LOGO

  AUGUST 31, 2023

 

  

2023 Annual Report

 

 

iShares Trust

 

·  

iShares MSCI India ETF | INDA | Cboe BZX

 

·  

iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2023

 

    

 

 6-Month 

 

 

 

12-Month  

 

   

 

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

  14.50%   15.94%
   

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

  0.99   4.65
   

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

  4.75   17.92  
   

Emerging market equities
(MSCI Emerging Markets Index)

  3.62   1.25
   

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

  2.47   4.25
   

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

  0.11   (4.71)
   

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

  0.95   (1.19)
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  1.04   1.70
   

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

  4.55   7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     9  

Disclosure of Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     20  

Statements of Operations

     21  

Statements of Changes in Net Assets

     22  

Financial Highlights

     23  

Notes to Financial Statements

     25  

Report of Independent Registered Public Accounting Firm

     32  

Important Tax Information

     33  

Board Review and Approval of Investment Advisory Contract

     34  

Supplemental Information

     38  

Trustee and Officer Information

     40  

General Information

     43  

Glossary of Terms Used in this Report

     44  

 

 

 


Market Overview

 

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

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

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

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

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

 

 

4  

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


Fund Summary as of August 31, 2023    iShares® MSCI India ETF

 

Investment Objective

The iShares MSCI India ETF (the “Fund”) seeks to track the investment results of an index composed of Indian equities, as represented by the MSCI India 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

    1.44     6.00     9.31        1.44     33.80     143.61

Fund Market

    2.40       6.11       9.45              2.40       34.52       146.77  

Index

    1.33       7.41       10.54                1.33       42.94       172.40  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

   

Actual

      

Hypothetical 5% Return

          
 

 

 

      

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending
Account Value

(08/31/23)

 
 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $   1,128.40          $   3.43          $   1,000.00          $   1,022.00          $   3.26          0.64

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

    5  


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI India ETF

 

Portfolio Management Commentary

Indian equities advanced slightly during the reporting period, as India’s economy continued to rapidly expand despite persistent inflation and monetary tightening by the Reserve Bank of India. Economic data released in the first half of 2023 showed rising manufacturing output and industrial production buoyed by strong domestic demand. However, the country’s inflation rate increased substantially in July 2023, largely the result of sharply higher prices for food and beverages.

The consumer discretionary sector contributed the most to the Index’s return, led by the automobiles and components industry. Sales of both commercial and private vehicles in India rose substantially as supply chain holdups and chip shortages lessened. Industry analysts viewed increased production of vehicles as a positive indicator of shrinking debt levels, further supporting investor sentiment toward automobiles companies.

The financials sector also contributed to the Index’s return. Within the financial services industry, growing demand for housing drove an increase in home loans, lifting net interest income for Indian lenders. Strength in sales of generic drugs in the U.S. and an acquisition of a U.S. biotechnology firm benefited Indian pharmaceutical companies, driving contribution from the healthcare sector.

On the downside, the utilities sector was the largest detractor from the Index’s performance amid concerns over corporate governance. India’s electric utilities and gas utilities industries declined significantly following allegations of fraudulent accounting and stock manipulation raised by a U.S. investment research firm. Toward the end of the reporting period, an investigative journalism network spotlighted offshore trades involving Indian gas and electric utilities companies that possibly violated securities laws. While the companies denied the allegations, the Securities and Exchange Board of India launched an investigation.

Portfolio Information

 

SECTOR ALLOCATION  

 

 
Sector    

Percent of  

Total Investments(a)

 

 

 

 

Financials

    27.3%  

Information Technology

    13.2     

Consumer Discretionary

    11.3     

Energy

    10.8     

Consumer Staples

    9.2     

Materials

    8.7     

Industrials

    7.3     

Health Care

    5.2     

Utilities

    3.7     

Communication Services

    2.7     

Real Estate

    0.6     

 

 
TEN LARGEST HOLDINGS  

 

 
Security    

Percent of  

Total Investments(a)

 

 

 

 

Reliance Industries Ltd.

    8.8%  

ICICI Bank Ltd.

    5.9     

Infosys Ltd.

    5.7     

HDFC Bank Ltd.

    5.2     

Tata Consultancy Services Ltd.

    3.7     

Axis Bank Ltd.

    2.7     

Hindustan Unilever Ltd.

    2.5     

Bajaj Finance Ltd.

    2.3     

Kotak Mahindra Bank Ltd.

    2.3     

Bharti Airtel Ltd.

    2.3     

 

 
  (a) 

Excludes money market funds.

 

 

6  

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


Fund Summary as of August 31, 2023    iShares® MSCI India Small-Cap ETF

 

Investment Objective

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

Performance

 

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

Fund NAV

    15.75 %(a)      8.35     16.35        15.75 %(a)      49.36     354.55

Fund Market

    17.35       8.57       16.52          17.35       50.84       361.48  

Index

    20.23       10.83       18.02            20.23       67.20       424.41  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

 

  (a)

The NAV total return presented in the table for the one-year period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 

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

Expense Example

 

    Actual     Hypothetical 5% Return           
 

 

 

   

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning

Account Value

(03/01/23)

 

 

 

   

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $   1,253.80          $   4.26       $   1,000.00       $   1,021.40          $   3.82          0.75

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

    7  


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

 

Portfolio Management Commentary

Small-capitalization Indian equities advanced sharply for the reporting period, as India’s economy continued to rapidly expand despite persistent inflation and monetary tightening by the Reserve Bank of India. Economic data released in the first half of 2023 showed rising manufacturing output and industrial production buoyed by strong domestic demand. Substantial inflows of foreign investment supported the performance of Indian equities generally and small-capitalization stocks in particular.

The industrials sector was the largest contributor to the Index’s performance, led by the electrical equipment industry. Electricity generation in India rose significantly during the reporting period, pushing demand higher for equipment related to power generation and bolstering sales for companies that distribute wires, cables, and transformers. A growing preference among Indian consumers for electricity generated by solar and wind power drove gains for providers of renewable energy infrastructure. Additionally, the machinery industry contributed to the Index’s return amid increased industrial output and demand for commercial vehicles. Profits rose for manufacturers of construction machinery and heavy transportation equipment despite continuing supply chain obstacles.

The financials sector contributed meaningfully to the Index’s return, led by financial services companies. A state-owned provider of infrastructure financing for power projects reported substantial revenue gains driven by an increase in net interest income on loan assets. An upward trajectory for energy demand, alongside plans for a broader transition to renewable energy put in place by the Indian government, also buoyed investor sentiment toward the company.

Materials stocks were also contributors to the Index’s performance, led by steel companies in the metals and mining industry. Indian steel producers gained amid increased activity in areas such as construction, railway expansion, road building, and modernization of ports.

Portfolio Information

 

SECTOR ALLOCATION  

 

 
Sector  

Percent of  

Total Investments(a)

 

 

 

Industrials

    21.1%  

Materials

    19.3     

Financials

    15.5     

Consumer Discretionary

    12.9     

Health Care

    9.8     

Information Technology

    7.8     

Real Estate

    4.1     

Communication Services

    3.4     

Consumer Staples

    3.1     

Utilities

    2.0     

Energy

    1.0     

 

 
TEN LARGEST HOLDINGS  

 

 
Security  

Percent of  

Total Investments(a)

 

 

 

APL Apollo Tubes Ltd.

    1.2%  

Persistent Systems Ltd.

    1.2     

Federal Bank Ltd.

    1.1     

Coforge Ltd.

    1.0     

Zee Entertainment Enterprises Ltd.

    1.0     

Max Financial Services Ltd.

    1.0     

KPIT Technologies Ltd.

    0.8     

Crompton Greaves Consumer Electricals Ltd.

    0.8     

Suzlon Energy Ltd.

    0.8     

Phoenix Mills Ltd. (The)

    0.8     

 

 
  (a) 

Excludes money market funds.

 

 

8  

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


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

    9  


Schedule of Investments

August 31, 2023

  

iShares® MSCI India ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 1.0%  

Bharat Electronics Ltd.

    21,428,966     $ 34,427,761  

Hindustan Aeronautics Ltd.

    490,136       23,065,818  
   

 

 

 
      57,493,579  
Automobile Components — 1.7%  

Balkrishna Industries Ltd.

    453,375       12,716,400  

Bharat Forge Ltd.

    1,501,385       19,400,034  

MRF Ltd.

    11,190       14,685,267  

Samvardhana Motherson International Ltd.

    13,905,502       16,075,604  

Sona Blw Precision Forgings Ltd.(a)

    2,402,643       17,275,106  

Tube Investments of India Ltd.

    623,209       21,815,696  
   

 

 

 
      101,968,107  
Automobiles — 6.3%  

Bajaj Auto Ltd.

    398,161       22,170,995  

Eicher Motors Ltd.

    802,243       32,316,236  

Hero MotoCorp Ltd.

    644,430       22,685,200  

Mahindra & Mahindra Ltd.

    5,468,196       103,970,365  

Maruti Suzuki India Ltd.

    796,795       96,222,216  

Tata Motors Ltd.

    9,738,195       70,609,944  

TVS Motor Co. Ltd.

    1,392,743       23,866,183  
   

 

 

 
      371,841,139  
Banks — 18.4%  

AU Small Finance Bank Ltd.(a)

    977,694       8,534,650  

Axis Bank Ltd.

    13,362,210       156,987,158  

Bandhan Bank Ltd.(a)

    4,250,081       11,774,122  

Bank of Baroda

    6,064,038       13,693,109  

HDFC Bank Ltd.

    16,351,592       309,633,199  

ICICI Bank Ltd.

    30,358,100       350,451,946  

IDFC First Bank Ltd.(b)

    17,871,641       20,152,111  

Kotak Mahindra Bank Ltd.

    6,408,168       135,980,485  

State Bank of India

    10,465,171       70,875,412  

Yes Bank Ltd.(b)

    75,868,761       15,388,751  
   

 

 

 
       1,093,470,943  

Beverages — 0.8%

 

United Spirits Ltd.(b)

    1,705,811       20,744,212  

Varun Beverages Ltd.

    2,665,937       28,927,357  
   

 

 

 
      49,671,569  
Building Products — 0.3%  

Astral Ltd.

    708,723       16,728,384  
   

 

 

 
Capital Markets — 0.2%  

HDFC Asset Management Co. Ltd.(a)

    477,817       14,568,913  
   

 

 

 
Chemicals — 3.6%  

Asian Paints Ltd.

    2,248,709       88,409,431  

Berger Paints India Ltd.

    1,423,886       12,353,167  

PI Industries Ltd.

    489,108       21,428,172  

Pidilite Industries Ltd.

    898,178       27,272,721  

SRF Ltd.

    868,984       24,710,980  

Supreme Industries Ltd.

    331,964       17,874,900  

UPL Ltd.

    2,640,531       18,842,607  
   

 

 

 
      210,891,978  
Commercial Services & Supplies — 0.2%  

Indian Railway Catering & Tourism Corp. Ltd.

    1,407,143       11,414,421  
   

 

 

 
Construction & Engineering — 2.2%  

Larsen & Toubro Ltd.

    4,038,094       131,751,844  
   

 

 

 
Security   Shares     Value  
Construction Materials — 2.3%  

Ambuja Cements Ltd.

    3,492,609     $ 18,059,703  

Grasim Industries Ltd.

    1,544,180       33,379,142  

Shree Cement Ltd.

    52,886       15,198,526  

UltraTech Cement Ltd.

    677,038       67,829,050  
   

 

 

 
       134,466,421  
Consumer Finance — 4.8%  

Bajaj Finance Ltd.

    1,598,651       138,181,746  

Cholamandalam Investment and Finance Co. Ltd.

    2,410,376       32,639,947  

Jio Financial Services Ltd., NVS(b)

    17,850,284       50,347,024  

Muthoot Finance Ltd.

    706,119       10,744,254  

SBI Cards & Payment Services Ltd.

    1,664,580       16,408,144  

Shriram Transport Finance Co. Ltd.

    1,649,119       38,383,205  
   

 

 

 
      286,704,320  
Consumer Staples Distribution & Retail — 0.7%  

Avenue Supermarts Ltd.(a)(b)

    953,828       42,855,909  
   

 

 

 
Electric Utilities — 1.4%            

Power Grid Corp. of India Ltd.

    20,448,874       60,356,116  

Tata Power Co. Ltd. (The)

    8,430,562       24,940,611  
   

 

 

 
      85,296,727  
Electrical Equipment — 1.0%  

ABB India Ltd.

    310,610       16,427,478  

CG Power and Industrial Solutions Ltd.

    3,581,723       18,565,375  

Havells India Ltd.

    1,469,216       24,552,141  
   

 

 

 
      59,544,994  
Financial Services — 1.6%  

Bajaj Finserv Ltd.

    2,238,447       40,212,487  

Bajaj Holdings & Investment Ltd.

    156,606       14,061,430  

Power Finance Corp. Ltd.

    6,191,620       19,460,472  

REC Ltd.

    6,947,480       20,027,675  
   

 

 

 
      93,762,064  
Food Products — 2.4%  

Britannia Industries Ltd.

    635,505       34,291,890  

Marico Ltd.

    3,032,809       20,868,965  

Nestle India Ltd.

    197,853       52,520,959  

Tata Consumer Products Ltd.

    3,268,131       32,913,569  
   

 

 

 
      140,595,383  
Gas Utilities — 0.5%  

GAIL India Ltd.

    13,492,653       18,737,754  

Indraprastha Gas Ltd.

    1,846,875       10,426,575  
   

 

 

 
      29,164,329  
Ground Transportation — 0.2%  

Container Corp. of India Ltd.

    1,607,558       13,045,710  
   

 

 

 
Health Care Providers & Services — 1.1%            

Apollo Hospitals Enterprise Ltd.

    590,116       34,289,218  

Max Healthcare Institute Ltd.(b)

    4,556,410       32,464,119  
   

 

 

 
      66,753,337  
Hotels, Restaurants & Leisure — 1.2%  

Indian Hotels Co. Ltd. (The), Class A

    4,996,763       25,381,821  

Jubilant Foodworks Ltd.

    2,321,241       14,343,685  

Zomato Ltd.(b)

    25,150,297       29,594,437  
   

 

 

 
      69,319,943  
Independent Power and Renewable Electricity Producers — 1.8%  

Adani Green Energy Ltd.(b)

    1,857,467       20,836,030  

Adani Power Ltd.(b)

    4,522,721       17,493,604  

NTPC Ltd.

    25,583,617       68,064,816  
   

 

 

 
      106,394,450  

 

 

 

10  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Industrial Conglomerates — 0.4%            

Siemens Ltd.

    521,816     $ 24,706,963  
   

 

 

 
Insurance — 2.1%            

HDFC Life Insurance Co. Ltd.(a)

    5,671,699       44,132,920  

ICICI Lombard General Insurance Co. Ltd.(a)

    1,411,180       22,375,952  

ICICI Prudential Life Insurance Co. Ltd.(a)

    2,109,088       14,356,651  

SBI Life Insurance Co. Ltd.(a)

    2,640,941       41,200,372  
   

 

 

 
       122,065,895  
Interactive Media & Services — 0.4%            

Info Edge India Ltd.

    416,026       21,739,478  
   

 

 

 
IT Services — 12.8%            

HCL Technologies Ltd.

    5,555,698       78,594,495  

Infosys Ltd.

    19,466,380       337,335,974  

Larsen & Toubro Infotech Ltd.(a)

    520,446       32,601,219  

Mphasis Ltd.

    442,203       12,959,249  

Tata Consultancy Services Ltd.

    5,363,342       217,236,177  

Tech Mahindra Ltd.

    3,143,268       45,575,974  

Wipro Ltd.

    7,650,137       37,682,904  
   

 

 

 
      761,985,992  
Life Sciences Tools & Services — 0.5%            

Divi’s Laboratories Ltd.

    700,410       30,361,958  
   

 

 

 
Machinery — 0.6%            

Ashok Leyland Ltd.

    8,607,398       19,115,132  

Cummins India Ltd.

    812,625       16,763,175  
   

 

 

 
      35,878,307  
Metals & Mining — 2.8%            

Hindalco Industries Ltd.

    7,216,806       40,009,742  

Jindal Steel & Power Ltd.

    2,093,306       17,286,667  

JSW Steel Ltd.

    3,543,099       33,331,714  

Tata Steel Ltd.

    42,993,625       63,760,147  

Vedanta Ltd.

    4,358,867       12,203,200  
   

 

 

 
      166,591,470  
Oil, Gas & Consumable Fuels — 10.8%            

Bharat Petroleum Corp. Ltd.

    4,451,488       18,298,483  

Coal India Ltd.

    9,033,166       25,081,368  

Hindustan Petroleum Corp. Ltd.

    3,326,834       9,964,321  

Indian Oil Corp. Ltd.

    16,558,834       17,810,049  

Oil & Natural Gas Corp. Ltd.

    18,439,845       38,785,824  

Petronet LNG Ltd.

    4,397,322       11,425,752  

Reliance Industries Ltd.

    17,850,346       518,571,029  
   

 

 

 
      639,936,826  
Passenger Airlines — 0.4%            

InterGlobe Aviation Ltd.(a)(b)

    791,175       23,262,576  
   

 

 

 
Personal Care Products — 3.6%            

Colgate-Palmolive India Ltd.

    717,605       16,823,744  
Security   Shares     Value  
Personal Care Products (continued)            

Dabur India Ltd.

    3,636,363     $ 24,273,384  

Godrej Consumer Products Ltd.(b)

    2,398,483       29,109,525  

Hindustan Unilever Ltd.

    4,821,557       145,851,335  
   

 

 

 
        216,057,988  
Pharmaceuticals — 3.5%            

Aurobindo Pharma Ltd.

    1,545,936       15,485,187  

Cipla Ltd.

    3,076,398       46,692,590  

Dr. Reddy’s Laboratories Ltd.

    634,745       42,937,080  

Lupin Ltd.

    1,200,723       15,912,113  

Sun Pharmaceutical Industries Ltd.

    5,626,880       75,423,080  

Torrent Pharmaceuticals Ltd.

    595,301       13,250,781  
   

 

 

 
      209,700,831  
Real Estate Management & Development — 0.6%  

DLF Ltd.

    3,628,247       22,073,812  

Godrej Properties Ltd.(b)

    733,550       14,570,865  
   

 

 

 
      36,644,677  
Software — 0.3%            

Tata Elxsi Ltd.

    200,925       17,571,383  
   

 

 

 
Specialty Retail — 0.4%            

Trent Ltd.

    1,062,971       26,293,287  
   

 

 

 
Textiles, Apparel & Luxury Goods — 1.6%  

Page Industries Ltd.

    35,968       17,435,313  

Titan Co. Ltd.

    2,082,070       78,017,656  
   

 

 

 
      95,452,969  
Tobacco — 1.6%            

ITC Ltd.

    17,504,109       92,918,075  
   

 

 

 
Trading Companies & Distributors — 0.5%  

Adani Enterprises Ltd.

    1,002,591       29,269,852  
   

 

 

 
Transportation Infrastructure — 0.5%            

Adani Ports & Special Economic Zone Ltd.

    3,096,262       29,594,627  
   

 

 

 
Wireless Telecommunication Services — 2.3%  

Bharti Airtel Ltd.

    13,097,594       135,416,602  
   

 

 

 

Total Investments — 99.4%
(Cost: $5,489,997,737)

      5,903,154,220  

Other Assets Less Liabilities — 0.6%

      37,028,148  
   

 

 

 

Net Assets — 100.0%

    $ 5,940,182,368  
   

 

 

 

 

(a)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b)

Non-income producing security.

 

 

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

    11  


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India 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: Treasury, SL Agency Shares(a)

  $ 39,580,000     $    —       $(39,580,000)(b)     $     —     $    —     $   —           $ 1,883,471     $    11  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a)

As of period end, the entity is no longer held.

 
  (b)

Represents net amount purchased (sold).

 

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

          

SGX Nifty 50 Index

     601        09/28/23        $23,378     $   32,631  
          

 

 

 

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)

   $      $      $ 32,631      $      $      $      $ 32,631  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended August 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 270,637      $      $      $      $ 270,637  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 485,602      $      $      $      $ 485,602  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 14,997,494   

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

12  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India 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

  $  85,751,967      $ 5,817,402,253      $     —      $ 5,903,154,220  
 

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

          

Assets

          

Equity Contracts

  $ 32,631      $      $      $ 32,631  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

    13  


Schedule of Investments

August 31, 2023

  

iShares® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 0.5%            

Bharat Dynamics Ltd.

    68,266     $ 927,718  

Data Patterns India Ltd.(a)

    29,098       833,139  

Garden Reach Shipbuilders & Engineers Ltd.

    42,321       417,566  
   

 

 

 
       2,178,423  

Air Freight & Logistics — 1.1%

   

Allcargo Logistics Ltd.

    88,339       292,802  

Blue Dart Express Ltd.

    8,861       672,286  

Delhivery Ltd.(a)

    489,242       2,583,351  

Mahindra Logistics Ltd.(b)

    46,746       219,845  

TCI Express Ltd.

    14,296       242,535  

Transport Corp. of India Ltd.

    34,148       334,121  
   

 

 

 
      4,344,940  

Automobile Components — 4.4%

   

Apollo Tyres Ltd.

    473,108       2,218,144  

Asahi India Glass Ltd.

    108,817       779,894  

Ceat Ltd.

    30,195       821,363  

CIE Automotive India Ltd.

    197,820       1,248,042  

Endurance Technologies Ltd.(b)

    41,209       826,482  

Exide Industries Ltd.

    569,874       1,835,585  

JBM Auto Ltd.

    34,734       635,572  

JK Tyre & Industries Ltd.

    128,262       419,594  

Minda Corp. Ltd.

    105,101       415,093  

Motherson Sumi Wiring India Ltd.

    2,634,744       1,974,171  

Sansera Engineering Ltd.(b)

    38,857       447,432  

Sundaram Clayton Ltd., NVS

    6,689       82,046  

Sundram Fasteners Ltd.

    156,532       2,405,167  

Suprajit Engineering Ltd.

    101,415       517,937  

TVS Holdings Ltd.

    7,536       471,647  

UNO Minda Ltd.

    256,136       1,862,036  

Varroc Engineering Ltd.(a)(b)

    54,959       280,501  

ZF Commercial Vehicle Control Systems India Ltd.

    7,065       1,179,420  
   

 

 

 
      18,420,126  
Automobiles — 0.1%            

Maharashtra Scooters Ltd.

    4,020       346,588  
   

 

 

 
Banks — 3.3%            

City Union Bank Ltd.

    532,117       792,466  

DCB Bank Ltd.

    222,231       312,867  

Equitas Small Finance Bank Ltd.(b)

    811,315       886,022  

Federal Bank Ltd.

    2,589,380       4,498,122  

Indian Bank

    370,785       1,694,400  

Jammu & Kashmir Bank Ltd. (The)

    421,814       456,684  

Karnataka Bank Ltd. (The)

    224,825       599,905  

Karur Vysya Bank Ltd. (The)

    575,822       844,590  

RBL Bank Ltd.(b)

    661,167       1,905,329  

South Indian Bank Ltd. (The)

    1,492,973       418,763  

Tamilnad Mercantile Bank Ltd., NVS

    114,534       756,285  

Ujjivan Small Finance Bank Ltd.(b)

    873,742       516,603  
   

 

 

 
      13,682,036  
Beverages — 0.5%            

Radico Khaitan Ltd.

    109,536       1,668,203  

Sula Vineyards Ltd., NVS

    43,999       260,158  
   

 

 

 
      1,928,361  
Biotechnology — 0.5%            

Biocon Ltd.

    626,057       1,959,578  
   

 

 

 
Broadline Retail — 0.3%            

RattanIndia Enterprises Ltd.(a)

    460,019       342,231  
Security   Shares     Value  
Broadline Retail (continued)            

Shoppers Stop Ltd.(a)

    56,632     $ 498,418  

V-Mart Retail Ltd.(a)

    14,167       381,389  
   

 

 

 
      1,222,038  
Building Products — 1.3%            

Blue Star Ltd.

    172,194       1,539,069  

Cera Sanitaryware Ltd.

    8,720       1,000,925  

Kajaria Ceramics Ltd.

    130,495       2,317,134  

Prince Pipes and Fittings Ltd.

    65,888       569,757  
   

 

 

 
      5,426,885  
Capital Markets — 3.9%            

360 ONE WAM Ltd.

    159,567       938,710  

Anand Rathi Wealth Ltd.

    24,844       428,090  

Angel One Ltd.

    49,952       1,127,234  

BSE Ltd.

    98,892       1,268,393  

Central Depository Services India Ltd.

    76,289       1,048,222  

CRISIL Ltd.

    27,226       1,305,162  

Digidrive Distributors Ltd., NVS

    14,346       13,343  

Edelweiss Financial Services Ltd.

    773,171       508,021  

ICICI Securities Ltd.(b)

    120,333       907,959  

ICRA Ltd.

    6,471       457,301  

IDFC Ltd.

    1,783,924       2,621,440  

Indian Energy Exchange Ltd.(b)

    650,966       991,635  

JM Financial Ltd.

    604,106       570,203  

Kfin Technologies Ltd.(a)

    75,832       410,147  

Motilal Oswal Financial Services Ltd.

    55,120       612,033  

Multi Commodity Exchange of India Ltd.

    37,230       758,540  

Nippon Life India Asset Management Ltd.(b)

    186,119       700,957  

Share India Securities Ltd.

    17,036       287,621  

Tata Investment Corp. Ltd.

    18,933       556,856  

UTI Asset Management Co. Ltd.

    66,216       597,946  
   

 

 

 
       16,109,813  
Chemicals — 11.1%            

Aarti Industries Ltd.

    270,041       1,603,176  

Advanced Enzyme Technologies Ltd.

    83,301       329,902  

Akzo Nobel India Ltd.

    13,231       439,109  

Alkyl Amines Chemicals

    22,398       675,457  

Anupam Rasayan India Ltd.

    32,103       389,433  

Archean Chemical Industries Ltd., NVS

    82,174       664,832  

Atul Ltd.

    21,986       1,946,781  

Balaji Amines Ltd.

    14,256       386,757  

BASF India Ltd.

    15,906       505,543  

Bayer CropScience Ltd.

    20,087       1,167,551  

Carborundum Universal Ltd.

    155,645       2,134,556  

Castrol India Ltd.

    589,463       1,030,311  

Chambal Fertilisers and Chemicals Ltd.

    248,281       824,758  

Chemplast Sanmar Ltd.(a)

    106,011       665,084  

Clean Science and Technology

    31,659       541,697  

Coromandel International Ltd.

    175,234       2,308,020  

Deepak Fertilisers & Petrochemicals Corp. Ltd.

    103,981       761,554  

Deepak Nitrite Ltd.

    91,443       2,450,448  

EID Parry India Ltd.

    119,015       686,549  

Fine Organic Industries Ltd.

    11,426       661,441  

Fineotex Chemical Ltd.

    56,283       212,543  

Finolex Industries Ltd.

    369,771       1,069,265  

Galaxy Surfactants Ltd.

    18,488       599,280  

GHCL Ltd.

    96,314       722,736  

Gujarat Alkalies & Chemicals Ltd.

    26,482       223,007  

Gujarat Fluorochemicals Ltd.

    40,915       1,505,250  

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

    127,354       936,886  

 

 

 

14  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Chemicals (continued)            

Gujarat State Fertilizers & Chemicals Ltd.

    356,207     $ 753,820  

Himadri Speciality Chemical Ltd.

    261,618       708,715  

Indigo Paints Ltd.

    17,725       336,122  

Jubilant Ingrevia Ltd.

    94,739       588,321  

Kansai Nerolac Paints Ltd.

    301,094       1,209,360  

Laxmi Organic Industries Ltd.

    98,610       354,064  

Linde India Ltd.

    31,716       2,399,785  

Meghmani Finechem Ltd.

    18,239       221,434  

Navin Fluorine International Ltd.

    47,997       2,668,553  

Neogen Chemicals Ltd.

    14,720       303,590  

NOCIL Ltd.

    150,767       408,480  

Paradeep Phosphates Ltd., NVS(a)(b)

    472,847       401,672  

PCBL Ltd.

    247,588       521,160  

Polyplex Corporation Ltd.

    22,971       337,311  

Privi Specility Chemical Ltd.

    11,800       164,215  

Rain Industries Ltd.

    276,461       541,928  

Rallis India Ltd.

    117,000       332,542  

Rashtriya Chemicals & Fertilizers Ltd.

    200,844       294,674  

Rossari Biotech Ltd.

    28,017       292,741  

Sharda Cropchem Ltd.

    39,229       213,665  

Solar Industries India Ltd.

    40,445       2,362,285  

Sumitomo Chemical India Ltd.

    148,864       791,668  

Supreme Petrochem Ltd., NVS

    96,903       577,951  

Tata Chemicals Ltd.

    227,732       2,917,392  

Tatva Chintan Pharma Chem Ltd.

    7,855       163,382  

Vinati Organics Ltd.

    38,283       857,535  
   

 

 

 
       46,164,291  
Commercial Services & Supplies — 0.4%            

CMS Info Systems Ltd.

    115,018       501,400  

ION Exchange India Ltd., NVS

    109,257       747,692  

SIS Ltd.(a)

    65,135       373,197  
   

 

 

 
      1,622,289  
Communications Equipment — 0.3%            

Sterlite Technologies Ltd.

    238,303       493,254  

Tejas Networks Ltd.(a)(b)

    88,423       929,272  
   

 

 

 
      1,422,526  
Construction & Engineering — 3.5%            

Engineers India Ltd.

    376,816       701,862  

G R Infraprojects Ltd.(a)

    28,469       435,827  

HG Infra Engineering Ltd.

    24,329       273,397  

IRB Infrastructure Developers Ltd., NVS

    1,799,460       614,616  

IRCON International Ltd.(b)

    351,515       483,707  

Kalpataru Projects International Ltd.

    142,488       1,135,794  

KEC International Ltd.

    191,514       1,552,821  

KNR Constructions Ltd.

    209,501       696,974  

NBCC India Ltd.

    944,834       586,528  

NCC Ltd./India

    558,836       1,143,874  

Patel Engineering Ltd.(a)

    403,405       278,727  

PNC Infratech Ltd.

    172,443       691,098  

Power Mech Projects Ltd.

    7,506       382,712  

Praj Industries Ltd.

    177,667       1,056,493  

Rail Vikas Nigam Ltd.

    468,061       739,950  

Sterling and Wilson Renewable Energy Ltd.(a)

    84,785       386,998  

Techno Electric & Engineering Co. Ltd.

    62,861       405,614  

Voltas Ltd.

    295,784       3,106,287  
   

 

 

 
      14,673,279  
Construction Materials — 3.1%            

ACC Ltd.

    97,922       2,372,460  

Birla Corp. Ltd.

    40,428       560,879  
Security   Shares     Value  
Construction Materials (continued)            

Dalmia Bharat Ltd.

    111,662     $ 2,810,153  

HeidelbergCement India Ltd.

    91,129       205,815  

India Cements Ltd. (The)

    182,384       520,172  

JK Cement Ltd.

    51,804       2,061,484  

JK Lakshmi Cement Ltd.

    96,422       784,545  

Nuvoco Vistas Corp. Ltd.(a)

    159,634       650,248  

Prism Johnson Ltd.(a)

    184,822       289,158  

Ramco Cements Ltd. (The)

    158,420       1,659,296  

Rhi Magnesita India Ltd.

    91,356       795,262  
   

 

 

 
      12,709,472  
Consumer Finance — 2.6%            

Cholamandalam Financial Holdings Ltd.

    139,882       1,662,480  

CreditAccess Grameen Ltd.(a)

    82,945       1,417,768  

Five-Star Business Finance Ltd., NVS

    107,605       995,187  

Fusion Micro Finance Ltd., NVS

    44,952       342,014  

Mahindra & Mahindra Financial Services Ltd.

    735,159       2,640,032  

Manappuram Finance Ltd.

    819,660       1,529,413  

MAS Financial Services Ltd.(b)

    23,498       231,650  

Paisalo Digital Ltd.

    13,360       9,699  

Poonawalla Fincorp Ltd.

    343,327       1,726,846  

Spandana Sphoorty Financial Ltd.(a)

    36,985       369,648  
   

 

 

 
      10,924,737  
Consumer Staples Distribution & Retail — 0.2%  

Medplus Health Services Ltd.(a)

    71,091       696,773  
   

 

 

 
Containers & Packaging — 0.1%            

EPL Ltd.

    189,636       449,691  
   

 

 

 
Diversified Consumer Services — 0.1%            

NIIT Learning Systems Ltd., NVS

    107,638       496,218  
   

 

 

 
Diversified Telecommunication Services — 0.5%  

HFCL Ltd.

    1,026,338       943,568  

Railtel Corp. of India Ltd.

    138,323       349,539  

Tata Teleservices Maharashtra Ltd.(a)

    728,145       771,272  
   

 

 

 
      2,064,379  
Electric Utilities — 0.8%            

CESC Ltd.

    888,715       892,801  

Reliance Infrastructure Ltd.(a)

    314,472       708,925  

Torrent Power Ltd.

    214,816       1,703,986  
   

 

 

 
      3,305,712  
Electrical Equipment — 4.4%            

Amara Raja Batteries Ltd.

    127,244       965,410  

Bharat Heavy Electricals Ltd.

    1,556,342       2,276,926  

Elecon Engineering Co. Ltd.

    58,778       626,232  

Finolex Cables Ltd.

    102,537       1,361,406  

GE T&D India Ltd.(a)

    95,368       380,959  

Graphite India Ltd.

    100,487       574,556  

HBL Power Systems Ltd.

    165,193       535,071  

HEG Ltd.

    23,001       486,257  

Hitachi Energy India Ltd.

    15,790       838,991  

KEI Industries Ltd.

    87,290       2,852,464  

Olectra Greentech Ltd.

    61,073       920,601  

Schneider Electric Infrastructure Ltd.(a)

    71,247       306,379  

Suzlon Energy Ltd.(a)

    11,089,839       3,286,637  

TD Power Systems Ltd.

    93,069       297,915  

Triveni Turbine Ltd.

    213,117       1,007,197  

V-Guard Industries Ltd.

    258,360       980,906  

Voltamp Transformers Ltd.

    7,537       523,831  
   

 

 

 
       18,221,738  

 

 

 

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

    15  


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electronic Equipment, Instruments & Components — 0.9%

 

Avalon Technologies Ltd., NVS(b)

    34,047     $ 206,681  

Genus Power Infrastructures Ltd.

    92,203       288,015  

Kaynes Technology India Ltd., NVS

    25,987       631,778  

Redington Ltd.

    873,455       1,652,192  

Syrma SGS Technology Ltd.(a)

    78,749       513,176  

Zen Technologies Ltd.

    42,829       434,828  
   

 

 

 
      3,726,670  
Entertainment — 0.8%            

Nazara Technologies Ltd.(a)

    54,225       508,380  

PVR Inox Ltd.(a)

    102,181       2,209,470  

Saregama India Ltd.

    99,667       477,143  
   

 

 

 
      3,194,993  
Financial Services — 3.6%            

Aavas Financiers Ltd.(a)

    72,385       1,426,726  

Aptus Value Housing Finance India Ltd.

    260,042       844,162  

Can Fin Homes Ltd.

    119,029       1,079,671  

Home First Finance Company India Ltd.(b)

    52,577       529,541  

IIFL Finance Ltd.

    282,198       2,065,502  

Indiabulls Housing Finance Ltd.(a)

    467,844       1,119,695  

Infibeam Avenues Ltd.(a)

    1,360,880       239,807  

L&T Finance Holdings Ltd.

    1,108,447       1,670,169  

LIC Housing Finance Ltd.

    450,736       2,303,345  

Nuvama Wealth Management Ltd., NVS

    6,386       215,412  

Piramal Enterprises Ltd.

    176,919       2,248,241  

PNB Housing Finance Ltd.(a)(b)

    151,211       1,187,053  
   

 

 

 
       14,929,324  
Food Products — 1.6%            

Avanti Feeds Ltd.

    81,369       426,710  

Balrampur Chini Mills Ltd.

    180,348       849,073  

Bikaji Foods International Ltd.

    92,776       558,317  

Bombay Burmah Trading Co.

    25,779       310,644  

CCL Products India Ltd.

    109,007       797,419  

Gujarat Ambuja Exports Ltd.

    102,434       324,887  

Hindustan Foods Ltd.(a)

    41,896       277,625  

Kaveri Seed Co. Ltd.

    29,161       192,462  

KRBL Ltd.

    70,382       342,215  

LT Foods Ltd.

    195,759       390,922  

Mrs Bectors Food Specialities Ltd.

    42,164       546,644  

Shree Renuka Sugars Ltd.(a)

    932,617       524,364  

Tata Coffee Ltd.

    111,159       329,865  

Triveni Engineering & Industries Ltd.

    114,145       432,813  

Zydus Wellness Ltd.

    23,232       460,828  
   

 

 

 
      6,764,788  
Gas Utilities — 0.9%            

Gujarat Gas Ltd.

    256,402       1,391,767  

Gujarat State Petronet Ltd.

    420,300       1,401,445  

Mahanagar Gas Ltd.

    73,583       909,436  
   

 

 

 
      3,702,648  
Ground Transportation — 0.1%            

VRL Logistics Ltd.

    51,086       414,825  
   

 

 

 
Health Care Equipment & Supplies — 0.2%            

Poly Medicure Ltd.

    42,883       758,037  
   

 

 

 
Health Care Providers & Services — 2.7%            

Aster DM Healthcare Ltd.(a)(b)

    223,262       893,729  

Dr Lal PathLabs Ltd.(b)

    55,680       1,462,403  

Fortis Healthcare Ltd.

    674,872       2,704,256  

Global Health Ltd., NVS(a)

    119,624       1,026,173  

Krishna Institute Of Medical Sciences Ltd.(a)(b)

    71,538       1,724,822  
Security   Shares     Value  
Health Care Providers & Services (continued)            

Metropolis Healthcare Ltd.(b)

    38,183     $ 618,195  

Narayana Hrudayalaya Ltd.

    105,891       1,329,939  

Rainbow Children’s Medicare Ltd.

    75,612       969,161  

Vijaya Diagnostic Centre Pvt Ltd.

    68,463       430,417  
   

 

 

 
      11,159,095  
Hotels, Restaurants & Leisure — 1.7%            

Barbeque Nation Hospitality Ltd.(a)

    30,296       255,993  

Chalet Hotel Ltd.(a)

    92,029       612,259  

Delta Corp. Ltd.

    93,920       205,184  

Devyani International Ltd.(a)

    449,008       1,060,151  

Easy Trip Planners Ltd., NVS(a)

    515,795       258,564  

EIH Ltd.

    280,086       841,355  

Lemon Tree Hotels Ltd.(a)(b)

    648,664       854,991  

Mahindra Holidays & Resorts India Ltd.(a)

    89,262       430,514  

Restaurant Brands Asia Ltd.(a)

    400,820       614,103  

Sapphire Foods India Ltd.(a)

    47,581       818,589  

Westlife Development Ltd.

    92,924       1,053,145  
   

 

 

 
      7,004,848  
Household Durables — 2.8%            

Amber Enterprises India Ltd.(a)

    25,100       878,677  

Bajaj Electricals Ltd.

    68,595       961,594  

Borosil Ltd.(a)

    41,620       219,133  

Crompton Greaves Consumer Electricals Ltd.

    953,036       3,452,296  

Dixon Technologies India Ltd.

    44,368       2,679,617  

LA Opala RG Ltd.

    57,420       303,736  

Orient Electric Ltd.

    190,732       550,229  

Sheela Foam Ltd.(a)

    43,608       590,192  

Symphony Ltd.

    26,141       278,884  

TTK Prestige Ltd.

    60,989       577,440  

Whirlpool of India Ltd.

    47,256       932,358  
   

 

 

 
       11,424,156  
Household Products — 0.2%            

Jyothy Labs Ltd.

    191,482       805,719  
   

 

 

 
Independent Power and Renewable Electricity Producers — 0.3%  

Jaiprakash Power Ventures Ltd.(a)

    5,150,280       496,909  

Reliance Power Ltd.(a)

    3,895,470       900,652  
   

 

 

 
      1,397,561  
Industrial Conglomerates — 1.0%            

3M India Ltd.

    4,196       1,578,612  

Apar Industries Ltd.

    22,806       1,378,570  

Godrej Industries Ltd.(a)

    100,607       652,976  

Nava Ltd.

    108,090       554,902  
   

 

 

 
      4,165,060  
Insurance — 2.1%            

Max Financial Services Ltd.(a)

    359,922       4,056,725  

PB Fintech Ltd.(a)

    301,776       2,820,709  

Religare Enterprises Ltd.(a)

    144,775       410,717  

Star Health & Allied Insurance Co. Ltd.(a)

    173,415       1,332,145  
   

 

 

 
      8,620,296  
Interactive Media & Services — 0.2%            

Brightcom Group Ltd.

    1,954,761       401,406  

Just Dial Ltd.(a)

    31,670       291,647  
   

 

 

 
      693,053  
IT Services — 3.3%            

Coforge Ltd.

    63,718       4,202,905  

Happiest Minds Technologies Ltd.

    99,327       1,112,551  

Hinduja Global Solutions Ltd.

    20,255       246,326  

Mastek Ltd.

    24,944       714,865  

 

 

16  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
IT Services (continued)            

Persistent Systems Ltd.

    74,495     $ 4,826,504  

Sonata Software Ltd.

    125,339       1,582,081  

Zensar Technologies Ltd.

    167,924       1,067,830  
   

 

 

 
      13,753,062  
Life Sciences Tools & Services — 0.6%            

Syngene International Ltd.(b)

    269,328       2,516,190  

Tarsons Products Ltd.(a)

    22,741       140,819  
   

 

 

 
      2,657,009  
Machinery — 6.3%            

Action Construction Equipment Ltd.

    53,286       491,967  

AIA Engineering Ltd.

    63,236       2,820,871  

BEML Ltd., (Acquired 09/19/22,
Cost: $565,905)(c)

    27,874       830,054  

Cochin Shipyard Ltd.(b)

    58,793       643,089  

Craftsman Automation Ltd.

    12,591       747,532  

Elgi Equipments Ltd.

    282,899       1,675,144  

ESAB India Ltd.

    6,789       443,938  

Escorts Kubota Ltd.

    49,143       1,874,097  

GMM Pfaudler Ltd.

    40,121       763,951  

Greaves Cotton Ltd.

    155,542       282,595  

Grindwell Norton Ltd.

    65,983       1,813,197  

Ingersoll Rand India Ltd.

    11,803       459,031  

ISGEC Heavy Engineering Ltd.

    42,717       358,475  

Jamna Auto Industries Ltd.

    297,103       428,136  

Jupiter Wagons Ltd., NVS

    22,008       91,277  

Kennametal India Ltd.

    8,070       275,145  

Kirloskar Brothers Ltd.

    41,455       425,435  

Kirloskar Oil Engines Ltd.

    129,476       756,354  

Kirloskar Pneumatic Co. Ltd., NVS

    57,796       449,459  

KSB Ltd.

    17,875       602,607  

Lakshmi Machine Works Ltd.

    5,571       1,031,151  

MTAR Technologies Ltd.(a)

    28,937       859,165  

Rolex Rings Ltd.(a)

    18,025       474,735  

SKF India Ltd.

    36,828       2,317,441  

Tega Industries Ltd., NVS

    24,715       297,167  

Thermax Ltd.

    62,134       2,107,333  

Timken India Ltd.

    44,673       1,753,698  

Titagarh Rail System Ltd.(a)

    67,379       661,978  

Vesuvius India Ltd.

    12,095       501,069  
   

 

 

 
       26,236,091  
Marine Transportation — 0.1%            

Shipping Corp. of India Ltd.

    206,804       325,323  

Shipping Corp. of India Ltd.

    158,258       53,813  
   

 

 

 
      379,136  
Media — 1.6%            

Affle India Ltd.(a)

    79,365       1,032,126  

Network18 Media & Investments Ltd.(a)

    233,143       192,284  

Sun TV Network Ltd.

    117,427       874,702  

TV18 Broadcast Ltd.(a)

    642,783       372,948  

Zee Entertainment Enterprises Ltd.

    1,287,941       4,073,504  
   

 

 

 
      6,545,564  
Metals & Mining — 4.4%            

APL Apollo Tubes Ltd.

    246,307       4,983,242  

Godawari Power and Ispat Ltd.

    70,889       529,882  

Gravita India Ltd.(a)

    30,240       285,666  

Hindustan Copper Ltd.

    360,184       688,367  

Jindal Saw Ltd.

    166,600       704,164  

Jindal Stainless Ltd.

    550,066       3,017,813  

Kirloskar Ferrous Industries Ltd.

    70,421       402,231  

Maharashtra Seamless Ltd.

    50,045       324,850  
Security   Shares     Value  
Metals & Mining (continued)            

Mishra Dhatu Nigam Ltd.(b)

    69,628     $ 345,296  

National Aluminium Co. Ltd.

    1,231,351       1,397,664  

Nmdc Steel Limited, NVS(a)

    1,091,657       742,583  

PTC Industries Ltd., NVS

    4,654       337,187  

Rajratan Global Wire Ltd.

    22,249       199,860  

Ramkrishna Forgings Ltd.

    94,745       815,712  

Ratnamani Metals & Tubes Ltd.

    41,771       1,332,509  

Sarda Energy & Minerals Ltd., NVS

    144,251       385,679  

Shivalik Bimetal Controls Ltd., NVS

    30,037       213,251  

Usha Martin Ltd.

    204,311       875,150  

Welspun Corp. Ltd.

    117,410       463,828  
   

 

 

 
      18,044,934  
Office REITs — 1.2%            

Brookfield India Real Estate Trust(b)

    285,868       856,016  

Embassy Office Parks REIT

    776,729       2,863,613  

Mindspace Business Parks REIT(b)

    309,231       1,151,965  
   

 

 

 
      4,871,594  
Oil, Gas & Consumable Fuels — 1.0%            

Aegis Logistics Ltd.

    209,177       934,212  

Chennai Petroleum Corp. Ltd.

    66,557       337,382  

Great Eastern Shipping Co. Ltd. (The)

    148,893       1,374,288  

Gujarat Mineral Development Corp. Ltd.

    114,744       344,440  

Oil India Ltd.

    403,905       1,331,816  
   

 

 

 
       4,322,138  
Paper & Forest Products — 0.6%            

Century Plyboards India Ltd.

    82,752       684,168  

Century Textiles & Industries Ltd.

    66,565       826,194  

Greenpanel Industries Ltd.

    91,381       417,055  

JK Paper Ltd.

    101,177       445,354  

West Coast Paper Mills Ltd.

    44,236       313,327  
   

 

 

 
      2,686,098  
Personal Care Products — 0.4%            

Emami Ltd.

    292,647       1,853,370  
   

 

 

 
Pharmaceuticals — 5.9%            

Aarti Drugs Ltd.

    51,814       357,539  

Aarti Pharmalabs Ltd., NVS(a)

    67,341       320,940  

Aether Industries Ltd., NVS

    39,488       489,461  

Ajanta Pharma Ltd.

    65,364       1,364,342  

Alembic Pharmaceuticals Ltd.

    73,256       686,876  

AMI Organics Ltd.

    19,000       301,928  

AstraZeneca Pharma India Ltd.

    7,279       374,500  

Caplin Point Laboratories Ltd.

    30,904       394,875  

Eris Lifesciences Ltd.(b)

    60,789       594,774  

FDC Ltd./India(a)

    73,552       338,115  

Gland Pharma Ltd.(a)(b)

    43,888       923,728  

GlaxoSmithKline Pharmaceuticals Ltd.

    50,496       871,616  

Glenmark Life Sciences Ltd.

    36,510       280,331  

Glenmark Pharmaceuticals Ltd.

    210,196       1,945,913  

Granules India Ltd.

    199,349       716,008  

Hikal Ltd.

    63,012       225,171  

Indoco Remedies Ltd.

    56,116       215,309  

Ipca Laboratories Ltd.

    207,892       2,193,642  

JB Chemicals & Pharmaceuticals Ltd.

    51,903       1,735,716  

Jubilant Pharmova Ltd., Class A

    106,648       603,767  

Laurus Labs Ltd.(b)

    521,637       2,513,920  

Marksans Pharma Ltd.

    299,850       409,283  

Natco Pharma Ltd.

    118,828       1,310,397  

Neuland Laboratories Ltd.

    11,469       537,449  

 

 

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

    17  


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Pharmaceuticals (continued)            

Piramal Pharma Ltd., NVS(a)

    788,453     $ 976,206  

Procter & Gamble Health Ltd.

    11,138       655,879  

Sanofi India Ltd.

    12,009       1,030,041  

Strides Pharma Science Ltd.

    94,209       503,918  

Sun Pharma Advanced Research Co. Ltd.(a)

    94,192       291,988  

Suven Pharmaceuticals Ltd.

    151,707       938,742  

Wockhardt Ltd.(a)

    85,869       246,354  
   

 

 

 
      24,348,728  
Professional Services — 1.3%            

BLS International Services Ltd.

    153,017       531,306  

Computer Age Management Services Ltd.

    47,465       1,360,809  

eClerx Services Ltd.

    32,228       631,902  

Firstsource Solutions Ltd.

    465,880       917,844  

Latent View Analytics Ltd.(a)

    74,346       382,207  

Quess Corp. Ltd.(b)

    88,865       457,907  

RITES Ltd.

    71,899       434,699  

TeamLease Services Ltd.(a)

    17,493       511,249  
   

 

 

 
      5,227,923  
Real Estate Management & Development — 2.7%  

Anant Raj Ltd.

    120,715       320,065  

Brigade Enterprises Ltd.

    171,925       1,230,390  

Indiabulls Real Estate Ltd.(a)

    726,321       700,536  

Mahindra Lifespace Developers Ltd.

    115,412       790,327  

NESCO Ltd.

    30,497       266,117  

Oberoi Realty Ltd.

    189,602       2,563,877  

Phoenix Mills Ltd. (The)

    146,378       3,180,363  

Prestige Estates Projects Ltd.

    204,834       1,592,928  

Sobha Ltd.

    42,392       312,142  

Sunteck Realty Ltd.

    65,644       286,328  
   

 

 

 
      11,243,073  
Retail REITs — 0.2%            

Nexus Select Trust, NVS

    677,144       1,014,576  
   

 

 

 
Semiconductors & Semiconductor Equipment — 0.1%  

Borosil Renewables Ltd.(a)

    66,610       352,360  
   

 

 

 
Software — 3.2%            

Birlasoft Ltd.

    245,970       1,511,947  

CE Info Systems Ltd.

    19,470       410,865  

Cyient Ltd.

    123,272       2,436,321  

Intellect Design Arena Ltd.

    121,695       1,079,415  

KPIT Technologies Ltd.

    244,843       3,473,457  

Newgen Software Technologies Ltd.

    41,533       430,926  

Oracle Financial Services Software Ltd.

    32,215       1,597,880  

Rategain Travel Technologies Ltd.(a)

    63,581       461,751  

Route Mobile Ltd.

    41,195       780,826  

Tanla Platforms Ltd.

    98,117       1,155,660  
   

 

 

 
      13,339,048  
Specialty Retail — 0.5%            

Aditya Birla Fashion and Retail Ltd.(a)

    494,772       1,311,218  

Arvind Fashions Ltd.(a)

    69,445       269,789  

Go Fashion India Ltd.(a)

    39,494       641,382  
   

 

 

 
      2,222,389  
Textiles, Apparel & Luxury Goods — 3.0%            

Alok Industries Ltd.(a)

    1,841,805       441,054  
Security   Shares     Value  

 

 
Textiles, Apparel & Luxury Goods (continued)  

Bata India Ltd.

    86,170     $ 1,756,276  

Campus Activewear Ltd.(a)

    88,901       323,927  

Garware Technical Fibres Ltd.

    13,697       528,278  

Indo Count Industries Ltd.

    102,364       303,043  

Kalyan Jewellers India Ltd.

    298,182       906,941  

KPR Mill Ltd.

    127,314       1,164,404  

LUX Industries Ltd.(a)

    10,906       193,963  

Rajesh Exports Ltd.

    87,980       530,145  

Raymond Ltd.

    49,567       1,196,233  

Relaxo Footwears Ltd.

    111,266       1,269,155  

Safari Industries India Ltd.

    14,132       628,821  

Trident Ltd.

    1,898,073       837,101  

Vaibhav Global Ltd.

    74,127       395,539  

Vardhman Textiles Ltd.(a)

    151,352       718,359  

VIP Industries Ltd.

    95,019       763,343  

Welspun India Ltd.

    289,573       436,502  
   

 

 

 
      12,393,084  
Tobacco — 0.2%            

Godfrey Phillips India Ltd.

    18,292       475,001  

VST Industries Ltd.

    5,412       238,927  
   

 

 

 
      713,928  
Trading Companies & Distributors — 0.4%            

Hindware Home Innovation Ltd.(a)

    44,744       316,665  

IndiaMART Intermesh Ltd.(b)

    41,050       1,516,985  
   

 

 

 
      1,833,650  
Transportation Infrastructure — 0.8%            

Dreamfolks Services Ltd., NVS

    27,651       168,405  

GMR Airports Infrastructure Ltd.(a)

    3,147,463       2,345,905  

Gujarat Pipavav Port Ltd.

    396,143       621,322  
   

 

 

 
      3,135,632  
Wireless Telecommunication Services — 0.4%  

Vodafone Idea Ltd.(a)

    14,505,244       1,584,550  
   

 

 

 

Total Common Stocks — 100.3%
(Cost: $362,115,324)

      415,888,903  
   

 

 

 

Preferred Stocks

   
Automobile Components — 0.0%            

Sundaram-Clayton DCD Ltd., Preference Shares

    7,035       765  
   

 

 

 

Total Preferred Stocks — 0.0%
(Cost: $410)

      765  
   

 

 

 

Total Investments — 100.3%
(Cost: $362,115,734)

      415,889,668  
Liabilities in Excess of Other Assets — (0.3)%     (1,324,945)  
   

 

 

 
Net Assets — 100.0%         $ 414,564,723  
   

 

 

 

 

(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)

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $830,054, representing 0.2% of its net assets as of period end, and an original cost of $565,905.

 

 

18  

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


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI India Small-Cap 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: Treasury, SL Agency Shares(a)

  $ 1,770,000     $     $ (1,770,000 )(b)    $     $     $           $ 175,650     $ 2  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a)

As of period end, the entity is no longer held.

 
  (b)

Represents net amount purchased (sold).

 

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

   $      $      $ (5,552    $      $      $      $ (5,552
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 38,002      $      $      $      $ 38,002  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 730,862  

 

 

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

  $ 30,375,938      $ 385,512,965      $      $ 415,888,903  

Preferred Stocks

           765               765  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $  30,375,938      $  385,513,730      $     —      $ 415,889,668  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

    19  


Statements of Assets and Liabilities

August 31, 2023

 

   

iShares

MSCI India ETF

 

 

      

iShares

MSCI India

Small-Cap

ETF

 

 

 

 

 

 

ASSETS

        

Investments, at value — unaffiliated(a)

    $ 5,903,154,220        $ 415,889,668  

Cash

      82,873,006          9,488,843  

Cash pledged for futures contracts

      1,269,000          3,000  

Foreign currency, at value(b)

      143          196,770  

Receivables:

        

Investments sold

      151,461,504          34,713,356  

Capital shares sold

               1,178  

Dividends — unaffiliated

      6,986,099          289,486  

Dividends — affiliated

      354,253          30,612  
   

 

 

      

 

 

 

Total assets

      6,146,098,225          460,612,913  
   

 

 

      

 

 

 

LIABILITIES

        

Payables:

        

Investments purchased

      146,417,866          34,461,204  

Deferred foreign capital gain tax

      56,246,386          11,347,852  

Investment advisory fees

      3,247,178          238,945  

Variation margin on futures contracts

      4,427          189  
   

 

 

      

 

 

 

Total liabilities

          205,915,857              46,048,190  
   

 

 

      

 

 

 

Commitments and contingent liabilities

        

NET ASSETS

    $ 5,940,182,368        $ 414,564,723  
   

 

 

      

 

 

 

NET ASSETS CONSIST OF

        

Paid-in capital

    $ 4,618,300,078        $ 339,493,730  

Accumulated earnings

      1,321,882,290          75,070,993  
   

 

 

      

 

 

 

NET ASSETS

    $ 5,940,182,368        $ 414,564,723  
   

 

 

      

 

 

 

NET ASSET VALUE

        

Shares outstanding

      135,700,000          6,600,000  
   

 

 

      

 

 

 

Net asset value

    $ 43.77        $ 62.81  
   

 

 

      

 

 

 

Shares authorized

      Unlimited          Unlimited  
   

 

 

      

 

 

 

Par value

      None          None  
   

 

 

      

 

 

 

(a)  Investments, at cost — unaffiliated

    $ 5,489,997,737        $ 362,115,734  

(b)  Foreign currency, at cost

    $ 143        $ 196,871  

See notes to financial statements.

 

 

20  

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


Statements of Operations

Year Ended August 31, 2023

 

   

iShares

MSCI India

ETF

   

iShares

MSCI India

Small-Cap

ETF

(Consolidated)

 

 

 

INVESTMENT INCOME

   

Dividends — unaffiliated

  $ 69,834,968     $ 3,644,517  

Dividends — affiliated

    1,883,471       175,650  

Foreign taxes withheld

    (16,585,998     (658,459
 

 

 

   

 

 

 

Total investment income

    55,132,441       3,161,708  
 

 

 

   

 

 

 

EXPENSES

   

Investment advisory

    30,728,324       2,169,724  

Commitment costs

    49,961       3,532  

Interest expense

          163,859  
 

 

 

   

 

 

 

Total expenses

    30,778,285       2,337,115  
 

 

 

   

 

 

 

Net investment income

    24,354,156       824,593  
 

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) from:

   

Investments — unaffiliated(a)

    (167,123,519     83,765,304  

Capital gain distributions from underlying funds — affiliated

    11       2  

Foreign currency transactions

    (3,949,363     (1,979,992

Futures contracts

    270,637       (5,552
 

 

 

   

 

 

 
    (170,802,234     81,779,762  
 

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

   

Investments — unaffiliated(b)

    210,571,993       (42,327,873

Foreign currency translations

    66,933       (2,169

Futures contracts

    485,602       38,002  
 

 

 

   

 

 

 
    211,124,528       (42,292,040
 

 

 

   

 

 

 

Net realized and unrealized gain

    40,322,294       39,487,722  
 

 

 

   

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 64,676,450     $ 40,312,315  
 

 

 

   

 

 

 

(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of

  $ (4,814,313   $ (5,245,287

(b) Net of increase in deferred foreign capital gain tax of

  $ (26,247,680   $ (6,608,235

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

    21  


Statements of Changes in Net Assets

 

   

iShares

MSCI India ETF

         

iShares

MSCI India Small-Cap ETF

(Consolidated)

 
 

 

 

     

 

 

 
   

Year Ended

08/31/23

 

 

    

Year Ended

08/31/22

(a) 

 

     

Year Ended

08/31/23

 

 

    

Year Ended

08/31/22

 

 

 

 

INCREASE (DECREASE) IN NET ASSETS

           

OPERATIONS

           

Net investment income

  $ 24,354,156      $ 25,600,458       $ 824,593      $ 275,777  

Net realized gain (loss)

    (170,802,234      2,081,503,169         81,779,762        29,257,151  

Net change in unrealized appreciation (depreciation)

    211,124,528        (2,523,600,088       (42,292,040      (53,555,310
 

 

 

    

 

 

     

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

    64,676,450        (416,496,461       40,312,315        (24,022,382
 

 

 

    

 

 

     

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

           

From net investment income and net realized gain

           (374,889,807       (224,971      (5,222,073

Return of capital

    (9,188,147                      
 

 

 

    

 

 

     

 

 

    

 

 

 

Decrease in net assets resulting from distributions to shareholders

    (9,188,147      (374,889,807       (224,971      (5,222,073
 

 

 

    

 

 

     

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS

           

Net increase (decrease) in net assets derived from capital share transactions

    1,699,075,760        (1,373,587,175       69,677,478        4,578,598  
 

 

 

    

 

 

     

 

 

    

 

 

 

NET ASSETS

           

Total increase (decrease) in net assets

    1,754,564,063        (2,164,973,443       109,764,822        (24,665,857

Beginning of year

    4,185,618,305        6,350,591,748         304,799,901        329,465,758  
 

 

 

    

 

 

     

 

 

    

 

 

 

End of year

  $ 5,940,182,368      $ 4,185,618,305       $ 414,564,723      $ 304,799,901  
 

 

 

    

 

 

     

 

 

    

 

 

 

 

(a) 

Consolidated Statement of Changes in Net Assets.

 
(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

 

See notes to financial statements.

 

 

22  

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


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares MSCI India ETF  
 

 

 

 
   
Year Ended
08/31/23
 
 
   
Year Ended
08/31/22
 
(a) 
   
Year Ended
08/31/21
 
(a) 
   
Year Ended
08/31/20
 
(a) 
   
Year Ended
08/31/19
 
(a) 

 

 

Net asset value, beginning of year

  $ 43.22     $ 48.79     $ 33.37     $ 32.38     $ 35.68  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

    0.21       0.21       0.14       0.14       0.29  

Net realized and unrealized gain (loss)(c)

    0.42       (2.87     15.35       0.96       (3.00
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    0.63       (2.66     15.49       1.10       (2.71
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(d)

         

From net investment income

          (2.91     (0.07     (0.11     (0.49

Return of capital

    (0.08                       (0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (0.08     (2.91     (0.07     (0.11     (0.59
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 43.77     $ 43.22     $ 48.79     $ 33.37     $ 32.38  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

         

Based on net asset value

    1.44     (5.66 )%      46.54     3.40     (7.61 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(f)

         

Total expenses

    0.65     0.68     0.65     0.69     0.69
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    0.51     0.47     0.35     0.43     0.86
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 5,940,182     $ 4,185,618     $ 6,350,592     $ 3,093,833     $ 4,899,749  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(g)

    18 %(h)      95 %(h)      25 %(h)      25 %(h)      9 %(h) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

  

 

(a)   Consolidated Financial Highlights.

(b)   Based on average shares outstanding.

(c)   The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e)   Where applicable, assumes the reinvestment of distributions.

(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)   Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).

    

    

    

    

    

    

    

(h)   Portfolio turnover rate excluding cash creations was as follows:

    14     91     17     19     6
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

    23  


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares MSCI India Small-Cap ETF  
    (Consolidated)  
 

 

 

 
   

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

  $ 54.43     $ 57.80     $ 34.60     $ 33.39     $ 44.10