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Annual Report and Audited Financial Statements 2020

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Annual Report and Audited Financial Statements 2020 Annual report and audited financial statements iShares VII PLC For the financial year ended 31 July 2020 iSHARES VII PLC CONTENTS Page Overview General information 3 Chairman’s statement 5 Background 7 Performance Investment manager’s report 9 Governance Board of directors 16 Corporate governance statement 18 Audit committee report 25 Director’s report 28 Depositary’s report to the shareholders 32 Independent Auditors report 33 Financial Statements Income statement 39 Statement of changes in net assets attributable to redeemable shareholders 47 Balance sheet 55 Notes to the financial statements 63 Schedules of investments 129 Additional information and regulatory disclosures (unaudited) Schedules of material purchases and sales 251 Calendar year performance 285 PEA Eligibility 286 Transactions with connected persons 286 Transaction costs 286 Soft commissions 287 Cross investments 287 Global exposure 287 Leverage 287 [1] iSHARES VII PLC CONTENTS (continued) Page Additional information and regulatory disclosures (unaudited) (continued) Report on remuneration 288 Efficient portfolio management and securities financing transactions 293 Disclaimers 326 This annual report and audited financial statements (the “Report and Financial Statements”) may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Financial Statements and the Report and Financial Statements in another language, the English language Report and Financial Statements will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction wherethe shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Financial Statements on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. [2] iSHARES VII PLC GENERAL INFORMATION Board of Directors1 Depositary Paul McNaughton (Chairman) (Irish) State Street Custodial Services (Ireland) Limited Jessica Irschick (British) 78 Sir John Rogerson’s Quay Paul McGowan (Irish) Dublin 2 Barry O’Dwyer (Irish) Ireland Teresa O’Flynn (Irish) Ros O’Shea (Irish) Secretary of the Manager Deirdre Somers (Irish) Sanne Corporate Administration Services (Ireland) Limited 1All Directors are non-executive. 4th Floor 76 Baggot Street Lower Audit Committee Members Dublin 2 Paul McGowan (Chairman) Ireland Ros O’Shea Deirdre Somers Entity’s registered office J.P. Morgan Nominations Committee Members 200 Capital Dock Paul McNaughton (Chairman) 79 Sir John Rogerson’s Quay Paul McGowan Dublin 2 Barry O’Dwyer D02 RK57 Ros O’Shea Ireland Deirdre Somers Promoter, Investment Manager and Securities Lending Agent Manager BlackRock Advisors (UK) Limited BlackRock Asset Management Ireland Limited 12 Throgmorton Avenue 1st Floor London EC2N 2DL 2 Ballsbridge Park England Ballsbridge Dublin 4 Sub-Investment Managers3 D04 YW83 BlackRock Financial Management Inc. Ireland 40 East 52nd Street New York Currency Hedging Manager2 NY 10022 State Street Global Markets Currency Manager United States 5th Floor One Lincoln Street BlackRock (Singapore) Limited Boston 20 Anson Road MA 02111-2900 #18-01 United States Singapore 079912 Singapore Administrator and Registrar State Street Fund Services (Ireland) Limited BlackRock Asset Management North Asia Limited 78 Sir John Rogerson’s Quay 16/F Champion Tower Dublin 2 Three Garden Road Ireland Central Hong Kong [3] iSHARES VII PLC GENERAL INFORMATION (continued) Sub-Investment Managers3 (continued) Paying Agent in Switzerland BlackRock Asset Management Deutschland AG State Street Bank International GmbH Lenbachplatz 1 1st Floor Munich Munich 80333-MN3 Zurich Branch Germany Beethovenstrasse 19 CH-8027 Zurich Independent Auditor Switzerland Deloitte Ireland LLP Chartered Accountants & Statutory Auditors Information Agent in Germany Deloitte & Touche House State Street Bank International GmbH Earlsfort Terrace Briennerstrasse 59 Dublin 2 80333 Munich Ireland Germany Irish Legal Advisers Paying and Information Agent in Austria William Fry UniCredit Bank Austria AG 2 Grand Canal Square Attn: 8398/Custody Dublin 2 Julius Tandler Platz 3 Ireland 1090 Vienna Austria Paying Agent Citibank N.A., London Branch Representative in Switzerland Citigroup Centre BlackRock Asset Management Schweiz AG 25 Canada Square Bahnhofstrasse 39 Canary Wharf 8001 Zurich London E14 5LB Switzerland England 2In respect of the currency hedged share classes of certain Funds only. 3In respect of certain Funds only. Entity registration number: 469617 For Swiss investors: The prospectus of the Entity, the Key Investor Information Documents (“KIID”), the articles of incorporation, the latest annual report and audited financial statements and interim report and unaudited financial statements as applicable and a detailed list of investments purchased and sold for each Fund during the financial year may be obtained on request and free of charge from the representative in Switzerland. For German investors: The prospectus and KIID are available, free of charge, from the Information Agent in Germany. The Entity is duly registered with the Comisión Nacional del Mercado de Valores in Spain under number 886. [4] iSHARES VII PLC CHAIRMAN’S STATEMENT The Board of Directors of the Entity (“the Board”) considers corporate governance matters and adherence to codes of best practice to be of the utmost importance. As Chairman of the Board, I believe that it has operated effectively throughout the financial year and that its role and its composition are well defined, appropriate and support the long-term development of the Entity. Overview of the Entity iShares VII public limited company (the "Entity") is an open-ended investment company with variable capital. The Entity was incorporated in Ireland on 9 April 2009 with limited liability and segregated liability between its Funds and is organised under the laws of Ireland as a Public Limited Company (“plc”) pursuant to the Companies Act 2014 (the "Companies Act") and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulation 2011 (as amended) (the “UCITS Regulations”) and is regulated by the Central Bank of Ireland (the "CBI"). The Entity is structured as an umbrella fund and comprised of separate funds (“Funds”) of the Entity. The term “Fund” shall be deemed to mean a Fund of the Entity. The term “BlackRock” is used to represent BlackRock Advisors (UK) Limited. The investment objectives and policies of each Fund are set out in the prospectus. The Funds pursue strategies of either tracking or replicating the performance of a benchmark index in order to deliver the objectives of each Fund. The Manager has delegated the administration of the Entity and its Funds to State Street Fund Services (Ireland) Limited (the “Administrator”) including the calculation of the daily net asset value ("NAV"), and the preparation of the financial statements of the Entity subject to the overall supervision of the Board and the Manager. State Street Fund Services (Ireland) Limited (the “Registrar”) has also been appointed as the registrar of the Entity. The Entity has appointed State Street Custodial Services (Ireland) Limited (the “Depositary”) as Depositary of the assets with responsibility for the safe keeping of such assets, pursuant to the UCITS Regulations. As part of its fiduciary responsibility to the Entity, the Depositary provides a certain level of ongoing oversight of the Entity, as well as reporting on the conduct of the Entity in each annual accounting period as set out in the Statement of the Depositary’s Responsibilities. In accordance with Guidance Note 4/07 on the Organisation of Management Companies issued by the CBI, the Board of Directors of the Manager has identified BlackRock group personnel who monitor and control the management functions as outlined therein. These BlackRock Group personnel report to the Manager and the Board on a regular basis. The management functions delegated by the Manager are subject to appropriate reporting and ratification procedures, which are designed to ensure that the appropriate reports are received in a timely fashion such that the Manager and the Board can discharge their duties, as part of the governance framework put in place by the Manager and the Entity. The Board reviews risk reporting on a regular basis together with an annual review of internal controls and risk management from the Manager. The Board The Board currently comprises seven Directors, four of whom are independent. The members of the Board were chosen for their range of skills and experience. Paul McGowan has extensive experience in the area of tax, financial services and corporate governance. Barry O’Dwyer has extensive knowledge and experience in corporate governance. Jessica Irschick has considerable experience in Exchange Traded Funds ("ETFs"), index investments, trading, financing, securities lending and foreign exchange. Ros O’Shea also has considerable experience in governance and accountancy.Deirdre Somers has extensive experience in markets regulation, listings and financial services, as well as a background in tax. Teresa O’Flynn has over twenty years experience in tax, corporate finance,
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