||||
|
Avery Dennison Corp. |
3,880 | 730,914 | ||||||
|
Axon Enterprise Inc.(a) |
3,187 | 678,544 | ||||||
|
Baker Hughes Co., Class A |
48,607 | 1,759,087 | ||||||
|
Ball Corp. |
15,502 | 844,084 | ||||||
|
Bank of America Corp. |
339,429 | 9,731,429 | ||||||
|
Bank of New York Mellon Corp. (The) |
37,959 | 1,703,220 | ||||||
|
Bath & Body Works Inc. |
9,932 | 366,193 | ||||||
|
Baxter International Inc. |
23,355 | 948,213 | ||||||
|
Becton Dickinson and Co. |
13,306 | 3,718,362 | ||||||
|
Bentley Systems Inc., Class B(b) |
10,568 | 527,449 | ||||||
|
Berkshire Hathaway Inc., Class B(a) |
61,491 | 22,149,058 | ||||||
|
Best Buy Co. Inc. |
9,899 | 756,779 | ||||||
|
Bill.com Holdings Inc.(a)(b) |
4,512 | 520,234 | ||||||
|
Biogen Inc.(a) |
6,871 | 1,837,031 | ||||||
|
BioMarin Pharmaceutical Inc.(a)(b) |
8,873 | 810,815 | ||||||
|
Bio-Rad Laboratories Inc., Class A(a) |
1,065 | 426,213 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Bio-Techne Corp. |
7,230 | $ | 566,832 | |||||
|
Black Knight Inc.(a) |
7,690 | 582,594 | ||||||
|
BlackRock Inc.(d) |
7,041 | 4,932,502 | ||||||
|
Blackstone Inc., NVS |
33,035 | 3,513,933 | ||||||
|
Block Inc.(a) |
25,178 | 1,451,512 | ||||||
|
Boeing Co. (The)(a) |
27,111 | 6,073,677 | ||||||
|
Booking Holdings Inc.(a) |
1,792 | 5,564,214 | ||||||
|
Booz Allen Hamilton Holding Corp., Class A |
6,745 | 764,276 | ||||||
|
BorgWarner Inc. |
11,554 | 470,826 | ||||||
|
Boston Properties Inc. |
6,982 | 466,188 | ||||||
|
Boston Scientific Corp.(a) |
68,513 | 3,695,591 | ||||||
|
Bristol-Myers Squibb Co. |
99,159 | 6,113,152 | ||||||
|
Broadcom Inc. |
19,657 | 18,141,249 | ||||||
|
Broadridge Financial Solutions Inc. |
5,526 | 1,028,996 | ||||||
|
Brown & Brown Inc. |
11,323 | 839,034 | ||||||
|
Brown-Forman Corp., Class B |
14,536 | 961,266 | ||||||
|
Builders FirstSource Inc.(a) |
6,566 | 952,333 | ||||||
|
Bunge Ltd. |
6,813 | 778,862 | ||||||
|
Burlington Stores Inc.(a) |
3,157 | 512,255 | ||||||
|
Cadence Design Systems Inc.(a) |
12,854 | 3,090,616 | ||||||
|
Caesars Entertainment Inc.(a) |
10,158 | 561,331 | ||||||
|
Camden Property Trust |
4,649 | 500,325 | ||||||
|
Campbell Soup Co. |
9,784 | 407,993 | ||||||
|
Capital One Financial Corp. |
18,245 | 1,868,106 | ||||||
|
Cardinal Health Inc. |
12,207 | 1,066,037 | ||||||
|
Carlisle Companies Inc. |
2,227 | 585,746 | ||||||
|
Carlyle Group Inc. (The) |
11,279 | 364,876 | ||||||
|
CarMax Inc.(a)(b) |
7,654 | 625,179 | ||||||
|
Carnival Corp.(a) |
50,184 | 793,911 | ||||||
|
Carrier Global Corp. |
38,754 | 2,226,417 | ||||||
|
Catalent Inc.(a) |
7,915 | 395,513 | ||||||
|
Caterpillar Inc. |
24,345 | 6,844,110 | ||||||
|
Cboe Global Markets Inc. |
4,592 | 687,468 | ||||||
|
CBRE Group Inc., Class A(a) |
14,385 | 1,223,444 | ||||||
|
CDW Corp./DE |
6,420 | 1,355,583 | ||||||
|
Celanese Corp., Class A |
5,210 | 658,336 | ||||||
|
Cencora Inc. |
8,179 | 1,439,340 | ||||||
|
Centene Corp.(a) |
25,846 | 1,593,406 | ||||||
|
CenterPoint Energy Inc. |
31,497 | 878,451 | ||||||
|
Ceridian HCM Holding Inc.(a) |
6,659 | 482,911 | ||||||
|
CF Industries Holdings Inc. |
8,900 | 685,923 | ||||||
|
CH Robinson Worldwide Inc.(b) |
5,217 | 471,773 | ||||||
|
Charles River Laboratories International Inc.(a) |
2,302 | 476,100 | ||||||
|
Charles Schwab Corp. (The) |
71,490 | 4,228,633 | ||||||
|
Charter Communications Inc., Class A(a)(b) |
4,674 | 2,047,773 | ||||||
|
Cheniere Energy Inc. |
11,584 | 1,890,509 | ||||||
|
Chesapeake Energy Corp. |
5,773 | 509,236 | ||||||
|
Chevron Corp. |
86,005 | 13,855,405 | ||||||
|
Chewy Inc., Class A(a)(b) |
4,094 | 98,174 | ||||||
|
Chipotle Mexican Grill Inc., Class A(a) |
1,293 | 2,491,146 | ||||||
|
Chubb Ltd. |
19,501 | 3,917,166 | ||||||
|
Church & Dwight Co. Inc. |
11,511 | 1,113,919 | ||||||
|
Cigna Group (The) |
13,938 | 3,850,512 | ||||||
|
Cincinnati Financial Corp. |
7,329 | 775,335 | ||||||
|
Cintas Corp. |
4,267 | 2,151,293 | ||||||
|
Cisco Systems Inc. |
193,110 | 11,074,858 | ||||||
|
Citigroup Inc. |
92,277 | 3,810,117 | ||||||
|
Citizens Financial Group Inc. |
23,420 | 658,805 | ||||||
|
Clarivate PLC(a)(b) |
16,631 | 123,568 | ||||||
|
Cleveland-Cliffs Inc.(a) |
23,796 | 363,841 | ||||||
|
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) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Clorox Co. (The) |
5,760 | $ | 901,152 | |||||
|
Cloudflare Inc., Class A(a)(b) |
12,772 | 830,563 | ||||||
|
CME Group Inc. |
17,272 | 3,500,689 | ||||||
|
CMS Energy Corp. |
13,851 | 778,288 | ||||||
|
Coca-Cola Co. (The) |
195,134 | 11,674,867 | ||||||
|
Cognex Corp. |
8,585 | 404,182 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
24,498 | 1,754,302 | ||||||
|
Coinbase Global Inc., Class A(a)(b) |
7,797 | 620,641 | ||||||
|
Colgate-Palmolive Co. |
37,186 | 2,732,055 | ||||||
|
Comcast Corp., Class A |
197,598 | 9,239,682 | ||||||
|
Conagra Brands Inc. |
23,217 | 693,724 | ||||||
|
Confluent Inc., Class A(a) |
7,758 | 256,712 | ||||||
|
ConocoPhillips |
57,660 | 6,863,270 | ||||||
|
Consolidated Edison Inc. |
16,491 | 1,467,039 | ||||||
|
Constellation Brands Inc., Class A |
7,821 | 2,037,840 | ||||||
|
Constellation Energy Corp. |
15,438 | 1,608,022 | ||||||
|
Cooper Companies Inc. (The) |
2,318 | 857,637 | ||||||
|
Copart Inc.(a) |
39,583 | 1,774,506 | ||||||
|
Corning Inc. |
37,839 | 1,241,876 | ||||||
|
Corteva Inc. |
34,173 | 1,726,078 | ||||||
|
CoStar Group Inc.(a) |
19,903 | 1,631,847 | ||||||
|
Costco Wholesale Corp. |
21,048 | 11,561,245 | ||||||
|
Coterra Energy Inc. |
35,348 | 996,460 | ||||||
|
Crowdstrike Holdings Inc., Class A(a) |
10,606 | 1,729,096 | ||||||
|
Crown Castle Inc. |
20,109 | 2,020,955 | ||||||
|
Crown Holdings Inc. |
6,208 | 575,233 | ||||||
|
CSX Corp. |
95,962 | 2,898,052 | ||||||
|
Cummins Inc. |
6,656 | 1,531,146 | ||||||
|
CVS Health Corp. |
60,722 | 3,957,253 | ||||||
|
Danaher Corp. |
33,230 | 8,805,950 | ||||||
|
Darden Restaurants Inc. |
5,506 | 856,238 | ||||||
|
Darling Ingredients Inc.(a)(b) |
7,124 | 439,978 | ||||||
|
Datadog Inc., Class A(a) |
11,382 | 1,098,135 | ||||||
|
DaVita Inc.(a) |
2,409 | 246,730 | ||||||
|
Deckers Outdoor Corp.(a) |
1,254 | 663,479 | ||||||
|
Deere & Co. |
13,337 | 5,480,707 | ||||||
|
Dell Technologies Inc., Class C |
13,230 | 744,055 | ||||||
|
Delta Air Lines Inc. |
7,871 | 337,508 | ||||||
|
DENTSPLY SIRONA Inc. |
10,530 | 390,558 | ||||||
|
Devon Energy Corp. |
29,996 | 1,532,496 | ||||||
|
Dexcom Inc.(a) |
18,219 | 1,839,755 | ||||||
|
Diamondback Energy Inc. |
8,041 | 1,220,463 | ||||||
|
Dick’s Sporting Goods Inc. |
2,945 | 342,621 | ||||||
|
Digital Realty Trust Inc. |
14,236 | 1,875,166 | ||||||
|
Discover Financial Services |
12,752 | 1,148,573 | ||||||
|
DocuSign Inc., Class A(a) |
9,152 | 460,346 | ||||||
|
Dollar General Corp. |
10,212 | 1,414,362 | ||||||
|
Dollar Tree Inc.(a) |
10,473 | 1,281,476 | ||||||
|
Dominion Energy Inc. |
38,661 | 1,876,605 | ||||||
|
Domino’s Pizza Inc. |
1,700 | 658,580 | ||||||
|
DoorDash Inc., Class A(a) |
11,376 | 957,063 | ||||||
|
Dover Corp. |
6,844 | 1,014,965 | ||||||
|
Dow Inc. |
33,394 | 1,821,977 | ||||||
|
DR Horton Inc. |
14,703 | 1,749,951 | ||||||
|
DraftKings Inc., Class A (a) |
19,727 | 584,906 | ||||||
|
Dropbox Inc., Class A(a) |
11,154 | 309,970 | ||||||
|
DTE Energy Co. |
9,886 | 1,022,015 | ||||||
|
Duke Energy Corp. |
36,812 | 3,268,906 | ||||||
|
DuPont de Nemours Inc. |
21,837 | 1,679,047 | ||||||
|
Dynatrace Inc.(a) |
11,431 | 550,974 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Eastman Chemical Co. |
5,507 | $ | 468,150 | |||||
|
Eaton Corp. PLC |
19,019 | 4,381,407 | ||||||
|
eBay Inc. |
24,772 | 1,109,290 | ||||||
|
Ecolab Inc. |
11,984 | 2,202,779 | ||||||
|
Edison International |
18,052 | 1,242,880 | ||||||
|
Edwards Lifesciences Corp.(a) |
28,923 | 2,211,742 | ||||||
|
Electronic Arts Inc. |
13,244 | 1,589,015 | ||||||
|
Elevance Health Inc. |
11,176 | 4,939,904 | ||||||
|
Eli Lilly & Co. |
38,268 | 21,208,126 | ||||||
|
Emerson Electric Co. |
26,558 | 2,609,324 | ||||||
|
Enphase Energy Inc.(a) |
6,372 | 806,249 | ||||||
|
Entegris Inc.(b) |
6,902 | 698,966 | ||||||
|
Entergy Corp. |
9,439 | 899,065 | ||||||
|
EOG Resources Inc. |
27,960 | 3,596,215 | ||||||
|
EPAM Systems Inc.(a) |
2,599 | 673,115 | ||||||
|
EQT Corp. |
15,876 | 686,161 | ||||||
|
Equifax Inc. |
5,663 | 1,170,542 | ||||||
|
Equinix Inc. |
4,427 | 3,459,169 | ||||||
|
Equitable Holdings Inc. |
17,736 | 510,797 | ||||||
|
Equity LifeStyle Properties Inc. |
8,445 | 565,477 | ||||||
|
Equity Residential |
16,799 | 1,089,079 | ||||||
|
Erie Indemnity Co., Class A, NVS |
1,242 | 346,183 | ||||||
|
Essential Utilities Inc. |
11,146 | 411,287 | ||||||
|
Essex Property Trust Inc. |
3,008 | 717,077 | ||||||
|
Estee Lauder Companies Inc. (The), Class A |
10,799 | 1,733,563 | ||||||
|
Etsy Inc.(a) |
5,949 | 437,668 | ||||||
|
Everest Group Ltd. |
2,038 | 735,066 | ||||||
|
Evergy Inc. |
11,049 | 607,364 | ||||||
|
Eversource Energy |
16,229 | 1,035,735 | ||||||
|
Exact Sciences Corp.(a) |
8,337 | 697,557 | ||||||
|
Exelon Corp. |
48,411 | 1,942,249 | ||||||
|
Expedia Group Inc.(a) |
6,820 | 739,220 | ||||||
|
Expeditors International of Washington Inc. |
7,103 | 828,991 | ||||||
|
Extra Space Storage Inc. |
9,976 | 1,283,712 | ||||||
|
Exxon Mobil Corp. |
192,313 | 21,383,282 | ||||||
|
F5 Inc.(a) |
2,847 | 465,940 | ||||||
|
FactSet Research Systems Inc. |
1,740 | 759,353 | ||||||
|
Fair Isaac Corp.(a) |
1,163 | 1,052,038 | ||||||
|
Fastenal Co. |
26,848 | 1,545,908 | ||||||
|
FedEx Corp. |
11,323 | 2,955,529 | ||||||
|
Ferguson PLC |
9,882 | 1,596,536 | ||||||
|
Fidelity National Financial Inc. |
12,821 | 530,789 | ||||||
|
Fidelity National Information Services Inc. |
28,684 | 1,602,288 | ||||||
|
Fifth Third Bancorp |
32,251 | 856,264 | ||||||
|
First Citizens BancShares Inc./NC, Class A |
501 | 681,560 | ||||||
|
First Horizon Corp. |
23,274 | 292,089 | ||||||
|
First Solar Inc.(a) |
4,492 | 849,527 | ||||||
|
FirstEnergy Corp. |
25,986 | 937,315 | ||||||
|
Fiserv Inc.(a) |
29,723 | 3,608,075 | ||||||
|
FleetCor Technologies Inc.(a) |
3,258 | 885,296 | ||||||
|
FMC Corp. |
6,243 | 538,334 | ||||||
|
Ford Motor Co. |
183,862 | 2,230,246 | ||||||
|
Fortinet Inc.(a) |
31,084 | 1,871,568 | ||||||
|
Fortive Corp. |
17,333 | 1,366,707 | ||||||
|
Fortune Brands Home & Security Inc., NVS |
6,584 | 454,428 | ||||||
|
Fox Corp., Class A, NVS |
14,495 | 479,205 | ||||||
|
Fox Corp., Class B |
7,505 | 229,053 | ||||||
|
Franklin Resources Inc. |
14,622 | 390,992 | ||||||
|
Freeport-McMoRan Inc. |
68,737 | 2,743,294 | ||||||
|
Gaming and Leisure Properties Inc. |
13,297 | 630,278 | ||||||
| 24 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Garmin Ltd. |
7,808 | $ | 827,804 | |||||
|
Gartner Inc.(a) |
3,890 | 1,360,255 | ||||||
|
GE Healthcare Inc., NVS(a) |
19,305 | 1,360,037 | ||||||
|
Gen Digital, Inc. |
28,211 | 571,273 | ||||||
|
Generac Holdings Inc.(a)(b) |
2,967 | 352,509 | ||||||
|
General Dynamics Corp. |
11,006 | 2,494,400 | ||||||
|
General Electric Co. |
51,879 | 5,938,070 | ||||||
|
General Mills Inc. |
28,191 | 1,907,403 | ||||||
|
General Motors Co. |
67,242 | 2,253,279 | ||||||
|
Genuine Parts Co. |
6,710 | 1,031,528 | ||||||
|
Gilead Sciences Inc. |
59,231 | 4,529,987 | ||||||
|
Global Payments Inc. |
12,011 | 1,521,674 | ||||||
|
Globe Life Inc. |
4,618 | 515,230 | ||||||
|
GoDaddy Inc., Class A(a) |
6,686 | 484,802 | ||||||
|
Goldman Sachs Group Inc. (The) |
15,738 | 5,157,500 | ||||||
|
Graco Inc. |
7,936 | 626,468 | ||||||
|
Halliburton Co. |
41,658 | 1,608,832 | ||||||
|
Hartford Financial Services Group Inc. (The) |
14,213 | 1,020,778 | ||||||
|
Hasbro Inc. |
6,236 | 448,992 | ||||||
|
HCA Healthcare Inc. |
9,658 | 2,678,163 | ||||||
|
Healthcare Realty Trust Inc., Class A |
17,879 | 313,240 | ||||||
|
Healthpeak Properties Inc. |
25,616 | 527,177 | ||||||
|
HEICO Corp. |
2,087 | 352,098 | ||||||
|
HEICO Corp., Class A |
3,496 | 473,463 | ||||||
|
Henry Schein Inc.(a) |
6,626 | 507,154 | ||||||
|
Hershey Co. (The) |
7,151 | 1,536,464 | ||||||
|
Hess Corp. |
12,982 | 2,005,719 | ||||||
|
Hewlett Packard Enterprise Co. |
61,418 | 1,043,492 | ||||||
|
HF Sinclair Corp. |
7,185 | 395,822 | ||||||
|
Hilton Worldwide Holdings Inc. |
12,272 | 1,824,233 | ||||||
|
Hologic Inc.(a) |
11,920 | 890,901 | ||||||
|
Home Depot Inc. (The) |
47,746 | 15,770,504 | ||||||
|
Honeywell International Inc. |
31,386 | 5,898,685 | ||||||
|
Horizon Therapeutics PLC(a) |
10,666 | 1,202,485 | ||||||
|
Hormel Foods Corp. |
14,119 | 544,852 | ||||||
|
Host Hotels & Resorts Inc. |
34,618 | 546,618 | ||||||
|
Howmet Aerospace Inc. |
18,128 | 896,792 | ||||||
|
HP Inc. |
42,165 | 1,252,722 | ||||||
|
Hubbell Inc., Class B |
2,724 | 888,160 | ||||||
|
HubSpot Inc.(a) |
2,282 | 1,247,159 | ||||||
|
Humana Inc. |
5,955 | 2,749,007 | ||||||
|
Huntington Bancshares Inc./OH |
69,366 | 769,269 | ||||||
|
Huntington Ingalls Industries Inc. |
1,905 | 419,710 | ||||||
|
Hyatt Hotels Corp., Class A |
2,251 | 253,035 | ||||||
|
IDEX Corp. |
3,613 | 817,983 | ||||||
|
IDEXX Laboratories Inc.(a)(b) |
3,907 | 1,998,079 | ||||||
|
Illinois Tool Works Inc. |
14,584 | 3,607,352 | ||||||
|
Illumina Inc.(a) |
7,349 | 1,214,202 | ||||||
|
Incyte Corp.(a) |
9,062 | 584,771 | ||||||
|
Ingersoll Rand Inc. |
19,061 | 1,326,836 | ||||||
|
Insulet Corp.(a) |
3,209 | 615,197 | ||||||
|
Intel Corp. |
197,882 | 6,953,573 | ||||||
|
Intercontinental Exchange Inc. |
26,104 | 3,080,011 | ||||||
|
International Business Machines Corp. |
43,218 | 6,345,699 | ||||||
|
International Flavors & Fragrances Inc. |
11,663 | 821,658 | ||||||
|
International Paper Co. |
17,582 | 613,963 | ||||||
|
Interpublic Group of Companies Inc. (The) |
18,707 | 610,035 | ||||||
|
Intuit Inc. |
13,348 | 7,232,080 | ||||||
|
Intuitive Surgical Inc.(a) |
16,654 | 5,207,373 | ||||||
|
Invesco Ltd. |
16,864 | 268,475 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Invitation Homes Inc. |
30,173 | $ | 1,028,598 | |||||
|
IQVIA Holdings Inc.(a) |
8,977 | 1,998,550 | ||||||
|
Iron Mountain Inc. |
13,687 | 869,672 | ||||||
|
Jabil Inc. |
6,204 | 709,862 | ||||||
|
Jack Henry & Associates Inc. |
3,598 | 564,094 | ||||||
|
Jacobs Solutions Inc., NVS |
6,195 | 835,210 | ||||||
|
Jazz Pharmaceuticals PLC(a) |
2,826 | 405,135 | ||||||
|
JB Hunt Transport Services Inc. |
3,937 | 739,684 | ||||||
|
JM Smucker Co. (The) |
5,052 | 732,287 | ||||||
|
Johnson & Johnson |
114,138 | 18,453,832 | ||||||
|
Johnson Controls International PLC |
32,716 | 1,932,207 | ||||||
|
JPMorgan Chase & Co. |
138,902 | 20,325,530 | ||||||
|
Juniper Networks Inc. |
15,557 | 453,020 | ||||||
|
Kellogg Co. |
12,045 | 734,986 | ||||||
|
Kenvue Inc. |
72,619 | 1,673,868 | ||||||
|
Keurig Dr Pepper Inc. |
43,491 | 1,463,472 | ||||||
|
KeyCorp |
45,033 | 510,224 | ||||||
|
Keysight Technologies Inc.(a) |
8,552 | 1,139,982 | ||||||
|
Kimberly-Clark Corp. |
16,326 | 2,103,279 | ||||||
|
Kimco Realty Corp. |
29,186 | 552,783 | ||||||
|
Kinder Morgan Inc. |
95,165 | 1,638,741 | ||||||
|
KKR & Co. Inc. |
28,451 | 1,787,007 | ||||||
|
KLA Corp. |
6,476 | 3,250,110 | ||||||
|
Knight-Swift Transportation Holdings Inc. |
7,616 | 417,509 | ||||||
|
Kraft Heinz Co. (The) |
40,723 | 1,347,524 | ||||||
|
Kroger Co. (The) |
33,085 | 1,534,813 | ||||||
|
L3Harris Technologies Inc. |
8,759 | 1,559,890 | ||||||
|
Laboratory Corp. of America Holdings |
4,005 | 833,441 | ||||||
|
Lam Research Corp. |
6,362 | 4,468,669 | ||||||
|
Lamb Weston Holdings Inc. |
6,460 | 629,269 | ||||||
|
Las Vegas Sands Corp. |
16,753 | 919,070 | ||||||
|
Lattice Semiconductor Corp.(a) |
6,545 | 636,567 | ||||||
|
Lear Corp. |
2,851 | 410,801 | ||||||
|
Leidos Holdings Inc. |
6,494 | 633,230 | ||||||
|
Lennar Corp., Class A |
12,410 | 1,477,907 | ||||||
|
Lennox International Inc. |
1,551 | 584,432 | ||||||
|
Liberty Broadband Corp., Class C (a) |
5,902 | 552,191 | ||||||
|
Liberty Global PLC, Class C, NVS(a) |
10,448 | 207,288 | ||||||
|
Liberty
Media Corp.-Liberty Formula One, |
9,039 | 621,793 | ||||||
|
Liberty Media Corp.-Liberty SiriusXM, NVS(a) |
8,168 | 199,626 | ||||||
|
Linde PLC |
23,119 | 8,947,978 | ||||||
|
Live Nation Entertainment Inc.(a) |
7,750 | 655,108 | ||||||
|
LKQ Corp. |
13,232 | 695,077 | ||||||
|
Lockheed Martin Corp. |
10,844 | 4,861,907 | ||||||
|
Loews Corp. |
8,653 | 537,265 | ||||||
|
Lowe’s Companies Inc. |
28,114 | 6,479,715 | ||||||
|
LPL Financial Holdings Inc. |
3,621 | 834,966 | ||||||
|
Lucid Group Inc.(a)(b) |
42,512 | 266,975 | ||||||
|
Lululemon Athletica Inc.(a) |
5,501 | 2,097,311 | ||||||
|
LyondellBasell Industries NV, Class A |
12,332 | 1,218,032 | ||||||
|
M&T Bank Corp. |
8,354 | 1,044,668 | ||||||
|
Manhattan Associates Inc.(a) |
2,940 | 595,703 | ||||||
|
Marathon Oil Corp. |
27,806 | 732,688 | ||||||
|
Marathon Petroleum Corp. |
21,011 | 2,999,740 | ||||||
|
Markel Group Inc.(a) |
637 | 942,072 | ||||||
|
MarketAxess Holdings Inc. |
1,854 | 446,684 | ||||||
|
Marriott International Inc./MD, Class A |
12,286 | 2,500,324 | ||||||
|
Marsh & McLennan Companies Inc. |
23,473 | 4,577,000 | ||||||
|
Martin Marietta Materials Inc. |
2,923 | 1,304,856 | ||||||
|
Marvell Technology Inc. |
40,210 | 2,342,233 | ||||||
|
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) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Masco Corp. |
11,735 | $ | 692,482 | |||||
|
Mastercard Inc., Class A |
40,130 | 16,559,243 | ||||||
|
Match Group Inc.(a) |
12,312 | 577,063 | ||||||
|
McCormick & Co. Inc./MD, NVS |
11,650 | 956,232 | ||||||
|
McDonald’s Corp. |
34,420 | 9,677,183 | ||||||
|
McKesson Corp. |
6,515 | 2,686,265 | ||||||
|
Medtronic PLC |
63,464 | 5,172,316 | ||||||
|
MercadoLibre Inc.(a) |
2,176 | 2,986,255 | ||||||
|
Merck & Co. Inc. |
119,647 | 13,039,130 | ||||||
|
Meta Platforms Inc, Class A(a) |
104,762 | 30,998,028 | ||||||
|
MetLife Inc. |
30,820 | 1,952,139 | ||||||
|
Mettler-Toledo International Inc.(a) |
1,065 | 1,292,356 | ||||||
|
MGM Resorts International |
13,824 | 607,980 | ||||||
|
Microchip Technology Inc. |
25,511 | 2,087,820 | ||||||
|
Micron Technology Inc. |
51,028 | 3,568,898 | ||||||
|
Microsoft Corp. |
334,847 | 109,749,453 | ||||||
|
Mid-America Apartment Communities Inc. |
5,459 | 792,811 | ||||||
|
Moderna Inc.(a) |
15,157 | 1,713,802 | ||||||
|
Mohawk Industries Inc.(a) |
2,384 | 241,714 | ||||||
|
Molina Healthcare Inc.(a) |
2,728 | 846,007 | ||||||
|
Molson Coors Beverage Co., Class B |
9,140 | 580,299 | ||||||
|
Mondelez International Inc., Class A |
65,061 | 4,636,247 | ||||||
|
MongoDB Inc., Class A(a) |
3,252 | 1,239,988 | ||||||
|
Monolithic Power Systems Inc. |
2,181 | 1,136,759 | ||||||
|
Monster Beverage Corp.(a) |
36,969 | 2,122,390 | ||||||
|
Moody’s Corp. |
7,856 | 2,645,901 | ||||||
|
Morgan Stanley |
58,861 | 5,012,014 | ||||||
|
Mosaic Co. (The) |
17,432 | 677,233 | ||||||
|
Motorola Solutions Inc. |
7,856 | 2,227,726 | ||||||
|
MSCI Inc., Class A |
3,823 | 2,078,259 | ||||||
|
Nasdaq Inc. |
16,422 | 861,827 | ||||||
|
NetApp Inc. |
10,714 | 821,764 | ||||||
|
Netflix Inc.(a) |
20,956 | 9,088,198 | ||||||
|
Neurocrine Biosciences Inc.(a) |
4,621 | 503,181 | ||||||
|
Newmont Corp. |
37,115 | 1,463,073 | ||||||
|
News Corp., Class A, NVS |
18,999 | 408,289 | ||||||
|
NextEra Energy Inc. |
96,266 | 6,430,569 | ||||||
|
Nike Inc., Class B |
58,720 | 5,972,411 | ||||||
|
NiSource Inc. |
18,761 | 502,044 | ||||||
|
Nordson Corp. |
2,400 | 585,936 | ||||||
|
Norfolk Southern Corp. |
10,830 | 2,220,258 | ||||||
|
Northern Trust Corp. |
9,310 | 708,212 | ||||||
|
Northrop Grumman Corp. |
6,802 | 2,945,878 | ||||||
|
NRG Energy Inc. |
11,737 | 440,724 | ||||||
|
Nucor Corp. |
11,805 | 2,031,641 | ||||||
|
Nvidia Corp. |
117,087 | 57,788,289 | ||||||
|
NVR Inc.(a) |
149 | 950,222 | ||||||
|
NXP Semiconductors NV |
12,432 | 2,557,511 | ||||||
|
O’Reilly Automotive Inc.(a) |
2,907 | 2,731,708 | ||||||
|
Occidental Petroleum Corp. |
31,704 | 1,990,694 | ||||||
|
Okta Inc.(a) |
6,986 | 583,401 | ||||||
|
Old Dominion Freight Line Inc. |
4,574 | 1,954,790 | ||||||
|
Omnicom Group Inc. |
10,004 | 810,424 | ||||||
|
ON Semiconductor Corp.(a)(b) |
20,164 | 1,985,347 | ||||||
|
ONEOK Inc. |
21,141 | 1,378,393 | ||||||
|
Oracle Corp. |
77,356 | 9,312,889 | ||||||
|
Otis Worldwide Corp. |
19,346 | 1,655,050 | ||||||
|
Ovintiv Inc. |
10,886 | 511,207 | ||||||
|
Owens Corning |
4,072 | 586,002 | ||||||
|
PACCAR Inc. |
24,317 | 2,001,046 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Packaging Corp. of America |
3,979 | $ | 593,269 | |||||
|
Palantir Technologies Inc., Class A(a) |
83,430 | 1,249,781 | ||||||
|
Palo Alto Networks Inc.(a)(b) |
14,579 | 3,547,071 | ||||||
|
Paramount Global, Class B, NVS |
22,330 | 336,960 | ||||||
|
Parker-Hannifin Corp. |
5,976 | 2,491,394 | ||||||
|
Paychex Inc. |
15,287 | 1,868,530 | ||||||
|
Paycom Software Inc. |
2,414 | 711,744 | ||||||
|
Paylocity Holding Corp.(a) |
1,906 | 382,153 | ||||||
|
PayPal Holdings Inc.(a) |
50,125 | 3,133,314 | ||||||
|
Pentair PLC |
7,734 | 543,391 | ||||||
|
PepsiCo Inc. |
64,938 | 11,553,769 | ||||||
|
Pfizer Inc. |
266,769 | 9,438,287 | ||||||
|
PG&E Corp.(a) |
91,434 | 1,490,374 | ||||||
|
Philip Morris International Inc. |
73,320 | 7,043,119 | ||||||
|
Phillips 66 |
21,343 | 2,436,517 | ||||||
|
Pinterest Inc., Class A(a) |
26,382 | 725,241 | ||||||
|
Pioneer Natural Resources Co. |
11,147 | 2,652,206 | ||||||
|
PNC Financial Services Group Inc. (The) |
18,907 | 2,282,642 | ||||||
|
Pool Corp. |
1,897 | 693,543 | ||||||
|
PPG Industries Inc. |
11,165 | 1,582,750 | ||||||
|
PPL Corp. |
32,923 | 820,441 | ||||||
|
Principal Financial Group Inc. |
12,026 | 934,540 | ||||||
|
Procter & Gamble Co. (The) |
111,229 | 17,167,084 | ||||||
|
Progressive Corp. (The) |
27,879 | 3,721,010 | ||||||
|
Prologis Inc. |
43,796 | 5,439,463 | ||||||
|
Prudential Financial Inc. |
17,517 | 1,658,334 | ||||||
|
PTC Inc.(a) |
5,276 | 776,469 | ||||||
|
Public Service Enterprise Group Inc. |
23,564 | 1,439,289 | ||||||
|
Public Storage |
7,396 | 2,044,106 | ||||||
|
PulteGroup Inc. |
10,873 | 892,238 | ||||||
|
Qorvo Inc.(a) |
5,259 | 564,764 | ||||||
|
Qualcomm Inc. |
52,278 | 5,987,399 | ||||||
|
Quanta Services Inc.(b) |
7,002 | 1,469,510 | ||||||
|
Quest Diagnostics Inc. |
5,729 | 753,364 | ||||||
|
Raymond James Financial Inc. |
9,878 | 1,033,140 | ||||||
|
Realty Income Corp. |
31,386 | 1,758,871 | ||||||
|
Regency Centers Corp. |
7,309 | 454,620 | ||||||
|
Regeneron Pharmaceuticals Inc.(a)(b) |
5,135 | 4,244,026 | ||||||
|
Regions Financial Corp. |
44,910 | 823,649 | ||||||
|
Reliance Steel & Aluminum Co. |
2,774 | 790,479 | ||||||
|
Repligen Corp.(a) |
2,399 | 417,210 | ||||||
|
Republic Services Inc., Class A |
10,392 | 1,497,799 | ||||||
|
ResMed Inc. |
6,826 | 1,089,361 | ||||||
|
Revvity Inc. |
5,940 | 695,158 | ||||||
|
Rivian Automotive Inc., Class A(a)(b) |
30,601 | 695,561 | ||||||
|
Robert Half Inc. |
5,315 | 393,097 | ||||||
|
Robinhood Markets Inc., Class A(a) |
20,219 | 220,185 | ||||||
|
ROBLOX Corp., Class A(a) |
19,826 | 560,878 | ||||||
|
Rockwell Automation Inc. |
5,363 | 1,673,685 | ||||||
|
Roku Inc.(a)(b) |
5,502 | 446,762 | ||||||
|
Rollins Inc. |
10,664 | 421,974 | ||||||
|
Roper Technologies Inc. |
5,114 | 2,552,193 | ||||||
|
Ross Stores Inc. |
16,641 | 2,027,040 | ||||||
|
Royal Caribbean Cruises Ltd.(a) |
10,888 | 1,077,259 | ||||||
|
Royalty Pharma PLC, Class A |
16,186 | 482,667 | ||||||
|
RPM International Inc. |
6,091 | 607,516 | ||||||
|
RTX Corp. |
68,727 | 5,913,271 | ||||||
|
S&P Global Inc. |
15,462 | 6,043,477 | ||||||
|
Salesforce Inc.(a) |
46,171 | 10,225,030 | ||||||
|
SBA Communications Corp., Class A |
5,087 | 1,142,184 | ||||||
| 26 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Schlumberger NV |
67,596 | $ | 3,985,460 | |||||
|
Seagate Technology Holdings PLC |
9,568 | 677,319 | ||||||
|
Seagen Inc.(a) |
6,395 | 1,317,818 | ||||||
|
Sealed Air Corp. |
7,181 | 266,128 | ||||||
|
SEI Investments Co. |
5,830 | 361,810 | ||||||
|
Sempra Energy |
29,756 | 2,089,466 | ||||||
|
Sensata Technologies Holding PLC |
7,690 | 289,298 | ||||||
|
ServiceNow Inc.(a) |
9,638 | 5,675,144 | ||||||
|
Sherwin-Williams Co. (The) |
11,595 | 3,150,593 | ||||||
|
Simon Property Group Inc. |
15,446 | 1,752,967 | ||||||
|
Sirius XM Holdings Inc.(b) |
31,651 | 139,264 | ||||||
|
Skyworks Solutions Inc. |
7,755 | 843,279 | ||||||
|
Snap Inc., Class A, NVS(a)(b) |
49,801 | 515,440 | ||||||
|
Snap-on Inc. |
2,597 | 697,554 | ||||||
|
Snowflake Inc., Class A(a) |
12,369 | 1,940,078 | ||||||
|
SolarEdge Technologies Inc.(a)(b) |
2,824 | 459,098 | ||||||
|
Southern Co. (The) |
51,948 | 3,518,438 | ||||||
|
Southwest Airlines Co. |
7,228 | 228,405 | ||||||
|
Splunk Inc.(a) |
7,703 | 934,066 | ||||||
|
SS&C Technologies Holdings Inc. |
11,193 | 642,702 | ||||||
|
Stanley Black & Decker Inc. |
7,641 | 721,158 | ||||||
|
Starbucks Corp. |
54,470 | 5,307,557 | ||||||
|
State Street Corp. |
15,544 | 1,068,495 | ||||||
|
Steel Dynamics Inc. |
7,570 | 806,886 | ||||||
|
STERIS PLC |
4,659 | 1,069,660 | ||||||
|
Stryker Corp. |
16,137 | 4,575,646 | ||||||
|
Sun Communities Inc. |
6,258 | 766,104 | ||||||
|
Super Micro Computer Inc.(a) |
2,239 | 615,904 | ||||||
|
Synchrony Financial |
20,189 | 651,701 | ||||||
|
Synopsys Inc.(a) |
7,181 | 3,295,289 | ||||||
|
Sysco Corp. |
24,059 | 1,675,709 | ||||||
|
T-Mobile U.S. Inc.(a) |
25,596 | 3,487,455 | ||||||
|
T Rowe Price Group Inc. |
10,714 | 1,202,432 | ||||||
|
Take-Two Interactive Software Inc.(a) |
7,545 | 1,072,899 | ||||||
|
Targa Resources Corp. |
9,667 | 833,779 | ||||||
|
Target Corp. |
21,681 | 2,743,731 | ||||||
|
TE Connectivity Ltd. |
14,817 | 1,961,623 | ||||||
|
Teledyne Technologies Inc.(a) |
2,146 | 897,672 | ||||||
|
Teleflex Inc. |
2,202 | 468,453 | ||||||
|
Teradyne Inc. |
7,624 | 822,401 | ||||||
|
Tesla Inc.(a) |
135,274 | 34,911,514 | ||||||
|
Texas Instruments Inc. |
42,779 | 7,189,439 | ||||||
|
Texas Pacific Land Corp. |
288 | 542,808 | ||||||
|
Textron Inc. |
10,496 | 815,644 | ||||||
|
Thermo Fisher Scientific Inc. |
18,345 | 10,219,999 | ||||||
|
TJX Companies Inc. (The) |
54,274 | 5,019,260 | ||||||
|
Toast Inc., Class A(a) |
11,600 | 257,172 | ||||||
|
Toro Co. (The) |
4,899 | 501,266 | ||||||
|
Tractor Supply Co. |
5,304 | 1,158,924 | ||||||
|
Trade Desk Inc. (The), Class A(a) |
20,212 | 1,617,566 | ||||||
|
Tradeweb Markets Inc., Class A |
5,073 | 438,459 | ||||||
|
Trane Technologies PLC |
10,978 | 2,253,344 | ||||||
|
TransDigm Group Inc.(a) |
2,514 | 2,272,279 | ||||||
|
TransUnion |
9,028 | 733,254 | ||||||
|
Travelers Companies Inc. (The) |
10,990 | 1,771,918 | ||||||
|
Trimble Inc.(a) |
11,853 | 649,426 | ||||||
|
Truist Financial Corp. |
61,905 | 1,891,198 | ||||||
|
Twilio Inc., Class A(a) |
7,877 | 501,844 | ||||||
|
Tyler Technologies Inc.(a) |
1,895 | 755,025 | ||||||
|
Tyson Foods Inc., Class A |
13,815 | 735,925 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
U.S. Bancorp |
72,875 | $ | 2,662,124 | |||||
|
Uber Technologies Inc.(a) |
86,218 | 4,072,076 | ||||||
|
UDR Inc. |
14,354 | 572,725 | ||||||
|
UiPath Inc., Class A(a)(b) |
16,931 | 267,679 | ||||||
|
Ulta Beauty Inc.(a) |
2,377 | 986,526 | ||||||
|
Union Pacific Corp. |
29,034 | 6,404,029 | ||||||
|
United Parcel Service Inc., Class B |
34,308 | 5,811,775 | ||||||
|
United Rentals Inc. |
3,373 | 1,607,369 | ||||||
|
United Therapeutics Corp.(a) |
2,147 | 481,701 | ||||||
|
UnitedHealth Group Inc. |
43,982 | 20,960,942 | ||||||
|
Unity Software Inc.(a) |
12,465 | 462,078 | ||||||
|
Universal Health Services Inc., Class B |
2,855 | 384,569 | ||||||
|
Vail Resorts Inc. |
1,887 | 427,066 | ||||||
|
Valero Energy Corp. |
17,500 | 2,273,250 | ||||||
|
Veeva Systems Inc., Class A(a) |
6,911 | 1,442,326 | ||||||
|
Ventas Inc. |
18,490 | 807,643 | ||||||
|
VeriSign Inc.(a) |
4,712 | 979,106 | ||||||
|
Verisk Analytics Inc., Class A |
6,873 | 1,664,778 | ||||||
|
Verizon Communications Inc. |
197,751 | 6,917,330 | ||||||
|
Vertex Pharmaceuticals Inc.(a) |
12,298 | 4,283,885 | ||||||
|
VF Corp. |
16,082 | 317,780 | ||||||
|
Viatris Inc. |
57,527 | 618,415 | ||||||
|
VICI Properties Inc., Class A |
48,162 | 1,485,316 | ||||||
|
Visa Inc., Class A |
76,614 | 18,822,528 | ||||||
|
Vistra Corp. |
15,780 | 495,808 | ||||||
|
VMware Inc., Class A(a) |
11,212 | 1,892,361 | ||||||
|
Vulcan Materials Co. |
6,201 | 1,353,368 | ||||||
|
W R Berkley Corp. |
10,090 | 624,167 | ||||||
|
Walmart Inc. |
69,870 | 11,361,561 | ||||||
|
Walgreens Boots Alliance Inc. |
34,687 | 877,928 | ||||||
|
Walt Disney Co. (The)(a) |
86,261 | 7,218,320 | ||||||
|
Warner Bros. Discovery Inc.(a) |
112,096 | 1,472,941 | ||||||
|
Waste Management Inc. |
19,537 | 3,063,011 | ||||||
|
Waters Corp.(a) |
2,856 | 801,965 | ||||||
|
Watsco Inc. |
1,584 | 577,447 | ||||||
|
Webster Financial Corp. |
8,591 | 364,344 | ||||||
|
WEC Energy Group Inc. |
14,672 | 1,234,209 | ||||||
|
Wells Fargo & Co. |
173,863 | 7,178,803 | ||||||
|
Welltower Inc. |
23,590 | 1,955,139 | ||||||
|
West Pharmaceutical Services Inc. |
3,429 | 1,395,260 | ||||||
|
Western Digital Corp.(a) |
14,409 | 648,405 | ||||||
|
Westinghouse Air Brake Technologies Corp. |
8,444 | 950,119 | ||||||
|
Westlake Corp. |
2,302 | 301,516 | ||||||
|
Westrock Co. |
12,855 | 420,487 | ||||||
|
Weyerhaeuser Co. |
35,035 | 1,147,396 | ||||||
|
Whirlpool Corp. |
2,658 | 372,014 | ||||||
|
Williams Companies Inc. (The) |
56,632 | 1,955,503 | ||||||
|
Willis Towers Watson PLC |
4,912 | 1,015,605 | ||||||
|
Wolfspeed Inc.(a)(b) |
5,742 | 274,582 | ||||||
|
Workday Inc., Class A(a)(b) |
9,624 | 2,353,068 | ||||||
|
WP Carey Inc. |
10,132 | 659,087 | ||||||
|
WW Grainger Inc. |
2,104 | 1,502,551 | ||||||
|
Wynn Resorts Ltd. |
5,160 | 523,121 | ||||||
|
Xcel Energy Inc. |
25,317 | 1,446,360 | ||||||
|
Xylem Inc./NY |
11,384 | 1,178,699 | ||||||
|
Yum! Brands Inc. |
13,019 | 1,684,398 | ||||||
|
Zebra Technologies Corp., Class A(a)(b) |
2,525 | 694,400 | ||||||
|
Zillow Group Inc., Class C (a) |
8,113 | 423,174 | ||||||
|
Zimmer Biomet Holdings Inc. |
10,319 | 1,229,199 | ||||||
|
Zoetis Inc. |
21,936 | 4,179,027 | ||||||
|
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) August 31, 2023 |
iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Zoom Video Communications Inc., Class A(a) |
11,526 | $ | 818,692 | |||||
|
ZoomInfo Technologies Inc., Class A(a) |
13,405 | 241,558 | ||||||
|
Zscaler Inc.(a) |
3,871 | 604,070 | ||||||
|
|
|
|||||||
| 1,890,048,208 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.5% |
|
2,698,760,311 | ||||||
|
|
|
|||||||
|
Preferred Stocks |
||||||||
| Germany — 0.1% | ||||||||
|
Bayerische Motoren Werke AG, Preference Shares, NVS |
2,702 | 259,612 | ||||||
|
Dr Ing hc F Porsche AG, Preference Shares, NVS(c) |
5,338 | 588,727 | ||||||
|
Henkel AG & Co. KGaA, Preference Shares, NVS |
8,265 | 633,354 | ||||||
|
Porsche Automobil Holding SE, Preference Shares, NVS |
7,081 | 379,804 | ||||||
|
Sartorius AG, Preference Shares, NVS |
1,238 | 506,250 | ||||||
|
Volkswagen AG, Preference Shares, NVS |
9,811 | 1,200,694 | ||||||
|
|
|
|||||||
| 3,568,441 | ||||||||
|
|
|
|||||||
|
Total
Preferred Stocks — 0.1% |
|
3,568,441 | ||||||
|
|
|
|||||||
|
Rights |
||||||||
| Canada — 0.0% | ||||||||
|
Constellation
Software Inc., |
989 | 549 | ||||||
|
|
|
|||||||
| Sweden — 0.0% | ||||||||
|
Swedish Orphan Biovitrum AB, (Expires 09/21/23, Strike Price SEK 142.00)(a)(b) |
7,998 | 7,225 | ||||||
|
|
|
|||||||
|
Total
Rights — 0.0% |
|
7,774 | ||||||
|
|
|
|||||||
|
Warrants |
||||||||
| Canada — 0.0% | ||||||||
|
Constellation Software Inc., Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD)(a)(e) |
989 | — | ||||||
|
|
|
|||||||
|
Total
Warrants — 0.0% |
|
— | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.6% |
|
2,702,336,526 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 1.0% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(f)(g) |
23,456,190 | $ | 23,463,227 | |||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(f) |
3,120,000 | 3,120,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 1.0% |
|
26,583,227 | ||||||
|
|
|
|||||||
|
Total
Investments — 100.6% |
|
2,728,919,753 | ||||||
|
Liabilities in Excess of Other Assets — (0.6)% |
|
(16,613,670 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% | $ 2,712,306,083 | |||||||
|
|
|
|||||||
| (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) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
| 28 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) August 31, 2023 |
iShares® MSCI World ETF |
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 |
$ | 21,692,284 | $ | 1,773,595 | (a) | $ | — | $ | (1,298 | ) | $ | (1,354 | ) | $ | 23,463,227 | 23,456,190 | $ | 132,024 | (b) | $ | — | |||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,560,000 | 1,560,000 | (a) | — | — | — | 3,120,000 | 3,120,000 | 137,422 | 2 | ||||||||||||||||||||||||||
|
BlackRock Inc. |
4,208,253 | 1,157,722 | (662,207 | ) | 247,289 | (18,555 | ) | 4,932,502 | 7,041 | 136,432 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 245,991 | $ | (19,909 | ) | $ | 31,515,729 | $ | 405,878 | $ | 2 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
||||||||||||||||
|
TOPIX Index |
4 | 09/07/23 | $ | 639 | $ | 19,907 | ||||||||||
|
Euro STOXX 50 Index |
21 | 09/15/23 | 980 | (10,320 | ) | |||||||||||
|
FTSE 100 Index |
8 | 09/15/23 | 755 | (6,721 | ) | |||||||||||
|
S&P 500 E-Mini Index |
31 | 09/15/23 | 7,000 | 140,853 | ||||||||||||
|
|
|
|||||||||||||||
| $ | 143,719 | |||||||||||||||
|
|
|
|||||||||||||||
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) |
$ | — | $ | — | $ | 160,760 | $ | — | $ | — | $ | — | $ | 160,760 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 17,041 | $ | — | $ | — | $ | — | $ | 17,041 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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). |
|
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) August 31, 2023 |
iShares® MSCI World ETF |
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 |
$ | — | $ | — | $ | 879,611 | $ | — | $ | — | $ | — | $ | 879,611 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 235,259 | $ | — | $ | — | $ | — | $ | 235,259 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 9,868,752 | ||
|
|
||||
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 |
$ | 1,982,696,486 | $ | 716,063,825 | $ | — | $ | 2,698,760,311 | ||||||||
|
Preferred Stocks |
— | 3,568,441 | — | 3,568,441 | ||||||||||||
|
Rights |
7,774 | — | — | 7,774 | ||||||||||||
|
Warrants |
— | — | — | — | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
26,583,227 | — | — | 26,583,227 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 2,009,287,487 | $ | 719,632,266 | $ | — | $ | 2,728,919,753 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 140,853 | $ | 19,907 | $ | — | $ | 160,760 | ||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
— | (17,041 | ) | — | (17,041 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 140,853 | $ | 2,866 | $ | — | 143,719 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 30 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities
August 31, 2023
|
iShares Frontier and Select EM ETF |
iShares MSCI World ETF |
|||||||||||
|
|
||||||||||||
|
ASSETS |
||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 627,808,458 | $ | 2,697,404,024 | ||||||||
|
Investments, at value — affiliated(c) |
— | 31,515,729 | ||||||||||
|
Cash |
3,058,554 | 37,830 | ||||||||||
|
Cash pledged for futures contracts |
864,000 | 461,000 | ||||||||||
|
Foreign currency collateral pledged for futures contracts(d) |
— | 182,468 | ||||||||||
|
Foreign currency, at value(e) |
10,313,145 | 3,911,460 | ||||||||||
|
Receivables: |
||||||||||||
|
Investments sold |
60,186,607 | 7,094,839 | ||||||||||
|
Securities lending income — affiliated |
— | 6,416 | ||||||||||
|
Dividends — unaffiliated |
1,585,292 | 4,867,448 | ||||||||||
|
Dividends — affiliated |
31,796 | 11,028 | ||||||||||
|
Tax reclaims |
— | 735,981 | ||||||||||
|
Unrealized appreciation on forward foreign currency exchange contracts |
3,198,746 | — | ||||||||||
|
|
|
|
|
|||||||||
|
Total assets |
707,046,598 | 2,746,228,223 | ||||||||||
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||
|
Cash received as collateral for OTC derivatives |
2,810,000 | — | ||||||||||
|
Bank borrowings |
15,005,324 | — | ||||||||||
|
Collateral on securities loaned, at value |
— | 23,476,480 | ||||||||||
|
Payables: |
||||||||||||
|
Investments purchased |
45,500,260 | 9,871,840 | ||||||||||
|
Deferred foreign capital gain tax |
9,432 | — | ||||||||||
|
Investment advisory fees |
443,950 | 552,589 | ||||||||||
|
Due to custodian |
1,498,890 | — | ||||||||||
|
Variation margin on futures contracts |
344,430 | 21,231 | ||||||||||
|
|
|
|
|
|||||||||
|
Total liabilities |
65,612,286 | 33,922,140 | ||||||||||
|
|
|
|
|
|||||||||
|
Commitments and contingent liabilities |
||||||||||||
|
NET ASSETS |
$ | 641,434,312 | $ | 2,712,306,083 | ||||||||
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||
|
Paid-in capital |
$ | 773,327,599 | $ | 2,549,439,731 | ||||||||
|
Accumulated earnings (loss) |
(131,893,287 | ) | 162,866,352 | |||||||||
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 641,434,312 | $ | 2,712,306,083 | ||||||||
|
|
|
|
|
|||||||||
|
NET ASSET VALUE |
||||||||||||
|
Shares outstanding |
23,600,000 | 21,600,000 | ||||||||||
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 27.18 | $ | 125.57 | ||||||||
|
|
|
|
|
|||||||||
|
Shares authorized |
500 million | 500 million | ||||||||||
|
|
|
|
|
|||||||||
|
Par value |
$ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 577,892,024 | $ | 2,465,653,747 | ||||||||
|
(b) Securities loaned, at value |
$ | — | $ | 22,774,179 | ||||||||
|
(c) Investments, at cost — affiliated |
$ | — | $ | 31,437,238 | ||||||||
|
(d) Foreign currency collateral pledged, at cost |
$ | — | $ | 187,312 | ||||||||
|
(e) Foreign currency, at cost |
$ | 14,525,278 | $ | 3,951,514 | ||||||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
31 |
Year Ended August 31, 2023
|
iShares Frontier and Select EM ETF |
iShares MSCI World ETF |
|||||||
|
|
||||||||
|
INVESTMENT INCOME |
||||||||
|
Dividends — unaffiliated |
$ | 25,429,033 | $ | 54,710,540 | ||||
|
Dividends — affiliated |
161,037 | 273,854 | ||||||
|
Securities lending income — affiliated — net |
39 | 132,024 | ||||||
|
Other income — unaffiliated |
— | 140 | ||||||
|
Foreign taxes withheld |
(1,709,686 | ) | (2,969,988 | ) | ||||
|
Foreign withholding tax claims |
— | 48,695 | ||||||
|
|
|
|
|
|||||
|
Total investment income |
23,880,423 | 52,195,265 | ||||||
|
|
|
|
|
|||||
|
EXPENSES |
||||||||
|
Investment advisory |
4,555,956 | 5,942,278 | ||||||
|
Interest expense |
37,970 | — | ||||||
|
Commitment costs |
6,927 | — | ||||||
|
Professional |
— | 4,884 | ||||||
|
|
|
|
|
|||||
|
Total expenses |
4,600,853 | 5,947,162 | ||||||
|
|
|
|
|
|||||
|
Net investment income |
19,279,570 | 46,248,103 | ||||||
|
|
|
|
|
|||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
|
Net realized gain (loss) from: |
||||||||
|
Investments — unaffiliated(a) |
(32,804,683 | ) | (28,776,662 | ) | ||||
|
Investments — affiliated |
— | (1,298 | ) | |||||
|
Capital gain distributions from underlying funds — affiliated |
2 | 2 | ||||||
|
Forward foreign currency exchange contracts |
(3,250,871 | ) | — | |||||
|
Foreign currency transactions |
(1,897,312 | ) | (73,217 | ) | ||||
|
Futures contracts |
41,301 | 879,611 | ||||||
|
In-kind redemptions — unaffiliated(b) |
5,719,392 | 119,380,017 | ||||||
|
In-kind redemptions — affiliated(b) |
— | 247,289 | ||||||
|
|
|
|
|
|||||
| (32,192,171 | ) | 91,655,742 | ||||||
|
|
|
|
|
|||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||
|
Investments — unaffiliated(c) |
37,067,124 | 255,012,022 | ||||||
|
Investments — affiliated |
— | (19,909 | ) | |||||
|
Forward foreign currency exchange contracts |
4,152,556 | — | ||||||
|
Foreign currency translations |
(2,667,307 | ) | 83,224 | |||||
|
Futures contracts |
(298,330 | ) | 235,259 | |||||
|
|
|
|
|
|||||
| 38,254,043 | 255,310,596 | |||||||
|
|
|
|
|
|||||
|
Net realized and unrealized gain |
6,061,872 | 346,966,338 | ||||||
|
|
|
|
|
|||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 25,341,442 | $ | 393,214,441 | ||||
|
|
|
|
|
|||||
|
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of |
$ | (43,640 | ) | $ | — | |||
|
(b) See Note 2 of the Notes to Financial Statements |
||||||||
|
(c) Net of reduction in deferred foreign capital gain tax of |
$ | 239,264 | $ | — | ||||
See notes to financial statements.
| 32 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
|
iShares Frontier and Select EM ETF |
iShares MSCI World ETF |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| |
Year Ended 08/31/23 |
|
|
Year Ended 08/31/22 |
|
|
Year Ended 08/31/23 |
|
|
Year Ended 08/31/22 |
| |||||||||
|
|
||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||
|
Net investment income |
$ | 19,279,570 | $ | 12,523,696 | $ | 46,248,103 | $ | 34,457,882 | ||||||||||||
|
Net realized gain (loss) |
(32,192,171 | ) | 19,386,588 | 91,655,742 | 18,021,977 | |||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
38,254,043 | (113,275,146 | ) | 255,310,596 | (399,197,874 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
25,341,442 | (81,364,862 | ) | 393,214,441 | (346,718,015 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(12,604,554 | ) | (11,387,380 | ) | (43,129,363 | ) | (33,669,487 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
278,055,792 | (52,705,010 | ) | 235,520,737 | 937,249,033 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
NET ASSETS |
||||||||||||||||||||
|
Total increase (decrease) in net assets |
290,792,680 | (145,457,252 | ) | 585,605,815 | 556,861,531 | |||||||||||||||
|
Beginning of year |
350,641,632 | 496,098,884 | 2,126,700,268 | 1,569,838,737 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
End of year |
$ | 641,434,312 | $ | 350,641,632 | $ | 2,712,306,083 | $ | 2,126,700,268 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (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 |
33 |
(For a share outstanding throughout each period)
| iShares Frontier and Select EM ETF | ||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Year Ended 08/31/23 |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
Net asset value, beginning of year |
$ | 27.29 | $ | 33.86 | $ | 25.69 | $ | 28.97 | $ | 28.29 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income(a) |
0.86 | 0.88 | 0.65 | 0.87 | 1.03 | |||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(0.46 | ) | (6.63 | ) | 8.20 | (3.36 | ) | 0.76 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net increase (decrease) from investment operations |
0.40 | (5.75 | ) | 8.85 | (2.49 | ) | 1.79 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Distributions from net investment income(c) |
(0.51 | ) | (0.82 | ) | (0.68 | ) | (0.79 | ) | (1.11 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net asset value, end of year |
$ | 27.18 | $ | 27.29 | $ | 33.86 | $ | 25.69 | $ | 28.97 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||||
|
Based on net asset value |
1.59 | % | (17.26 | )% | 34.77 | % | (8.44 | )% | 6.45 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets(e) |
||||||||||||||||||||||||||||||
|
Total expenses |
0.80 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Net investment income |
3.34 | % | 2.73 | % | 2.17 | % | 3.27 | % | 3.63 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||
|
Net assets, end of year (000) |
$ | 641,434 | $ | 350,642 | $ | 496,099 | $ | 373,769 | $ | 496,868 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Portfolio turnover rate(f) |
53 | % | 34 | % | 36 | % | 25 | % | 33 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
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. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 34 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI World ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Year Ended 08/31/23 |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
Net asset value, beginning of year |
$ | 110.19 | $ | 131.92 | $ | 103.07 | $ | 89.79 | $ | 91.33 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Net investment income(a) |
2.16 | 2.19 | 1.84 | 1.76 | 1.96 | |||||||||||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
15.22 | (21.88 | ) | 28.80 | 13.35 | (1.52 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Net increase (decrease) from investment operations |
17.38 | (19.69 | ) | 30.64 | 15.11 | 0.44 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Distributions from net investment income(c) |
(2.00 | ) | (2.04 | ) | (1.79 | ) | (1.83 | ) | (1.98 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Net asset value, end of year |
$ | 125.57 | $ | 110.19 | $ | 131.92 | $ | 103.07 | $ | 89.79 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||
|
Based on net asset value |
15.90 | % | (15.07 | )%(e) | 29.94 | % | 17.04 | % | 0.61 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||
|
Total expenses |
0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Total expenses excluding professional fees for foreign withholding tax claims |
0.24 | % | 0.24 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Net investment income |
1.87 | % | 1.78 | % | 1.58 | % | 1.90 | % | 2.24 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
|
Net assets, end of year (000) |
$ | 2,712,306 | $ | 2,126,700 | $ | 1,569,839 | $ | 948,247 | $ | 646,459 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Portfolio turnover rate(g) |
3 | % | 5 | % | 5 | % | 7 | % | 4 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
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. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
Where applicable, assumes the reinvestment of distributions. |
| (e) |
Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2022: |
| • |
Total return by 0.01%. |
| (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 |
35 |
| 1. |
ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 |
|||
|
Frontier and Select EM(a) |
Diversified | |||
|
MSCI World |
Diversified | |||
| (a) |
Formerly the iShares MSCI Frontier and Select EM ETF |
| 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.
Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of iShares Frontier and Select EM ETF local currency denominated assets and liabilities to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars will be determined by BlackRock Fund Advisors (“BFA”), iShares Frontier and Select EM ETF investment adviser, with assistance from other BlackRock pricing committees on a quarterly basis.
Monetary policies enacted by government agencies in Kenya, Nigeria and Egypt that limit their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impact iShares Frontier and Select EM ETF ability to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. As of August 31, 2023 iShares Frontier and Select EM ETF assets and liabilities denominated in Kenyan shillings use the 6-month non-deliverable forward rate, while the Egyptian pound and the Nigerian naira use the 12-month non-deliverable forward rate.
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 August 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.
| 36 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
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.
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 and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
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 Directors of the Company (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. |
| • |
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the 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). |
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
37 |
Notes to Financial Statements (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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.
| 38 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 World |
||||||||||||||||
|
Barclays Bank PLC |
$ | 3,093,668 | $ | (3,093,668 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
665,341 | (665,341 | ) | — | — | |||||||||||
|
BNP Paribas SA |
1,139,543 | (1,139,543 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
454,543 | (454,543 | ) | — | — | |||||||||||
|
Citadel Clearing LLC |
409,128 | (409,128 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
21 | (21 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
2,006,561 | (2,006,561 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
5,570,738 | (5,570,738 | ) | — | — | |||||||||||
|
Jefferies LLC |
77,778 | (77,778 | ) | — | — | |||||||||||
|
Morgan Stanley |
1,184,137 | (1,184,137 | ) | — | — | |||||||||||
|
National Financial Services LLC |
72 | (72 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
1,665,463 | (1,665,463 | ) | — | — | |||||||||||
|
State Street Bank & Trust Co. |
170,204 | (170,204 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
2,561,625 | (2,561,625 | ) | — | — | |||||||||||
|
UBS AG |
2,669,246 | (2,669,246 | ) | — | — | |||||||||||
|
UBS Securities LLC |
321,152 | (321,152 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
771,750 | (771,750 | ) | — | — | |||||||||||
|
Wells Fargo Securities LLC |
13,209 | (13,209 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 22,774,179 | $ | (22,774,179 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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. |
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.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation 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 value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
39 |
Notes to Financial Statements (continued)
referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
| 6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, 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 directors).
For its investment advisory services to each of the following Funds, BFAis 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 | |||
|
Frontier and Select EM |
0.79 | % | ||
|
MSCI World |
0.24 | |||
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.
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, each Fund 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.
| 40 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
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 that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, 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 August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
| iShares ETF | Amounts | |||
|
Frontier and Select EM |
$ | 11 | ||
|
MSCI World |
38,644 | |||
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 August 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) |
|||||||||
|
Frontier and Select EM |
$ | 2,622,654 | $ | 2,616,979 | $ | 127,215 | ||||||
|
MSCI World |
14,805,143 | 12,897,506 | (6,835,440 | ) | ||||||||
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.
| 7. |
PURCHASES AND SALES |
For the year ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
| iShares ETF | Purchases | Sales | ||||||
|
Frontier and Select EM |
$ | 529,622,159 | $ | 290,838,487 | ||||
|
MSCI World |
93,412,036 | 74,694,075 | ||||||
For the year ended August 31, 2023, in-kind transactions were as follows:
| iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
|
Frontier and Select EM |
$ | 81,817,831 | $ | 32,329,159 | ||||
|
MSCI World |
556,657,797 | 337,333,983 | ||||||
| 8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’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 August 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.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
41 |
Notes to Financial Statements (continued)
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 August 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) |
||||||
|
Frontier and Select EM |
$ | 5,690,676 | $ | (5,690,676 | ) | |||
|
MSCI World |
119,180,119 | (119,180,119 | ) | |||||
The tax character of distributions paid was as follows:
|
|
||||||||
| iShares ETF | Year Ended 08/31/23 |
Year Ended 08/31/22 |
||||||
|
|
||||||||
|
Frontier and Select EM |
||||||||
|
Ordinary income |
$ | 12,604,554 | $ | 11,387,380 | ||||
|
|
|
|
|
|||||
|
MSCI World |
||||||||
|
Ordinary income |
$ | 43,129,363 | $ | 33,669,487 | ||||
|
|
|
|
|
|||||
As of August 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 | ||||||
|
Frontier and Select EM |
$ | 3,483,311 | $ | (163,769,597 | ) | $ | 28,392,999 | $ | (131,893,287 | ) | ||||||
|
MSCI World |
11,082,043 | (73,347,341 | ) | 225,131,650 | 162,866,352 | |||||||||||
| (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, the 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 and the timing and recognition of realized gains/losses for tax purposes. |
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 August 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) |
||||||||||||
|
Frontier and Select EM |
$ | 598,381,929 | $ | 89,484,810 | $ | (56,859,535 | ) | $ | 32,625,275 | |||||||
|
MSCI World |
2,503,737,546 | 397,547,031 | (172,344,917 | ) | 225,202,114 | |||||||||||
| 9. |
LINE OF CREDIT |
The iShares Frontier and Select EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. 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 August 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 |
|||||||||
|
Frontier and Select EM |
$ | 15,000,000 | $ | 362,466 | 4.64 | % | ||||||
| 42 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
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.
Illiquid Investments Risk: An illiquid investment is any investment that a fund expects cannot be sold or disposed of in seven calendar days or less without significantly changing the market value of the investment. Each Fund may not acquire any illiquid investment if, immediately after acquisition, each Fund would have invested more than 15% of their net assets in illiquid investments. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a market in securities or instruments, the lack of an active market for such securities or instruments, capital controls, delays or limits on repatriation of local currency, or insolvency of local governments. In particular, certain frontier markets in which each Fund may invest are experiencing a shortage of U.S. dollar reserves (including Kenya, Nigeria and Egypt) and have recently restricted or delayed repatriation of local currency, and these issues are likely to persist. Illiquid investments may reduce the returns of each Fund as each Fund may be unable to transact at advantageous times or prices. In addition, if each Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares, each Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger portion of each Fund’s holdings.
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.
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N O T E S T O F I N A N C I A L S T A T E M E N T S |
43 |
Notes to Financial Statements (continued)
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.
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.
Certain 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 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.
Transactions in capital shares were as follows:
|
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| Year Ended 08/31/23 |
Year Ended 08/31/22 |
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|||||||||||||||||
| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
|
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||||||||||||||||||||
|
Frontier and Select EM |
||||||||||||||||||||
|
Shares sold |
16,650,000 | $ | 430,165,788 | 100,000 | $ | 4,004,588 | ||||||||||||||
|
Shares redeemed |
(5,900,000 | ) | (152,109,996 | ) | (1,900,000 | ) | (56,709,598 | ) | ||||||||||||
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|
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|
|||||||||||||
| 10,750,000 | $ | 278,055,792 | (1,800,000 | ) | $ | (52,705,010 | ) | |||||||||||||
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MSCI World |
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|
Shares sold |
5,200,000 | $ | 574,807,989 | 8,200,000 | $ | 1,037,489,044 | ||||||||||||||
|
Shares redeemed |
(2,900,000 | ) | (339,287,252 | ) | (800,000 | ) | (100,240,011 | ) | ||||||||||||
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| 2,300,000 | $ | 235,520,737 | 7,400,000 | $ | 937,249,033 | |||||||||||||||
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| 44 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’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 the iShares MSCI World ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund 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 Fund.
| 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 item was noted:
Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.
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N O T E S T O F I N A N C I A L S T A T E M E N T S |
45 |
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the two 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 (two of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (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 August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
iShares Frontier and Select EM ETF
iShares MSCI World ETF
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 August 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
October 23, 2023
We have served as the auditor of one or more BlackRock investment companies since 2000.
| 46 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| 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 August 31, 2023:
| iShares ETF | Qualified Dividend Income |
|||
|
Frontier and Select EM |
$ | 12,954,799 | ||
|
MSCI World |
51,198,751 | |||
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2023:
| iShares ETF | Qualified Business Income |
|||
|
MSCI World |
$ | 356,421 | ||
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 August 31, 2023:
| iShares ETF | Foreign Source Income Earned |
Foreign Taxes Paid |
||||||
|
Frontier and Select EM |
$ | 24,658,317 | $ | 1,703,596 | ||||
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2023 qualified for the dividends-received deduction for corporate shareholders:
| iShares ETF | Dividends-Received Deduction |
|||
|
Frontier and Select EM |
4.33 | % | ||
|
MSCI World |
51.93 | % | ||
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I M P O R T A N T T A X I N F O R M A T I O N |
47 |
Board Review and Approval of Investment Advisory Contract
iShares Frontier and Select EM ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (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 Company 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.
The Board noted that although the Fund is currently an actively managed ETF, the Fund was, during the periods under review, an index ETF that sought to track the performance of a specified 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 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
| 48 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
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 a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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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 |
49 |
Board Review and Approval of Investment Advisory Contract (continued)
iShares MSCI World ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (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 Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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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 manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
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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 Frontier and Select EM ETF (the “Fund”) 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 Fund.
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 Fund 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 Fund, 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 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.
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Supplemental Information (unaudited) (continued)
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares Frontier and Select EM ETF (the “Fund”) is 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”).
The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
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S U P P L E M E N T A L I N F O R M A T I O N |
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Director and Officer Information (unaudited)
The Board of Directors 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 Director 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. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).
The registered investment companies advised by BFAor 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 Director also serves as a Trustee of iShares Trust 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 August 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 Directors | ||||||
|
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Director | |||
|
Robert S. Kapito(a) (1957) |
Director (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); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009). | |||
|
Salim Ramji(b) (1970) |
Director (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). | Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares 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 Directors | ||||||
|
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Director | |||
|
John E. Kerrigan (1955) |
Director (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022). | |||
|
Jane D. Carlin (1956) |
Director (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). | Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares 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) |
Director (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017). | |||
|
Cecilia H. Herbert (1949) |
Director (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). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005). | |||
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Director and Officer Information (unaudited) (continued)
| Independent Directors (continued) | ||||||
|
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Director | |||
|
Drew E. Lawton (1959) |
Director (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017); Director of Jackson Financial Inc. (since 2021). | |||
|
John E. Martinez (1961) |
Director (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). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003). | |||
|
Madhav V. Rajan (1964) |
Director (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). | Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares 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). | ||
|
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.
|
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Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer. |
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D I R E C T O R A N D O F F I C E R I N F O R M A T I O N |
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
| • |
Go to icsdelivery.com. |
| • |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Currency Abbreviation
| NGN | Nigerian Naira | |
| USD | United States Dollar | |
| Portfolio Abbreviation | ||
| ADR | American Depositary Receipt | |
| GDR | Global Depositary Receipt | |
| JSC | Joint Stock Company | |
| NVS | Non-Voting Shares | |
| REIT | Real Estate Investment Trust | |
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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-811-0823
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