LOGO

      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


The Markets in Review

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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

 

LOGO

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 EI SN O T  P A R TO F  Y O U R  F U N D  R E P O R T


Table of Contents

 

      Page

The Markets in Review

   2

Annual Report:

  

Market Overview

   4

Fund Summary

   5

About Fund Performance

   17

Disclosure of Expenses

   17

Schedules of Investments

   18

Financial Statements:

  

Statements of Assets and Liabilities

   91

Statements of Operations

   93

Statements of Changes in Net Assets

   95

Financial Highlights

   98

Notes to Financial Statements

   104

Report of Independent Registered Public Accounting Firm

   115

Important Tax Information

   116

Board Review and Approval of Investment Advisory Contract

   117

Supplemental Information

   128

Trustee and Officer Information

   130

General Information

   133

Glossary of Terms Used in this Report

   134

 

 

  3


Market Overview

 

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


Fund Summary as of 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)

 

LOGO

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


Fund Summary as of 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)

 

LOGO

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


Fund Summary as of 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)

 

LOGO

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  

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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)

 

LOGO

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

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning
Account Value
(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  

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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)

 

LOGO

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

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning
Account Value
(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  

 

 

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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)

 

LOGO

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

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning
Account Value
(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  

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About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

 

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

  17


Schedule of Investments  

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
(Cost: $164,264,335)

      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%
(Cost: $12,746,618)

 

    12,747,885  
   

 

 

 

Total Investments in Securities — 106.8%
(Cost: $177,010,953)

 

    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  

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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 EO 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
(Cost: $3,208,057,242)

      3,545,298,008  
   

 

 

 
Short-Term Securities            

Money Market Funds — 22.9%

   

BlackRock Cash Funds: Institutional, SL Agency Shares,
5.42%(a)(c)(d)

    813,276,022       813,520,005  

BlackRock Cash Funds: Treasury, SL Agency Shares,
5.22%(a)(c)

    1,130,000       1,130,000  
   

 

 

 

Total Short-Term Securities — 22.9%
(Cost: $814,570,117)

      814,650,005  
   

 

 

 

Total Investments in Securities — 122.6%
(Cost: $4,022,627,359)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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


Schedule of Investments  

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
(Cost: $96,140,914)

      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%
(Cost: $40,000)

      40,000  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $96,180,914)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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


 

Schedule of Investments

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


Schedule of Investments  (continued)

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.,
Class H(c)

    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.,
Class H

    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 EO 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.,
Class H(b)(c)

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


Schedule of Investments  (continued)

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
Co. Ltd.(a)(c)

    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.,
Class H(c)

    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.,
Class A(a)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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,
Class O(a)

    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 EO 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
Polski SA

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


Schedule of Investments  (continued)

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
Co.(a)

    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 EO 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
Servicios SA

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


Schedule of Investments  (continued)

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 EO 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
Ticaret AS

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


Schedule of Investments  (continued)

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%
(Cost: $4,258,859,009)

       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 EO 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%
(Cost: $35,651,764)

      44,399,174  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $4,294,510,773)

      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%
(Cost: $38,302,995)

      38,316,743  
   

 

 

 

Total Investments — 100.3%
(Cost: $4,332,813,768)

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


Schedule of Investments  (continued)

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


Schedule of Investments 

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


Schedule of Investments  (continued)

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
Ltd.(a)(b)

    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.,
ADR(a)(b)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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 EO 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%
(Cost: $43,694,864,755)

 

    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%
(Cost: $284,118,601)

 

    257,146,961  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $43,978,983,356)

 

    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%
(Cost: $186,578,170)

 

    186,654,889  
   

 

 

 

Total Investments — 100.0%
(Cost: $44,165,561,526)

 

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


Schedule of Investments  (continued)

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


Schedule of Investments  

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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
Inc.(c)

    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
Ltd.(b)(c)

    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 EO 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
Ltd.(c)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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 EO 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.
Ltd.(c)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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


Schedule of Investments  (continued)

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,
Class D(c)

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


Schedule of Investments  (continued)

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 EO 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%
(Cost: $11,948,050,384)

       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%
(Cost: $35,708,509)

      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%
(Cost: $—)

      35  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $11,983,758,893)

      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%
(Cost: $425,464,387)

      425,583,531  
   

 

 

 

Total Investments — 103.3%
(Cost: $12,409,223,280)

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


Schedule of Investments  (continued)

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


Statements of 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  

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Statements of Operations

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  

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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  

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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


Financial Highlights

(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  

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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
07/31/22

    Year Ended
07/31/21
   

Year Ended
07/31/20

    Year Ended
07/31/19
 

 

 

Net asset value, beginning of year

    $ 32.76           $ 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 TT 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 TT 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.

 

 

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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  

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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

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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  

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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.

 

 

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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  

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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

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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  

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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  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 

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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.

 

 

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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.

 

 

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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   

 

 

 

 

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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

 

 

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Board Review and Approval of Investment Advisory Contract(continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates 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.

 

 

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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

 

 

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funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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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

 

 

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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.

 

 

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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

 

 

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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.

 

 

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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.

 

 

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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.

 

 

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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.

 

 

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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.

 

 

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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.

 

 

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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).

 

 

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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).

 

 

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  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.

 

 

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General Information

 

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

 

 

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Want to know more?

iShares.com  |  1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. ISHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-703-0723

 

 

 

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