|
JULY 31, 2023 |
2023 Annual Report
|
iShares Trust
· iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX | NYSE Arca
· iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX
· iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ | NYSE Arca
· iShares MSCI ACWI ex U.S. ETF | ACWX | NASDAQ
· iShares MSCI EAFE ETF | EFA | NYSE Arca
· iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ
Dear Shareholder,
Despite an uncertain economic landscape during the 12-month reporting period ended July 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.
Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced, including large- and small-capitalization U.S. stocks and equities from developed and emerging markets.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Further more, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.
While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near-term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions; however, there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of July 31, 2023 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) |
13.52% | 13.02% | ||
U.S. small cap equities (Russell 2000® Index) |
4.51 | 7.91 | ||
International equities (MSCI Europe, Australasia, Far East Index) |
6.65 | 16.79 | ||
Emerging market equities (MSCI Emerging Markets Index) |
3.26 | 8.35 | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
2.34 | 3.96 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(2.08) | (7.56) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(1.02) | (3.37) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
0.20 | 0.93 | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
2.92 | 4.42 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
Page | ||
2 | ||
Annual Report: |
||
4 | ||
5 | ||
17 | ||
17 | ||
18 | ||
Financial Statements: |
||
91 | ||
93 | ||
95 | ||
98 | ||
104 | ||
115 | ||
116 | ||
117 | ||
128 | ||
130 | ||
133 | ||
134 |
3 |
iShares Trust
Global Market Overview
Global equity markets advanced during the 12 months ended July 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 12.91% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of oil, natural gas, and wheat all declined during the reporting period, easing pressure on the world’s economies.
The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times during the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic.
Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy and increased their spending in both nominal and inflation-adjusted terms. Spending was helped by a strong labor market, as unemployment remained very low in historic terms, and the total number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.
European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.
Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first quarter of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced, as the improving global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.
4 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2023 | iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Investment Objective
The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
13.81 | % | 6.79 | % | 6.78 | % | 13.81 | % | 38.91 | % | 70.03 | % | ||||||||||||||||
Fund Market |
13.93 | 6.82 | 6.80 | 13.93 | 39.08 | 70.25 | ||||||||||||||||||||||
Index |
14.26 | 6.84 | 6.81 | 14.26 | 39.18 | 70.38 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSETVALUE)
The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
$ 1,000.00 | $ 1,067.70 | $ 0.15 | $ 1,000.00 | $ 1,024.60 | $ 0.15 | 0.03 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
F U N D S U M M A R Y |
5 |
Fund Summary as of July 31, 2023 (continued) | iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Portfolio Management Commentary
International stocks advanced notably during the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms also benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.
Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Elevated energy prices early in the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.
European stocks, particularly from France and Germany, also contributed to the Index’s return. While economic growth in the Eurozone was tepid, inflation fell significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The German information technology sector contributed amid robust sales of cloud-based enterprise software.
U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry. Swiss stocks also contributed as the healthcare sector was bolstered by the pharmaceuticals industry, where strong earnings enabled a significant stock buyback program. Swiss financials stocks also gained as the insurance industry benefited from robust profit growth and increased gross written premiums.
In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Chinese yuan depreciated by approximately 6% and 5% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.
The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.
Portfolio Information
PORTFOLIO COMPOSITION
Investment Type | Percent of Net Assets |
|||
Investment Companies |
99.8 | % | ||
Short-term Investments |
7.0 | |||
Forward foreign currency exchange contracts, net cumulative depreciation | (0.9 | ) | ||
Other assets less liabilities |
(5.9 | ) |
SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector | Percent of Total Investment(a) |
|||
Financials |
20.9 | % | ||
Industrials |
13.2 | |||
Consumer Discretionary |
12.3 | |||
Information Technology |
11.5 | |||
Health Care |
9.4 | |||
Consumer Staples |
8.5 | |||
Materials |
7.9 | |||
Communication Services |
5.6 | |||
Energy |
5.5 | |||
Utilities |
3.1 | |||
Real Estate |
2.1 |
(a) |
Excludes money market funds. |
6 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2023 | iShares® Currency Hedged MSCI EAFE ETF |
Investment Objective
The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
16.89 | % | 8.34 | % | 8.56 | % | 16.89 | % | 49.25 | % | 118.11 | % | ||||||||||||||||
Fund Market |
16.98 | 8.35 | 8.55 | 16.98 | 49.32 | 118.05 | ||||||||||||||||||||||
Index |
17.39 | 8.36 | 8.60 | 17.39 | 49.43 | 118.89 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSETVALUE)
The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
$ 1,000.00 | $ 1,084.10 | $ 0.16 | $ 1,000.00 | $ 1,024.60 | $ 0.15 | 0.03 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
F U N D S U M M A R Y |
7 |
Fund Summary as of July 31, 2023 (continued) | iShares® Currency Hedged MSCI EAFE ETF |
Portfolio Management Commentary
Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada advanced for the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.
Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Stocks in the financials sector also gained, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. The consumer discretionary sector advanced amid strength among automobile manufacturers, which benefited from the announcement of plans for the development of a line of all-electric vehicles.
European stocks, particularly from France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation came down significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The information technology sector also advanced, benefiting from strong sales of cloud-based enterprise software.
U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry.
In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Australian dollar depreciated by approximately 6% and 4% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.
The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.
Portfolio Information
PORTFOLIO COMPOSITION
Investment Type | Percent of Net Assets |
|||
Investment Companies |
99.7 | % | ||
Short-term Investments |
22.9 | |||
Forward foreign currency exchange contracts, net cumulative depreciation | (1.0 | ) | ||
Other assets less liabilities |
(21.6 | ) |
SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector | Percent of Total Investment(a) |
|||
Financials |
18.7 | % | ||
Industrials |
16.2 | |||
Health Care |
13.0 | |||
Consumer Discretionary |
12.5 | |||
Consumer Staples |
9.9 | |||
Information Technology |
8.0 | |||
Materials |
7.6 | |||
Energy |
4.3 | |||
Communication Services |
4.1 | |||
Utilities |
3.4 | |||
Real Estate |
2.3 |
(a) |
Excludes money market funds. |
8 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2023 | iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Investment Objective
The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
10.67 | % | 6.20 | % | 8.16 | % | 10.67 | % | 35.06 | % | 88.65 | % | ||||||||||||||||
Fund Market |
10.85 | 6.19 | 8.16 | 10.85 | 35.03 | 88.68 | ||||||||||||||||||||||
Index |
11.21 | 6.36 | 8.26 | 11.21 | 36.08 | 89.97 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSETVALUE)
The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
$ 1,000.00 | $ 1,059.10 | $ 0.15 | $ 1,000.00 | $ 1,024.60 | $ 0.15 | 0.03 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
F U N D S U M M A R Y |
9 |
Fund Summary as of July 31, 2023 (continued) | iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Portfolio Management Commentary
Small-capitalization developed market stocks outside the U.S. and Canada advanced for the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.
Among Japanese stocks, the consumer discretionary sector contributed the most to the Index’s return. Consumer spending in Japan rose during the reporting period, although it remained below pre-pandemic levels. However, the improving economy and decelerating inflation helped drive improved consumer confidence later in the reporting period, and solid exports favored makers of consumer goods selling abroad. The capital goods industry in the industrials sector also contributed amid strong earnings guidance. Within the information technology sector, the semiconductors and semiconductor equipment industry advanced due in part to government efforts to increase domestic semiconductor manufacturing with subsidies and incentives.
Italian stocks contributed notably to the Index’s performance, as investors were attracted by their relatively low valuations while inflation declined substantially and unemployment hit a 14-year low. Banking stocks in the financials sector gained the most, helped by higher interest rates as the ECB increased interest rates to the highest levels since 2008.
Swiss stocks also contributed amid strength in the industrials sector. Continued strong demand for improved energy efficiency and high-quality drinking water benefited the sales of casting and piping products, bolstering the machinery industry’s sales. Germany’s industrials sector was also a source of strength, as supply chain improvements drove increased profits from sales of industrial trucks in the construction machinery industry.
In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Australian dollar depreciated by approximately 6% and 4% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.
The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.
Portfolio Information
PORTFOLIO COMPOSITION
Investment Type | Percent of Net Assets |
|||
Investment Companies |
99.7 | % | ||
Short-term Investments |
0.1 | |||
Forward foreign currency exchange contracts, net cumulative depreciation | (1.1 | ) | ||
Other assets less liabilities |
1.3 |
SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector | Percent of Total Investment(a) |
|||
Industrials |
23.2 | % | ||
Consumer Discretionary |
13.3 | |||
Financials |
11.5 | |||
Information Technology |
10.1 | |||
Real Estate |
10.1 | |||
Materials |
9.4 | |||
Health Care |
6.5 | |||
Consumer Staples |
6.1 | |||
Communication Services |
4.2 | |||
Energy |
2.9 | |||
Utilities |
2.7 |
(a) |
Excludes money market funds. |
10 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2023 | iShares® MSCI ACWI ex U.S. ETF |
Investment Objective
The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA 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 |
12.96 | % | 3.73 | % | 4.62 | % | 12.96 | % | 20.08 | % | 57.04 | % | ||||||||||||||||
Fund Market |
12.68 | 3.73 | 4.59 | 12.68 | 20.11 | 56.69 | ||||||||||||||||||||||
Index |
13.42 | 3.85 | 4.72 | 13.42 | 20.80 | 58.54 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
$ 1,000.00 | $ 1,048.90 | $ 1.68 | $ 1,000.00 | $ 1,023.20 | $ 1.66 | 0.33 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of July 31, 2023 (continued) | iShares® MSCI ACWI ex U.S. ETF |
Portfolio Management Commentary
International stocks advanced notably during the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms also benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.
Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Elevated energy prices early in the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.
European stocks, particularly from France and Germany, also contributed to the Index’s return. While economic growth in the Eurozone was tepid, inflation fell significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The German information technology sector contributed amid robust sales of cloud-based enterprise software.
U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry. Swiss stocks also contributed as the healthcare sector was bolstered by the pharmaceuticals industry, where strong earnings enabled a significant stock buyback program. Swiss financials stocks also gained as the insurance industry benefited from robust profit growth and increased gross written premiums.
Portfolio Information
SECTOR ALLOCATION
Sector | Percent of Total Investments(a) | |
Financials |
20.9% | |
Industrials |
13.2 | |
Consumer Discretionary |
12.3 | |
Information Technology |
11.5 | |
Health Care |
9.4 | |
Consumer Staples |
8.5 | |
Materials |
7.9 | |
Communication Services |
5.6 | |
Energy |
5.5 | |
Utilities |
3.1 | |
Real Estate |
2.1 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments(a) | |
Japan |
14.4% | |
United Kingdom |
9.5 | |
China |
8.7 | |
France |
7.7 | |
Canada |
7.5 | |
Switzerland |
6.7 | |
Germany |
5.4 | |
Australia |
4.8 | |
Taiwan |
4.2 | |
India |
4.0 |
12 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2023 | iShares® MSCI EAFE ETF |
Investment Objective
The iShares MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE 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 |
15.94 | % | 4.54 | % | 5.15 | % | 15.94 | % | 24.85 | % | 65.27 | % | ||||||||||||||||
Fund Market |
15.85 | 4.56 | 5.13 | 15.85 | 24.99 | 64.84 | ||||||||||||||||||||||
Index |
16.79 | 4.55 | 5.20 | 16.79 | 24.89 | 66.06 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
$ 1,000.00 | $ 1,060.10 | $ 1.69 | $ 1,000.00 | $ 1,023.20 | $ 1.66 | 0.33 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
13 |
Fund Summary as of July 31, 2023 (continued) | iShares® MSCI EAFE ETF |
Portfolio Management Commentary
Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.
Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Stocks in the financials sector also gained, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. The consumer discretionary sector advanced amid strength among automobile manufacturers, which benefited from the announcement of plans for the development of a line of all-electric vehicles.
European stocks, particularly from France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation came down significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The information technology sector also advanced, benefiting from strong sales of cloud-based enterprise software.
U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry.
Portfolio Information
SECTOR ALLOCATION
Sector | Percent of Total Investments(a) | |
Financials |
18.7% | |
Industrials |
16.2 | |
Health Care |
13.0 | |
Consumer Discretionary |
12.5 | |
Consumer Staples |
9.9 | |
Information Technology |
8.0 | |
Materials |
7.6 | |
Energy |
4.3 | |
Communication Services |
4.1 | |
Utilities |
3.4 | |
Real Estate |
2.3 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments(a) | |
Japan |
22.4% | |
United Kingdom |
14.9 | |
France |
12.0 | |
Switzerland |
10.5 | |
Germany |
8.5 | |
Australia |
7.4 | |
Netherlands |
4.6 | |
Sweden |
3.2 | |
Denmark |
3.0 | |
Spain |
2.5 |
14 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of July 31, 2023 | iShares® MSCI EAFE Small-Cap ETF |
Investment Objective
The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE 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 |
7.12 | % | 1.97 | % | 5.89 | % | 7.12 | % | 10.25 | % | 77.24 | % | ||||||||||||||||
Fund Market |
7.11 | 1.97 | 5.85 | 7.11 | 10.24 | 76.56 | ||||||||||||||||||||||
Index |
7.93 | 2.05 | 6.03 | 7.93 | 10.70 | 79.54 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/23) |
|
|
Ending Account Value (07/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
$ 1,000.00 | $ 1,019.70 | $ 2.00 | $ 1,000.00 | $ 1,022.80 | $ 2.01 | 0.40 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
15 |
Fund Summary as of July 31, 2023 (continued) | iShares® MSCI EAFE Small-Cap ETF |
Portfolio Management Commentary
Small-capitalization developed market stocks outside the U.S. and Canada advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.
Among Japanese stocks, the consumer discretionary sector contributed the most to the Index’s return. Consumer spending in Japan rose during the reporting period, although it remained below pre-pandemic levels. However, the improving economy and decelerating inflation helped drive improved consumer confidence later in the reporting period, and solid exports favored makers of consumer goods selling abroad. The capital goods industry in the industrials sector also contributed, as the low value of the Japanese yen relative to the U.S. dollar drove strong earnings guidance. Within the information technology sector, the semiconductors and semiconductor equipment industry advanced amid government efforts to increase domestic semiconductor manufacturing with subsidies and incentives.
Italian stocks contributed notably to the Index’s performance, as investors were attracted by their relatively low valuations while inflation declined substantially and unemployment hit a 14-year low. Banking stocks in the financials sector gained the most, helped by higher interest rates as the ECB increased interest rates to the highest levels since 2008.
Swiss stocks also contributed amid strength in the industrials sector and the growing value of the Swiss franc relative to the U.S. dollar. Continued strong demand for improved energy efficiency and high-quality drinking water benefited the sales of casting and piping products, bolstering the machinery industry’s sales. Germany’s industrials sector was also a source of strength, as supply chain improvements drove increased profits from sales of industrial trucks in the construction machinery industry.
Portfolio Information
SECTOR ALLOCATION
Sector | Percent of Total Investments(a) | |
Industrials |
23.2% | |
Consumer Discretionary |
13.3 | |
Financials |
11.5 | |
Real Estate |
10.1 | |
Information Technology |
10.1 | |
Materials |
9.4 | |
Health Care |
6.5 | |
Consumer Staples |
6.1 | |
Communication Services |
4.2 | |
Energy |
2.9 | |
Utilities |
2.7 |
(a) |
Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments(a) | |
Japan |
31.9% | |
United Kingdom |
15.1 | |
Australia |
9.9 | |
Sweden |
5.3 | |
Germany |
5.0 | |
Switzerland |
4.5 | |
France |
3.9 | |
Italy |
3.4 | |
Israel |
2.8 | |
Netherlands |
2.4 |
16 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S |
17 |
July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 99.8% | ||||||||
iShares MSCI ACWI ex U.S. ETF(a)(b) |
3,516,869 | $ | 179,887,849 | |||||
|
|
|||||||
Total
Investment Companies |
179,887,849 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 7.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(a)(c)(d) |
12,674,083 | 12,677,885 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(a)(c) |
70,000 | 70,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 7.0% |
|
12,747,885 | ||||||
|
|
|||||||
Total
Investments in Securities — 106.8% |
|
192,635,734 | ||||||
Liabilities in Excess of Other Assets — (6.8)% |
|
(12,340,515 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 180,295,219 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
All or a portion of this security is on loan. |
(c) |
Annualized 7-day yield as of period end. |
(d) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 12,651,688 | (a) | $ | — | $ | 24,930 | $ | 1,267 | $ | 12,677,885 | 12,674,083 | $ | 43,172 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
210,000 | — | (140,000 | )(a) | — | — | 70,000 | 70,000 | 13,510 | — | ||||||||||||||||||||||||||||||
iShares MSCI ACWI ex U.S. ETF |
120,412,275 | 83,395,280 | (43,561,775 | ) | (5,443,821 | ) | 25,085,890 | 179,887,849 | 3,516,869 | 3,834,732 | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | (5,418,891 | ) | $ | 25,087,157 | $ | 192,635,734 | $ | 3,891,414 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
AUD |
217,000 | USD | 144,595 | Bank of America N.A. | 08/03/23 | $ 1,169 | ||||||||||||||||||
AUD |
196,000 | USD | 131,026 | Deutsche Bank Securities Inc. | 08/03/23 | 632 | ||||||||||||||||||
BRL |
13,282,000 | USD | 2,790,568 | Morgan Stanley & Co. International PLC | 08/03/23 | 17,656 |
18 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
CAD |
449,000 | USD | 339,270 | Morgan Stanley & Co. International PLC | 08/03/23 | $ 1,239 | ||||||||||||||||||
CHF |
335,000 | USD | 375,562 | Bank of America N.A. | 08/03/23 | 8,590 | ||||||||||||||||||
CHF |
197,000 | USD | 220,463 | Morgan Stanley & Co. International PLC | 08/03/23 | 5,441 | ||||||||||||||||||
CLP |
248,989,000 | USD | 294,976 | Morgan Stanley & Co. International PLC | 08/03/23 | 1,780 | ||||||||||||||||||
CNH |
144,000 | USD | 19,856 | BNP Paribas SA | 08/03/23 | 292 | ||||||||||||||||||
CNH |
268,000 | USD | 37,038 | UBS AG | 08/03/23 | 460 | ||||||||||||||||||
DKK |
1,186,000 | USD | 174,092 | Bank of America N.A. | 08/03/23 | 911 | ||||||||||||||||||
DKK |
401,000 | USD | 58,852 | State Street Bank and Trust Co. | 08/03/23 | 319 | ||||||||||||||||||
EUR |
510,000 | USD | 557,214 | Bank of America N.A. | 08/03/23 | 3,557 | ||||||||||||||||||
EUR |
561,000 | USD | 612,968 | Barclays Bank PLC | 08/03/23 | 3,881 | ||||||||||||||||||
GBP |
354,000 | USD | 450,091 | Bank of America N.A. | 08/03/23 | 4,217 | ||||||||||||||||||
GBP |
207,000 | USD | 262,670 | Barclays Bank PLC | 08/03/23 | 2,985 | ||||||||||||||||||
HKD |
1,772,000 | USD | 226,261 | Bank of America N.A. | 08/03/23 | 951 | ||||||||||||||||||
HKD |
1,695,000 | USD | 216,468 | State Street Bank and Trust Co. | 08/03/23 | 870 | ||||||||||||||||||
IDR |
14,591,073,000 | USD | 965,976 | Morgan Stanley & Co. International PLC | 08/03/23 | 1,512 | ||||||||||||||||||
ILS |
126,000 | USD | 33,980 | Bank of America N.A. | 08/03/23 | 291 | ||||||||||||||||||
ILS |
10,000 | USD | 2,698 | State Street Bank and Trust Co. | 08/03/23 | 22 | ||||||||||||||||||
ILS |
26,000 | USD | 7,053 | UBS AG | 08/03/23 | 19 | ||||||||||||||||||
INR |
577,059,000 | USD | 7,014,636 | Morgan Stanley & Co. International PLC | 08/03/23 | 1,553 | ||||||||||||||||||
JPY |
57,473,000 | USD | 399,354 | Barclays Bank PLC | 08/03/23 | 4,694 | ||||||||||||||||||
JPY |
8,517,000 | USD | 59,295 | Deutsche Bank Securities Inc. | 08/03/23 | 581 | ||||||||||||||||||
KRW |
117,290,000 | USD | 89,132 | JPMorgan Chase Bank N.A. | 08/03/23 | 2,858 | ||||||||||||||||||
KRW |
8,444,139,000 | USD | 6,610,099 | Morgan Stanley & Co. International PLC | 08/03/23 | 12,562 | ||||||||||||||||||
MXN |
370,000 | USD | 21,571 | HSBC Bank PLC | 08/03/23 | 521 | ||||||||||||||||||
MXN |
5,000 | USD | 290 | State Street Bank and Trust Co. | 08/03/23 | 8 | ||||||||||||||||||
MYR |
3,085,000 | USD | 681,429 | Morgan Stanley & Co. International PLC | 08/03/23 | 2,965 | ||||||||||||||||||
MYR |
19,000 | USD | 4,079 | State Street Bank and Trust Co. | 08/03/23 | 136 | ||||||||||||||||||
NOK |
144,000 | USD | 13,456 | Bank of America N.A. | 08/03/23 | 753 | ||||||||||||||||||
NOK |
120,000 | USD | 11,219 | State Street Bank and Trust Co. | 08/03/23 | 622 | ||||||||||||||||||
NZD |
21,000 | USD | 12,865 | BNP Paribas SA | 08/03/23 | 179 | ||||||||||||||||||
NZD |
6,000 | USD | 3,692 | Morgan Stanley & Co. International PLC | 08/03/23 | 35 | ||||||||||||||||||
SEK |
553,000 | USD | 51,267 | Bank of America N.A. | 08/03/23 | 1,271 | ||||||||||||||||||
SEK |
625,000 | USD | 57,710 | State Street Bank and Trust Co. | 08/03/23 | 1,667 | ||||||||||||||||||
SGD |
5,000 | USD | 3,702 | Barclays Bank PLC | 08/03/23 | 59 | ||||||||||||||||||
SGD |
29,000 | USD | 21,506 | JPMorgan Chase Bank N.A. | 08/03/23 | 303 | ||||||||||||||||||
SGD |
10,000 | USD | 7,397 | Morgan Stanley & Co. International PLC | 08/03/23 | 124 | ||||||||||||||||||
THB |
1,485,000 | USD | 42,158 | JPMorgan Chase Bank N.A. | 08/03/23 | 1,227 | ||||||||||||||||||
THB |
520,000 | USD | 14,911 | UBS AG | 08/03/23 | 281 | ||||||||||||||||||
TWD |
236,092,000 | USD | 7,500,937 | Morgan Stanley & Co. International PLC | 08/03/23 | 9,818 | ||||||||||||||||||
USD |
53,542 | AUD | 79,000 | Deutsche Bank Securities Inc. | 08/03/23 | 475 | ||||||||||||||||||
USD |
84,326 | CAD | 111,000 | JPMorgan Chase Bank N.A. | 08/03/23 | 147 | ||||||||||||||||||
USD |
73,482 | CHF | 63,000 | State Street Bank and Trust Co. | 08/03/23 | 1,239 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
USD |
312,892 | CLP | 251,936,000 | Morgan Stanley & Co. International PLC | 08/03/23 | $ 12,624 | ||||||||||||||||||
USD |
1,278 | CLP | 1,029,000 | State Street Bank and Trust Co. | 08/03/23 | 52 | ||||||||||||||||||
USD |
21,972 | DKK | 146,000 | BNP Paribas SA | 08/03/23 | 428 | ||||||||||||||||||
USD |
250,014 | EUR | 223,000 | Bank of America N.A. | 08/03/23 | 4,814 | ||||||||||||||||||
USD |
51,348 | GBP | 40,000 | Barclays Bank PLC | 08/03/23 | 14 | ||||||||||||||||||
USD |
104,822 | GBP | 81,000 | State Street Bank and Trust Co. | 08/03/23 | 870 | ||||||||||||||||||
USD |
23,588 | IDR | 355,145,000 | JPMorgan Chase Bank N.A. | 08/03/23 | 40 | ||||||||||||||||||
USD |
955,565 | IDR | 14,372,332,000 | Morgan Stanley & Co. International PLC | 08/03/23 | 2,581 | ||||||||||||||||||
USD |
3,067 | ILS | 11,000 | Barclays Bank PLC | 08/03/23 | 75 | ||||||||||||||||||
USD |
210,628 | INR | 17,302,000 | JPMorgan Chase Bank N.A. | 08/03/23 | 261 | ||||||||||||||||||
USD |
6,895,630 | INR | 566,450,000 | Morgan Stanley & Co. International PLC | 08/03/23 | 8,431 | ||||||||||||||||||
USD |
242,949 | JPY | 34,051,000 | State Street Bank and Trust Co. | 08/03/23 | 3,563 | ||||||||||||||||||
USD |
41,760 | KRW | 52,845,000 | Morgan Stanley & Co. International PLC | 08/03/23 | 314 | ||||||||||||||||||
USD |
4,685 | NOK | 47,000 | State Street Bank and Trust Co. | 08/03/23 | 47 | ||||||||||||||||||
USD |
1,252 | NZD | 2,000 | State Street Bank and Trust Co. | 08/03/23 | 10 | ||||||||||||||||||
USD |
23,872 | SEK | 245,000 | State Street Bank and Trust Co. | 08/03/23 | 596 | ||||||||||||||||||
USD |
9,062 | SGD | 12,000 | State Street Bank and Trust Co. | 08/03/23 | 37 | ||||||||||||||||||
USD |
6,210 | THB | 211,000 | UBS AG | 08/03/23 | 45 | ||||||||||||||||||
USD |
909 | TRY | 24,000 | Citibank N.A. | 08/03/23 | 19 | ||||||||||||||||||
USD |
269,433 | TRY | 7,097,000 | UBS AG | 08/03/23 | 6,284 | ||||||||||||||||||
USD |
97,293 | TWD | 3,033,000 | JPMorgan Chase Bank N.A. | 08/03/23 | 804 | ||||||||||||||||||
USD |
7,634,062 | TWD | 237,962,000 | Morgan Stanley & Co. International PLC | 08/03/23 | 63,817 | ||||||||||||||||||
ZAR |
466,000 | USD | 24,805 | JPMorgan Chase Bank N.A. | 08/03/23 | 1,250 | ||||||||||||||||||
ZAR |
112,000 | USD | 5,941 | State Street Bank and Trust Co. | 08/03/23 | 321 | ||||||||||||||||||
IDR |
47,928,000 | USD | 3,172 | Morgan Stanley & Co. International PLC | 09/06/23 | 1 | ||||||||||||||||||
USD |
167,991 | AUD | 249,000 | Bank of America N.A. | 09/06/23 | 537 | ||||||||||||||||||
USD |
8,387,600 | AUD | 12,432,000 | BNP Paribas SA | 09/06/23 | 26,999 | ||||||||||||||||||
USD |
201,269 | CAD | 265,000 | HSBC Bank PLC | 09/06/23 | 207 | ||||||||||||||||||
USD |
13,134,092 | CAD | 17,280,000 | Morgan Stanley & Co. International PLC | 09/06/23 | 23,347 | ||||||||||||||||||
USD |
146,699 | CAD | 193,000 | State Street Bank and Trust Co. | 09/06/23 | 266 | ||||||||||||||||||
USD |
56,732 | CHF | 49,000 | Bank of America N.A. | 09/06/23 | 339 | ||||||||||||||||||
USD |
11,595,341 | CHF | 10,015,000 | Morgan Stanley & Co. International PLC | 09/06/23 | 69,226 | ||||||||||||||||||
USD |
50,727 | CHF | 44,000 | State Street Bank and Trust Co. | 09/06/23 | 88 | ||||||||||||||||||
USD |
13,762 | CNH | 98,000 | Bank of America N.A. | 09/06/23 | 8 | ||||||||||||||||||
USD |
2,366,871 | CNH | 16,853,000 | Citibank N.A. | 09/06/23 | 1,558 | ||||||||||||||||||
USD |
3,408,514 | DKK | 22,992,000 | Bank of America N.A. | 09/06/23 | 9,029 | ||||||||||||||||||
USD |
553,302 | EUR | 501,000 | Bank of America N.A. | 09/06/23 | 1,528 | ||||||||||||||||||
USD |
385,905 | EUR | 350,000 | HSBC Bank PLC | 09/06/23 | 434 | ||||||||||||||||||
USD |
38,815,102 | EUR | 35,146,000 | State Street Bank and Trust Co. | 09/06/23 | 107,209 | ||||||||||||||||||
USD |
16,924,873 | GBP | 13,152,000 | Bank of America N.A. | 09/06/23 | 43,461 | ||||||||||||||||||
USD |
150,273 | GBP | 117,000 | Deutsche Bank Securities Inc. | 09/06/23 | 96 | ||||||||||||||||||
USD |
450,176 | HKD | 3,510,000 | Bank of America N.A. | 09/06/23 | 3 | ||||||||||||||||||
USD |
13,768,683 | HKD | 107,352,000 | BNP Paribas SA | 09/06/23 | 300 | ||||||||||||||||||
USD |
475,790 | ILS | 1,741,000 | Bank of America N.A. | 09/06/23 | 1,661 |
20 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
USD |
25,811,037 | JPY | 3,647,466,000 | Bank of America N.A. | 09/06/23 | $ 33,481 | ||||||||||||||||
USD |
158,565 | JPY | 22,421,000 | JPMorgan Chase Bank N.A. | 09/06/23 | 110 | ||||||||||||||||
USD |
136,469 | KRW | 173,915,000 | Morgan Stanley & Co. International PLC | 09/06/23 | 101 | ||||||||||||||||
USD |
2,737 | MXN | 46,000 | Bank of America N.A. | 09/06/23 | 7 | ||||||||||||||||
USD |
1,395,703 | MXN | 23,458,000 | Citibank N.A. | 09/06/23 | 3,392 | ||||||||||||||||
USD |
15,442 | MXN | 260,000 | JPMorgan Chase Bank N.A. | 09/06/23 | 10 | ||||||||||||||||
USD |
25,358 | MYR | 114,000 | Morgan Stanley & Co. International PLC | 09/06/23 | 10 | ||||||||||||||||
USD |
758,100 | NOK | 7,660,000 | Bank of America N.A. | 09/06/23 | 1,396 | ||||||||||||||||
USD |
3,460 | NOK | 35,000 | State Street Bank and Trust Co. | 09/06/23 | 3 | ||||||||||||||||
USD |
1,865 | NZD | 3,000 | Citibank N.A. | 09/06/23 | 2 | ||||||||||||||||
USD |
232,149 | NZD | 373,000 | UBS AG | 09/06/23 | 465 | ||||||||||||||||
USD |
31,747 | SEK | 333,000 | BNP Paribas SA | 09/06/23 | 59 | ||||||||||||||||
USD |
3,724,870 | SEK | 39,075,000 | UBS AG | 09/06/23 | 6,519 | ||||||||||||||||
USD |
50,542 | SGD | 67,000 | Bank of America N.A. | 09/06/23 | 74 | ||||||||||||||||
USD |
1,406,925 | SGD | 1,865,000 | JPMorgan Chase Bank N.A. | 09/06/23 | 2,094 | ||||||||||||||||
USD |
29,403 | SGD | 39,000 | State Street Bank and Trust Co. | 09/06/23 | 26 | ||||||||||||||||
USD |
45,584 | THB | 1,551,000 | Bank of America N.A. | 09/06/23 | 126 | ||||||||||||||||
USD |
953,000 | THB | 32,422,000 | Citibank N.A. | 09/06/23 | 2,744 | ||||||||||||||||
USD |
4,167 | THB | 142,000 | UBS AG | 09/06/23 | 5 | ||||||||||||||||
USD |
16,132 | TRY | 443,000 | State Street Bank and Trust Co. | 09/06/23 | 25 | ||||||||||||||||
USD |
256,077 | TRY | 7,040,000 | UBS AG | 09/06/23 | 123 | ||||||||||||||||
USD |
66,130 | TWD | 2,077,000 | Morgan Stanley & Co. International PLC | 09/06/23 | 6 | ||||||||||||||||
USD |
73,990 | ZAR | 1,320,000 | Bank of America N.A. | 09/06/23 | 413 | ||||||||||||||||
USD |
30,620 | ZAR | 548,000 | State Street Bank and Trust Co. | 09/06/23 | 75 | ||||||||||||||||
USD |
1,630,275 | ZAR | 29,084,000 | UBS AG | 09/06/23 | 9,145 | ||||||||||||||||
|
|
|||||||||||||||||||||
554,877 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||
AUD |
12,409,000 | USD | 8,362,053 | BNP Paribas SA | 08/03/23 | (26,641 | ) | |||||||||||||||
CAD |
17,280,000 | USD | 13,128,624 | Morgan Stanley & Co. International PLC | 08/03/23 | (23,944 | ) | |||||||||||||||
CHF |
10,015,000 | USD | 11,553,325 | Morgan Stanley & Co. International PLC | 08/03/23 | (68,892 | ) | |||||||||||||||
CLP |
3,976,000 | USD | 4,964 | Morgan Stanley & Co. International PLC | 08/03/23 | (225 | ) | |||||||||||||||
CNH |
16,853,000 | USD | 2,358,090 | Citibank N.A. | 08/03/23 | (1,359 | ) | |||||||||||||||
DKK |
22,992,000 | USD | 3,401,757 | Bank of America N.A. | 08/03/23 | (9,110 | ) | |||||||||||||||
EUR |
35,146,000 | USD | 38,752,032 | State Street Bank and Trust Co. | 08/03/23 | (107,155 | ) | |||||||||||||||
GBP |
12,963,000 | USD | 16,679,194 | Bank of America N.A. | 08/03/23 | (43,046 | ) | |||||||||||||||
HKD |
107,352,000 | USD | 13,765,369 | BNP Paribas SA | 08/03/23 | (335 | ) | |||||||||||||||
IDR |
230,398,000 | USD | 15,316 | Morgan Stanley & Co. International PLC | 08/03/23 | (39 | ) | |||||||||||||||
ILS |
1,673,000 | USD | 456,672 | Bank of America N.A. | 08/03/23 | (1,622 | ) | |||||||||||||||
INR |
10,480,000 | USD | 127,785 | Morgan Stanley & Co. International PLC | 08/03/23 | (364 | ) | |||||||||||||||
JPY |
3,647,466,000 | USD | 25,676,038 | Bank of America N.A. | 08/03/23 | (33,563 | ) | |||||||||||||||
MXN |
23,458,000 | USD | 1,404,235 | Citibank N.A. | 08/03/23 | (3,575 | ) | |||||||||||||||
NOK |
7,602,000 | USD | 751,481 | Bank of America N.A. | 08/03/23 | (1,380 | ) | |||||||||||||||
NZD |
373,000 | USD | 232,140 | UBS AG | 08/03/23 | (469 | ) | |||||||||||||||
SEK |
39,075,000 | USD | 3,718,772 | UBS AG | 08/03/23 | (6,499 | ) |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
SGD |
1,865,000 | USD | 1,404,648 | JPMorgan Chase Bank N.A. | 08/03/23 | $ (2,062 | ) | |||||||||||||||
THB |
32,422,000 | USD | 949,817 | Citibank N.A. | 08/03/23 | (2,601 | ) | |||||||||||||||
TRY |
7,169,000 | USD | 266,180 | UBS AG | 08/03/23 | (361 | ) | |||||||||||||||
TWD |
4,903,000 | USD | 157,625 | Morgan Stanley & Co. International PLC | 08/03/23 | (1,647 | ) | |||||||||||||||
USD |
8,463,338 | AUD | 12,704,000 | BNP Paribas SA | 08/03/23 | (70,232 | ) | |||||||||||||||
USD |
26,105 | AUD | 39,000 | HSBC Bank PLC | 08/03/23 | (92 | ) | |||||||||||||||
USD |
2,682,285 | BRL | 13,016,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (69,699 | ) | |||||||||||||||
USD |
54,858 | BRL | 266,000 | State Street Bank and Trust Co. | 08/03/23 | (1,383 | ) | |||||||||||||||
USD |
41,438 | CAD | 55,000 | Barclays Bank PLC | 08/03/23 | (273 | ) | |||||||||||||||
USD |
13,254,052 | CAD | 17,532,000 | HSBC Bank PLC | 08/03/23 | (41,738 | ) | |||||||||||||||
USD |
23,425 | CAD | 31,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (84 | ) | |||||||||||||||
USD |
36,080 | CHF | 32,000 | Barclays Bank PLC | 08/03/23 | (615 | ) | |||||||||||||||
USD |
11,717,033 | CHF | 10,452,000 | State Street Bank and Trust Co. | 08/03/23 | (268,518 | ) | |||||||||||||||
USD |
83,388 | CNH | 605,000 | BNP Paribas SA | 08/03/23 | (1,264 | ) | |||||||||||||||
USD |
2,272,546 | CNH | 16,498,000 | Citibank N.A. | 08/03/23 | (35,872 | ) | |||||||||||||||
USD |
22,410 | CNY | 162,000 | State Street Bank and Trust Co. | 08/03/23 | (268 | ) | |||||||||||||||
USD |
10,975 | DKK | 75,000 | Bank of America N.A. | 08/03/23 | (92 | ) | |||||||||||||||
USD |
10,911 | DKK | 74,000 | HSBC Bank PLC | 08/03/23 | (8 | ) | |||||||||||||||
USD |
3,564,209 | DKK | 24,284,000 | State Street Bank and Trust Co. | 08/03/23 | (19,082 | ) | |||||||||||||||
USD |
122,061 | EUR | 112,000 | Barclays Bank PLC | 08/03/23 | (1,089 | ) | |||||||||||||||
USD |
120,778 | EUR | 110,000 | BNP Paribas SA | 08/03/23 | (172 | ) | |||||||||||||||
USD |
2,186 | EUR | 2,000 | HSBC Bank PLC | 08/03/23 | (13 | ) | |||||||||||||||
USD |
39,078,725 | EUR | 35,770,000 | State Street Bank and Trust Co. | 08/03/23 | (252,274 | ) | |||||||||||||||
USD |
52,231 | GBP | 41,000 | HSBC Bank PLC | 08/03/23 | (387 | ) | |||||||||||||||
USD |
16,991,694 | GBP | 13,362,000 | UBS AG | 08/03/23 | (156,513 | ) | |||||||||||||||
USD |
13,444,492 | HKD | 105,300,000 | JPMorgan Chase Bank N.A. | 08/03/23 | (57,428 | ) | |||||||||||||||
USD |
43,190 | HKD | 338,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (150 | ) | |||||||||||||||
USD |
617,185 | HKD | 4,834,000 | State Street Bank and Trust Co. | 08/03/23 | (2,647 | ) | |||||||||||||||
USD |
44,371 | HKD | 347,000 | UBS AG | 08/03/23 | (122 | ) | |||||||||||||||
USD |
6,189 | IDR | 93,994,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (43 | ) | |||||||||||||||
USD |
489,154 | ILS | 1,814,000 | Citibank N.A. | 08/03/23 | (4,247 | ) | |||||||||||||||
USD |
2,700 | ILS | 10,000 | State Street Bank and Trust Co. | 08/03/23 | (20 | ) | |||||||||||||||
USD |
45,760 | INR | 3,787,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (285 | ) | |||||||||||||||
USD |
24,519,987 | JPY | 3,528,653,000 | Bank of America N.A. | 08/03/23 | (287,206 | ) | |||||||||||||||
USD |
966,079 | JPY | 139,027,000 | Citibank N.A. | 08/03/23 | (11,311 | ) | |||||||||||||||
USD |
81,644 | JPY | 11,725,000 | Deutsche Bank Securities Inc. | 08/03/23 | (785 | ) | |||||||||||||||
USD |
6,465,775 | KRW | 8,508,584,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (207,430 | ) | |||||||||||||||
USD |
4,355 | MXN | 75,000 | Barclays Bank PLC | 08/03/23 | (123 | ) | |||||||||||||||
USD |
1,341,777 | MXN | 23,138,000 | Citibank N.A. | 08/03/23 | (39,776 | ) | |||||||||||||||
USD |
8,771 | MXN | 147,000 | Deutsche Bank Securities Inc. | 08/03/23 | (6 | ) | |||||||||||||||
USD |
23,076 | MXN | 398,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (688 | ) | |||||||||||||||
USD |
4,330 | MXN | 75,000 | State Street Bank and Trust Co. | 08/03/23 | (148 | ) | |||||||||||||||
USD |
666,359 | MYR | 3,104,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (22,249 | ) |
22 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||
USD |
721,426 | NOK | 7,721,000 | Citibank N.A. | 08/03/23 | $ (40,416 | ) | |||||||||||||||||||
USD |
9,158 | NOK | 98,000 | State Street Bank and Trust Co. | 08/03/23 | (512 | ) | |||||||||||||||||||
USD |
1,841 | NZD | 3,000 | Bank of America N.A. | 08/03/23 | (22 | ) | |||||||||||||||||||
USD |
1,237 | NZD | 2,000 | HSBC Bank PLC | 08/03/23 | (6 | ) | |||||||||||||||||||
USD |
240,740 | NZD | 393,000 | UBS AG | 08/03/23 | (3,352 | ) | |||||||||||||||||||
USD |
3,671,194 | SEK | 39,603,000 | Bank of America N.A. | 08/03/23 | (91,242 | ) | |||||||||||||||||||
USD |
22,813 | SEK | 248,000 | BNP Paribas SA | 08/03/23 | (748 | ) | |||||||||||||||||||
USD |
14,580 | SEK | 157,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (335 | ) | |||||||||||||||||||
USD |
1,403,166 | SGD | 1,897,000 | State Street Bank and Trust Co. | 08/03/23 | (23,486 | ) | |||||||||||||||||||
USD |
6,041 | THB | 212,000 | Barclays Bank PLC | 08/03/23 | (153 | ) | |||||||||||||||||||
USD |
961,993 | THB | 33,917,000 | Citibank N.A. | 08/03/23 | (28,899 | ) | |||||||||||||||||||
USD |
2,470 | THB | 87,000 | UBS AG | 08/03/23 | (72 | ) | |||||||||||||||||||
USD |
1,773 | TRY | 48,000 | Citibank N.A. | 08/03/23 | (7 | ) | |||||||||||||||||||
USD |
6,862 | ZAR | 130,000 | Bank of America N.A. | 08/03/23 | (407 | ) | |||||||||||||||||||
USD |
10,608 | ZAR | 190,000 | Barclays Bank PLC | 08/03/23 | (16 | ) | |||||||||||||||||||
USD |
1,538,929 | ZAR | 29,156,000 | Morgan Stanley & Co. International PLC | 08/03/23 | (91,234 | ) | |||||||||||||||||||
USD |
4,865 | ZAR | 92,000 | State Street Bank and Trust Co. | 08/03/23 | (279 | ) | |||||||||||||||||||
USD |
4,912 | ZAR | 94,000 | UBS AG | 08/03/23 | (344 | ) | |||||||||||||||||||
ZAR |
29,084,000 | USD | 1,635,289 | UBS AG | 08/03/23 | (9,151 | ) | |||||||||||||||||||
DKK |
124,000 | USD | 18,383 | Bank of America N.A. | 09/06/23 | (49 | ) | |||||||||||||||||||
DKK |
50,000 | USD | 7,400 | JPMorgan Chase Bank N.A. | 09/06/23 | (7 | ) | |||||||||||||||||||
JPY |
61,603,000 | USD | 435,935 | Bank of America N.A. | 09/06/23 | (571 | ) | |||||||||||||||||||
NZD |
4,000 | USD | 2,490 | Bank of America N.A. | 09/06/23 | (5 | ) | |||||||||||||||||||
SEK |
486,000 | USD | 46,331 | Bank of America N.A. | 09/06/23 | (84 | ) | |||||||||||||||||||
TWD |
135,000 | USD | 4,301 | Morgan Stanley & Co. International PLC | 09/06/23 | (4 | ) | |||||||||||||||||||
USD |
2,762,562 | BRL | 13,225,000 | Morgan Stanley & Co. International PLC | 09/06/23 | (17,037 | ) | |||||||||||||||||||
USD |
327,063 | CLP | 276,916,000 | Morgan Stanley & Co. International PLC | 09/06/23 | (1,765 | ) | |||||||||||||||||||
USD |
72,465 | CNY | 516,000 | State Street Bank and Trust Co. | 09/06/23 | (106 | ) | |||||||||||||||||||
USD |
377,325 | HKD | 2,942,000 | BNP Paribas SA | 09/06/23 | — | ||||||||||||||||||||
USD |
971,992 | IDR | 14,700,416,000 | Morgan Stanley & Co. International PLC | 09/06/23 | (1,203 | ) | |||||||||||||||||||
USD |
4,356 | ILS | 16,000 | Barclays Bank PLC | 09/06/23 | (1 | ) | |||||||||||||||||||
USD |
7,204,182 | INR | 593,358,000 | Morgan Stanley & Co. International PLC | 09/06/23 | (4,372 | ) | |||||||||||||||||||
USD |
6,461,391 | KRW | 8,249,436,000 | Morgan Stanley & Co. International PLC | 09/06/23 | (7,070 | ) | |||||||||||||||||||
USD |
671,572 | MYR | 3,030,000 | Morgan Stanley & Co. International PLC | 09/06/23 | (2,138 | ) | |||||||||||||||||||
USD |
42,607 | TRY | 1,172,000 | Bank of America N.A. | 09/06/23 | (3 | ) | |||||||||||||||||||
USD |
7,515,742 | TWD | 236,092,000 | Morgan Stanley & Co. International PLC | 09/06/23 | (549 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||
(2,214,866 | ) | |||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
$(1,659,989 | ) | |||||||||||||||||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 554,877 | $ | — | $ | — | $ | 554,877 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 2,214,866 | $ | — | $ | — | $ | 2,214,866 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 1,061,199 | $ | — | $ | — | $ | 1,061,199 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | (1,823,885 | ) | $ | — | $ | — | $ | (1,823,885 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 158,637,014 | ||
Average amounts sold — in USD |
$ | 312,652,778 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
||||||||
Assets | Liabilities | |||||||
|
||||||||
Derivative Financial Instruments: |
||||||||
Forward foreign currency exchange contracts |
$ | 554,877 | $ | 2,214,866 | ||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
554,877 | 2,214,866 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | — | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
554,877 | 2,214,866 | ||||||
|
|
|
|
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
|
||||||||||||||||||||||||||||||
Counterparty |
Derivative Assets Subject to an MNA by |
Derivatives Available |
Non-Cash Collateral |
Cash Collateral |
Net Amount of Derivative |
|||||||||||||||||||||||||
Counterparty | for Offset | (a) | Received | Received | Assets | (b)(c) | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Bank of America N.A. |
$ | 118,587 | $ | (118,587 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||
Barclays Bank PLC |
11,708 | (2,270 | ) | — | — | 9,438 | ||||||||||||||||||||||||
BNP Paribas SA |
28,257 | (28,257 | ) | — | — | — | ||||||||||||||||||||||||
Citibank N.A. |
7,715 | (7,715 | ) | — | — | — | ||||||||||||||||||||||||
Deutsche Bank Securities Inc. |
1,784 | (791 | ) | — | — | 993 | ||||||||||||||||||||||||
HSBC Bank PLC |
1,162 | (1,162 | ) | — | — | — | ||||||||||||||||||||||||
JPMorgan Chase Bank N.A. |
9,104 | (9,104 | ) | — | — | — | ||||||||||||||||||||||||
Morgan Stanley & Co. International PLC |
235,143 | (235,143 | ) | — | — | — | ||||||||||||||||||||||||
State Street Bank and Trust Co. |
118,071 | (118,071 | ) | — | — | — |
24 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Derivative Financial Instruments - Offsetting as of Period End (continued)
|
||||||||||||||||||||||||||||||||
Derivative Assets Subject to an MNA by |
Derivatives Available |
Non-Cash Collateral |
Cash Collateral |
Net Amount of Derivative |
||||||||||||||||||||||||||||
Counterparty | Counterparty | for Offset | (a) | Received | Received | Assets | (b)(c) | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
UBS AG |
$ | 23,346 | $ | (23,346 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
$ | 554,877 | $ | (544,446 | ) | $ | — | $ | — | $ | 10,431 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Derivative Liabilities Subject to an MNA by |
Derivatives Available |
Non-Cash Collateral |
Cash Collateral |
Net Amount of Derivative |
||||||||||||||||||||||||||||
Counterparty | Counterparty | for Offset | (a) | Pledged | Pledged | Liabilities | (c)(d) | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Bank of America N.A. |
$ | 468,402 | $ | (118,587 | ) | $ | — | $ | — | $ | 349,815 | |||||||||||||||||||||
Barclays Bank PLC |
2,270 | (2,270 | ) | — | — | — | ||||||||||||||||||||||||||
BNP Paribas SA |
99,392 | (28,257 | ) | — | — | 71,135 | ||||||||||||||||||||||||||
Citibank N.A. |
168,063 | (7,715 | ) | — | — | 160,348 | ||||||||||||||||||||||||||
Deutsche Bank Securities Inc. |
791 | (791 | ) | — | — | — | ||||||||||||||||||||||||||
HSBC Bank PLC |
42,244 | (1,162 | ) | — | — | 41,082 | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. |
59,497 | (9,104 | ) | — | — | 50,393 | ||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC |
521,446 | (235,143 | ) | — | — | 286,303 | ||||||||||||||||||||||||||
State Street Bank and Trust Co. |
675,878 | (118,071 | ) | — | — | 557,807 | ||||||||||||||||||||||||||
UBS AG |
176,883 | (23,346 | ) | — | — | 153,537 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
$ | 2,214,866 | $ | (544,446 | ) | $ | — | $ | — | $ | 1,670,420 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
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 |
||||||||||||||||
Investment Companies |
$ | 179,887,849 | $ | — | $ | — | $ | 179,887,849 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
12,747,885 | — | — | 12,747,885 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 192,635,734 | $ | — | $ | — | $ | 192,635,734 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Foreign Currency Exchange Contracts |
$ | — | $ | 554,877 | $ | — | $ | 554,877 | ||||||||
Liabilities |
||||||||||||||||
Foreign Currency Exchange Contracts |
— | (2,214,866 | ) | — | (2,214,866 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (1,659,989 | ) | $ | — | (1,659,989 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments July 31, 2023 |
iShares® Currency Hedged MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security |
Shares |
Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 99.7% | ||||||||
iShares MSCI EAFE ETF(a)(b) |
47,613,457 | $ | 3,545,298,008 | |||||
|
|
|||||||
Total
Investment Companies |
3,545,298,008 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 22.9% |
||||||||
BlackRock
Cash Funds: Institutional, SL Agency Shares, |
813,276,022 | 813,520,005 | ||||||
BlackRock
Cash Funds: Treasury, SL Agency Shares, |
1,130,000 | 1,130,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 22.9% |
814,650,005 | |||||||
|
|
|||||||
Total
Investments in Securities — 122.6% |
4,359,948,013 | |||||||
Liabilities in Excess of Other Assets — (22.6)% |
|
(803,388,973 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 3,556,559,040 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
All or a portion of this security is on loan. |
(c) |
Annualized 7-day yield as of period end. |
(d) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 813,591,686 | (a) | $ | — | $ | (151,569 | ) | $ | 79,888 | $ | 813,520,005 | 813,276,022 | $ | 1,438,775 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,640,000 | — | (1,510,000 | )(a) | — | — | 1,130,000 | 1,130,000 | 227,391 | 1 | ||||||||||||||||||||||||||||||||
iShares MSCI EAFE ETF |
3,669,453,789 | 1,310,455,902 | (1,875,498,686 | ) | (91,039,433 | ) | 531,926,436 | 3,545,298,008 | 47,613,457 | 73,960,220 | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | (91,191,002 | ) | $ | 532,006,324 | $ | 4,359,948,013 | $ | 75,626,386 | $ | 1 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased |
Currency Sold |
Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
AUD |
5,644,000 | USD | 3,760,926 | Bank of America N.A. | 08/02/23 | $ 30,149 | ||||||||||||||||||
AUD |
322,000 | USD | 215,464 | Bank of New York | 08/02/23 | 824 |
26 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold |
Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
AUD |
6,864,000 | USD | 4,588,626 | JPMorgan Chase Bank N.A. | 08/02/23 | $ | 21,922 | |||||||||||||||||
CHF |
262,000 | USD | 298,464 | Bank of New York | 08/02/23 | 1,978 | ||||||||||||||||||
CHF |
5,591,000 | USD | 6,254,466 | BNP Paribas SA | 08/02/23 | 156,863 | ||||||||||||||||||
CHF |
1,438,000 | USD | 1,611,501 | Morgan Stanley & Co. International PLC | 08/02/23 | 37,487 | ||||||||||||||||||
CHF |
9,301,000 | USD | 10,425,833 | State Street Bank and Trust Co. | 08/02/23 | 239,840 | ||||||||||||||||||
DKK |
48,775,000 | USD | 7,158,440 | State Street Bank and Trust Co. | 08/02/23 | 38,272 | ||||||||||||||||||
EUR |
1,230,000 | USD | 1,344,192 | BNP Paribas SA | 08/02/23 | 8,194 | ||||||||||||||||||
EUR |
19,204,000 | USD | 20,982,646 | JPMorgan Chase Bank N.A. | 08/02/23 | 132,160 | ||||||||||||||||||
EUR |
12,546,000 | USD | 13,706,630 | State Street Bank and Trust Co. | 08/02/23 | 87,701 | ||||||||||||||||||
GBP |
10,033,000 | USD | 12,735,884 | JPMorgan Chase Bank N.A. | 08/02/23 | 139,961 | ||||||||||||||||||
GBP |
7,111,000 | USD | 9,042,703 | State Street Bank and Trust Co. | 08/02/23 | 83,195 | ||||||||||||||||||
HKD |
112,000 | USD | 14,334 | Bank of America N.A. | 08/02/23 | 27 | ||||||||||||||||||
HKD |
19,686,000 | USD | 2,513,851 | BNP Paribas SA | 08/02/23 | 10,352 | ||||||||||||||||||
HKD |
547,000 | USD | 69,914 | State Street Bank and Trust Co. | 08/02/23 | 225 | ||||||||||||||||||
ILS |
418,000 | USD | 112,836 | State Street Bank and Trust Co. | 08/02/23 | 855 | ||||||||||||||||||
ILS |
3,653,000 | USD | 985,174 | Toronto Dominion Bank | 08/02/23 | 8,393 | ||||||||||||||||||
ILS |
924,000 | USD | 250,633 | UBS AG | 08/02/23 | 683 | ||||||||||||||||||
JPY |
2,009,424,000 | USD | 13,960,781 | JPMorgan Chase Bank N.A. | 08/02/23 | 163,733 | ||||||||||||||||||
JPY |
384,019,000 | USD | 2,673,164 | Morgan Stanley & Co. International PLC | 08/02/23 | 26,158 | ||||||||||||||||||
NOK |
4,202,000 | USD | 392,837 | Morgan Stanley & Co. International PLC | 08/02/23 | 21,764 | ||||||||||||||||||
NOK |
3,791,000 | USD | 354,855 | State Street Bank and Trust Co. | 08/02/23 | 19,193 | ||||||||||||||||||
NZD |
604,000 | USD | 370,008 | BNP Paribas SA | 08/02/23 | 5,136 | ||||||||||||||||||
NZD |
10,000 | USD | 6,197 | HSBC Bank PLC | 08/02/23 | 14 | ||||||||||||||||||
NZD |
207,000 | USD | 127,362 | Morgan Stanley & Co. International PLC | 08/02/23 | 1,206 | ||||||||||||||||||
SEK |
1,029,000 | USD | 96,585 | Bank of New York | 08/02/23 | 1,170 | ||||||||||||||||||
SEK |
21,855,000 | USD | 2,018,085 | Morgan Stanley & Co. International PLC | 08/02/23 | 58,123 | ||||||||||||||||||
SEK |
12,851,000 | USD | 1,191,249 | State Street Bank and Trust Co. | 08/02/23 | 29,586 | ||||||||||||||||||
SGD |
1,029,000 | USD | 763,074 | JPMorgan Chase Bank N.A. | 08/02/23 | 10,756 | ||||||||||||||||||
SGD |
91,000 | USD | 67,310 | Morgan Stanley & Co. International PLC | 08/02/23 | 1,124 | ||||||||||||||||||
SGD |
256,000 | USD | 189,813 | State Street Bank and Trust Co. | 08/02/23 | 2,704 | ||||||||||||||||||
USD |
887,170 | AUD | 1,309,000 | Citibank N.A. | 08/02/23 | 7,914 | ||||||||||||||||||
USD |
554,890 | AUD | 805,000 | HSBC Bank PLC | 08/02/23 | 14,172 | ||||||||||||||||||
USD |
1,907,890 | AUD | 2,808,000 | Toronto Dominion Bank | 08/02/23 | 21,757 | ||||||||||||||||||
USD |
929,163 | CHF | 808,000 | Bank of America N.A. | 08/02/23 | 2,610 | ||||||||||||||||||
USD |
462,047 | CHF | 399,000 | Citibank N.A. | 08/02/23 | 4,504 | ||||||||||||||||||
USD |
2,115,674 | CHF | 1,822,000 | Toronto Dominion Bank | 08/02/23 | 26,345 | ||||||||||||||||||
USD |
1,992,026 | CHF | 1,710,000 | UBS AG | 08/02/23 | 31,129 | ||||||||||||||||||
USD |
450,304 | DKK | 2,986,000 | State Street Bank and Trust Co. | 08/02/23 | 9,722 | ||||||||||||||||||
USD |
1,191,248 | DKK | 7,985,000 | Toronto Dominion Bank | 08/02/23 | 13,068 | ||||||||||||||||||
USD |
2,548,044 | EUR | 2,268,000 | Bank of New York | 08/02/23 | 54,377 | ||||||||||||||||||
USD |
4,096,191 | EUR | 3,696,000 | BNP Paribas SA | 08/02/23 | 32,438 | ||||||||||||||||||
USD |
3,083,927 | EUR | 2,798,000 | Imperial Bank of Canada | 08/02/23 | 7,525 | ||||||||||||||||||
USD |
2,028,915 | EUR | 1,822,000 | JPMorgan Chase Bank N.A. | 08/02/23 | 25,626 | ||||||||||||||||||
USD |
2,548,938 | EUR | 2,269,000 | Morgan Stanley & Co. International PLC | 08/02/23 | 54,171 | ||||||||||||||||||
USD |
4,067,327 | EUR | 3,628,000 | Toronto Dominion Bank | 08/02/23 | 78,340 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold |
Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
USD |
1,745,711 | GBP | 1,349,000 | Bank of New York | 08/02/23 | $ | 14,473 | |||||||||||||||
USD |
1,356,252 | GBP | 1,055,000 | BNP Paribas SA | 08/02/23 | 2,318 | ||||||||||||||||
USD |
1,107,261 | GBP | 843,000 | HSBC Bank PLC | 08/02/23 | 25,397 | ||||||||||||||||
USD |
3,809,581 | GBP | 2,939,000 | Toronto Dominion Bank | 08/02/23 | 37,817 | ||||||||||||||||
USD |
219,428 | HKD | 1,711,000 | State Street Bank and Trust Co. | 08/02/23 | 39 | ||||||||||||||||
USD |
31,280 | ILS | 113,000 | HSBC Bank PLC | 08/02/23 | 546 | ||||||||||||||||
USD |
109,242 | ILS | 393,000 | State Street Bank and Trust Co. | 08/02/23 | 2,351 | ||||||||||||||||
USD |
1,359,509 | JPY | 190,187,000 | Bank of New York | 08/02/23 | 22,659 | ||||||||||||||||
USD |
2,039,821 | JPY | 287,746,000 | BNP Paribas SA | 08/02/23 | 17,216 | ||||||||||||||||
USD |
4,413,383 | JPY | 616,562,000 | HSBC Bank PLC | 08/02/23 | 79,485 | ||||||||||||||||
USD |
4,363,961 | JPY | 605,548,000 | JPMorgan Chase Bank N.A. | 08/02/23 | 107,481 | ||||||||||||||||
USD |
90,446 | NOK | 912,000 | Bank of New York | 08/02/23 | 461 | ||||||||||||||||
USD |
208,415 | NOK | 2,088,000 | State Street Bank and Trust Co. | 08/02/23 | 2,397 | ||||||||||||||||
USD |
15,278 | NZD | 24,000 | HSBC Bank PLC | 08/02/23 | 372 | ||||||||||||||||
USD |
14,937 | NZD | 24,000 | State Street Bank and Trust Co. | 08/02/23 | 31 | ||||||||||||||||
USD |
61,560 | NZD | 98,000 | Toronto Dominion Bank | 08/02/23 | 692 | ||||||||||||||||
USD |
149,045 | SEK | 1,546,000 | Bank of New York | 08/02/23 | 2,176 | ||||||||||||||||
USD |
248,146 | SEK | 2,542,000 | BNP Paribas SA | 08/02/23 | 6,658 | ||||||||||||||||
USD |
249,145 | SEK | 2,588,000 | Natwest Markets PLC | 08/02/23 | 3,287 | ||||||||||||||||
USD |
251,108 | SEK | 2,561,000 | State Street Bank and Trust Co. | 08/02/23 | 7,815 | ||||||||||||||||
USD |
593,848 | SEK | 6,110,000 | Toronto Dominion Bank | 08/02/23 | 13,402 | ||||||||||||||||
USD |
150,271 | SGD | 199,000 | Citibank N.A. | 08/02/23 | 619 | ||||||||||||||||
USD |
57,268 | SGD | 76,000 | JPMorgan Chase Bank N.A. | 08/02/23 | 114 | ||||||||||||||||
USD |
260,866 | SGD | 345,000 | State Street Bank and Trust Co. | 08/02/23 | 1,418 | ||||||||||||||||
USD |
95,912 | SGD | 127,000 | Toronto Dominion Bank | 08/02/23 | 405 | ||||||||||||||||
USD |
258,169,353 | AUD | 382,667,000 | BNP Paribas SA | 09/05/23 | 831,942 | ||||||||||||||||
USD |
341,642 | AUD | 508,000 | State Street Bank and Trust Co. | 09/05/23 | 20 | ||||||||||||||||
USD |
4,150,398 | AUD | 6,152,000 | Toronto Dominion Bank | 09/05/23 | 13,276 | ||||||||||||||||
USD |
466,141 | CHF | 405,000 | HSBC Bank PLC | 09/05/23 | 83 | ||||||||||||||||
USD |
357,570,340 | CHF | 308,831,000 | Morgan Stanley & Co. International PLC | 09/05/23 | 2,180,008 | ||||||||||||||||
USD |
791,231 | CHF | 685,000 | Toronto Dominion Bank | 09/05/23 | 2,960 | ||||||||||||||||
USD |
105,087,258 | DKK | 708,895,000 | Toronto Dominion Bank | 09/05/23 | 279,786 | ||||||||||||||||
USD |
7,749,627 | EUR | 7,029,000 | HSBC Bank PLC | 09/05/23 | 8,657 | ||||||||||||||||
USD |
1,171,508,793 | EUR | 1,060,812,000 | State Street Bank and Trust Co. | 09/05/23 | 3,246,735 | ||||||||||||||||
USD |
11,513,786 | EUR | 10,426,000 | Toronto Dominion Bank | 09/05/23 | 31,733 | ||||||||||||||||
USD |
2,928,372 | GBP | 2,280,000 | JPMorgan Chase Bank N.A. | 09/05/23 | 1,859 | ||||||||||||||||
USD |
519,851,727 | GBP | 403,967,000 | Toronto Dominion Bank | 09/05/23 | 1,336,475 | ||||||||||||||||
USD |
111,200 | HKD | 867,000 | Bank of America N.A. | 09/05/23 | 4 | ||||||||||||||||
USD |
84,086,496 | HKD | 655,614,000 | BNP Paribas SA | 09/05/23 | 1,812 | ||||||||||||||||
USD |
19,088 | ILS | 70,000 | HSBC Bank PLC | 09/05/23 | 26 | ||||||||||||||||
USD |
14,103,363 | ILS | 51,609,000 | State Street Bank and Trust Co. | 09/05/23 | 49,198 | ||||||||||||||||
USD |
513,769 | ILS | 1,880,000 | Toronto Dominion Bank | 09/05/23 | 1,807 | ||||||||||||||||
USD |
795,766,423 | JPY | 112,469,727,000 | Commonwealth Bank of Australia | 09/05/23 | 1,040,254 | ||||||||||||||||
USD |
2,317,588 | JPY | 327,757,000 | JPMorgan Chase Bank N.A. | 09/05/23 | 1,613 | ||||||||||||||||
USD |
23,203,891 | NOK | 234,460,000 | Bank of America N.A. | 09/05/23 | 43,017 | ||||||||||||||||
USD |
62,655 | NOK | 634,000 | Bank of New York | 09/05/23 | 26 | ||||||||||||||||
USD |
81,745 | NOK | 826,000 | Toronto Dominion Bank | 09/05/23 | 149 | ||||||||||||||||
USD |
34,201 | NZD | 55,000 | Toronto Dominion Bank | 09/05/23 | 39 | ||||||||||||||||
USD |
7,167,409 | NZD | 11,516,000 | UBS AG | 09/05/23 | 14,408 | ||||||||||||||||
USD |
601,454 | SEK | 6,309,000 | BNP Paribas SA | 09/05/23 | 1,123 | ||||||||||||||||
USD |
114,854,119 | SEK | 1,204,849,000 | Toronto Dominion Bank | 09/05/23 | 207,026 | ||||||||||||||||
USD |
59,511 | SGD | 79,000 | Bank of America N.A. | 09/05/23 | 6 |
28 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold |
Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||||
USD |
44,138,727 | SGD | 58,514,000 | JPMorgan Chase Bank N.A. | 09/05/23 | $ | 64,534 | |||||||||||||||
USD |
1,389,449 | SGD | 1,842,000 | Toronto Dominion Bank | 09/05/23 | 2,009 | ||||||||||||||||
|
|
|||||||||||||||||||||
11,433,660 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||
AUD |
382,667,000 | USD | 257,860,158 | BNP Paribas SA | 08/02/23 | (822,758 | ) | |||||||||||||||
AUD |
66,000 | USD | 45,056 | Toronto Dominion Bank | 08/02/23 | (724 | ) | |||||||||||||||
CHF |
308,831,000 | USD | 356,268,097 | Morgan Stanley & Co. International PLC | 08/02/23 | (2,124,413 | ) | |||||||||||||||
CHF |
52,000 | USD | 60,523 | Toronto Dominion Bank | 08/02/23 | (893 | ) | |||||||||||||||
DKK |
611,000 | USD | 90,347 | Bank of New York | 08/02/23 | (194 | ) | |||||||||||||||
DKK |
709,016,000 | USD | 104,895,241 | Toronto Dominion Bank | 08/02/23 | (280,492 | ) | |||||||||||||||
EUR |
901,000 | USD | 992,704 | Bank of America N.A. | 08/02/23 | (2,054 | ) | |||||||||||||||
EUR |
1,060,812,000 | USD | 1,169,598,271 | State Street Bank and Trust Co. | 08/02/23 | (3,235,066 | ) | |||||||||||||||
EUR |
183,000 | USD | 205,702 | Toronto Dominion Bank | 08/02/23 | (4,493 | ) | |||||||||||||||
GBP |
67,000 | USD | 87,630 | BNP Paribas SA | 08/02/23 | (1,646 | ) | |||||||||||||||
GBP |
337,000 | USD | 435,914 | Natwest Markets PLC | 08/02/23 | (3,425 | ) | |||||||||||||||
GBP |
399,830,000 | USD | 514,441,269 | Toronto Dominion Bank | 08/02/23 | (1,319,663 | ) | |||||||||||||||
HKD |
655,614,000 | USD | 84,067,088 | BNP Paribas SA | 08/02/23 | (2,156 | ) | |||||||||||||||
ILS |
51,618,000 | USD | 14,089,255 | State Street Bank and Trust Co. | 08/02/23 | (49,844 | ) | |||||||||||||||
JPY |
95,021,000 | USD | 679,021 | Bank of New York | 08/02/23 | (11,105 | ) | |||||||||||||||
JPY |
112,469,727,000 | USD | 791,594,362 | Commonwealth Bank of Australia | 08/02/23 | (1,029,382 | ) | |||||||||||||||
JPY |
18,679,000 | USD | 134,820 | Toronto Dominion Bank | 08/02/23 | (3,523 | ) | |||||||||||||||
NOK |
234,460,000 | USD | 23,176,137 | Bank of America N.A. | 08/02/23 | (42,556 | ) | |||||||||||||||
NOK |
39,000 | USD | 3,888 | Bank of New York | 08/02/23 | (40 | ) | |||||||||||||||
NZD |
2,000 | USD | 1,267 | Toronto Dominion Bank | 08/02/23 | (25 | ) | |||||||||||||||
NZD |
11,516,000 | USD | 7,166,983 | UBS AG | 08/02/23 | (14,396 | ) | |||||||||||||||
SEK |
203,000 | USD | 19,824 | Bank of New York | 08/02/23 | (539 | ) | |||||||||||||||
SEK |
1,204,849,000 | USD | 114,665,620 | Toronto Dominion Bank | 08/02/23 | (205,880 | ) | |||||||||||||||
SGD |
57,510,000 | USD | 43,312,246 | JPMorgan Chase Bank N.A. | 08/02/23 | (63,515 | ) | |||||||||||||||
SGD |
10,000 | USD | 7,571 | State Street Bank and Trust Co. | 08/02/23 | (50 | ) | |||||||||||||||
USD |
259,560,383 | AUD | 389,625,000 | BNP Paribas SA | 08/02/23 | (2,150,706 | ) | |||||||||||||||
USD |
675,878 | AUD | 1,016,000 | HSBC Bank PLC | 08/02/23 | (6,569 | ) | |||||||||||||||
USD |
359,523,559 | CHF | 320,736,000 | State Street Bank and Trust Co. | 08/02/23 | (8,271,866 | ) | |||||||||||||||
USD |
109,699,345 | DKK | 747,431,000 | State Street Bank and Trust Co. | 08/02/23 | (583,507 | ) | |||||||||||||||
USD |
1,178,149,773 | EUR | 1,078,395,000 | State Street Bank and Trust Co. | 08/02/23 | (7,545,947 | ) | |||||||||||||||
USD |
522,885,728 | GBP | 411,192,000 | State Street Bank and Trust Co. | 08/02/23 | (4,817,295 | ) | |||||||||||||||
USD |
246,779 | HKD | 1,928,000 | Bank of America N.A. | 08/02/23 | (435 | ) | |||||||||||||||
USD |
283,494 | HKD | 2,214,000 | Bank of New York | 08/02/23 | (392 | ) | |||||||||||||||
USD |
84,767,733 | HKD | 663,942,000 | JPMorgan Chase Bank N.A. | 08/02/23 | (365,042 | ) | |||||||||||||||
USD |
434,128 | HKD | 3,397,000 | State Street Bank and Trust Co. | 08/02/23 | (1,446 | ) | |||||||||||||||
USD |
178,805 | HKD | 1,395,000 | Toronto Dominion Bank | 08/02/23 | (66 | ) | |||||||||||||||
USD |
175,462 | HKD | 1,372,000 | UBS AG | 08/02/23 | (460 | ) | |||||||||||||||
USD |
15,042,281 | ILS | 55,784,000 | Citibank N.A. | 08/02/23 | (130,226 | ) | |||||||||||||||
USD |
87,556 | ILS | 323,000 | State Street Bank and Trust Co. | 08/02/23 | (296 | ) | |||||||||||||||
USD |
33,124,278 | JPY | 4,767,631,000 | Citibank N.A. | 08/02/23 | (388,048 | ) | |||||||||||||||
USD |
753,903,088 | JPY | 108,509,196,000 | Commonwealth Bank of Australia | 08/02/23 | (8,822,783 | ) | |||||||||||||||
USD |
22,195,729 | NOK | 237,558,000 | JPMorgan Chase Bank N.A. | 08/02/23 | (1,243,524 | ) | |||||||||||||||
USD |
183,402 | NOK | 1,934,000 | State Street Bank and Trust Co. | 08/02/23 | (7,421 | ) | |||||||||||||||
USD |
18,471 | NZD | 30,000 | State Street Bank and Trust Co. | 08/02/23 | (162 | ) | |||||||||||||||
USD |
47,863 | NZD | 78,000 | Toronto Dominion Bank | 08/02/23 | (583 | ) | |||||||||||||||
USD |
7,403,150 | NZD | 12,085,000 | UBS AG | 08/02/23 | (102,842 | ) | |||||||||||||||
USD |
330,502 | SEK | 3,559,000 | Morgan Stanley & Co. International PLC | 08/02/23 | (7,600 | ) |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold |
Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
USD |
293,772 | SEK | 3,096,000 | State Street Bank and Trust Co. | 08/02/23 | $ | (346 | ) | ||||||||||||||||
USD |
112,977,353 | SEK | 1,218,785,000 | Toronto Dominion Bank | 08/02/23 | (2,806,295 | ) | |||||||||||||||||
USD |
43,011,486 | SGD | 58,149,000 | State Street Bank and Trust Co. | 08/02/23 | (717,787 | ) | |||||||||||||||||
AUD |
575,000 | USD | 387,068 | HSBC Bank PLC | 09/05/23 | (390 | ) | |||||||||||||||||
DKK |
10,262,000 | USD | 1,520,297 | Toronto Dominion Bank | 09/05/23 | (3,098 | ) | |||||||||||||||||
HKD |
689,000 | USD | 88,371 | Toronto Dominion Bank | 09/05/23 | (5 | ) | |||||||||||||||||
JPY |
2,308,375,000 | USD | 16,332,797 | Toronto Dominion Bank | 09/05/23 | (21,510 | ) | |||||||||||||||||
NZD |
196,000 | USD | 121,991 | Toronto Dominion Bank | 09/05/23 | (248 | ) | |||||||||||||||||
SEK |
19,474,000 | USD | 1,856,413 | Toronto Dominion Bank | 09/05/23 | (3,370 | ) | |||||||||||||||||
USD |
135,129 | DKK | 914,000 | State Street Bank and Trust Co. | 09/05/23 | (2 | ) | |||||||||||||||||
USD |
1,552,819 | EUR | 1,410,000 | HSBC Bank PLC | 09/05/23 | (1 | ) | |||||||||||||||||
USD |
681,568 | GBP | 531,000 | Toronto Dominion Bank | 09/05/23 | (2 | ) | |||||||||||||||||
USD |
1,024,871 | HKD | 7,991,000 | BNP Paribas SA | 09/05/23 | (2 | ) | |||||||||||||||||
USD |
80,034 | ILS | 294,000 | HSBC Bank PLC | 09/05/23 | (28 | ) | |||||||||||||||||
USD |
1,020,876 | JPY | 144,503,000 | Commonwealth Bank of Australia | 09/05/23 | (201 | ) | |||||||||||||||||
USD |
9,317 | NZD | 15,000 | Toronto Dominion Bank | 09/05/23 | (1 | ) | |||||||||||||||||
USD |
148,335 | SEK | 1,559,000 | State Street Bank and Trust Co. | 09/05/23 | (12 | ) | |||||||||||||||||
|
|
|||||||||||||||||||||||
(47,219,346 | ) | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
$ | (35,785,686 | ) | ||||||||||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 11,433,660 | $ | — | $ | — | $ | 11,433,660 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 47,219,346 | $ | — | $ | — | $ | 47,219,346 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 44,053,745 | $ | — | $ | — | $ | 44,053,745 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | (41,217,008 | ) | $ | — | $ | — | $ | (41,217,008 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 3,404,691,400 | ||
Average amounts sold — in USD |
$ | 6,739,806,016 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
30 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE ETF |
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
||||||||
Assets | Liabilities | |||||||
|
||||||||
Derivative Financial Instruments: |
||||||||
Forward foreign currency exchange contracts |
$ | 11,433,660 | $ | 47,219,346 | ||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
11,433,660 | 47,219,346 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | — | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
11,433,660 | 47,219,346 | ||||||
|
|
|
|
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
|
||||||||||||||||||||
Counterparty |
|
Derivative Assets Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
(a) |
|
Non-Cash Collateral Received |
|
|
Cash Collateral Received |
|
|
Net Amount of Derivative Assets |
(b)(c) | |||||
|
||||||||||||||||||||
Bank of America N.A. |
$ | 75,813 | $ | (45,045 | ) | $ | — | $ | — | $ | 30,768 | |||||||||
Bank of New York |
98,144 | (12,270 | ) | — | — | 85,874 | ||||||||||||||
BNP Paribas SA |
1,074,052 | (1,074,052 | ) | — | — | — | ||||||||||||||
Citibank N.A. |
13,037 | (13,037 | ) | — | — | — | ||||||||||||||
Commonwealth Bank of Australia |
1,040,254 | (1,040,254 | ) | — | — | — | ||||||||||||||
HSBC Bank PLC |
128,752 | (6,988 | ) | — | — | 121,764 | ||||||||||||||
Imperial Bank of Canada |
7,525 | — | — | — | 7,525 | |||||||||||||||
JPMorgan Chase Bank N.A. |
669,759 | (669,759 | ) | — | — | — | ||||||||||||||
Morgan Stanley & Co. International PLC |
2,380,041 | (2,132,013 | ) | — | — | 248,028 | ||||||||||||||
Natwest Markets PLC |
3,287 | (3,287 | ) | — | — | — | ||||||||||||||
State Street Bank and Trust Co. |
3,821,297 | (3,821,297 | ) | — | — | — | ||||||||||||||
Toronto Dominion Bank |
2,075,479 | (2,075,479 | ) | — | — | — | ||||||||||||||
UBS AG |
46,220 | (46,220 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 11,433,660 | $ | (10,939,701 | ) | $ | — | $ | — | $ | 493,959 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
||||||||||||||||||||
Counterparty |
|
Derivative Liabilities Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
(a) |
|
Non-Cash Collateral Pledged |
|
|
Cash Collateral Pledged |
|
|
Net Amount of Derivative Liabilities |
(c)(d) | |||||
|
||||||||||||||||||||
Bank of America N.A. |
$ | 45,045 | $ | (45,045 | ) | $ | — | $ | — | $ | — | |||||||||
Bank of New York |
12,270 | (12,270 | ) | — | — | — | ||||||||||||||
BNP Paribas SA |
2,977,268 | (1,074,052 | ) | — | — | 1,903,216 | ||||||||||||||
Citibank N.A. |
518,274 | (13,037 | ) | — | — | 505,237 | ||||||||||||||
Commonwealth Bank of Australia |
9,852,366 | (1,040,254 | ) | — | — | 8,812,112 | ||||||||||||||
HSBC Bank PLC |
6,988 | (6,988 | ) | — | — | — | ||||||||||||||
JPMorgan Chase Bank N.A. |
1,672,081 | (669,759 | ) | — | — | 1,002,322 | ||||||||||||||
Morgan Stanley & Co. International PLC |
2,132,013 | (2,132,013 | ) | — | — | — | ||||||||||||||
Natwest Markets PLC |
3,425 | (3,287 | ) | — | — | 138 | ||||||||||||||
State Street Bank and Trust Co. |
25,231,047 | (3,821,297 | ) | — | — | 21,409,750 | ||||||||||||||
Toronto Dominion Bank |
4,650,871 | (2,075,479 | ) | — | — | 2,575,392 | ||||||||||||||
UBS AG |
117,698 | (46,220 | ) | — | — | 71,478 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 47,219,346 | $ | (10,939,701 | ) | $ | — | $ | — | $ | 36,279,645 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE 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 |
||||||||||||||||
Investment Companies |
$ | 3,545,298,008 | $ | — | $ | — | $ | 3,545,298,008 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
814,650,005 | — | — | 814,650,005 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 4,359,948,013 | $ | — | $ | — | $ | 4,359,948,013 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Foreign Currency Exchange Contracts |
$ | — | $ | 11,433,660 | $ | — | $ | 11,433,660 | ||||||||
Liabilities |
||||||||||||||||
Foreign Currency Exchange Contracts |
— | (47,219,346 | ) | — | (47,219,346 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (35,785,686 | ) | $ | — | (35,785,686 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
32 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2023 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 99.7% | ||||||||
iShares MSCI EAFE Small-Cap ETF(a) |
1,582,398 | $ | 97,000,997 | |||||
|
|
|||||||
Total
Investment Companies |
97,000,997 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(a)(b) |
40,000 | 40,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
40,000 | |||||||
|
|
|||||||
Total
Investments in Securities — 99.8% |
97,040,997 | |||||||
Other Assets Less Liabilities — 0.2% |
232,952 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 97,273,949 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares(a) |
$ | — | $ | 8,343 | (b) | $ | — | $ | (8,343 | ) | $ | — | $ | — | — | $ | 17,177 | (c) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
70,000 | — | (30,000 | )(b) | — | — | 40,000 | 40,000 | 7,205 | — | ||||||||||||||||||||||||||||||
iShares MSCI EAFE Small-Cap ETF |
107,912,900 | 53,064,890 | (69,520,652 | ) | (7,441,781 | ) | 12,985,640 | 97,000,997 | 1,582,398 | 1,580,633 | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | (7,450,124 | ) | $ | 12,985,640 | $ | 97,040,997 | $ | 1,605,015 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
As of period end, the entity is no longer held. |
(b) |
Represents net amount purchased (sold). |
(c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||||
AUD |
128,000 | USD | 85,274 | Bank of America N.A. | 08/02/23 | $ | 704 | |||||||||||||||||||||||||
AUD |
41,000 | USD | 27,338 | Bank of New York | 08/02/23 | 201 | ||||||||||||||||||||||||||
AUD |
231,000 | USD | 154,425 | JPMorgan Chase Bank N.A. | 08/02/23 | 738 | ||||||||||||||||||||||||||
CHF |
288,000 | USD | 322,837 | Bank of America N.A. | 08/02/23 | 7,419 | ||||||||||||||||||||||||||
CHF |
65,000 | USD | 72,713 | BNP Paribas SA | 08/02/23 | 1,824 | ||||||||||||||||||||||||||
CHF |
15,000 | USD | 16,810 | Morgan Stanley & Co. International PLC | 08/02/23 | 391 | ||||||||||||||||||||||||||
DKK |
104,000 | USD | 15,265 | Bank of America N.A. | 08/02/23 | 80 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||
DKK |
245,000 | USD | 35,954 | State Street Bank and Trust Co. | 08/02/23 | $ | 195 | |||||||||||||||||||||||
EUR |
17,000 | USD | 18,578 | Bank of New York | 08/02/23 | 113 | ||||||||||||||||||||||||
EUR |
302,000 | USD | 329,971 | JPMorgan Chase Bank N.A. | 08/02/23 | 2,078 | ||||||||||||||||||||||||
GBP |
655,000 | USD | 832,776 | Bank of America N.A. | 08/02/23 | 7,818 | ||||||||||||||||||||||||
GBP |
185,000 | USD | 234,754 | JPMorgan Chase Bank N.A. | 08/02/23 | 2,666 | ||||||||||||||||||||||||
HKD |
407,000 | USD | 51,972 | BNP Paribas SA | 08/02/23 | 215 | ||||||||||||||||||||||||
HKD |
3,000 | USD | 384 | JPMorgan Chase Bank N.A. | 08/02/23 | 1 | ||||||||||||||||||||||||
HKD |
12,000 | USD | 1,532 | State Street Bank and Trust Co. | 08/02/23 | 7 | ||||||||||||||||||||||||
ILS |
20,000 | USD | 5,395 | State Street Bank and Trust Co. | 08/02/23 | 44 | ||||||||||||||||||||||||
ILS |
132,000 | USD | 35,805 | UBS AG | 08/02/23 | 97 | ||||||||||||||||||||||||
JPY |
33,673,000 | USD | 234,393 | Deutsche Bank Securities Inc. | 08/02/23 | 2,299 | ||||||||||||||||||||||||
JPY |
71,988,000 | USD | 500,148 | JPMorgan Chase Bank N.A. | 08/02/23 | 5,866 | ||||||||||||||||||||||||
NOK |
217,000 | USD | 20,276 | Bank of America N.A. | 08/02/23 | 1,135 | ||||||||||||||||||||||||
NOK |
387,000 | USD | 36,180 | Morgan Stanley & Co. International PLC | 08/02/23 | 2,004 | ||||||||||||||||||||||||
NZD |
239,000 | USD | 146,410 | BNP Paribas SA | 08/02/23 | 2,032 | ||||||||||||||||||||||||
NZD |
23,000 | USD | 14,151 | Morgan Stanley & Co. International PLC | 08/02/23 | 134 | ||||||||||||||||||||||||
SEK |
3,814,000 | USD | 353,564 | Bank of America N.A. | 08/02/23 | 8,763 | ||||||||||||||||||||||||
SEK |
98,000 | USD | 9,101 | Bank of New York | 08/02/23 | 209 | ||||||||||||||||||||||||
SEK |
914,000 | USD | 84,399 | Morgan Stanley & Co. International PLC | 08/02/23 | 2,431 | ||||||||||||||||||||||||
SGD |
12,000 | USD | 8,883 | Barclays Bank PLC | 08/02/23 | 141 | ||||||||||||||||||||||||
SGD |
42,000 | USD | 31,146 | JPMorgan Chase Bank N.A. | 08/02/23 | 439 | ||||||||||||||||||||||||
USD |
27,977 | AUD | 41,000 | Bank of America N.A. | 08/02/23 | 437 | ||||||||||||||||||||||||
USD |
27,788 | AUD | 41,000 | Citibank N.A. | 08/02/23 | 248 | ||||||||||||||||||||||||
USD |
12,808 | CHF | 11,000 | Barclays Bank PLC | 08/02/23 | 194 | ||||||||||||||||||||||||
USD |
12,829 | CHF | 11,000 | UBS AG | 08/02/23 | 215 | ||||||||||||||||||||||||
USD |
6,170 | DKK | 41,000 | BNP Paribas SA | 08/02/23 | 120 | ||||||||||||||||||||||||
USD |
12,401 | DKK | 83,000 | State Street Bank and Trust Co. | 08/02/23 | 155 | ||||||||||||||||||||||||
USD |
59,417 | EUR | 53,000 | Bank of America N.A. | 08/02/23 | 1,144 | ||||||||||||||||||||||||
USD |
58,395 | EUR | 53,000 | JPMorgan Chase Bank N.A. | 08/02/23 | 121 | ||||||||||||||||||||||||
USD |
59,610 | EUR | 53,000 | UBS AG | 08/02/23 | 1,336 | ||||||||||||||||||||||||
USD |
41,393 | GBP | 32,000 | JPMorgan Chase Bank N.A. | 08/02/23 | 326 | ||||||||||||||||||||||||
USD |
83,246 | GBP | 64,000 | State Street Bank and Trust Co. | 08/02/23 | 1,112 | ||||||||||||||||||||||||
USD |
6,335 | ILS | 23,000 | JPMorgan Chase Bank N.A. | 08/02/23 | 79 | ||||||||||||||||||||||||
USD |
6,692 | ILS | 24,000 | State Street Bank and Trust Co. | 08/02/23 | 165 | ||||||||||||||||||||||||
USD |
88,177 | JPY | 12,202,000 | Bank of New York | 08/02/23 | 2,408 | ||||||||||||||||||||||||
USD |
89,983 | JPY | 12,592,000 | JPMorgan Chase Bank N.A. | 08/02/23 | 1,472 | ||||||||||||||||||||||||
USD |
88,725 | JPY | 12,372,000 | State Street Bank and Trust Co. | 08/02/23 | 1,761 | ||||||||||||||||||||||||
USD |
13,151 | NOK | 132,000 | State Street Bank and Trust Co. | 08/02/23 | 126 | ||||||||||||||||||||||||
USD |
2,531 | NZD | 4,000 | Bank of New York | 08/02/23 | 47 | ||||||||||||||||||||||||
USD |
2,505 | NZD | 4,000 | State Street Bank and Trust Co. | 08/02/23 | 20 | ||||||||||||||||||||||||
USD |
15,141 | SEK | 155,000 | Bank of New York | 08/02/23 | 417 | ||||||||||||||||||||||||
USD |
15,297 | SEK | 157,000 | State Street Bank and Trust Co. | 08/02/23 | 382 | ||||||||||||||||||||||||
USD |
10,585 | SGD | 14,000 | State Street Bank and Trust Co. | 08/02/23 | 57 | ||||||||||||||||||||||||
USD |
232,078 | AUD | 344,000 | Bank of America N.A. | 09/05/23 | 743 | ||||||||||||||||||||||||
USD |
9,325,798 | AUD | 13,823,000 | BNP Paribas SA | 09/05/23 | 30,052 | ||||||||||||||||||||||||
USD |
34,731 | CHF | 30,000 | Bank of America N.A. | 09/05/23 | 208 | ||||||||||||||||||||||||
USD |
4,431,576 | CHF | 3,828,000 | Morgan Stanley & Co. International PLC | 09/05/23 | 26,467 | ||||||||||||||||||||||||
USD |
26,514 | CHF | 23,000 | State Street Bank and Trust Co. | 09/05/23 | 46 | ||||||||||||||||||||||||
USD |
2,155,840 | DKK | 14,543,000 | Bank of America N.A. | 09/05/23 | 5,712 | ||||||||||||||||||||||||
USD |
406,401 | EUR | 368,000 | Bank of America N.A. | 09/05/23 | 1,126 | ||||||||||||||||||||||||
USD |
93,714 | EUR | 85,000 | Bank of New York | 09/05/23 | 104 | ||||||||||||||||||||||||
USD |
19,824,205 | EUR | 17,951,000 | State Street Bank and Trust Co. | 09/05/23 | 54,941 | ||||||||||||||||||||||||
USD |
14,806,574 | GBP | 11,506,000 | Bank of America N.A. | 09/05/23 | 37,950 |
34 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||||
USD |
57,330 | HKD | 447,000 | Bank of America N.A. | 09/05/23 | $ | — | |||||||||||||||||||||||||
USD |
1,660,665 | HKD | 12,948,000 | BNP Paribas SA | 09/05/23 | 41 | ||||||||||||||||||||||||||
USD |
40,993 | ILS | 150,000 | Bank of America N.A. | 09/05/23 | 145 | ||||||||||||||||||||||||||
USD |
2,173,069 | ILS | 7,952,000 | State Street Bank and Trust Co. | 09/05/23 | 7,581 | ||||||||||||||||||||||||||
|
USD |
30,617,395 | JPY | 4,327,282,000 | Bank of America N.A. | 09/05/23 | 40,240 | |||||||||||||||||||||||||
USD |
185,587 | JPY | 26,246,000 | JPMorgan Chase Bank N.A. | 09/05/23 | 129 | ||||||||||||||||||||||||||
USD |
2,303,664 | NOK | 23,277,000 | Bank of America N.A. | 09/05/23 | 4,271 | ||||||||||||||||||||||||||
USD |
2,076 | NOK | 21,000 | Bank of New York | 09/05/23 | 2 | ||||||||||||||||||||||||||
USD |
4,357 | NZD | 7,000 | Bank of America N.A. | 09/05/23 | 9 | ||||||||||||||||||||||||||
USD |
6,840 | NZD | 11,000 | Citibank N.A. | 09/05/23 | 8 | ||||||||||||||||||||||||||
USD |
842,712 | NZD | 1,354,000 | UBS AG | 09/05/23 | 1,694 | ||||||||||||||||||||||||||
USD |
14,967 | SEK | 157,000 | BNP Paribas SA | 09/05/23 | 28 | ||||||||||||||||||||||||||
USD |
5,199,006 | SEK | 54,539,000 | State Street Bank and Trust Co. | 09/05/23 | 9,361 | ||||||||||||||||||||||||||
USD |
7,544 | SGD | 10,000 | Bank of America N.A. | 09/05/23 | 11 | ||||||||||||||||||||||||||
USD |
1,883,576 | SGD | 2,497,000 | JPMorgan Chase Bank N.A. | 09/05/23 | 2,774 | ||||||||||||||||||||||||||
USD |
2,262 | SGD | 3,000 | State Street Bank and Trust Co. | 09/05/23 | 2 | ||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
286,031 | ||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
AUD |
13,823,000 | USD | 9,314,629 | BNP Paribas SA | 08/02/23 | (29,720 | ) | |||||||||||||||||||||||||
AUD |
3,000 | USD | 2,034 | JPMorgan Chase Bank N.A. | 08/02/23 | (19 | ) | |||||||||||||||||||||||||
CHF |
3,828,000 | USD | 4,415,510 | Morgan Stanley & Co. International PLC | 08/02/23 | (25,854 | ) | |||||||||||||||||||||||||
CHF |
1,000 | USD | 1,153 | State Street Bank and Trust Co. | 08/02/23 | (6 | ) | |||||||||||||||||||||||||
DKK |
14,543,000 | USD | 2,151,567 | Bank of America N.A. | 08/02/23 | (5,758 | ) | |||||||||||||||||||||||||
DKK |
3,000 | USD | 448 | BNP Paribas SA | 08/02/23 | (5 | ) | |||||||||||||||||||||||||
EUR |
4,000 | USD | 4,451 | BNP Paribas SA | 08/02/23 | (53 | ) | |||||||||||||||||||||||||
EUR |
17,951,000 | USD | 19,791,875 | State Street Bank and Trust Co. | 08/02/23 | (54,744 | ) | |||||||||||||||||||||||||
GBP |
11,013,000 | USD | 14,169,954 | Bank of America N.A. | 08/02/23 | (36,426 | ) | |||||||||||||||||||||||||
GBP |
2,000 | USD | 2,571 | JPMorgan Chase Bank N.A. | 08/02/23 | (4 | ) | |||||||||||||||||||||||||
HKD |
12,948,000 | USD | 1,660,277 | BNP Paribas SA | 08/02/23 | (43 | ) | |||||||||||||||||||||||||
ILS |
7,954,000 | USD | 2,171,067 | State Street Bank and Trust Co. | 08/02/23 | (7,684 | ) | |||||||||||||||||||||||||
JPY |
4,327,282,000 | USD | 30,456,830 | Bank of America N.A. | 08/02/23 | (39,777 | ) | |||||||||||||||||||||||||
JPY |
929,000 | USD | 6,629 | BNP Paribas SA | 08/02/23 | (99 | ) | |||||||||||||||||||||||||
NOK |
23,036,000 | USD | 2,277,086 | Bank of America N.A. | 08/02/23 | (4,181 | ) | |||||||||||||||||||||||||
NOK |
5,000 | USD | 496 | Bank of New York | 08/02/23 | (2 | ) | |||||||||||||||||||||||||
NZD |
1,354,000 | USD | 842,662 | UBS AG | 08/02/23 | (1,693 | ) | |||||||||||||||||||||||||
SEK |
54,551,000 | USD | 5,191,641 | State Street Bank and Trust Co. | 08/02/23 | (9,338 | ) | |||||||||||||||||||||||||
SGD |
2,497,000 | USD | 1,880,554 | JPMorgan Chase Bank N.A. | 08/02/23 | (2,758 | ) | |||||||||||||||||||||||||
SGD |
1,000 | USD | 754 | State Street Bank and Trust Co. | 08/02/23 | (2 | ) | |||||||||||||||||||||||||
USD |
55,282 | AUD | 83,000 | Bank of New York | 08/02/23 | (469 | ) | |||||||||||||||||||||||||
USD |
26,766 | AUD | 40,000 | Barclays Bank PLC | 08/02/23 | (102 | ) | |||||||||||||||||||||||||
USD |
9,340,373 | AUD | 14,021,000 | BNP Paribas SA | 08/02/23 | (77,532 | ) | |||||||||||||||||||||||||
USD |
4,679,891 | CHF | 4,175,000 | State Street Bank and Trust Co. | 08/02/23 | (107,678 | ) | |||||||||||||||||||||||||
USD |
21,413 | DKK | 146,000 | Bank of America N.A. | 08/02/23 | (129 | ) | |||||||||||||||||||||||||
USD |
2,146,343 | DKK | 14,625,000 | State Street Bank and Trust Co. | 08/02/23 | (11,564 | ) | |||||||||||||||||||||||||
USD |
132,673 | EUR | 122,000 | Bank of America N.A. | 08/02/23 | (1,466 | ) | |||||||||||||||||||||||||
USD |
57,758 | EUR | 53,000 | Barclays Bank PLC | 08/02/23 | (515 | ) | |||||||||||||||||||||||||
USD |
19,599,504 | EUR | 17,940,000 | State Street Bank and Trust Co. | 08/02/23 | (125,533 | ) | |||||||||||||||||||||||||
USD |
42,038 | GBP | 33,000 | Barclays Bank PLC | 08/02/23 | (312 | ) | |||||||||||||||||||||||||
USD |
14,911,108 | GBP | 11,726,000 | State Street Bank and Trust Co. | 08/02/23 | (137,448 | ) | |||||||||||||||||||||||||
USD |
9,844 | HKD | 77,000 | Bank of America N.A. | 08/02/23 | (29 | ) | |||||||||||||||||||||||||
USD |
19,701 | HKD | 154,000 | Bank of New York | 08/02/23 | (45 | ) | |||||||||||||||||||||||||
USD |
1,677,501 | HKD | 13,139,000 | JPMorgan Chase Bank N.A. | 08/02/23 | (7,224 | ) | |||||||||||||||||||||||||
USD |
206,551 | ILS | 766,000 | Bank of America N.A. | 08/02/23 | (1,791 | ) |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||||
USD |
6,237 | ILS | 23,000 | Barclays Bank PLC | 08/02/23 | $ (18 | ) | |||||||||||||||||||||||||
USD |
1,941,227 | ILS | 7,199,000 | Citibank N.A. | 08/02/23 | (16,806 | ) | |||||||||||||||||||||||||
|
USD |
19,168 | ILS | 71,000 | State Street Bank and Trust Co. | 08/02/23 | (144 | ) | ||||||||||||||||||||||||
USD |
29,136,516 | JPY | 4,193,702,000 | Bank of America N.A. | 08/02/23 | (341,585 | ) | |||||||||||||||||||||||||
USD |
1,321,134 | JPY | 190,153,000 | Citibank N.A. | 08/02/23 | (15,477 | ) | |||||||||||||||||||||||||
USD |
89,471 | JPY | 12,851,000 | Deutsche Bank Securities Inc. | 08/02/23 | (861 | ) | |||||||||||||||||||||||||
USD |
19,595 | NOK | 207,000 | Bank of New York | 08/02/23 | (829 | ) | |||||||||||||||||||||||||
USD |
2,158,673 | NOK | 23,104,000 | JPMorgan Chase Bank N.A. | 08/02/23 | (120,941 | ) | |||||||||||||||||||||||||
USD |
18,822 | NOK | 202,000 | State Street Bank and Trust Co. | 08/02/23 | (1,109 | ) | |||||||||||||||||||||||||
USD |
2,455 | NZD | 4,000 | Bank of America N.A. | 08/02/23 | (30 | ) | |||||||||||||||||||||||||
USD |
4,945 | NZD | 8,000 | Deutsche Bank Securities Inc. | 08/02/23 | (23 | ) | |||||||||||||||||||||||||
USD |
2,479 | NZD | 4,000 | JPMorgan Chase Bank N.A. | 08/02/23 | (5 | ) | |||||||||||||||||||||||||
USD |
2,462 | NZD | 4,000 | State Street Bank and Trust Co. | 08/02/23 | (22 | ) | |||||||||||||||||||||||||
USD |
972,793 | NZD | 1,588,000 | UBS AG | 08/02/23 | (13,514 | ) | |||||||||||||||||||||||||
USD |
5,414,773 | SEK | 58,415,000 | Bank of America N.A. | 08/02/23 | (134,608 | ) | |||||||||||||||||||||||||
USD |
44,904 | SEK | 491,000 | BNP Paribas SA | 08/02/23 | (1,741 | ) | |||||||||||||||||||||||||
USD |
14,924 | SEK | 159,000 | State Street Bank and Trust Co. | 08/02/23 | (181 | ) | |||||||||||||||||||||||||
USD |
59,168 | SGD | 80,000 | Morgan Stanley & Co. International PLC | 08/02/23 | (993 | ) | |||||||||||||||||||||||||
USD |
1,818,095 | SGD | 2,458,000 | State Street Bank and Trust Co. | 08/02/23 | (30,373 | ) | |||||||||||||||||||||||||
AUD |
36,000 | USD | 24,234 | JPMorgan Chase Bank N.A. | 09/05/23 | (24 | ) | |||||||||||||||||||||||||
DKK |
352,000 | USD | 52,182 | Bank of America N.A. | 09/05/23 | (140 | ) | |||||||||||||||||||||||||
DKK |
47,000 | USD | 6,956 | JPMorgan Chase Bank N.A. | 09/05/23 | (7 | ) | |||||||||||||||||||||||||
GBP |
34,000 | USD | 43,669 | Bank of New York | 09/05/23 | (28 | ) | |||||||||||||||||||||||||
JPY |
26,501,000 | USD | 187,506 | Bank of America N.A. | 09/05/23 | (246 | ) | |||||||||||||||||||||||||
SEK |
130,000 | USD | 12,393 | Bank of America N.A. | 09/05/23 | (23 | ) | |||||||||||||||||||||||||
USD |
13,339 | ILS | 49,000 | Barclays Bank PLC | 09/05/23 | (4 | ) | |||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
(1,369,735 | ) | |||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
$(1,083,704 | ) | |||||||||||||||||||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 286,031 | $ | — | $ | — | $ | 286,031 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 1,369,735 | $ | — | $ | — | $ | 1,369,735 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 2,806,981 | $ | — | $ | — | $ | 2,806,981 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | (657,786 | ) | $ | — | $ | — | $ | (657,786 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 98,516,548 | ||
Average amounts sold — in USD |
$ | 192,618,730 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
||||||||
Assets | Liabilities | |||||||
|
||||||||
Derivative Financial Instruments: |
||||||||
Forward foreign currency exchange contracts |
$ | 286,031 | $ | 1,369,735 | ||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
286,031 | 1,369,735 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | — | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
286,031 | 1,369,735 | ||||||
|
|
|
|
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
|
||||||||||||||||||||||||||||||||||
Counterparty |
|
Derivative Assets Subject to an MNA by |
|
|
Derivatives Available |
|
|
Non-Cash Collateral |
|
|
Cash Collateral |
|
|
Net Amount of Derivative |
| |||||||||||||||||||
Counterparty | for Offset | (a) | Received | Received | Assets | (b)(c) | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Bank of America N.A. |
$ | 117,915 | $ | (117,915 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Bank of New York |
3,501 | (1,373 | ) | — | — | 2,128 | ||||||||||||||||||||||||||||
Barclays Bank PLC |
335 | (335 | ) | — | — | — | ||||||||||||||||||||||||||||
BNP Paribas SA |
34,312 | (34,312 | ) | — | — | — | ||||||||||||||||||||||||||||
Citibank N.A. |
256 | (256 | ) | — | — | — | ||||||||||||||||||||||||||||
Deutsche Bank Securities Inc. |
2,299 | (884 | ) | — | — | 1,415 | ||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. |
16,689 | (16,689 | ) | — | — | — | ||||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC |
31,427 | (26,847 | ) | — | — | 4,580 | ||||||||||||||||||||||||||||
State Street Bank and Trust Co. |
75,955 | (75,955 | ) | — | — | — | ||||||||||||||||||||||||||||
UBS AG |
3,342 | (3,342 | ) | — | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
$ | 286,031 | $ | (277,908 | ) | $ | — | $ | — | $ | 8,123 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Counterparty |
|
Derivative Liabilities Subject to an MNA by |
|
|
Derivatives Available |
|
|
Non-Cash Collateral |
|
|
Cash Collateral |
|
|
Net Amount of Derivative |
| |||||||||||||||||||
Counterparty | for Offset | (a) | Pledged | Pledged | Liabilities | (c)(d) | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Bank of America N.A. |
$ | 566,189 | $ | (117,915 | ) | $ | — | $ | — | $ | 448,274 | |||||||||||||||||||||||
Bank of New York |
1,373 | (1,373 | ) | — | — | — | ||||||||||||||||||||||||||||
Barclays Bank PLC |
951 | (335 | ) | — | — | 616 | ||||||||||||||||||||||||||||
BNP Paribas SA |
109,193 | (34,312 | ) | — | — | 74,881 | ||||||||||||||||||||||||||||
Citibank N.A. |
32,283 | (256 | ) | — | — | 32,027 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (continued) July 31, 2023 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Derivative Financial Instruments - Offsetting as of Period End (continued)
|
||||||||||||||||||||||||||||||||
Counterparty |
|
Derivative Liabilities Subject to an MNA by |
|
|
Derivatives Available |
|
|
Non-Cash Collateral |
|
|
Cash Collateral |
|
|
Net Amount of Derivative |
| |||||||||||||||||
Counterparty | for Offset | (a) | Pledged | Pledged | Liabilities | (c)(d) | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Deutsche Bank Securities Inc. |
$ | 884 | $ | (884 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||||
JPMorgan Chase Bank N.A. |
130,982 | (16,689 | ) | — | — | 114,293 | ||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC |
26,847 | (26,847 | ) | — | — | — | ||||||||||||||||||||||||||
State Street Bank and Trust Co. |
485,826 | (75,955 | ) | — | — | 409,871 | ||||||||||||||||||||||||||
UBS AG |
15,207 | (3,342 | ) | — | — | 11,865 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
$ | 1,369,735 | $ | (277,908 | ) | $ | — | $ | — | $ | 1,091,827 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
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 |
||||||||||||||||
Investment Companies |
$ | 97,000,997 | $ | — | $ | — | $ | 97,000,997 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
40,000 | — | — | 40,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 97,040,997 | $ | — | $ | — | $ | 97,040,997 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Foreign Currency Exchange Contracts |
$ | — | $ | 286,031 | $ | — | $ | 286,031 | ||||||||
Liabilities |
||||||||||||||||
Foreign Currency Exchange Contracts |
— | (1,369,735 | ) | — | (1,369,735 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ (1,083,704 | ) | $ | — | (1,083,704 | ) | |||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
38 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 4.7% |
| |||||||
Ampol Ltd. |
45,957 | $ | 1,017,793 | |||||
APA Group |
225,393 | 1,516,246 | ||||||
Aristocrat Leisure Ltd. |
107,126 | 2,837,256 | ||||||
ASX Ltd. |
34,483 | 1,440,653 | ||||||
Aurizon Holdings Ltd. |
320,612 | 821,669 | ||||||
Australia & New Zealand Banking Group Ltd. |
544,811 | 9,452,016 | ||||||
BHP Group Ltd. |
928,807 | 28,906,207 | ||||||
BlueScope Steel Ltd. |
88,176 | 1,300,336 | ||||||
Brambles Ltd. |
257,824 | 2,439,213 | ||||||
Cochlear Ltd. |
12,538 | 2,017,017 | ||||||
Coles Group Ltd. |
246,404 | 3,013,175 | ||||||
Commonwealth Bank of Australia |
310,187 | 22,069,420 | ||||||
Computershare Ltd. |
100,950 | 1,702,547 | ||||||
CSL Ltd. |
88,142 | 15,875,797 | ||||||
Dexus |
199,025 | 1,101,562 | ||||||
Endeavour Group Ltd./Australia |
269,247 | 1,100,503 | ||||||
Fortescue Metals Group Ltd. |
314,378 | 4,621,584 | ||||||
Goodman Group |
314,653 | 4,350,755 | ||||||
GPT Group (The) |
339,015 | 990,893 | ||||||
IDP Education Ltd. |
45,943 | 769,931 | ||||||
IGO Ltd. |
123,574 | 1,154,708 | ||||||
Insurance Australia Group Ltd. |
455,163 | 1,817,016 | ||||||
James Hardie Industries PLC(a) |
82,385 | 2,414,448 | ||||||
Lendlease Corp. Ltd. |
124,369 | 723,028 | ||||||
Lottery Corp. Ltd. (The) |
390,004 | 1,357,173 | ||||||
Macquarie Group Ltd. |
66,514 | 7,843,990 | ||||||
Medibank Pvt Ltd. |
525,244 | 1,240,052 | ||||||
Mineral Resources Ltd. |
32,157 | 1,553,722 | ||||||
Mirvac Group |
758,193 | 1,195,139 | ||||||
National Australia Bank Ltd. |
575,651 | 11,027,199 | ||||||
Newcrest Mining Ltd. |
164,690 | 2,954,036 | ||||||
Northern Star Resources Ltd. |
212,079 | 1,655,532 | ||||||
Orica Ltd. |
85,627 | 908,570 | ||||||
Origin Energy Ltd. |
319,941 | 1,821,434 | ||||||
Pilbara Minerals Ltd. |
492,055 | 1,609,780 | ||||||
Qantas Airways Ltd.(a) |
177,153 | 778,370 | ||||||
QBE Insurance Group Ltd. |
268,731 | 2,853,090 | ||||||
Ramsay Health Care Ltd. |
33,865 | 1,342,011 | ||||||
REA Group Ltd. |
9,471 | 1,004,053 | ||||||
Reece Ltd. |
48,491 | 640,317 | ||||||
Rio Tinto Ltd. |
69,747 | 5,522,902 | ||||||
Santos Ltd. |
596,411 | 3,209,280 | ||||||
Scentre Group |
973,654 | 1,842,437 | ||||||
SEEK Ltd. |
62,408 | 1,046,590 | ||||||
Sonic Healthcare Ltd. |
84,330 | 1,992,532 | ||||||
South32 Ltd. |
870,553 | 2,292,336 | ||||||
Stockland |
446,971 | 1,270,305 | ||||||
Suncorp Group Ltd. |
232,181 | 2,224,764 | ||||||
Telstra Corp. Ltd. |
736,775 | 2,108,805 | ||||||
Transurban Group |
571,153 | 5,514,507 | ||||||
Treasury Wine Estates Ltd. |
138,758 | 1,050,214 | ||||||
Vicinity Ltd. |
658,911 | 876,091 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
45,920 | 1,018,856 | ||||||
Wesfarmers Ltd. |
210,031 | 7,017,584 | ||||||
Westpac Banking Corp. |
636,692 | 9,570,032 | ||||||
WiseTech Global Ltd. |
29,941 | 1,729,064 | ||||||
Woodside Energy Group Ltd. |
346,658 | 8,935,171 | ||||||
Woolworths Group Ltd. |
218,651 | 5,678,112 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Xero Ltd.(a) |
25,831 | $ | 2,123,344 | |||||
|
|
|||||||
218,261,167 | ||||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG |
61,675 | 2,331,060 | ||||||
OMV AG |
27,311 | 1,230,472 | ||||||
Verbund AG |
13,368 | 1,107,632 | ||||||
voestalpine AG(b) |
21,116 | 697,786 | ||||||
|
|
|||||||
5,366,950 | ||||||||
Belgium — 0.6% | ||||||||
Ageas SA/NV |
30,576 | 1,294,381 | ||||||
Anheuser-Busch InBev SA/NV |
156,419 | 8,948,050 | ||||||
Argenx SE(a) |
10,449 | 5,262,528 | ||||||
D’ieteren Group |
4,866 | 849,828 | ||||||
Elia Group SA/NV |
6,032 | 742,690 | ||||||
Groupe Bruxelles Lambert NV |
16,164 | 1,307,867 | ||||||
KBC Group NV |
45,610 | 3,432,827 | ||||||
Sofina SA |
3,130 | 744,228 | ||||||
Solvay SA |
13,826 | 1,660,478 | ||||||
UCB SA |
23,145 | 2,049,427 | ||||||
Umicore SA |
37,837 | 1,120,548 | ||||||
Warehouses De Pauw CVA |
31,950 | 944,035 | ||||||
|
|
|||||||
28,356,887 | ||||||||
Brazil — 1.1% | ||||||||
Ambev SA |
846,751 | 2,660,898 | ||||||
Atacadao SA |
95,727 | 277,742 | ||||||
B3 SA - Brasil, Bolsa, Balcao |
1,090,314 | 3,435,512 | ||||||
Banco Bradesco SA |
259,819 | 815,926 | ||||||
Banco BTG Pactual SA |
198,890 | 1,430,452 | ||||||
Banco do Brasil SA |
152,343 | 1,552,505 | ||||||
Banco Santander Brasil SA |
57,106 | 344,900 | ||||||
BB Seguridade Participacoes SA |
128,759 | 847,366 | ||||||
CCR SA |
184,933 | 519,748 | ||||||
Centrais Eletricas Brasileiras SA |
206,034 | 1,684,000 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
74,602 | 916,601 | ||||||
Cia. Siderurgica Nacional SA |
124,406 | 364,109 | ||||||
Cosan SA |
235,209 | 991,820 | ||||||
CPFL Energia SA |
38,454 | 290,962 | ||||||
Energisa SA |
38,929 | 413,185 | ||||||
Eneva SA(a) |
123,604 | 349,476 | ||||||
Engie Brasil Energia SA |
43,575 | 405,825 | ||||||
Equatorial Energia SA |
174,030 | 1,234,357 | ||||||
Hapvida Participacoes e Investimentos SA(a)(c) |
1,040,400 | 1,056,076 | ||||||
Hypera SA |
88,623 | 810,749 | ||||||
JBS SA |
150,037 | 595,865 | ||||||
Klabin SA |
138,710 | 674,667 | ||||||
Localiza Rent a Car SA |
164,714 | 2,341,438 | ||||||
Lojas Renner SA |
182,488 | 723,584 | ||||||
Magazine Luiza SA(a) |
571,716 | 405,022 | ||||||
Natura & Co. Holding SA(a) |
174,594 | 674,561 | ||||||
Petroleo Brasileiro SA |
691,387 | 5,089,544 | ||||||
PRIO SA(a) |
141,303 | 1,363,202 | ||||||
Raia Drogasil SA |
232,302 | 1,423,164 | ||||||
Rede D’Or Sao Luiz SA(c) |
111,306 | 847,373 | ||||||
Rumo SA |
240,965 | 1,184,251 | ||||||
Sendas Distribuidora SA |
238,091 | 678,210 | ||||||
Suzano SA |
138,797 | 1,410,938 | ||||||
Telefonica Brasil SA |
77,838 | 693,155 | ||||||
Tim SA |
185,884 | 563,696 |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
TOTVS SA |
97,883 | $ | 612,086 | |||||
Ultrapar Participacoes SA |
139,052 | 555,473 | ||||||
Vale SA |
617,115 | 9,025,572 | ||||||
Vibra Energia SA |
214,759 | 777,969 | ||||||
WEG SA |
309,386 | 2,611,830 | ||||||
|
|
|||||||
52,653,809 | ||||||||
Canada — 7.5% | ||||||||
Agnico Eagle Mines Ltd. |
91,373 | 4,790,214 | ||||||
Air Canada(a) |
39,538 | 728,604 | ||||||
Algonquin Power & Utilities Corp. |
124,003 | 1,023,132 | ||||||
Alimentation Couche-Tard Inc. |
146,488 | 7,416,326 | ||||||
AltaGas Ltd. |
52,950 | 1,045,227 | ||||||
ARC Resources Ltd. |
121,188 | 1,830,710 | ||||||
Bank of Montreal |
128,188 | 11,912,302 | ||||||
Bank of Nova Scotia (The) |
216,314 | 10,892,390 | ||||||
Barrick Gold Corp. |
317,621 | 5,486,980 | ||||||
BCE Inc. |
13,448 | 580,896 | ||||||
Brookfield Asset Management Ltd. |
62,487 | 2,107,778 | ||||||
Brookfield Corp., Class A |
256,632 | 8,958,231 | ||||||
Brookfield Renewable Corp., Class A |
25,120 | 782,946 | ||||||
BRP Inc. |
6,815 | 626,950 | ||||||
CAE Inc.(a) |
57,531 | 1,314,533 | ||||||
Cameco Corp. |
79,456 | 2,793,448 | ||||||
Canadian Apartment Properties REIT |
22,625 | 882,077 | ||||||
Canadian Imperial Bank of Commerce |
164,503 | 7,245,542 | ||||||
Canadian National Railway Co. |
103,536 | 12,550,104 | ||||||
Canadian Natural Resources Ltd. |
203,704 | 12,387,687 | ||||||
Canadian Pacific Kansas City Ltd. |
168,892 | 13,896,623 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS |
10,252 | 1,408,061 | ||||||
Canadian Utilities Ltd., Class A, NVS |
28,287 | 704,467 | ||||||
CCL Industries Inc., Class B, NVS |
29,396 | 1,409,332 | ||||||
Cenovus Energy Inc. |
265,664 | 5,052,784 | ||||||
CGI Inc.(a) |
40,077 | 4,072,588 | ||||||
Constellation Software Inc./Canada |
3,748 | 7,918,536 | ||||||
Descartes Systems Group Inc. (The)(a) |
14,892 | 1,161,523 | ||||||
Dollarama Inc. |
52,143 | 3,434,680 | ||||||
Element Fleet Management Corp. |
71,636 | 1,155,498 | ||||||
Emera Inc. |
48,257 | 1,957,507 | ||||||
Empire Co. Ltd., Class A, NVS |
30,544 | 829,470 | ||||||
Enbridge Inc. |
374,522 | 13,769,254 | ||||||
Fairfax Financial Holdings Ltd. |
4,326 | 3,451,352 | ||||||
First Quantum Minerals Ltd. |
108,182 | 3,208,583 | ||||||
FirstService Corp. |
7,079 | 1,108,676 | ||||||
Fortis Inc. |
86,592 | 3,691,151 | ||||||
Franco-Nevada Corp. |
34,753 | 5,071,226 | ||||||
George Weston Ltd. |
12,047 | 1,387,280 | ||||||
GFL Environmental Inc. |
40,095 | 1,369,186 | ||||||
Gildan Activewear Inc. |
35,201 | 1,094,751 | ||||||
Great-West Lifeco Inc. |
49,511 | 1,493,234 | ||||||
Hydro One Ltd.(c) |
59,532 | 1,679,438 | ||||||
iA Financial Corp. Inc. |
18,767 | 1,300,234 | ||||||
IGM Financial Inc. |
12,983 | 404,559 | ||||||
Imperial Oil Ltd. |
39,533 | 2,129,772 | ||||||
Intact Financial Corp. |
32,462 | 4,795,755 | ||||||
Ivanhoe Mines Ltd., Class A(a) |
110,517 | 1,171,674 | ||||||
Keyera Corp. |
37,400 | 936,241 | ||||||
Kinross Gold Corp. |
237,736 | 1,184,488 | ||||||
Loblaw Companies Ltd. |
29,725 | 2,637,413 | ||||||
Lundin Mining Corp. |
128,442 | 1,148,395 | ||||||
Magna International Inc. |
49,149 | 3,161,056 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Manulife Financial Corp. |
340,653 | $ | 6,809,702 | |||||
Metro Inc. |
43,777 | 2,356,087 | ||||||
National Bank of Canada |
63,051 | 4,938,314 | ||||||
Northland Power Inc. |
43,296 | 837,585 | ||||||
Nutrien Ltd. |
91,454 | 6,302,222 | ||||||
Nuvei Corp.(a)(c) |
12,357 | 421,411 | ||||||
Onex Corp. |
13,947 | 856,609 | ||||||
Open Text Corp. |
50,545 | 2,171,060 | ||||||
Pan American Silver Corp. |
67,199 | 1,137,437 | ||||||
Parkland Corp. |
28,866 | 788,279 | ||||||
Pembina Pipeline Corp. |
106,316 | 3,366,089 | ||||||
Power Corp. of Canada |
102,226 | 2,896,268 | ||||||
Quebecor Inc., Class B |
26,158 | 640,337 | ||||||
RB Global Inc. |
33,825 | 2,184,459 | ||||||
Restaurant Brands International Inc. |
53,042 | 4,060,660 | ||||||
RioCan REIT |
32,189 | 489,432 | ||||||
Rogers Communications Inc., Class B, NVS |
65,783 | 2,880,454 | ||||||
Royal Bank of Canada |
251,159 | 24,899,720 | ||||||
Saputo Inc. |
46,962 | 991,485 | ||||||
Shopify Inc., Class A(a) |
219,589 | 14,834,102 | ||||||
Sun Life Financial Inc. |
106,683 | 5,614,682 | ||||||
Suncor Energy Inc. |
244,809 | 7,659,970 | ||||||
TC Energy Corp. |
188,518 | 6,756,426 | ||||||
Teck Resources Ltd., Class B |
84,386 | 3,748,782 | ||||||
TELUS Corp. |
86,691 | 1,543,628 | ||||||
TFI International Inc. |
14,860 | 1,907,295 | ||||||
Thomson Reuters Corp. |
31,810 | 4,293,922 | ||||||
TMX Group Ltd. |
52,285 | 1,161,757 | ||||||
Toromont Industries Ltd. |
14,490 | 1,234,559 | ||||||
Toronto-Dominion Bank (The) |
332,210 | 21,907,998 | ||||||
Tourmaline Oil Corp. |
59,322 | 3,074,406 | ||||||
West Fraser Timber Co. Ltd. |
11,796 | 993,846 | ||||||
Wheaton Precious Metals Corp. |
83,579 | 3,747,792 | ||||||
WSP Global Inc. |
22,853 | 3,148,104 | ||||||
|
|
|||||||
345,205,743 | ||||||||
Chile — 0.1% | ||||||||
Banco de Chile |
7,291,725 | 811,790 | ||||||
Banco de Credito e Inversiones SA |
15,454 | 464,203 | ||||||
Banco Santander Chile |
12,227,873 | 652,828 | ||||||
Cencosud SA |
271,016 | 582,448 | ||||||
Cia. Cervecerias Unidas SA |
23,202 | 192,376 | ||||||
Cia. Sud Americana de Vapores SA |
2,484,559 | 188,057 | ||||||
Empresas CMPC SA |
213,321 | 421,076 | ||||||
Empresas COPEC SA |
77,452 | 594,084 | ||||||
Enel Americas SA(a) |
3,927,925 | 530,937 | ||||||
Enel Chile SA |
6,863,352 | 473,594 | ||||||
Falabella SA |
154,916 | 428,401 | ||||||
|
|
|||||||
5,339,794 | ||||||||
China — 8.7% | ||||||||
3SBio Inc.(c) |
370,500 | 356,920 | ||||||
AAC Technologies Holdings Inc.(b) |
125,000 | 286,382 | ||||||
Agricultural Bank of China Ltd., Class A |
1,839,700 | 932,146 | ||||||
Agricultural Bank of China Ltd., Class H |
4,659,000 | 1,694,688 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A |
184,442 | 520,410 | ||||||
Air China Ltd., Class H(a) |
450,000 | 369,022 | ||||||
Akeso Inc.(a)(b)(c) |
99,000 | 524,336 | ||||||
Alibaba Group Holding Ltd.(a) |
3,040,964 | 38,861,626 | ||||||
Alibaba Health Information Technology Ltd.(a) |
986,000 | 707,965 | ||||||
Aluminum Corp. of China Ltd., Class H |
912,000 | 453,518 |
40 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Anhui Conch Cement Co. Ltd., Class A |
149,498 | $ | 568,890 | |||||
Anhui Conch Cement Co. Ltd., Class H |
168,000 | 507,174 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
43,400 | 811,320 | ||||||
ANTA Sports Products Ltd. |
226,800 | 2,687,787 | ||||||
Autohome Inc., ADR |
14,382 | 459,793 | ||||||
AviChina Industry & Technology Co. Ltd., Class H |
565,000 | 283,055 | ||||||
Baidu Inc.(a) |
417,188 | 8,156,354 | ||||||
Bank of Beijing Co. Ltd., Class A |
1,011,898 | 661,361 | ||||||
Bank of China Ltd., Class A |
1,252,200 | 685,406 | ||||||
Bank of China Ltd., Class H |
14,501,000 | 5,378,389 | ||||||
Bank of Communications Co. Ltd., Class A |
1,095,400 | 892,719 | ||||||
Bank of Communications Co. Ltd., Class H |
1,181,800 | 713,961 | ||||||
Bank of Ningbo Co. Ltd., Class A |
141,077 | 575,785 | ||||||
Bank of Shanghai Co. Ltd., Class A |
527,399 | 455,430 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
444,296 | 399,503 | ||||||
BeiGene Ltd.(a) |
125,976 | 2,086,480 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) |
386,000 | 252,429 | ||||||
Beijing Enterprises Holdings Ltd. |
90,000 | 357,952 | ||||||
Beijing Enterprises Water Group Ltd. |
810,000 | 197,644 | ||||||
Beijing Kingsoft Office Software Inc., Class A |
7,000 | 398,325 | ||||||
Bilibili Inc.(a) |
36,094 | 686,502 | ||||||
BOC Aviation Ltd.(c) |
32,300 | 270,744 | ||||||
BOE Technology Group Co. Ltd., Class A |
806,900 | 478,060 | ||||||
Bosideng International Holdings Ltd. |
632,000 | 289,736 | ||||||
BYD Co. Ltd., Class A |
27,700 | 1,057,318 | ||||||
BYD Co. Ltd., Class H |
177,500 | 6,322,198 | ||||||
BYD Electronic International Co. Ltd. |
161,000 | 621,551 | ||||||
C&D International Investment Group Ltd. |
115,000 | 314,162 | ||||||
CGN Power Co. Ltd., Class H(c) |
2,679,000 | 657,535 | ||||||
Changchun High & New Technology Industry Group Inc., Class A |
14,300 | 301,019 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
1,574,000 | 166,117 | ||||||
China CITIC Bank Corp. Ltd., Class H |
1,623,000 | 784,874 | ||||||
China Coal Energy Co. Ltd., Class H |
390,000 | 282,651 | ||||||
China Communications Services Corp. Ltd., Class H |
534,000 | 254,033 | ||||||
China Conch Venture Holdings Ltd. |
314,500 | 393,867 | ||||||
China Construction Bank Corp., Class H |
17,734,050 | 10,336,441 | ||||||
China CSSC Holdings Ltd., Class A |
90,200 | 421,738 | ||||||
China Everbright Bank Co. Ltd., Class A |
960,800 | 419,761 | ||||||
China Everbright Bank Co. Ltd., Class H |
566,000 | 168,617 | ||||||
China Everbright Environment Group Ltd. |
884,037 | 352,766 | ||||||
China Evergrande Group(a)(b)(d) |
288,000 | 27,071 | ||||||
China Feihe Ltd.(c) |
715,000 | 438,165 | ||||||
China Galaxy Securities Co. Ltd., Class H |
801,500 | 468,930 | ||||||
China Gas Holdings Ltd. |
579,600 | 649,265 | ||||||
China Hongqiao Group Ltd. |
468,000 | 451,563 | ||||||
China
International Capital Corp. Ltd., |
334,000 | 739,187 | ||||||
China Jinmao Holdings Group Ltd. |
982,000 | 161,379 | ||||||
China Lesso Group Holdings Ltd. |
228,000 | 155,782 | ||||||
China Life Insurance Co. Ltd., Class A |
89,100 | 458,217 | ||||||
China Life Insurance Co. Ltd., Class H |
1,291,000 | 2,266,493 | ||||||
China Literature Ltd.(a)(c) |
71,800 | 327,110 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
637,000 | 616,716 | ||||||
China Medical System Holdings Ltd. |
286,000 | 481,611 | ||||||
China Meidong Auto Holdings Ltd. |
116,000 | 127,255 | ||||||
China Mengniu Dairy Co. Ltd. |
563,000 | 2,138,380 | ||||||
China Merchants Bank Co. Ltd., Class A |
297,900 | 1,486,648 | ||||||
China Merchants Bank Co. Ltd., Class H |
688,593 | 3,424,187 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Merchants Port Holdings Co. Ltd. |
240,000 | $ | 330,180 | |||||
China Merchants Securities Co. Ltd., Class A |
275,860 | 578,370 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
196,177 | 391,779 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
980,195 | 551,355 | ||||||
China Minsheng Banking Corp. Ltd., Class H |
697,740 | 265,954 | ||||||
China
National Building Material Co. Ltd., |
712,000 | 450,022 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
96,000 | 332,155 | ||||||
China Oilfield Services Ltd., Class H |
356,000 | 420,272 | ||||||
China Overseas Land & Investment Ltd. |
691,500 | 1,640,355 | ||||||
China Overseas Property Holdings Ltd. |
240,000 | 281,968 | ||||||
China Pacific Insurance Group Co. Ltd., Class A |
184,797 | 775,586 | ||||||
China Pacific Insurance Group Co. Ltd., Class H |
412,800 | 1,112,876 | ||||||
China Petroleum & Chemical Corp., Class A |
592,998 | 515,201 | ||||||
China Petroleum & Chemical Corp., Class H |
4,455,000 | 2,494,961 | ||||||
China Power International Development Ltd. |
1,007,000 | 378,434 | ||||||
China Railway Group Ltd., Class A |
443,696 | 499,748 | ||||||
China Railway Group Ltd., Class H |
562,000 | 369,493 | ||||||
China Resources Beer Holdings Co. Ltd. |
292,000 | 1,881,318 | ||||||
China Resources Cement Holdings Ltd. |
380,000 | 165,567 | ||||||
China Resources Gas Group Ltd. |
174,300 | 603,816 | ||||||
China Resources Land Ltd. |
584,000 | 2,725,076 | ||||||
China Resources Mixc Lifestyle Services Ltd.(c) |
123,800 | 599,157 | ||||||
China Resources Pharmaceutical Group Ltd.(c) |
341,500 | 265,796 | ||||||
China Resources Power Holdings Co. Ltd. |
356,000 | 772,321 | ||||||
China Ruyi Holdings Ltd.(a)(b) |
1,360,000 | 414,048 | ||||||
China Shenhua Energy Co. Ltd., Class A |
142,100 | 565,204 | ||||||
China Shenhua Energy Co. Ltd., Class H |
568,000 | 1,702,518 | ||||||
China Southern Airlines Co. Ltd., Class H(a)(b) |
472,000 | 295,839 | ||||||
China State Construction Engineering Corp. Ltd., Class A |
957,998 | 820,511 | ||||||
China State Construction International Holdings Ltd. |
356,000 | 436,480 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
309,400 | 345,119 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
698,400 | 527,109 | ||||||
China Tourism Group Duty Free Corp. Ltd.(c) |
8,900 | 142,971 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
29,898 | 528,427 | ||||||
China Tower Corp. Ltd., Class H(c) |
8,620,000 | 974,392 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. |
534,000 | 246,875 | ||||||
China Vanke Co. Ltd., Class A |
216,300 | 462,285 | ||||||
China Vanke Co. Ltd., Class H |
269,400 | 381,834 | ||||||
China Yangtze Power Co. Ltd., Class A |
326,049 | 980,006 | ||||||
Chinasoft International Ltd. |
518,000 | 324,471 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
51,900 | 339,393 | ||||||
CITIC Ltd. |
1,059,000 | 1,195,425 | ||||||
CITIC Securities Co. Ltd., Class A |
317,100 | 1,071,638 | ||||||
CITIC Securities Co. Ltd., Class H |
313,325 | 674,881 | ||||||
CMOC Group Ltd., Class H(b) |
951,000 | 636,399 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A |
53,460 | 1,782,195 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A |
289,430 | 410,387 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
534,749 | 565,985 | ||||||
COSCO SHIPPING Ports Ltd. |
314,000 | 198,390 | ||||||
Country Garden Holdings Co. Ltd.(a)(b) |
2,240,828 | 460,358 | ||||||
Country Garden Services Holdings Co. Ltd. |
386,000 | 441,950 | ||||||
CRRC Corp. Ltd., Class A |
661,400 | 621,512 | ||||||
CRRC Corp. Ltd., Class H |
794,000 | 438,215 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CSC Financial Co. Ltd., Class A |
129,300 | $ | 482,114 | |||||
CSPC Pharmaceutical Group Ltd. |
1,804,960 | 1,507,638 | ||||||
Dali Foods Group Co. Ltd.(c) |
296,500 | 138,425 | ||||||
Daqo New Energy Corp., ADR(a)(b) |
12,133 | 474,036 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
448,000 | 209,677 | ||||||
Dongyue Group Ltd. |
271,000 | 267,359 | ||||||
East Money Information Co. Ltd., Class A |
281,342 | 634,786 | ||||||
ENN Energy Holdings Ltd. |
147,500 | 1,792,832 | ||||||
Eve Energy Co. Ltd., Class A |
36,900 | 306,399 | ||||||
Far East Horizon Ltd. |
274,000 | 206,091 | ||||||
Flat Glass Group Co. Ltd., Class H |
130,000 | 389,125 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
512,350 | 534,798 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
79,296 | 514,947 | ||||||
Fosun International Ltd. |
477,500 | 348,064 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
190,500 | 596,550 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(c) |
146,400 | 652,390 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(c) |
65,760 | 423,653 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
36,400 | 305,299 | ||||||
GCL-Poly Energy Holdings Ltd. |
4,039,000 | 879,952 | ||||||
GDS Holdings Ltd., Class A(a) |
219,444 | 361,317 | ||||||
Geely Automobile Holdings Ltd. |
1,110,000 | 1,619,749 | ||||||
Genscript Biotech Corp.(a) |
220,000 | 566,625 | ||||||
GF Securities Co. Ltd., Class H |
304,400 | 487,049 | ||||||
GoerTek Inc., Class A |
113,000 | 283,303 | ||||||
Great Wall Motor Co. Ltd., Class H(b) |
501,500 | 686,205 | ||||||
Greentown China Holdings Ltd. |
149,000 | 171,286 | ||||||
Greentown Service Group Co. Ltd.(b) |
260,000 | 136,515 | ||||||
Guangdong Investment Ltd. |
612,000 | 529,819 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H |
686,028 | 431,829 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
283,200 | 618,272 | ||||||
H World Group Ltd., ADR(a) |
36,803 | 1,768,016 | ||||||
Haidilao International Holding Ltd.(c) |
295,000 | 833,217 | ||||||
Haier Smart Home Co. Ltd., Class A |
184,900 | 640,330 | ||||||
Haier Smart Home Co. Ltd., Class H |
348,800 | 1,147,025 | ||||||
Haitian International Holdings Ltd. |
123,000 | 308,077 | ||||||
Haitong Securities Co. Ltd., Class A |
600,992 | 871,713 | ||||||
Haitong Securities Co. Ltd., Class H |
243,200 | 170,150 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A |
30,900 | 297,780 | ||||||
Hangzhou
Tigermed Consulting Co. Ltd., |
5,300 | 34,456 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(c) |
234,000 | 379,978 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
111,000 | 392,388 | ||||||
Hengan International Group Co. Ltd. |
111,500 | 458,633 | ||||||
Hengli Petrochemical Co. Ltd., Class A(a) |
177,900 | 387,810 | ||||||
Hua Hong Semiconductor Ltd.(a)(c) |
110,000 | 374,557 | ||||||
Huaneng Power International Inc., Class H(a) |
968,000 | 537,730 | ||||||
Huatai Securities Co. Ltd., Class A |
324,500 | 771,458 | ||||||
Huatai Securities Co. Ltd., Class H(c) |
99,000 | 141,261 | ||||||
Huaxia Bank Co. Ltd., Class A |
797,100 | 647,201 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(b)(c) |
76,400 | 496,679 | ||||||
Iflytek Co. Ltd., Class A |
44,700 | 393,488 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
1,206,010 | 805,308 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
9,997,285 | 4,881,949 | ||||||
Industrial Bank Co. Ltd., Class A |
347,542 | 811,262 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
124,799 | 501,243 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B(a) |
257,400 | $ | 378,832 | |||||
Innovent Biologics Inc.(a)(c) |
211,500 | 945,709 | ||||||
iQIYI Inc., ADR(a)(b) |
76,219 | 483,228 | ||||||
JA Solar Technology Co. Ltd., Class A |
59,924 | 279,099 | ||||||
JD Health International Inc.(a)(c) |
207,500 | 1,516,886 | ||||||
JD Logistics Inc.(a)(c) |
367,600 | 625,623 | ||||||
JD.com Inc., Class A |
431,808 | 8,939,970 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
218,000 | 199,912 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
38,600 | 387,689 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
110,756 | 691,918 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
26,300 | 540,060 | ||||||
Jiangxi Copper Co. Ltd., Class H |
226,000 | 379,670 | ||||||
Jiumaojiu International Holdings Ltd.(b)(c) |
195,000 | 384,841 | ||||||
JOYY Inc., ADR |
9,531 | 331,298 | ||||||
Kanzhun Ltd., ADR(a) |
32,826 | 613,190 | ||||||
KE Holdings Inc., ADR(a) |
122,267 | 2,129,891 | ||||||
Kingboard Holdings Ltd. |
126,000 | 350,614 | ||||||
Kingboard Laminates Holdings Ltd. |
218,000 | 223,673 | ||||||
Kingdee International Software Group Co. Ltd.(a) |
532,000 | 933,161 | ||||||
Kingsoft Corp. Ltd. |
179,000 | 770,445 | ||||||
Koolearn Technology Holding Ltd.(a)(b)(c) |
72,500 | 354,527 | ||||||
Kuaishou Technology(a)(c) |
427,300 | 3,750,260 | ||||||
Kunlun Energy Co. Ltd. |
702,000 | 574,442 | ||||||
Kweichow Moutai Co. Ltd., Class A |
14,900 | 3,932,471 | ||||||
Legend Biotech Corp., ADR(a)(b) |
10,923 | 824,905 | ||||||
Lenovo Group Ltd. |
1,332,000 | 1,533,383 | ||||||
Lens Technology Co. Ltd., Class A |
158,925 | 275,167 | ||||||
Li Auto Inc.(a) |
212,906 | 4,570,457 | ||||||
Li Ning Co. Ltd. |
440,000 | 2,682,428 | ||||||
Longfor Group Holdings Ltd.(c) |
332,500 | 899,555 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
131,496 | 550,962 | ||||||
Lufax Holding Ltd., ADR |
145,918 | 259,734 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
116,788 | 529,084 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
25,100 | 848,433 | ||||||
Mango Excellent Media Co. Ltd., Class A |
63,900 | 307,602 | ||||||
Meituan, Class B(a)(c) |
928,160 | 17,718,682 | ||||||
Microport Scientific Corp.(a)(b) |
177,700 | 358,623 | ||||||
MINISO Group Holding Ltd. |
18,093 | 380,134 | ||||||
Minth Group Ltd. |
152,000 | 486,558 | ||||||
Muyuan Foods Co. Ltd., Class A |
95,258 | 592,456 | ||||||
NARI Technology Co. Ltd., Class A |
201,844 | 687,370 | ||||||
NAURA Technology Group Co. Ltd., Class A |
10,200 | 405,704 | ||||||
NetEase Inc. |
362,885 | 7,903,752 | ||||||
New China Life Insurance Co. Ltd., Class A |
68,100 | 434,063 | ||||||
New China Life Insurance Co. Ltd., Class H |
120,100 | 348,294 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) |
200,707 | 351,322 | ||||||
New Oriental Education & Technology Group Inc.(a) |
277,110 | 1,578,563 | ||||||
Nine Dragons Paper Holdings Ltd.(b) |
299,000 | 197,040 | ||||||
Ningbo Deye Technology Co. Ltd., NVS |
14,313 | 251,128 | ||||||
NIO Inc., ADR(a)(b) |
264,667 | 4,049,405 | ||||||
Nongfu Spring Co. Ltd., Class H(c) |
322,800 | 1,882,064 | ||||||
Orient Overseas International Ltd.(b) |
24,000 | 401,045 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
1,669,000 | 642,546 | ||||||
PetroChina Co. Ltd., Class A |
207,100 | 229,993 | ||||||
PetroChina Co. Ltd., Class H |
4,046,000 | 2,966,675 | ||||||
Pharmaron Beijing Co. Ltd., Class H(c) |
83,250 | 218,012 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
1,266,285 | 1,485,255 | ||||||
Pinduoduo Inc., ADR(a)(b) |
92,906 | 8,344,817 |
42 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Ping An Bank Co. Ltd., Class A |
359,700 | $ | 621,182 | |||||
Ping
An Healthcare and Technology |
102,300 | 271,186 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A |
186,606 | 1,378,664 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
1,104,500 | 8,048,201 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A |
260,900 | 520,547 | ||||||
Pop Mart International Group Ltd.(b)(c) |
87,200 | 247,794 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
624,100 | 453,914 | ||||||
Postal
Savings Bank of China Co. Ltd., |
1,254,000 | 773,088 | ||||||
Qifu Technology Inc. |
21,197 | 423,092 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
199,650 | 355,429 | ||||||
SAIC Motor Corp. Ltd., Class A |
232,000 | 503,592 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. |
296,000 | 468,497 | ||||||
Sany Heavy Industry Co. Ltd., Class A |
168,527 | 419,226 | ||||||
SF Holding Co. Ltd., Class A |
78,700 | 548,586 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
234,600 | 533,822 | ||||||
Shandong Gold Mining Co. Ltd., Class A |
185,700 | 634,598 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
450,000 | 581,154 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
184,034 | 475,179 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
122,500 | 323,278 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(b) |
84,000 | 223,936 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
229,212 | 153,996 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
214,700 | 389,689 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
571,000 | 608,055 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
17,880 | 598,612 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
861,406 | 607,912 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A |
63,800 | 634,637 | ||||||
Shenzhen International Holdings Ltd. |
226,500 | 212,518 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A(a) |
60,280 | 247,313 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
17,600 | 730,335 | ||||||
Shenzhou International Group Holdings Ltd. |
150,700 | 1,599,652 | ||||||
Shimao Group Holdings Ltd. |
133,383 | 25,996 | ||||||
Sino Biopharmaceutical Ltd. |
1,994,000 | 904,354 | ||||||
Sinomine Resource Group Co. Ltd., Class A |
31,120 | 197,241 | ||||||
Sinopharm Group Co. Ltd., Class H |
258,000 | 812,491 | ||||||
Smoore International Holdings Ltd.(b)(c) |
373,000 | 419,947 | ||||||
Sungrow Power Supply Co. Ltd., Class A |
25,800 | 403,150 | ||||||
Sunny Optical Technology Group Co. Ltd. |
131,900 | 1,293,157 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A |
7,200 | 185,598 | ||||||
TAL Education Group, ADR(a)(b) |
81,191 | 664,142 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
93,000 | 378,909 | ||||||
Tencent Holdings Ltd. |
1,142,100 | 52,492,196 | ||||||
Tencent Music Entertainment Group, ADR(a) |
127,633 | 892,155 | ||||||
Tingyi Cayman Islands Holding Corp. |
358,000 | 552,855 | ||||||
Tongcheng Travel Holdings Ltd.(a) |
255,600 | 620,242 | ||||||
Tongwei Co. Ltd., Class A |
86,900 | 423,874 | ||||||
Topsports International Holdings Ltd.(c) |
318,000 | 293,950 | ||||||
TravelSky Technology Ltd., Class H |
142,000 | 272,698 | ||||||
Trina Solar Co. Ltd. |
39,617 | 209,077 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Trip.com Group Ltd.(a) |
100,210 | $ | 4,092,857 | |||||
Tsingtao Brewery Co. Ltd., Class H |
112,000 | 1,007,141 | ||||||
Uni-President China Holdings Ltd. |
226,000 | 195,397 | ||||||
Vinda International Holdings Ltd. |
73,000 | 147,499 | ||||||
Vipshop Holdings Ltd., ADR(a)(b) |
68,981 | 1,298,912 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
56,331 | 772,150 | ||||||
Want Want China Holdings Ltd. |
967,000 | 674,360 | ||||||
Weibo Corp., ADR |
11,514 | 181,346 | ||||||
Weichai Power Co. Ltd., Class H |
434,000 | 642,948 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A |
203,160 | 540,684 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A |
25,785 | 370,881 | ||||||
Wingtech Technology Co. Ltd., Class A |
35,500 | 231,242 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
53,900 | 1,369,012 | ||||||
WuXi AppTec Co. Ltd., Class A |
48,114 | 484,147 | ||||||
WuXi AppTec Co. Ltd., Class H(c) |
58,236 | 553,965 | ||||||
Wuxi Biologics Cayman Inc.(a)(c) |
701,000 | 4,045,328 | ||||||
Xiaomi Corp., Class B(a)(c) |
2,793,000 | 4,443,331 | ||||||
Xinyi Solar Holdings Ltd. |
902,000 | 979,433 | ||||||
XPeng Inc.(a) |
188,732 | 2,013,191 | ||||||
Xtep International Holdings Ltd. |
277,000 | 308,702 | ||||||
Yadea Group Holdings Ltd.(b)(c) |
264,000 | 600,774 | ||||||
Yankuang Energy Group Co. Ltd., Class H |
483,000 | 727,209 | ||||||
Yihai International Holding Ltd. |
98,000 | 225,767 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
110,300 | 291,611 | ||||||
Yuexiu Property Co. Ltd. |
253,200 | 334,143 | ||||||
Yum China Holdings Inc. |
78,134 | 4,767,737 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
59,598 | 449,189 | ||||||
Yunnan
Energy New Material Co. Ltd., |
25,100 | 339,555 | ||||||
Zai Lab Ltd.(a) |
171,690 | 525,027 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
10,400 | 422,603 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H |
278,000 | 401,041 | ||||||
Zhejiang Expressway Co. Ltd., Class H |
168,000 | 134,937 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A |
48,400 | 341,812 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) |
124,700 | 408,663 | ||||||
Zhongsheng Group Holdings Ltd. |
118,000 | 414,588 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. |
119,200 | 475,201 | ||||||
Zijin Mining Group Co. Ltd., Class A |
472,300 | 862,547 | ||||||
Zijin Mining Group Co. Ltd., Class H |
846,000 | 1,461,147 | ||||||
ZTE Corp., Class A |
43,200 | 236,965 | ||||||
ZTE Corp., Class H |
130,800 | 478,705 | ||||||
ZTO Express Cayman Inc., ADR |
79,410 | 2,207,598 | ||||||
|
|
|||||||
401,230,490 | ||||||||
Colombia — 0.0% | ||||||||
Bancolombia SA |
35,968 | 306,201 | ||||||
Interconexion Electrica SA ESP |
75,843 | 332,115 | ||||||
|
|
|||||||
638,316 | ||||||||
Czech Republic — 0.0% | ||||||||
CEZ AS |
28,188 | 1,247,415 | ||||||
Komercni Banka AS |
14,515 | 475,370 | ||||||
Moneta Money Bank AS(c) |
63,542 | 250,048 | ||||||
|
|
|||||||
1,972,833 | ||||||||
Denmark — 1.9% | ||||||||
AP Moller - Maersk A/S, Class A |
669 | 1,345,108 | ||||||
AP Moller - Maersk A/S, Class B, NVS |
845 | 1,735,804 | ||||||
Carlsberg AS, Class B |
18,013 | 2,701,628 | ||||||
Chr Hansen Holding A/S |
20,263 | 1,531,146 | ||||||
Coloplast A/S, Class B |
21,904 | 2,722,807 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Denmark (continued) | ||||||||
Danske Bank A/S |
125,835 | $ | 2,987,960 | |||||
Demant A/S(a) |
19,143 | 761,791 | ||||||
DSV A/S |
34,488 | 6,902,428 | ||||||
Genmab A/S(a) |
12,124 | 4,997,508 | ||||||
Novo Nordisk A/S, Class B |
303,429 | 48,928,591 | ||||||
Novozymes A/S, Class B |
39,058 | 1,958,887 | ||||||
Orsted AS(c) |
35,183 | 3,061,606 | ||||||
Pandora A/S |
17,070 | 1,707,545 | ||||||
Rockwool A/S, Class B |
1,804 | 485,202 | ||||||
Tryg A/S |
65,922 | 1,301,551 | ||||||
Vestas Wind Systems A/S(a) |
187,616 | 5,018,064 | ||||||
|
|
|||||||
88,147,626 | ||||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE |
462,852 | 596,669 | ||||||
Eastern Co. SAE |
195,734 | 93,399 | ||||||
|
|
|||||||
690,068 | ||||||||
Finland — 0.5% | ||||||||
Elisa OYJ |
25,256 | 1,317,490 | ||||||
Fortum OYJ |
81,871 | 1,108,308 | ||||||
Kesko OYJ, Class B |
53,922 | 1,078,909 | ||||||
Kone OYJ, Class B |
61,583 | 3,158,764 | ||||||
Metso OYJ |
121,969 | 1,386,064 | ||||||
Neste OYJ |
79,333 | 2,920,650 | ||||||
Nokia OYJ |
1,011,872 | 3,977,607 | ||||||
Orion OYJ, Class B |
20,608 | 791,988 | ||||||
Sampo OYJ, Class A |
85,553 | 3,770,032 | ||||||
Stora Enso OYJ, Class R |
98,608 | 1,208,861 | ||||||
UPM-Kymmene OYJ |
95,808 | 3,171,980 | ||||||
Wartsila OYJ Abp |
91,373 | 1,147,905 | ||||||
|
|
|||||||
25,038,558 | ||||||||
France — 7.7% | ||||||||
Accor SA |
33,348 | 1,258,288 | ||||||
Aeroports de Paris |
5,706 | 787,953 | ||||||
Air Liquide SA |
96,464 | 17,343,648 | ||||||
Airbus SE |
109,043 | 16,062,035 | ||||||
Alstom SA |
57,852 | 1,771,443 | ||||||
Amundi SA(c) |
11,510 | 706,316 | ||||||
ArcelorMittal SA |
87,307 | 2,525,074 | ||||||
Arkema SA |
11,227 | 1,210,708 | ||||||
AXA SA |
336,943 | 10,357,240 | ||||||
BioMerieux |
8,607 | 923,956 | ||||||
BNP Paribas SA |
203,317 | 13,408,308 | ||||||
Bollore SE |
158,093 | 999,578 | ||||||
Bouygues SA |
37,538 | 1,344,669 | ||||||
Bureau Veritas SA |
55,791 | 1,532,232 | ||||||
Capgemini SE |
30,690 | 5,561,598 | ||||||
Carrefour SA |
106,959 | 2,138,231 | ||||||
Cie. de Saint-Gobain |
90,354 | 6,110,763 | ||||||
Cie. Generale des Etablissements Michelin SCA |
127,689 | 4,181,438 | ||||||
Covivio |
9,628 | 464,855 | ||||||
Credit Agricole SA |
225,678 | 2,801,877 | ||||||
Danone SA |
116,609 | 7,120,931 | ||||||
Dassault Aviation SA |
4,542 | 882,335 | ||||||
Dassault Systemes SE |
122,582 | 5,238,988 | ||||||
Edenred |
45,812 | 2,975,506 | ||||||
Eiffage SA |
12,648 | 1,315,867 | ||||||
Engie SA |
336,408 | 5,518,882 | ||||||
EssilorLuxottica SA |
53,400 | 10,742,755 | ||||||
Eurazeo SE |
7,578 | 462,711 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Eurofins Scientific SE |
24,976 | $ | 1,717,764 | |||||
Euronext NV(c) |
15,645 | 1,190,798 | ||||||
Gecina SA |
8,341 | 901,766 | ||||||
Getlink SE |
66,296 | 1,165,309 | ||||||
Hermes International |
5,822 | 12,885,627 | ||||||
Ipsen SA |
7,390 | 931,338 | ||||||
Kering SA |
13,764 | 7,902,811 | ||||||
Klepierre SA |
41,764 | 1,108,570 | ||||||
La Francaise des Jeux SAEM(c) |
17,723 | 676,617 | ||||||
Legrand SA |
48,930 | 4,905,463 | ||||||
L’Oreal SA |
43,980 | 20,455,512 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
50,157 | 46,584,193 | ||||||
Orange SA |
336,531 | 3,804,091 | ||||||
Pernod Ricard SA |
37,910 | 8,358,077 | ||||||
Publicis Groupe SA |
42,952 | 3,463,021 | ||||||
Remy Cointreau SA |
4,306 | 739,161 | ||||||
Renault SA |
35,096 | 1,541,474 | ||||||
Safran SA |
62,688 | 10,407,030 | ||||||
Sanofi |
207,373 | 22,123,489 | ||||||
Sartorius Stedim Biotech |
5,271 | 1,649,145 | ||||||
Schneider Electric SE |
99,419 | 17,733,569 | ||||||
SEB SA |
4,730 | 529,504 | ||||||
Societe Generale SA |
134,889 | 3,668,540 | ||||||
Sodexo SA |
16,202 | 1,661,959 | ||||||
Teleperformance |
11,302 | 1,639,229 | ||||||
Thales SA |
19,780 | 2,958,886 | ||||||
TotalEnergies SE |
432,199 | 26,258,902 | ||||||
Unibail-Rodamco-Westfield, New(a) |
21,708 | 1,230,037 | ||||||
Valeo |
37,431 | 846,097 | ||||||
Veolia Environnement SA |
123,576 | 4,023,504 | ||||||
Vinci SA |
96,373 | 11,318,757 | ||||||
Vivendi SE |
122,768 | 1,096,115 | ||||||
Wendel SE |
5,690 | 561,685 | ||||||
Worldline SA/France(a)(c) |
44,237 | 1,753,528 | ||||||
|
|
|||||||
353,539,753 | ||||||||
Germany — 5.1% | ||||||||
adidas AG |
29,447 | 5,944,909 | ||||||
Allianz SE, Registered |
73,569 | 17,582,943 | ||||||
BASF SE |
162,785 | 8,727,066 | ||||||
Bayer AG, Registered |
181,219 | 10,598,308 | ||||||
Bayerische Motoren Werke AG |
61,002 | 7,439,192 | ||||||
Bechtle AG |
15,482 | 681,419 | ||||||
Beiersdorf AG |
18,048 | 2,337,312 | ||||||
Brenntag SE |
28,734 | 2,229,316 | ||||||
Carl Zeiss Meditec AG, Bearer |
7,816 | 905,723 | ||||||
Commerzbank AG |
196,889 | 2,355,083 | ||||||
Continental AG |
20,604 | 1,645,016 | ||||||
Covestro AG(a)(c) |
36,433 | 1,957,140 | ||||||
Daimler Truck Holding AG |
88,959 | 3,338,657 | ||||||
Delivery Hero SE(a)(c) |
31,255 | 1,418,655 | ||||||
Deutsche Bank AG, Registered |
353,928 | 3,923,340 | ||||||
Deutsche Boerse AG |
34,436 | 6,597,990 | ||||||
Deutsche Lufthansa AG, Registered(a) |
112,767 | 1,137,397 | ||||||
Deutsche Post AG, Registered |
184,119 | 9,467,990 | ||||||
Deutsche Telekom AG, Registered |
594,215 | 12,954,620 | ||||||
E.ON SE |
417,560 | 5,282,268 | ||||||
Evonik Industries AG |
37,226 | 771,062 | ||||||
Fresenius Medical Care AG & Co. KGaA |
37,433 | 1,944,064 | ||||||
Fresenius SE & Co. KGaA |
80,215 | 2,517,318 | ||||||
GEA Group AG |
28,262 | 1,199,491 |
44 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Hannover Rueck SE |
11,051 | $ | 2,357,997 | |||||
HeidelbergCement AG |
25,970 | 2,104,813 | ||||||
HelloFresh SE(a) |
32,189 | 917,872 | ||||||
Henkel AG & Co. KGaA |
20,313 | 1,419,518 | ||||||
Infineon Technologies AG |
241,485 | 10,609,756 | ||||||
Knorr-Bremse AG |
12,877 | 905,741 | ||||||
LEG Immobilien SE(a) |
14,960 | 1,057,710 | ||||||
Mercedes-Benz Group AG |
157,348 | 12,566,270 | ||||||
Merck KGaA |
24,087 | 4,232,687 | ||||||
MTU Aero Engines AG |
9,999 | 2,334,881 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
25,516 | 9,605,393 | ||||||
Nemetschek SE |
11,257 | 819,161 | ||||||
Puma SE |
19,836 | 1,340,542 | ||||||
Rational AG |
950 | 711,130 | ||||||
Rheinmetall AG |
8,037 | 2,276,448 | ||||||
RWE AG |
117,832 | 5,071,329 | ||||||
SAP SE |
190,954 | 26,048,332 | ||||||
Scout24 SE(c) |
15,655 | 1,034,884 | ||||||
Siemens AG, Registered |
139,660 | 23,803,950 | ||||||
Siemens Healthineers AG(c) |
52,190 | 3,032,412 | ||||||
Symrise AG, Class A |
25,799 | 2,818,070 | ||||||
Talanx AG(a) |
11,745 | 719,262 | ||||||
Telefonica Deutschland Holding AG |
180,310 | 485,824 | ||||||
Volkswagen AG |
6,376 | 1,018,985 | ||||||
Vonovia SE |
130,424 | 3,038,876 | ||||||
Wacker Chemie AG |
3,571 | 554,890 | ||||||
Zalando SE(a)(c) |
41,067 | 1,417,826 | ||||||
|
|
|||||||
235,260,838 | ||||||||
Greece — 0.1% | ||||||||
Alpha Services and Holdings SA(a) |
416,946 | 750,882 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) |
492,869 | 860,988 | ||||||
Hellenic Telecommunications Organization SA |
34,927 | 551,217 | ||||||
JUMBO SA |
23,107 | 689,523 | ||||||
Mytilineos SA |
20,645 | 859,158 | ||||||
National Bank of Greece SA(a) |
106,964 | 736,630 | ||||||
OPAP SA |
39,345 | 691,982 | ||||||
Public Power Corp. SA(a) |
45,305 | 536,047 | ||||||
Terna Energy SA |
13,981 | 268,373 | ||||||
|
|
|||||||
5,944,800 | ||||||||
Hong Kong — 1.6% | ||||||||
AIA Group Ltd. |
2,209,200 | 22,102,462 | ||||||
BOC Hong Kong Holdings Ltd. |
692,000 | 2,112,013 | ||||||
Budweiser Brewing Co. APAC Ltd.(c) |
300,800 | 733,686 | ||||||
China Renewable Energy Investment Ltd.(d) |
7,401 | — | ||||||
Chow Tai Fook Jewellery Group Ltd. |
407,200 | 710,933 | ||||||
CK Asset Holdings Ltd. |
349,560 | 2,024,327 | ||||||
CK Hutchison Holdings Ltd. |
475,560 | 2,932,934 | ||||||
CK Infrastructure Holdings Ltd. |
130,500 | 691,564 | ||||||
CLP Holdings Ltd. |
301,000 | 2,453,490 | ||||||
ESR Group Ltd.(c) |
389,000 | 682,129 | ||||||
Futu Holdings Ltd., ADR(a)(b) |
10,725 | 645,645 | ||||||
Galaxy Entertainment Group Ltd.(a) |
400,000 | 2,919,811 | ||||||
Hang Lung Properties Ltd. |
361,000 | 563,358 | ||||||
Hang Seng Bank Ltd. |
143,600 | 2,195,006 | ||||||
Henderson Land Development Co. Ltd. |
234,617 | 725,241 | ||||||
HKT Trust & HKT Ltd., Class SS |
658,000 | 777,229 | ||||||
Hong Kong & China Gas Co. Ltd. |
2,081,748 | 1,785,843 |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Hong Kong Exchanges & Clearing Ltd. |
224,400 | $ | 9,461,153 | |||||
Hongkong Land Holdings Ltd. |
198,400 | 707,041 | ||||||
Jardine Matheson Holdings Ltd. |
30,800 | 1,521,378 | ||||||
Link REIT |
472,720 | 2,657,233 | ||||||
MTR Corp. Ltd.(b) |
264,500 | 1,218,895 | ||||||
New World Development Co. Ltd.(b) |
255,750 | 632,462 | ||||||
Power Assets Holdings Ltd. |
254,000 | 1,331,270 | ||||||
Sands China Ltd.(a) |
452,000 | 1,741,335 | ||||||
Sino Land Co. Ltd. |
594,000 | 729,149 | ||||||
SITC International Holdings Co. Ltd. |
282,000 | 617,906 | ||||||
Sun Hung Kai Properties Ltd. |
254,000 | 3,189,381 | ||||||
Swire Pacific Ltd., Class A |
94,500 | 789,948 | ||||||
Swire Properties Ltd. |
208,800 | 523,947 | ||||||
Techtronic Industries Co. Ltd. |
254,000 | 2,885,579 | ||||||
WH Group Ltd.(c) |
1,516,000 | 827,418 | ||||||
Wharf Real Estate Investment Co. Ltd. |
299,000 | 1,604,574 | ||||||
Xinyi Glass Holdings Ltd. |
374,000 | 622,372 | ||||||
|
|
|||||||
75,116,712 | ||||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC |
86,632 | 683,933 | ||||||
OTP Bank Nyrt |
42,376 | 1,541,051 | ||||||
Richter Gedeon Nyrt |
23,947 | 604,077 | ||||||
|
|
|||||||
2,829,061 | ||||||||
India — 4.0% | ||||||||
ABB India Ltd. |
9,343 | 517,833 | ||||||
ACC Ltd. |
11,868 | 291,473 | ||||||
Adani Enterprises Ltd. |
30,867 | 936,369 | ||||||
Adani Green Energy Ltd.(a) |
50,535 | 671,742 | ||||||
Adani Ports & Special Economic Zone Ltd. |
91,250 | 863,359 | ||||||
Adani Power Ltd.(a) |
131,436 | 437,215 | ||||||
Ambuja Cements Ltd. |
118,004 | 665,032 | ||||||
Apollo Hospitals Enterprise Ltd. |
19,852 | 1,249,707 | ||||||
Asian Paints Ltd. |
73,239 | 3,008,511 | ||||||
AU Small Finance Bank Ltd.(c) |
28,960 | 257,511 | ||||||
Aurobindo Pharma Ltd. |
57,273 | 573,104 | ||||||
Avenue Supermarts Ltd.(a)(c) |
30,332 | 1,385,858 | ||||||
Axis Bank Ltd. |
409,687 | 4,756,258 | ||||||
Bajaj Auto Ltd. |
13,294 | 797,996 | ||||||
Bajaj Finance Ltd. |
50,591 | 4,497,532 | ||||||
Bajaj Finserv Ltd. |
75,210 | 1,463,665 | ||||||
Bajaj Holdings & Investment Ltd. |
4,418 | 405,523 | ||||||
Balkrishna Industries Ltd. |
15,341 | 474,525 | ||||||
Bandhan Bank Ltd.(a)(c) |
125,976 | 342,487 | ||||||
Berger Paints India Ltd. |
16,973 | 140,964 | ||||||
Bharat Electronics Ltd. |
620,619 | 987,492 | ||||||
Bharat Forge Ltd. |
46,071 | 522,170 | ||||||
Bharat Petroleum Corp. Ltd. |
161,178 | 740,226 | ||||||
Bharti Airtel Ltd. |
420,867 | 4,557,978 | ||||||
Britannia Industries Ltd. |
20,392 | 1,188,668 | ||||||
CG Power and Industrial Solutions Ltd. |
101,475 | 496,551 | ||||||
Cholamandalam Investment and Finance Co. Ltd. |
76,553 | 1,054,796 | ||||||
Cipla Ltd. |
91,199 | 1,304,351 | ||||||
Coal India Ltd. |
278,900 | 778,421 | ||||||
Colgate-Palmolive India Ltd. |
25,395 | 624,011 | ||||||
Container Corp. of India Ltd. |
22,419 | 189,559 | ||||||
Dabur India Ltd. |
114,739 | 803,822 | ||||||
Divi’s Laboratories Ltd. |
23,113 | 1,036,621 | ||||||
DLF Ltd. |
87,191 | 550,500 | ||||||
Dr. Reddy’s Laboratories Ltd. |
20,139 | 1,381,642 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Eicher Motors Ltd. |
26,548 | $ | 1,087,381 | |||||
GAIL India Ltd. |
498,460 | 722,318 | ||||||
Godrej Consumer Products Ltd.(a) |
79,788 | 1,005,865 | ||||||
Godrej Properties Ltd.(a) |
19,704 | 417,404 | ||||||
Grasim Industries Ltd. |
56,543 | 1,273,299 | ||||||
Havells India Ltd. |
45,473 | 738,345 | ||||||
HCL Technologies Ltd. |
172,100 | 2,339,179 | ||||||
HDFC Bank Ltd. |
508,845 | 10,215,616 | ||||||
HDFC Life Insurance Co. Ltd.(c) |
172,990 | 1,361,129 | ||||||
Hero MotoCorp Ltd. |
22,880 | 892,040 | ||||||
Hindalco Industries Ltd. |
239,194 | 1,348,427 | ||||||
Hindustan Aeronautics Ltd. |
14,470 | 698,132 | ||||||
Hindustan Petroleum Corp. Ltd. |
116,806 | 401,017 | ||||||
Hindustan Unilever Ltd. |
151,962 | 4,733,708 | ||||||
ICICI Bank Ltd. |
967,790 | 11,794,910 | ||||||
ICICI Lombard General Insurance Co. Ltd.(c) |
39,985 | 673,851 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(c) |
84,359 | 595,058 | ||||||
Indian Hotels Co. Ltd. (The), Class A |
136,485 | 656,495 | ||||||
Indian Oil Corp. Ltd. |
479,262 | 546,636 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
45,292 | 353,158 | ||||||
Indraprastha Gas Ltd. |
74,634 | 420,693 | ||||||
Info Edge India Ltd. |
15,208 | 849,930 | ||||||
Infosys Ltd. |
604,820 | 10,010,445 | ||||||
InterGlobe Aviation Ltd.(a)(c) |
26,426 | 833,779 | ||||||
ITC Ltd. |
528,923 | 2,997,090 | ||||||
Jindal Steel & Power Ltd. |
53,062 | 432,509 | ||||||
Jio Financial Services Ltd., NVS |
557,165 | 1,543,489 | ||||||
JSW Steel Ltd. |
124,617 | 1,239,808 | ||||||
Jubilant Foodworks Ltd. |
81,101 | 472,510 | ||||||
Kotak Mahindra Bank Ltd. |
194,617 | 4,398,170 | ||||||
Larsen & Toubro Infotech Ltd.(c) |
16,831 | 1,002,946 | ||||||
Larsen & Toubro Ltd. |
124,563 | 4,064,332 | ||||||
Lupin Ltd. |
44,991 | 539,442 | ||||||
Mahindra & Mahindra Ltd. |
171,070 | 3,071,477 | ||||||
Marico Ltd. |
113,370 | 773,470 | ||||||
Maruti Suzuki India Ltd. |
24,389 | 2,914,558 | ||||||
Max Healthcare Institute Ltd.(a) |
125,532 | 908,585 | ||||||
Mphasis Ltd. |
13,719 | 383,357 | ||||||
MRF Ltd. |
431 | 539,953 | ||||||
Muthoot Finance Ltd. |
11,835 | 194,480 | ||||||
Nestle India Ltd. |
6,320 | 1,733,143 | ||||||
NTPC Ltd. |
795,501 | 2,114,616 | ||||||
Oil & Natural Gas Corp. Ltd. |
520,003 | 1,121,444 | ||||||
Page Industries Ltd. |
1,240 | 570,313 | ||||||
Petronet LNG Ltd. |
179,230 | 509,574 | ||||||
PI Industries Ltd. |
17,032 | 749,278 | ||||||
Pidilite Industries Ltd. |
33,842 | 1,076,791 | ||||||
Power Grid Corp. of India Ltd. |
577,212 | 1,868,863 | ||||||
Reliance Industries Ltd. |
557,165 | 17,296,051 | ||||||
Samvardhana Motherson International Ltd. |
400,371 | 479,190 | ||||||
SBI Cards & Payment Services Ltd. |
43,293 | 450,682 | ||||||
SBI Life Insurance Co. Ltd.(c) |
86,284 | 1,346,902 | ||||||
Shree Cement Ltd. |
1,824 | 535,006 | ||||||
Shriram Transport Finance Co. Ltd. |
51,612 | 1,189,864 | ||||||
Siemens Ltd. |
13,285 | 643,785 | ||||||
Sona Blw Precision Forgings Ltd.(c) |
75,194 | 521,705 | ||||||
SRF Ltd. |
26,147 | 691,211 | ||||||
State Bank of India |
342,857 | 2,589,872 | ||||||
Sun Pharmaceutical Industries Ltd. |
169,379 | 2,356,022 | ||||||
Tata Consultancy Services Ltd. |
163,711 | 6,820,030 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Tata Consumer Products Ltd. |
124,327 | $ | 1,299,644 | |||||
Tata Elxsi Ltd. |
6,562 | 572,118 | ||||||
Tata Motors Ltd. |
311,733 | 2,445,994 | ||||||
Tata Power Co. Ltd. (The) |
270,700 | 779,696 | ||||||
Tata Steel Ltd. |
1,371,528 | 2,057,678 | ||||||
Tech Mahindra Ltd. |
98,439 | 1,337,119 | ||||||
Titan Co. Ltd. |
68,199 | 2,492,280 | ||||||
Torrent Pharmaceuticals Ltd. |
15,076 | 367,567 | ||||||
Trent Ltd. |
32,576 | 696,800 | ||||||
Tube Investments of India Ltd. |
22,032 | 826,075 | ||||||
TVS Motor Co. Ltd. |
42,313 | 709,248 | ||||||
UltraTech Cement Ltd. |
19,445 | 1,968,062 | ||||||
United Spirits Ltd.(a) |
64,500 | 797,152 | ||||||
UPL Ltd. |
97,424 | 740,769 | ||||||
Varun Beverages Ltd. |
89,714 | 877,911 | ||||||
Vedanta Ltd. |
148,644 | 500,220 | ||||||
Wipro Ltd. |
228,390 | 1,126,448 | ||||||
Yes Bank Ltd.(a) |
2,363,315 | 487,421 | ||||||
Zomato Ltd.(a) |
759,424 | 777,433 | ||||||
|
|
|||||||
184,922,440 | ||||||||
Indonesia — 0.5% | ||||||||
Adaro Energy Indonesia Tbk PT |
3,117,700 | 498,740 | ||||||
Aneka Tambang Tbk |
1,664,400 | 219,385 | ||||||
Astra International Tbk PT |
3,610,000 | 1,640,544 | ||||||
Bank Central Asia Tbk PT |
10,153,900 | 6,149,520 | ||||||
Bank Mandiri Persero Tbk PT |
7,031,168 | 2,672,866 | ||||||
Bank Negara Indonesia Persero Tbk PT |
1,226,600 | 722,103 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
12,614,816 | 4,723,037 | ||||||
Barito Pacific Tbk PT |
6,076,232 | 312,229 | ||||||
Charoen Pokphand Indonesia Tbk PT(a) |
1,563,200 | 536,236 | ||||||
GoTo Gojek Tokopedia Tbk PT(a) |
155,129,500 | 1,164,508 | ||||||
Indah Kiat Pulp & Paper Tbk PT |
564,200 | 342,492 | ||||||
Indofood CBP Sukses Makmur Tbk PT |
324,000 | 240,756 | ||||||
Indofood Sukses Makmur Tbk PT |
591,300 | 287,263 | ||||||
Kalbe Farma Tbk PT |
4,883,400 | 620,250 | ||||||
Merdeka Copper Gold Tbk PT(a) |
2,820,707 | 657,256 | ||||||
Sarana Menara Nusantara Tbk PT |
3,412,000 | 229,632 | ||||||
Semen Indonesia Persero Tbk PT |
430,030 | 198,987 | ||||||
Sumber Alfaria Trijaya Tbk PT |
3,181,600 | 569,691 | ||||||
Telkom Indonesia Persero Tbk PT |
9,181,100 | 2,262,000 | ||||||
Unilever Indonesia Tbk PT |
1,476,800 | 377,035 | ||||||
United Tractors Tbk PT |
270,345 | 493,887 | ||||||
Vale Indonesia Tbk PT |
528,600 | 241,220 | ||||||
|
|
|||||||
25,159,637 | ||||||||
Ireland — 0.5% | ||||||||
AIB Group PLC |
186,410 | 876,810 | ||||||
Bank of Ireland Group PLC |
184,630 | 1,947,995 | ||||||
CRH PLC |
146,047 | 8,700,156 | ||||||
Flutter Entertainment PLC, Class DI(a) |
31,953 | 6,355,440 | ||||||
Kerry Group PLC, Class A |
28,721 | 2,853,456 | ||||||
Kingspan Group PLC |
30,362 | 2,436,961 | ||||||
Smurfit Kappa Group PLC |
41,997 | 1,661,864 | ||||||
|
|
|||||||
24,832,682 | ||||||||
Israel — 0.4% | ||||||||
Azrieli Group Ltd. |
9,037 | 514,250 | ||||||
Bank Hapoalim BM |
235,169 | 2,088,968 | ||||||
Bank Leumi Le-Israel BM |
283,770 | 2,265,228 | ||||||
Check Point Software Technologies Ltd.(a)(b) |
17,148 | 2,267,137 | ||||||
CyberArk Software Ltd.(a) |
7,779 | 1,291,392 |
46 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Israel (continued) | ||||||||
Elbit Systems Ltd. |
5,252 | $ | 1,116,764 | |||||
ICL Group Ltd. |
135,171 | 900,035 | ||||||
Isracard Ltd. |
1 | 2 | ||||||
Israel Discount Bank Ltd., Class A |
233,894 | 1,238,878 | ||||||
Mizrahi Tefahot Bank Ltd. |
29,493 | 1,064,842 | ||||||
Monday.com Ltd.(a) |
3,477 | 628,572 | ||||||
Nice Ltd.(a) |
11,898 | 2,589,843 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b) |
205,111 | 1,722,932 | ||||||
Tower Semiconductor Ltd.(a) |
20,732 | 768,893 | ||||||
Wix.com Ltd.(a) |
10,411 | 981,965 | ||||||
|
|
|||||||
19,439,701 | ||||||||
Italy — 1.6% | ||||||||
Amplifon SpA |
23,465 | 793,870 | ||||||
Assicurazioni Generali SpA |
179,736 | 3,828,470 | ||||||
DiaSorin SpA |
4,697 | 526,966 | ||||||
Enel SpA |
1,477,403 | 10,186,984 | ||||||
Eni SpA |
421,019 | 6,427,641 | ||||||
Ferrari NV |
23,462 | 7,521,604 | ||||||
FinecoBank Banca Fineco SpA |
109,989 | 1,707,825 | ||||||
Infrastrutture Wireless Italiane SpA(c) |
74,671 | 936,434 | ||||||
Intesa Sanpaolo SpA |
2,938,827 | 8,498,110 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
119,451 | 1,591,875 | ||||||
Moncler SpA |
37,951 | 2,739,061 | ||||||
Nexi SpA(a)(c) |
104,064 | 901,195 | ||||||
Poste Italiane SpA(c) |
82,333 | 940,530 | ||||||
Prysmian SpA |
47,807 | 1,906,311 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
18,491 | 954,877 | ||||||
Snam SpA |
385,794 | 2,028,028 | ||||||
Stellantis NV |
412,156 | 8,456,568 | ||||||
Telecom Italia SpA/Milano(a)(b) |
1,798,785 | 518,538 | ||||||
Tenaris SA |
90,444 | 1,502,955 | ||||||
Terna - Rete Elettrica Nazionale |
263,904 | 2,229,726 | ||||||
UniCredit SpA |
340,132 | 8,612,226 | ||||||
|
|
|||||||
72,809,794 | ||||||||
Japan — 14.3% | ||||||||
Advantest Corp. |
34,900 | 4,827,014 | ||||||
Aeon Co. Ltd. |
118,100 | 2,557,885 | ||||||
AGC Inc. |
35,600 | 1,286,357 | ||||||
Aisin Corp. |
26,300 | 854,621 | ||||||
Ajinomoto Co. Inc. |
85,100 | 3,315,912 | ||||||
ANA Holdings Inc.(a) |
27,900 | 668,876 | ||||||
Asahi Group Holdings Ltd. |
87,600 | 3,443,491 | ||||||
Asahi Intecc Co. Ltd. |
41,600 | 853,685 | ||||||
Asahi Kasei Corp. |
230,000 | 1,567,392 | ||||||
Astellas Pharma Inc. |
340,300 | 4,975,985 | ||||||
Azbil Corp. |
23,500 | 741,549 | ||||||
Bandai Namco Holdings Inc. |
112,200 | 2,538,475 | ||||||
BayCurrent Consulting Inc. |
24,700 | 797,680 | ||||||
Bridgestone Corp. |
106,400 | 4,415,110 | ||||||
Brother Industries Ltd. |
45,100 | 703,015 | ||||||
Canon Inc. |
184,900 | 4,778,811 | ||||||
Capcom Co. Ltd. |
33,100 | 1,488,407 | ||||||
Central Japan Railway Co.(b) |
25,400 | 3,236,804 | ||||||
Chiba Bank Ltd. (The) |
102,200 | 718,604 | ||||||
Chubu Electric Power Co. Inc. |
114,200 | 1,430,674 | ||||||
Chugai Pharmaceutical Co. Ltd. |
124,900 | 3,717,179 | ||||||
Concordia Financial Group Ltd. |
212,600 | 972,437 | ||||||
CyberAgent Inc. |
74,400 | 470,338 | ||||||
Dai Nippon Printing Co. Ltd. |
40,800 | 1,159,780 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Daifuku Co. Ltd. |
51,900 | $ | 1,109,993 | |||||
Dai-ichi Life Holdings Inc. |
172,700 | 3,528,557 | ||||||
Daiichi Sankyo Co. Ltd. |
340,800 | 10,496,507 | ||||||
Daikin Industries Ltd. |
47,500 | 9,604,439 | ||||||
Daito Trust Construction Co. Ltd. |
10,600 | 1,140,226 | ||||||
Daiwa House Industry Co. Ltd. |
108,500 | 2,948,912 | ||||||
Daiwa House REIT Investment Corp. |
467 | 919,444 | ||||||
Daiwa Securities Group Inc. |
256,100 | 1,388,294 | ||||||
Denso Corp. |
80,100 | 5,577,162 | ||||||
Dentsu Group Inc. |
37,600 | 1,258,148 | ||||||
Disco Corp. |
17,200 | 3,233,184 | ||||||
East Japan Railway Co. |
54,800 | 3,102,454 | ||||||
Eisai Co. Ltd. |
46,100 | 2,908,614 | ||||||
ENEOS Holdings Inc. |
532,000 | 1,930,170 | ||||||
FANUC Corp. |
176,500 | 5,399,562 | ||||||
Fast Retailing Co. Ltd. |
32,700 | 8,191,766 | ||||||
Fuji Electric Co. Ltd. |
22,900 | 1,035,299 | ||||||
FUJIFILM Holdings Corp. |
67,100 | 3,896,204 | ||||||
Fujitsu Ltd. |
31,800 | 4,117,775 | ||||||
GLP J-Reit |
944 | 929,995 | ||||||
GMO Payment Gateway Inc. |
8,100 | 617,940 | ||||||
Hakuhodo DY Holdings Inc. |
43,300 | 498,141 | ||||||
Hamamatsu Photonics KK |
25,400 | 1,223,807 | ||||||
Hankyu Hanshin Holdings Inc. |
41,200 | 1,368,783 | ||||||
Hikari Tsushin Inc. |
3,900 | 578,710 | ||||||
Hirose Electric Co. Ltd. |
6,700 | 848,606 | ||||||
Hitachi Construction Machinery Co. Ltd. |
19,000 | 570,162 | ||||||
Hitachi Ltd. |
171,800 | 11,246,798 | ||||||
Honda Motor Co. Ltd. |
282,000 | 8,990,551 | ||||||
Hoshizaki Corp. |
23,500 | 901,246 | ||||||
Hoya Corp. |
65,700 | 7,651,377 | ||||||
Hulic Co. Ltd. |
69,400 | 590,886 | ||||||
Ibiden Co. Ltd. |
22,000 | 1,337,144 | ||||||
Idemitsu Kosan Co. Ltd. |
39,972 | 844,082 | ||||||
Iida Group Holdings Co. Ltd. |
25,700 | 450,842 | ||||||
Inpex Corp. |
189,400 | 2,445,574 | ||||||
Isuzu Motors Ltd. |
105,900 | 1,375,720 | ||||||
ITOCHU Corp. |
217,200 | 8,784,719 | ||||||
Itochu Techno-Solutions Corp. |
16,400 | 415,644 | ||||||
Japan Airlines Co. Ltd. |
26,200 | 567,246 | ||||||
Japan Exchange Group Inc. |
94,900 | 1,653,461 | ||||||
Japan Metropolitan Fund Invest |
1,305 | 895,096 | ||||||
Japan Post Bank Co. Ltd. |
266,900 | 2,220,486 | ||||||
Japan Post Holdings Co. Ltd. |
398,500 | 2,910,080 | ||||||
Japan Post Insurance Co. Ltd. |
34,400 | 555,910 | ||||||
Japan Real Estate Investment Corp. |
222 | 892,906 | ||||||
Japan Tobacco Inc. |
223,000 | 4,948,279 | ||||||
JFE Holdings Inc. |
85,500 | 1,383,040 | ||||||
JSR Corp. |
35,300 | 1,012,640 | ||||||
Kajima Corp. |
72,600 | 1,147,258 | ||||||
Kansai Electric Power Co. Inc. (The) |
135,300 | 1,777,474 | ||||||
Kao Corp. |
83,400 | 3,168,499 | ||||||
Kawasaki Kisen Kaisha Ltd. |
28,200 | 850,360 | ||||||
KDDI Corp. |
273,000 | 8,034,854 | ||||||
Keio Corp. |
21,700 | 721,321 | ||||||
Keisei Electric Railway Co. Ltd. |
24,400 | 1,012,728 | ||||||
Keyence Corp. |
35,700 | 16,020,088 | ||||||
Kikkoman Corp. |
26,200 | 1,509,928 | ||||||
Kintetsu Group Holdings Co. Ltd. |
30,200 | 1,013,107 | ||||||
Kirin Holdings Co. Ltd. |
142,100 | 2,098,879 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Kobayashi Pharmaceutical Co. Ltd. |
8,800 | $ | 483,748 | |||||
Kobe Bussan Co. Ltd. |
27,400 | 729,815 | ||||||
Koei Tecmo Holdings Co. Ltd. |
21,700 | 371,312 | ||||||
Koito Manufacturing Co. Ltd. |
39,000 | 717,109 | ||||||
Komatsu Ltd. |
167,100 | 4,681,211 | ||||||
Konami Group Corp. |
17,200 | 964,862 | ||||||
Kose Corp. |
6,300 | 616,935 | ||||||
Kubota Corp. |
187,200 | 2,827,837 | ||||||
Kurita Water Industries Ltd. |
21,200 | 852,562 | ||||||
Kyocera Corp. |
57,700 | 3,104,956 | ||||||
Kyowa Kirin Co. Ltd. |
50,400 | 962,422 | ||||||
Lasertec Corp. |
14,300 | 2,164,760 | ||||||
Lixil Corp. |
50,900 | 650,493 | ||||||
M3 Inc. |
82,900 | 1,916,965 | ||||||
Makita Corp. |
42,300 | 1,187,828 | ||||||
Marubeni Corp. |
285,400 | 5,053,005 | ||||||
MatsukiyoCocokara & Co. |
21,300 | 1,246,510 | ||||||
Mazda Motor Corp. |
105,000 | 1,041,651 | ||||||
McDonald’s Holdings Co. Japan Ltd.(b) |
15,000 | 590,447 | ||||||
MEIJI Holdings Co. Ltd. |
41,180 | 951,418 | ||||||
MINEBEA MITSUMI Inc. |
64,500 | 1,194,719 | ||||||
MISUMI Group Inc. |
52,200 | 954,953 | ||||||
Mitsubishi Chemical Group Corp. |
227,500 | 1,360,865 | ||||||
Mitsubishi Corp. |
226,800 | 11,604,552 | ||||||
Mitsubishi Electric Corp. |
350,300 | 5,055,225 | ||||||
Mitsubishi Estate Co. Ltd. |
193,400 | 2,370,250 | ||||||
Mitsubishi HC Capital Inc. |
128,100 | 847,428 | ||||||
Mitsubishi Heavy Industries Ltd. |
58,700 | 2,784,964 | ||||||
Mitsubishi UFJ Financial Group Inc. |
2,092,900 | 16,852,550 | ||||||
Mitsui & Co. Ltd. |
240,900 | 9,402,346 | ||||||
Mitsui Chemicals Inc. |
30,900 | 888,497 | ||||||
Mitsui Fudosan Co. Ltd. |
164,900 | 3,387,860 | ||||||
Mitsui OSK Lines Ltd. |
62,200 | 1,607,983 | ||||||
Mizuho Financial Group Inc. |
440,860 | 7,479,350 | ||||||
MonotaRO Co. Ltd. |
47,000 | 573,627 | ||||||
MS&AD Insurance Group Holdings Inc. |
79,500 | 2,956,868 | ||||||
Murata Manufacturing Co. Ltd. |
103,800 | 6,165,896 | ||||||
NEC Corp. |
45,800 | 2,317,269 | ||||||
Nexon Co. Ltd. |
71,200 | 1,358,454 | ||||||
NGK Insulators Ltd. |
43,800 | 537,175 | ||||||
Nidec Corp. |
77,100 | 4,604,793 | ||||||
Nintendo Co. Ltd. |
187,900 | 8,499,607 | ||||||
Nippon Building Fund Inc. |
263 | 1,102,446 | ||||||
Nippon Express Holdings Inc. |
13,400 | 785,658 | ||||||
Nippon Paint Holdings Co. Ltd. |
180,500 | 1,653,788 | ||||||
Nippon Prologis REIT Inc. |
451 | 922,254 | ||||||
Nippon Sanso Holdings Corp. |
35,400 | 856,019 | ||||||
Nippon Shinyaku Co. Ltd. |
10,700 | 432,704 | ||||||
Nippon Steel Corp. |
146,686 | 3,352,709 | ||||||
Nippon Telegraph & Telephone Corp. |
5,352,500 | 6,137,808 | ||||||
Nippon Yusen KK |
91,600 | 2,228,276 | ||||||
Nissan Chemical Corp. |
24,600 | 1,105,417 | ||||||
Nissan Motor Co. Ltd. |
422,700 | 1,862,055 | ||||||
Nisshin Seifun Group Inc. |
38,625 | 478,989 | ||||||
Nissin Foods Holdings Co. Ltd. |
13,000 | 1,096,102 | ||||||
Nitori Holdings Co. Ltd. |
15,000 | 1,836,789 | ||||||
Nitto Denko Corp. |
27,700 | 1,969,774 | ||||||
Nomura Holdings Inc. |
533,400 | 2,206,661 | ||||||
Nomura Real Estate Holdings Inc. |
23,200 | 575,430 | ||||||
Nomura Real Estate Master Fund Inc. |
736 | 875,647 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nomura Research Institute Ltd. |
73,100 | $ | 2,077,130 | |||||
NTT Data Group Corp. |
116,100 | 1,615,089 | ||||||
Obayashi Corp. |
116,900 | 1,080,838 | ||||||
Obic Co. Ltd. |
12,800 | 2,094,594 | ||||||
Odakyu Electric Railway Co. Ltd. |
59,500 | 869,320 | ||||||
Oji Holdings Corp. |
142,400 | 562,238 | ||||||
Olympus Corp. |
225,400 | 3,677,835 | ||||||
Omron Corp. |
34,100 | 1,830,360 | ||||||
Ono Pharmaceutical Co. Ltd. |
66,900 | 1,225,964 | ||||||
Open House Group Co. Ltd. |
16,000 | 608,837 | ||||||
Oracle Corp. Japan |
7,900 | 553,779 | ||||||
Oriental Land Co. Ltd./Japan |
198,500 | 7,613,177 | ||||||
ORIX Corp. |
219,400 | 4,220,492 | ||||||
Osaka Gas Co. Ltd. |
73,800 | 1,161,231 | ||||||
Otsuka Corp. |
19,200 | 799,552 | ||||||
Otsuka Holdings Co. Ltd. |
71,800 | 2,639,892 | ||||||
Pan Pacific International Holdings Corp. |
70,100 | 1,385,989 | ||||||
Panasonic Holdings Corp. |
404,700 | 4,995,367 | ||||||
Persol Holdings Co. Ltd. |
40,700 | 805,071 | ||||||
Rakuten Group Inc. |
244,200 | 956,474 | ||||||
Recruit Holdings Co. Ltd. |
267,300 | 9,258,109 | ||||||
Renesas Electronics Corp.(a) |
238,100 | 4,593,860 | ||||||
Resona Holdings Inc. |
397,300 | 2,162,934 | ||||||
Ricoh Co. Ltd. |
108,500 | 965,180 | ||||||
Rohm Co. Ltd. |
15,300 | 1,433,736 | ||||||
SBI Holdings Inc. |
48,500 | 1,024,189 | ||||||
SCSK Corp. |
26,900 | 447,214 | ||||||
Secom Co. Ltd. |
38,600 | 2,590,247 | ||||||
Seiko Epson Corp. |
50,500 | 829,296 | ||||||
Sekisui Chemical Co. Ltd. |
67,400 | 1,023,772 | ||||||
Sekisui House Ltd. |
110,800 | 2,260,508 | ||||||
Seven & i Holdings Co. Ltd. |
137,500 | 5,704,198 | ||||||
SG Holdings Co. Ltd. |
58,100 | 847,883 | ||||||
Sharp Corp./Japan(a) |
34,000 | 202,169 | ||||||
Shimadzu Corp. |
42,200 | 1,281,648 | ||||||
Shimano Inc. |
14,100 | 2,125,253 | ||||||
Shimizu Corp. |
98,000 | 675,174 | ||||||
Shin-Etsu Chemical Co. Ltd. |
335,400 | 11,049,701 | ||||||
Shionogi & Co. Ltd. |
50,200 | 2,103,783 | ||||||
Shiseido Co. Ltd. |
74,200 | 3,253,230 | ||||||
Shizuoka Financial Group Inc., NVS |
92,500 | 772,570 | ||||||
SMC Corp. |
10,500 | 5,486,911 | ||||||
SoftBank Corp. |
510,500 | 5,668,847 | ||||||
SoftBank Group Corp. |
189,400 | 9,633,337 | ||||||
Sompo Holdings Inc. |
54,300 | 2,400,643 | ||||||
Sony Group Corp. |
230,700 | 21,608,798 | ||||||
Square Enix Holdings Co. Ltd. |
14,400 | 666,997 | ||||||
Subaru Corp. |
110,400 | 2,092,474 | ||||||
SUMCO Corp. |
61,700 | 899,087 | ||||||
Sumitomo Chemical Co. Ltd. |
256,000 | 789,544 | ||||||
Sumitomo Corp. |
204,400 | 4,384,969 | ||||||
Sumitomo Electric Industries Ltd. |
128,400 | 1,646,340 | ||||||
Sumitomo Metal Mining Co. Ltd. |
45,300 | 1,564,444 | ||||||
Sumitomo Mitsui Financial Group Inc. |
240,200 | 11,253,766 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
61,200 | 2,380,784 | ||||||
Sumitomo Realty & Development Co. Ltd. |
51,600 | 1,382,850 | ||||||
Suntory Beverage & Food Ltd. |
23,300 | 829,410 | ||||||
Suzuki Motor Corp. |
66,400 | 2,666,993 | ||||||
Sysmex Corp. |
30,800 | 2,085,625 | ||||||
T&D Holdings Inc. |
97,600 | 1,586,860 |
48 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Taisei Corp. |
31,600 | $ | 1,197,526 | |||||
Takeda Pharmaceutical Co. Ltd. |
280,713 | 8,582,755 | ||||||
TDK Corp. |
73,300 | 2,807,995 | ||||||
Terumo Corp. |
123,500 | 4,044,510 | ||||||
TIS Inc. |
40,500 | 1,027,233 | ||||||
Tobu Railway Co. Ltd. |
41,400 | 1,095,527 | ||||||
Toho Co. Ltd./Tokyo |
19,500 | 760,167 | ||||||
Tokio Marine Holdings Inc. |
329,800 | 7,583,745 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) |
277,900 | 1,103,552 | ||||||
Tokyo Electron Ltd. |
82,500 | 12,382,172 | ||||||
Tokyo Gas Co. Ltd. |
72,400 | 1,641,747 | ||||||
Tokyu Corp. |
96,200 | 1,220,555 | ||||||
Toppan Inc. |
47,500 | 1,118,080 | ||||||
Toray Industries Inc. |
253,800 | 1,421,131 | ||||||
Toshiba Corp. |
76,800 | 2,479,582 | ||||||
Tosoh Corp. |
47,300 | 618,243 | ||||||
TOTO Ltd. |
23,800 | 731,662 | ||||||
Toyota Industries Corp. |
25,900 | 1,871,719 | ||||||
Toyota Motor Corp. |
1,939,900 | 32,616,991 | ||||||
Toyota Tsusho Corp. |
39,100 | 2,287,552 | ||||||
Trend Micro Inc./Japan |
23,100 | 1,091,376 | ||||||
Unicharm Corp. |
73,600 | 2,723,101 | ||||||
USS Co. Ltd. |
41,800 | 724,815 | ||||||
Welcia Holdings Co. Ltd. |
18,500 | 348,239 | ||||||
West Japan Railway Co. |
38,900 | 1,598,181 | ||||||
Yakult Honsha Co. Ltd. |
23,700 | 1,315,014 | ||||||
Yamaha Corp. |
25,800 | 999,704 | ||||||
Yamaha Motor Co. Ltd. |
53,100 | 1,557,365 | ||||||
Yamato Holdings Co. Ltd. |
49,000 | 917,671 | ||||||
Yaskawa Electric Corp. |
45,400 | 1,973,550 | ||||||
Yokogawa Electric Corp. |
44,300 | 831,905 | ||||||
Z Holdings Corp. |
481,300 | 1,341,868 | ||||||
ZOZO Inc. |
23,500 | 458,767 | ||||||
|
|
|||||||
659,651,323 | ||||||||
Kuwait — 0.2% | ||||||||
Agility Public Warehousing Co. KSC(a) |
318,409 | 652,963 | ||||||
Boubyan Bank KSCP |
327,003 | 659,935 | ||||||
Gulf Bank KSCP |
179,595 | 154,362 | ||||||
Kuwait Finance House KSCP |
1,466,618 | 3,767,724 | ||||||
Mabanee Co. KPSC |
120,124 | 345,331 | ||||||
Mobile Telecommunications Co. KSCP |
489,141 | 829,567 | ||||||
National Bank of Kuwait SAKP |
1,360,756 | 4,261,328 | ||||||
|
|
|||||||
10,671,210 | ||||||||
Malaysia — 0.4% | ||||||||
AMMB Holdings Bhd |
142,900 | 122,368 | ||||||
Axiata Group Bhd |
599,100 | 354,818 | ||||||
CIMB Group Holdings Bhd |
1,136,300 | 1,399,751 | ||||||
Dialog Group Bhd |
769,800 | 392,953 | ||||||
DiGi.Com Bhd |
737,500 | 722,979 | ||||||
Genting Bhd |
428,900 | 410,075 | ||||||
Genting Malaysia Bhd |
566,800 | 326,944 | ||||||
Hong Leong Bank Bhd |
150,000 | 651,691 | ||||||
Hong Leong Financial Group Bhd |
101,400 | 411,537 | ||||||
IHH Healthcare Bhd |
509,600 | 673,049 | ||||||
Inari Amertron Bhd |
589,500 | 394,926 | ||||||
IOI Corp. Bhd |
637,800 | 590,087 | ||||||
Kuala Lumpur Kepong Bhd |
85,600 | 442,744 | ||||||
Malayan Banking Bhd |
865,900 | 1,732,421 | ||||||
Malaysia Airports Holdings Bhd |
211,200 | 323,199 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Maxis Bhd(b) |
616,900 | $ | 552,807 | |||||
MISC Bhd |
168,200 | 268,171 | ||||||
MR DIY Group M Bhd(c) |
327,500 | 106,787 | ||||||
Petronas Chemicals Group Bhd |
491,700 | 758,501 | ||||||
Petronas Dagangan Bhd |
61,800 | 314,688 | ||||||
Petronas Gas Bhd |
185,000 | 700,776 | ||||||
PPB Group Bhd |
197,700 | 732,222 | ||||||
Press Metal Aluminium Holdings Bhd |
708,800 | 792,590 | ||||||
Public Bank Bhd |
2,650,000 | 2,451,272 | ||||||
RHB Bank Bhd |
396,595 | 500,692 | ||||||
Sime Darby Bhd |
511,200 | 247,392 | ||||||
Sime Darby Plantation Bhd |
426,000 | 430,626 | ||||||
Telekom Malaysia Bhd |
131,500 | 148,474 | ||||||
Tenaga Nasional Bhd |
421,400 | 897,360 | ||||||
Top Glove Corp. Bhd(a) |
947,100 | 193,341 | ||||||
|
|
|||||||
18,045,241 | ||||||||
Mexico — 0.8% | ||||||||
Alfa SAB de CV, Class A |
382,900 | 234,839 | ||||||
America Movil SAB de CV |
5,611,700 | 5,881,477 | ||||||
Arca Continental SAB de CV |
68,700 | 688,272 | ||||||
Banco del Bajio SA(c) |
135,900 | 414,314 | ||||||
Cemex SAB de CV, NVS(a) |
2,880,508 | 2,188,120 | ||||||
Coca-Cola Femsa SAB de CV |
90,200 | 761,462 | ||||||
Fibra Uno Administracion SA de CV |
641,600 | 964,028 | ||||||
Fomento Economico Mexicano SAB de CV |
360,100 | 4,081,205 | ||||||
Gruma SAB de CV, Class B |
29,315 | 525,867 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
68,100 | 1,297,540 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
41,405 | 1,171,159 | ||||||
Grupo Bimbo SAB de CV, Series A |
269,300 | 1,396,114 | ||||||
Grupo Carso SAB de CV, Series A1 |
102,600 | 815,837 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
479,300 | 4,542,831 | ||||||
Grupo
Financiero Inbursa SAB de CV, |
442,100 | 1,073,238 | ||||||
Grupo Mexico SAB de CV, Series B |
597,329 | 3,104,898 | ||||||
Grupo Televisa SAB, CPO |
469,000 | 496,308 | ||||||
Industrias Penoles SAB de CV(a) |
35,745 | 511,103 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
360,600 | 846,748 | ||||||
Operadora De Sites Mexicanos SAB de CV |
299,300 | 303,322 | ||||||
Orbia Advance Corp. SAB de CV |
168,400 | 382,055 | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
31,720 | 328,585 | ||||||
Wal-Mart de Mexico SAB de CV |
952,100 | 3,963,624 | ||||||
|
|
|||||||
35,972,946 | ||||||||
Netherlands — 3.0% | ||||||||
ABN AMRO Bank NV, CVA(c) |
75,443 | 1,282,773 | ||||||
Adyen NV(a)(c) |
3,995 | 7,414,779 | ||||||
Aegon NV |
310,923 | 1,687,777 | ||||||
AerCap Holdings NV(a) |
30,222 | 1,928,466 | ||||||
Akzo Nobel NV |
31,799 | 2,720,342 | ||||||
ASM International NV |
8,705 | 4,135,574 | ||||||
ASML Holding NV |
74,306 | 53,223,068 | ||||||
Davide Campari-Milano NV |
94,747 | 1,274,241 | ||||||
EXOR NV, NVS |
19,285 | 1,802,097 | ||||||
Ferrovial SE |
100,252 | 3,322,245 | ||||||
Heineken Holding NV |
21,648 | 1,774,598 | ||||||
Heineken NV |
46,493 | 4,550,803 | ||||||
IMCD NV |
10,824 | 1,640,154 | ||||||
ING Groep NV |
661,282 | 9,652,510 |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Netherlands (continued) | ||||||||
JDE Peet’s NV |
21,919 | $ | 661,303 | |||||
Just Eat Takeaway.com NV(a)(c) |
40,076 | 718,963 | ||||||
Koninklijke Ahold Delhaize NV |
179,219 | 6,177,431 | ||||||
Koninklijke KPN NV |
582,124 | 2,106,273 | ||||||
Koninklijke Philips NV(a) |
169,520 | 3,521,547 | ||||||
NEPI Rockcastle NV |
90,284 | 540,934 | ||||||
NN Group NV |
46,016 | 1,764,020 | ||||||
OCI NV |
19,221 | 547,794 | ||||||
Pepco Group NV(a) |
31,760 | 273,684 | ||||||
Prosus NV |
146,546 | 11,592,867 | ||||||
QIAGEN NV(a) |
40,889 | 1,918,575 | ||||||
Randstad NV |
20,048 | 1,174,522 | ||||||
Universal Music Group NV |
148,476 | 3,808,396 | ||||||
Wolters Kluwer NV |
47,787 | 6,000,900 | ||||||
|
|
|||||||
137,216,636 | ||||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd.(a) |
230,204 | 1,201,722 | ||||||
EBOS Group Ltd. |
29,766 | 713,320 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
101,024 | 1,542,338 | ||||||
Mercury NZ Ltd. |
120,520 | 493,541 | ||||||
Meridian Energy Ltd. |
260,835 | 915,499 | ||||||
Spark New Zealand Ltd. |
395,905 | 1,274,634 | ||||||
|
|
|||||||
6,141,054 | ||||||||
Norway — 0.4% | ||||||||
Adevinta ASA(a) |
55,789 | 412,674 | ||||||
Aker BP ASA |
56,498 | 1,582,654 | ||||||
DNB Bank ASA |
174,029 | 3,586,299 | ||||||
Equinor ASA |
176,328 | 5,393,604 | ||||||
Gjensidige Forsikring ASA |
44,656 | 704,959 | ||||||
Kongsberg Gruppen ASA |
19,537 | 847,733 | ||||||
Mowi ASA |
76,824 | 1,350,558 | ||||||
Norsk Hydro ASA |
250,752 | 1,642,280 | ||||||
Orkla ASA |
139,895 | 1,103,887 | ||||||
Salmar ASA |
13,919 | 643,037 | ||||||
Telenor ASA |
124,025 | 1,327,680 | ||||||
Yara International ASA |
31,078 | 1,269,287 | ||||||
|
|
|||||||
19,864,652 | ||||||||
Peru — 0.1% | ||||||||
Cia. de Minas Buenaventura SAA, ADR |
36,531 | 282,019 | ||||||
Credicorp Ltd. |
12,178 | 1,912,555 | ||||||
Southern Copper Corp. |
14,677 | 1,283,357 | ||||||
|
|
|||||||
3,477,931 | ||||||||
Philippines — 0.2% | ||||||||
Aboitiz Equity Ventures Inc. |
288,830 | 282,707 | ||||||
ACEN Corp.(a) |
81,202 | 7,719 | ||||||
Ayala Corp. |
36,090 | 404,509 | ||||||
Ayala Land Inc. |
1,394,220 | 696,211 | ||||||
Bank of the Philippine Islands |
326,033 | 679,828 | ||||||
BDO Unibank Inc. |
449,444 | 1,188,577 | ||||||
International Container Terminal Services Inc. |
224,790 | 888,371 | ||||||
JG Summit Holdings Inc. |
753,730 | 591,395 | ||||||
Jollibee Foods Corp. |
116,770 | 542,365 | ||||||
Manila Electric Co. |
13,530 | 87,757 | ||||||
Metropolitan Bank & Trust Co. |
640,098 | 699,724 | ||||||
PLDT Inc. |
17,330 | 413,544 | ||||||
SM Investments Corp. |
36,055 | 599,082 | ||||||
SM Prime Holdings Inc. |
2,041,000 | 1,241,846 | ||||||
Universal Robina Corp. |
111,110 | 248,477 | ||||||
|
|
|||||||
8,572,112 |
Security | Shares | Value | ||||||
Poland — 0.2% | ||||||||
Allegro.eu SA (a)(c) |
86,870 | $ | 765,890 | |||||
Bank Polska Kasa Opieki SA |
33,316 | 983,751 | ||||||
CD Projekt SA |
12,537 | 511,496 | ||||||
Cyfrowy Polsat SA(b) |
55,914 | 225,312 | ||||||
Dino Polska SA(a)(c) |
8,367 | 931,749 | ||||||
KGHM Polska Miedz SA |
28,223 | 872,840 | ||||||
LPP SA |
207 | 712,068 | ||||||
mBank SA(a) |
2,605 | 310,958 | ||||||
PGE Polska Grupa Energetyczna SA(a) |
166,457 | 354,049 | ||||||
Polski Koncern Naftowy ORLEN SA |
100,933 | 1,798,985 | ||||||
Powszechna
Kasa Oszczednosci Bank |
158,597 | 1,609,129 | ||||||
Powszechny Zaklad Ubezpieczen SA |
98,556 | 996,691 | ||||||
Santander Bank Polska SA(a) |
8,344 | 827,822 | ||||||
|
|
|||||||
10,900,740 | ||||||||
Portugal — 0.1% | ||||||||
Banco Espirito Santo SA, Registered,NVS(d) |
4 | — | ||||||
EDP - Energias de Portugal SA |
563,335 | 2,631,810 | ||||||
Galp Energia SGPS SA |
93,248 | 1,239,230 | ||||||
Jeronimo Martins SGPS SA |
51,225 | 1,394,641 | ||||||
|
|
|||||||
5,265,681 | ||||||||
Qatar — 0.3% | ||||||||
Barwa Real Estate Co. |
298,500 | 230,252 | ||||||
Commercial Bank PSQC (The) |
606,478 | 1,041,097 | ||||||
Industries Qatar QSC |
292,220 | 1,069,524 | ||||||
Masraf Al Rayan QSC |
1,054,485 | 726,751 | ||||||
Mesaieed Petrochemical Holding Co. |
797,836 | 427,540 | ||||||
Ooredoo QPSC |
225,076 | 706,307 | ||||||
Qatar Electricity & Water Co. QSC |
128,977 | 642,155 | ||||||
Qatar Fuel QSC |
91,366 | 421,438 | ||||||
Qatar Gas Transport Co. Ltd. |
411,678 | 476,389 | ||||||
Qatar International Islamic Bank QSC |
142,967 | 407,383 | ||||||
Qatar Islamic Bank SAQ |
296,355 | 1,721,016 | ||||||
Qatar National Bank QPSC |
842,597 | 3,928,339 | ||||||
|
|
|||||||
11,798,191 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(d) |
504,040 | 55 | ||||||
Gazprom PJSC(a)(d) |
2,086,234 | 227 | ||||||
Inter RAO UES PJSC(d) |
5,597,000 | 610 | ||||||
LUKOIL PJSC(d) |
71,534 | 8 | ||||||
Magnit PJSC(d) |
10,825 | 1 | ||||||
Magnit PJSC, GDR(d) |
4 | — | ||||||
MMC Norilsk Nickel PJSC(d) |
11,400 | 1 | ||||||
Mobile TeleSystems PJSC(d) |
193,438 | 21 | ||||||
Moscow Exchange MICEX-RTS PJSC(d) |
287,200 | 31 | ||||||
Novatek PJSC(d) |
162,260 | 18 | ||||||
Novolipetsk Steel PJSC(a)(d) |
223,890 | 24 | ||||||
Ozon Holdings PLC, GDR(a)(d) |
8,288 | 1 | ||||||
PhosAgro PJSC(d) |
9,664 | 1 | ||||||
PhosAgro PJSC, GDR(a)(d)(e) |
1 | — | ||||||
PhosAgro PJSC, New(d) |
187 | 2 | ||||||
Polymetal International PLC(a)(d) |
52,614 | 6 | ||||||
Polyus PJSC(a)(d) |
5,198 | 1 | ||||||
Rosneft Oil Co. PJSC(d) |
165,180 | 18 | ||||||
Sberbank of Russia PJSC(d) |
1,882,550 | 205 | ||||||
Severstal PAO(a)(d) |
30,098 | 3 | ||||||
Surgutneftegas PJSC(d) |
1,575,550 | 172 | ||||||
Tatneft PJSC(d) |
206,881 | 23 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) |
20,990 | 2 | ||||||
United Co. RUSAL International PJSC(a)(d) |
563,790 | 62 |
50 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
VK Co. Ltd.(a)(d) |
21,979 | $ | 2 | |||||
VTB Bank PJSC(a)(d) |
493,800,000 | 54 | ||||||
X5 Retail Group NV, GDR(a)(d) |
16,185 | 2 | ||||||
Yandex NV(a)(d) |
54,504 | 6 | ||||||
|
|
|||||||
1,556 | ||||||||
Saudi Arabia — 1.2% | ||||||||
ACWA Power Co. |
18,277 | 898,414 | ||||||
Advanced Petrochemical Co. |
32,344 | 392,630 | ||||||
Al Rajhi Bank |
368,857 | 7,331,974 | ||||||
Alinma Bank |
184,776 | 1,821,810 | ||||||
Almarai Co. JSC |
27,927 | 512,849 | ||||||
AngloGold Ashanti Ltd. |
79,520 | 1,763,728 | ||||||
Arab National Bank |
116,271 | 825,516 | ||||||
Arabian Internet & Communications Services Co. |
3,579 | 347,920 | ||||||
Bank AlBilad |
104,563 | 1,218,857 | ||||||
Bank Al-Jazira |
92,950 | 455,258 | ||||||
Banque Saudi Fransi |
118,165 | 1,341,429 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
13,665 | 628,514 | ||||||
Dallah Healthcare Co. |
8,147 | 383,071 | ||||||
Dar
Al Arkan Real Estate Development |
115,959 | 523,261 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
16,235 | 1,250,694 | ||||||
Elm Co. |
6,165 | 1,117,491 | ||||||
Emaar Economic City(a) |
90,648 | 217,534 | ||||||
Etihad Etisalat Co. |
71,365 | 891,115 | ||||||
Jarir Marketing Co. |
180,600 | 746,273 | ||||||
Mobile Telecommunications Co. |
84,590 | 302,590 | ||||||
Mouwasat Medical Services Co. |
8,110 | 542,276 | ||||||
Nahdi Medical Co. |
4,925 | 228,216 | ||||||
National Industrialization Co.(a) |
52,344 | 196,916 | ||||||
Rabigh Refining & Petrochemical Co.(a) |
79,475 | 220,438 | ||||||
Reinet Investments SCA |
24,832 | 601,578 | ||||||
Riyad Bank |
261,934 | 2,220,562 | ||||||
SABIC Agri-Nutrients Co. |
41,264 | 1,585,955 | ||||||
Sahara International Petrochemical Co. |
80,857 | 815,912 | ||||||
Saudi Arabian Mining Co.(a) |
249,988 | 2,959,942 | ||||||
Saudi Arabian Oil Co.(c) |
493,923 | 4,268,375 | ||||||
Saudi Awwal Bank |
173,174 | 1,756,652 | ||||||
Saudi Basic Industries Corp. |
158,804 | 3,629,376 | ||||||
Saudi Electricity Co. |
197,090 | 1,179,047 | ||||||
Saudi Industrial Investment Group |
52,647 | 350,757 | ||||||
Saudi Investment Bank (The) |
82,685 | 394,481 | ||||||
Saudi Kayan Petrochemical Co.(a) |
120,747 | 394,495 | ||||||
Saudi National Bank (The) |
535,920 | 5,507,012 | ||||||
Saudi Research & Media Group(a) |
6,373 | 318,079 | ||||||
Saudi Tadawul Group Holding Co. |
6,983 | 374,794 | ||||||
Saudi Telecom Co. |
319,515 | 3,612,965 | ||||||
Savola Group (The) |
45,800 | 516,249 | ||||||
Yanbu National Petrochemical Co. |
43,476 | 531,183 | ||||||
|
|
|||||||
55,176,188 | ||||||||
Singapore — 0.9% | ||||||||
CapitaLand Ascendas REIT |
603,577 | 1,276,339 | ||||||
CapitaLand Integrated Commercial Trust |
985,621 | 1,513,208 | ||||||
Capitaland Investment Ltd/Singapore |
477,600 | 1,222,407 | ||||||
City Developments Ltd. |
82,500 | 459,054 | ||||||
DBS Group Holdings Ltd. |
327,700 | 8,453,689 | ||||||
Genting Singapore Ltd. |
1,165,300 | 824,246 | ||||||
Grab Holdings Ltd., Class A(a) |
338,131 | 1,295,042 | ||||||
Jardine Cycle & Carriage Ltd. |
22,900 | 591,045 | ||||||
Keppel Corp. Ltd. |
280,700 | 1,558,793 |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Mapletree Logistics Trust |
602,797 | $ | 766,326 | |||||
Mapletree Pan Asia Commercial Trust |
384,300 | 477,309 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
598,675 | 5,991,390 | ||||||
Sea Ltd., ADR(a) |
66,534 | 4,425,842 | ||||||
Seatrium Ltd.(a) |
8,208,226 | 869,952 | ||||||
Singapore Airlines Ltd.(b) |
260,750 | 1,477,155 | ||||||
Singapore Exchange Ltd. |
121,400 | 887,409 | ||||||
Singapore Technologies Engineering Ltd. |
303,700 | 852,639 | ||||||
Singapore Telecommunications Ltd. |
1,504,100 | 3,017,322 | ||||||
United Overseas Bank Ltd. |
229,700 | 5,210,396 | ||||||
UOL Group Ltd. |
70,400 | 372,499 | ||||||
Venture Corp. Ltd. |
57,600 | 649,378 | ||||||
Wilmar International Ltd. |
352,000 | 1,022,818 | ||||||
|
|
|||||||
43,214,258 | ||||||||
South Africa — 0.9% | ||||||||
Absa Group Ltd. |
145,387 | 1,540,875 | ||||||
African Rainbow Minerals Ltd. |
20,472 | 231,071 | ||||||
Anglo American Platinum Ltd. |
12,014 | 600,449 | ||||||
Aspen Pharmacare Holdings Ltd. |
77,003 | 825,800 | ||||||
Bid Corp. Ltd. |
67,863 | 1,607,424 | ||||||
Bidvest Group Ltd. (The) |
57,270 | 888,652 | ||||||
Capitec Bank Holdings Ltd. |
16,499 | 1,654,545 | ||||||
Clicks Group Ltd. |
53,023 | 831,706 | ||||||
Discovery Ltd.(a) |
90,010 | 795,173 | ||||||
Exxaro Resources Ltd. |
54,964 | 497,953 | ||||||
FirstRand Ltd. |
899,467 | 3,658,916 | ||||||
Foschini Group Ltd. (The) |
48,708 | 295,151 | ||||||
Gold Fields Ltd. |
166,478 | 2,581,936 | ||||||
Growthpoint Properties Ltd. |
763,672 | 541,034 | ||||||
Harmony Gold Mining Co. Ltd. |
110,566 | 477,408 | ||||||
Impala Platinum Holdings Ltd. |
156,154 | 1,127,911 | ||||||
Kumba Iron Ore Ltd. |
11,574 | 317,487 | ||||||
Mr. Price Group Ltd. |
57,193 | 503,532 | ||||||
MTN Group Ltd. |
316,941 | 2,482,007 | ||||||
MultiChoice Group |
73,091 | 361,741 | ||||||
Naspers Ltd., Class N |
36,040 | 7,081,383 | ||||||
Nedbank Group Ltd. |
74,178 | 974,730 | ||||||
Northam Platinum Holdings Ltd.(a) |
68,097 | 575,352 | ||||||
Old Mutual Ltd. |
922,974 | 671,442 | ||||||
Pepkor Holdings Ltd.(c) |
256,135 | 248,920 | ||||||
Remgro Ltd. |
96,191 | 864,785 | ||||||
Sanlam Ltd. |
292,823 | 1,076,898 | ||||||
Sasol Ltd. |
105,830 | 1,477,610 | ||||||
Shoprite Holdings Ltd. |
90,434 | 1,306,669 | ||||||
Sibanye Stillwater Ltd. |
493,532 | 937,913 | ||||||
Standard Bank Group Ltd. |
238,399 | 2,546,122 | ||||||
Vodacom Group Ltd. |
104,982 | 693,199 | ||||||
Woolworths Holdings Ltd. |
207,811 | 929,608 | ||||||
|
|
|||||||
41,205,402 | ||||||||
South Korea — 3.3% | ||||||||
Amorepacific Corp. |
5,640 | 498,162 | ||||||
BGF retail Co. Ltd. |
1,851 | 242,863 | ||||||
Celltrion Healthcare Co. Ltd. |
19,444 | 1,004,509 | ||||||
Celltrion Inc. |
19,756 | 2,272,874 | ||||||
Celltrion Pharm Inc.(a) |
4,181 | 291,116 | ||||||
CJ CheilJedang Corp. |
1,826 | 400,844 | ||||||
CJ Corp. |
2,209 | 112,300 | ||||||
CosmoAM&T Co. Ltd.(a) |
4,147 | 591,325 | ||||||
Coway Co. Ltd. |
10,873 | 349,417 |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
DB Insurance Co. Ltd. |
9,110 | $ | 538,678 | |||||
Doosan Bobcat Inc. |
7,784 | 357,064 | ||||||
Doosan Enerbility Co. Ltd.(a) |
83,090 | 1,140,493 | ||||||
Ecopro BM Co. Ltd. |
8,881 | 2,921,219 | ||||||
E-MART Inc. |
3,796 | 225,321 | ||||||
F&F Co. Ltd./New |
3,329 | 270,276 | ||||||
GS Holdings Corp. |
8,060 | 238,168 | ||||||
Hana Financial Group Inc. |
51,470 | 1,586,074 | ||||||
Hankook Tire & Technology Co. Ltd. |
17,303 | 524,822 | ||||||
Hanmi Pharm Co. Ltd. |
1,576 | 329,523 | ||||||
Hanon Systems |
28,015 | 187,387 | ||||||
Hanwha Aerospace Co. Ltd. |
7,193 | 690,094 | ||||||
Hanwha Solutions Corp.(a) |
18,114 | 537,609 | ||||||
HD Hyundai Co. Ltd. |
10,938 | 528,208 | ||||||
HD Hyundai Heavy Industries Co. Ltd.(a) |
3,779 | 414,279 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) |
8,023 | 776,604 | ||||||
HLB Inc.(a) |
21,214 | 547,061 | ||||||
HMM Co. Ltd. |
43,004 | 590,273 | ||||||
Hotel Shilla Co. Ltd. |
6,943 | 410,162 | ||||||
HYBE Co. Ltd.(a) |
3,284 | 676,299 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
15,563 | 456,764 | ||||||
Hyundai Glovis Co. Ltd. |
3,018 | 412,676 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a) |
3,765 | 275,907 | ||||||
Hyundai Mobis Co. Ltd. |
11,151 | 2,037,470 | ||||||
Hyundai Motor Co. |
24,653 | 3,790,483 | ||||||
Hyundai Steel Co. |
18,221 | 516,548 | ||||||
Iljin Materials Co. Ltd. |
4,800 | 206,505 | ||||||
Industrial Bank of Korea |
55,703 | 454,123 | ||||||
Kakao Corp. |
57,992 | 2,334,580 | ||||||
Kakao Games Corp.(a) |
6,916 | 171,149 | ||||||
Kakao Pay Corp.(a) |
4,105 | 161,564 | ||||||
KakaoBank Corp. |
31,753 | 647,723 | ||||||
Kangwon Land Inc. |
15,223 | 186,323 | ||||||
KB Financial Group Inc. |
70,818 | 2,836,360 | ||||||
Kia Corp. |
48,375 | 3,139,504 | ||||||
Korea Aerospace Industries Ltd. |
14,793 | 571,136 | ||||||
Korea Electric Power Corp.(a) |
46,486 | 700,438 | ||||||
Korea Investment Holdings Co. Ltd. |
7,959 | 304,981 | ||||||
Korea Zinc Co. Ltd. |
1,617 | 626,398 | ||||||
Korean Air Lines Co. Ltd. |
29,670 | 572,697 | ||||||
Krafton Inc.(a) |
5,649 | 761,475 | ||||||
KT Corp. |
5,721 | 132,484 | ||||||
KT&G Corp. |
18,514 | 1,198,002 | ||||||
Kumho Petrochemical Co. Ltd. |
2,949 | 277,704 | ||||||
L&F Co. Ltd. |
4,639 | 937,568 | ||||||
LG Chem Ltd. |
9,035 | 4,596,157 | ||||||
LG Corp. |
17,742 | 1,161,467 | ||||||
LG Display Co. Ltd.(a) |
46,070 | 487,105 | ||||||
LG Electronics Inc. |
19,124 | 1,627,861 | ||||||
LG Energy Solution(a) |
6,536 | 2,871,470 | ||||||
LG H&H Co. Ltd. |
1,616 | 542,204 | ||||||
LG Innotek Co. Ltd. |
2,572 | 533,316 | ||||||
LG Uplus Corp. |
39,381 | 309,099 | ||||||
Lotte Chemical Corp. |
3,532 | 417,343 | ||||||
Meritz Financial Group Inc. |
19,514 | 753,442 | ||||||
Mirae Asset Securities Co. Ltd. |
52,233 | 283,949 | ||||||
NAVER Corp. |
23,706 | 4,223,635 | ||||||
NCSoft Corp. |
2,756 | 597,904 | ||||||
Netmarble Corp.(a)(c) |
4,653 | 179,678 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
NH Investment & Securities Co. Ltd. |
27,473 | $ | 213,353 | |||||
Orion Corp./Republic of Korea |
5,279 | 469,859 | ||||||
Pan Ocean Co. Ltd. |
52,053 | 195,187 | ||||||
Pearl Abyss Corp.(a) |
6,008 | 264,104 | ||||||
POSCO Future M Co. Ltd. |
5,665 | 2,343,675 | ||||||
POSCO Holdings Inc. |
13,297 | 6,700,109 | ||||||
Samsung Biologics Co. Ltd.(a)(c) |
3,248 | 1,950,320 | ||||||
Samsung C&T Corp. |
14,300 | 1,158,595 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
10,344 | 1,180,032 | ||||||
Samsung Electronics Co. Ltd. |
878,491 | 48,099,691 | ||||||
Samsung Engineering Co. Ltd.(a) |
29,559 | 857,419 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
5,790 | 1,106,739 | ||||||
Samsung Heavy Industries Co. Ltd.(a) |
121,738 | 862,834 | ||||||
Samsung Life Insurance Co. Ltd. |
13,798 | 754,864 | ||||||
Samsung SDI Co. Ltd. |
10,168 | 5,307,742 | ||||||
Samsung SDS Co. Ltd. |
6,910 | 695,653 | ||||||
Samsung Securities Co. Ltd. |
11,858 | 333,930 | ||||||
Shinhan Financial Group Co. Ltd. |
77,934 | 2,145,000 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) |
6,735 | 430,071 | ||||||
SK Bioscience Co. Ltd.(a) |
4,513 | 259,879 | ||||||
SK Hynix Inc. |
100,567 | 9,739,408 | ||||||
SK IE Technology Co. Ltd.(a)(c) |
4,823 | 406,403 | ||||||
SK Inc. |
6,865 | 822,868 | ||||||
SK Innovation Co. Ltd.(a) |
10,259 | 1,740,122 | ||||||
SK Square Co. Ltd.(a) |
18,235 | 634,866 | ||||||
SKC Co. Ltd. |
4,424 | 344,394 | ||||||
S-Oil Corp. |
8,951 | 526,177 | ||||||
Woori Financial Group Inc. |
97,257 | 888,848 | ||||||
Yuhan Corp. |
13,920 | 796,446 | ||||||
|
|
|||||||
152,776,804 | ||||||||
Spain — 1.6% | ||||||||
Acciona SA |
4,651 | 697,179 | ||||||
ACS
Actividades de Construccion y |
41,404 | 1,448,260 | ||||||
Aena SME SA(c) |
13,079 | 2,088,613 | ||||||
Amadeus IT Group SA |
82,698 | 5,932,431 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
1,114,669 | 8,835,284 | ||||||
Banco Santander SA |
3,016,199 | 12,222,487 | ||||||
CaixaBank SA |
765,039 | 3,094,736 | ||||||
Cellnex Telecom SA(c) |
104,915 | 4,284,632 | ||||||
Corp. ACCIONA Energias Renovables SA |
12,699 | 399,711 | ||||||
EDP Renovaveis SA |
54,131 | 1,033,951 | ||||||
Enagas SA |
22,741 | 403,574 | ||||||
Endesa SA |
59,914 | 1,284,128 | ||||||
Grifols SA(a) |
54,265 | 797,169 | ||||||
Iberdrola SA |
1,093,663 | 13,650,583 | ||||||
Industria de Diseno Textil SA |
201,795 | 7,724,272 | ||||||
Naturgy Energy Group SA |
26,417 | 805,473 | ||||||
Redeia Corp. SA |
64,486 | 1,078,571 | ||||||
Repsol SA |
249,149 | 3,803,862 | ||||||
Telefonica SA |
940,534 | 4,007,392 | ||||||
|
|
|||||||
73,592,308 | ||||||||
Sweden — 2.1% | ||||||||
Alfa Laval AB |
54,207 | 2,029,159 | ||||||
Assa Abloy AB, Class B |
186,319 | 4,479,646 | ||||||
Atlas Copco AB, Class A |
491,645 | 6,984,252 | ||||||
Atlas Copco AB, Class B |
294,668 | 3,638,830 | ||||||
Beijer Ref AB, Class B |
71,907 | 977,829 | ||||||
Boliden AB |
50,003 | 1,470,550 | ||||||
Embracer Group AB, Class B(a)(b) |
161,018 | 462,169 |
52 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Epiroc AB, Class A |
122,337 | $ | 2,442,535 | |||||
Epiroc AB, Class B |
67,006 | 1,138,370 | ||||||
EQTAB |
62,689 | 1,497,457 | ||||||
Essity AB, Class B |
112,822 | 2,797,566 | ||||||
Evolution AB(c) |
33,456 | 4,125,546 | ||||||
Fastighets AB Balder, Class B(a)(b) |
142,209 | 663,614 | ||||||
Getinge AB, Class B |
42,752 | 796,599 | ||||||
H & M Hennes & Mauritz AB, Class B |
117,208 | 1,971,411 | ||||||
Hexagon AB, Class B |
384,014 | 3,723,326 | ||||||
Holmen AB, Class B |
16,792 | 646,840 | ||||||
Husqvarna AB, Class B |
83,285 | 816,906 | ||||||
Industrivarden AB, Class A |
24,737 | 702,456 | ||||||
Industrivarden AB, Class C |
26,210 | 742,549 | ||||||
Indutrade AB |
53,218 | 1,116,851 | ||||||
Investment AB Latour, Class B |
30,784 | 620,347 | ||||||
Investor AB, Class A |
85,391 | 1,734,155 | ||||||
Investor AB, Class B |
315,328 | 6,440,255 | ||||||
Kinnevik AB, Class B(a) |
52,331 | 714,250 | ||||||
L E Lundbergforetagen AB, Class B |
12,793 | 563,780 | ||||||
Lifco AB, Class B |
47,788 | 963,494 | ||||||
Nibe Industrier AB, Class B |
283,679 | 2,555,313 | ||||||
Nordea Bank Abp |
590,207 | 6,680,161 | ||||||
Saab AB, Class B |
15,403 | 811,878 | ||||||
Sagax AB, Class B |
36,384 | 807,931 | ||||||
Sandvik AB |
192,506 | 3,910,283 | ||||||
Securitas AB, Class B |
86,617 | 737,264 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
286,146 | 3,468,728 | ||||||
Skanska AB, Class B |
62,132 | 990,967 | ||||||
SKF AB, Class B |
63,700 | 1,213,640 | ||||||
Svenska Cellulosa AB SCA, Class B |
114,373 | 1,519,728 | ||||||
Svenska Handelsbanken AB, Class A |
267,011 | 2,344,345 | ||||||
Swedbank AB, Class A |
159,265 | 2,921,189 | ||||||
Swedish Orphan Biovitrum AB(a)(b) |
29,810 | 583,473 | ||||||
Tele2 AB, Class B |
100,050 | 752,831 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
535,685 | 2,694,749 | ||||||
Telia Co. AB |
432,076 | 928,523 | ||||||
Volvo AB, Class A |
36,996 | 838,920 | ||||||
Volvo AB, Class B |
269,293 | 5,940,231 | ||||||
Volvo Car AB, Class B(a)(b) |
105,739 | 522,668 | ||||||
|
|
|||||||
94,483,564 | ||||||||
Switzerland — 6.7% | ||||||||
ABB Ltd., Registered |
291,747 | 11,707,082 | ||||||
Adecco Group AG, Registered |
29,090 | 1,185,543 | ||||||
Alcon Inc. |
92,130 | 7,839,491 | ||||||
Bachem Holding AG, Class A |
7,323 | 676,434 | ||||||
Baloise Holding AG, Registered |
7,963 | 1,232,583 | ||||||
Banque Cantonale Vaudoise, Registered |
5,568 | 624,960 | ||||||
Barry Callebaut AG, Registered |
697 | 1,306,875 | ||||||
BKW AG |
4,059 | 726,335 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
192 | 2,348,204 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered |
19 | 2,309,172 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
95,527 | 15,382,981 | ||||||
Clariant AG, Registered |
45,235 | 741,229 | ||||||
Coca-Cola HBC AG, Class DI |
36,595 | 1,076,732 | ||||||
DSM-Firmenich AG |
31,307 | 3,459,417 | ||||||
Dufry AG, Registered(a) |
18,090 | 934,682 | ||||||
EMS-Chemie Holding AG, Registered |
1,353 | 1,129,281 | ||||||
Geberit AG, Registered |
6,622 | 3,757,998 |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Givaudan SA, Registered |
1,746 | $ | 5,893,571 | |||||
Helvetia Holding AG, Registered |
6,058 | 896,481 | ||||||
Holcim Ltd. |
100,136 | 6,979,170 | ||||||
Julius Baer Group Ltd. |
40,461 | 2,865,753 | ||||||
Kuehne + Nagel International AG, Registered |
10,089 | 3,156,807 | ||||||
Logitech International SA, Registered |
30,954 | 2,188,415 | ||||||
Lonza Group AG, Registered |
13,709 | 7,965,421 | ||||||
Nestle SA, Registered |
503,091 | 61,638,270 | ||||||
Novartis AG, Registered |
374,731 | 39,233,261 | ||||||
Partners Group Holding AG |
4,235 | 4,754,354 | ||||||
Roche Holding AG, Bearer |
5,821 | 1,930,075 | ||||||
Roche Holding AG, NVS |
129,114 | 40,031,969 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
8,114 | 1,970,214 | ||||||
Schindler Holding AG, Registered |
3,899 | 904,028 | ||||||
SGS SA |
27,353 | 2,655,840 | ||||||
Siemens Energy AG(a) |
94,710 | 1,604,542 | ||||||
SIG Group AG |
55,778 | 1,491,151 | ||||||
Sika AG, Registered |
27,054 | 8,420,219 | ||||||
Sonova Holding AG, Registered |
9,643 | 2,687,938 | ||||||
STMicroelectronics NV |
125,979 | 6,738,158 | ||||||
Straumann Holding AG |
21,269 | 3,519,443 | ||||||
Swatch Group AG (The), Bearer |
5,325 | 1,704,215 | ||||||
Swatch Group AG (The), Registered |
8,793 | 528,044 | ||||||
Swiss Life Holding AG, Registered |
5,739 | 3,649,167 | ||||||
Swiss Prime Site AG, Registered |
14,848 | 1,437,426 | ||||||
Swiss Re AG |
55,321 | 5,772,154 | ||||||
Swisscom AG, Registered |
4,729 | 3,041,010 | ||||||
Temenos AG, Registered |
11,727 | 1,008,554 | ||||||
UBS Group AG, Registered |
599,389 | 13,299,766 | ||||||
VAT Group AG(c) |
5,088 | 2,162,639 | ||||||
Zurich Insurance Group AG |
27,383 | 13,239,639 | ||||||
|
|
|||||||
309,806,693 | ||||||||
Taiwan — 4.2% | ||||||||
Accton Technology Corp. |
101,000 | 1,232,236 | ||||||
Acer Inc. |
601,792 | 672,045 | ||||||
Advantech Co. Ltd. |
105,360 | 1,315,708 | ||||||
Airtac International Group |
28,928 | 860,401 | ||||||
ASE Technology Holding Co. Ltd. |
588,762 | 2,154,916 | ||||||
Asia Cement Corp. |
362,440 | 464,987 | ||||||
Asustek Computer Inc. |
127,000 | 1,475,015 | ||||||
AUO Corp. |
1,222,800 | 806,659 | ||||||
Catcher Technology Co. Ltd. |
120,000 | 663,567 | ||||||
Cathay Financial Holding Co. Ltd. |
1,536,019 | 2,238,862 | ||||||
Chailease Holding Co. Ltd. |
266,827 | 1,766,766 | ||||||
Chang Hwa Commercial Bank Ltd. |
839,086 | 503,777 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
371,000 | 454,746 | ||||||
China Airlines Ltd. |
566,000 | 450,095 | ||||||
China Development Financial Holding Corp.(a) |
2,968,358 | 1,186,826 | ||||||
China Steel Corp. |
2,143,288 | 1,906,820 | ||||||
Chunghwa Telecom Co. Ltd. |
688,000 | 2,538,002 | ||||||
Compal Electronics Inc. |
737,000 | 715,500 | ||||||
CTBC Financial Holding Co. Ltd. |
3,037,036 | 2,540,687 | ||||||
Delta Electronics Inc. |
348,000 | 4,062,449 | ||||||
E Ink Holdings Inc. |
164,000 | 1,176,178 | ||||||
E.Sun Financial Holding Co. Ltd. |
2,502,713 | 2,061,324 | ||||||
Eclat Textile Co. Ltd. |
35,000 | 605,484 | ||||||
eMemory Technology Inc. |
13,000 | 770,359 | ||||||
Eva Airways Corp. |
503,000 | 589,790 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
178,200 | 590,951 |
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Far Eastern New Century Corp. |
535,000 | $ | 505,991 | |||||
Far EasTone Telecommunications Co. Ltd. |
283,000 | 638,975 | ||||||
Feng TAY Enterprise Co. Ltd. |
82,600 | 558,673 | ||||||
First Financial Holding Co. Ltd. |
1,958,933 | 1,812,182 | ||||||
Formosa Chemicals & Fibre Corp. |
636,340 | 1,324,695 | ||||||
Formosa Petrochemical Corp. |
229,000 | 584,457 | ||||||
Formosa Plastics Corp. |
692,960 | 1,834,744 | ||||||
Fubon Financial Holding Co. Ltd. |
1,357,996 | 2,834,430 | ||||||
Giant Manufacturing Co. Ltd. |
63,211 | 468,900 | ||||||
Global Unichip Corp. |
16,000 | 836,873 | ||||||
Globalwafers Co. Ltd. |
41,000 | 671,918 | ||||||
Hon Hai Precision Industry Co. Ltd. |
2,257,377 | 7,811,271 | ||||||
Hotai Motor Co. Ltd. |
54,000 | 1,303,842 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
1,629,529 | 1,154,382 | ||||||
Innolux Corp. |
1,651,737 | 877,114 | ||||||
Inventec Corp. |
537,000 | 1,092,361 | ||||||
Largan Precision Co. Ltd. |
19,000 | 1,317,871 | ||||||
Lite-On Technology Corp. |
385,000 | 1,851,193 | ||||||
MediaTek Inc. |
280,000 | 6,161,375 | ||||||
Mega Financial Holding Co. Ltd. |
2,035,474 | 2,610,108 | ||||||
Micro-Star International Co. Ltd. |
136,000 | 843,546 | ||||||
momo.com Inc. |
18,200 | 347,606 | ||||||
Nan Ya Plastics Corp. |
904,840 | 2,016,363 | ||||||
Nan Ya Printed Circuit Board Corp. |
41,000 | 324,643 | ||||||
Nanya Technology Corp. |
231,000 | 533,049 | ||||||
Nien Made Enterprise Co. Ltd. |
42,000 | 435,370 | ||||||
Novatek Microelectronics Corp. |
102,000 | 1,379,400 | ||||||
Parade Technologies Ltd. |
14,000 | 411,009 | ||||||
Pegatron Corp. |
348,000 | 847,417 | ||||||
PharmaEssentia Corp.(a) |
43,000 | 469,116 | ||||||
Pou Chen Corp. |
391,000 | 389,075 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
655,000 | 626,092 | ||||||
President Chain Store Corp. |
85,000 | 755,151 | ||||||
Quanta Computer Inc. |
509,000 | 3,872,400 | ||||||
Realtek Semiconductor Corp. |
84,000 | 1,153,666 | ||||||
Ruentex Development Co. Ltd. |
343,000 | 389,208 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
678,784 | 951,487 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) |
2,386,983 | 732,656 | ||||||
Silergy Corp. |
67,000 | 708,684 | ||||||
SinoPac Financial Holdings Co. Ltd. |
2,149,697 | 1,276,580 | ||||||
Synnex Technology International Corp. |
281,750 | 531,023 | ||||||
Taishin Financial Holding Co. Ltd. |
2,124,840 | 1,236,147 | ||||||
Taiwan Business Bank |
902,000 | 414,125 | ||||||
Taiwan Cement Corp. |
959,553 | 1,140,150 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
1,948,482 | 1,823,961 | ||||||
Taiwan High Speed Rail Corp. |
378,000 | 363,030 | ||||||
Taiwan Mobile Co. Ltd. |
234,000 | 703,131 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
4,510,000 | 81,439,771 | ||||||
Unimicron Technology Corp. |
246,000 | 1,452,336 | ||||||
Uni-President Enterprises Corp. |
902,972 | 2,166,290 | ||||||
United Microelectronics Corp. |
2,100,000 | 3,155,668 | ||||||
Vanguard International Semiconductor Corp. |
169,000 | 416,679 | ||||||
Voltronic Power Technology Corp. |
13,000 | 725,407 | ||||||
Walsin Lihwa Corp. |
507,754 | 648,162 | ||||||
Wan Hai Lines Ltd. |
123,435 | 198,400 | ||||||
Win Semiconductors Corp. |
67,000 | 349,874 | ||||||
Winbond Electronics Corp.(a) |
616,000 | 577,394 | ||||||
Wistron Corp. |
487,000 | 2,198,187 | ||||||
Wiwynn Corp. |
17,000 | 965,415 | ||||||
WPG Holdings Ltd. |
368,000 | 591,471 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Yageo Corp. |
65,898 | $ | 966,087 | |||||
Yang Ming Marine Transport Corp. |
316,000 | 468,756 | ||||||
Yuanta Financial Holding Co. Ltd. |
1,785,933 | 1,388,791 | ||||||
Zhen Ding Technology Holding Ltd. |
133,000 | 445,688 | ||||||
|
|
|||||||
192,883,966 | ||||||||
Thailand — 0.6% | ||||||||
Advanced Info Service PCL, NVDR |
252,800 | 1,670,292 | ||||||
Airports of Thailand PCL, NVDR(a) |
896,100 | 1,872,252 | ||||||
Asset World Corp. PCL, NVDR |
1,896,300 | 248,493 | ||||||
B Grimm Power PCL, NVDR |
389,400 | 441,274 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
2,078,100 | 1,748,259 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
1,608,700 | 428,153 | ||||||
Berli Jucker PCL, NVDR |
386,800 | 395,653 | ||||||
BTS Group Holdings PCL, NVDR |
3,099,800 | 734,006 | ||||||
Central Pattana PCL, NVDR |
523,200 | 1,040,521 | ||||||
Charoen Pokphand Foods PCL, NVDR(b) |
1,123,900 | 666,968 | ||||||
CP ALL PCL, NVDR |
1,144,300 | 2,124,061 | ||||||
CP Axtra PCL |
289,800 | 292,285 | ||||||
Delta Electronics Thailand PCL, NVDR(b) |
621,000 | 2,053,302 | ||||||
Global Power Synergy PCL, NVDR |
319,500 | 539,363 | ||||||
Indorama Ventures PCL, NVDR |
509,088 | 509,866 | ||||||
Intouch Holdings PCL, NVDR |
309,300 | 696,315 | ||||||
Kasikornbank PCL, NVDR |
117,700 | 433,824 | ||||||
Krungthai Card PCL, NVDR |
325,300 | 447,058 | ||||||
Land & Houses PCL, NVDR |
2,119,200 | 526,387 | ||||||
Minor International PCL, NVDR |
773,520 | 746,338 | ||||||
Osotspa PCL, NVDR |
306,800 | 262,455 | ||||||
PTT Exploration & Production PCL, NVDR |
266,199 | 1,243,084 | ||||||
PTT Global Chemical PCL, NVDR |
469,101 | 542,196 | ||||||
PTT Public Company Ltd., NVDR |
2,068,300 | 2,116,363 | ||||||
SCB X PCL, NVS |
173,000 | 569,083 | ||||||
Siam Cement PCL (The), NVDR |
150,100 | 1,426,267 | ||||||
Srisawad Corp. PCL, NVDR |
327,600 | 452,876 | ||||||
Thai Oil PCL, NVDR |
403,000 | 604,660 | ||||||
True Corp. PCL |
2,351,296 | 498,462 | ||||||
|
|
|||||||
25,330,116 | ||||||||
Turkey — 0.2% | ||||||||
Akbank TAS |
567,030 | 588,424 | ||||||
Aselsan
Elektronik Sanayi Ve |
126,342 | 349,800 | ||||||
BIM Birlesik Magazalar AS |
90,569 | 727,289 | ||||||
Eregli Demir ve Celik Fabrikalari TAS(a) |
267,017 | 413,053 | ||||||
Ford Otomotiv Sanayi AS |
13,571 | 478,311 | ||||||
Haci Omer Sabanci Holding AS |
177,430 | 379,508 | ||||||
Hektas Ticaret TAS(a) |
198,135 | 224,470 | ||||||
KOC Holding AS |
153,750 | 770,704 | ||||||
Koza Altin Isletmeleri AS |
136,450 | 141,818 | ||||||
Pegasus Hava Tasimaciligi AS(a) |
10,063 | 314,589 | ||||||
Sasa Polyester Sanayi AS(a) |
190,862 | 431,769 | ||||||
Turk Hava Yollari AO(a) |
99,667 | 866,731 | ||||||
Turkcell Iletisim Hizmetleri AS |
216,428 | 415,200 | ||||||
Turkiye Is Bankasi AS, Class C |
640,800 | 359,745 | ||||||
Turkiye Petrol Rafinerileri AS |
190,744 | 732,149 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
280,548 | 556,215 | ||||||
Yapi ve Kredi Bankasi AS |
546,161 | 288,666 | ||||||
|
|
|||||||
8,038,441 | ||||||||
United Arab Emirates — 0.4% | ||||||||
Abu Dhabi Commercial Bank PJSC |
577,120 | 1,379,595 | ||||||
Abu Dhabi Islamic Bank PJSC |
303,694 | 929,380 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
623,908 | 662,485 |
54 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Arab Emirates (continued) | ||||||||
Aldar Properties PJSC |
764,462 | $ | 1,075,825 | |||||
Americana Restaurants International PLC |
357,002 | 373,244 | ||||||
Dubai Islamic Bank PJSC |
537,004 | 840,975 | ||||||
Emaar Properties PJSC |
1,219,991 | 2,244,841 | ||||||
Emirates NBD Bank PJSC |
370,267 | 1,713,268 | ||||||
Emirates Telecommunications Group Co. PJSC |
637,263 | 3,885,982 | ||||||
First Abu Dhabi Bank PJSC |
805,035 | 3,208,403 | ||||||
Multiply Group(a) |
620,576 | 545,678 | ||||||
|
|
|||||||
16,859,676 | ||||||||
United Kingdom — 9.5% | ||||||||
3i Group PLC |
174,704 | 4,432,443 | ||||||
abrdn PLC |
415,879 | 1,237,643 | ||||||
Admiral Group PLC |
37,636 | 1,027,576 | ||||||
Anglo American PLC |
232,843 | 7,160,335 | ||||||
Antofagasta PLC |
68,642 | 1,476,473 | ||||||
Ashtead Group PLC |
82,067 | 6,071,628 | ||||||
Associated British Foods PLC |
65,903 | 1,734,369 | ||||||
AstraZeneca PLC |
283,992 | 40,802,891 | ||||||
Auto Trader Group PLC(c) |
180,990 | 1,501,053 | ||||||
Aviva PLC |
527,841 | 2,629,789 | ||||||
BAE Systems PLC |
565,518 | 6,763,055 | ||||||
Barclays PLC |
2,879,243 | 5,713,314 | ||||||
Barratt Developments PLC |
193,375 | 1,131,941 | ||||||
Berkeley Group Holdings PLC |
20,691 | 1,153,682 | ||||||
BP PLC |
3,241,846 | 20,113,864 | ||||||
British American Tobacco PLC |
386,128 | 12,984,751 | ||||||
British Land Co. PLC (The) |
155,211 | 673,492 | ||||||
BT Group PLC |
1,283,022 | 2,010,476 | ||||||
Bunzl PLC |
63,386 | 2,349,587 | ||||||
Burberry Group PLC |
71,032 | 2,027,625 | ||||||
Centrica PLC |
991,992 | 1,757,959 | ||||||
CNH Industrial NV |
189,413 | 2,735,687 | ||||||
Coca-Cola Europacific Partners PLC |
38,718 | 2,454,334 | ||||||
Compass Group PLC |
318,515 | 8,287,005 | ||||||
Croda International PLC |
27,026 | 2,046,224 | ||||||
DCC PLC |
18,718 | 1,083,748 | ||||||
Diageo PLC |
412,257 | 17,991,827 | ||||||
Endeavour Mining PLC |
26,094 | 628,763 | ||||||
Entain PLC |
114,795 | 2,044,667 | ||||||
Experian PLC |
168,915 | 6,527,815 | ||||||
Glencore PLC |
1,949,728 | 11,857,142 | ||||||
GSK PLC |
747,354 | 13,303,762 | ||||||
Haleon PLC |
926,255 | 3,998,107 | ||||||
Halma PLC |
69,337 | 1,991,211 | ||||||
Hargreaves Lansdown PLC |
63,523 | 695,018 | ||||||
Hikma Pharmaceuticals PLC |
30,217 | 811,473 | ||||||
HSBC Holdings PLC |
3,657,161 | 30,377,888 | ||||||
Imperial Brands PLC |
162,541 | 3,840,102 | ||||||
Informa PLC |
266,715 | 2,595,102 | ||||||
InterContinental Hotels Group PLC |
33,155 | 2,450,393 | ||||||
Intertek Group PLC |
29,555 | 1,655,625 | ||||||
J Sainsbury PLC |
334,202 | 1,189,921 | ||||||
JD Sports Fashion PLC |
469,445 | 950,923 | ||||||
Johnson Matthey PLC |
34,566 | 799,420 | ||||||
Kingfisher PLC(b) |
392,927 | 1,239,044 | ||||||
Land Securities Group PLC |
115,170 | 956,463 | ||||||
Legal & General Group PLC |
1,089,748 | 3,265,827 | ||||||
Lloyds Banking Group PLC |
12,227,541 | 7,064,428 | ||||||
London Stock Exchange Group PLC |
74,543 | 8,094,978 | ||||||
M&G PLC |
440,434 | 1,134,514 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Mondi PLC |
89,613 | $ | 1,571,865 | |||||
National Grid PLC |
670,183 | 8,883,150 | ||||||
NatWest Group PLC, NVS |
1,014,656 | 3,185,044 | ||||||
Next PLC |
23,433 | 2,119,299 | ||||||
NMC Health PLC, NVS(d) |
14,180 | — | ||||||
Ocado Group PLC(a) |
102,966 | 1,239,563 | ||||||
Pearson PLC |
128,365 | 1,419,916 | ||||||
Persimmon PLC |
60,625 | 901,307 | ||||||
Phoenix Group Holdings PLC |
103,735 | 732,900 | ||||||
Prudential PLC |
503,693 | 6,994,445 | ||||||
Reckitt Benckiser Group PLC |
130,771 | 9,796,324 | ||||||
RELX PLC |
351,666 | 11,835,919 | ||||||
Rentokil Initial PLC |
450,098 | 3,670,170 | ||||||
Rio Tinto PLC |
204,871 | 13,541,505 | ||||||
Rolls-Royce Holdings PLC(a) |
1,547,265 | 3,668,777 | ||||||
Sage Group PLC (The) |
189,961 | 2,284,960 | ||||||
Schroders PLC |
133,100 | 785,263 | ||||||
Segro PLC |
215,031 | 2,107,208 | ||||||
Severn Trent PLC |
54,457 | 1,784,766 | ||||||
Shell PLC |
1,254,607 | 38,024,318 | ||||||
Smith & Nephew PLC |
161,038 | 2,449,871 | ||||||
Smiths Group PLC |
63,640 | 1,387,966 | ||||||
Spirax-Sarco Engineering PLC |
13,530 | 1,932,351 | ||||||
SSE PLC |
205,209 | 4,437,261 | ||||||
St. James’s Place PLC |
92,434 | 1,115,782 | ||||||
Standard Chartered PLC |
445,435 | 4,278,646 | ||||||
Taylor Wimpey PLC |
647,359 | 950,232 | ||||||
Tesco PLC |
1,349,922 | 4,471,037 | ||||||
Unilever PLC |
461,443 | 24,794,668 | ||||||
United Utilities Group PLC |
132,300 | 1,696,555 | ||||||
Vodafone Group PLC |
4,170,601 | 3,967,325 | ||||||
Whitbread PLC |
36,810 | 1,653,546 | ||||||
Wise PLC, Class A(a) |
119,468 | 1,191,559 | ||||||
WPP PLC |
200,735 | 2,191,771 | ||||||
|
|
|||||||
437,890,626 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.5% |
4,551,594,974 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 0.4% | ||||||||
Banco Bradesco SA, Preference Shares, NVS |
990,690 | 3,490,330 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS |
69,378 | 640,119 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS |
268,477 | 719,345 | ||||||
Gerdau SA, Preference Shares, NVS |
228,173 | 1,411,379 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
878,224 | 5,319,024 | ||||||
Itausa SA, Preference Shares, NVS |
901,355 | 1,871,807 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
863,186 | 5,678,819 | ||||||
|
|
|||||||
19,130,823 | ||||||||
Chile — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
26,409 | 1,936,420 | ||||||
|
|
|||||||
Colombia — 0.0% | ||||||||
Bancolombia SA, Preference Shares, NVS |
94,680 | 722,958 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
55 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS |
10,064 | $ | 1,130,701 | |||||
Dr Ing hc F Porsche AG, Preference Shares, NVS(c) |
21,026 | 2,571,115 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
29,858 | 2,304,032 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
28,786 | 1,698,544 | ||||||
Sartorius AG, Preference Shares, NVS |
4,914 | 2,027,415 | ||||||
Volkswagen AG, Preference Shares, NVS |
36,468 | 4,831,119 | ||||||
|
|
|||||||
14,562,926 | ||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) |
1,151,800 | 126 | ||||||
|
|
|||||||
South Korea — 0.2% | ||||||||
Hyundai Motor Co. |
||||||||
Preference Shares, NVS |
4,571 | 384,487 | ||||||
Series 2, Preference Shares, NVS |
6,519 | 554,484 | ||||||
LG Chem Ltd., Preference Shares, NVS |
1,425 | 439,162 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
148,039 | 6,667,788 | ||||||
|
|
|||||||
8,045,921 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 1.0% |
44,399,174 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
4,595,994,148 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h) |
30,987,447 | 30,996,743 |
Security | Shares | Value | ||||||
|
||||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g) |
7,320,000 | $ | 7,320,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.8% |
38,316,743 | |||||||
|
|
|||||||
Total
Investments — 100.3% |
4,634,310,891 | |||||||
Liabilities in Excess of Other Assets — (0.3)% |
|
(14,876,095 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 4,619,434,796 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 37,483,277 | $ | — | $ | (6,500,068 | )(a) | $ | 7,418 | $ | 6,116 | $ | 30,996,743 | 30,987,447 | $ | 315,042 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
4,160,000 | 3,160,000 | (a) | — | — | — | 7,320,000 | 7,320,000 | 258,782 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 7,418 | $ | 6,116 | $ | 38,316,743 | $ | 573,824 | $ | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
56 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
137 | 09/15/23 | $ | 15,110 | $ | 457,113 | ||||||||||
MSCI Emerging Markets Index |
124 | 09/15/23 | 6,536 | 278,395 | ||||||||||||
|
|
|||||||||||||||
$ | 735,508 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 735,508 | $ | — | $ | — | $ | — | $ | 735,508 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 1,565,956 | $ | — | $ | — | $ | — | $ | 1,565,956 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 8,303 | $ | — | $ | — | $ | — | $ | 8,303 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 21,038,609 | ||
|
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 |
$ | 557,347,805 | $ | 3,994,218,542 | $ | 28,627 | $ | 4,551,594,974 | ||||||||
Preferred Stocks |
21,790,201 | 22,608,847 | 126 | 44,399,174 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
38,316,743 | — | — | 38,316,743 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 617,454,749 | $ | 4,016,827,389 | $ | 28,753 | $ | 4,634,310,891 | |||||||||
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI ACWI ex U.S. ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 735,508 | $ | — | $ | — | $ | 735,508 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
58 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 7.4% | ||||||||
Ampol Ltd. |
754,202 | $ | 16,703,034 | |||||
APA Group |
3,750,598 | 25,230,730 | ||||||
Aristocrat Leisure Ltd. |
1,876,927 | 49,710,822 | ||||||
ASX Ltd. |
615,963 | 25,734,102 | ||||||
Aurizon Holdings Ltd. |
5,850,555 | 14,993,880 | ||||||
Australia & New Zealand Banking Group Ltd. |
9,548,059 | 165,650,852 | ||||||
BHP Group Ltd. |
16,105,074 | 501,219,963 | ||||||
BlueScope Steel Ltd. |
1,485,998 | 21,914,081 | ||||||
Brambles Ltd. |
4,454,135 | 42,139,544 | ||||||
Cochlear Ltd. |
208,841 | 33,596,734 | ||||||
Coles Group Ltd. |
4,260,131 | 52,095,416 | ||||||
Commonwealth Bank of Australia |
5,367,744 | 381,908,330 | ||||||
Computershare Ltd. |
1,825,647 | 30,790,000 | ||||||
CSL Ltd. |
1,533,524 | 276,212,429 | ||||||
Dexus |
3,391,396 | 18,770,665 | ||||||
Endeavour Group Ltd./Australia |
4,536,713 | 18,543,075 | ||||||
Fortescue Metals Group Ltd. |
5,383,494 | 79,141,263 | ||||||
Goodman Group |
5,381,478 | 74,410,515 | ||||||
GPT Group (The) |
6,088,787 | 17,796,664 | ||||||
IDP Education Ltd. |
794,252 | 13,310,396 | ||||||
IGO Ltd. |
2,158,064 | 20,165,519 | ||||||
Insurance Australia Group Ltd. |
7,802,578 | 31,147,976 | ||||||
James Hardie Industries PLC(a) |
1,406,206 | 41,211,518 | ||||||
Lendlease Corp. Ltd. |
2,179,468 | 12,670,488 | ||||||
Lottery Corp. Ltd. (The) |
7,046,392 | 24,520,697 | ||||||
Macquarie Group Ltd. |
1,167,283 | 137,657,578 | ||||||
Medibank Pvt Ltd. |
8,753,997 | 20,667,362 | ||||||
Mineral Resources Ltd. |
550,497 | 26,598,239 | ||||||
Mirvac Group |
12,542,509 | 19,770,754 | ||||||
National Australia Bank Ltd. |
9,978,215 | 191,143,172 | ||||||
Newcrest Mining Ltd. |
2,842,743 | 50,990,134 | ||||||
Northern Star Resources Ltd. |
3,664,165 | 28,603,224 | ||||||
Orica Ltd. |
1,436,381 | 15,241,136 | ||||||
Origin Energy Ltd. |
5,463,167 | 31,101,976 | ||||||
Pilbara Minerals Ltd.(b) |
8,585,252 | 28,087,036 | ||||||
Qantas Airways Ltd.(a) |
2,910,466 | 12,787,920 | ||||||
QBE Insurance Group Ltd. |
4,741,071 | 50,335,483 | ||||||
Ramsay Health Care Ltd. |
577,381 | 22,880,598 | ||||||
REA Group Ltd. |
166,788 | 17,681,764 | ||||||
Reece Ltd. |
716,883 | 9,466,345 | ||||||
Rio Tinto Ltd. |
1,180,128 | 93,448,188 | ||||||
Santos Ltd. |
10,495,439 | 56,475,826 | ||||||
Scentre Group |
16,499,431 | 31,221,734 | ||||||
SEEK Ltd. |
1,065,460 | 17,867,891 | ||||||
Sonic Healthcare Ltd. |
1,418,257 | 33,510,285 | ||||||
South32 Ltd. |
14,498,579 | 38,177,592 | ||||||
Stockland |
7,559,960 | 21,485,640 | ||||||
Suncorp Group Ltd. |
4,027,015 | 38,586,951 | ||||||
Telstra Corp. Ltd. |
12,838,872 | 36,747,558 | ||||||
Transurban Group |
9,793,287 | 94,554,615 | ||||||
Treasury Wine Estates Ltd. |
2,281,342 | 17,266,740 | ||||||
Vicinity Ltd. |
12,237,377 | 16,270,863 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
743,864 | 16,504,574 | ||||||
Wesfarmers Ltd. |
3,606,725 | 120,508,373 | ||||||
Westpac Banking Corp. |
11,155,786 | 167,681,124 | ||||||
WiseTech Global Ltd. |
526,187 | 30,386,790 | ||||||
Woodside Energy Group Ltd. |
6,036,353 | 155,588,069 | ||||||
Woolworths Group Ltd. |
3,874,351 | 100,612,380 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Xero Ltd.(a) |
456,513 | $ | 37,526,009 | |||||
|
|
|||||||
3,777,022,616 | ||||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG |
1,091,626 | 41,258,956 | ||||||
OMV AG |
465,374 | 20,967,003 | ||||||
Verbund AG |
215,202 | 17,830,984 | ||||||
voestalpine AG |
366,445 | 12,109,304 | ||||||
|
|
|||||||
92,166,247 | ||||||||
Belgium — 0.9% | ||||||||
Ageas SA/NV |
512,630 | 21,701,293 | ||||||
Anheuser-Busch InBev SA/NV |
2,761,389 | 157,967,039 | ||||||
Argenx SE(a) |
177,075 | 89,181,951 | ||||||
D’ieteren Group |
68,864 | 12,026,835 | ||||||
Elia Group SA/NV |
93,112 | 11,464,416 | ||||||
Groupe Bruxelles Lambert NV |
317,389 | 25,680,681 | ||||||
KBC Group NV |
795,709 | 59,888,869 | ||||||
Sofina SA |
48,884 | 11,623,276 | ||||||
Solvay SA |
234,766 | 28,194,983 | ||||||
UCB SA |
401,909 | 35,587,942 | ||||||
Umicore SA |
663,020 | 19,635,420 | ||||||
Warehouses De Pauw CVA |
513,760 | 15,180,205 | ||||||
|
|
|||||||
488,132,910 | ||||||||
Denmark — 3.0% | ||||||||
AP Moller - Maersk A/S, Class A |
9,848 | 19,800,636 | ||||||
AP Moller - Maersk A/S, Class B, NVS |
15,970 | 32,805,679 | ||||||
Carlsberg AS, Class B |
313,540 | 47,025,394 | ||||||
Chr Hansen Holding A/S |
335,237 | 25,331,724 | ||||||
Coloplast A/S, Class B |
377,458 | 46,920,442 | ||||||
Danske Bank A/S |
2,192,502 | 52,061,095 | ||||||
Demant A/S(a) |
292,752 | 11,649,998 | ||||||
DSV A/S |
591,766 | 118,436,036 | ||||||
Genmab A/S(a) |
209,764 | 86,464,632 | ||||||
Novo Nordisk A/S, Class B |
5,262,897 | 848,653,681 | ||||||
Novozymes A/S, Class B |
650,069 | 32,603,096 | ||||||
Orsted AS(c) |
600,871 | 52,287,475 | ||||||
Pandora A/S |
287,138 | 28,722,965 | ||||||
Rockwool A/S, Class B |
28,824 | 7,752,477 | ||||||
Tryg A/S |
1,145,982 | 22,626,039 | ||||||
Vestas Wind Systems A/S(a) |
3,210,258 | 85,863,034 | ||||||
|
|
|||||||
1,519,004,403 | ||||||||
Finland — 0.8% | ||||||||
Elisa OYJ |
450,438 | 23,497,283 | ||||||
Fortum OYJ |
1,417,897 | 19,194,418 | ||||||
Kesko OYJ, Class B |
861,125 | 17,229,983 | ||||||
Kone OYJ, Class B |
1,079,110 | 55,350,574 | ||||||
Metso OYJ |
2,100,411 | 23,869,213 | ||||||
Neste OYJ |
1,345,698 | 49,541,968 | ||||||
Nokia OYJ |
17,129,648 | 67,335,606 | ||||||
Orion OYJ, Class B |
339,145 | 13,033,716 | ||||||
Sampo OYJ, Class A |
1,462,852 | 64,462,954 | ||||||
Stora Enso OYJ, Class R |
1,844,564 | 22,612,990 | ||||||
UPM-Kymmene OYJ |
1,696,770 | 56,176,101 | ||||||
Wartsila OYJ Abp |
1,499,975 | 18,843,955 | ||||||
|
|
|||||||
431,148,761 | ||||||||
France — 12.0% | ||||||||
Accor SA |
583,777 | 22,027,091 | ||||||
Aeroports de Paris |
94,148 | 13,001,086 | ||||||
Air Liquide SA |
1,664,616 | 299,287,965 | ||||||
Airbus SE |
1,884,559 | 277,595,565 |
S C H E D U L E O F I N V E S T M E N T S |
59 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Alstom SA |
1,025,379 | $ | 31,397,359 | |||||
Amundi SA(c) |
195,701 | 12,009,277 | ||||||
ArcelorMittal SA |
1,534,920 | 44,392,612 | ||||||
Arkema SA |
189,869 | 20,475,283 | ||||||
AXA SA |
5,832,305 | 179,278,335 | ||||||
BioMerieux |
132,994 | 14,276,815 | ||||||
BNP Paribas SA |
3,531,714 | 232,908,761 | ||||||
Bollore SE |
2,790,940 | 17,646,335 | ||||||
Bouygues SA |
652,289 | 23,365,998 | ||||||
Bureau Veritas SA |
932,868 | 25,620,090 | ||||||
Capgemini SE |
524,242 | 95,002,382 | ||||||
Carrefour SA |
1,887,397 | 37,731,201 | ||||||
Cie. de Saint-Gobain |
1,555,727 | 105,215,920 | ||||||
Cie. Generale des Etablissements Michelin SCA |
2,157,320 | 70,645,871 | ||||||
Covivio |
149,366 | 7,211,631 | ||||||
Credit Agricole SA |
3,854,602 | 47,856,333 | ||||||
Danone SA |
2,038,456 | 124,481,851 | ||||||
Dassault Aviation SA |
79,483 | 15,440,472 | ||||||
Dassault Systemes SE |
2,122,485 | 90,712,118 | ||||||
Edenred |
793,441 | 51,534,281 | ||||||
Eiffage SA |
233,071 | 24,248,132 | ||||||
Engie SA |
5,806,473 | 95,257,072 | ||||||
EssilorLuxottica SA |
925,033 | 186,093,685 | ||||||
Eurazeo SE |
137,668 | 8,405,972 | ||||||
Eurofins Scientific SE |
428,318 | 29,458,254 | ||||||
Euronext NV(c) |
271,887 | 20,694,319 | ||||||
Gecina SA |
145,589 | 15,739,991 | ||||||
Getlink SE |
1,133,618 | 19,926,015 | ||||||
Hermes International |
100,687 | 222,846,988 | ||||||
Ipsen SA |
119,005 | 14,997,821 | ||||||
Kering SA |
236,663 | 135,883,687 | ||||||
Klepierre SA |
681,544 | 18,090,677 | ||||||
La Francaise des Jeux SAEM(c) |
332,022 | 12,675,725 | ||||||
Legrand SA |
848,228 | 85,038,845 | ||||||
L’Oreal SA |
765,650 | 356,111,021 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
877,858 | 815,326,000 | ||||||
Orange SA |
5,921,770 | 66,938,710 | ||||||
Pernod Ricard SA |
656,035 | 144,637,056 | ||||||
Publicis Groupe SA |
725,859 | 58,522,658 | ||||||
Remy Cointreau SA |
73,391 | 12,598,175 | ||||||
Renault SA |
609,434 | 26,767,336 | ||||||
Safran SA |
1,086,662 | 180,400,139 | ||||||
Sanofi |
3,607,563 | 384,871,128 | ||||||
Sartorius Stedim Biotech |
87,481 | 27,370,299 | ||||||
Schneider Electric SE |
1,724,812 | 307,658,213 | ||||||
SEB SA |
78,061 | 8,738,607 | ||||||
Societe Generale SA |
2,310,669 | 62,842,649 | ||||||
Sodexo SA |
281,238 | 28,848,659 | ||||||
Teleperformance |
187,938 | 27,258,302 | ||||||
Thales SA |
337,546 | 50,493,433 | ||||||
TotalEnergies SE |
7,521,105 | 456,956,067 | ||||||
Unibail-Rodamco-Westfield, New(a) |
372,205 | 21,090,199 | ||||||
Valeo |
653,827 | 14,779,221 | ||||||
Veolia Environnement SA |
2,158,069 | 70,264,451 | ||||||
Vinci SA |
1,689,616 | 198,440,982 | ||||||
Vivendi SE |
2,277,330 | 20,332,792 | ||||||
Wendel SE |
84,487 | 8,340,092 | ||||||
Worldline SA/France(a)(c) |
760,415 | 30,142,395 | ||||||
|
|
|||||||
6,128,200,399 |
Security | Shares | Value | ||||||
Germany — 7.9% | ||||||||
adidas AG |
514,994 | $ | 103,969,587 | |||||
Allianz SE, Registered |
1,282,185 | 306,441,386 | ||||||
BASF SE |
2,841,608 | 152,341,437 | ||||||
Bayer AG, Registered |
3,123,190 | 182,654,845 | ||||||
Bayerische Motoren Werke AG |
1,052,739 | 128,381,492 | ||||||
Bechtle AG |
258,125 | 11,361,015 | ||||||
Beiersdorf AG |
320,412 | 41,495,066 | ||||||
Brenntag SE |
491,765 | 38,153,398 | ||||||
Carl Zeiss Meditec AG, Bearer |
126,918 | 14,707,343 | ||||||
Commerzbank AG |
3,383,679 | 40,473,802 | ||||||
Continental AG |
349,645 | 27,915,534 | ||||||
Covestro AG(a)(c) |
613,290 | 32,945,255 | ||||||
Daimler Truck Holding AG |
1,569,103 | 58,888,891 | ||||||
Delivery Hero SE(a)(c) |
551,137 | 25,015,949 | ||||||
Deutsche Bank AG, Registered |
6,165,601 | 68,346,522 | ||||||
Deutsche Boerse AG |
604,016 | 115,730,385 | ||||||
Deutsche Lufthansa AG, Registered(a) |
1,889,601 | 19,059,005 | ||||||
Deutsche Post AG, Registered |
3,199,545 | 164,530,877 | ||||||
Deutsche Telekom AG, Registered |
10,304,041 | 224,640,803 | ||||||
E.ON SE |
7,137,116 | 90,286,804 | ||||||
Evonik Industries AG |
664,655 | 13,766,997 | ||||||
Fresenius Medical Care AG & Co. KGaA |
651,990 | 33,860,777 | ||||||
Fresenius SE & Co. KGaA |
1,341,025 | 42,084,235 | ||||||
GEA Group AG |
478,150 | 20,293,553 | ||||||
Hannover Rueck SE |
191,662 | 40,895,702 | ||||||
HeidelbergCement AG |
459,721 | 37,259,396 | ||||||
HelloFresh SE(a) |
520,069 | 14,829,814 | ||||||
Henkel AG & Co. KGaA |
330,462 | 23,093,423 | ||||||
Infineon Technologies AG |
4,151,614 | 182,403,086 | ||||||
Knorr-Bremse AG |
229,684 | 16,155,492 | ||||||
LEG Immobilien SE(a) |
233,551 | 16,512,654 | ||||||
Mercedes-Benz Group AG |
2,720,881 | 217,297,489 | ||||||
Merck KGaA |
411,011 | 72,224,881 | ||||||
MTU Aero Engines AG |
170,262 | 39,758,129 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
445,386 | 167,663,720 | ||||||
Nemetschek SE |
181,834 | 13,231,878 | ||||||
Puma SE |
332,484 | 22,469,691 | ||||||
Rational AG |
16,222 | 12,143,107 | ||||||
Rheinmetall AG |
138,274 | 39,165,560 | ||||||
RWE AG |
2,009,937 | 86,504,948 | ||||||
SAP SE |
3,319,747 | 452,851,854 | ||||||
Scout24 SE(c) |
253,756 | 16,774,710 | ||||||
Siemens AG, Registered |
2,416,153 | 411,814,306 | ||||||
Siemens Healthineers AG(c) |
897,051 | 52,121,634 | ||||||
Symrise AG, Class A |
421,534 | 46,044,894 | ||||||
Talanx AG(a)(b) |
200,757 | 12,294,327 | ||||||
Telefonica Deutschland Holding AG |
2,823,804 | 7,608,400 | ||||||
Volkswagen AG |
93,876 | 15,002,855 | ||||||
Vonovia SE |
2,276,851 | 53,050,580 | ||||||
Wacker Chemie AG |
57,846 | 8,988,563 | ||||||
Zalando SE(a)(c) |
705,541 | 24,358,585 | ||||||
|
|
|||||||
4,059,864,636 | ||||||||
Hong Kong — 2.5% | ||||||||
AIA Group Ltd. |
37,021,600 | 370,391,322 | ||||||
BOC Hong Kong Holdings Ltd. |
11,686,500 | 35,667,693 | ||||||
Budweiser Brewing Co. APAC Ltd.(c) |
5,476,100 | 13,356,852 | ||||||
CK Asset Holdings Ltd. |
6,269,184 | 36,305,287 | ||||||
CK Hutchison Holdings Ltd. |
8,528,184 | 52,596,097 | ||||||
CK Infrastructure Holdings Ltd. |
2,004,792 | 10,624,078 |
60 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
CLP Holdings Ltd. |
5,227,500 | $ | 42,610,038 | |||||
ESR Group Ltd.(c) |
6,332,000 | 11,103,448 | ||||||
Futu Holdings Ltd., ADR(a)(b) |
190,970 | 11,496,394 | ||||||
Galaxy Entertainment Group Ltd.(a) |
6,944,000 | 50,687,914 | ||||||
Hang Lung Properties Ltd. |
6,373,000 | 9,945,370 | ||||||
Hang Seng Bank Ltd. |
2,415,500 | 36,922,262 | ||||||
Henderson Land Development Co. Ltd. |
4,613,764 | 14,261,921 | ||||||
HKT Trust & HKT Ltd., Class SS |
12,118,440 | 14,314,294 | ||||||
Hong Kong & China Gas Co. Ltd. |
35,369,513 | 30,341,993 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
3,791,200 | 159,844,580 | ||||||
Hongkong Land Holdings Ltd.(b) |
3,544,600 | 12,631,948 | ||||||
Jardine Matheson Holdings Ltd. |
505,500 | 24,969,378 | ||||||
Link REIT |
8,047,029 | 45,233,601 | ||||||
MTR Corp. Ltd. |
4,910,000 | 22,626,746 | ||||||
New World Development Co. Ltd. |
4,793,033 | 11,853,029 | ||||||
Power Assets Holdings Ltd. |
4,397,500 | 23,048,273 | ||||||
Sands China Ltd.(a) |
7,678,800 | 29,582,671 | ||||||
Sino Land Co. Ltd. |
11,692,000 | 14,352,200 | ||||||
SITC International Holdings Co. Ltd. |
4,259,000 | 9,332,132 | ||||||
Sun Hung Kai Properties Ltd. |
4,600,500 | 57,766,723 | ||||||
Swire Pacific Ltd., Class A |
1,548,000 | 12,940,098 | ||||||
Swire Properties Ltd. |
3,726,855 | 9,351,886 | ||||||
Techtronic Industries Co. Ltd. |
4,367,533 | 49,617,572 | ||||||
WH Group Ltd.(c) |
26,387,500 | 14,402,035 | ||||||
Wharf Real Estate Investment Co. Ltd. |
5,299,912 | 28,441,802 | ||||||
Xinyi Glass Holdings Ltd. |
5,841,000 | 9,719,985 | ||||||
|
|
|||||||
1,276,339,622 | ||||||||
Ireland — 0.8% | ||||||||
AIB Group PLC |
4,262,554 | 20,049,616 | ||||||
Bank of Ireland Group PLC |
3,397,574 | 35,847,143 | ||||||
CRH PLC |
2,353,829 | 140,219,785 | ||||||
Flutter Entertainment PLC, Class DI(a) |
560,864 | 111,555,636 | ||||||
Kerry Group PLC, Class A |
506,622 | 50,333,329 | ||||||
Kingspan Group PLC |
488,676 | 39,222,860 | ||||||
Smurfit Kappa Group PLC |
824,970 | 32,644,904 | ||||||
|
|
|||||||
429,873,273 | ||||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. |
133,675 | 7,606,765 | ||||||
Bank Hapoalim BM |
4,031,969 | 35,815,325 | ||||||
Bank Leumi Le-Israel BM |
4,901,185 | 39,124,290 | ||||||
Check
Point Software Technologies |
318,042 | 42,048,333 | ||||||
CyberArk Software Ltd.(a)(b) |
128,814 | 21,384,412 | ||||||
Elbit Systems Ltd. |
84,015 | 17,864,611 | ||||||
ICL Group Ltd. |
2,232,938 | 14,867,993 | ||||||
Isracard Ltd. |
1 | 2 | ||||||
Israel Discount Bank Ltd., Class A |
3,902,053 | 20,668,194 | ||||||
Mizrahi Tefahot Bank Ltd. |
487,242 | 17,591,833 | ||||||
Monday.com Ltd.(a) |
60,541 | 10,944,602 | ||||||
Nice Ltd.(a) |
200,648 | 43,675,146 | ||||||
Teva
Pharmaceutical Industries Ltd., |
3,531,121 | 29,661,416 | ||||||
Tower Semiconductor Ltd.(a) |
345,358 | 12,808,379 | ||||||
Wix.com Ltd.(a) |
180,945 | 17,066,732 | ||||||
|
|
|||||||
331,128,033 | ||||||||
Italy — 2.5% | ||||||||
Amplifon SpA |
393,587 | 13,315,869 | ||||||
Assicurazioni Generali SpA |
3,224,253 | 68,678,258 | ||||||
DiaSorin SpA |
79,888 | 8,962,804 | ||||||
Enel SpA |
25,856,942 | 178,288,702 | ||||||
Eni SpA |
7,380,158 | 112,671,894 |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
Ferrari NV |
400,729 | $ | 128,468,367 | |||||
FinecoBank Banca Fineco SpA |
1,938,564 | 30,100,544 | ||||||
Infrastrutture Wireless Italiane SpA(c) |
1,063,202 | 13,333,397 | ||||||
Intesa Sanpaolo SpA |
51,312,444 | 148,378,518 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
1,748,178 | 23,297,263 | ||||||
Moncler SpA |
654,773 | 47,257,331 | ||||||
Nexi SpA(a)(c) |
1,880,243 | 16,282,909 | ||||||
Poste Italiane SpA(c) |
1,664,377 | 19,012,991 | ||||||
Prysmian SpA |
808,991 | 32,258,632 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
331,478 | 17,117,549 | ||||||
Snam SpA |
6,401,928 | 33,653,425 | ||||||
Stellantis NV |
7,150,885 | 146,721,016 | ||||||
Telecom Italia SpA/Milano(a)(b) |
31,843,737 | 9,179,639 | ||||||
Tenaris SA |
1,489,056 | 24,744,423 | ||||||
Terna - Rete Elettrica Nazionale |
4,466,863 | 37,740,539 | ||||||
UniCredit SpA |
5,861,490 | 148,414,369 | ||||||
|
|
|||||||
1,257,878,439 | ||||||||
Japan — 22.3% | ||||||||
Advantest Corp. |
609,100 | 84,244,529 | ||||||
Aeon Co. Ltd. |
2,075,800 | 44,958,995 | ||||||
AGC Inc. |
648,900 | 23,447,111 | ||||||
Aisin Corp. |
464,200 | 15,084,223 | ||||||
Ajinomoto Co. Inc. |
1,442,600 | 56,210,748 | ||||||
ANA Holdings Inc.(a) |
502,000 | 12,034,966 | ||||||
Asahi Group Holdings Ltd. |
1,531,500 | 60,202,124 | ||||||
Asahi Intecc Co. Ltd. |
684,500 | 14,046,812 | ||||||
Asahi Kasei Corp. |
3,969,500 | 27,051,142 | ||||||
Astellas Pharma Inc. |
5,752,750 | 84,118,709 | ||||||
Azbil Corp. |
361,500 | 11,407,231 | ||||||
Bandai Namco Holdings Inc. |
1,902,900 | 43,052,272 | ||||||
BayCurrent Consulting Inc. |
415,900 | 13,431,377 | ||||||
Bridgestone Corp. |
1,815,100 | 75,318,289 | ||||||
Brother Industries Ltd. |
736,900 | 11,486,735 | ||||||
Canon Inc. |
3,175,900 | 82,082,351 | ||||||
Capcom Co. Ltd. |
550,600 | 24,758,825 | ||||||
Central Japan Railway Co. |
458,700 | 58,453,619 | ||||||
Chiba Bank Ltd. (The) |
1,676,700 | 11,789,463 | ||||||
Chubu Electric Power Co. Inc. |
2,038,000 | 25,531,642 | ||||||
Chugai Pharmaceutical Co. Ltd. |
2,132,200 | 63,456,917 | ||||||
Concordia Financial Group Ltd. |
3,435,700 | 15,714,962 | ||||||
CyberAgent Inc. |
1,353,400 | 8,555,855 | ||||||
Dai Nippon Printing Co. Ltd. |
699,600 | 19,886,808 | ||||||
Daifuku Co. Ltd. |
960,100 | 20,533,798 | ||||||
Dai-ichi Life Holdings Inc. |
2,990,252 | 61,095,965 | ||||||
Daiichi Sankyo Co. Ltd. |
5,880,685 | 181,122,802 | ||||||
Daikin Industries Ltd. |
838,900 | 169,624,495 | ||||||
Daito Trust Construction Co. Ltd. |
195,900 | 21,072,660 | ||||||
Daiwa House Industry Co. Ltd. |
1,901,300 | 51,675,258 | ||||||
Daiwa House REIT Investment Corp. |
6,924 | 13,632,187 | ||||||
Daiwa Securities Group Inc. |
4,242,400 | 22,997,649 | ||||||
Denso Corp. |
1,377,800 | 95,932,750 | ||||||
Dentsu Group Inc. |
674,200 | 22,559,659 | ||||||
Disco Corp. |
292,400 | 54,964,125 | ||||||
East Japan Railway Co. |
962,300 | 54,479,769 | ||||||
Eisai Co. Ltd. |
800,400 | 50,500,106 | ||||||
ENEOS Holdings Inc. |
9,122,550 | 33,097,875 | ||||||
FANUC Corp. |
3,048,800 | 93,270,170 | ||||||
Fast Retailing Co. Ltd. |
556,300 | 139,360,226 | ||||||
Fuji Electric Co. Ltd. |
401,000 | 18,129,042 | ||||||
FUJIFILM Holdings Corp. |
1,187,500 | 68,952,933 |
S C H E D U L E O F I N V E S T M E N T S |
61 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Fujitsu Ltd. |
559,300 | $ | 72,423,628 | |||||
GLP J-Reit |
14,108 | 13,898,694 | ||||||
GMO Payment Gateway Inc. |
132,700 | 10,123,532 | ||||||
Hakuhodo DY Holdings Inc. |
728,020 | 8,375,446 | ||||||
Hamamatsu Photonics KK |
442,400 | 21,315,440 | ||||||
Hankyu Hanshin Holdings Inc. |
727,800 | 24,179,611 | ||||||
Hikari Tsushin Inc. |
63,800 | 9,467,095 | ||||||
Hirose Electric Co. Ltd. |
93,748 | 11,873,898 | ||||||
Hitachi Construction Machinery Co. Ltd. |
340,900 | 10,229,905 | ||||||
Hitachi Ltd. |
2,982,400 | 195,241,271 | ||||||
Honda Motor Co. Ltd. |
4,894,900 | 156,056,205 | ||||||
Hoshizaki Corp. |
344,300 | 13,204,205 | ||||||
Hoya Corp. |
1,134,800 | 132,158,036 | ||||||
Hulic Co. Ltd. |
1,212,800 | 10,326,026 | ||||||
Ibiden Co. Ltd. |
358,300 | 21,777,212 | ||||||
Idemitsu Kosan Co. Ltd. |
659,583 | 13,928,298 | ||||||
Iida Group Holdings Co. Ltd. |
503,780 | 8,837,556 | ||||||
Inpex Corp. |
3,073,743 | 39,688,839 | ||||||
Isuzu Motors Ltd. |
1,838,300 | 23,880,886 | ||||||
ITOCHU Corp. |
3,779,000 | 152,842,779 | ||||||
Itochu Techno-Solutions Corp. |
298,500 | 7,565,226 | ||||||
Japan Airlines Co. Ltd. |
455,200 | 9,855,361 | ||||||
Japan Exchange Group Inc. |
1,599,100 | 27,861,430 | ||||||
Japan Metropolitan Fund Invest |
22,000 | 15,089,739 | ||||||
Japan Post Bank Co. Ltd. |
4,685,100 | 38,977,887 | ||||||
Japan Post Holdings Co. Ltd. |
6,976,600 | 50,947,218 | ||||||
Japan Post Insurance Co. Ltd. |
626,200 | 10,119,497 | ||||||
Japan Real Estate Investment Corp. |
4,061 | 16,333,736 | ||||||
Japan Tobacco Inc. |
3,814,600 | 84,644,423 | ||||||
JFE Holdings Inc. |
1,549,975 | 25,072,253 | ||||||
JSR Corp. |
559,200 | 16,041,602 | ||||||
Kajima Corp. |
1,334,400 | 21,086,793 | ||||||
Kansai Electric Power Co. Inc. (The) |
2,237,400 | 29,393,352 | ||||||
Kao Corp. |
1,483,600 | 56,364,326 | ||||||
Kawasaki Kisen Kaisha Ltd. |
437,200 | 13,183,601 | ||||||
KDDI Corp. |
4,758,200 | 140,041,904 | ||||||
Keio Corp. |
322,700 | 10,726,743 | ||||||
Keisei Electric Railway Co. Ltd. |
407,100 | 16,896,785 | ||||||
Keyence Corp. |
618,792 | 277,677,930 | ||||||
Kikkoman Corp. |
458,600 | 26,429,511 | ||||||
Kintetsu Group Holdings Co. Ltd. |
574,400 | 19,269,169 | ||||||
Kirin Holdings Co. Ltd. |
2,469,600 | 36,477,072 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
168,500 | 9,262,666 | ||||||
Kobe Bussan Co. Ltd.(b) |
474,700 | 12,643,909 | ||||||
Koei Tecmo Holdings Co. Ltd. |
367,500 | 6,288,341 | ||||||
Koito Manufacturing Co. Ltd. |
658,300 | 12,104,435 | ||||||
Komatsu Ltd. |
2,936,000 | 82,250,369 | ||||||
Konami Group Corp. |
318,400 | 17,861,167 | ||||||
Kose Corp. |
104,900 | 10,272,458 | ||||||
Kubota Corp. |
3,217,900 | 48,609,496 | ||||||
Kurita Water Industries Ltd. |
329,400 | 13,246,878 | ||||||
Kyocera Corp. |
1,020,400 | 54,909,828 | ||||||
Kyowa Kirin Co. Ltd. |
854,000 | 16,307,708 | ||||||
Lasertec Corp. |
239,500 | 36,255,942 | ||||||
Lixil Corp. |
921,880 | 11,781,464 | ||||||
M3 Inc. |
1,395,900 | 32,278,547 | ||||||
Makita Corp. |
709,400 | 19,920,694 | ||||||
Marubeni Corp. |
4,859,200 | 86,032,107 | ||||||
MatsukiyoCocokara & Co. |
363,700 | 21,284,309 | ||||||
Mazda Motor Corp. |
1,796,600 | 17,823,152 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
McDonald’s Holdings Co. Japan Ltd.(b) |
276,500 | $ | 10,883,914 | |||||
MEIJI Holdings Co. Ltd. |
702,408 | 16,228,360 | ||||||
MINEBEA MITSUMI Inc. |
1,148,300 | 21,269,705 | ||||||
MISUMI Group Inc. |
897,200 | 16,413,485 | ||||||
Mitsubishi Chemical Group Corp. |
4,069,000 | 24,340,050 | ||||||
Mitsubishi Corp. |
3,941,000 | 201,647,002 | ||||||
Mitsubishi Electric Corp. |
6,143,500 | 88,657,653 | ||||||
Mitsubishi Estate Co. Ltd. |
3,578,200 | 43,853,302 | ||||||
Mitsubishi HC Capital Inc. |
2,789,800 | 18,455,548 | ||||||
Mitsubishi Heavy Industries Ltd. |
1,018,900 | 48,340,720 | ||||||
Mitsubishi UFJ Financial Group Inc. |
36,301,580 | 292,309,325 | ||||||
Mitsui & Co. Ltd. |
4,174,400 | 162,927,154 | ||||||
Mitsui Chemicals Inc. |
583,500 | 16,777,933 | ||||||
Mitsui Fudosan Co. Ltd. |
2,864,400 | 58,848,913 | ||||||
Mitsui OSK Lines Ltd. |
1,091,600 | 28,219,835 | ||||||
Mizuho Financial Group Inc. |
7,668,416 | 130,097,470 | ||||||
MonotaRO Co. Ltd. |
787,500 | 9,611,309 | ||||||
MS&AD Insurance Group Holdings Inc. |
1,361,288 | 50,630,811 | ||||||
Murata Manufacturing Co. Ltd. |
1,826,200 | 108,479,379 | ||||||
NEC Corp. |
781,900 | 39,560,546 | ||||||
Nexon Co. Ltd. |
1,238,400 | 23,627,945 | ||||||
NGK Insulators Ltd. |
748,900 | 9,184,705 | ||||||
Nidec Corp. |
1,326,700 | 79,237,088 | ||||||
Nintendo Co. Ltd. |
3,302,900 | 149,405,811 | ||||||
Nippon Building Fund Inc. |
4,841 | 20,292,559 | ||||||
Nippon Express Holdings Inc. |
242,900 | 14,241,519 | ||||||
Nippon Paint Holdings Co. Ltd. |
3,006,200 | 27,543,580 | ||||||
Nippon Prologis REIT Inc. |
6,978 | 14,269,371 | ||||||
Nippon Sanso Holdings Corp. |
547,500 | 13,239,282 | ||||||
Nippon Shinyaku Co. Ltd. |
167,600 | 6,777,680 | ||||||
Nippon Steel Corp. |
2,564,335 | 58,611,381 | ||||||
Nippon Telegraph & Telephone Corp. |
94,989,500 | 108,926,168 | ||||||
Nippon Yusen KK |
1,540,500 | 37,474,448 | ||||||
Nissan Chemical Corp. |
401,000 | 18,019,203 | ||||||
Nissan Motor Co. Ltd. |
7,378,000 | 32,501,169 | ||||||
Nisshin Seifun Group Inc. |
621,897 | 7,712,149 | ||||||
Nissin Foods Holdings Co. Ltd. |
194,000 | 16,357,217 | ||||||
Nitori Holdings Co. Ltd. |
254,800 | 31,200,921 | ||||||
Nitto Denko Corp. |
475,000 | 33,777,718 | ||||||
Nomura Holdings Inc. |
9,263,100 | 38,321,184 | ||||||
Nomura Real Estate Holdings Inc. |
375,000 | 9,301,132 | ||||||
Nomura Real Estate Master Fund Inc. |
13,360 | 15,894,896 | ||||||
Nomura Research Institute Ltd. |
1,256,071 | 35,691,152 | ||||||
NTT Data Group Corp. |
1,994,655 | 27,748,028 | ||||||
Obayashi Corp. |
2,053,500 | 18,986,317 | ||||||
Obic Co. Ltd. |
220,600 | 36,099,011 | ||||||
Odakyu Electric Railway Co. Ltd. |
929,200 | 13,576,003 | ||||||
Oji Holdings Corp. |
2,735,100 | 10,798,990 | ||||||
Olympus Corp. |
3,823,800 | 62,392,665 | ||||||
Omron Corp. |
557,300 | 29,913,780 | ||||||
Ono Pharmaceutical Co. Ltd. |
1,230,400 | 22,547,473 | ||||||
Open House Group Co. Ltd. |
254,900 | 9,699,532 | ||||||
Oracle Corp. Japan |
121,400 | 8,509,971 | ||||||
Oriental Land Co. Ltd./Japan |
3,468,900 | 133,044,576 | ||||||
ORIX Corp. |
3,729,800 | 71,748,364 | ||||||
Osaka Gas Co. Ltd. |
1,180,900 | 18,581,272 | ||||||
Otsuka Corp. |
360,400 | 15,008,261 | ||||||
Otsuka Holdings Co. Ltd. |
1,239,700 | 45,580,427 | ||||||
Pan Pacific International Holdings Corp. |
1,201,000 | 23,745,688 | ||||||
Panasonic Holdings Corp. |
7,021,268 | 86,666,191 |
62 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Persol Holdings Co. Ltd. |
558,100 | $ | 11,039,567 | |||||
Rakuten Group Inc. |
4,737,900 | 18,557,231 | ||||||
Recruit Holdings Co. Ltd. |
4,607,000 | 159,566,432 | ||||||
Renesas Electronics Corp.(a) |
4,053,500 | 78,207,525 | ||||||
Resona Holdings Inc. |
6,835,500 | 37,213,017 | ||||||
Ricoh Co. Ltd. |
1,787,900 | 15,904,560 | ||||||
Rohm Co. Ltd. |
278,600 | 26,107,113 | ||||||
SBI Holdings Inc. |
780,180 | 16,475,287 | ||||||
SCSK Corp. |
494,400 | 8,219,424 | ||||||
Secom Co. Ltd. |
666,500 | 44,725,377 | ||||||
Seiko Epson Corp. |
916,200 | 15,045,569 | ||||||
Sekisui Chemical Co. Ltd. |
1,154,500 | 17,536,280 | ||||||
Sekisui House Ltd. |
1,955,900 | 39,903,672 | ||||||
Seven & i Holdings Co. Ltd. |
2,395,380 | 99,372,530 | ||||||
SG Holdings Co. Ltd. |
1,014,700 | 14,808,030 | ||||||
Sharp Corp./Japan(a)(b) |
753,600 | 4,481,026 | ||||||
Shimadzu Corp. |
749,200 | 22,753,815 | ||||||
Shimano Inc. |
246,600 | 37,169,316 | ||||||
Shimizu Corp. |
1,733,700 | 11,944,388 | ||||||
Shin-Etsu Chemical Co. Ltd. |
5,791,300 | 190,793,472 | ||||||
Shionogi & Co. Ltd. |
837,400 | 35,093,783 | ||||||
Shiseido Co. Ltd. |
1,270,100 | 55,686,348 | ||||||
Shizuoka Financial Group Inc., NVS |
1,409,800 | 11,774,797 | ||||||
SMC Corp. |
181,800 | 95,001,946 | ||||||
SoftBank Corp. |
9,118,700 | 101,258,596 | ||||||
SoftBank Group Corp. |
3,271,100 | 166,375,976 | ||||||
Sompo Holdings Inc. |
993,350 | 43,916,740 | ||||||
Sony Group Corp. |
4,009,200 | 375,526,633 | ||||||
Square Enix Holdings Co. Ltd. |
271,300 | 12,566,415 | ||||||
Subaru Corp. |
1,953,100 | 37,018,213 | ||||||
SUMCO Corp. |
1,104,100 | 16,088,855 | ||||||
Sumitomo Chemical Co. Ltd. |
4,691,000 | 14,467,783 | ||||||
Sumitomo Corp. |
3,580,700 | 76,816,329 | ||||||
Sumitomo Electric Industries Ltd. |
2,260,900 | 28,989,180 | ||||||
Sumitomo Metal Mining Co. Ltd. |
782,100 | 27,009,978 | ||||||
Sumitomo Mitsui Financial Group Inc. |
4,152,000 | 194,528,042 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
1,054,960 | 41,039,742 | ||||||
Sumitomo Realty & Development Co. Ltd. |
904,700 | 24,245,430 | ||||||
Suntory Beverage & Food Ltd. |
439,400 | 15,641,326 | ||||||
Suzuki Motor Corp. |
1,171,200 | 47,041,906 | ||||||
Sysmex Corp. |
532,400 | 36,051,521 | ||||||
T&D Holdings Inc. |
1,585,000 | 25,770,208 | ||||||
Taisei Corp. |
569,900 | 21,597,162 | ||||||
Takeda Pharmaceutical Co. Ltd. |
5,030,310 | 153,800,928 | ||||||
TDK Corp. |
1,235,800 | 47,341,340 | ||||||
Terumo Corp. |
2,140,700 | 70,105,931 | ||||||
TIS Inc. |
711,600 | 18,048,871 | ||||||
Tobu Railway Co. Ltd. |
597,700 | 15,816,344 | ||||||
Toho Co. Ltd./Tokyo |
353,100 | 13,764,870 | ||||||
Tokio Marine Holdings Inc. |
5,729,700 | 131,754,341 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) |
4,850,800 | 19,262,724 | ||||||
Tokyo Electron Ltd. |
1,424,700 | 213,828,851 | ||||||
Tokyo Gas Co. Ltd. |
1,244,200 | 28,213,552 | ||||||
Tokyu Corp. |
1,678,100 | 21,291,192 | ||||||
Toppan Inc. |
775,200 | 18,247,060 | ||||||
Toray Industries Inc. |
4,406,600 | 24,674,369 | ||||||
Toshiba Corp. |
1,308,800 | 42,256,203 | ||||||
Tosoh Corp. |
817,200 | 10,681,348 | ||||||
TOTO Ltd. |
448,000 | 13,772,466 | ||||||
Toyota Industries Corp. |
466,200 | 33,690,939 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Toyota Motor Corp. |
33,713,920 | $ | 566,857,376 | |||||
Toyota Tsusho Corp. |
675,300 | 39,508,533 | ||||||
Trend Micro Inc./Japan |
421,900 | 19,932,973 | ||||||
Unicharm Corp. |
1,283,100 | 47,472,971 | ||||||
USS Co. Ltd. |
677,980 | 11,756,228 | ||||||
Welcia Holdings Co. Ltd. |
298,000 | 5,609,479 | ||||||
West Japan Railway Co. |
697,300 | 28,648,112 | ||||||
Yakult Honsha Co. Ltd. |
405,200 | 22,482,859 | ||||||
Yamaha Corp. |
444,400 | 17,219,700 | ||||||
Yamaha Motor Co. Ltd. |
945,300 | 27,724,608 | ||||||
Yamato Holdings Co. Ltd. |
906,400 | 16,975,032 | ||||||
Yaskawa Electric Corp. |
761,900 | 33,120,002 | ||||||
Yokogawa Electric Corp. |
719,700 | 13,515,172 | ||||||
Z Holdings Corp. |
8,423,922 | 23,485,960 | ||||||
ZOZO Inc. |
394,300 | 7,697,532 | ||||||
|
|
|||||||
11,424,040,411 | ||||||||
Netherlands — 4.6% | ||||||||
ABN AMRO Bank NV, CVA(c) |
1,313,860 | 22,339,831 | ||||||
Adyen NV(a)(c) |
68,986 | 128,039,026 | ||||||
Aegon NV |
5,363,422 | 29,114,160 | ||||||
AerCap Holdings NV(a) |
526,222 | 33,578,226 | ||||||
Akzo Nobel NV |
540,414 | 46,231,348 | ||||||
ASM International NV |
149,026 | 70,799,321 | ||||||
ASML Holding NV |
1,281,647 | 918,003,728 | ||||||
Davide Campari-Milano NV |
1,655,304 | 22,261,985 | ||||||
EXOR NV, NVS(b) |
344,698 | 32,210,492 | ||||||
Ferrovial SE |
1,614,710 | 53,509,780 | ||||||
Heineken Holding NV |
364,701 | 29,896,412 | ||||||
Heineken NV |
823,977 | 80,652,075 | ||||||
IMCD NV |
181,121 | 27,445,158 | ||||||
ING Groep NV |
11,506,558 | 167,957,345 | ||||||
JDE Peet’s NV |
398,277 | 12,016,133 | ||||||
Just Eat Takeaway.com NV(a)(c) |
666,209 | 11,951,784 | ||||||
Koninklijke Ahold Delhaize NV |
3,101,630 | 106,908,900 | ||||||
Koninklijke KPN NV |
10,439,651 | 37,773,326 | ||||||
Koninklijke Philips NV(a) |
2,955,153 | 61,389,273 | ||||||
NN Group NV |
795,035 | 30,477,607 | ||||||
OCI NV |
331,908 | 9,459,302 | ||||||
Prosus NV |
2,548,098 | 201,573,310 | ||||||
QIAGEN NV(a) |
720,550 | 33,809,320 | ||||||
Randstad NV |
349,448 | 20,472,579 | ||||||
Universal Music Group NV |
2,608,364 | 66,904,294 | ||||||
Wolters Kluwer NV |
818,622 | 102,799,278 | ||||||
|
|
|||||||
2,357,573,993 | ||||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd.(a) |
3,956,598 | 20,654,426 | ||||||
EBOS Group Ltd. |
510,401 | 12,231,380 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
1,841,739 | 28,117,916 | ||||||
Mercury NZ Ltd. |
2,182,208 | 8,936,348 | ||||||
Meridian Energy Ltd. |
4,073,000 | 14,295,732 | ||||||
Spark New Zealand Ltd. |
5,899,755 | 18,994,531 | ||||||
|
|
|||||||
103,230,333 | ||||||||
Norway — 0.7% | ||||||||
Adevinta ASA(a) |
923,775 | 6,833,204 | ||||||
Aker BP ASA |
1,005,026 | 28,153,363 | ||||||
DNB Bank ASA |
2,960,423 | 61,006,864 | ||||||
Equinor ASA |
3,028,513 | 92,637,589 | ||||||
Gjensidige Forsikring ASA |
631,985 | 9,976,785 | ||||||
Kongsberg Gruppen ASA |
279,149 | 12,112,591 |
S C H E D U L E O F I N V E S T M E N T S |
63 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Norway (continued) | ||||||||
Mowi ASA |
1,393,833 | $ | 24,503,446 | |||||
Norsk Hydro ASA |
4,277,033 | 28,012,080 | ||||||
Orkla ASA |
2,377,990 | 18,764,300 | ||||||
Salmar ASA |
230,636 | 10,655,038 | ||||||
Telenor ASA |
2,210,069 | 23,658,659 | ||||||
Yara International ASA |
524,190 | 21,408,955 | ||||||
|
|
|||||||
337,722,874 | ||||||||
Portugal — 0.2% | ||||||||
EDP - Energias de Portugal SA |
9,298,470 | 43,440,952 | ||||||
Galp Energia SGPS SA |
1,580,259 | 21,001,030 | ||||||
Jeronimo Martins SGPS SA |
899,596 | 24,492,203 | ||||||
|
|
|||||||
88,934,185 | ||||||||
Singapore — 1.5% | ||||||||
CapitaLand Ascendas REIT |
10,668,100 | 22,559,026 | ||||||
CapitaLand Integrated Commercial Trust |
16,855,525 | 25,878,019 | ||||||
Capitaland Investment Ltd/Singapore |
8,232,800 | 21,071,684 | ||||||
City Developments Ltd.(b) |
1,587,200 | 8,831,637 | ||||||
DBS Group Holdings Ltd. |
5,758,700 | 148,557,406 | ||||||
Genting Singapore Ltd. |
19,236,200 | 13,606,253 | ||||||
Grab Holdings Ltd., Class A(a) |
5,923,331 | 22,686,358 | ||||||
Jardine Cycle & Carriage Ltd. |
311,100 | 8,029,438 | ||||||
Keppel Corp. Ltd. |
4,608,500 | 25,592,079 | ||||||
Mapletree Logistics Trust |
10,984,528 | 13,964,455 | ||||||
Mapletree Pan Asia Commercial Trust |
7,455,100 | 9,259,405 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
10,764,998 | 107,733,420 | ||||||
Sea Ltd., ADR(a)(b) |
1,160,407 | 77,190,274 | ||||||
Seatrium Ltd.(a) |
146,988,484 | 15,578,624 | ||||||
Singapore Airlines Ltd.(b) |
4,246,600 | 24,057,086 | ||||||
Singapore Exchange Ltd. |
2,654,800 | 19,406,034 | ||||||
Singapore Technologies Engineering Ltd. |
4,935,000 | 13,855,031 | ||||||
Singapore Telecommunications Ltd. |
26,273,085 | 52,705,517 | ||||||
United Overseas Bank Ltd. |
4,019,900 | 91,185,329 | ||||||
UOL Group Ltd. |
1,472,000 | 7,788,610 | ||||||
Venture Corp. Ltd. |
880,300 | 9,924,428 | ||||||
Wilmar International Ltd. |
6,090,900 | 17,698,527 | ||||||
|
|
|||||||
757,158,640 | ||||||||
Spain — 2.5% | ||||||||
Acciona SA |
78,014 | 11,694,200 | ||||||
ACS Actividades de Construccion y Servicios SA |
693,723 | 24,265,555 | ||||||
Aena SME SA(c) |
238,421 | 38,073,960 | ||||||
Amadeus IT Group SA |
1,432,183 | 102,739,209 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
19,170,444 | 151,952,112 | ||||||
Banco Santander SA |
52,309,480 | 211,972,725 | ||||||
CaixaBank SA |
13,117,070 | 53,061,178 | ||||||
Cellnex Telecom SA(c) |
1,794,400 | 73,281,642 | ||||||
Corp. ACCIONA Energias Renovables SA |
208,043 | 6,548,311 | ||||||
EDP Renovaveis SA |
821,288 | 15,687,339 | ||||||
Enagas SA |
820,886 | 14,567,873 | ||||||
Endesa SA |
1,001,563 | 21,466,347 | ||||||
Grifols SA(a) |
935,167 | 13,737,890 | ||||||
Iberdrola SA |
19,006,305 | 237,227,782 | ||||||
Industria de Diseno Textil SA |
3,463,314 | 132,568,104 | ||||||
Naturgy Energy Group SA |
399,138 | 12,170,003 | ||||||
Redeia Corp. SA |
1,347,914 | 22,544,752 | ||||||
Repsol SA |
4,219,824 | 64,425,827 | ||||||
Telefonica SA |
16,502,108 | 70,311,571 | ||||||
|
|
|||||||
1,278,296,380 | ||||||||
Sweden — 3.2% | ||||||||
Alfa Laval AB |
919,774 | 34,430,380 |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Assa Abloy AB, Class B |
3,182,174 | $ | 76,508,639 | |||||
Atlas Copco AB, Class A |
8,539,247 | 121,307,560 | ||||||
Atlas Copco AB, Class B |
4,963,754 | 61,296,983 | ||||||
Beijer Ref AB, Class B |
1,221,841 | 16,615,226 | ||||||
Boliden AB |
869,421 | 25,569,013 | ||||||
Embracer Group AB, Class B(a)(b) |
2,062,082 | 5,918,780 | ||||||
Epiroc AB, Class A |
2,094,980 | 41,827,590 | ||||||
Epiroc AB, Class B |
1,239,615 | 21,059,912 | ||||||
EQTAB |
1,132,031 | 27,040,919 | ||||||
Essity AB, Class B |
1,935,157 | 47,984,698 | ||||||
Evolution AB(c) |
582,783 | 71,864,481 | ||||||
Fastighets AB Balder, Class B(a) |
1,987,754 | 9,275,794 | ||||||
Getinge AB, Class B |
726,054 | 13,528,579 | ||||||
H & M Hennes & Mauritz AB, Class B |
2,092,065 | 35,188,044 | ||||||
Hexagon AB, Class B |
6,601,645 | 64,008,275 | ||||||
Holmen AB, Class B |
296,941 | 11,438,384 | ||||||
Husqvarna AB, Class B |
1,329,595 | 13,041,412 | ||||||
Industrivarden AB, Class A |
414,957 | 11,783,516 | ||||||
Industrivarden AB, Class C(b) |
494,213 | 14,001,435 | ||||||
Indutrade AB |
864,721 | 18,147,328 | ||||||
Investment AB Latour, Class B |
468,155 | 9,434,082 | ||||||
Investor AB, Class A |
1,388,894 | 28,206,218 | ||||||
Investor AB, Class B |
5,502,493 | 112,382,845 | ||||||
Kinnevik AB, Class B(a) |
766,964 | 10,468,063 | ||||||
L E Lundbergforetagen AB, Class B |
241,337 | 10,635,581 | ||||||
Lifco AB, Class B |
734,170 | 14,802,221 | ||||||
Nibe Industrier AB, Class B |
4,817,736 | 43,397,015 | ||||||
Nordea Bank Abp |
10,314,023 | 116,737,572 | ||||||
Saab AB, Class B |
253,902 | 13,382,948 | ||||||
Sagax AB, Class B |
604,611 | 13,425,784 | ||||||
Sandvik AB |
3,391,400 | 68,887,891 | ||||||
Securitas AB, Class B |
1,552,056 | 13,210,749 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
5,139,198 | 62,298,541 | ||||||
Skanska AB, Class B |
1,075,911 | 17,160,119 | ||||||
SKF AB, Class B |
1,079,129 | 20,560,026 | ||||||
Svenska Cellulosa AB SCA, Class B |
1,924,856 | 25,576,462 | ||||||
Svenska Handelsbanken AB, Class A |
4,636,801 | 40,710,915 | ||||||
Swedbank AB, Class A |
2,698,732 | 49,499,300 | ||||||
Swedish Orphan Biovitrum AB(a)(b) |
536,790 | 10,506,630 | ||||||
Tele2 AB, Class B |
1,794,293 | 13,501,253 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
9,266,591 | 46,615,344 | ||||||
Telia Co. AB |
7,770,461 | 16,698,576 | ||||||
Volvo AB, Class A |
638,121 | 14,470,002 | ||||||
Volvo AB, Class B |
4,797,414 | 105,824,313 | ||||||
Volvo Car AB, Class B(a)(b) |
1,890,881 | 9,346,622 | ||||||
|
|
|||||||
1,629,576,020 | ||||||||
Switzerland — 10.5% | ||||||||
ABB Ltd., Registered |
4,996,613 | 200,501,666 | ||||||
Adecco Group AG, Registered |
509,185 | 20,751,493 | ||||||
Alcon Inc. |
1,588,442 | 135,163,101 | ||||||
Bachem Holding AG, Class A |
107,187 | 9,900,984 | ||||||
Baloise Holding AG, Registered |
145,313 | 22,492,829 | ||||||
Banque Cantonale Vaudoise, Registered |
95,664 | 10,737,460 | ||||||
Barry Callebaut AG, Registered |
11,271 | 21,133,122 | ||||||
BKWAG |
67,076 | 12,002,864 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
3,177 | 38,855,443 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered |
345 | 41,929,710 |
64 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Cie. Financiere Richemont SA, Class A, Registered |
1,659,439 | $ | 267,224,112 | |||||
Clariant AG, Registered |
679,010 | 11,126,378 | ||||||
Coca-Cola HBC AG, Class DI |
698,454 | 20,550,562 | ||||||
DSM-Firmenich AG |
555,739 | 61,409,042 | ||||||
Dufry AG, Registered(a) |
312,521 | 16,147,476 | ||||||
EMS-Chemie Holding AG, Registered |
22,216 | 18,542,581 | ||||||
Geberit AG, Registered |
108,058 | 61,323,125 | ||||||
Givaudan SA, Registered |
29,353 | 99,080,183 | ||||||
Helvetia Holding AG, Registered |
117,610 | 17,404,282 | ||||||
Holcim Ltd. |
1,762,102 | 122,813,072 | ||||||
Julius Baer Group Ltd. |
683,979 | 48,444,544 | ||||||
Kuehne + Nagel International AG, Registered |
172,946 | 54,114,100 | ||||||
Logitech International SA, Registered |
522,582 | 36,945,989 | ||||||
Lonza Group AG, Registered |
236,731 | 137,549,211 | ||||||
Nestle SA, Registered |
8,742,626 | 1,071,138,908 | ||||||
Novartis AG, Registered |
6,516,316 | 682,239,604 | ||||||
Partners Group Holding AG |
72,174 | 81,024,961 | ||||||
Roche Holding AG, Bearer |
101,767 | 33,742,990 | ||||||
Roche Holding AG, NVS |
2,233,529 | 692,508,662 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
129,653 | 31,481,909 | ||||||
Schindler Holding AG, Registered |
74,830 | 17,350,205 | ||||||
SGS SA |
477,378 | 46,351,021 | ||||||
Siemens Energy AG(a) |
1,647,133 | 27,905,123 | ||||||
SIG Group AG |
970,377 | 25,941,735 | ||||||
Sika AG, Registered |
464,261 | 144,495,426 | ||||||
Sonova Holding AG, Registered |
165,558 | 46,148,464 | ||||||
STMicroelectronics NV |
2,173,163 | 116,234,568 | ||||||
Straumann Holding AG |
355,138 | 58,765,712 | ||||||
Swatch Group AG (The), Bearer |
91,819 | 29,385,793 | ||||||
Swatch Group AG (The), Registered |
165,861 | 9,960,406 | ||||||
Swiss Life Holding AG, Registered |
98,017 | 62,324,508 | ||||||
Swiss Prime Site AG, Registered |
241,777 | 23,406,281 | ||||||
Swiss Re AG |
958,768 | 100,037,177 | ||||||
Swisscom AG, Registered |
82,378 | 52,973,630 | ||||||
Temenos AG, Registered |
200,741 | 17,264,280 | ||||||
UBS Group AG, Registered(b) |
10,455,531 | 231,996,441 | ||||||
VAT Group AG(c) |
85,688 | 36,421,422 | ||||||
Zurich Insurance Group AG |
478,307 | 231,260,717 | ||||||
|
|
|||||||
5,356,503,272 | ||||||||
United Kingdom — 14.8% | ||||||||
3i Group PLC |
3,094,831 | 78,519,445 | ||||||
abrdn PLC |
6,434,200 | 19,147,973 | ||||||
Admiral Group PLC |
673,199 | 18,380,352 | ||||||
Anglo American PLC |
4,039,788 | 124,230,645 | ||||||
Antofagasta PLC |
1,253,688 | 26,966,525 | ||||||
Ashtead Group PLC |
1,392,398 | 103,014,879 | ||||||
Associated British Foods PLC |
1,122,088 | 29,529,993 | ||||||
AstraZeneca PLC |
4,927,248 | 707,928,260 | ||||||
Auto Trader Group PLC(c) |
2,941,123 | 24,392,410 | ||||||
Aviva PLC |
8,840,188 | 44,043,244 | ||||||
BAE Systems PLC |
9,694,844 | 115,941,071 | ||||||
Barclays PLC |
49,364,327 | 97,954,180 | ||||||
Barratt Developments PLC |
3,177,484 | 18,599,743 | ||||||
Berkeley Group Holdings PLC |
345,811 | 19,281,622 | ||||||
BP PLC |
56,549,559 | 350,858,789 | ||||||
British American Tobacco PLC |
6,744,164 | 226,793,426 | ||||||
British Land Co. PLC (The) |
2,784,125 | 12,080,874 | ||||||
BT Group PLC |
22,102,824 | 34,634,795 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Bunzl PLC |
1,072,260 | $ | 39,746,440 | |||||
Burberry Group PLC |
1,231,429 | 35,151,428 | ||||||
Centrica PLC |
18,033,641 | 31,958,322 | ||||||
CNH Industrial NV |
3,244,733 | 46,863,599 | ||||||
Coca-Cola Europacific Partners PLC |
653,041 | 41,396,269 | ||||||
Compass Group PLC |
5,547,440 | 144,331,231 | ||||||
Croda International PLC |
441,641 | 33,438,041 | ||||||
DCC PLC |
312,042 | 18,066,833 | ||||||
Diageo PLC |
7,168,186 | 312,835,827 | ||||||
Endeavour Mining PLC |
588,762 | 14,186,860 | ||||||
Entain PLC |
2,021,972 | 36,014,288 | ||||||
Experian PLC |
2,922,155 | 112,928,326 | ||||||
Glencore PLC |
33,933,199 | 206,362,498 | ||||||
GSK PLC |
13,018,595 | 231,745,981 | ||||||
Haleon PLC |
16,147,129 | 69,697,812 | ||||||
Halma PLC |
1,206,964 | 34,661,441 | ||||||
Hargreaves Lansdown PLC |
1,126,601 | 12,326,365 | ||||||
Hikma Pharmaceuticals PLC |
520,169 | 13,969,061 | ||||||
HSBC Holdings PLC |
63,516,184 | 527,591,626 | ||||||
Imperial Brands PLC |
2,790,995 | 65,938,475 | ||||||
Informa PLC |
4,509,477 | 43,876,615 | ||||||
InterContinental Hotels Group PLC |
554,808 | 41,004,302 | ||||||
Intertek Group PLC |
513,097 | 28,742,894 | ||||||
J Sainsbury PLC |
5,223,755 | 18,599,094 | ||||||
JD Sports Fashion PLC |
8,152,474 | 16,513,915 | ||||||
Johnson Matthey PLC |
578,562 | 13,380,599 | ||||||
Kingfisher PLC |
6,258,064 | 19,733,987 | ||||||
Land Securities Group PLC |
2,223,009 | 18,461,621 | ||||||
Legal & General Group PLC |
18,990,273 | 56,911,280 | ||||||
Lloyds Banking Group PLC |
210,654,038 | 121,704,788 | ||||||
London Stock Exchange Group PLC |
1,276,660 | 138,638,571 | ||||||
M&G PLC |
7,038,493 | 18,130,449 | ||||||
Mondi PLC |
1,532,231 | 26,876,238 | ||||||
National Grid PLC |
11,691,068 | 154,962,919 | ||||||
NatWest Group PLC, NVS |
18,242,581 | 57,264,156 | ||||||
Next PLC |
386,712 | 34,974,539 | ||||||
NMC Health PLC, NVS(d) |
473,933 | 6 | ||||||
Ocado Group PLC(a) |
1,816,815 | 21,871,850 | ||||||
Pearson PLC |
2,083,699 | 23,048,945 | ||||||
Persimmon PLC |
1,003,990 | 14,926,243 | ||||||
Phoenix Group Holdings PLC |
2,373,731 | 16,770,691 | ||||||
Prudential PLC |
8,752,950 | 121,546,306 | ||||||
Reckitt Benckiser Group PLC |
2,276,833 | 170,562,226 | ||||||
RELX PLC |
6,049,595 | 203,609,444 | ||||||
Rentokil Initial PLC |
8,011,672 | 65,328,443 | ||||||
Rio Tinto PLC |
3,578,964 | 236,561,349 | ||||||
Rolls-Royce Holdings PLC(a) |
26,602,137 | 63,077,310 | ||||||
Sage Group PLC (The) |
3,252,213 | 39,119,492 | ||||||
Schroders PLC |
2,552,995 | 15,062,143 | ||||||
Segro PLC |
3,834,976 | 37,581,053 | ||||||
Severn Trent PLC |
793,769 | 26,014,874 | ||||||
Shell PLC |
21,770,174 | 659,805,042 | ||||||
Smith & Nephew PLC |
2,769,517 | 42,132,655 | ||||||
Smiths Group PLC |
1,162,399 | 25,351,509 | ||||||
Spirax-Sarco Engineering PLC |
234,243 | 33,454,524 | ||||||
SSE PLC |
3,466,328 | 74,952,867 | ||||||
St. James’s Place PLC |
1,745,291 | 21,067,618 | ||||||
Standard Chartered PLC |
7,652,127 | 73,502,857 | ||||||
Taylor Wimpey PLC |
11,164,664 | 16,388,154 | ||||||
Tesco PLC |
23,267,344 | 77,063,091 |
S C H E D U L E O F I N V E S T M E N T S |
65 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United Kingdom (continued) | ||||||||
Unilever PLC |
8,030,684 | $ | 431,511,902 | |||||
United Utilities Group PLC |
2,167,847 | 27,799,483 | ||||||
Vodafone Group PLC |
72,765,636 | 69,219,015 | ||||||
Whitbread PLC |
641,638 | 28,823,085 | ||||||
Wise PLC, Class A(a) |
1,949,854 | 19,447,595 | ||||||
WPP PLC |
3,411,954 | 37,254,202 | ||||||
|
|
|||||||
7,584,138,890 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.1% |
|
50,707,934,337 | ||||||
|
|
|||||||
Preferred Stocks |
| |||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS |
189,195 | 21,256,261 | ||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS(c) |
362,306 | 44,303,741 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
538,581 | 41,560,320 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
487,783 | 28,782,070 | ||||||
Sartorius AG, Preference Shares, NVS(b) |
83,389 | 34,404,580 | ||||||
Volkswagen AG, Preference Shares, NVS |
655,517 | 86,839,989 | ||||||
|
|
|||||||
257,146,961 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.5% |
|
257,146,961 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.6% |
|
50,965,081,298 | ||||||
|
|
Security | Shares | Value | ||||||
|
||||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(e)(f)(g) |
125,857,132 | $ | 125,894,889 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(e)(f) |
60,760,000 | 60,760,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.4% |
|
186,654,889 | ||||||
|
|
|||||||
Total
Investments — 100.0% |
|
51,151,736,187 | ||||||
Other Assets Less Liabilities — 0.0% |
|
2,565,616 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 51,154,301,803 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 182,125,789 | $ | — | $ | (56,332,456 | )(a) | $ | 59,862 | $ | 41,694 | $ | 125,894,889 | 125,857,132 | $ | 1,750,488 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
41,190,000 | 19,570,000 | (a) | — | — | — | 60,760,000 | 60,760,000 | 2,582,920 | 48 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 59,862 | $ | 41,694 | $ | 186,654,889 | $ | 4,333,408 | $ | 48 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
66 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
TOPIX Index |
298 | 09/07/23 | $ | 48,825 | $ | 2,126,025 | ||||||||||
Euro STOXX 50 Index |
1,429 | 09/15/23 | 70,597 | 2,528,261 | ||||||||||||
FTSE 100 Index |
424 | 09/15/23 | 41,851 | 524,206 | ||||||||||||
SPI 200 Index |
174 | 09/21/23 | 21,576 | 857,027 | ||||||||||||
|
|
|||||||||||||||
$ | 6,035,519 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 6,035,519 | $ | — | $ | — | $ | — | $ | 6,035,519 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 37,925,427 | $ | — | $ | — | $ | — | $ | 37,925,427 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 538,682 | $ | — | $ | — | $ | — | $ | 538,682 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 231,836,592 | ||
|
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 |
$ | 875,145,158 | $ | 49,832,789,173 | $ | 6 | $ | 50,707,934,337 | ||||||||
Preferred Stocks |
— | 257,146,961 | — | 257,146,961 |
S C H E D U L E O F I N V E S T M E N T S |
67 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
$ | 186,654,889 | $ | — | $ | — | $ | 186,654,889 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,061,800,047 | $ | 50,089,936,134 | $ | 6 | $ | 51,151,736,187 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 6,035,519 | $ | — | $ | 6,035,519 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
68 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 9.8% | ||||||||
29Metals Ltd. |
1,098,152 | $ | 534,184 | |||||
Abacus Property Group |
1,909,216 | 3,417,467 | ||||||
Accent Group Ltd. |
1,465,568 | 1,743,024 | ||||||
Adbri Ltd. |
1,617,739 | 2,711,844 | ||||||
AET&D Holdings No. 1 Pty Ltd.(a) |
169,200 | 1 | ||||||
AGL Energy Ltd. |
2,571,034 | 21,070,988 | ||||||
Allkem Ltd.(b) |
2,569,848 | 25,728,322 | ||||||
Alpha HPA Ltd., NVS |
2,410,770 | 1,809,206 | ||||||
ALS Ltd. |
1,951,815 | 15,437,513 | ||||||
Altium Ltd. |
503,613 | 12,959,177 | ||||||
Alumina Ltd. |
10,417,974 | 10,056,519 | ||||||
AMP Ltd. |
12,581,781 | 9,574,065 | ||||||
Ansell Ltd. |
539,550 | 8,762,127 | ||||||
APM Human Services International Ltd. |
1,125,288 | 1,509,125 | ||||||
Arafura Rare Earths Ltd.(b)(c) |
7,762,237 | 1,491,002 | ||||||
ARB Corp. Ltd. |
330,742 | 6,943,543 | ||||||
Arena REIT |
1,474,611 | 3,774,506 | ||||||
Argosy Minerals Ltd.(b)(c) |
4,712,776 | 1,018,206 | ||||||
Atlas Arteria Ltd. |
6,150,714 | 25,999,995 | ||||||
AUB Group Ltd. |
409,370 | 7,907,841 | ||||||
Aussie Broadband Ltd.(b)(c) |
787,736 | 1,460,646 | ||||||
Austal Ltd. |
1,342,062 | 1,986,098 | ||||||
Australian Agricultural Co. Ltd.(b)(c) |
821,092 | 823,815 | ||||||
Australian Clinical Labs Ltd.(c) |
451,143 | 962,608 | ||||||
AVZ Minerals Ltd.(a)(b)(c) |
10,717,468 | 3,930,612 | ||||||
Bank of Queensland Ltd. |
2,794,333 | 11,355,457 | ||||||
Bapcor Ltd. |
1,448,057 | 6,092,139 | ||||||
Beach Energy Ltd. |
6,680,348 | 7,284,153 | ||||||
Bega Cheese Ltd. |
1,182,950 | 2,591,026 | ||||||
Bellevue Gold Ltd.(b) |
4,755,349 | 4,665,459 | ||||||
Bendigo & Adelaide Bank Ltd. |
2,419,274 | 15,234,775 | ||||||
Boral Ltd.(b)(c) |
1,604,518 | 4,710,762 | ||||||
Boss Energy Ltd. (b)(c) |
1,355,455 | 2,663,581 | ||||||
BrainChip Holdings Ltd.(b)(c) |
6,557,946 | 1,590,411 | ||||||
Breville Group Ltd. |
392,949 | 5,978,431 | ||||||
Brickworks Ltd. |
321,967 | 5,616,392 | ||||||
BWP Trust |
2,059,877 | 5,086,829 | ||||||
Calix Ltd.(b) |
608,333 | 1,709,536 | ||||||
Capricorn Metals Ltd.(b) |
1,281,803 | 3,867,139 | ||||||
carsales.com Ltd. |
1,597,071 | 26,696,308 | ||||||
Centuria Capital Group |
2,828,338 | 3,242,902 | ||||||
Centuria Industrial REIT |
2,345,793 | 5,023,178 | ||||||
Centuria Office REIT |
1,550,248 | 1,511,624 | ||||||
Chalice Mining Ltd.(b) |
1,423,610 | 5,695,316 | ||||||
Challenger Ltd. |
2,031,001 | 9,816,664 | ||||||
Champion Iron Ltd. |
1,631,387 | 6,609,569 | ||||||
Charter Hall Group |
2,004,336 | 15,448,949 | ||||||
Charter Hall Long Wale REIT |
2,760,803 | 7,641,230 | ||||||
Charter Hall Retail REIT |
2,233,637 | 5,640,007 | ||||||
Charter Hall Social Infrastructure REIT |
1,396,216 | 2,811,193 | ||||||
Cleanaway Waste Management Ltd. |
8,954,500 | 16,620,246 | ||||||
Clinuvel Pharmaceuticals Ltd. |
161,097 | 1,988,347 | ||||||
Codan Ltd./Australia |
422,262 | 2,134,536 | ||||||
Collins Foods Ltd. |
469,271 | 3,167,446 | ||||||
Core Lithium Ltd.(b)(c) |
7,186,845 | 3,103,272 | ||||||
Coronado Global Resources Inc.(d) |
3,162,542 | 3,558,091 | ||||||
Corporate Travel Management Ltd. |
533,829 | 7,524,149 | ||||||
Costa Group Holdings Ltd. |
1,657,280 | 3,696,211 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Credit Corp. Group Ltd. |
290,914 | $ | 4,632,245 | |||||
Cromwell Property Group |
6,323,370 | 2,340,992 | ||||||
CSR Ltd. |
1,936,819 | 7,471,122 | ||||||
Data#3 Ltd. |
620,835 | 3,137,553 | ||||||
De Grey Mining Ltd.(b) |
4,944,466 | 4,471,501 | ||||||
Deterra Royalties Ltd. |
1,765,778 | 5,595,993 | ||||||
Dexus Industria REIT |
851,890 | 1,603,769 | ||||||
Dicker Data Ltd. |
305,061 | 1,641,771 | ||||||
Domain Holdings Australia Ltd. |
1,084,556 | 2,969,723 | ||||||
Domino’s Pizza Enterprises Ltd. |
283,644 | 9,384,413 | ||||||
Downer EDI Ltd. |
2,852,626 | 8,433,268 | ||||||
Eagers Automotive Ltd. |
654,612 | 6,511,002 | ||||||
Elders Ltd. |
660,017 | 3,235,950 | ||||||
Evolution Mining Ltd. |
7,769,102 | 19,504,002 | ||||||
EVT Ltd. |
398,945 | 3,282,717 | ||||||
Firefinch Ltd.(a)(b)(c) |
4,681,624 | 471,697 | ||||||
FleetPartners Group Ltd., NVS(b) |
1,152,227 | 1,990,977 | ||||||
Flight Centre Travel Group Ltd.(b) |
740,385 | 11,651,785 | ||||||
G8 Education Ltd. |
3,180,626 | 2,353,534 | ||||||
Gold Road Resources Ltd. |
4,435,774 | 4,738,197 | ||||||
Goulamina Holdings Pty Ltd.(b)(c) |
4,370,759 | 3,414,750 | ||||||
GrainCorp Ltd., Class A |
889,965 | 4,844,328 | ||||||
Grange Resources Ltd. |
2,139,618 | 778,967 | ||||||
Growthpoint Properties Australia Ltd. |
1,286,403 | 2,487,444 | ||||||
GUD Holdings Ltd. |
596,127 | 4,003,893 | ||||||
GWA Group Ltd. |
904,885 | 1,194,349 | ||||||
Hansen Technologies Ltd. |
732,900 | 2,583,571 | ||||||
Harvey Norman Holdings Ltd. |
2,379,108 | 6,052,600 | ||||||
Healius Ltd. |
2,399,931 | 4,636,972 | ||||||
Helia Group Ltd. |
1,456,195 | 3,802,013 | ||||||
Home Consortium Ltd. |
855,090 | 2,983,663 | ||||||
HomeCo Daily Needs REIT |
6,585,818 | 5,296,997 | ||||||
HUB24 Ltd. |
323,721 | 6,141,564 | ||||||
Iluka Resources Ltd. |
1,806,245 | 12,475,670 | ||||||
Imdex Ltd. |
2,111,383 | 2,785,257 | ||||||
Imugene Ltd.(b)(c) |
22,902,679 | 1,545,895 | ||||||
Incitec Pivot Ltd. |
8,271,722 | 16,826,411 | ||||||
Ingenia Communities Group |
1,460,531 | 4,015,981 | ||||||
Inghams Group Ltd. |
1,559,541 | 2,939,528 | ||||||
Insignia Financial Ltd. |
2,436,521 | 4,895,740 | ||||||
Integral Diagnostics Ltd. |
835,619 | 1,700,694 | ||||||
InvoCare Ltd. |
585,094 | 4,811,257 | ||||||
ionner Ltd.(b) |
6,245,048 | 1,221,894 | ||||||
IPH Ltd. |
908,631 | 4,836,841 | ||||||
IRESS Ltd. |
748,128 | 5,229,949 | ||||||
JB Hi-Fi Ltd. |
465,808 | 14,326,282 | ||||||
Johns Lyng Group Ltd. |
785,445 | 2,799,233 | ||||||
Judo Capital Holdings Ltd.(b) |
2,735,847 | 2,513,430 | ||||||
Jumbo Interactive Ltd. |
225,837 | 2,332,615 | ||||||
Karoon Energy Ltd.(b) |
2,378,989 | 3,584,642 | ||||||
Kelsian Group Ltd. |
744,030 | 3,478,585 | ||||||
Lake Resources NL(b)(c) |
5,828,189 | 885,123 | ||||||
Lifestyle Communities Ltd.(c) |
380,187 | 4,452,854 | ||||||
Link Administration Holdings Ltd. |
2,208,635 | 2,274,952 | ||||||
Liontown Resources Ltd.(b)(c) |
6,522,647 | 11,844,368 | ||||||
Lovisa Holdings Ltd. |
250,818 | 3,625,995 | ||||||
Lynas Rare Earths Ltd.(b) |
3,968,671 | 17,986,914 | ||||||
MA Financial Group Ltd.(c) |
433,622 | 1,377,746 | ||||||
Maas Group Holdings Ltd.(c) |
370,096 | 667,467 | ||||||
Magellan Financial Group Ltd. |
652,242 | 4,099,989 |
S C H E D U L E O F I N V E S T M E N T S |
69 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
McMillan Shakespeare Ltd. |
238,429 | $ | 3,174,969 | |||||
Megaport Ltd.(b)(c) |
635,240 | 4,364,192 | ||||||
Mesoblast Ltd.(b)(c) |
3,078,201 | 2,364,721 | ||||||
Metcash Ltd. |
3,843,806 | 9,307,915 | ||||||
Monadelphous Group Ltd. |
386,463 | 3,548,146 | ||||||
Mount Gibson Iron Ltd.(b)(c) |
2,610,143 | 826,954 | ||||||
Nanosonics Ltd.(b)(c) |
1,085,639 | 3,460,517 | ||||||
National Storage REIT |
5,155,542 | 8,052,641 | ||||||
Netwealth Group Ltd. |
515,866 | 5,270,578 | ||||||
Neuren Pharmaceuticals Ltd., NVS(b)(c) |
455,263 | 3,981,926 | ||||||
New Hope Corp. Ltd. |
2,440,164 | 8,738,854 | ||||||
NEXTDC Ltd.(b) |
2,182,125 | 18,728,109 | ||||||
nib holdings Ltd. |
2,049,244 | 11,412,023 | ||||||
Nick Scali Ltd.(c) |
279,060 | 2,009,129 | ||||||
Nickel Mines Ltd. |
7,610,449 | 4,241,580 | ||||||
Nine Entertainment Co. Holdings Ltd. |
6,112,393 | 8,814,810 | ||||||
Novonix Ltd.(b)(c) |
1,687,244 | 1,059,582 | ||||||
NRW Holdings Ltd. |
1,677,007 | 3,108,808 | ||||||
Nufarm Ltd./Australia |
1,520,671 | 5,505,305 | ||||||
Objective Corp. Ltd. |
123,534 | 1,097,631 | ||||||
Omni Bridgeway Ltd.(b) |
1,088,252 | 2,064,835 | ||||||
oOh!media Ltd. |
2,464,003 | 2,314,530 | ||||||
Orora Ltd. |
3,414,708 | 8,248,257 | ||||||
Paladin Energy Ltd.(b) |
11,983,701 | 5,962,848 | ||||||
Pepper Money Ltd./Australia |
696,253 | 721,201 | ||||||
Perenti Global Ltd.(b) |
2,590,955 | 2,085,519 | ||||||
Perpetual Ltd. |
474,276 | 7,873,146 | ||||||
Perseus Mining Ltd. |
5,795,652 | 6,814,450 | ||||||
PEXA Group Ltd.(b) |
560,325 | 4,998,768 | ||||||
Pinnacle Investment Management Group Ltd. |
603,516 | 4,276,556 | ||||||
Platinum Asset Management Ltd. |
1,898,687 | 2,025,906 | ||||||
PolyNovo Ltd.(b)(c) |
2,482,443 | 2,704,670 | ||||||
Premier Investments Ltd. |
404,811 | 6,035,686 | ||||||
Pro Medicus Ltd.(c) |
221,204 | 10,244,646 | ||||||
PWR Holdings Ltd. |
344,035 | 2,123,150 | ||||||
Qube Holdings Ltd. |
7,155,577 | 14,163,569 | ||||||
Ramelius Resources Ltd. |
4,253,209 | 3,675,962 | ||||||
Region RE Ltd. |
4,938,649 | 8,045,212 | ||||||
Regis Resources Ltd.(b) |
3,155,738 | 3,589,091 | ||||||
Reliance Worldwide Corp. Ltd. |
3,351,261 | 9,520,703 | ||||||
Resolute Mining Ltd.(b) |
8,915,460 | 2,172,172 | ||||||
Rural Funds Group |
1,619,602 | 2,177,744 | ||||||
Sandfire Resources Ltd.(b) |
1,960,211 | 8,960,559 | ||||||
Sayona Mining Ltd.(b)(c) |
36,515,758 | 3,574,853 | ||||||
Select Harvests Ltd.(c) |
492,887 | 1,392,315 | ||||||
Seven Group Holdings Ltd. |
697,186 | 12,308,154 | ||||||
Seven West Media Ltd.(b) |
3,825,451 | 990,343 | ||||||
Sigma Healthcare Ltd. |
3,841,755 | 2,027,778 | ||||||
Silex Systems Ltd.(b)(c) |
743,351 | 1,808,617 | ||||||
Silver Lake Resources Ltd.(b) |
3,879,760 | 2,342,004 | ||||||
Sims Ltd. |
690,762 | 7,046,273 | ||||||
SiteMinder Ltd.(b) |
922,793 | 2,614,813 | ||||||
SmartGroup Corp. Ltd. |
547,218 | 3,329,814 | ||||||
Stanmore Resources Ltd.(b) |
1,167,438 | 2,208,699 | ||||||
Star Entertainment Grp Ltd. (The)(b) |
5,743,534 | 4,061,719 | ||||||
Steadfast Group Ltd. |
3,749,421 | 14,709,904 | ||||||
Strike Energy Ltd.(b) |
9,197,583 | 2,754,889 | ||||||
Super Retail Group Ltd. |
665,059 | 5,519,768 | ||||||
Syrah Resources Ltd.(b)(c) |
2,679,380 | 1,266,495 | ||||||
Tabcorp Holdings Ltd. |
9,218,458 | 6,539,423 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Technology One Ltd. |
1,238,198 | $ | 13,118,897 | |||||
Telix Pharmaceuticals Ltd.(b) |
1,015,736 | 7,725,611 | ||||||
Temple & Webster Group Ltd.(b)(c) |
367,667 | 1,632,460 | ||||||
Terracom Ltd.(c) |
2,307,971 | 638,010 | ||||||
Tietto Minerals Ltd.(b)(c) |
2,742,162 | 934,769 | ||||||
Tyro Payments Ltd.(b) |
1,562,947 | 1,469,752 | ||||||
United Malt Grp Ltd.(b)(c) |
1,088,839 | 3,529,283 | ||||||
Ventia Services Group Pty Ltd. |
2,543,047 | 4,958,188 | ||||||
Viva Energy Group Ltd.(d) |
3,616,534 | 7,672,789 | ||||||
Vulcan Energy Resources Ltd.(b)(c) |
511,222 | 1,530,804 | ||||||
Vulcan Steel Ltd. |
292,872 | 1,526,564 | ||||||
Waypoint REIT Ltd. |
2,901,061 | 5,115,378 | ||||||
Webjet Ltd.(b)(c) |
1,618,904 | 8,593,247 | ||||||
Weebit Nano Ltd.(b)(c) |
750,499 | 3,138,572 | ||||||
West African Resources Ltd.(b) |
4,214,498 | 2,556,608 | ||||||
Whitehaven Coal Ltd. |
3,760,266 | 17,569,865 | ||||||
Worley Ltd. |
1,557,710 | 18,230,849 | ||||||
Yancoal Australia Ltd., NVS(c) |
1,140,783 | 3,917,329 | ||||||
|
|
|||||||
1,083,388,802 | ||||||||
Austria — 1.0% | ||||||||
Agrana Beteiligungs AG |
54,759 | 975,362 | ||||||
ams-OSRAM AG(b)(c) |
1,158,840 | 10,257,513 | ||||||
ANDRITZ AG |
286,487 | 15,125,932 | ||||||
AT&S Austria Technologie & Systemtechnik AG(c) |
104,632 | 3,951,807 | ||||||
BAWAG Group AG(d) |
332,434 | 16,195,324 | ||||||
CA Immobilien Anlagen AG |
178,361 | 5,688,067 | ||||||
DO & CO AG(c) |
29,772 | 4,019,775 | ||||||
EVNAG |
157,448 | 3,732,132 | ||||||
IMMOFINANZ AG(b)(c) |
149,501 | 2,999,877 | ||||||
Lenzing AG(b)(c) |
74,750 | 3,762,991 | ||||||
Oesterreichische Post AG(c) |
148,112 | 5,403,018 | ||||||
Palfinger AG |
66,478 | 1,948,165 | ||||||
Porr AG |
84,118 | 1,172,745 | ||||||
Raiffeisen Bank International AG(b) |
630,781 | 10,199,360 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG |
44,263 | 2,682,512 | ||||||
Semperit AG Holding |
38,022 | 849,116 | ||||||
UNIQA Insurance Group AG |
538,730 | 4,400,472 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe |
163,395 | 4,370,166 | ||||||
Wienerberger AG |
453,262 | 14,885,504 | ||||||
|
|
|||||||
112,619,838 | ||||||||
Belgium — 1.5% | ||||||||
Ackermans & van Haaren NV |
99,491 | 17,322,968 | ||||||
Aedifica SA |
199,856 | 13,726,292 | ||||||
AGFA-Gevaert NV(b) |
571,400 | 1,469,786 | ||||||
Barco NV |
276,331 | 6,430,795 | ||||||
Bekaert SA |
145,110 | 6,926,210 | ||||||
bpost SA(c) |
425,933 | 2,051,206 | ||||||
Cofinimmo SA |
139,503 | 10,918,007 | ||||||
Deme Group NV |
31,153 | 4,125,580 | ||||||
Etablissements Franz Colruyt NV |
255,573 | 9,740,926 | ||||||
Euronav NV |
468,724 | 7,700,962 | ||||||
Exmar NV |
128,783 | 1,617,952 | ||||||
Fagron |
296,413 | 5,274,565 | ||||||
Galapagos NV(b)(c) |
196,081 | 8,240,185 | ||||||
Immobel SA(c) |
18,156 | 718,175 | ||||||
Intervest Offices & Warehouses NV |
103,036 | 1,515,795 | ||||||
Ion Beam Applications |
92,990 | 1,500,920 | ||||||
KBC Ancora |
150,052 | 7,022,001 |
70 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Belgium (continued) | ||||||||
Kinepolis Group NV(c) |
56,302 | $ | 2,744,347 | |||||
Melexis NV |
85,572 | 9,225,101 | ||||||
Montea NV |
57,160 | 4,631,694 | ||||||
Ontex Group NV(b)(c) |
274,434 | 2,351,953 | ||||||
Proximus SADP |
637,891 | 4,890,569 | ||||||
Recticel SA(c) |
175,280 | 2,225,416 | ||||||
Retail Estates NV |
44,471 | 2,839,510 | ||||||
Shurgard Self Storage Ltd.(c) |
115,660 | 5,277,639 | ||||||
Telenet Group Holding NV |
191,695 | 4,389,495 | ||||||
Tessenderlo Group SA |
109,949 | 3,687,995 | ||||||
VGP NV |
58,316 | 6,225,991 | ||||||
X-Fab Silicon Foundries SE(b)(c)(d) |
239,404 | 2,901,807 | ||||||
Xior Student Housing NV |
118,886 | 3,707,792 | ||||||
|
|
|||||||
161,401,634 | ||||||||
Canada — 0.1% | ||||||||
SharkNinja Inc.(b) |
236,880 | 10,022,393 | ||||||
|
|
|||||||
Denmark — 2.2% | ||||||||
ALK-Abello AS(b) |
558,777 | 6,084,231 | ||||||
Alm Brand A/S |
3,606,168 | 5,747,353 | ||||||
Amagerbanken A/S(a) |
130,550 | — | ||||||
Ambu A/S, Class B(b)(c) |
797,801 | 11,770,581 | ||||||
Bavarian Nordic A/S(b)(c) |
330,269 | 7,085,931 | ||||||
Better Collective A/S(b)(c) |
128,169 | 2,946,582 | ||||||
cBrain A/S |
46,494 | 1,026,643 | ||||||
Chemometec A/S(b) |
67,345 | 4,519,212 | ||||||
D/S Norden A/S |
103,054 | 5,162,387 | ||||||
Dfds A/S |
149,108 | 5,345,572 | ||||||
FLSmidth & Co. A/S(c) |
219,746 | 10,396,998 | ||||||
GN Store Nord A/S(b) |
493,809 | 13,167,314 | ||||||
H Lundbeck AS |
1,136,864 | 5,642,764 | ||||||
H Lundbeck AS, Class A |
208,832 | 936,552 | ||||||
ISS A/S |
669,033 | 13,518,626 | ||||||
Jyske Bank A/S, Registered(b) |
204,665 | 15,481,818 | ||||||
Matas A/S |
153,977 | 2,262,718 | ||||||
Netcompany Group A/S(b)(c)(d) |
190,790 | 8,856,213 | ||||||
Nilfisk Holding A/S(b) |
50,876 | 958,205 | ||||||
NKT A/S(b)(c) |
227,602 | 13,004,329 | ||||||
NTG Nordic Transport Group A/S, Class A(b) |
28,364 | 1,770,125 | ||||||
Per Aarsleff Holding A/S |
74,225 | 3,523,132 | ||||||
Ringkjoebing Landbobank A/S |
120,916 | 17,208,585 | ||||||
Royal Unibrew A/S |
212,913 | 18,402,674 | ||||||
Scandinavian Tobacco Group A/S, Class A(d) |
233,741 | 4,065,834 | ||||||
Schouw & Co. A/S |
56,029 | 4,445,957 | ||||||
SimCorp A/S |
172,076 | 18,451,115 | ||||||
Solar A/S, Class B |
22,254 | 1,663,563 | ||||||
Spar Nord Bank A/S |
313,983 | 4,992,529 | ||||||
Sydbank AS |
246,242 | 11,809,334 | ||||||
Topdanmark AS |
193,512 | 8,771,882 | ||||||
TORM PLC, Class A |
126,180 | 3,105,725 | ||||||
Trifork Holding AG |
50,985 | 1,003,541 | ||||||
Zealand Pharma A/S(b) |
211,641 | 7,344,528 | ||||||
|
|
|||||||
240,472,553 | ||||||||
Finland — 1.3% | ||||||||
Aktia Bank OYJ |
216,739 | 2,240,392 | ||||||
Anora Group OYJ |
163,684 | 849,630 | ||||||
Cargotec OYJ, Class B |
164,041 | 7,834,649 | ||||||
Caverion OYJ |
347,758 | 3,273,002 | ||||||
Citycon OYJ |
347,132 | 2,154,869 | ||||||
Finnair OYJ(b)(c) |
2,726,337 | 1,687,899 |
Security | Shares | Value | ||||||
Finland (continued) | ||||||||
F-Secure OYJ |
469,656 | $ | 1,157,085 | |||||
Huhtamaki OYJ |
411,642 | 14,632,853 | ||||||
Incap OYJ(b)(c) |
67,631 | 797,632 | ||||||
Kemira OYJ |
462,556 | 7,255,491 | ||||||
Kempower OYJ(b)(c) |
72,444 | 3,233,880 | ||||||
Kojamo OYJ |
526,191 | 5,141,008 | ||||||
Konecranes OYJ |
284,651 | 10,346,117 | ||||||
Marimekko OYJ |
123,946 | 1,226,508 | ||||||
Metsa Board OYJ, Class B(c) |
687,459 | 5,546,328 | ||||||
Musti Group OYJ |
137,067 | 2,688,581 | ||||||
Nokian Renkaat OYJ |
555,396 | 5,165,832 | ||||||
Oriola OYJ, Class B |
758,192 | 923,665 | ||||||
Outokumpu OYJ |
1,537,855 | 7,956,326 | ||||||
Puuilo OYJ |
242,847 | 1,985,272 | ||||||
QT Group OYJ(b)(c) |
81,472 | 6,757,565 | ||||||
Revenio Group OYJ |
92,800 | 3,282,914 | ||||||
Rovio Entertainment OYJ(d) |
197,757 | 2,002,566 | ||||||
Talenom OYJ(c) |
130,155 | 953,082 | ||||||
TietoEVRY OYJ |
440,285 | 11,232,811 | ||||||
TietoEVRY OYJ, New |
12,844 | 328,044 | ||||||
Tokmanni Group Corp |
205,490 | 3,173,421 | ||||||
Uponor OYJ |
218,773 | 6,922,856 | ||||||
Valmet OYJ |
668,423 | 17,730,411 | ||||||
YIT OYJ |
537,990 | 1,298,080 | ||||||
|
|
|||||||
139,778,769 | ||||||||
France — 3.8% | ||||||||
AB Science SA(b) |
100,177 | 441,757 | ||||||
ABC arbitrage |
83,506 | 545,380 | ||||||
Abivax SA, NVS(c) |
82,364 | 1,586,598 | ||||||
Air France-KLM(b) |
4,909,152 | 8,477,483 | ||||||
AKWEL(c) |
36,551 | 659,081 | ||||||
ALD SA(d) |
605,375 | 6,431,796 | ||||||
Altarea SCA(c) |
17,197 | 1,607,290 | ||||||
Alten SA |
124,803 | 17,975,854 | ||||||
Antin Infrastructure Partners SA |
145,522 | 2,613,428 | ||||||
APERAM SA |
214,599 | 6,772,541 | ||||||
Atos SE(b)(c) |
472,724 | 4,910,390 | ||||||
Aubay |
31,957 | 1,500,589 | ||||||
Believe SA(b)(c) |
81,021 | 984,292 | ||||||
Beneteau SA |
159,174 | 2,598,781 | ||||||
Boiron SA |
29,203 | 1,615,068 | ||||||
Bonduelle SCA |
56,183 | 668,723 | ||||||
Carmila SA |
268,525 | 4,351,552 | ||||||
Casino Guichard Perrachon SA(b)(c) |
162,859 | 424,525 | ||||||
CGG SA(b) |
3,038,459 | 2,137,743 | ||||||
Chargeurs SA(c) |
73,259 | 900,750 | ||||||
Cie. des Alpes |
83,565 | 1,228,894 | ||||||
Cie. Plastic Omnium SA |
239,942 | 4,672,815 | ||||||
Coface SA |
435,189 | 6,375,035 | ||||||
Derichebourg SA |
369,242 | 2,276,542 | ||||||
Elior Group SA(b)(c)(d) |
483,700 | 1,232,775 | ||||||
Elis SA |
776,754 | 16,047,821 | ||||||
Equasens |
22,469 | 2,068,058 | ||||||
Eramet SA |
36,210 | 3,048,748 | ||||||
Esker SA |
23,213 | 3,855,385 | ||||||
Etablissements Maurel et Prom SA |
248,603 | 1,172,484 | ||||||
Euroapi SA(b) |
218,995 | 2,555,399 | ||||||
Eutelsat Communications SA(c) |
570,668 | 3,844,117 | ||||||
Faurecia SE(b) |
666,687 | 16,753,085 | ||||||
Fnac Darty SA |
48,368 | 1,686,175 |
S C H E D U L E O F I N V E S T M E N T S |
71 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Gaztransport Et Technigaz SA |
140,677 | $ | 17,157,424 | |||||
ICADE |
147,624 | 6,014,280 | ||||||
ID Logistics Group(b) |
11,751 | 3,369,688 | ||||||
Imerys SA |
145,033 | 5,036,301 | ||||||
Interparfums SA |
88,579 | 6,393,487 | ||||||
IPSOS |
167,155 | 8,356,076 | ||||||
JCDecaux SE(b) |
267,234 | 5,007,758 | ||||||
Kaufman & Broad SA |
54,654 | 1,504,596 | ||||||
Korian SA(c) |
323,430 | 2,518,477 | ||||||
LISI |
78,916 | 2,062,772 | ||||||
Maisons du Monde SA(c)(d) |
118,850 | 1,247,898 | ||||||
Manitou BF SA |
51,321 | 1,481,221 | ||||||
McPhy Energy SA(b)(c) |
92,539 | 780,177 | ||||||
Mercialys SA |
350,661 | 3,035,459 | ||||||
Mersen SA |
92,932 | 4,374,008 | ||||||
Metropole Television SA |
104,504 | 1,476,193 | ||||||
Neoen SA(d) |
288,316 | 9,480,198 | ||||||
Nexans SA |
111,477 | 9,896,957 | ||||||
Nexity SA |
179,939 | 3,046,791 | ||||||
OVH Groupe SAS, NVS(b)(c) |
164,801 | 1,859,670 | ||||||
Peugeot Invest |
21,647 | 2,551,940 | ||||||
Pierre & Vacances SA, NVS(b)(c) |
572,351 | 973,203 | ||||||
Quadient SA |
148,056 | 3,300,811 | ||||||
Rexel SA |
1,026,577 | 24,763,354 | ||||||
Rubis SCA |
411,065 | 10,136,181 | ||||||
SCOR SE |
608,192 | 18,176,100 | ||||||
Seche Environnement SA, NVS |
9,756 | 1,248,591 | ||||||
SES SA, Class A |
1,611,303 | 10,438,823 | ||||||
SES-Imagotag SA(b) |
26,652 | 3,446,875 | ||||||
SMCP SA(b)(d) |
201,284 | 1,510,260 | ||||||
Societe BIC SA |
101,914 | 6,230,485 | ||||||
SOITEC(b) |
112,946 | 22,197,201 | ||||||
Sopra Steria Group SACA |
64,830 | 14,096,320 | ||||||
SPIE SA |
589,950 | 17,709,087 | ||||||
Television Francaise 1(c) |
174,951 | 1,430,714 | ||||||
Trigano SA |
36,397 | 5,329,651 | ||||||
Ubisoft Entertainment SA(b) |
399,027 | 13,419,952 | ||||||
Vallourec SA(b)(c) |
623,990 | 8,140,952 | ||||||
Valneva SE(b) |
449,073 | 3,372,325 | ||||||
Verallia SA(d) |
311,702 | 13,816,310 | ||||||
Vicat SA |
73,131 | 2,485,910 | ||||||
Vilmorin & Cie. SA(c) |
26,104 | 1,796,705 | ||||||
Virbac SA |
17,895 | 5,511,873 | ||||||
Voltalia SA(b)(c) |
159,725 | 2,775,303 | ||||||
Waga Energy SA(b)(c) |
19,651 | 615,797 | ||||||
Wavestone |
32,508 | 1,929,913 | ||||||
|
|
|||||||
425,525,021 | ||||||||
Germany — 4.7% | ||||||||
1&1 AG |
142,567 | 1,625,375 | ||||||
About You Holding SE(b)(c) |
153,827 | 1,095,012 | ||||||
Adesso SE |
13,006 | 1,519,022 | ||||||
ADVA Optical Networking SE(b) |
81,199 | 1,785,567 | ||||||
AIXTRON SE |
479,105 | 19,007,375 | ||||||
Amadeus Fire AG |
23,434 | 2,782,967 | ||||||
Aroundtown SA(b)(c) |
3,614,371 | 5,615,341 | ||||||
Atoss Software AG |
16,519 | 4,011,047 | ||||||
Aurubis AG |
133,968 | 12,610,708 | ||||||
Auto1 Group SE(b)(c)(d) |
416,559 | 4,488,922 | ||||||
Basler AG |
56,205 | 921,626 | ||||||
BayWa AG |
60,656 | 2,541,972 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Befesa SA(d) |
168,023 | $ | 6,439,394 | |||||
Bertrandt AG |
25,343 | 1,330,536 | ||||||
Bilfinger SE |
120,985 | 4,380,167 | ||||||
Borussia Dortmund GmbH & Co. KGaA(b) |
322,613 | 1,540,581 | ||||||
CANCOM SE |
150,926 | 4,345,577 | ||||||
Ceconomy AG(b) |
612,434 | 1,835,129 | ||||||
Cewe Stiftung & Co. KGaA |
21,480 | 2,220,048 | ||||||
CompuGroup Medical SE & Co. KgaA |
115,050 | 5,842,903 | ||||||
CropEnergies AG |
108,306 | 1,089,590 | ||||||
CTS Eventim AG & Co. KGaA |
264,140 | 18,026,490 | ||||||
CureVac NV(b)(c) |
428,577 | 3,780,269 | ||||||
Datagroup SE |
19,722 | 1,259,861 | ||||||
Dermapharm Holding SE |
78,391 | 3,829,242 | ||||||
Deutsche Beteiligungs AG |
48,858 | 1,627,823 | ||||||
Deutsche EuroShop AG |
61,972 | 1,510,682 | ||||||
Deutsche Pfandbriefbank AG(c)(d) |
574,917 | 4,784,977 | ||||||
Deutz AG |
501,133 | 2,757,395 | ||||||
DIC Asset AG(c) |
180,135 | 887,294 | ||||||
Draegerwerk AG & Co. KGaA |
13,057 | 579,678 | ||||||
Duerr AG |
220,359 | 6,875,307 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG |
63,167 | 2,499,952 | ||||||
Elmos Semiconductor SE |
34,057 | 3,033,392 | ||||||
ElringKlinger AG |
119,369 | 1,023,667 | ||||||
Encavis AG(b) |
485,700 | 8,144,120 | ||||||
Energiekontor AG(c) |
30,074 | 2,611,860 | ||||||
Evotec SE(b) |
599,777 | 15,799,139 | ||||||
Fielmann AG |
107,379 | 5,516,814 | ||||||
flatexDEGIRO AG(b)(c) |
281,513 | 2,775,081 | ||||||
Formycon AG |
38,171 | 2,806,850 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(b) |
157,292 | 8,310,512 | ||||||
Freenet AG |
501,894 | 12,423,468 | ||||||
Gerresheimer AG |
146,640 | 17,368,596 | ||||||
GFT Technologies SE |
71,639 | 2,078,961 | ||||||
Grand City Properties SA(b) |
338,349 | 2,790,376 | ||||||
GRENKE AG |
121,687 | 3,356,218 | ||||||
Hamborner REIT AG |
308,550 | 2,232,927 | ||||||
Hamburger Hafen und Logistik AG(c) |
106,968 | 1,405,986 | ||||||
Heidelberger Druckmaschinen AG(b)(c) |
1,109,134 | 1,767,440 | ||||||
Hensoldt AG |
223,890 | 7,612,264 | ||||||
HOCHTIEF AG(c) |
99,771 | 9,827,948 | ||||||
Hornbach Holding AG & Co. KGaA |
38,309 | 3,098,636 | ||||||
Hugo Boss AG |
239,761 | 19,360,352 | ||||||
Hypoport SE(b) |
19,186 | 4,003,211 | ||||||
Indus Holding AG |
77,579 | 2,076,168 | ||||||
Instone Real Estate Group SE(c)(d) |
137,056 | 952,391 | ||||||
Ionos SE(b) |
90,772 | 1,407,234 | ||||||
Jenoptik AG |
219,264 | 7,092,015 | ||||||
JOST Werke AG(d) |
55,059 | 3,208,052 | ||||||
K+S AG, Registered(c) |
813,562 | 15,533,648 | ||||||
KION Group AG |
305,157 | 12,787,000 | ||||||
Kloeckner & Co. SE |
301,039 | 2,814,193 | ||||||
Knaus Tabbert AG |
17,940 | 1,182,154 | ||||||
Kontron AG(c) |
159,952 | 3,478,837 | ||||||
Krones AG |
60,806 | 7,327,273 | ||||||
LANXESS AG |
349,839 | 11,798,737 | ||||||
MBB SE |
8,158 | 707,231 | ||||||
Medios AG(b)(c) |
57,239 | 1,103,015 | ||||||
METRO AG(b)(c) |
619,379 | 5,385,614 | ||||||
MorphoSys AG(b)(c) |
136,946 | 4,009,144 | ||||||
Nagarro SE(b)(c) |
35,283 | 3,342,567 |
72 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Nordex SE(b) |
495,847 | $ | 7,006,593 | |||||
Norma Group SE |
129,868 | 2,291,328 | ||||||
Northern Data AG(b) |
51,466 | 1,113,645 | ||||||
OHB SE |
14,662 | 510,332 | ||||||
PATRIZIA SE |
181,317 | 1,855,172 | ||||||
Pfeiffer Vacuum Technology AG |
14,781 | 2,447,440 | ||||||
PNE AG |
131,687 | 1,928,602 | ||||||
ProSiebenSat.1 Media SE(c) |
689,647 | 6,855,975 | ||||||
PVA TePla AG(b) |
92,215 | 2,172,089 | ||||||
SAF-Holland SE |
195,991 | 2,800,632 | ||||||
Salzgitter AG(c) |
100,695 | 3,489,638 | ||||||
Secunet Security Networks AG |
6,903 | 1,583,786 | ||||||
SGL Carbon SE(b)(c) |
265,232 | 2,219,109 | ||||||
Shop Apotheke Europe NV(b)(d) |
62,816 | 7,283,094 | ||||||
Siltronic AG |
76,570 | 6,740,663 | ||||||
Sixt SE |
58,596 | 7,065,596 | ||||||
SMA Solar Technology AG(b)(c) |
66,561 | 6,345,813 | ||||||
Software AG, NVS |
219,968 | 7,690,986 | ||||||
Stabilus SE |
105,731 | 6,027,930 | ||||||
Steico SE(c) |
22,931 | 888,543 | ||||||
Stratec SE |
32,606 | 1,830,105 | ||||||
Stroeer SE & Co. KGaA |
146,474 | 7,083,692 | ||||||
Suedzucker AG |
262,729 | 4,548,434 | ||||||
SUESS MicroTec SE |
74,749 | 1,864,901 | ||||||
SUSE SA(b)(c) |
178,046 | 2,097,253 | ||||||
Synlab AG |
286,782 | 2,840,239 | ||||||
TAG Immobilien AG(b) |
710,716 | 7,988,853 | ||||||
Takkt AG |
107,346 | 1,541,432 | ||||||
TeamViewer AG(b)(d) |
592,212 | 10,066,799 | ||||||
thyssenkrupp AG |
2,113,033 | 16,799,400 | ||||||
United Internet AG, Registered(e) |
366,875 | 5,492,514 | ||||||
Varta AG(c) |
82,682 | 1,876,347 | ||||||
VERBIO Vereinigte BioEnergie AG(c) |
81,695 | 3,982,353 | ||||||
Vib Vermoegen AG(c) |
34,826 | 606,947 | ||||||
Vitesco Technologies Group AG(b) |
84,983 | 7,268,081 | ||||||
Vossloh AG |
49,422 | 2,216,299 | ||||||
Wacker Neuson SE |
118,415 | 3,071,517 | ||||||
Wuestenrot & Wuerttembergische AG |
102,690 | 1,777,185 | ||||||
|
|
|||||||
518,270,237 | ||||||||
Hong Kong — 1.8% | ||||||||
ASMPT Ltd. |
1,303,700 | 12,716,408 | ||||||
Bank of East Asia Ltd. (The) |
4,673,600 | 7,175,533 | ||||||
Brightoil Petroleum Holdings Ltd.(a) |
12,938,512 | 17 | ||||||
Cafe de Coral Holdings Ltd. |
1,464,000 | 1,923,988 | ||||||
Champion REIT(c) |
9,783,000 | 3,604,347 | ||||||
Chinese Estates Holdings Ltd.(b)(c) |
1,702,000 | 484,071 | ||||||
Chow Sang Sang Holdings International Ltd. |
1,486,000 | 1,733,159 | ||||||
CITIC Telecom International Holdings Ltd. |
7,559,000 | 3,036,069 | ||||||
Citychamp Watch & Jewellery Group Ltd.(b) |
5,546,000 | 839,129 | ||||||
CK
Life Sciences International Holdings |
14,480,000 | 1,434,923 | ||||||
C-Mer Eye Care Holdings Ltd.(b) |
2,652,000 | 1,382,462 | ||||||
Comba Telecom Systems Holdings Ltd. |
8,200,000 | 1,386,039 | ||||||
Cowell e Holdings Inc.(b) |
1,065,000 | 1,996,866 | ||||||
Dah Sing Banking Group Ltd. |
2,085,200 | 1,562,154 | ||||||
Dah Sing Financial Holdings Ltd. |
794,000 | 1,961,667 | ||||||
EC Healthcare |
1,881,000 | 1,127,686 | ||||||
E-Commodities Holdings Ltd. |
6,144,000 | 986,547 | ||||||
Far East Consortium International Ltd. |
5,723,500 | 1,352,947 | ||||||
First Pacific Co. Ltd. |
9,696,000 | 3,515,409 | ||||||
Fortune REIT |
6,521,000 | 4,715,382 |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Fosun Tourism Group(b)(c)(d) |
1,088,400 | $ | 1,176,693 | |||||
Guotai Junan International Holdings Ltd.(c) |
11,697,000 | 1,009,286 | ||||||
Haitong
International Securities Group |
8,645,899 | 811,232 | ||||||
Hang Lung Group Ltd. |
3,487,000 | 5,452,943 | ||||||
Health and Happiness H&H International Holdings Ltd. |
957,500 | 1,262,487 | ||||||
HKBN Ltd. |
3,649,000 | 1,993,357 | ||||||
Hong Kong Technology Venture Co. Ltd. |
2,356,000 | 1,399,914 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. |
9,714,000 | 1,481,917 | ||||||
Hysan Development Co. Ltd. |
2,645,000 | 6,250,021 | ||||||
IGG Inc.(b) |
3,370,000 | 1,717,463 | ||||||
Johnson Electric Holdings Ltd. |
1,602,250 | 2,208,851 | ||||||
JS Global Lifestyle Co. Ltd.(b)(c)(d) |
5,905,000 | 1,051,931 | ||||||
K Wah International Holdings Ltd. |
4,916,000 | 1,610,141 | ||||||
Kerry Logistics Network Ltd.(c) |
1,510,388 | 1,864,905 | ||||||
Kerry Properties Ltd. |
2,459,500 | 5,317,348 | ||||||
Luk Fook Holdings International Ltd. |
1,423,000 | 3,757,157 | ||||||
Man Wah Holdings Ltd.(c) |
6,623,200 | 5,747,899 | ||||||
MECOM Power and Construction Ltd. |
6,883,500 | 912,232 | ||||||
Melco International Development Ltd.(b) |
2,809,000 | 2,980,265 | ||||||
Melco Resorts & Entertainment Ltd., ADR(b) |
934,513 | 12,728,067 | ||||||
Nissin Foods Co. Ltd. |
1,050,000 | 836,613 | ||||||
NWS Holdings Ltd. |
6,757,000 | 7,749,903 | ||||||
Pacific Basin Shipping Ltd. |
22,312,000 | 7,264,124 | ||||||
Pacific Textiles Holdings Ltd. |
3,859,000 | 962,165 | ||||||
PAX Global Technology Ltd. |
2,989,000 | 2,426,771 | ||||||
PCCW Ltd. |
18,062,000 | 9,235,090 | ||||||
Perfect Medical Health Management Ltd. |
1,872,000 | 1,047,020 | ||||||
Prosperity REIT |
6,508,000 | 1,413,049 | ||||||
Realord Group Holdings Ltd.(b)(c) |
1,858,000 | 1,398,461 | ||||||
Sa Sa International Holdings Ltd.(b) |
5,154,000 | 942,927 | ||||||
Shangri-La Asia Ltd.(b) |
5,370,000 | 4,481,090 | ||||||
Shun Tak Holdings Ltd.(b) |
5,774,000 | 967,673 | ||||||
SJM Holdings Ltd.(b)(c) |
10,539,000 | 4,892,788 | ||||||
SmarTone Telecommunications Holdings Ltd. |
1,918,000 | 1,160,150 | ||||||
Stella International Holdings Ltd. |
2,062,500 | 2,023,122 | ||||||
Sun Hung Kai & Co. Ltd. |
2,447,000 | 911,219 | ||||||
SUNeVision Holdings Ltd. |
2,673,000 | 1,389,258 | ||||||
Sunlight REIT |
3,912,000 | 1,456,908 | ||||||
Texhong Textile Group Ltd. |
1,125,500 | 830,393 | ||||||
Theme International Holdings Ltd.(b)(c) |
20,270,000 | 2,266,797 | ||||||
United Energy Group Ltd. |
33,218,000 | 4,196,366 | ||||||
United Laboratories International Holdings Ltd. (The) |
4,182,000 | 3,354,332 | ||||||
Value Partners Group Ltd.(c) |
4,346,000 | 1,645,647 | ||||||
Vesync Co. Ltd.(c) |
1,787,000 | 753,854 | ||||||
Vitasoy International Holdings Ltd. |
3,684,000 | 4,898,036 | ||||||
Viva Goods Company Ltd.(b) |
16,520,000 | 3,036,618 | ||||||
Vobile Group Ltd.(b)(c) |
6,060,000 | 2,118,945 | ||||||
VSTECS Holdings Ltd.(c) |
3,428,000 | 1,739,617 | ||||||
VTech Holdings Ltd. |
736,600 | 4,593,704 | ||||||
Xinyi Electric Storage Holdings Ltd.(b) |
1 | — | ||||||
Yue Yuen Industrial Holdings Ltd. |
3,375,000 | 4,522,021 | ||||||
|
|
|||||||
198,183,573 | ||||||||
Ireland — 0.3% | ||||||||
Cairn Homes PLC(b) |
2,846,034 | 3,417,103 | ||||||
Dalata Hotel Group PLC(b) |
905,923 | 4,238,247 | ||||||
Glanbia PLC |
864,486 | 13,411,593 | ||||||
Glenveagh Properties PLC(b)(d) |
2,425,540 | 2,864,231 |
S C H E D U L E O F I N V E S T M E N T S |
73 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Ireland (continued) | ||||||||
Greencore Group PLC(b) |
2,171,224 | $ | 2,443,707 | |||||
Irish Residential Properties REIT PLC |
1,865,978 | 1,985,991 | ||||||
Origin Enterprises PLC |
486,503 | 1,711,713 | ||||||
Uniphar PLC(b) |
1,163,633 | 3,678,318 | ||||||
|
|
|||||||
33,750,903 | ||||||||
Israel — 2.8% | ||||||||
AFI Properties Ltd.(b) |
19,419 | 787,416 | ||||||
Africa Israel Residences Ltd. |
25,410 | 1,244,013 | ||||||
Airport City Ltd.(b) |
291,929 | 4,401,756 | ||||||
Alony Hetz Properties & Investments Ltd. |
652,576 | 5,482,638 | ||||||
Altshuler Shaham Penn Ltd. |
271,145 | 513,620 | ||||||
Amot Investments Ltd. |
1,006,938 | 5,396,907 | ||||||
Arad Investment & Industrial Development Ltd. |
12,036 | 1,489,830 | ||||||
Ashtrom Group Ltd.(c) |
167,699 | 2,525,901 | ||||||
Azorim-Investment Development & Construction Co. Ltd.(b)(c) |
349,523 | 1,214,932 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. |
8,877,863 | 11,745,816 | ||||||
Big Shopping Centers Ltd.(b) |
51,161 | 4,811,630 | ||||||
Blue Square Real Estate Ltd. |
23,741 | 1,450,934 | ||||||
Camtek Ltd./Israel(b) |
121,973 | 5,637,639 | ||||||
Carasso Motors Ltd. |
131,559 | 598,638 | ||||||
Cellcom Israel Ltd.(b) |
463,086 | 1,642,944 | ||||||
Cellebrite DI Ltd.(b)(c) |
159,427 | 1,245,125 | ||||||
Clal Insurance Enterprises Holdings Ltd.(b) |
284,214 | 4,329,283 | ||||||
Danel Adir Yeoshua Ltd. |
24,493 | 1,933,383 | ||||||
Danya Cebus Ltd. |
31,139 | 795,095 | ||||||
Delek Automotive Systems Ltd. |
247,467 | 1,792,230 | ||||||
Delek Group Ltd. |
38,087 | 5,380,183 | ||||||
Delta Galil Industries Ltd. |
51,799 | 2,043,709 | ||||||
Doral Group Renewable Energy Resources Ltd.(b)(c) |
378,160 | 823,415 | ||||||
Elco Ltd. |
38,582 | 1,403,063 | ||||||
Electra Consumer Products 1970 Ltd.(c) |
48,928 | 1,222,090 | ||||||
Electra Ltd./Israel |
8,557 | 3,767,433 | ||||||
Electra Real Estate Ltd. |
103,188 | 1,295,399 | ||||||
Energix-Renewable Energies Ltd. |
1,176,575 | 4,305,723 | ||||||
Enlight Renewable Energy Ltd.(b) |
485,921 | 9,358,397 | ||||||
Equital Ltd.(b)(c) |
110,075 | 3,319,584 | ||||||
Fattal Holdings 1998 Ltd.(b) |
30,343 | 3,201,942 | ||||||
FIBI Holdings Ltd. |
71,555 | 3,188,148 | ||||||
First International Bank Of Israel Ltd. (The) |
236,155 | 9,982,861 | ||||||
Fiverr International Ltd.(b)(c) |
137,100 | 4,132,194 | ||||||
Formula Systems 1985 Ltd. |
40,967 | 2,972,753 | ||||||
Fox Wizel Ltd.(c) |
34,083 | 2,843,651 | ||||||
G City Ltd. |
379,972 | 1,317,387 | ||||||
Gav-Yam Lands Corp. Ltd. |
— | 2 | ||||||
Harel Insurance Investments & Financial Services Ltd. |
494,112 | 3,897,090 | ||||||
Hilan Ltd. |
64,327 | 3,150,261 | ||||||
IDI Insurance Co. Ltd. |
42,662 | 881,866 | ||||||
Inmode Ltd.(b) |
315,989 | 13,559,088 | ||||||
Innoviz Technologies Ltd.(b)(c) |
457,885 | 1,877,328 | ||||||
Isracard Ltd. |
859,782 | 3,565,535 | ||||||
Israel Canada T.R Ltd.(c) |
573,067 | 1,418,912 | ||||||
Israel Corp Ltd. |
16,281 | 5,076,539 | ||||||
Isras Investment Co. Ltd. |
7,351 | 1,506,872 | ||||||
Ituran Location and Control Ltd. |
58,647 | 1,630,973 | ||||||
Kenon Holdings Ltd./Singapore |
92,503 | 2,432,010 | ||||||
Kornit Digital Ltd.(b) |
209,648 | 6,643,745 | ||||||
M Yochananof & Sons Ltd. |
20,476 | 931,170 |
Security | Shares | Value | ||||||
Israel (continued) | ||||||||
Magic Software Enterprises Ltd. |
106,935 | $ | 1,353,469 | |||||
Matrix IT Ltd. |
153,213 | 3,062,435 | ||||||
Maytronics Ltd. |
206,479 | 2,812,314 | ||||||
Mega Or Holdings Ltd.(c) |
102,594 | 2,262,957 | ||||||
Mehadrin Ltd.(b) |
— | — | ||||||
Melisron Ltd. |
111,958 | 7,398,610 | ||||||
Menora Mivtachim Holdings Ltd. |
100,127 | 2,137,094 | ||||||
Migdal Insurance & Financial Holdings Ltd. |
1,679,709 | 2,077,216 | ||||||
Mivne Real Estate KD Ltd. |
2,718,257 | 7,166,420 | ||||||
Nano Dimension Ltd., ADR(b)(c) |
1,080,338 | 3,349,048 | ||||||
Nano-X Imaging Ltd.(b)(c) |
207,293 | 2,570,433 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(c) |
232,284 | 1,148,577 | ||||||
Nayax Ltd.(b)(c) |
32,314 | 711,389 | ||||||
NEOGAMES SA(b) |
58,868 | 1,603,564 | ||||||
Neto Malinda Trading Ltd.(b)(c) |
45,501 | 810,854 | ||||||
Nova Ltd.(b) |
122,207 | 15,190,824 | ||||||
Oil Refineries Ltd. |
10,447,509 | 3,339,685 | ||||||
One Software Technologies Ltd. |
158,901 | 2,109,857 | ||||||
OPC Energy Ltd.(b)(c) |
461,461 | 3,286,363 | ||||||
OY Nofar Energy Ltd.(b) |
60,012 | 1,408,840 | ||||||
Partner Communications Co. Ltd.(b) |
566,023 | 2,415,095 | ||||||
Paz Oil Co. Ltd.(b) |
42,988 | 4,673,882 | ||||||
Perion Network Ltd.(b) |
198,123 | 7,163,228 | ||||||
Phoenix Holdings Ltd. (The) |
753,681 | 7,733,256 | ||||||
Prashkovsky Investments and
Construction |
32,077 | 744,632 | ||||||
Property & Building Corp. Ltd.(b) |
11,207 | 456,422 | ||||||
Radware Ltd.(b) |
169,990 | 3,194,112 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. |
39,038 | 2,357,997 | ||||||
Reit 1 Ltd. |
818,440 | 3,561,944 | ||||||
Retailors Ltd. |
80,910 | 1,749,953 | ||||||
Riskified Ltd.(b)(c) |
306,895 | 1,482,303 | ||||||
Sapiens International Corp. NV |
134,360 | 3,560,168 | ||||||
Scope Metals Group Ltd.(b) |
30,378 | 1,066,677 | ||||||
Sella Capital Real Estate Ltd. |
888,814 | 1,850,514 | ||||||
Shapir Engineering and Industry Ltd.(c) |
603,994 | 4,305,463 | ||||||
Shikun & Binui Ltd.(b)(c) |
1,128,834 | 3,090,997 | ||||||
Shufersal Ltd.(b) |
1,110,147 | 5,887,067 | ||||||
Sisram Medical Ltd.(d) |
578,800 | 679,180 | ||||||
Strauss Group Ltd.(b) |
219,676 | 5,173,386 | ||||||
Summit Real Estate Holdings Ltd. |
147,606 | 2,045,502 | ||||||
Taboola.com Ltd.(b) |
553,898 | 2,071,579 | ||||||
Tadiran Group Ltd. |
14,235 | 1,144,128 | ||||||
Taro Pharmaceutical Industries Ltd.(b) |
40,325 | 1,473,879 | ||||||
Tel Aviv Stock Exchange Ltd.(b)(c) |
417,754 | 2,224,806 | ||||||
Tower Semiconductor Ltd.(b) |
— | 14 | ||||||
Turpaz Industries Ltd., NVS |
143,643 | 447,775 | ||||||
WalkMe Ltd.(b) |
95,300 | 856,747 | ||||||
YH Dimri Construction & Development Ltd.(c) |
31,380 | 2,217,057 | ||||||
ZIM Integrated Shipping Services Ltd.(c) |
409,508 | 6,199,951 | ||||||
|
|
|||||||
309,796,716 | ||||||||
Italy — 3.3% | ||||||||
A2A SpA |
6,634,931 | 12,659,174 | ||||||
ACEA SpA |
177,231 | 2,171,408 | ||||||
Anima Holding SpA(d) |
741,278 | 2,856,279 | ||||||
Antares Vision SpA(b)(c) |
110,703 | 747,348 | ||||||
Arnoldo Mondadori Editore SpA |
490,976 | 1,156,762 | ||||||
Ascopiave SpA |
272,720 | 684,934 | ||||||
Azimut Holding SpA |
448,510 | 10,590,473 | ||||||
Banca Generali SpA |
245,313 | 9,189,561 |
74 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
Banca IFIS SpA |
113,880 | $ | 2,011,218 | |||||
Banca Mediolanum SpA |
955,603 | 9,285,517 | ||||||
Banca Monte dei Paschi di Siena SpA(b) |
2,147,277 | 6,201,120 | ||||||
Banca Popolare di Sondrio SPA |
1,736,339 | 8,387,803 | ||||||
Banco BPM SpA |
5,750,367 | 28,775,108 | ||||||
BFF Bank SpA(d) |
783,417 | 8,842,728 | ||||||
Biesse SpA |
42,691 | 575,326 | ||||||
Bio On SpA(a)(c) |
19,879 | — | ||||||
BPER Banca |
4,477,500 | 15,493,510 | ||||||
Brembo SpA |
638,543 | 9,038,368 | ||||||
Brunello Cucinelli SpA |
144,375 | 12,206,973 | ||||||
Buzzi Unicem SpA |
404,563 | 11,496,811 | ||||||
Carel Industries SpA(d) |
166,391 | 4,762,490 | ||||||
CIR SpA-Compagnie Industriali(b) |
5,278,809 | 2,350,641 | ||||||
Credito Emiliano SpA |
366,705 | 3,134,985 | ||||||
d’Amico International Shipping SA, NVS |
182,289 | 755,364 | ||||||
Danieli & C Officine Meccaniche SpA |
38,692 | 957,211 | ||||||
Datalogic SpA |
93,522 | 695,700 | ||||||
De’ Longhi SpA |
320,177 | 8,124,342 | ||||||
Digital Bros. SpA(c) |
20,618 | 318,647 | ||||||
Digital Value SpA(c) |
16,430 | 1,099,231 | ||||||
doValue SpA(c)(d) |
242,057 | 1,209,185 | ||||||
El.En. SpA |
188,711 | 2,241,926 | ||||||
Enav SpA(d) |
1,126,690 | 4,844,670 | ||||||
ERG SpA |
254,753 | 7,323,034 | ||||||
Esprinet SpA(c) |
129,085 | 759,200 | ||||||
Eurogroup Laminations SpA(b) |
325,327 | 1,790,274 | ||||||
Fila SpA |
119,208 | 1,061,676 | ||||||
Fincantieri SpA(b)(c) |
2,127,104 | 1,220,704 | ||||||
Gruppo MutuiOnline SpA |
105,779 | 3,785,697 | ||||||
GVS SpA(b)(c)(d) |
296,083 | 1,876,067 | ||||||
Hera SpA |
3,453,370 | 10,722,847 | ||||||
Illimity Bank SpA(c) |
247,045 | 1,689,487 | ||||||
Industrie De Nora SpA |
137,733 | 2,844,710 | ||||||
Interpump Group SpA |
299,773 | 16,310,297 | ||||||
Iren SpA |
2,753,101 | 5,579,147 | ||||||
Italgas SpA |
2,029,041 | 11,954,789 | ||||||
Juventus Football Club SpA(b)(c) |
4,442,049 | 1,669,133 | ||||||
Leonardo SpA |
1,716,907 | 23,245,843 | ||||||
LU-VE SpA, NVS(c) |
37,469 | 1,213,257 | ||||||
Maire Tecnimont SpA(c) |
602,390 | 2,474,925 | ||||||
MARR SpA |
142,688 | 2,217,860 | ||||||
OVS SpA(d) |
894,569 | 2,458,204 | ||||||
Pharmanutra SpA |
15,940 | 1,018,125 | ||||||
Piaggio & C SpA |
694,151 | 2,729,496 | ||||||
Pirelli & C SpA(d) |
1,252,920 | 6,679,340 | ||||||
RAI Way SpA(d) |
399,905 | 2,277,624 | ||||||
Reply SpA |
102,284 | 11,081,155 | ||||||
Safilo Group SpA(b) |
958,832 | 1,222,685 | ||||||
Saipem SpA(b) |
5,018,484 | 8,035,989 | ||||||
Salcef SpA |
72,629 | 1,880,600 | ||||||
Salvatore Ferragamo SpA |
245,479 | 3,997,758 | ||||||
Sanlorenzo SpA/Ameglia |
60,045 | 2,332,204 | ||||||
Saras SpA(c) |
2,245,940 | 3,211,766 | ||||||
Seco SpA(b)(c) |
166,827 | 856,977 | ||||||
Sesa SpA |
31,730 | 3,717,676 | ||||||
SOL SpA |
146,770 | 4,139,235 | ||||||
Tamburi Investment Partners SpA |
474,989 | 4,608,678 | ||||||
Technogym SpA(d) |
563,353 | 5,196,920 | ||||||
Technoprobe SpA(b) |
503,838 | 4,607,215 |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
Tinexta SpA |
88,098 | $ | 1,645,441 | |||||
Tod’s SpA(b) |
41,853 | 1,900,697 | ||||||
Unipol Gruppo SpA |
1,645,177 | 9,159,835 | ||||||
Webuild SpA |
1,657,998 | 3,245,715 | ||||||
Wiit SpA(c) |
41,217 | 874,312 | ||||||
Zignago Vetro SpA |
135,391 | 2,425,837 | ||||||
|
|
|||||||
369,907,244 | ||||||||
Japan — 31.7% | ||||||||
77 Bank Ltd. (The) |
228,900 | 4,877,543 | ||||||
Abalance Corp.(c) |
45,100 | 2,919,480 | ||||||
ABC-Mart Inc. |
141,400 | 7,828,913 | ||||||
Activia Properties Inc. |
2,906 | 8,462,696 | ||||||
Adastria Co. Ltd. |
105,180 | 2,143,788 | ||||||
ADEKA Corp. |
328,100 | 6,652,169 | ||||||
Advance Logistics Investment Corp. |
2,680 | 2,487,497 | ||||||
Advance Residence Investment Corp. |
5,594 | 13,630,498 | ||||||
Adventure Inc.(c) |
12,100 | 787,627 | ||||||
Aeon Delight Co. Ltd. |
84,700 | 1,755,133 | ||||||
AEON Financial Service Co. Ltd. |
455,700 | 4,094,603 | ||||||
Aeon Hokkaido Corp. |
194,200 | 1,180,844 | ||||||
Aeon Mall Co. Ltd. |
437,700 | 5,409,761 | ||||||
AEON REIT Investment Corp. |
7,161 | 7,538,177 | ||||||
Ai Holdings Corp. |
139,400 | 2,197,897 | ||||||
Aica Kogyo Co. Ltd. |
213,300 | 5,068,221 | ||||||
Aichi Corp. |
124,700 | 787,435 | ||||||
Aichi Financial Group Inc., NVS |
185,500 | 3,202,137 | ||||||
Aida Engineering Ltd. |
191,200 | 1,366,265 | ||||||
Aiful Corp. |
1,320,700 | 3,318,783 | ||||||
Ain Holdings Inc. |
113,800 | 4,046,249 | ||||||
Air Water Inc. |
776,300 | 10,933,157 | ||||||
Airtrip Corp. |
60,500 | 1,101,927 | ||||||
Alfresa Holdings Corp. |
772,900 | 12,325,994 | ||||||
Alpen Co. Ltd. |
73,600 | 1,021,899 | ||||||
Alpha Systems Inc. |
25,500 | 611,805 | ||||||
Alps Alpine Co. Ltd. |
787,800 | 6,963,327 | ||||||
Amada Co. Ltd. |
1,444,300 | 14,214,104 | ||||||
Amano Corp. |
226,400 | 5,144,723 | ||||||
Amvis Holdings Inc. |
166,200 | 3,373,982 | ||||||
Anicom Holdings Inc. |
301,000 | 1,338,977 | ||||||
Anritsu Corp. |
579,600 | 4,563,567 | ||||||
Anycolor Inc.(b)(c) |
80,200 | 1,998,216 | ||||||
AOKI Holdings Inc. |
147,700 | 955,466 | ||||||
Aozora Bank Ltd. |
494,500 | 10,169,731 | ||||||
Appier Group Inc.(b) |
242,600 | 2,886,607 | ||||||
Arata Corp. |
50,700 | 1,754,244 | ||||||
Arcland Service Holdings Co. Ltd. |
62,600 | 1,333,983 | ||||||
ARCLANDS Corp. |
102,400 | 1,179,472 | ||||||
Arcs Co. Ltd. |
167,200 | 2,917,399 | ||||||
ARE Holdings Inc. |
305,000 | 4,094,425 | ||||||
Argo Graphics Inc. |
72,800 | 1,795,003 | ||||||
Ariake Japan Co. Ltd. |
75,900 | 2,769,102 | ||||||
ARTERIA Networks Corp. |
112,700 | 1,566,504 | ||||||
As One Corp. |
120,100 | 4,775,086 | ||||||
Asics Corp. |
685,100 | 21,611,605 | ||||||
ASKUL Corp. |
169,500 | 2,364,945 | ||||||
Atom Corp.(b)(c) |
494,200 | 3,092,673 | ||||||
Autobacs Seven Co. Ltd. |
273,100 | 2,998,724 | ||||||
Avex Inc. |
135,200 | 1,426,689 | ||||||
Awa Bank Ltd. (The) |
135,600 | 2,051,807 | ||||||
Axial Retailing Inc. |
56,100 | 1,498,399 |
S C H E D U L E O F I N V E S T M E N T S |
75 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
AZ-COM MARUWA Holdings Inc. |
165,000 | $ | 2,268,760 | |||||
Bank of Kyoto Ltd. (The) |
240,600 | 14,200,154 | ||||||
Base Co. Ltd. |
27,900 | 1,069,976 | ||||||
Belc Co. Ltd. |
41,800 | 1,980,190 | ||||||
Bell System24 Holdings Inc. |
140,300 | 1,371,896 | ||||||
Belluna Co. Ltd. |
228,000 | 1,145,565 | ||||||
Benefit One Inc. |
341,800 | 3,531,477 | ||||||
Benesse Holdings Inc. |
280,600 | 3,666,162 | ||||||
BeNext-Yumeshin Group Co. |
237,531 | 3,725,753 | ||||||
Bengo4.com Inc.(b)(c) |
32,900 | 985,589 | ||||||
Bic Camera Inc. |
397,100 | 2,982,960 | ||||||
BIPROGY Inc. |
326,200 | 8,006,276 | ||||||
BML Inc. |
87,400 | 1,847,206 | ||||||
Bunka Shutter Co. Ltd. |
225,200 | 1,747,073 | ||||||
Bushiroad Inc. |
146,400 | 774,945 | ||||||
C Uyemura & Co. Ltd. |
43,000 | 2,846,063 | ||||||
C.I. Takiron Corp. |
177,700 | 721,533 | ||||||
Calbee Inc. |
344,900 | 6,687,455 | ||||||
Canon Electronics Inc. |
58,000 | 737,208 | ||||||
Canon Marketing Japan Inc. |
199,900 | 5,246,226 | ||||||
Casio Computer Co. Ltd. |
782,800 | 6,688,760 | ||||||
Cawachi Ltd. |
59,100 | 939,864 | ||||||
CellSource Co. Ltd.(b)(c) |
30,200 | 472,318 | ||||||
Central Glass Co. Ltd. |
91,200 | 1,979,449 | ||||||
Change Holdings Inc. |
188,900 | 2,496,782 | ||||||
Chiyoda Corp.(b)(c) |
688,800 | 1,672,931 | ||||||
Chofu Seisakusho Co. Ltd. |
75,000 | 1,319,334 | ||||||
Chudenko Corp. |
112,200 | 1,839,266 | ||||||
Chugin Financial Group Inc., NVS |
580,600 | 3,899,083 | ||||||
Chugoku Electric Power Co. Inc. (The)(b) |
1,231,900 | 8,548,770 | ||||||
Chugoku Marine Paints Ltd. |
151,500 | 1,313,264 | ||||||
Citizen Watch Co. Ltd. |
940,700 | 6,148,194 | ||||||
CKD Corp. |
215,700 | 3,280,515 | ||||||
Coca-Cola Bottlers Japan Holdings Inc. |
571,000 | 6,575,797 | ||||||
COLOPL Inc. |
254,000 | 1,189,020 | ||||||
Colowide Co. Ltd.(c) |
307,100 | 4,560,135 | ||||||
Comforia Residential REIT Inc. |
2,788 | 6,674,365 | ||||||
COMSYS Holdings Corp. |
480,000 | 9,594,548 | ||||||
Comture Corp. |
94,100 | 1,337,897 | ||||||
Cosmo Energy Holdings Co. Ltd. |
263,900 | 8,182,256 | ||||||
Cosmos Pharmaceutical Corp. |
84,600 | 9,775,298 | ||||||
CRE Logistics REIT Inc. |
2,506 | 3,092,440 | ||||||
Create Restaurants Holdings Inc.(c) |
506,400 | 3,873,987 | ||||||
Create SD Holdings Co. Ltd. |
108,400 | 2,677,953 | ||||||
Credit Saison Co. Ltd. |
630,200 | 10,077,198 | ||||||
Curves Holdings Co. Ltd. |
215,800 | 1,221,712 | ||||||
CYBERDYNE Inc.(b)(c) |
458,600 | 988,222 | ||||||
Cybozu Inc. |
121,900 | 1,909,476 | ||||||
Daicel Corp. |
1,090,600 | 10,106,109 | ||||||
Daido Steel Co. Ltd. |
110,200 | 4,724,560 | ||||||
Daiei Kankyo Co. Ltd. |
172,900 | 2,930,386 | ||||||
Daihen Corp. |
80,700 | 3,113,983 | ||||||
Daiho Corp. |
27,500 | 768,873 | ||||||
Daiichikosho Co. Ltd. |
325,600 | 6,576,968 | ||||||
Daiken Corp. |
43,200 | 712,698 | ||||||
Daiki Aluminium Industry Co. Ltd. |
107,400 | 1,171,773 | ||||||
Daikokutenbussan Co. Ltd. |
21,200 | 900,165 | ||||||
Daio Paper Corp. |
361,500 | 3,107,717 | ||||||
Daiseki Co. Ltd. |
174,660 | 5,886,418 | ||||||
Daishi Hokuetsu Financial Group Inc. |
144,800 | 3,619,598 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Daiwa Industries Ltd. |
119,700 | $ | 1,220,251 | |||||
Daiwa Office Investment Corp. |
1,196 | 5,265,638 | ||||||
Daiwa Securities Living Investments Corp. |
8,104 | 6,491,158 | ||||||
Daiwabo Holdings Co. Ltd. |
351,500 | 6,811,996 | ||||||
DCM Holdings Co. Ltd. |
470,400 | 3,983,592 | ||||||
Demae-Can Co. Ltd.(b)(c) |
225,200 | 774,256 | ||||||
DeNA Co. Ltd. |
314,200 | 3,851,846 | ||||||
Denka Co. Ltd. |
321,100 | 6,343,288 | ||||||
Descente Ltd. |
148,600 | 4,313,179 | ||||||
Dexerials Corp. |
233,800 | 5,307,667 | ||||||
DIC Corp. |
315,800 | 5,961,237 | ||||||
Digital Arts Inc. |
46,100 | 1,824,324 | ||||||
Digital Garage Inc. |
141,100 | 4,108,390 | ||||||
Dip Corp. |
153,600 | 3,877,518 | ||||||
Direct Marketing MiX Inc. |
85,000 | 475,144 | ||||||
DMG Mori Co. Ltd. |
480,300 | 8,172,737 | ||||||
Doshisha Co. Ltd. |
98,800 | 1,628,848 | ||||||
Doutor Nichires Holdings Co. Ltd. |
121,400 | 1,906,481 | ||||||
Dowa Holdings Co. Ltd. |
225,200 | 7,273,027 | ||||||
DTS Corp. |
149,600 | 3,536,496 | ||||||
Duskin Co. Ltd. |
171,100 | 3,863,044 | ||||||
DyDo Group Holdings Inc. |
37,600 | 1,366,304 | ||||||
Earth Corp. |
65,700 | 2,348,552 | ||||||
Earth Infinity Co. Ltd., NVS(c) |
237,900 | 280,935 | ||||||
Ebara Corp. |
390,100 | 18,435,348 | ||||||
EDION Corp. |
280,500 | 2,884,194 | ||||||
eGuarantee Inc. |
154,400 | 2,291,103 | ||||||
Eiken Chemical Co. Ltd. |
137,900 | 1,463,376 | ||||||
Eizo Corp. |
61,200 | 2,174,762 | ||||||
Elan Corp. |
134,400 | 834,368 | ||||||
Elecom Co. Ltd. |
182,500 | 1,964,436 | ||||||
Electric Power Development Co. Ltd. |
624,100 | 9,873,568 | ||||||
EM Systems Co. Ltd. |
182,900 | 1,095,358 | ||||||
en Japan Inc. |
123,500 | 2,441,089 | ||||||
eRex Co. Ltd. |
130,100 | 1,038,402 | ||||||
ES-Con Japan Ltd. |
142,600 | 806,904 | ||||||
Euglena Co. Ltd.(b) |
420,600 | 2,605,096 | ||||||
Exedy Corp. |
130,500 | 2,283,542 | ||||||
EXEO Group Inc. |
397,500 | 8,264,803 | ||||||
Ezaki Glico Co. Ltd. |
200,300 | 5,293,024 | ||||||
Fancl Corp. |
330,000 | 5,779,514 | ||||||
FCC Co. Ltd. |
137,400 | 1,800,987 | ||||||
Ferrotec Holdings Corp. |
201,000 | 4,863,431 | ||||||
Fields Corp. |
163,700 | 3,512,506 | ||||||
Financial Products Group Co. Ltd. |
263,800 | 2,546,482 | ||||||
Food & Life Companies Ltd. |
467,200 | 9,193,051 | ||||||
FP Corp. |
199,800 | 4,211,208 | ||||||
Freee KK(b)(c) |
170,200 | 3,749,509 | ||||||
Frontier Real Estate Investment Corp. |
2,050 | 6,811,381 | ||||||
Fuji Co. Ltd./Ehime |
129,400 | 1,668,789 | ||||||
Fuji Corp./Aichi |
307,900 | 5,637,331 | ||||||
Fuji Kyuko Co. Ltd. |
91,300 | 3,642,822 | ||||||
Fuji Media Holdings Inc. |
187,400 | 2,075,019 | ||||||
Fuji Oil Holdings Inc. |
164,300 | 2,317,993 | ||||||
Fuji Seal International Inc. |
169,200 | 1,895,064 | ||||||
Fuji Soft Inc. |
214,400 | 7,143,466 | ||||||
Fujicco Co. Ltd. |
45,100 | 599,957 | ||||||
Fujikura Ltd. |
1,004,000 | 8,394,625 | ||||||
Fujimi Inc. |
221,600 | 5,373,720 | ||||||
Fujimori Kogyo Co. Ltd. |
52,800 | 1,327,602 |
76 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Fujio Food Group Inc.(b) |
79,600 | $ | 785,992 | |||||
Fujitec Co. Ltd. |
269,900 | 6,940,241 | ||||||
Fujitsu General Ltd. |
256,300 | 5,352,809 | ||||||
Fujiya Co. Ltd. |
39,200 | 659,822 | ||||||
Fukui Computer Holdings Inc. |
45,000 | 830,635 | ||||||
Fukuoka Financial Group Inc. |
685,000 | 16,505,525 | ||||||
Fukuoka REIT Corp. |
2,769 | 3,241,969 | ||||||
Fukushima Galilei Co. Ltd. |
45,000 | 1,597,200 | ||||||
Fukuyama Transporting Co. Ltd. |
85,800 | 2,425,010 | ||||||
Fullcast Holdings Co. Ltd. |
79,400 | 1,285,274 | ||||||
Funai Soken Holdings Inc. |
161,960 | 3,006,857 | ||||||
Furukawa Co. Ltd. |
126,700 | 1,454,899 | ||||||
Furukawa Electric Co. Ltd. |
277,900 | 5,335,576 | ||||||
Fuso Chemical Co. Ltd. |
82,700 | 2,607,739 | ||||||
Future Corp. |
183,700 | 2,004,016 | ||||||
Fuyo General Lease Co. Ltd. |
70,400 | 5,809,358 | ||||||
G-7 Holdings Inc. |
87,800 | 772,600 | ||||||
Genky DrugStores Co. Ltd. |
33,200 | 1,175,075 | ||||||
Geo Holdings Corp. |
104,300 | 1,446,847 | ||||||
Giken Ltd. |
68,800 | 1,016,451 | ||||||
Global One Real Estate Investment Corp. |
4,196 | 3,466,646 | ||||||
GLOBERIDE Inc. |
68,200 | 1,126,942 | ||||||
Glory Ltd. |
178,500 | 3,672,600 | ||||||
GMO Financial Gate Inc. |
15,000 | 1,243,864 | ||||||
GMO Financial Holdings Inc. |
181,500 | 931,287 | ||||||
GMO GlobalSign Holdings KK |
22,600 | 483,940 | ||||||
GMO internet group Inc. |
281,600 | 5,592,111 | ||||||
GNI Group Ltd.(b)(c) |
210,197 | 1,921,275 | ||||||
Goldcrest Co. Ltd. |
66,400 | 901,806 | ||||||
Goldwin Inc. |
101,000 | 8,293,391 | ||||||
Gree Inc. |
280,300 | 1,238,960 | ||||||
GS Yuasa Corp. |
273,200 | 5,497,324 | ||||||
G-Tekt Corp. |
89,800 | 1,169,073 | ||||||
GungHo Online Entertainment Inc. |
186,730 | 3,665,083 | ||||||
Gunma Bank Ltd. (The) |
1,430,900 | 6,056,063 | ||||||
Gunze Ltd. |
64,400 | 2,024,766 | ||||||
H.U. Group Holdings Inc. |
230,800 | 4,556,817 | ||||||
H2O Retailing Corp. |
351,000 | 3,778,044 | ||||||
Hachijuni Bank Ltd. (The) |
1,498,100 | 7,718,422 | ||||||
Hakuto Co. Ltd. |
45,000 | 1,774,614 | ||||||
Halows Co. Ltd. |
28,500 | 741,957 | ||||||
Hamakyorex Co. Ltd. |
65,500 | 1,810,348 | ||||||
Hankyu Hanshin REIT Inc. |
2,643 | 2,641,463 | ||||||
Hanwa Co. Ltd. |
135,900 | 4,648,684 | ||||||
Harmonic Drive Systems Inc. |
226,300 | 6,232,722 | ||||||
Haseko Corp. |
1,014,200 | 13,203,651 | ||||||
Hazama Ando Corp. |
609,400 | 4,875,706 | ||||||
Heiwa Corp. |
225,600 | 3,821,379 | ||||||
Heiwa Real Estate Co. Ltd. |
127,800 | 3,570,931 | ||||||
Heiwa Real Estate REIT Inc. |
3,982 | 4,063,837 | ||||||
Heiwado Co. Ltd. |
118,100 | 2,011,177 | ||||||
Hiday Hidaka Corp. |
107,000 | 1,904,456 | ||||||
Hino Motors Ltd.(b) |
1,236,100 | 4,957,746 | ||||||
Hioki E.E. Corp. |
39,300 | 2,246,452 | ||||||
Hirata Corp. |
36,500 | 2,047,193 | ||||||
Hirogin Holdings Inc. |
1,049,700 | 6,492,116 | ||||||
HIS Co. Ltd.(b)(c) |
217,900 | 3,123,276 | ||||||
Hisamitsu Pharmaceutical Co. Inc. |
213,100 | 6,810,040 | ||||||
Hitachi Zosen Corp. |
690,000 | 4,546,538 | ||||||
Hogy Medical Co. Ltd. |
94,900 | 2,079,131 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Hokkaido Electric Power Co. Inc.(b) |
692,900 | $ | 3,231,501 | |||||
Hokkoku Financial Holdings Inc. |
87,100 | 2,960,947 | ||||||
Hokuetsu Corp. |
491,400 | 2,980,035 | ||||||
Hokuhoku Financial Group Inc. |
463,200 | 4,147,285 | ||||||
Hokuriku Electric Power Co.(b) |
709,100 | 4,323,629 | ||||||
Hokuto Corp. |
88,700 | 1,161,652 | ||||||
Horiba Ltd. |
153,200 | 9,037,757 | ||||||
Hoshino Resorts REIT Inc. |
1,032 | 4,521,350 | ||||||
Hosiden Corp. |
158,800 | 2,053,383 | ||||||
House Foods Group Inc. |
255,700 | 5,903,220 | ||||||
Hulic Reit Inc. |
5,408 | 6,276,215 | ||||||
Hyakugo Bank Ltd. (The) |
1,091,300 | 3,647,924 | ||||||
Ichibanya Co. Ltd. |
59,100 | 2,315,561 | ||||||
Ichigo Inc. |
1,041,300 | 1,980,731 | ||||||
Ichigo Office REIT Investment Corp. |
4,742 | 2,954,012 | ||||||
Idec Corp./Japan |
120,200 | 2,557,557 | ||||||
IDOM Inc. |
252,400 | 1,480,586 | ||||||
IHI Corp. |
591,400 | 14,540,972 | ||||||
Iino Kaiun Kaisha Ltd. |
280,700 | 1,812,594 | ||||||
Inaba Denki Sangyo Co. Ltd. |
198,800 | 4,416,091 | ||||||
Inabata & Co. Ltd. |
171,000 | 3,986,164 | ||||||
Inageya Co. Ltd. |
99,000 | 1,044,651 | ||||||
Industrial & Infrastructure Fund Investment Corp. |
8,896 | 9,310,875 | ||||||
Infocom Corp. |
97,900 | 1,661,112 | ||||||
Infomart Corp. |
849,800 | 2,532,462 | ||||||
Information Services International-Dentsu Ltd. |
112,300 | 3,982,552 | ||||||
INFRONEER Holdings Inc. |
763,628 | 7,436,244 | ||||||
Insource Co. Ltd. |
222,300 | 1,964,842 | ||||||
Internet Initiative Japan Inc. |
437,500 | 8,146,011 | ||||||
Invincible Investment Corp. |
24,496 | 10,148,330 | ||||||
Iriso Electronics Co. Ltd. |
84,900 | 2,359,397 | ||||||
Isetan Mitsukoshi Holdings Ltd. |
1,441,900 | 15,642,988 | ||||||
Ito En Ltd. |
188,800 | 5,388,720 | ||||||
Itochu Enex Co. Ltd. |
220,700 | 2,166,491 | ||||||
Itochu-Shokuhin Co. Ltd. |
23,200 | 884,727 | ||||||
Itoham Yonekyu Holdings Inc. |
549,800 | 2,790,121 | ||||||
Iwatani Corp. |
186,500 | 9,955,234 | ||||||
Iyogin Holdings Inc., NVS |
1,125,100 | 7,947,080 | ||||||
Izumi Co. Ltd. |
140,600 | 3,542,850 | ||||||
J Front Retailing Co. Ltd. |
1,037,500 | 10,098,481 | ||||||
J Trust Co. Ltd.(c) |
306,600 | 1,017,735 | ||||||
JAC Recruitment Co. Ltd. |
71,300 | 1,416,372 | ||||||
Jaccs Co. Ltd. |
89,400 | 3,279,928 | ||||||
JAFCO Group Co. Ltd. |
217,600 | 2,845,010 | ||||||
Japan Airport Terminal Co. Ltd. |
255,300 | 11,897,090 | ||||||
Japan Aviation Electronics Industry Ltd. |
200,100 | 4,064,182 | ||||||
Japan Display Inc.(b)(c) |
2,469,700 | 678,229 | ||||||
Japan Elevator Service Holdings Co. Ltd. |
288,000 | 3,561,802 | ||||||
Japan Excellent Inc. |
4,927 | 4,569,870 | ||||||
Japan Hotel REIT Investment Corp. |
18,837 | 9,353,611 | ||||||
Japan Lifeline Co. Ltd. |
242,200 | 1,697,100 | ||||||
Japan Logistics Fund Inc. |
3,730 | 7,883,211 | ||||||
Japan Material Co. Ltd. |
270,900 | 4,790,426 | ||||||
Japan Petroleum Exploration Co. Ltd. |
136,100 | 4,677,808 | ||||||
Japan Prime Realty Investment Corp. |
3,557 | 8,856,368 | ||||||
Japan Pulp & Paper Co. Ltd. |
45,100 | 1,466,890 | ||||||
Japan Securities Finance Co. Ltd. |
347,300 | 2,949,598 | ||||||
Japan Steel Works Ltd. (The) |
251,400 | 5,237,013 | ||||||
Japan Wool Textile Co. Ltd. (The) |
191,100 | 1,622,346 | ||||||
JCR Pharmaceuticals Co. Ltd. |
302,400 | 2,873,615 |
S C H E D U L E O F I N V E S T M E N T S |
77 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
JCU Corp. |
80,200 | $ | 1,910,798 | |||||
JDC Corp. |
162,300 | 696,334 | ||||||
Jeol Ltd. |
186,800 | 6,407,225 | ||||||
JGC Holdings Corp. |
931,700 | 13,062,947 | ||||||
JINS Holdings Inc. |
55,800 | 1,384,198 | ||||||
JMDC Inc. |
148,100 | 5,660,736 | ||||||
J-Oil Mills Inc. |
42,900 | 511,023 | ||||||
Joshin Denki Co. Ltd. |
66,800 | 960,989 | ||||||
Joyful Honda Co. Ltd. |
212,400 | 2,460,423 | ||||||
JTEKT Corp. |
868,600 | 8,193,134 | ||||||
JTOWER Inc.(b)(c) |
44,000 | 2,247,366 | ||||||
Juroku Financial Group Inc. |
130,200 | 3,220,350 | ||||||
Justsystems Corp. |
150,400 | 4,280,520 | ||||||
Kadokawa Corp. |
391,534 | 9,705,267 | ||||||
Kaga Electronics Co. Ltd. |
74,700 | 3,346,262 | ||||||
Kagome Co. Ltd. |
320,300 | 7,140,794 | ||||||
Kakaku.com Inc. |
556,700 | 8,321,510 | ||||||
Kaken Pharmaceutical Co. Ltd. |
121,700 | 3,030,158 | ||||||
Kameda Seika Co. Ltd. |
54,100 | 1,660,870 | ||||||
Kamigumi Co. Ltd. |
415,000 | 9,626,465 | ||||||
Kanamoto Co. Ltd. |
120,300 | 2,121,776 | ||||||
Kandenko Co. Ltd. |
455,600 | 3,996,392 | ||||||
Kaneka Corp. |
199,900 | 5,889,780 | ||||||
Kanematsu Corp. |
318,200 | 4,667,842 | ||||||
Kansai Paint Co. Ltd. |
699,800 | 11,470,658 | ||||||
Kanto Denka Kogyo Co. Ltd. |
161,900 | 1,081,414 | ||||||
Kappa Create Co. Ltd.(b) |
112,900 | 1,225,391 | ||||||
Katakura Industries Co. Ltd. |
64,800 | 736,623 | ||||||
Katitas Co. Ltd. |
219,500 | 4,037,401 | ||||||
Kato Sangyo Co. Ltd. |
95,100 | 2,609,362 | ||||||
Kawasaki Heavy Industries Ltd. |
641,600 | 16,362,865 | ||||||
KeePer Technical Laboratory Co. Ltd. |
56,300 | 2,487,205 | ||||||
Keihan Holdings Co. Ltd. |
432,000 | 12,235,371 | ||||||
Keihanshin Building Co. Ltd. |
117,800 | 1,047,639 | ||||||
Keikyu Corp. |
942,400 | 8,957,196 | ||||||
Keiyo Bank Ltd. (The) |
426,700 | 1,791,302 | ||||||
Keiyo Co. Ltd. |
134,200 | 806,346 | ||||||
Kenedix Office Investment Corp. |
3,571 | 8,490,915 | ||||||
Kenedix Residential Next Investment Corp. |
4,280 | 6,696,530 | ||||||
Kenedix Retail REIT Corp. |
2,509 | 4,910,272 | ||||||
Kewpie Corp. |
417,100 | 6,758,437 | ||||||
KFC Holdings Japan Ltd. |
58,200 | 1,217,289 | ||||||
KH Neochem Co. Ltd. |
135,500 | 2,217,953 | ||||||
Kinden Corp. |
518,600 | 7,152,338 | ||||||
Kintetsu Department Store Co. Ltd. |
40,300 | 694,496 | ||||||
Kisoji Co. Ltd. |
109,700 | 1,906,901 | ||||||
Kissei Pharmaceutical Co. Ltd. |
116,200 | 2,460,219 | ||||||
Ki-Star Real Estate Co. Ltd. |
37,400 | 1,363,657 | ||||||
Kitz Corp. |
247,500 | 1,841,927 | ||||||
Kiyo Bank Ltd. (The) |
249,000 | 2,673,799 | ||||||
Koa Corp. |
133,800 | 1,656,772 | ||||||
Kobe Steel Ltd. |
1,508,400 | 16,497,871 | ||||||
Kohnan Shoji Co. Ltd. |
86,900 | 2,127,317 | ||||||
Kokuyo Co. Ltd. |
345,700 | 5,545,855 | ||||||
KOMEDA Holdings Co. Ltd. |
199,400 | 3,864,682 | ||||||
Komeri Co. Ltd. |
129,400 | 2,712,273 | ||||||
Konica Minolta Inc. |
1,923,000 | 7,127,867 | ||||||
Konishi Co. Ltd. |
173,900 | 2,789,987 | ||||||
Konoike Transport Co. Ltd. |
96,700 | 1,212,282 | ||||||
Kosaido Holdings Co. Ltd. |
55,200 | 860,136 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Koshidaka Holdings Co. Ltd. |
220,400 | $ | 1,834,383 | |||||
Kotobuki Spirits Co. Ltd. |
79,600 | 6,058,715 | ||||||
K’s Holdings Corp. |
589,840 | 5,413,721 | ||||||
Kumagai Gumi Co. Ltd. |
133,700 | 3,028,087 | ||||||
Kumiai Chemical Industry Co. Ltd. |
303,500 | 2,278,951 | ||||||
Kura Sushi Inc.(c) |
88,400 | 1,924,706 | ||||||
Kuraray Co. Ltd. |
1,209,100 | 12,166,627 | ||||||
Kureha Corp. |
64,600 | 3,862,243 | ||||||
Kusuri no Aoki Holdings Co. Ltd. |
65,900 | 3,783,869 | ||||||
KYB Corp. |
69,300 | 2,455,676 | ||||||
Kyoei Steel Ltd. |
85,500 | 1,286,875 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
125,500 | 1,611,409 | ||||||
Kyorin Pharmaceutical Co. Ltd. |
160,200 | 1,997,528 | ||||||
Kyoritsu Maintenance Co. Ltd.(c) |
131,700 | 5,161,225 | ||||||
Kyudenko Corp. |
180,300 | 5,199,572 | ||||||
Kyushu Electric Power Co. Inc.(b) |
1,720,500 | 11,682,228 | ||||||
Kyushu Financial Group Inc. |
1,358,500 | 6,613,096 | ||||||
Kyushu Railway Co. |
569,100 | 12,479,151 | ||||||
LaSalle Logiport REIT |
7,520 | 8,044,983 | ||||||
Lawson Inc. |
194,000 | 9,733,906 | ||||||
Leopalace21 Corp.(b) |
774,700 | 1,669,869 | ||||||
Life Corp. |
94,200 | 2,362,998 | ||||||
LIFENET INSURANCE Co.(b) |
241,400 | 1,821,636 | ||||||
Link And Motivation Inc. |
228,900 | 690,555 | ||||||
Lintec Corp. |
158,100 | 2,609,263 | ||||||
Lion Corp. |
990,400 | 9,463,340 | ||||||
LITALICO Inc. |
92,800 | 1,459,859 | ||||||
M&A Capital Partners Co. Ltd.(b) |
63,300 | 1,298,248 | ||||||
M&A Research Institute Inc., NVS(b)(c) |
75,900 | 2,114,314 | ||||||
Mabuchi Motor Co. Ltd. |
196,400 | 5,639,732 | ||||||
Macnica Holdings Inc. |
192,450 | 8,065,953 | ||||||
Maeda Kosen Co. Ltd. |
75,400 | 1,666,615 | ||||||
Makino Milling Machine Co. Ltd. |
96,100 | 3,852,800 | ||||||
Management Solutions Co. Ltd. |
45,100 | 1,292,979 | ||||||
Mandom Corp. |
149,400 | 1,499,947 | ||||||
Mani Inc. |
314,000 | 4,037,893 | ||||||
Maruha Nichiro Corp. |
154,200 | 2,674,792 | ||||||
Marui Group Co. Ltd. |
756,700 | 13,555,685 | ||||||
Maruichi Steel Tube Ltd. |
247,900 | 5,875,514 | ||||||
MARUKA FURUSATO Corp. |
76,700 | 1,439,921 | ||||||
Maruwa Co. Ltd./Aichi(c) |
37,200 | 6,178,045 | ||||||
Maruzen Showa Unyu Co. Ltd. |
45,800 | 1,332,932 | ||||||
Matsuda Sangyo Co. Ltd. |
58,100 | 952,327 | ||||||
Matsui Securities Co. Ltd. |
481,500 | 2,720,693 | ||||||
Matsuyafoods Holdings Co. Ltd. |
38,400 | 1,146,475 | ||||||
Max Co. Ltd. |
98,300 | 1,841,390 | ||||||
Maxell Ltd. |
168,300 | 1,911,947 | ||||||
Maxvalu Tokai Co. Ltd. |
43,100 | 844,701 | ||||||
MCJ Co. Ltd. |
257,200 | 2,041,195 | ||||||
Mebuki Financial Group Inc. |
4,149,500 | 11,023,947 | ||||||
Medipal Holdings Corp. |
810,800 | 13,902,418 | ||||||
Medley Inc.(b) |
106,000 | 3,782,010 | ||||||
Megachips Corp. |
59,700 | 1,786,787 | ||||||
Megmilk Snow Brand Co. Ltd. |
194,000 | 2,672,555 | ||||||
Meidensha Corp. |
128,000 | 1,908,009 | ||||||
Meiko Electronics Co. Ltd. |
86,600 | 1,722,854 | ||||||
Meitec Corp. |
295,200 | 5,381,585 | ||||||
Melco Holdings Inc. |
24,000 | 539,240 | ||||||
Menicon Co. Ltd. |
261,800 | 4,695,733 | ||||||
Mercari Inc.(b) |
478,100 | 12,111,387 |
78 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
METAWATER Co. Ltd. |
101,000 | $ | 1,302,364 | |||||
Micronics Japan Co. Ltd. |
121,900 | 1,944,444 | ||||||
Midac Holdings Co. Ltd. |
37,200 | 423,616 | ||||||
Mie Kotsu Group Holdings Inc. |
211,600 | 845,557 | ||||||
Milbon Co. Ltd. |
114,100 | 4,105,436 | ||||||
Mimasu Semiconductor Industry Co. Ltd. |
69,300 | 1,450,107 | ||||||
Mirai Corp. |
7,557 | 2,436,990 | ||||||
MIRAIT ONE corp. |
388,300 | 4,984,980 | ||||||
Mitani Sekisan Co. Ltd. |
39,400 | 1,335,077 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. |
2,044 | 5,848,647 | ||||||
Mitsubishi Gas Chemical Co. Inc. |
655,200 | 9,827,037 | ||||||
Mitsubishi Logisnext Co. Ltd. |
139,800 | 1,257,661 | ||||||
Mitsubishi Logistics Corp. |
225,300 | 5,659,321 | ||||||
Mitsubishi Materials Corp. |
526,300 | 9,407,905 | ||||||
Mitsubishi Motors Corp. |
2,863,100 | 11,562,703 | ||||||
Mitsubishi Pencil Co. Ltd. |
129,500 | 1,695,290 | ||||||
Mitsubishi Research Institute Inc. |
44,400 | 1,681,077 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
71,900 | 1,915,915 | ||||||
Mitsuboshi Belting Ltd. |
95,500 | 3,026,834 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
60,600 | 1,215,471 | ||||||
Mitsui Fudosan Logistics Park Inc. |
2,335 | 8,310,102 | ||||||
Mitsui High-Tec Inc. |
83,400 | 5,833,919 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
230,600 | 5,450,644 | ||||||
Mitsui-Soko Holdings Co. Ltd. |
80,300 | 2,047,898 | ||||||
Mitsuuroko Group Holdings Co. Ltd. |
132,200 | 1,251,581 | ||||||
Miura Co. Ltd. |
373,500 | 9,423,416 | ||||||
Mixi Inc. |
162,100 | 3,061,795 | ||||||
Mizuho Leasing Co. Ltd. |
116,000 | 3,983,697 | ||||||
Mizuno Corp. |
85,500 | 2,241,412 | ||||||
Mochida Pharmaceutical Co. Ltd. |
89,000 | 2,069,560 | ||||||
Modec Inc.(b) |
87,000 | 915,447 | ||||||
Monex Group Inc. |
715,070 | 2,786,973 | ||||||
Money Forward Inc.(b) |
183,900 | 7,954,822 | ||||||
Monogatari Corp. (The) |
130,100 | 3,185,409 | ||||||
Mori Hills REIT Investment Corp. |
6,458 | 6,572,233 | ||||||
Mori Trust Reit Inc. |
10,280 | 5,298,413 | ||||||
Morinaga & Co. Ltd./Japan |
142,600 | 4,629,081 | ||||||
Morinaga Milk Industry Co. Ltd. |
153,100 | 5,156,484 | ||||||
Morita Holdings Corp. |
105,500 | 1,150,476 | ||||||
MOS Food Services Inc. |
111,500 | 2,564,247 | ||||||
Musashi Seimitsu Industry Co. Ltd. |
194,500 | 2,425,382 | ||||||
Musashino Bank Ltd. (The) |
128,200 | 2,263,287 | ||||||
Nabtesco Corp. |
460,100 | 9,759,364 | ||||||
Nachi-Fujikoshi Corp. |
54,900 | 1,483,420 | ||||||
Nafco Co. Ltd. |
71,800 | 952,197 | ||||||
Nagaileben Co. Ltd. |
88,600 | 1,470,815 | ||||||
Nagase & Co. Ltd. |
398,600 | 6,853,480 | ||||||
Nagawa Co. Ltd. |
38,000 | 1,914,417 | ||||||
Nagoya Railroad Co. Ltd. |
789,900 | 12,719,241 | ||||||
Nakanishi Inc. |
297,100 | 6,845,590 | ||||||
Nankai Electric Railway Co. Ltd. |
434,900 | 9,217,000 | ||||||
Nanto Bank Ltd. (The) |
112,800 | 2,066,515 | ||||||
NEC Networks & System Integration Corp. |
284,700 | 3,754,083 | ||||||
NET One Systems Co. Ltd. |
354,000 | 7,778,058 | ||||||
Nextage Co. Ltd. |
189,600 | 4,979,969 | ||||||
NH Foods Ltd. |
348,700 | 10,060,969 | ||||||
NHK Spring Co. Ltd. |
822,200 | 6,588,028 | ||||||
Nichias Corp. |
220,400 | 4,531,080 | ||||||
Nichicon Corp. |
184,900 | 1,828,919 | ||||||
Nichiden Corp. |
40,700 | 703,026 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nichiha Corp. |
104,500 | $ | 2,404,030 | |||||
Nichirei Corp. |
456,500 | 10,414,540 | ||||||
Nifco Inc./Japan |
342,100 | 10,196,552 | ||||||
Nihon Kohden Corp. |
334,700 | 8,822,536 | ||||||
Nihon M&A Center Holdings Inc. |
1,285,100 | 7,359,558 | ||||||
Nihon Parkerizing Co. Ltd. |
415,200 | 3,247,535 | ||||||
Nikkiso Co. Ltd. |
209,500 | 1,335,749 | ||||||
Nikkon Holdings Co. Ltd. |
226,500 | 4,760,898 | ||||||
Nikon Corp. |
1,262,700 | 16,690,073 | ||||||
Nippn Corp., New |
195,800 | 2,568,544 | ||||||
Nippon Accommodations Fund Inc. |
2,128 | 10,086,713 | ||||||
Nippon Carbon Co. Ltd. |
41,700 | 1,264,548 | ||||||
Nippon Ceramic Co. Ltd. |
91,700 | 1,656,384 | ||||||
Nippon Densetsu Kogyo Co. Ltd. |
158,300 | 2,393,612 | ||||||
Nippon Electric Glass Co. Ltd. |
335,200 | 6,088,459 | ||||||
Nippon Gas Co. Ltd. |
445,600 | 6,557,263 | ||||||
Nippon Kanzai Holdings Co. Ltd. |
74,100 | 1,380,644 | ||||||
Nippon Kayaku Co. Ltd. |
537,800 | 4,963,421 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
228,090 | 2,435,426 | ||||||
Nippon Paper Industries Co. Ltd.(b) |
416,100 | 4,043,899 | ||||||
Nippon Parking Development Co. Ltd. |
1,059,600 | 1,596,839 | ||||||
Nippon Pillar Packing Co. Ltd. |
73,400 | 2,300,284 | ||||||
NIPPON REIT Investment Corp. |
1,855 | 4,416,644 | ||||||
Nippon Road Co. Ltd. (The) |
17,600 | 1,190,554 | ||||||
Nippon Seiki Co. Ltd. |
186,900 | 1,308,645 | ||||||
Nippon Shokubai Co. Ltd. |
118,600 | 4,565,703 | ||||||
Nippon Signal Company Ltd. |
186,800 | 1,338,997 | ||||||
Nippon Soda Co. Ltd. |
92,700 | 3,485,714 | ||||||
Nippon Suisan Kaisha Ltd. |
1,192,800 | 5,680,472 | ||||||
Nippon Television Holdings Inc. |
216,600 | 2,056,917 | ||||||
Nipro Corp. |
623,200 | 4,524,938 | ||||||
Nishimatsu Construction Co. Ltd. |
139,400 | 3,631,414 | ||||||
Nishimatsuya Chain Co. Ltd. |
150,800 | 1,811,253 | ||||||
Nishi-Nippon Financial Holdings Inc. |
498,000 | 5,304,880 | ||||||
Nishi-Nippon Railroad Co. Ltd. |
251,200 | 4,537,255 | ||||||
Nishio Holdings Co. Ltd. |
85,000 | 2,159,627 | ||||||
Nissan Shatai Co. Ltd. |
315,400 | 2,009,800 | ||||||
Nissha Co. Ltd. |
161,300 | 1,951,295 | ||||||
Nisshin Oillio Group Ltd. (The) |
107,300 | 2,880,159 | ||||||
Nisshinbo Holdings Inc. |
529,100 | 4,547,153 | ||||||
Niterra Co. Ltd. |
648,300 | 13,708,316 | ||||||
Nitta Corp. |
64,900 | 1,482,587 | ||||||
Nittetsu Mining Co. Ltd. |
55,800 | 1,996,661 | ||||||
Nitto Boseki Co. Ltd. |
98,300 | 1,919,496 | ||||||
Nitto Kogyo Corp. |
106,400 | 2,722,439 | ||||||
Noevir Holdings Co. Ltd. |
65,200 | 2,485,037 | ||||||
NOF Corp. |
280,900 | 12,121,857 | ||||||
Nohmi Bosai Ltd. |
86,900 | 1,055,063 | ||||||
Nojima Corp. |
258,300 | 2,521,320 | ||||||
NOK Corp. |
334,300 | 5,033,710 | ||||||
Nomura Co. Ltd. |
313,000 | 1,991,619 | ||||||
Noritake Co. Ltd./Nagoya Japan |
39,000 | 1,520,884 | ||||||
Noritsu Koki Co. Ltd. |
76,000 | 1,317,901 | ||||||
Noritz Corp. |
105,400 | 1,294,162 | ||||||
North Pacific Bank Ltd. |
1,142,700 | 2,495,998 | ||||||
NS Solutions Corp. |
135,100 | 3,545,781 | ||||||
NS United Kaiun Kaisha Ltd. |
41,700 | 1,122,532 | ||||||
NSD Co. Ltd. |
274,680 | 5,380,084 | ||||||
NSK Ltd. |
1,654,500 | 10,708,892 | ||||||
NTN Corp. |
1,724,600 | 3,875,099 |
S C H E D U L E O F I N V E S T M E N T S |
79 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
NTT UD REIT Investment Corp. |
5,826 | $ | 5,525,849 | |||||
Obara Group Inc. |
46,500 | 1,358,401 | ||||||
OBIC Business Consultants Co. Ltd. |
126,900 | 5,329,782 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) |
153,400 | 2,112,438 | ||||||
Ohsho Food Service Corp. |
53,000 | 2,523,466 | ||||||
Oiles Corp. |
87,800 | 1,196,857 | ||||||
Oisix ra daichi Inc.(b)(c) |
125,700 | 2,066,491 | ||||||
Okamoto Industries Inc. |
33,100 | 920,284 | ||||||
Okamura Corp. |
231,800 | 3,326,049 | ||||||
Okasan Securities Group Inc. |
637,600 | 2,540,463 | ||||||
Oki Electric Industry Co. Ltd. |
340,900 | 2,153,625 | ||||||
Okinawa Cellular Telephone Co. |
98,600 | 2,082,936 | ||||||
Okinawa Electric Power Co. Inc. (The)(b) |
182,577 | 1,481,191 | ||||||
Okinawa Financial Group Inc. |
78,600 | 1,237,412 | ||||||
OKUMA Corp. |
99,600 | 5,052,743 | ||||||
Okumura Corp. |
123,500 | 3,693,675 | ||||||
One REIT Inc. |
951 | 1,734,229 | ||||||
Open Door Inc.(b)(c) |
48,700 | 426,756 | ||||||
Optex Group Co. Ltd. |
135,100 | 1,772,781 | ||||||
Optorun Co. Ltd. |
135,100 | 2,243,255 | ||||||
Organo Corp. |
110,600 | 3,205,575 | ||||||
Orient Corp. |
214,660 | 1,679,650 | ||||||
Orix JREIT Inc. |
11,152 | 14,187,760 | ||||||
Osaka Organic Chemical Industry Ltd. |
59,600 | 1,105,729 | ||||||
Osaka Soda Co. Ltd. |
65,000 | 2,647,132 | ||||||
OSAKA
Titanium Technologies Co. |
127,500 | 3,218,347 | ||||||
OSG Corp. |
357,600 | 4,766,482 | ||||||
Outsourcing Inc. |
483,100 | 4,942,497 | ||||||
Pacific Industrial Co. Ltd. |
163,800 | 1,576,685 | ||||||
Pacific Metals Co. Ltd.(b) |
73,100 | 855,375 | ||||||
PAL GROUP Holdings Co. Ltd. |
88,800 | 2,606,031 | ||||||
PALTAC Corp. |
121,300 | 4,075,522 | ||||||
Paramount Bed Holdings Co. Ltd. |
161,400 | 2,643,662 | ||||||
Park24 Co. Ltd.(b)(c) |
546,800 | 7,213,699 | ||||||
Pasona Group Inc. |
85,000 | 1,007,348 | ||||||
Penta-Ocean Construction Co. Ltd. |
1,142,800 | 6,203,028 | ||||||
PeptiDream Inc.(b) |
417,000 | 5,308,527 | ||||||
Pharma Foods International Co. Ltd. |
85,700 | 1,011,732 | ||||||
PHC Holdings Corp. |
112,200 | 1,189,896 | ||||||
Pigeon Corp. |
508,700 | 6,870,816 | ||||||
Pilot Corp. |
123,400 | 4,066,279 | ||||||
Piolax Inc. |
121,800 | 1,897,592 | ||||||
PKSHA Technology Inc.(b)(c) |
74,000 | 1,555,550 | ||||||
Plus Alpha Consulting Co. Ltd.(c) |
72,500 | 1,427,708 | ||||||
Pola Orbis Holdings Inc. |
388,400 | 5,696,395 | ||||||
Pressance Corp. |
103,400 | 1,472,429 | ||||||
Prestige International Inc. |
403,000 | 1,644,556 | ||||||
Prima Meat Packers Ltd. |
96,500 | 1,504,381 | ||||||
Raito Kogyo Co. Ltd. |
171,800 | 2,488,735 | ||||||
Raiznext Corp. |
190,800 | 1,955,067 | ||||||
Raksul Inc.(b)(c) |
215,200 | 2,126,709 | ||||||
Rakus Co. Ltd. |
386,900 | 6,567,802 | ||||||
Relo Group Inc. |
457,900 | 6,323,247 | ||||||
Rengo Co. Ltd. |
794,300 | 5,059,029 | ||||||
RENOVA Inc.(b)(c) |
170,000 | 1,795,593 | ||||||
Resorttrust Inc. |
322,900 | 5,105,584 | ||||||
Restar Holdings Corp. |
77,800 | 1,298,796 | ||||||
Retail Partners Co. Ltd.(c) |
92,100 | 1,004,428 | ||||||
Ricoh Leasing Co. Ltd. |
56,600 | 1,754,966 | ||||||
Riken Keiki Co. Ltd. |
53,100 | 2,008,933 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Riken Vitamin Co. Ltd. |
87,900 | $ | 1,283,985 | |||||
Ringer Hut Co. Ltd.(b)(c) |
105,500 | 1,824,400 | ||||||
Rinnai Corp. |
441,900 | 9,621,132 | ||||||
Riso Kagaku Corp. |
85,100 | 1,396,839 | ||||||
Riso Kyoiku Co. Ltd. |
500,000 | 924,988 | ||||||
Rohto Pharmaceutical Co. Ltd. |
797,500 | 16,998,390 | ||||||
Roland Corp. |
57,900 | 1,650,738 | ||||||
Rorze Corp. |
45,100 | 3,527,492 | ||||||
Round One Corp. |
865,200 | 3,463,307 | ||||||
Royal Holdings Co. Ltd.(c) |
128,900 | 2,406,174 | ||||||
RS Technologies Co. Ltd. |
64,400 | 1,381,418 | ||||||
Ryohin Keikaku Co. Ltd. |
1,072,800 | 13,930,503 | ||||||
Ryosan Co. Ltd. |
61,700 | 1,953,128 | ||||||
Ryoyo Electro Corp. |
65,800 | 1,634,261 | ||||||
S Foods Inc. |
77,200 | 1,821,289 | ||||||
Saibu Gas Holdings Co. Ltd. |
97,700 | 1,433,612 | ||||||
Saizeriya Co. Ltd. |
121,900 | 3,876,130 | ||||||
Sakai Moving Service Co. Ltd. |
45,000 | 1,691,839 | ||||||
Sakata INX Corp. |
162,100 | 1,397,235 | ||||||
Sakata Seed Corp. |
119,800 | 3,366,698 | ||||||
SAMTY Co. Ltd. |
104,100 | 1,662,893 | ||||||
Samty Residential Investment Corp. |
1,578 | 1,292,498 | ||||||
San-A Co. Ltd. |
87,300 | 2,893,388 | ||||||
San-Ai Obbli Co. Ltd. |
210,600 | 2,398,139 | ||||||
SanBio Co. Ltd.(b) |
182,900 | 772,163 | ||||||
Sangetsu Corp. |
190,800 | 3,502,653 | ||||||
San-in Godo Bank Ltd. (The) |
565,300 | 3,659,202 | ||||||
Sanken Electric Co. Ltd. |
95,700 | 9,777,517 | ||||||
Sanki Engineering Co. Ltd. |
205,400 | 2,231,970 | ||||||
Sankyo Co. Ltd. |
168,200 | 7,115,128 | ||||||
Sankyu Inc. |
209,300 | 7,257,939 | ||||||
Sanrio Co. Ltd. |
226,300 | 10,537,244 | ||||||
Sansan Inc.(b) |
291,700 | 3,087,626 | ||||||
Santen Pharmaceutical Co. Ltd. |
1,430,900 | 12,503,679 | ||||||
Sanwa Holdings Corp. |
775,600 | 10,548,262 | ||||||
Sanyo Chemical Industries Ltd. |
47,300 | 1,439,705 | ||||||
Sanyo Denki Co. Ltd. |
36,000 | 1,826,008 | ||||||
Sanyo Special Steel Co. Ltd. |
84,200 | 1,691,513 | ||||||
Sapporo Holdings Ltd. |
267,200 | 7,039,764 | ||||||
Sato Holdings Corp. |
104,600 | 1,464,835 | ||||||
Sawai Group Holdings Co. Ltd. |
164,700 | 4,102,232 | ||||||
SB Technology Corp. |
40,500 | 737,452 | ||||||
SBS Holdings Inc. |
69,700 | 1,653,353 | ||||||
SCREEN Holdings Co. Ltd. |
172,400 | 18,627,715 | ||||||
Sega Sammy Holdings Inc. |
662,000 | 14,474,379 | ||||||
Seibu Holdings Inc. |
959,200 | 10,665,753 | ||||||
Seiko Group Corp. |
116,600 | 2,155,579 | ||||||
Seino Holdings Co. Ltd. |
528,900 | 8,324,105 | ||||||
Seiren Co. Ltd. |
180,500 | 3,118,792 | ||||||
Sekisui House Reit Inc. |
17,649 | 10,475,937 | ||||||
Sekisui Jushi Corp. |
105,100 | 1,651,470 | ||||||
Senko Group Holdings Co. Ltd. |
481,200 | 3,483,281 | ||||||
Septeni Holdings Co. Ltd.(c) |
332,800 | 949,411 | ||||||
Seria Co. Ltd. |
197,700 | 3,316,117 | ||||||
Seven Bank Ltd. |
2,444,200 | 5,308,726 | ||||||
Shibaura Machine Co. Ltd. |
97,900 | 3,129,860 | ||||||
Shibaura Mechatronics Corp. |
14,600 | 2,443,931 | ||||||
Shibuya Corp. |
74,800 | 1,384,480 | ||||||
SHIFT Inc.(b) |
53,100 | 12,561,194 | ||||||
Shiga Bank Ltd. (The) |
144,200 | 3,089,240 |
80 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Shikoku Chemicals Corp. |
125,400 | $ | 1,250,607 | |||||
Shikoku Electric Power Co. Inc.(b) |
624,100 | 4,396,698 | ||||||
Shima Seiki Manufacturing Ltd. |
108,700 | 1,487,872 | ||||||
Shimamura Co. Ltd. |
94,000 | 9,309,363 | ||||||
Shin Nippon Biomedical Laboratories Ltd. |
92,600 | 1,366,279 | ||||||
Shin-Etsu Polymer Co. Ltd. |
179,000 | 1,777,843 | ||||||
Shinko Electric Industries Co. Ltd. |
286,800 | 11,595,567 | ||||||
Shinmaywa Industries Ltd. |
225,300 | 2,274,906 | ||||||
Shinsei Bank Ltd. |
222,400 | 4,478,906 | ||||||
Ship Healthcare Holdings Inc. |
322,300 | 5,220,128 | ||||||
Shizuoka Gas Co. Ltd. |
156,400 | 1,209,019 | ||||||
SHO-BOND Holdings Co. Ltd. |
170,100 | 6,908,610 | ||||||
Shochiku Co. Ltd. |
38,800 | 2,968,920 | ||||||
Shoei Co. Ltd. |
204,600 | 3,719,753 | ||||||
Shoei Foods Corp. |
42,900 | 1,305,505 | ||||||
Showa Denko KK |
740,900 | 12,137,244 | ||||||
Showa Sangyo Co. Ltd. |
79,500 | 1,535,117 | ||||||
Siix Corp. |
119,300 | 1,291,251 | ||||||
Simplex Holdings Inc. |
125,000 | 2,523,803 | ||||||
SKY Perfect JSAT Holdings Inc. |
617,900 | 2,580,240 | ||||||
Skylark Holdings Co. Ltd.(b)(c) |
961,800 | 12,445,193 | ||||||
SMS Co. Ltd. |
297,400 | 6,316,894 | ||||||
Snow Peak Inc.(c) |
116,400 | 1,446,444 | ||||||
Socionext Inc. |
146,300 | 17,311,000 | ||||||
Sohgo Security Services Co. Ltd. |
1,616,200 | 9,881,368 | ||||||
Sojitz Corp. |
996,620 | 23,662,016 | ||||||
Solasto Corp. |
244,300 | 1,199,172 | ||||||
Sosei Group Corp.(b)(c) |
313,500 | 3,998,719 | ||||||
SOSiLA Logistics REIT Inc. |
2,971 | 2,685,218 | ||||||
Sotetsu Holdings Inc. |
333,800 | 6,459,635 | ||||||
SPARX Group Co. Ltd. |
101,520 | 1,079,921 | ||||||
S-Pool Inc. |
277,500 | 1,071,406 | ||||||
SRE Holdings Corp.(b) |
40,800 | 1,053,539 | ||||||
Stanley Electric Co. Ltd. |
548,200 | 10,130,349 | ||||||
Star Asia Investment Corp. |
7,668 | 3,099,802 | ||||||
Star Micronics Co. Ltd. |
158,600 | 1,975,737 | ||||||
Starts Corp. Inc. |
128,300 | 2,660,468 | ||||||
Starts Proceed Investment Corp. |
1,071 | 1,692,505 | ||||||
StemRIM Inc.(b) |
103,000 | 671,522 | ||||||
Strike Co. Ltd. |
39,700 | 838,449 | ||||||
Sugi Holdings Co. Ltd. |
132,500 | 5,906,936 | ||||||
Sumitomo Bakelite Co. Ltd. |
145,900 | 6,349,841 | ||||||
Sumitomo Densetsu Co. Ltd. |
76,400 | 1,702,660 | ||||||
Sumitomo Forestry Co. Ltd. |
639,600 | 15,433,485 | ||||||
Sumitomo Heavy Industries Ltd. |
469,300 | 11,551,261 | ||||||
Sumitomo Mitsui Construction Co. Ltd. |
524,380 | 1,391,099 | ||||||
Sumitomo Osaka Cement Co. Ltd. |
122,700 | 3,444,922 | ||||||
Sumitomo Pharma Co., Ltd. |
773,300 | 3,205,321 | ||||||
Sumitomo Riko Co. Ltd. |
136,900 | 788,489 | ||||||
Sumitomo Rubber Industries Ltd. |
733,400 | 7,498,987 | ||||||
Sumitomo Warehouse Co. Ltd. (The) |
204,400 | 3,512,617 | ||||||
Sun Frontier Fudousan Co. Ltd. |
122,200 | 1,297,428 | ||||||
Sundrug Co. Ltd. |
303,000 | 8,944,373 | ||||||
SUNWELS Co. Ltd. |
45,200 | 967,707 | ||||||
Suruga Bank Ltd. |
689,200 | 2,900,119 | ||||||
Suzuken Co. Ltd. |
262,800 | 7,673,144 | ||||||
Systena Corp. |
1,138,200 | 2,180,174 | ||||||
T Hasegawa Co. Ltd. |
135,200 | 3,229,192 | ||||||
Tadano Ltd. |
408,500 | 3,205,698 | ||||||
Taihei Dengyo Kaisha Ltd. |
46,600 | 1,457,786 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Taiheiyo Cement Corp. |
491,700 | $ | 10,268,805 | |||||
Taikisha Ltd. |
98,700 | 2,938,794 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. |
179,900 | 6,936,458 | ||||||
Taiyo Holdings Co. Ltd. |
146,600 | 2,743,545 | ||||||
Taiyo Yuden Co. Ltd. |
497,800 | 14,844,051 | ||||||
Takamatsu Construction Group Co. Ltd. |
51,700 | 981,960 | ||||||
Takara Bio Inc. |
202,500 | 2,488,283 | ||||||
Takara Holdings Inc. |
571,000 | 5,025,050 | ||||||
Takara Leben Real Estate Investment Corp. |
2,743 | 1,878,867 | ||||||
Takara Standard Co. Ltd. |
147,800 | 1,936,407 | ||||||
Takasago International Corp.(c) |
28,900 | 581,005 | ||||||
Takasago Thermal Engineering Co. Ltd. |
185,400 | 3,347,513 | ||||||
Takashimaya Co. Ltd. |
609,400 | 8,858,534 | ||||||
Takeuchi Manufacturing Co. Ltd. |
146,600 | 4,594,140 | ||||||
Takuma Co. Ltd. |
262,300 | 2,870,178 | ||||||
Tama Home Co. Ltd. |
62,000 | 1,529,264 | ||||||
Tamron Co. Ltd. |
79,200 | 2,511,071 | ||||||
TBS Holdings Inc. |
142,700 | 2,670,220 | ||||||
TechMatrix Corp. |
159,600 | 1,750,986 | ||||||
TechnoPro Holdings Inc. |
460,900 | 11,932,723 | ||||||
Teijin Ltd. |
754,700 | 8,072,067 | ||||||
Tenma Corp. |
45,000 | 835,139 | ||||||
T-Gaia Corp. |
73,900 | 933,079 | ||||||
THK Co. Ltd. |
499,400 | 10,011,974 | ||||||
TKC Corp. |
110,300 | 2,867,998 | ||||||
TKP Corp.(b) |
77,400 | 1,548,242 | ||||||
Toa Corp./Tokyo |
48,600 | 1,109,334 | ||||||
Toagosei Co. Ltd. |
408,600 | 3,875,368 | ||||||
TOC Co. Ltd. |
178,000 | 767,053 | ||||||
Tocalo Co. Ltd. |
225,200 | 2,288,761 | ||||||
Toda Corp. |
954,600 | 5,316,799 | ||||||
Toei Animation Co. Ltd.(c) |
35,500 | 3,220,041 | ||||||
Toei Co. Ltd. |
24,900 | 3,165,797 | ||||||
Toenec Corp. |
13,500 | 356,703 | ||||||
Toho Bank Ltd. (The) |
770,900 | 1,339,493 | ||||||
Toho Gas Co. Ltd. |
314,600 | 5,894,491 | ||||||
Toho Holdings Co. Ltd. |
214,200 | 4,176,401 | ||||||
Toho Titanium Co. Ltd.(c) |
139,300 | 1,989,629 | ||||||
Tohoku Electric Power Co. Inc.(b) |
1,922,300 | 12,785,642 | ||||||
Tokai Carbon Co. Ltd. |
866,000 | 7,704,419 | ||||||
Tokai Corp./Gifu |
45,900 | 618,851 | ||||||
TOKAI Holdings Corp. |
401,500 | 2,557,865 | ||||||
Tokai Rika Co. Ltd. |
221,500 | 3,504,646 | ||||||
Tokai Tokyo Financial Holdings Inc. |
744,300 | 2,294,588 | ||||||
Token Corp. |
24,500 | 1,291,155 | ||||||
Tokushu Tokai Paper Co. Ltd. |
36,000 | 856,043 | ||||||
Tokuyama Corp. |
256,200 | 4,407,088 | ||||||
Tokyo Century Corp. |
156,000 | 6,110,127 | ||||||
Tokyo Electron Device Ltd. |
26,700 | 1,922,234 | ||||||
Tokyo Kiraboshi Financial Group Inc. |
97,900 | 2,590,731 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
135,100 | 8,533,130 | ||||||
Tokyo Seimitsu Co. Ltd. |
168,700 | 9,344,731 | ||||||
Tokyo Steel Manufacturing Co. Ltd. |
267,700 | 3,238,333 | ||||||
Tokyo Tatemono Co. Ltd. |
798,000 | 10,664,063 | ||||||
Tokyotokeiba Co. Ltd. |
59,200 | 1,603,926 | ||||||
Tokyu Construction Co. Ltd. |
329,240 | 1,781,623 | ||||||
Tokyu Fudosan Holdings Corp. |
2,584,400 | 15,364,110 | ||||||
Tokyu REIT Inc. |
3,647 | 4,824,268 | ||||||
TOMONY Holdings Inc. |
811,700 | 2,302,500 | ||||||
Tomy Co. Ltd. |
335,700 | 4,541,579 |
S C H E D U L E O F I N V E S T M E N T S |
81 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Topcon Corp. |
409,300 | $ | 4,980,963 | |||||
Topre Corp. |
145,400 | 1,675,695 | ||||||
Toridoll Holdings Corp. |
185,200 | 4,574,481 | ||||||
Torii Pharmaceutical Co. Ltd. |
55,800 | 1,417,120 | ||||||
Tosei Corp. |
113,600 | 1,408,540 | ||||||
Toshiba TEC Corp. |
110,800 | 3,218,321 | ||||||
Totetsu Kogyo Co. Ltd. |
98,200 | 1,880,268 | ||||||
Towa Pharmaceutical Co. Ltd. |
105,500 | 1,334,782 | ||||||
Toyo Construction Co. Ltd. |
192,900 | 1,465,677 | ||||||
Toyo Gosei Co. Ltd.(c) |
21,700 | 1,300,880 | ||||||
Toyo Ink SC Holdings Co. Ltd. |
149,100 | 2,298,597 | ||||||
Toyo Seikan Group Holdings Ltd. |
543,700 | 8,838,345 | ||||||
Toyo Suisan Kaisha Ltd. |
377,500 | 15,614,203 | ||||||
Toyo Tanso Co. Ltd. |
56,500 | 2,265,158 | ||||||
Toyo Tire Corp. |
487,600 | 6,602,231 | ||||||
Toyobo Co. Ltd. |
336,400 | 2,567,024 | ||||||
Toyoda Gosei Co. Ltd. |
273,300 | 5,833,394 | ||||||
Toyota Boshoku Corp. |
311,600 | 5,685,120 | ||||||
Trancom Co. Ltd. |
29,700 | 1,471,760 | ||||||
Transcosmos Inc. |
101,300 | 2,483,363 | ||||||
TRE Holdings Corp. |
186,600 | 1,620,955 | ||||||
Tri Chemical Laboratories Inc. |
112,500 | 2,089,082 | ||||||
Trusco Nakayama Corp. |
204,700 | 3,153,831 | ||||||
TS Tech Co. Ltd. |
368,600 | 4,762,200 | ||||||
Tsubakimoto Chain Co. |
107,200 | 2,858,161 | ||||||
Tsugami Corp. |
162,100 | 1,422,705 | ||||||
Tsumura & Co. |
239,400 | 4,455,165 | ||||||
Tsuruha Holdings Inc. |
157,000 | 12,057,005 | ||||||
TV Asahi Holdings Corp. |
89,600 | 1,130,600 | ||||||
UACJ Corp. |
142,994 | 2,863,589 | ||||||
UBE Corp. |
375,600 | 6,855,511 | ||||||
Ulvac Inc. |
199,200 | 8,553,846 | ||||||
Union Tool Co. |
30,900 | 715,673 | ||||||
United Arrows Ltd. |
97,100 | 1,638,830 | ||||||
United Super Markets Holdings Inc. |
225,300 | 1,773,242 | ||||||
United Urban Investment Corp. |
12,478 | 13,468,385 | ||||||
Universal Entertainment Corp. |
101,200 | 1,830,656 | ||||||
Usen-Next Holdings Co. Ltd. |
93,200 | 2,155,741 | ||||||
Ushio Inc. |
392,600 | 5,439,145 | ||||||
UT Group Co. Ltd.(b) |
127,400 | 2,575,107 | ||||||
Valor Holdings Co. Ltd. |
153,900 | 2,311,378 | ||||||
ValueCommerce Co. Ltd. |
68,100 | 651,467 | ||||||
Vector Inc. |
122,900 | 1,133,797 | ||||||
Vision Inc./Tokyo Japan(b) |
158,500 | 1,964,428 | ||||||
Visional Inc.(b)(c) |
90,900 | 5,001,241 | ||||||
VT Holdings Co. Ltd. |
331,700 | 1,244,317 | ||||||
Wacoal Holdings Corp. |
179,800 | 3,912,275 | ||||||
Wacom Co. Ltd. |
601,300 | 2,561,738 | ||||||
Wakita & Co. Ltd. |
113,100 | 1,021,832 | ||||||
WDB Holdings Co. Ltd. |
31,100 | 460,074 | ||||||
WealthNavi Inc.(b)(c) |
160,900 | 1,557,079 | ||||||
Weathernews Inc. |
26,600 | 1,191,217 | ||||||
West Holdings Corp. |
100,830 | 1,973,706 | ||||||
WingArc1st Inc. |
78,200 | 1,505,588 | ||||||
Workman Co. Ltd.(c) |
87,400 | 3,190,237 | ||||||
W-Scope Corp.(b)(c) |
227,500 | 2,463,845 | ||||||
YAMABIKO Corp. |
135,200 | 1,477,499 | ||||||
Yamada Holdings Co. Ltd. |
2,467,300 | 7,454,049 | ||||||
Yamaguchi Financial Group Inc. |
788,500 | 6,131,678 | ||||||
YA-MAN Ltd.(c) |
125,700 | 900,617 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Yamato Kogyo Co. Ltd. |
164,400 | $ | 7,861,485 | |||||
Yamazaki Baking Co. Ltd. |
468,100 | 6,736,597 | ||||||
Yamazen Corp. |
196,500 | 1,671,942 | ||||||
Yaoko Co. Ltd. |
77,300 | 4,077,585 | ||||||
Yellow Hat Ltd. |
134,100 | 1,761,947 | ||||||
Yodogawa Steel Works Ltd. |
88,700 | 2,127,187 | ||||||
Yokogawa Bridge Holdings Corp. |
135,200 | 2,432,298 | ||||||
Yokohama Rubber Co. Ltd. (The) |
501,100 | 11,236,393 | ||||||
Yokorei Co. Ltd. |
306,800 | 2,633,337 | ||||||
Yokowo Co. Ltd. |
72,000 | 930,741 | ||||||
Yonex Co. Ltd. |
258,100 | 2,522,703 | ||||||
Yoshinoya Holdings Co. Ltd. |
261,000 | 5,162,901 | ||||||
Yuasa Trading Co. Ltd. |
68,300 | 2,187,727 | ||||||
Yurtec Corp. |
91,900 | 571,392 | ||||||
Zenkoku Hosho Co. Ltd. |
220,800 | 7,751,061 | ||||||
Zenrin Co. Ltd. |
168,600 | 1,058,537 | ||||||
Zensho Holdings Co. Ltd. |
395,600 | 21,080,051 | ||||||
Zeon Corp. |
532,800 | 5,746,387 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
115,100 | 1,885,185 | ||||||
Zojirushi Corp. |
153,100 | 2,154,506 | ||||||
Zuken Inc. |
71,700 | 2,090,112 | ||||||
|
|
|||||||
3,502,066,091 | ||||||||
Netherlands — 2.4% | ||||||||
Aalberts NV |
424,038 | 19,134,503 | ||||||
Alfen Beheer BV(b)(c)(d) |
92,259 | 6,402,145 | ||||||
Allfunds Group PLC |
1,483,860 | 9,674,677 | ||||||
AMG Advanced Metallurgical Group NV |
131,352 | 5,370,324 | ||||||
Arcadis NV |
308,071 | 13,506,432 | ||||||
Ariston Holding NV |
275,118 | 2,560,598 | ||||||
ASR Nederland NV |
635,906 | 28,825,244 | ||||||
B&S Group Sarl(d) |
156,862 | 690,742 | ||||||
Basic-Fit NV(b)(c)(d) |
223,878 | 7,556,837 | ||||||
BE Semiconductor Industries NV |
326,563 | 38,991,164 | ||||||
Brunel International NV |
108,892 | 1,515,859 | ||||||
Cementir Holding NV |
186,415 | 1,758,586 | ||||||
Corbion NV |
252,208 | 5,926,943 | ||||||
Ebusco Holding NV(b)(c) |
63,586 | 562,027 | ||||||
Eurocommercial Properties NV |
182,554 | 4,614,159 | ||||||
Fastned BV(b)(c) |
29,718 | 988,867 | ||||||
Flow Trades Ltd., NVS |
139,270 | 3,030,392 | ||||||
Fugro NV(b) |
482,168 | 8,597,658 | ||||||
InPost SA(b) |
958,503 | 11,453,931 | ||||||
Iveco Group NV(b) |
737,983 | 6,999,448 | ||||||
Koninklijke BAM Groep NV |
1,193,243 | 2,776,500 | ||||||
Koninklijke Vopak NV |
291,714 | 10,998,145 | ||||||
MFE-MediaForEurope NV, Class A(c) |
3,444,081 | 1,822,950 | ||||||
MFE-MediaForEurope NV, Class B |
1,743,732 | 1,345,250 | ||||||
NSI NV |
83,065 | 1,746,230 | ||||||
Ordina NV |
349,307 | 2,189,199 | ||||||
Pharming Group NV(b)(c) |
2,814,705 | 3,552,702 | ||||||
PostNL NV |
1,309,503 | 2,659,171 | ||||||
SBM Offshore NV |
609,353 | 8,852,664 | ||||||
Signify NV(d) |
543,263 | 17,080,986 | ||||||
Sligro Food Group NV |
89,581 | 1,729,472 | ||||||
Technip Energies NV |
609,365 | 13,888,650 | ||||||
TKH Group NV |
170,989 | 8,921,589 | ||||||
TomTom NV(b) |
313,546 | 2,739,163 | ||||||
Van Lanschot Kempen NV |
135,619 | 4,443,843 | ||||||
Vastned Retail NV |
49,835 | 1,112,033 |
82 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Netherlands (continued) | ||||||||
Wereldhave NV |
138,481 | $ | 2,474,402 | |||||
|
|
|||||||
266,493,485 | ||||||||
New Zealand — 0.9% | ||||||||
a2 Milk Co. Ltd. (The)(b)(c) |
3,092,233 | 10,601,632 | ||||||
Air New Zealand Ltd.(b) |
7,070,338 | 3,471,505 | ||||||
Contact Energy Ltd. |
3,318,135 | 17,133,318 | ||||||
Fletcher Building Ltd. |
3,338,669 | 11,575,798 | ||||||
Genesis Energy Ltd. |
2,238,742 | 3,770,550 | ||||||
Goodman Property Trust |
4,613,132 | 6,475,388 | ||||||
Infratil Ltd. |
3,405,314 | 21,062,748 | ||||||
Kiwi Property Group Ltd. |
7,159,634 | 4,228,023 | ||||||
Oceania Healthcare Ltd. |
2,861,918 | 1,350,928 | ||||||
Ryman Healthcare Ltd. |
2,471,509 | 10,468,164 | ||||||
Summerset Group Holdings Ltd. |
1,010,877 | 6,468,309 | ||||||
Warehouse Group Ltd. (The)(c) |
483,578 | 540,630 | ||||||
|
|
|||||||
97,146,993 | ||||||||
Norway — 2.4% | ||||||||
Aker ASA, Class A |
93,605 | 5,952,077 | ||||||
Aker Carbon Capture ASA(b) |
1,559,455 | 2,365,363 | ||||||
Aker Horizons Holding AS(b)(c) |
994,914 | 581,395 | ||||||
Aker Solutions ASA |
1,057,075 | 4,698,916 | ||||||
Atea ASA |
343,459 | 4,663,022 | ||||||
Austevoll Seafood ASA |
386,899 | 2,904,966 | ||||||
Bakkafrost P/F |
213,524 | 12,425,798 | ||||||
Bewi ASA |
200,864 | 813,560 | ||||||
BLUENORD ASA(b)(c) |
102,038 | 4,486,830 | ||||||
Bonheur ASA |
85,918 | 2,161,715 | ||||||
Borr Drilling Ltd.(b) |
868,332 | 7,406,709 | ||||||
Borregaard ASA |
405,080 | 6,611,041 | ||||||
BW Energy Ltd.(b) |
383,437 | 1,139,391 | ||||||
BW LPG Ltd.(d) |
326,598 | 3,495,307 | ||||||
BW Offshore Ltd. |
414,057 | 1,134,006 | ||||||
Cadeler AS(b)(c) |
458,832 | 1,905,943 | ||||||
Cool Co. Ltd. |
104,226 | 1,417,680 | ||||||
Crayon Group Holding ASA(b)(d) |
328,071 | 3,493,172 | ||||||
DNO ASA |
2,002,897 | 2,172,635 | ||||||
Elkem ASA(d) |
1,240,602 | 2,942,940 | ||||||
Elopak ASA |
432,864 | 946,018 | ||||||
Entra ASA(d) |
305,459 | 2,979,428 | ||||||
Europris ASA(d) |
685,492 | 4,158,590 | ||||||
Flex LNG Ltd.(c) |
123,474 | 3,915,869 | ||||||
Frontline PLC, NVS |
568,962 | 9,479,835 | ||||||
Golden Ocean Group Ltd. |
557,660 | 4,369,681 | ||||||
Grieg Seafood ASA |
218,375 | 1,573,973 | ||||||
Hafnia Ltd. |
865,493 | 4,704,104 | ||||||
Hexagon Composites ASA(b) |
474,997 | 1,417,176 | ||||||
Hexagon Purus ASA(b)(c) |
590,072 | 1,201,296 | ||||||
Hoegh Autoliners ASA |
214,989 | 1,244,109 | ||||||
Kahoot! ASA(b)(c) |
1,378,143 | 4,740,678 | ||||||
Kitron ASA |
703,141 | 2,598,715 | ||||||
Leroy Seafood Group ASA |
1,149,559 | 4,782,665 | ||||||
MPC Container Ships AS |
1,337,665 | 2,495,565 | ||||||
NEL ASA(b)(c) |
7,127,224 | 9,666,470 | ||||||
Nordic Semiconductor ASA(b) |
701,099 | 10,324,975 | ||||||
Norske Skog ASA(b)(d) |
282,278 | 1,265,563 | ||||||
Norwegian Air Shuttle ASA(b) |
2,996,373 | 2,990,887 | ||||||
Nykode Therapeutics AS(b)(c) |
425,160 | 1,221,387 | ||||||
Odfjell Drilling Ltd.(b) |
374,993 | 1,066,240 | ||||||
PGS ASA(b) |
3,650,701 | 2,567,172 |
Security | Shares | Value | ||||||
Norway (continued) | ||||||||
Protector Forsikring ASA |
258,483 | $ | 4,222,063 | |||||
REC Silicon ASA(b) |
1,166,055 | 1,987,606 | ||||||
Scatec ASA(d) |
467,595 | 3,908,165 | ||||||
Schibsted ASA, Class A |
312,471 | 6,694,155 | ||||||
Schibsted ASA, Class B |
410,592 | 8,051,464 | ||||||
SpareBank 1 Nord Norge |
352,687 | 3,359,076 | ||||||
SpareBank 1 Oestlandet |
114,104 | 1,434,315 | ||||||
SpareBank 1 SMN |
580,075 | 8,128,848 | ||||||
SpareBank 1 SR-Bank ASA |
767,551 | 9,906,403 | ||||||
Stolt-Nielsen Ltd. |
100,611 | 2,487,660 | ||||||
Storebrand ASA |
1,902,496 | 16,629,747 | ||||||
Subsea 7 SA |
934,569 | 12,559,813 | ||||||
TGS ASA |
536,234 | 7,157,280 | ||||||
TOMRA Systems ASA |
1,009,384 | 15,555,359 | ||||||
Veidekke ASA |
443,506 | 5,006,101 | ||||||
Wallenius Wilhelmsen ASA |
452,830 | 3,144,299 | ||||||
|
|
|||||||
262,715,216 | ||||||||
Portugal — 0.3% | ||||||||
Altri SGPS SA(c) |
306,014 | 1,438,927 | ||||||
Banco Comercial Portugues SA, Class R(b) |
35,231,484 | 9,621,891 | ||||||
Corticeira Amorim SGPS SA |
126,403 | 1,431,496 | ||||||
CTT-Correios de Portugal SA |
398,334 | 1,572,336 | ||||||
Greenvolt Energias Renovaveis SA(b)(c) |
241,472 | 1,687,052 | ||||||
Mota-Engil SGPS SA |
397,493 | 1,094,041 | ||||||
Navigator Co. SA (The) |
912,035 | 3,196,830 | ||||||
NOS SGPS SA |
895,140 | 3,401,419 | ||||||
REN - Redes Energeticas Nacionais SGPS SA |
1,741,034 | 4,754,127 | ||||||
Semapa-Sociedade de Investimento e Gestao |
77,927 | 1,130,986 | ||||||
Sonae SGPS SA |
3,473,945 | 3,777,084 | ||||||
|
|
|||||||
33,106,189 | ||||||||
Singapore — 2.1% | ||||||||
AEM Holdings Ltd.(c) |
1,069,400 | 3,033,592 | ||||||
AIMS APAC REIT(c) |
2,513,275 | 2,364,123 | ||||||
AustAsia Group Ltd.(b) |
230,314 | 53,157 | ||||||
Best World International Ltd.(b) |
569,900 | 695,173 | ||||||
Bumitama Agri Ltd. |
1,405,200 | 602,782 | ||||||
CapitaLand Ascott Trust |
9,463,896 | 7,971,195 | ||||||
CapitaLand China Trust |
4,954,734 | 3,878,643 | ||||||
Capitaland India Trust(c) |
4,149,242 | 3,557,230 | ||||||
CDL Hospitality Trusts |
3,998,400 | 3,578,784 | ||||||
ComfortDelGro Corp. Ltd. |
8,987,700 | 8,524,307 | ||||||
Cromwell European Real Estate Investment Trust |
1,332,460 | 2,358,715 | ||||||
Digital Core REIT Management Pte Ltd. |
3,422,600 | 1,712,830 | ||||||
Eagle Hospitality Trust(a)(b)(c) |
1,640,200 | 16 | ||||||
ESR-LOGOS REIT |
27,869,073 | 7,228,082 | ||||||
Far East Hospitality Trust |
4,193,300 | 2,033,613 | ||||||
First Resources Ltd. |
2,324,600 | 2,641,141 | ||||||
Frasers Centrepoint Trust |
4,371,938 | 7,139,431 | ||||||
Frasers Hospitality Trust |
3,159,800 | 1,139,065 | ||||||
Frasers Logistics & Commercial Trust |
12,564,836 | 11,538,653 | ||||||
Frencken Group Ltd.(c) |
1,321,300 | 859,745 | ||||||
Golden Agri-Resources Ltd. |
27,241,800 | 5,129,878 | ||||||
Hong Fok Corp. Ltd.(c) |
1,317,000 | 980,874 | ||||||
Hour Glass Ltd. (The) |
870,700 | 1,361,512 | ||||||
Hutchison Port Holdings Trust, Class U(c) |
20,614,000 | 3,815,816 | ||||||
iFAST Corp. Ltd.(c) |
588,600 | 2,505,510 | ||||||
Keppel DC REIT(c) |
5,801,300 | 9,560,826 | ||||||
Keppel Infrastructure Trust |
15,470,290 | 5,927,782 | ||||||
Keppel Pacific Oak US REIT |
3,683,500 | 1,215,555 |
S C H E D U L E O F I N V E S T M E N T S |
83 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Keppel REIT |
8,497,400 | $ | 5,817,347 | |||||
Lendlease Global Commercial REIT |
7,543,129 | 3,857,958 | ||||||
Manulife US Real Estate Investment Trust |
7,025,131 | 737,358 | ||||||
Mapletree Industrial Trust |
8,683,993 | 14,633,333 | ||||||
Maxeon Solar Technologies Ltd.(b)(c) |
133,701 | 3,301,078 | ||||||
Nanofilm Technologies International Ltd.(c) |
1,155,500 | 991,122 | ||||||
NetLink NBN Trust |
12,027,800 | 7,780,103 | ||||||
Olam Group Ltd. |
4,032,200 | 3,978,304 | ||||||
OUE Commercial Real Estate Investment Trust |
8,652,079 | 2,017,029 | ||||||
PARAGON REIT |
4,894,936 | 3,517,073 | ||||||
Parkway Life REIT |
1,671,500 | 4,878,289 | ||||||
Raffles Medical Group Ltd. |
3,611,200 | 3,805,174 | ||||||
Riverstone Holdings Ltd./Singapore |
2,184,900 | 1,028,369 | ||||||
Sasseur Real Estate Investment Trust |
2,476,100 | 1,332,899 | ||||||
SATS Ltd.(b) |
4,427,379 | 9,323,536 | ||||||
Sembcorp Industries Ltd. |
4,190,600 | 17,178,857 | ||||||
Sheng Siong Group Ltd. |
2,870,800 | 3,541,154 | ||||||
SIA Engineering Co. Ltd.(c) |
1,141,600 | 2,104,615 | ||||||
Silverlake Axis Ltd. |
3,422,140 | 746,669 | ||||||
Singapore Post Ltd.(c) |
5,906,400 | 2,221,308 | ||||||
Starhill Global REIT |
6,168,100 | 2,388,376 | ||||||
StarHub Ltd. |
2,532,700 | 1,980,561 | ||||||
Straits Trading Co. Ltd.(c) |
617,134 | 979,344 | ||||||
Suntec REIT(c) |
8,466,300 | 8,215,459 | ||||||
Super Hi International Holding Ltd.(b) |
667,000 | 1,373,597 | ||||||
TDCX Inc., ADR(b) |
91,923 | 659,088 | ||||||
UMS Holdings Ltd.(c) |
2,181,500 | 1,805,365 | ||||||
Yangzijiang Financial Holding Ltd. |
10,062,200 | 2,497,953 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
10,934,700 | 12,667,444 | ||||||
Yanlord Land Group Ltd.(b) |
2,522,500 | 1,537,853 | ||||||
|
|
|||||||
228,304,645 | ||||||||
Spain — 1.9% | ||||||||
Acerinox SA |
761,349 | 8,015,030 | ||||||
Almirall SA |
349,903 | 3,356,523 | ||||||
Applus Services SA |
574,776 | 6,165,926 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA |
366,852 | 1,520,685 | ||||||
Audax Renovables SA(b) |
591,932 | 813,957 | ||||||
Banco de Sabadell SA |
23,845,789 | 29,386,902 | ||||||
Bankinter SA |
2,843,785 | 18,399,411 | ||||||
Cia. de Distribucion Integral Logista Holdings SA |
250,070 | 6,958,215 | ||||||
Cie. Automotive SA |
177,757 | 5,571,006 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA |
70,211 | 2,394,249 | ||||||
Distribuidora Internacional de Alimentacion SA(b) |
65,957,017 | 1,107,884 | ||||||
Ebro Foods SA |
283,560 | 5,227,189 | ||||||
eDreams ODIGEO SA(b) |
386,892 | 2,840,037 | ||||||
Ence Energia y Celulosa SA |
577,636 | 1,759,144 | ||||||
Faes Farma SA |
1,312,441 | 4,547,746 | ||||||
Fluidra SA |
400,734 | 8,862,313 | ||||||
Gestamp Automocion SA(d) |
720,403 | 3,497,555 | ||||||
Global Dominion Access SA(d) |
375,074 | 1,577,407 | ||||||
Grenergy Renovables SA(b)(c) |
59,769 | 1,804,193 | ||||||
Indra Sistemas SA |
522,829 | 7,603,827 | ||||||
Inmobiliaria Colonial SOCIMI SA |
1,251,325 | 8,077,628 | ||||||
Laboratorios Farmaceuticos Rovi SA |
91,827 | 4,408,869 | ||||||
Lar Espana Real Estate SOCIMI SA |
236,803 | 1,533,550 | ||||||
Let’s Gowex SA.(a)(b)(c) |
51,450 | — | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros |
2,520,156 | 2,446,716 | ||||||
Mapfre SA |
3,938,236 | 8,185,459 | ||||||
Melia Hotels International SA(b)(c) |
455,123 | 3,341,214 |
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Merlin Properties SOCIMI SA |
1,393,175 | $ | 12,982,957 | |||||
Miquel y Costas & Miquel SA |
103,561 | 1,302,620 | ||||||
Neinor Homes SA(d) |
111,332 | 1,101,686 | ||||||
Opdenergy Holdings SA, NVS(b) |
183,081 | 1,149,409 | ||||||
Pharma Mar SA |
62,243 | 2,340,180 | ||||||
Prosegur Cash SA(d) |
1,356,258 | 948,986 | ||||||
Prosegur Cia. de Seguridad SA |
791,262 | 1,455,236 | ||||||
Sacyr SA |
1,743,750 | 5,961,375 | ||||||
Solaria Energia y Medio Ambiente SA(b) |
345,500 | 5,404,053 | ||||||
Soltec Power Holdings SA(b) |
178,366 | 819,891 | ||||||
Talgo SA(c)(d) |
303,992 | 1,256,418 | ||||||
Talgo SA, NVS |
8,685 | 35,898 | ||||||
Tecnicas Reunidas SA(b) |
202,326 | 1,949,643 | ||||||
Unicaja Banco SA(c)(d) |
5,541,696 | 6,468,103 | ||||||
Vidrala SA |
83,675 | 8,519,085 | ||||||
Viscofan SA |
166,579 | 10,814,474 | ||||||
|
|
|||||||
211,912,649 | ||||||||
Sweden — 5.3% | ||||||||
AAK AB |
778,021 | 14,954,555 | ||||||
AcadeMedia AB(d) |
340,118 | 1,639,781 | ||||||
AddLife AB, Class B |
474,445 | 3,863,776 | ||||||
AddTech AB, Class B |
1,108,887 | 20,658,355 | ||||||
AFRY AB |
396,429 | 5,501,505 | ||||||
Alimak Group AB(d) |
276,174 | 2,008,394 | ||||||
Alleima AB, NVS |
851,999 | 3,700,988 | ||||||
Ambea AB(d) |
308,453 | 998,639 | ||||||
Arjo AB, Class B |
934,791 | 3,999,504 | ||||||
Atrium Ljungberg AB, Class B |
213,027 | 4,178,103 | ||||||
Attendo AB(b)(d) |
474,774 | 1,443,301 | ||||||
Avanza Bank Holding AB(c) |
531,207 | 12,029,373 | ||||||
Axfood AB |
463,839 | 11,818,059 | ||||||
Beijer Alma AB |
190,477 | 3,485,130 | ||||||
Betsson AB |
487,992 | 5,904,666 | ||||||
BICO Group AB, Class B(b)(c) |
188,585 | 737,725 | ||||||
Bilia AB, Class A |
264,024 | 2,774,709 | ||||||
Billerud AB |
952,063 | 8,118,844 | ||||||
BioArctic AB, Class B(b)(c)(d) |
158,339 | 4,536,955 | ||||||
BioGaia AB, Class B |
367,351 | 3,643,358 | ||||||
Biotage AB |
283,145 | 3,495,044 | ||||||
BoneSupport Holding AB(b)(d) |
234,631 | 3,284,364 | ||||||
Boozt AB(b)(c)(d) |
239,187 | 2,849,412 | ||||||
Bravida Holding AB(d) |
868,815 | 6,982,757 | ||||||
Bufab AB |
113,863 | 3,332,914 | ||||||
Bure Equity AB |
232,018 | 4,936,250 | ||||||
Calliditas Therapeutics AB, Class B(b)(c) |
151,958 | 1,480,348 | ||||||
Camurus AB(b) |
127,692 | 3,607,588 | ||||||
Castellum AB(c) |
1,649,658 | 18,786,498 | ||||||
Catena AB |
137,953 | 5,299,514 | ||||||
Cellavision AB |
61,846 | 1,289,633 | ||||||
Cibus Nordic Real Estate AB |
187,155 | 2,104,540 | ||||||
Clas Ohlson AB, Class B |
170,068 | 1,385,213 | ||||||
Cloetta AB, Class B |
848,460 | 1,518,890 | ||||||
Collector Bank AB(b) |
265,741 | 861,548 | ||||||
Coor Service Management Holding AB(d) |
414,524 | 1,908,329 | ||||||
Corem Property Group AB, Class B |
2,172,089 | 1,465,095 | ||||||
Creades AB, Class A |
224,156 | 1,556,409 | ||||||
Dios Fastigheter AB |
366,198 | 2,497,027 | ||||||
Dometic Group AB(d) |
1,359,744 | 10,131,756 | ||||||
Dustin Group AB(b)(d) |
309,122 | 806,344 | ||||||
Electrolux AB, Class B |
936,856 | 11,571,340 |
84 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Electrolux Professional AB, Class B |
1,000,651 | $ | 5,637,461 | |||||
Elekta AB, Class B |
1,496,802 | 12,125,926 | ||||||
Engcon AB |
168,745 | 1,245,450 | ||||||
Fabege AB |
1,129,618 | 9,782,939 | ||||||
Fortnox AB |
2,073,402 | 12,726,185 | ||||||
GARO AB(c) |
130,324 | 721,872 | ||||||
Granges AB |
451,518 | 4,611,759 | ||||||
Hemnet Group AB |
349,257 | 6,187,911 | ||||||
Hexatronic Group AB(c) |
690,524 | 5,232,522 | ||||||
Hexpol AB |
1,117,572 | 12,123,979 | ||||||
HMS Networks AB |
118,231 | 4,774,276 | ||||||
Hufvudstaden AB, Class A |
477,935 | 5,850,891 | ||||||
Instalco AB |
884,909 | 3,481,725 | ||||||
Intrum AB(c) |
330,950 | 2,578,497 | ||||||
Investment AB Oresund |
173,474 | 1,723,260 | ||||||
INVISIO AB |
168,298 | 3,502,529 | ||||||
Inwido AB |
217,910 | 2,404,624 | ||||||
JMAB |
275,141 | 4,322,992 | ||||||
Kambi Group PLC, Class B(b) |
100,227 | 1,898,038 | ||||||
K-Fast Holding AB, Class B(b)(c) |
244,751 | 467,628 | ||||||
Kindred Group PLC |
975,714 | 11,736,372 | ||||||
KNOW IT AB |
105,532 | 1,490,846 | ||||||
Lindab International AB |
319,219 | 4,949,072 | ||||||
Loomis AB, Class B |
303,035 | 8,840,304 | ||||||
Medicover AB, Class B |
270,313 | 4,135,806 | ||||||
MEKO AB |
155,846 | 1,626,703 | ||||||
Millicom International Cellular SA, SDR(b) |
731,713 | 11,361,446 | ||||||
MIPS AB |
110,811 | 5,016,954 | ||||||
Modern Times Group MTG AB, Class B(b) |
402,993 | 2,621,137 | ||||||
Munters Group AB(d) |
550,153 | 6,982,758 | ||||||
Mycronic AB |
310,245 | 6,676,393 | ||||||
NCC AB, Class B |
327,112 | 3,522,628 | ||||||
New Wave Group AB, Class B |
376,382 | 3,413,371 | ||||||
Nobia AB(b) |
512,031 | 553,540 | ||||||
Nolato AB, Class B |
769,682 | 3,181,299 | ||||||
Nordnet AB publ |
582,709 | 8,645,816 | ||||||
Note AB(b) |
78,884 | 1,336,042 | ||||||
NP3 Fastigheter AB |
113,193 | 1,900,300 | ||||||
Nyfosa AB |
650,317 | 4,125,518 | ||||||
Orron Energy AB(b) |
924,680 | 1,068,950 | ||||||
OX2 AB, Class B(b)(c) |
462,971 | 2,896,376 | ||||||
Pandox AB, Class B |
387,461 | 4,568,759 | ||||||
Paradox Interactive AB |
156,308 | 4,487,410 | ||||||
Peab AB, Class B |
716,191 | 3,168,176 | ||||||
Platzer Fastigheter Holding AB, Class B |
250,394 | 1,902,979 | ||||||
PowerCell Sweden AB(b)(c) |
198,068 | 1,824,168 | ||||||
Ratos AB, Class B |
849,698 | 2,824,729 | ||||||
Resurs Holding AB(d) |
536,223 | 1,299,686 | ||||||
Rvrc Holding AB |
208,505 | 673,113 | ||||||
Samhallsbyggnadsbolaget i Norden AB(c) |
4,460,186 | 1,928,519 | ||||||
Samhallsbyggnadsbolaget
i Norden AB, |
677,110 | 279,620 | ||||||
Scandic Hotels Group AB(b)(d) |
611,976 | 2,413,312 | ||||||
Sdiptech AB, Class B(b) |
116,194 | 3,204,233 | ||||||
Sectra AB, NVS |
578,298 | 9,260,024 | ||||||
Sinch AB(b)(c)(d) |
2,854,918 | 7,399,479 | ||||||
SkiStar AB |
177,791 | 1,930,451 | ||||||
SSAB AB, Class A |
955,246 | 6,061,461 | ||||||
SSAB AB, Class B |
2,771,100 | 16,953,462 | ||||||
Stillfront Group AB(b) |
2,003,985 | 3,708,620 | ||||||
Storskogen Group AB |
5,753,093 | 5,921,826 |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Surgical Science Sweden AB(b) |
151,777 | $ | 3,531,859 | |||||
Svolder AB |
378,098 | 2,141,125 | ||||||
Sweco AB, Class B |
917,692 | 9,450,335 | ||||||
SwedenCare AB(c) |
308,021 | 1,322,255 | ||||||
Synsam AB(c) |
207,078 | 846,018 | ||||||
Thule Group AB(d) |
442,776 | 13,826,310 | ||||||
Trelleborg AB, Class B |
927,693 | 24,697,638 | ||||||
Troax Group AB |
159,479 | 2,872,386 | ||||||
Truecaller AB(b)(c) |
975,121 | 3,862,734 | ||||||
Vestum AB(b)(c) |
860,516 | 816,661 | ||||||
Viaplay Group AB, Class B(b)(c) |
294,026 | 1,276,517 | ||||||
Vimian Group AB(b)(c) |
717,394 | 1,859,183 | ||||||
Vitec Software Group AB, Class B |
133,315 | 7,593,974 | ||||||
Vitrolife AB |
313,207 | 4,647,530 | ||||||
Volati AB(c) |
95,206 | 896,369 | ||||||
Wallenstam AB, Class B |
1,500,407 | 5,849,296 | ||||||
Wihlborgs Fastigheter AB |
1,181,413 | 9,238,457 | ||||||
XANO Industri AB, Class B |
61,304 | 653,434 | ||||||
Xvivo Perfusion AB(b) |
94,173 | 2,852,155 | ||||||
|
|
|||||||
582,672,891 | ||||||||
Switzerland — 4.5% | ||||||||
Accelleron Industries AG, NVS |
344,978 | 9,088,587 | ||||||
Allreal Holding AG, Registered |
63,553 | 11,675,847 | ||||||
ALSO Holding AG, Registered |
27,443 | 6,279,857 | ||||||
Arbonia AG |
220,049 | 2,552,776 | ||||||
Aryzta AG(b) |
4,230,264 | 7,229,907 | ||||||
Autoneum Holding AG(b)(c) |
11,286 | 1,944,871 | ||||||
Basilea Pharmaceutica AG, Registered(b) |
52,590 | 2,651,378 | ||||||
Belimo Holding AG, Registered |
41,777 | 22,515,701 | ||||||
Bell Food Group AG, Registered |
8,419 | 2,488,329 | ||||||
Bossard Holding AG, Class A, Registered |
23,881 | 5,581,180 | ||||||
Bucher Industries AG, Registered |
28,283 | 12,603,270 | ||||||
Burckhardt Compression Holding AG |
13,061 | 7,697,373 | ||||||
Burkhalter Holding AG |
32,414 | 3,462,685 | ||||||
Bystronic AG, Registered(c) |
5,637 | 3,949,517 | ||||||
Cembra Money Bank AG |
128,151 | 9,726,957 | ||||||
Coltene Holding AG, Registered |
11,554 | 933,486 | ||||||
Comet Holding AG, Registered |
33,125 | 8,714,340 | ||||||
COSMO Pharmaceuticals NV |
40,906 | 2,101,472 | ||||||
Daetwyler Holding AG, Bearer |
32,514 | 6,431,535 | ||||||
DKSH Holding AG |
152,254 | 12,285,827 | ||||||
DocMorris AG(b)(c) |
48,227 | 2,951,424 | ||||||
dormakaba Holding AG |
13,409 | 6,537,992 | ||||||
Dottikon Es Holding AG(b) |
11,777 | 3,234,635 | ||||||
EFG International AG |
393,655 | 4,910,970 | ||||||
Emmi AG, Registered |
9,076 | 8,882,249 | ||||||
Flughafen Zurich AG, Registered |
85,071 | 18,009,293 | ||||||
Forbo Holding AG, Registered |
4,102 | 5,901,028 | ||||||
Galenica AG(d) |
213,799 | 17,206,559 | ||||||
Georg Fischer Ltd |
348,474 | 23,799,459 | ||||||
Gurit Holding AG(b)(c) |
12,744 | 1,364,933 | ||||||
Huber + Suhner AG, Registered |
72,340 | 6,248,256 | ||||||
Idorsia Ltd.(b)(c) |
472,838 | 3,750,269 | ||||||
Implenia AG, Registered |
56,457 | 2,749,899 | ||||||
Inficon Holding AG, Registered |
7,233 | 9,272,942 | ||||||
Interroll Holding AG, Registered |
2,904 | 9,289,058 | ||||||
Intershop Holding AG |
4,793 | 3,308,541 | ||||||
Kardex Holding AG, Registered |
25,981 | 6,500,898 | ||||||
Komax Holding AG, Registered |
16,351 | 4,019,674 | ||||||
Landis+Gyr Group AG |
92,841 | 8,061,325 |
S C H E D U L E O F I N V E S T M E N T S |
85 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
LEM Holding SA, Registered |
2,378 | $ | 5,726,506 | |||||
Leonteq AG |
39,956 | 1,886,509 | ||||||
Medacta Group SA(d) |
29,839 | 4,333,965 | ||||||
Medartis Holding AG(b)(d) |
18,285 | 1,698,395 | ||||||
Medmix AG(d) |
105,006 | 2,930,809 | ||||||
Meier Tobler Group AG |
20,044 | 1,098,337 | ||||||
Metall Zug AG, Class B, Registered |
821 | 1,487,506 | ||||||
Meyer Burger Technology AG(b)(c) |
13,747,807 | 8,265,600 | ||||||
Mobilezone Holding AG, Registered |
181,865 | 3,030,945 | ||||||
Mobimo Holding AG, Registered |
30,562 | 9,037,705 | ||||||
Montana Aerospace AG(b)(d) |
118,870 | 1,870,930 | ||||||
OC Oerlikon Corp. AG, Registered |
776,651 | 4,223,083 | ||||||
Orior AG |
25,196 | 2,166,963 | ||||||
Peach Property Group AG(b)(c) |
47,710 | 640,510 | ||||||
PolyPeptide Group AG(b)(d) |
63,445 | 1,495,581 | ||||||
PSP Swiss Property AG, Registered |
194,883 | 22,965,013 | ||||||
Rieter Holding AG, Registered(c) |
10,913 | 1,213,848 | ||||||
Schweiter Technologies AG, NVS |
4,181 | 3,218,337 | ||||||
Sensirion Holding AG(b)(c)(d) |
39,414 | 3,454,076 | ||||||
SFS Group AG |
73,935 | 8,789,222 | ||||||
Siegfried Holding AG, Registered |
17,110 | 15,117,174 | ||||||
SKAN Group AG |
42,783 | 3,921,363 | ||||||
Softwareone Holding AG |
471,236 | 10,085,651 | ||||||
St. Galler Kantonalbank AG, Class A, Registered |
12,315 | 7,043,384 | ||||||
Stadler Rail AG |
254,818 | 10,232,890 | ||||||
Sulzer AG, Registered |
79,600 | 7,814,460 | ||||||
Swissquote Group Holding SA, Registered |
49,071 | 11,114,210 | ||||||
Tecan Group AG, Registered |
54,283 | 21,600,899 | ||||||
TX Group AG(c) |
11,677 | 1,328,719 | ||||||
u-blox Holding AG |
29,479 | 3,301,374 | ||||||
Valiant Holding AG, Registered |
67,880 | 7,469,037 | ||||||
Vetropack Holding AG, Class A, Registered |
55,460 | 2,788,740 | ||||||
Vontobel Holding AG, Registered |
120,340 | 8,107,016 | ||||||
V-ZUG Holding AG(b)(c) |
9,133 | 744,632 | ||||||
Ypsomed Holding AG, Registered |
20,324 | 5,966,939 | ||||||
Zehnder Group AG, Registered |
39,482 | 2,891,708 | ||||||
|
|
|||||||
494,976,335 | ||||||||
United Kingdom — 15.1% | ||||||||
4imprint Group PLC |
118,569 | 6,748,538 | ||||||
888 Holdings PLC(b) |
1,647,641 | 2,285,391 | ||||||
AB Dynamics PLC(c) |
74,352 | 1,741,408 | ||||||
Advanced Medical Solutions Group PLC |
953,975 | 3,042,344 | ||||||
AG Barr PLC |
385,731 | 2,334,055 | ||||||
Airtel Africa PLC(d) |
4,005,648 | 5,993,993 | ||||||
AJ Bell PLC |
1,306,289 | 5,495,322 | ||||||
Alliance Pharma PLC |
1,893,369 | 1,239,226 | ||||||
Alpha Financial Markets Consulting PLC |
482,851 | 2,367,126 | ||||||
Alpha FX Group PLC |
148,813 | 4,297,029 | ||||||
Alphawave IP Group PLC(b) |
1,071,687 | 2,217,062 | ||||||
AO World PLC(b) |
1,832,360 | 2,232,678 | ||||||
Ascential PLC(b) |
1,847,155 | 4,959,181 | ||||||
Ashmore Group PLC |
1,956,646 | 5,188,743 | ||||||
ASOS PLC(b)(c) |
327,229 | 1,767,491 | ||||||
Assura PLC |
12,747,491 | 7,747,852 | ||||||
Aston Martin Lagonda Global Holdings PLC(b)(c)(d) |
1,342,736 | 6,824,616 | ||||||
Atalaya Mining PLC |
451,878 | 1,913,727 | ||||||
Auction Technology Group PLC(b) |
382,369 | 3,479,155 | ||||||
Avon Protection PLC |
127,502 | 1,342,676 | ||||||
B&M European Value Retail SA |
4,046,171 | 28,739,591 | ||||||
Babcock International Group PLC(b) |
1,064,623 | 5,125,257 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Balanced Commercial Property Trust Ltd. |
2,926,043 | $ | 2,609,819 | |||||
Balfour Beatty PLC |
2,414,633 | 10,827,270 | ||||||
Bank of Georgia Group PLC |
148,456 | 6,201,456 | ||||||
Beazley PLC |
2,855,583 | 20,119,449 | ||||||
Bellway PLC |
522,837 | 14,867,665 | ||||||
Big Yellow Group PLC |
741,924 | 10,210,476 | ||||||
Bodycote PLC |
803,033 | 7,131,558 | ||||||
boohoo Group PLC(b)(c) |
4,328,171 | 2,158,023 | ||||||
Breedon Group PLC |
1,300,325 | 6,074,328 | ||||||
Bridgepoint Group PLC(d) |
1,044,564 | 2,532,281 | ||||||
Britvic PLC |
1,093,018 | 12,132,345 | ||||||
Burford Capital Ltd. |
789,283 | 10,667,205 | ||||||
Bytes Technology Group PLC |
955,375 | 6,326,573 | ||||||
C&C Group PLC |
1,641,200 | 2,906,932 | ||||||
Capita PLC(b) |
7,273,357 | 2,578,122 | ||||||
Capital & Counties Properties PLC |
6,229,248 | 9,577,174 | ||||||
Capricorn Energy PLC |
623,539 | 1,417,987 | ||||||
Carnival PLC(b) |
590,411 | 10,014,026 | ||||||
Centamin PLC |
4,874,950 | 6,019,365 | ||||||
Central Asia Metals PLC |
769,528 | 1,813,185 | ||||||
Ceres Power Holdings PLC(b)(c) |
521,542 | 2,440,343 | ||||||
Chemring Group PLC |
1,191,139 | 4,333,716 | ||||||
Clarkson PLC |
124,415 | 4,454,735 | ||||||
Close Brothers Group PLC |
635,562 | 7,520,715 | ||||||
CLS Holdings PLC |
747,516 | 1,341,135 | ||||||
CMC Markets PLC(d) |
437,446 | 784,832 | ||||||
Coats Group PLC |
6,808,717 | 6,116,574 | ||||||
Computacenter PLC |
335,730 | 9,471,572 | ||||||
ConvaTec Group PLC(d) |
6,910,460 | 18,514,096 | ||||||
Craneware PLC |
129,564 | 2,277,980 | ||||||
Cranswick PLC |
226,631 | 9,722,965 | ||||||
Crest Nicholson Holdings PLC |
969,077 | 2,653,980 | ||||||
Currys PLC |
4,627,052 | 3,167,989 | ||||||
Custodian Reit PLC |
1,697,736 | 1,895,546 | ||||||
CVS Group PLC |
299,757 | 7,920,233 | ||||||
Darktrace PLC(b) |
1,063,835 | 5,045,297 | ||||||
Dechra Pharmaceuticals PLC |
482,814 | 23,016,909 | ||||||
Deliveroo PLC, Class A(b)(d) |
4,068,661 | 6,861,069 | ||||||
Derwent London PLC |
405,798 | 11,027,354 | ||||||
Diploma PLC |
569,337 | 23,680,009 | ||||||
Direct Line Insurance Group PLC |
5,588,234 | 10,791,171 | ||||||
DiscoverIE Group PLC |
408,251 | 4,189,219 | ||||||
Diversified Energy Co. PLC |
4,065,134 | 4,945,704 | ||||||
Domino’s Pizza Group PLC |
1,593,979 | 7,106,526 | ||||||
Dowlais Group PLC(b) |
5,722,023 | 9,028,655 | ||||||
Dr. Martens PLC |
2,788,511 | 5,454,862 | ||||||
Draper Esprit PLC(b) |
581,986 | 1,962,831 | ||||||
Drax Group PLC |
1,701,785 | 13,208,740 | ||||||
DS Smith PLC |
5,842,635 | 23,229,425 | ||||||
Dunelm Group PLC |
509,181 | 7,514,757 | ||||||
easyJet PLC(b) |
1,286,128 | 7,470,044 | ||||||
Elementis PLC(b) |
2,401,470 | 3,408,609 | ||||||
EMIS Group PLC |
251,227 | 4,681,423 | ||||||
Empiric Student Property PLC |
2,569,947 | 2,902,363 | ||||||
Energean PLC |
564,274 | 8,385,781 | ||||||
EnQuest PLC(b) |
6,099,880 | 1,397,324 | ||||||
Ergomed PLC(b) |
187,516 | 2,604,670 | ||||||
Essentra PLC |
1,250,782 | 2,609,129 | ||||||
FD Technologies PLC(b) |
100,952 | 2,319,918 | ||||||
Ferrexpo PLC |
1,217,941 | 1,434,874 |
86 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Fevertree Drinks PLC |
441,807 | $ | 7,609,043 | |||||
Finablr PLC(a)(b)(d) |
1,080,679 | 14 | ||||||
Firstgroup PLC |
3,033,030 | 5,680,499 | ||||||
Forterra PLC(d) |
905,607 | 1,999,002 | ||||||
Frasers Group PLC(b) |
589,366 | 6,142,807 | ||||||
Future PLC |
455,695 | 4,893,624 | ||||||
Games Workshop Group PLC |
138,848 | 20,758,633 | ||||||
Gamma Communications PLC |
386,269 | 5,510,693 | ||||||
GB Group PLC |
1,086,247 | 3,489,302 | ||||||
Genel Energy PLC |
618,841 | 827,545 | ||||||
Genuit Group PLC |
1,048,914 | 4,213,366 | ||||||
Genus PLC |
276,680 | 8,751,860 | ||||||
Grafton Group PLC |
827,815 | 9,305,351 | ||||||
Grainger PLC |
2,989,135 | 9,659,312 | ||||||
Great Portland Estates PLC |
1,084,275 | 5,950,070 | ||||||
Greatland Gold PLC(b) |
19,103,760 | 1,716,176 | ||||||
Greggs PLC |
433,179 | 15,362,142 | ||||||
Gulf Keystone Petroleum Ltd. |
894,429 | 1,426,796 | ||||||
Halfords Group PLC |
940,749 | 2,670,569 | ||||||
Hammerson PLC |
16,924,312 | 5,777,468 | ||||||
Harbour Energy PLC |
2,606,251 | 8,922,407 | ||||||
Hays PLC |
6,731,054 | 9,261,167 | ||||||
Helios Towers PLC(b) |
3,050,079 | 3,532,072 | ||||||
Hill & Smith PLC |
339,004 | 6,868,716 | ||||||
Hiscox Ltd. |
1,472,057 | 20,375,411 | ||||||
Hochschild Mining PLC |
1,441,904 | 1,428,753 | ||||||
Home Reit PLC(a) |
3,524,118 | 1,462,769 | ||||||
Howden Joinery Group PLC |
2,346,442 | 22,218,351 | ||||||
Hunting PLC |
611,324 | 2,071,192 | ||||||
Ibstock PLC(d) |
1,664,417 | 3,213,247 | ||||||
IG Group Holdings PLC |
1,738,402 | 15,796,140 | ||||||
IMI PLC |
1,102,685 | 23,054,290 | ||||||
Impact Healthcare Reit PLC, Class B |
1,376,300 | 1,642,635 | ||||||
Impax Asset Management Group PLC |
428,494 | 3,021,301 | ||||||
Inchcape PLC |
1,581,679 | 16,634,532 | ||||||
Indivior PLC, NVS(b) |
554,426 | 12,472,986 | ||||||
IntegraFin Holdings PLC |
1,269,392 | 3,991,230 | ||||||
Intermediate Capital Group PLC |
1,230,837 | 22,214,179 | ||||||
International Distributions Services PLC(b) |
3,047,126 | 10,408,287 | ||||||
Investec PLC |
2,756,696 | 17,321,090 | ||||||
IP Group PLC |
4,383,355 | 3,363,975 | ||||||
ITM Power PLC(b)(c) |
2,001,300 | 2,375,891 | ||||||
ITV PLC |
15,308,548 | 14,216,788 | ||||||
IWG PLC(b) |
3,199,615 | 6,278,417 | ||||||
J D Wetherspoon PLC(b) |
387,582 | 3,362,445 | ||||||
JET2 PLC |
724,555 | 10,443,934 | ||||||
John Wood Group PLC(b) |
2,945,877 | 5,599,526 | ||||||
Johnson Service Group PLC |
1,798,754 | 2,594,675 | ||||||
JTC PLC(d) |
603,180 | 5,573,453 | ||||||
Judges Scientific PLC |
24,684 | 2,996,757 | ||||||
Jupiter Fund Management PLC |
1,958,105 | 2,874,459 | ||||||
Just Group PLC |
4,398,626 | 4,645,814 | ||||||
Kainos Group PLC |
340,511 | 5,729,770 | ||||||
Keller Group PLC |
301,364 | 3,310,626 | ||||||
Keywords Studios PLC |
317,466 | 7,178,737 | ||||||
Kier Group PLC(b) |
1,890,801 | 2,130,518 | ||||||
Lancashire Holdings Ltd. |
1,032,656 | 7,903,874 | ||||||
Learning Technologies Group PLC |
2,506,999 | 2,413,017 | ||||||
Liontrust Asset Management PLC |
265,852 | 2,205,202 | ||||||
LondonMetric Property PLC |
4,199,304 | 9,962,336 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
LXI REIT PLC |
6,955,596 | $ | 8,493,527 | |||||
Man Group PLC/Jersey |
5,119,275 | 15,693,602 | ||||||
Marks & Spencer Group PLC(b) |
8,322,265 | 22,044,890 | ||||||
Marlowe PLC(b)(c) |
345,314 | 2,517,140 | ||||||
Marshalls PLC |
986,744 | 3,399,089 | ||||||
Melrose Industries PLC |
5,728,568 | 38,986,119 | ||||||
Mitchells & Butlers PLC(b) |
1,138,961 | 3,358,429 | ||||||
Mitie Group PLC |
5,509,793 | 7,187,520 | ||||||
Mobico Group PLC |
2,227,411 | 2,670,537 | ||||||
Moneysupermarket.com Group PLC |
2,151,298 | 7,575,819 | ||||||
Moonpig Group PLC(b) |
1,022,058 | 2,354,425 | ||||||
Morgan Advanced Materials PLC |
1,207,159 | 4,235,200 | ||||||
Morgan Sindall Group PLC |
180,156 | 4,418,779 | ||||||
NCC Group PLC |
1,319,588 | 1,634,220 | ||||||
Network International Holdings PLC(b)(d) |
2,034,697 | 10,089,782 | ||||||
Next Fifteen Communications Group PLC |
344,010 | 2,803,430 | ||||||
Ninety One PLC |
1,284,631 | 2,842,239 | ||||||
OSB Group PLC |
1,817,278 | 8,588,836 | ||||||
Oxford Biomedica PLC(b) |
305,889 | 1,733,434 | ||||||
Oxford Instruments PLC |
232,188 | 7,151,480 | ||||||
Oxford Nanopore Technologies PLC(b) |
2,298,542 | 7,781,658 | ||||||
Pagegroup PLC |
1,378,222 | 7,891,957 | ||||||
Pan African Resources PLC |
6,956,215 | 1,289,096 | ||||||
Paragon Banking Group PLC |
954,057 | 6,464,771 | ||||||
Penno Group PLC |
1,107,903 | 10,004,966 | ||||||
Petrofac Ltd.(b)(c) |
1,850,857 | 1,866,983 | ||||||
Pets at Home Group PLC |
2,038,209 | 10,242,400 | ||||||
Picton Property Income Ltd. |
2,259,658 | 2,048,665 | ||||||
Playtech PLC(b) |
989,166 | 7,121,590 | ||||||
Plus500 Ltd. |
386,933 | 7,478,348 | ||||||
Polar Capital Holdings PLC |
372,421 | 2,318,039 | ||||||
Premier Foods PLC |
2,745,905 | 4,468,376 | ||||||
Primary Health Properties PLC |
5,755,496 | 6,990,968 | ||||||
Provident Financial PLC |
1,083,245 | 1,748,849 | ||||||
PRS REIT PLC (The) |
2,321,260 | 2,454,686 | ||||||
PZ Cussons PLC |
1,040,830 | 2,217,112 | ||||||
QinetiQ Group PLC |
2,220,088 | 9,192,479 | ||||||
Quilter PLC(d) |
5,883,244 | 5,905,464 | ||||||
Rank Group PLC(b) |
893,747 | 1,052,937 | ||||||
Rathbones Group PLC |
251,075 | 5,808,750 | ||||||
Reach PLC |
1,274,927 | 1,389,932 | ||||||
Redde Northgate PLC |
921,268 | 4,067,142 | ||||||
Redrow PLC |
1,113,248 | 7,400,747 | ||||||
Regional REIT Ltd.(d) |
1,830,223 | 1,049,921 | ||||||
Renewi PLC(b) |
324,343 | 2,167,255 | ||||||
Renishaw PLC |
154,712 | 7,743,433 | ||||||
Restore PLC |
564,868 | 1,178,000 | ||||||
RHI Magnesita NV(c) |
118,440 | 4,541,757 | ||||||
Rightmove PLC |
3,493,290 | 25,595,296 | ||||||
Rotork PLC |
3,661,902 | 14,504,879 | ||||||
RS GROUP PLC |
2,001,604 | 20,162,107 | ||||||
RWS Holdings PLC |
1,221,477 | 4,069,442 | ||||||
S4 Capital PLC(b) |
1,581,693 | 2,140,858 | ||||||
Safestore Holdings PLC |
925,168 | 10,517,170 | ||||||
Savills PLC |
580,466 | 7,255,723 | ||||||
Serco Group PLC |
4,759,842 | 9,486,564 | ||||||
Serica Energy PLC |
1,059,812 | 3,262,770 | ||||||
SIG PLC(b) |
2,890,658 | 1,073,965 | ||||||
Sirius Real Estate Ltd. |
4,979,485 | 5,291,459 | ||||||
Smart Metering Systems PLC |
565,514 | 5,058,492 |
S C H E D U L E O F I N V E S T M E N T S |
87 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United Kingdom (continued) | ||||||||
Softcat PLC |
545,383 | $ | 10,508,214 | |||||
SolGold PLC(b)(c) |
6,416,438 | 1,303,716 | ||||||
Spectris PLC |
441,875 | 19,940,722 | ||||||
Spire Healthcare Group PLC(d) |
1,189,455 | 3,289,578 | ||||||
Spirent Communications PLC |
2,585,959 | 5,620,223 | ||||||
SSP Group PLC(b) |
3,381,259 | 10,917,771 | ||||||
SThree PLC |
541,103 | 2,449,958 | ||||||
Supermarket Income Reit PLC |
5,270,116 | 5,158,574 | ||||||
Synthomer PLC(b) |
1,490,642 | 1,596,411 | ||||||
Target Healthcare REIT PLC |
2,550,142 | 2,405,452 | ||||||
Tate & Lyle PLC |
1,707,390 | 16,357,144 | ||||||
TBC Bank Group PLC |
176,481 | 5,639,521 | ||||||
Team17 Group PLC(b) |
500,046 | 2,027,879 | ||||||
Telecom Plus PLC |
300,583 | 6,418,930 | ||||||
THG PLC, Class B(b)(c) |
3,889,241 | 5,147,826 | ||||||
TI Fluid Systems PLC(d) |
1,287,734 | 2,214,501 | ||||||
TP ICAP Group PLC |
3,356,801 | 6,849,638 | ||||||
Trainline PLC(b)(d) |
1,929,590 | 6,522,675 | ||||||
Travis Perkins PLC |
906,071 | 10,134,541 | ||||||
Tremor International Ltd.(b)(c) |
429,284 | 1,641,746 | ||||||
Tritax Big Box REIT PLC |
7,929,584 | 14,060,790 | ||||||
Trustpilot Group PLC(b)(d) |
1,086,309 | 1,221,244 | ||||||
TUI AG(b) |
1,924,782 | 15,591,717 | ||||||
Tullow Oil PLC(b)(c) |
4,877,185 | 2,158,149 | ||||||
Tyman PLC |
825,267 | 3,315,002 | ||||||
UK Commercial Property REIT Ltd. |
3,298,794 | 2,217,210 | ||||||
UNITE Group PLC (The) |
1,443,737 | 18,025,866 | ||||||
Urban Logistics REIT PLC |
2,044,619 | 3,195,984 | ||||||
Vesuvius PLC |
902,757 | 5,111,554 | ||||||
Victoria PLC(b)(c) |
247,988 | 2,087,755 | ||||||
Victrex PLC |
368,858 | 7,323,756 | ||||||
Virgin Money U.K. PLC |
4,886,264 | 11,084,037 | ||||||
Vistry Group PLC |
1,463,406 | 14,842,979 | ||||||
Volex PLC |
542,061 | 2,010,439 | ||||||
Volution Group PLC |
837,287 | 4,315,320 | ||||||
Warehouse REIT PLC |
1,686,001 | 1,856,479 | ||||||
Watches of Switzerland Group PLC(b)(d) |
1,020,285 | 9,866,195 | ||||||
Weir Group PLC (The) |
1,101,862 | 25,950,748 | ||||||
WH Smith PLC |
554,336 | 10,627,049 | ||||||
Wickes Group PLC |
1,052,678 | 1,845,403 | ||||||
Wincanton PLC |
503,525 | 1,563,800 | ||||||
Workspace Group PLC |
622,120 | 3,964,841 | ||||||
XP Power Ltd.(c) |
79,441 | 2,083,204 | ||||||
Yellow Cake PLC(b)(d) |
832,967 | 4,611,739 | ||||||
YouGov PLC |
424,353 | 5,282,554 | ||||||
Young & Co’s Brewery PLC, Series A, Class A |
91,223 | 1,387,291 | ||||||
|
|
|||||||
1,664,805,643 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.2% |
10,947,317,820 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.3% |
||||||||
Draegerwerk AG & Co. KGaA, Preference Shares, NVS |
35,324 | 1,774,299 | ||||||
Einhell Germany AG, Preference Shares, NVS |
6,796 | 1,138,764 | ||||||
Fuchs Petrolub SE, Preference Shares, NVS |
295,015 | 12,211,768 | ||||||
Jungheinrich AG, Preference Shares, NVS |
203,433 | 7,611,183 | ||||||
Schaeffler AG, Preference Shares, NVS |
536,853 | 3,423,491 |
Security | Shares | Value | ||||||
|
||||||||
Germany (continued) | ||||||||
Sixt SE, Preference Shares, NVS |
69,307 | $ | 5,146,598 | |||||
STO SE & Co. KGaA, Preference Shares, NVS |
10,578 | 1,746,007 | ||||||
|
|
|||||||
33,052,110 | ||||||||
Italy — 0.0% | ||||||||
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS |
204,569 | 3,931,658 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.3% |
36,983,768 | |||||||
|
|
|||||||
Warrants |
||||||||
Australia — 0.0% |
||||||||
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)(b) |
42,123 | — | ||||||
|
|
|||||||
Italy — 0.0% | ||||||||
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(b)(c) |
96,743 | 1 | ||||||
|
|
|||||||
Spain — 0.0% | ||||||||
Abengoa SA (Issued 03/31/17, Exercisable 06/30/17, 1 Share for 1 Warrant, Expires 03/31/25, Strike Price EUR 0.001)(a)(b)(c) |
3,096,556 | 34 | ||||||
|
|
|||||||
Total
Warrants — 0.0% |
35 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
10,984,301,623 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 3.8% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h) |
422,156,884 | 422,283,531 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g) |
3,300,000 | 3,300,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 3.8% |
425,583,531 | |||||||
|
|
|||||||
Total
Investments — 103.3% |
11,409,885,154 | |||||||
Liabilities in Excess of Other Assets — (3.3)% |
|
(369,377,714 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 11,040,507,440 | ||||||
|
|
(a) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security is on loan. |
(d) |
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. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
88 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF
|
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/23 |
Shares Held at 07/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 488,918,475 | $ | — | $ | (66,859,539 | )(a) | $ | 102,840 | $ | 121,755 | $ | 422,283,531 | 422,156,884 | $ | 16,159,373 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
3,220,000 | 80,000 | (a) | — | — | — | 3,300,000 | 3,300,000 | 221,2641 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 102,840 | $ | 121,755 | $ | 425,583,531 | $ | 16,380,637 | $ | 1 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
TOPIX Index |
126 | 09/07/23 | $ | 20,644 | $ | 715,347 | ||||||||||
Euro STOXX 50 Index |
434 | 09/15/23 | 21,441 | 687,006 | ||||||||||||
FTSE 100 Index |
169 | 09/15/23 | 16,681 | 278,178 | ||||||||||||
|
|
|||||||||||||||
$ | 1,680,531 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 1,680,531 | $ | — | $ | — | $ | — | $ | 1,680,531 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 13,257,303 | $ | — | $ | — | $ | — | $ | 13,257,303 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (1,472,896 | ) | $ | — | $ | — | $ | — | $ | (1,472,896 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
89 |
Schedule of Investments (continued) July 31, 2023 |
iShares® MSCI EAFE Small-Cap ETF
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 80,453,197 | ||
|
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 |
$ | 916,401,686 | $ | 10,025,051,008 | $ | 5,865,126 | $ | 10,947,317,820 | ||||||||
Preferred Stocks |
1,138,764 | 35,845,004 | — | 36,983,768 | ||||||||||||
Warrants |
— | 1 | 34 | 35 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
425,583,531 | — | — | 425,583,531 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,343,123,981 | $ | 10,060,896,013 | $ | 5,865,160 | $ | 11,409,885,154 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 1,680,531 | $ | — | $ | 1,680,531 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
90 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities
July 31, 2023
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI EAFE ETF |
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
iShares MSCI ACWI ex U.S. ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | — | $ | — | $ | — | $ | 4,595,994,148 | ||||||||
Investments, at value — affiliated(c) |
192,635,734 | 4,359,948,013 | 97,040,997 | 38,316,743 | ||||||||||||
Cash |
3,409 | 8,410 | 9,305 | — | ||||||||||||
Cash pledged for futures contracts |
— | — | — | 657,000 | ||||||||||||
Foreign currency, at value(d) |
— | — | — | 6,795,047 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
1,989,461 | 45,871,149 | 1,308,329 | — | ||||||||||||
Securities lending income — affiliated |
3,759 | 170,928 | — | 19,783 | ||||||||||||
Dividends — unaffiliated |
— | — | — | 8,570,676 | ||||||||||||
Dividends — affiliated |
2,060 | 42,015 | 1,053 | 27,806 | ||||||||||||
Tax reclaims |
— | — | — | 5,638,475 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
554,877 | 11,433,660 | 286,031 | — | ||||||||||||
Other assets |
— | — | — | 141,351 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
195,189,300 | 4,417,474,175 | 98,645,715 | 4,656,161,029 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Bank overdraft |
— | — | — | 6,701 | ||||||||||||
Collateral on securities loaned, at value |
12,675,025 | 813,458,404 | — | 31,007,000 | ||||||||||||
Payables: |
||||||||||||||||
Capital shares redeemed |
— | 159,728 | — | — | ||||||||||||
Deferred foreign capital gain tax |
— | — | — | 4,235,056 | ||||||||||||
Investment advisory fees |
4,190 | 77,657 | 2,031 | 1,220,681 | ||||||||||||
Professional fees |
— | — | — | 242,352 | ||||||||||||
Variation margin on futures contracts |
— | — | — | 14,443 | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
2,214,866 | 47,219,346 | 1,369,735 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
14,894,081 | 860,915,135 | 1,371,766 | 36,726,233 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 180,295,219 | $ | 3,556,559,040 | $ | 97,273,949 | $ | 4,619,434,796 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 179,900,596 | $ | 3,623,860,207 | $ | 113,261,386 | $ | 4,927,257,402 | ||||||||
Accumulated earnings (loss) |
394,623 | (67,301,167 | ) | (15,987,437 | ) | (307,822,606 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 180,295,219 | $ | 3,556,559,040 | $ | 97,273,949 | $ | 4,619,434,796 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETVALUE |
||||||||||||||||
Shares outstanding |
6,250,000 | 114,850,000 | 3,380,000 | 90,400,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 28.85 | $ | 30.97 | $ | 28.78 | $ | 51.10 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | — | $ | — | $ | — | $ | 4,294,510,773 | ||||||||
(b) Securities loaned, at value |
$ | 12,332,265 | $ | 796,975,164 | $ | — | $ | 29,580,604 | ||||||||
(c) Investments, at cost — affiliated |
$ | 177,010,953 | $ | 4,022,627,359 | $ | 96,180,914 | $ | 38,302,995 | ||||||||
(d) Foreign currency, at cost |
$ | — | $ | — | $ | — | $ | 6,805,562 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
91 |
Statements of Assets and Liabilities (continued)
July 31, 2023
iShares MSCI EAFE ETF |
iShares MSCI EAFE Small-Cap ETF |
|||||||
|
||||||||
ASSETS |
||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 50,965,081,298 | $ | 10,984,301,623 | ||||
Investments, at value — affiliated(c) |
186,654,889 | 425,583,531 | ||||||
Cash |
48,042 | 4,050 | ||||||
Foreign currency collateral pledged for futures contracts(d) |
10,960,587 | 3,230,622 | ||||||
Foreign currency, at value(e) |
56,833,108 | 18,682,167 | ||||||
Receivables: |
||||||||
Investments sold |
— | 4,218,677 | ||||||
Securities lending income — affiliated |
57,230 | 1,228,033 | ||||||
Dividends — unaffiliated |
42,512,616 | 15,404,539 | ||||||
Dividends — affiliated |
194,358 | 10,985 | ||||||
Tax reclaims |
100,450,615 | 13,403,124 | ||||||
Variation margin on futures contracts |
603,953 | 364,077 | ||||||
Foreign withholding tax claims |
39,547,477 | — | ||||||
|
|
|
|
|||||
Total assets |
51,402,944,173 | 11,466,431,428 | ||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Collateral on securities loaned, at value |
125,522,006 | 422,168,269 | ||||||
Payables: |
||||||||
Capital shares redeemed |
1,948,307 | — | ||||||
Deferred foreign capital gain tax |
— | 37,796 | ||||||
Investment advisory fees |
13,667,461 | 3,627,460 | ||||||
IRS compliance fee for foreign withholding tax claims |
101,635,502 | — | ||||||
Professional fees |
5,869,094 | 90,463 | ||||||
|
|
|
|
|||||
Total liabilities |
248,642,370 | 425,923,988 | ||||||
|
|
|
|
|||||
Commitments and contingent liabilities |
||||||||
NET ASSETS |
$ | 51,154,301,803 | $ | 11,040,507,440 | ||||
|
|
|
|
|||||
NET ASSETS CONSIST OF |
||||||||
Paid-in capital |
$ | 53,123,171,836 | $ | 12,692,970,009 | ||||
Accumulated loss |
(1,968,870,033 | ) | (1,652,462,569 | ) | ||||
|
|
|
|
|||||
NET ASSETS |
$ | 51,154,301,803 | $ | 11,040,507,440 | ||||
|
|
|
|
|||||
NET ASSETVALUE |
||||||||
Shares outstanding |
687,600,000 | 180,200,000 | ||||||
|
|
|
|
|||||
Net asset value |
$ | 74.40 | $ | 61.27 | ||||
|
|
|
|
|||||
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|||||
Par value |
None | None | ||||||
|
|
|
|
|||||
(a) Investments, at cost — unaffiliated |
$ | 43,978,983,356 | $ | 11,983,758,893 | ||||
(b) Securities loaned, at value |
$ | 118,993,573 | $ | 389,039,309 | ||||
(c) Investments, at cost — affiliated |
$ | 186,578,170 | $ | 425,464,387 | ||||
(d) Foreign currency collateral pledged, at cost |
$ | 11,724,701 | $ | 3,274,226 | ||||
(e) Foreign currency, at cost |
$ | 55,653,765 | $ | 18,691,441 |
See notes to financial statements.
92 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Year Ended July 31, 2023
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI EAFE ETF |
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
iShares MSCI ACWI ex U.S. ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | — | $ | — | $ | — | $ | 147,342,170 | ||||||||
Dividends — affiliated |
3,848,242 | 74,187,611 | 1,587,838 | 258,782 | ||||||||||||
Interest — unaffiliated |
— | — | — | 39,561 | ||||||||||||
Securities lending income — affiliated — net |
43,172 | 1,438,775 | 17,177 | 315,042 | ||||||||||||
Other income — unaffiliated |
— | — | — | 1,053,683 | ||||||||||||
Foreign taxes withheld |
— | — | — | (13,344,126 | ) | |||||||||||
Foreign withholding tax claims |
— | — | — | 5,759,677 | ||||||||||||
Other foreign taxes |
— | — | — | (61,522 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
3,891,414 | 75,626,386 | 1,605,015 | 141,363,267 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
574,129 | 12,636,577 | 412,835 | 13,428,733 | ||||||||||||
Commitment costs |
— | 39,959 | — | 49,444 | ||||||||||||
Professional |
— | — | — | 681,389 | ||||||||||||
Interest expense |
— | 16,485 | — | 4,966 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
574,129 | 12,693,021 | 412,835 | 14,164,532 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
(530,542 | ) | (11,700,560 | ) | (384,412 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
43,587 | 992,461 | 28,423 | 14,164,532 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
3,847,827 | 74,633,925 | 1,576,592 | 127,198,735 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
— | — | — | (89,181,787 | ) | |||||||||||
Investments — affiliated |
(6,261,330 | ) | (136,665,601 | ) | (9,590,822 | ) | 7,418 | |||||||||
Capital gain distributions from underlying funds — affiliated |
— | 1 | — | — | ||||||||||||
Forward foreign currency exchange contracts |
1,061,199 | 44,053,745 | 2,806,981 | — | ||||||||||||
Foreign currency transactions |
— | (4 | ) | (69 | ) | (541,699 | ) | |||||||||
Futures contracts |
— | — | — | 1,565,956 | ||||||||||||
In-kind redemptions — unaffiliated(b) |
— | — | — | 29,359,515 | ||||||||||||
In-kind redemptions — affiliated(b) |
842,439 | 45,474,599 | 2,140,698 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(4,357,692 | ) | (47,137,260 | ) | (4,643,212 | ) | (58,790,597 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
— | — | — | 459,310,320 | ||||||||||||
Investments — affiliated |
25,087,157 | 532,006,324 | 12,985,640 | 6,116 | ||||||||||||
Forward foreign currency exchange contracts |
(1,823,885 | ) | (41,217,008 | ) | (657,786 | ) | — | |||||||||
Foreign currency translations |
— | 2 | — | 531,673 | ||||||||||||
Futures contracts |
— | — | — | 8,303 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
23,263,272 | 490,789,318 | 12,327,854 | 459,856,412 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain |
18,905,580 | 443,652,058 | 7,684,642 | 401,065,815 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 22,753,407 | $ | 518,285,983 | $ | 9,261,234 | $ | 528,264,550 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | — | $ | — | $ | — | $ | (246,830 | ) | |||||||
(b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
(c) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | — | $ | — | $ | (1,935,782 | ) |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
93 |
Statements of Operations (continued)
Year Ended July 31, 2023
iShares MSCI EAFE ETF |
iShares MSCI EAFE Small-Cap ETF |
|||||||
|
||||||||
INVESTMENT INCOME |
||||||||
Dividends — unaffiliated |
$ | 1,631,707,172 | $ | 360,161,198 | ||||
Dividends — affiliated |
2,582,920 | 221,264 | ||||||
Interest — unaffiliated |
396,709 | 63,422 | ||||||
Securities lending income — affiliated — net |
1,750,488 | 16,159,373 | ||||||
Other income — unaffiliated |
1,469,402 | 231,956 | ||||||
Foreign taxes withheld |
(120,708,377 | ) | (28,308,539 | ) | ||||
Foreign withholding tax claims |
23,358,161 | 2,911,358 | ||||||
IRS compliance fee for foreign withholding tax claims |
945,145 | — | ||||||
|
|
|
|
|||||
Total investment income |
1,541,501,620 | 351,440,032 | ||||||
|
|
|
|
|||||
EXPENSES |
||||||||
Investment advisory |
150,599,004 | 42,265,386 | ||||||
Professional |
2,488,266 | 314,358 | ||||||
|
|
|
|
|||||
Total expenses |
153,087,270 | 42,579,744 | ||||||
|
|
|
|
|||||
Net investment income |
1,388,414,350 | 308,860,288 | ||||||
|
|
|
|
|||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments — unaffiliated |
(671,230,061 | ) | (213,798,511 | ) | ||||
Investments — affiliated |
59,862 | 102,840 | ||||||
Capital gain distributions from underlying funds — affiliated |
48 | 1 | ||||||
Foreign currency transactions |
(666,237 | ) | (502,076 | ) | ||||
Futures contracts |
37,925,427 | 13,257,303 | ||||||
In-kind redemptions — unaffiliated(a) |
968,074,401 | 158,324,961 | ||||||
Payments by affiliate |
2,730 | — | ||||||
|
|
|
|
|||||
334,166,170 | (42,615,482 | ) | ||||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments — unaffiliated(b) |
5,360,754,523 | 519,931,216 | ||||||
Investments — affiliated |
41,694 | 121,755 | ||||||
Foreign currency translations |
5,795,432 | 524,817 | ||||||
Futures contracts |
538,682 | (1,472,896 | ) | |||||
|
|
|
|
|||||
5,367,130,331 | 519,104,892 | |||||||
|
|
|
|
|||||
Net realized and unrealized gain |
5,701,296,501 | 476,489,410 | ||||||
|
|
|
|
|||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 7,089,710,851 | $ | 785,349,698 | ||||
|
|
|
|
|||||
(a) See Note 2 of the Notes to Financial Statements. |
||||||||
(b) Net of reduction in deferred foreign capital gain tax of |
$ | — | $ | 132,603 |
See notes to financial statements.
94 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI EAFE ETF |
|||||||||||||||||||||
|
|
|
|
|||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
|||||||||||||||||||
|
||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||
Net investment income |
$ | 3,847,827 | $ | 4,162,824 | $ | 74,633,925 | $ | 141,899,618 | ||||||||||||||
Net realized gain (loss) |
(4,357,692 | ) | 14,396,494 | (47,137,260 | ) | 454,929,359 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) |
23,263,272 | (26,017,415 | ) | 490,789,318 | (610,207,534 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) in net assets resulting from operations |
22,753,407 | (7,458,097 | ) | 518,285,983 | (13,378,557 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(21,121,660 | ) | (4,165,494 | ) | (667,586,056 | ) | (141,979,136 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
58,363,034 | 11,518,504 | 42,219,759 | 980,377,582 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||||||||
Total increase (decrease) in net assets |
59,994,781 | (105,087 | ) | (107,080,314 | ) | 825,019,889 | ||||||||||||||||
Beginning of year |
120,300,438 | 120,405,525 | 3,663,639,354 | 2,838,619,465 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
End of year |
$ | 180,295,219 | $ | 120,300,438 | $ | 3,556,559,040 | $ | 3,663,639,354 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
95 |
Statements of Changes in Net Assets (continued)
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
iShares MSCI ACWI ex U.S. ETF |
|||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||
Net investment income |
$ | 1,576,592 | $ | 4,225,774 | $ | 127,198,735 | $ | 115,714,128 | ||||||||||||||||||||
Net realized gain (loss) |
(4,643,212 | ) | 15,104,193 | (58,790,597 | ) | 16,508,288 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
12,327,854 | (27,641,181 | ) | 459,856,412 | (848,991,499 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
9,261,234 | (8,311,214 | ) | 528,264,550 | (716,769,083 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(23,380,016 | ) | (4,228,131 | ) | (105,154,738 | ) | (146,381,679 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
3,625,183 | 22,129,008 | 70,469,185 | 698,625,909 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||
Total increase (decrease) in net assets |
(10,493,599 | ) | 9,589,663 | 493,578,997 | (164,524,853 | ) | ||||||||||||||||||||||
Beginning of year |
107,767,548 | 98,177,885 | 4,125,855,799 | 4,290,380,652 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
End of year |
$ | 97,273,949 | $ | 107,767,548 | $ | 4,619,434,796 | $ | 4,125,855,799 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
96 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI EAFE ETF |
iShares MSCI EAFE Small-Cap ETF |
|||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||
Net investment income |
$ | 1,388,414,350 | $ | 1,510,887,212 | $ | 308,860,288 | $ | 338,129,561 | ||||||||||||||||||||
Net realized gain (loss) |
334,166,170 | (870,183,101 | ) | (42,615,482 | ) | 272,598,809 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
5,367,130,331 | (8,433,836,435 | ) | 519,104,892 | (3,605,974,985 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
7,089,710,851 | (7,793,132,324 | ) | 785,349,698 | (2,995,246,615 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(1,079,699,701 | ) | (2,172,623,282 | ) | (180,867,327 | ) | (511,706,356 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(2,449,920,920 | ) | 289,976,397 | (530,465,081 | ) | 1,337,832,639 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||
Total increase (decrease) in net assets |
3,560,090,230 | (9,675,779,209 | ) | 74,017,290 | (2,169,120,332 | ) | ||||||||||||||||||||||
Beginning of year |
47,594,211,573 | 57,269,990,782 | 10,966,490,150 | 13,135,610,482 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
End of year |
$ | 51,154,301,803 | $ | 47,594,211,573 | $ | 11,040,507,440 | $ | 10,966,490,150 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
97 |
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 29.49 | $ | 32.11 | $ | 25.83 | $ | 26.66 | $ | 26.88 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.71 | 1.04 | 0.64 | 0.76 | 0.88 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
2.92 | (2.63 | ) | 6.25 | (0.82 | ) | (0.43 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
3.63 | (1.59 | ) | 6.89 | (0.06 | ) | 0.45 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.65 | ) | (1.03 | ) | (0.61 | ) | (0.77 | ) | (0.67 | ) | ||||||||||||||||||||||||||||
From net realized gain |
(3.62 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total distributions |
(4.27 | ) | (1.03 | ) | (0.61 | ) | (0.77 | ) | (0.67 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 28.85 | $ | 29.49 | $ | 32.11 | $ | 25.83 | $ | 26.66 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||
Based on net asset value |
13.81 | % | (5.03 | )% | 26.76 | % | (0.36 | )% | 1.75 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||||||||||||||||||||
Total expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
2.55 | % | 3.33 | % | 2.12 | % | 2.90 | % | 3.37 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 180,295 | $ | 120,300 | $ | 120,406 | $ | 71,027 | $ | 70,650 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
12 | % | 5 | % | 10 | % | 9 | % | 7 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
98 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI EAFE ETF | ||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 32.77 | $ | 34.28 | $ | 26.72 | $ | 29.40 | $ | 29.96 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.68 | 1.47 | 0.75 | 0.70 | 0.86 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
4.08 | (1.59 | ) | 7.55 | (1.98 | ) | (0.20 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
4.76 | (0.12 | ) | 8.30 | (1.28 | ) | 0.66 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.67 | ) | (1.39 | ) | (0.74 | ) | (0.73 | ) | (0.91 | ) | ||||||||||||||||||||||||||||
From net realized gain |
(5.89 | ) | — | — | (0.67 | ) | (0.31 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total distributions |
(6.56 | ) | (1.39 | ) | (0.74 | ) | (1.40 | ) | (1.22 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 30.97 | $ | 32.77 | $ | 34.28 | $ | 26.72 | $ | 29.40 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||
Based on net asset value |
16.89 | % | (0.29 | )% | 31.22 | % | (4.74 | )% | 2.45 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||||||||||||||||||||
Total expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
2.24 | % | 4.32 | % | 2.42 | % | 2.47 | % | 3.01 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 3,556,559 | $ | 3,663,639 | $ | 2,838,619 | $ | 2,260,359 | $ | 2,891,083 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
15 | % | 7 | % | 12 | % | 8 | % | 7 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
99 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended |
Year Ended 07/31/21 |
Year Ended |
Year Ended 07/31/19 |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 32.76 | $ | 36.63 | $ | 26.78 | $ | 28.62 | $ | 31.37 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.48 | 1.37 | 0.62 | 0.87 | 0.84 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
2.35 | (3.91 | ) | 9.78 | (1.51 | ) | (1.93 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
2.83 | (2.54 | ) | 10.40 | (0.64 | ) | (1.09 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.47 | ) | (1.33 | ) | (0.55 | ) | (0.88 | ) | (0.80 | ) | ||||||||||||||||||||||||||||
From net realized gain |
(6.34 | ) | — | — | (0.32 | ) | (0.86 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total distributions |
(6.81 | ) | (1.33 | ) | (0.55 | ) | (1.20 | ) | (1.66 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 28.78 | $ | 32.76 | $ | 36.63 | $ | 26.78 | $ | 28.62 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||
Based on net asset value |
10.67 | % | (6.97 | )% | 38.96 | % | (2.62 | )% | (3.05 | )% | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||||||||||||||||||||
Total expenses |
0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
1.64 | % | 3.92 | % | 1.85 | % | 3.16 | % | 2.94 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 97,274 | $ | 107,768 | $ | 98,178 | $ | 44,187 | $ | 25,759 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
17 | % | 7 | % | 11 | % | 9 | % | 10 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
100 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI ACWI ex U.S. ETF | ||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 46.36 | $ | 56.45 | $ | 45.11 | $ | 46.26 | $ | 48.60 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
1.43 | (b) | 1.38 | (b) | 1.14 | 1.12 | 1.32 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
4.49 | (9.73 | ) | 11.31 | (0.97 | ) | (2.49 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
5.92 | (8.35 | ) | 12.45 | 0.15 | (1.17 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(d) |
(1.18 | ) | (1.74 | ) | (1.11 | ) | (1.30 | ) | (1.17 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 51.10 | $ | 46.36 | $ | 56.45 | $ | 45.11 | $ | 46.26 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||
Based on net asset value |
12.96 | %(b) | (15.04 | )%(b) | 27.66 | % | 0.29 | % | (2.27 | )% | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||
Total expenses |
0.34 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.34 | % | 0.32 | % | 0.31 | % | 0.30 | % | 0.30 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.32 | % | 0.32 | % | 0.32 | % | N/A | 0.32 | % | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
3.04 | %(b) | 2.62 | %(b) | 2.14 | % | 2.50 | % | 2.91 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 4,619,435 | $ | 4,125,856 | $ | 4,290,381 | $ | 2,995,541 | $ | 3,867,472 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(g) |
5 | % | 8 | % | 10 | % | 17 | % | 15 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and July 31, 2022: |
• Net investment income per share by $0.06 and $0.01.
• Total return by 0.12% and 0.02%.
• Ratio of net investment income to average net assets by 0.12% and 0.02%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
101 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI EAFE ETF | ||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 65.61 | $ | 79.41 | $ | 62.17 | $ | 64.94 | $ | 68.87 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
2.00 | (b) | 2.09 | (b) | 1.90 | 1.48 | 1.95 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
8.37 | (12.88 | ) | 17.14 | (2.62 | ) | (3.87 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
10.37 | (10.79 | ) | 19.04 | (1.14 | ) | (1.92 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(d) |
(1.58 | ) | (3.01 | ) | (1.80 | ) | (1.63 | ) | (2.01 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 74.40 | $ | 65.61 | $ | 79.41 | $ | 62.17 | $ | 64.94 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||
Based on net asset value |
15.94 | %(b)(f) | (13.84 | )%(b) | 30.73 | % | (1.80 | )% | (2.64 | )% | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||
Total expenses |
0.33 | % | 0.33 | % | 0.37 | % | 0.32 | % | 0.32 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
2.96 | %(b) | 2.82 | %(b) | 2.60 | % | 2.34 | % | 3.03 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 51,154,302 | $ | 47,594,212 | $ | 57,269,991 | $ | 46,405,254 | $ | 60,080,634 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
2 | % | 5 | % | 5 | % | 4 | % | 4 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and July 31, 2022: |
• Net investment income per share by $0.03 and $0.07.
• Total return by 0.04% and 0.10%.
• Ratio of net investment income to average net assets by 0.04% and 0.09%.
(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) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
102 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI EAFE Small-Cap ETF | ||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 58.15 | $ | 75.41 | $ | 55.23 | $ | 57.03 | $ | 63.44 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
1.65 | (b) | 1.70 | (b) | 1.39 | 1.12 | 1.43 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
2.47 | (16.38 | ) | 20.00 | (1.12 | ) | (6.23 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
4.12 | (14.68 | ) | 21.39 | — | (4.80 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(d) |
(1.00 | ) | (2.58 | ) | (1.21 | ) | (1.80 | ) | (1.61 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 61.27 | $ | 58.15 | $ | 75.41 | $ | 55.23 | $ | 57.03 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||
Based on net asset value |
7.12 | %(b) | (19.80 | )%(b) | 38.84 | % | (0.16 | )% | (7.41 | )%(f) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||
Total expenses |
0.40 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.39 | % | 0.39 | % | 0.39 | % | N/A | 0.40 | % | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
2.88 | %(b) | 2.50 | %(b) | 2.03 | % | 2.01 | % | 2.47 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 11,040,507 | $ | 10,966,490 | $ | 13,135,610 | $ | 8,527,860 | $ | 9,455,843 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
11 | % | 15 | % | 17 | % | 20 | % | 10 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and July 31, 2022: |
• Net investment income per share by $0.01 and $0.03.
• Total return by 0.03% and 0.04%.
• Ratio of net investment income to average net assets by 0.02% and 0.04%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
103 |
Notes to Financial Statements |
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
Currency Hedged MSCI ACWI ex U.S. |
Diversified | |
Currency Hedged MSCI EAFE |
Diversified | |
Currency Hedged MSCI EAFE Small-Cap |
Diversified | |
MSCI ACWI ex U.S. |
Diversified | |
MSCI EAFE |
Diversified | |
MSCI EAFE Small-Cap |
Diversified |
Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and Schedules of Investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the Funds.
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, each of the currency hedged funds has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
104 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued) |
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• |
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
105 |
Notes to Financial Statements (continued) |
4. |
SECURITIES AND OTHER INVESTMENTS |
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
||||||||||||||||
BofA Securities, Inc. |
$ | 7,043,355 | $ | (7,043,355 | ) | $ | — | $ | — | |||||||
Mizuho Securities USA LLC |
5,288,910 | (5,288,910 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 12,332,265 | $ | (12,332,265 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Currency Hedged MSCI EAFE |
||||||||||||||||
J.P. Morgan Securities LLC |
$ | 789,276,000 | $ | (789,276,000 | ) | $ | — | $ | — | |||||||
Mizuho Securities USA LLC |
7,699,164 | (7,699,164 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 796,975,164 | $ | (796,975,164 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI ACWI ex U.S. |
||||||||||||||||
Barclays Bank PLC |
$ | 1,097,244 | $ | (1,096,818 | ) | $ | — | $ | 426 | (b) | ||||||
Barclays Capital, Inc. |
8,255,418 | (8,255,418 | ) | — | — | |||||||||||
BNP Paribas SA |
683,807 | (683,807 | ) | — | — | |||||||||||
BofA Securities, Inc. |
746,082 | (746,082 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
473,560 | (473,560 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
2,624,704 | (2,624,704 | ) | — | — | |||||||||||
HSBC Bank PLC |
1,527,765 | (1,527,765 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
3,308,105 | (3,308,105 | ) | — | — | |||||||||||
Jefferies LLC |
311,630 | (310,480 | ) | — | 1,150 | (b) | ||||||||||
Morgan Stanley |
7,378,086 | (7,378,086 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
2,118,191 | (2,118,191 | ) | — | — | |||||||||||
SG Americas Securities LLC |
347,684 | (347,684 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
578,638 | (578,638 | ) | — | — | |||||||||||
UBS AG |
129,690 | (129,690 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 29,580,604 | $ | (29,579,028 | ) | $ | — | $ | 1,576 | ||||||||
|
|
|
|
|
|
|
|
106 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued) |
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
MSCI EAFE |
||||||||||||||||
Barclays Bank PLC |
$ | 7,529,033 | $ | (7,525,449 | ) | $ | — | $ | 3,584 | (b) | ||||||
Barclays Capital, Inc. |
5,681,564 | (5,681,564 | ) | — | — | |||||||||||
BofA Securities, Inc. |
1,741,295 | (1,741,295 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
24,564,959 | (24,564,959 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
30,735,885 | (30,735,885 | ) | — | — | |||||||||||
HSBC Bank PLC |
8,464 | (8,464 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
5,772,671 | (5,701,571 | ) | — | 71,100 | (b) | ||||||||||
Jefferies LLC |
105,680 | (103,675 | ) | — | 2,005 | (b) | ||||||||||
Morgan Stanley |
26,422,836 | (26,422,836 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
99,606 | (99,606 | ) | — | — | |||||||||||
SG Americas Securities LLC |
3,914,614 | (3,914,614 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
11,776,970 | (11,776,970 | ) | — | — | |||||||||||
Virtu Americas LLC |
170,520 | (170,520 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. |
469,476 | (469,476 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 118,993,573 | $ | (118,916,884 | ) | $ | — | $ | 76,689 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI EAFE Small-Cap |
||||||||||||||||
Barclays Bank PLC |
$ | 202,145 | $ | (202,145 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
31,777,730 | (31,777,730 | ) | — | — | |||||||||||
BNP Paribas SA |
14,402,036 | (14,402,036 | ) | — | — | |||||||||||
BofA Securities, Inc. |
47,209,654 | (47,209,654 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
35,643,942 | (35,643,942 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
64,473 | (64,473 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
109,154,767 | (109,154,767 | ) | — | — | |||||||||||
HSBC Bank PLC |
13,375,112 | (13,375,112 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
46,576,470 | (46,576,470 | ) | — | — | |||||||||||
Jefferies LLC |
2,895,112 | (2,895,112 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
9,572,477 | (9,572,477 | ) | — | — | |||||||||||
Morgan Stanley |
59,754,469 | (59,754,469 | ) | — | — | |||||||||||
National Financial Services LLC |
1,062,020 | (1,062,020 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
2,310,976 | (2,310,976 | ) | — | — | |||||||||||
SG Americas Securities LLC |
1,485,730 | (1,485,730 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
3,839,410 | (3,839,410 | ) | — | — | |||||||||||
UBS AG |
9,712,786 | (9,712,786 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 389,039,309 | $ | (389,039,309 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities. |
(b) |
The market value of the loaned securities is determined as of July 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
107 |
Notes to Financial Statements (continued) |
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
Currency Hedged MSCI ACWI ex U.S. |
0.38 | % | ||
Currency Hedged MSCI EAFE |
0.38 | |||
Currency Hedged MSCI EAFE Small-Cap |
0.43 |
108 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued) |
For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $30 billion |
0.350 | % | ||
Over $30 billion, up to and including $60 billion |
0.320 | |||
Over $60 billion, up to and including $90 billion |
0.280 | |||
Over $90 billion, up to and including $120 billion |
0.252 | |||
Over $120 billion, up to and including $150 billion |
0.227 | |||
Over $150 billion |
0.204 |
For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $12 billion |
0.4000 | % | ||
Over $12 billion, up to and including $18 billion |
0.3800 | |||
Over $18 billion, up to and including $24 billion |
0.3610 | |||
Over $24 billion, up to and including $30 billion |
0.3430 | |||
Over $30 billion |
0.3259 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.
For the iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.
For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.
For ACWX, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
iShares ETF | Amounts Waived | |||
Currency Hedged MSCI ACWI ex U.S. |
$ | 530,542 | ||
Currency Hedged MSCI EAFE |
11,700,560 | |||
Currency Hedged MSCI EAFE Small-Cap |
384,412 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
109 |
Notes to Financial Statements (continued) |
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
Currency Hedged MSCI ACWI ex U.S. |
$ | 10,351 | ||
Currency Hedged MSCI EAFE |
541,913 | |||
Currency Hedged MSCI EAFE Small-Cap |
5,402 | |||
MSCI ACWI ex U.S. |
79,615 | |||
MSCI EAFE |
454,122 | |||
MSCI EAFE Small-Cap |
3,661,650 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales |
Net Realized Gain (Loss) |
|||||||||
MSCI ACWI ex U.S. |
$ | 18,877,359 | $ | 12,029,852 | $ | (14,119,640 | ) | |||||
MSCI EAFE |
340,416,685 | 108,584,301 | (283,571,460 | ) | ||||||||
MSCI EAFE Small-Cap |
178,495,189 | 429,906,316 | 125,984,803 |
During the year ended July 31, 2023, the iShares MSCI EAFE ETF received a reimbursement of $2,730 from an affiliate, which is included in payment by affiliate in the statement of operations, related to operating events.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. |
PURCHASES AND SALES |
For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 18,727,342 | $ | 37,510,536 | ||||
Currency Hedged MSCI EAFE |
514,469,221 | 1,110,127,913 | ||||||
Currency Hedged MSCI EAFE Small-Cap |
16,402,772 | 36,043,912 | ||||||
MSCI ACWI ex U.S |
276,119,787 | 198,551,112 | ||||||
MSCI EAFE |
2,261,070,011 | 1,162,098,054 | ||||||
MSCI EAFE Small-Cap |
1,454,967,858 | 1,182,840,383 |
For the year ended July 31, 2023, in-kind transactions were as follows:
iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 64,667,938 | $ | 6,051,240 | ||||
Currency Hedged MSCI EAFE |
795,986,682 | 765,370,773 | ||||||
Currency Hedged MSCI EAFE Small-Cap |
36,662,118 | 33,476,740 | ||||||
MSCI ACWI ex U.S. |
186,740,224 | 175,722,445 | ||||||
MSCI EAFE |
— | 3,241,870,686 | ||||||
MSCI EAFE Small-Cap |
259,754,832 | 788,400,215 |
110 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued) |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
|
||||||||
iShares ETF | Paid-in Capital |
Accumulated Earnings (Loss) |
||||||
|
||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 842,439 | $ | (842,439) | ||||
Currency Hedged MSCI EAFE |
33,416,064 | (33,416,064) | ||||||
Currency Hedged MSCI EAFE Small-Cap |
1,632,204 | (1,632,204) | ||||||
MSCI ACWI ex U.S. |
25,219,021 | (25,219,021) | ||||||
MSCI EAFE |
602,523,160 | (602,523,160) | ||||||
MSCI EAFE Small-Cap |
148,596,793 | (148,596,793) | ||||||
|
The tax character of distributions paid was as follows:
|
||||||||
iShares ETF |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
||||||
|
||||||||
Currency Hedged MSCI ACWI ex U.S. |
||||||||
Ordinary income |
$ | 11,294,544 | $ | 4,165,494 | ||||
Long-term capital gains |
9,827,116 | — | ||||||
|
|
|
|
|||||
$ | 21,121,660 | $ | 4,165,494 | |||||
|
|
|
|
|||||
Currency Hedged MSCI EAFE |
||||||||
Ordinary income |
$ | 311,183,380 | $ | 141,979,136 | ||||
Long-term capital gains |
356,402,676 | — | ||||||
|
|
|
|
|||||
$ | 667,586,056 | $ | 141,979,136 | |||||
|
|
|
|
|||||
Currency Hedged MSCI EAFE Small-Cap |
||||||||
Ordinary income |
$ | 10,548,386 | $ | 4,228,131 | ||||
Long-term capital gains |
12,831,630 | — | ||||||
|
|
|
|
|||||
$ | 23,380,016 | $ | 4,228,131 | |||||
|
|
|
|
|||||
MSCI ACWI ex U.S. |
||||||||
Ordinary income |
$ | 105,154,738 | $ | 146,381,679 | ||||
|
|
|
|
|||||
MSCI EAFE |
||||||||
Ordinary income |
$ | 1,079,699,701 | $ | 2,172,623,282 | ||||
|
|
|
|
|||||
MSCI EAFE Small-Cap |
||||||||
Ordinary income |
$ | 180,867,327 | $ | 511,706,356 | ||||
|
|
|
|
As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:
|
||||||||||||||||||||
iShares ETF | |
Undistributed Ordinary Income |
|
|
Non-expiring Capital Loss Carryforwards |
(a) |
|
Net Unrealized Gains (Losses) |
(b) |
|
Qualified Late-Year Losses |
(c) |
Total | |||||||
|
||||||||||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 5,317 | $ | — | $ | 13,388,688 | $ | (12,999,382 | ) | $ | 394,623 | |||||||||
Currency Hedged MSCI EAFE |
215,177 | — | 299,033,919 | (366,550,263 | ) | (67,301,167) | ||||||||||||||
Currency Hedged MSCI EAFE Small-Cap |
789 | — | (750,959 | ) | (15,237,267 | ) | (15,987,437) | |||||||||||||
MSCI ACWI ex U.S. |
32,747,738 | (565,379,041 | ) | 224,808,697 | — | (307,822,606) | ||||||||||||||
MSCI EAFE |
302,613,753 | (8,112,401,820 | ) | 5,840,918,034 | — | (1,968,870,033) | ||||||||||||||
MSCI EAFE Small-Cap |
50,100,248 | (549,772,709 | ) | (1,152,790,108 | ) | — | (1,652,462,569) | |||||||||||||
|
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, timing and recognition of partnership income, characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. |
(c) |
The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
111 |
Notes to Financial Statements (continued) |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 179,192,177 | $ | 17,784,778 | $ | (4,396,090 | ) | $ | 13,388,688 | |||||||
Currency Hedged MSCI EAFE |
4,059,858,886 | 383,484,792 | (84,450,873 | ) | 299,033,919 | |||||||||||
Currency Hedged MSCI EAFE Small-Cap |
97,754,177 | 942,586 | (1,693,545 | ) | (750,959 | ) | ||||||||||
MSCI ACWI ex U.S. |
4,405,435,471 | 749,571,561 | (520,696,141 | ) | 228,875,420 | |||||||||||
MSCI EAFE |
45,312,052,577 | 13,532,331,851 | (7,689,665,189 | ) | 5,842,666,662 | |||||||||||
MSCI EAFE Small-Cap |
12,563,434,164 | 1,176,683,988 | (2,329,517,651 | ) | (1,152,833,663 | ) |
9. |
LINE OF CREDIT |
The iShares Currency Hedged MSCI EAFE ETF and iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the year ended July 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF |
Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
Currency Hedged MSCI EAFE |
$ | 96,500,000 | $ | 264,384 | 6.15 | % | ||||||
MSCI ACWI ex U.S. |
5,200,000 | 99,726 | 4.91 |
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
112 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued) |
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
||||||||||||||||
Shares sold |
2,370,000 | $ | 64,248,699 | 960,000 | $ | 30,429,750 | ||||||||||
Shares redeemed |
(200,000 | ) | (5,885,665 | ) | (630,000 | ) | (18,911,246 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
2,170,000 | $ | 58,363,034 | 330,000 | $ | 11,518,504 | |||||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
113 |
Notes to Financial Statements (continued) |
|
||||||||||||||||
Year Ended 07/31/23 |
Year Ended 07/31/22 |
|||||||||||||||
|
|
|
|
|||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Currency Hedged MSCI EAFE |
||||||||||||||||
Shares sold |
26,450,000 | $ | 792,872,009 | 45,450,000 | $ | 1,527,051,805 | ||||||||||
Shares redeemed |
(23,400,000 | ) | (750,652,250 | ) | (16,450,000 | ) | (546,674,223 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
3,050,000 | $ | 42,219,759 | 29,000,000 | $ | 980,377,582 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Currency Hedged MSCI EAFE Small-Cap |
||||||||||||||||
Shares sold |
1,270,000 | $ | 36,532,479 | 750,000 | $ | 26,965,344 | ||||||||||
Shares redeemed |
(1,180,000 | ) | (32,907,296 | ) | (140,000 | ) | (4,836,336 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
90,000 | $ | 3,625,183 | 610,000 | $ | 22,129,008 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI ACWI ex U.S. |
||||||||||||||||
Shares sold |
6,200,000 | $ | 283,860,289 | 21,200,000 | $ | 1,143,730,242 | ||||||||||
Shares redeemed |
(4,800,000 | ) | (213,391,104 | ) | (8,200,000 | ) | (445,104,333 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
1,400,000 | $ | 70,469,185 | 13,000,000 | $ | 698,625,909 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI EAFE |
||||||||||||||||
Shares sold |
11,400,000 | $ | 803,713,926 | 9,000,000 | $ | 641,126,982 | ||||||||||
Shares redeemed |
(49,200,000 | ) | (3,253,634,846 | ) | (4,800,000 | ) | (351,150,585 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(37,800,000 | ) | $ | (2,449,920,920 | ) | 4,200,000 | $ | 289,976,397 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI EAFE Small-Cap |
||||||||||||||||
Shares sold |
5,200,000 | $ | 266,170,873 | 36,800,000 | $ | 2,756,004,483 | ||||||||||
Shares redeemed |
(13,600,000 | ) | (796,635,954 | ) | (22,400,000 | ) | (1,418,171,844 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(8,400,000 | ) | $ | (530,465,081 | ) | 14,400,000 | $ | 1,337,832,639 | |||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The iShares MSCI EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of July 31, 2023, is $33,678,383 or $0.05 per share.
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCIACWI ex U.S., iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETFs is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.
The iShares MSCI EAFE ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
13. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
Effective August 11, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was extended until August 2024 under the same terms.
114 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
iShares Trust and Shareholders of each of the six funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations for the year ended July 31, 2023, the statements of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2023 and each of the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI EAFE ETF iShares Currency Hedged MSCI EAFE Small-Cap ETF iShares MSCI ACWI ex U.S. ETF iShares MSCI EAFE ETF iShares MSCI EAFE Small-Cap ETF |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 22, 2023
We have served as the auditor of one or more BlackRock investment companies since 2000.
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |
115 |
Important Tax Information (unaudited) |
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:
|
||||
iShares ETF |
Qualified Dividend Income |
|||
|
||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 3,142,493 | ||
Currency Hedged MSCI EAFE |
73,725,394 | |||
Currency Hedged MSCI EAFE Small-Cap |
1,581,011 | |||
MSCI ACWI ex U.S. |
116,001,739 | |||
MSCI EAFE |
1,512,098,001 | |||
MSCI EAFE Small-Cap |
281,410,662 | |||
|
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2023:
|
||||
iShares ETF |
20% Rate Long-Term Capital Gain Dividends |
|||
|
||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 9,827,116 | ||
Currency Hedged MSCI EAFE |
359,764,855 | |||
Currency Hedged MSCI EAFE Small-Cap |
12,988,823 | |||
|
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2023:
|
||||||||
iShares ETF |
Foreign Source Income Earned |
Foreign Taxes Paid |
||||||
|
||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 4,016,290 | $ | 178,117 | ||||
Currency Hedged MSCI EAFE |
80,691,305 | 6,720,958 | ||||||
Currency Hedged MSCI EAFE Small-Cap |
1,776,631 | 195,620 | ||||||
MSCI ACWI ex U.S. |
147,255,554 | 6,101,312 | ||||||
MSCI EAFE |
1,631,707,173 | 96,509,775 | ||||||
MSCI EAFE Small-Cap |
358,392,279 | 22,378,852 | ||||||
|
The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2023:
|
||||
iShares ETF |
Qualified Short-Term Capital Gain |
|||
|
||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 7,452,034 | ||
Currency Hedged MSCI EAFE |
236,764,632 | |||
Currency Hedged MSCI EAFE Small-Cap |
8,971,262 | |||
|
116 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract
iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
117 |
Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
118 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
iShares Currency Hedged MSCI EAFE ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
119 |
Board Review and Approval of Investment Advisory Contract (continued)
funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
120 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
121 |
Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
122 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
iShares MSCI ACWI ex U.S. ETF, iShares MSCI EAFE ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
123 |
Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund or have a similar investment strategy or mandate, and have investment advisory fee rates and overall expenses (net of any waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
124 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI EAFE Small-Cap ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
125 |
Board Review and Approval of Investment Advisory Contract (continued)
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
126 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
127 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
July 31, 2023
Total Cumulative Distributions for the Fiscal Year |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year |
|||||||||||||||||||||||||||||||
iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
Currency Hedged MSCI ACWI ex U.S |
$ | 0.644634 | $ | 3.622465 | $ | — | $ | 4.267099 | 15 | % | 85 | % | — | % | 100 | % | ||||||||||||||||
Currency Hedged MSCI EAFE |
0.667598 | 5.890440 | — | 6.558038 | 10 | 90 | — | 100 | ||||||||||||||||||||||||
Currency Hedged MSCI EAFE Small-Cap |
0.475164 | 6.338050 | — | 6.813214 | 7 | 93 | — | 100 |
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF (the “Funds”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
128 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited) (continued)
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.43 million. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Funds.
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).
Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
S U P P L E M E N T A L I N F O R M A T I O N |
129 |
Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of July 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Trustees | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito(a) (1957) |
Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji(b) (1970) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). | |||
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | ||||||
Independent Trustees | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). | |||
Jane D. Carlin (1956) |
Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
130 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trustee and Officer Information (unaudited) (continued)
Independent Trustees (continued) | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) |
Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan (1964) |
Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Officers | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||||
Dominik Rohé (1973) |
President (since 2023). | Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023). | ||||
Trent Walker (1974) |
Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||||
Aaron Wasserman (1974) |
Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023). | Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023). | ||||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||||
Rachel Aguirre (1982) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
131 |
Trustee and Officer Information (unaudited) (continued)
Officers (continued) | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||||
Jennifer Hsui (1976) |
Executive Vice President (since 2022). |
Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||||
James Mauro (1970) |
Executive Vice President (since 2022). |
Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |
Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.
132 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N |
133 |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt |
Currency Abbreviations | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
CNH | Chinese Yuan | |
CNY | Chinese Yuan | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
IDR | Indonesian Rupiah | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | New Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand |
Portfolio Abbreviation (continued) | ||
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt |
134 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
THIS PAGE INTENTIONALLY LEFT BLANK.
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. ISHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-703-0723
|
![]() |