LOGO

  JANUARY 31, 2024

 

 

 

2024 Semi-Annual Report

(Unaudited)

 

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,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries 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 January 31, 2024

 

 
    

 

 6-Month 

 

   

 

 12-Month 

 

 
   

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

    6.43%        20.82%   
   

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

    (2.02)          2.40       
   

International equities
(MSCI Europe, Australasia,

Far East Index)

    3.15            10.01       
   

Emerging market equities
(MSCI Emerging Markets

Index)

    (6.00)          (2.94)     
   

3-month Treasury bills
(ICE BofA 3-Month

U.S. Treasury Bill Index)

    2.73            5.13       
   

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

U.S. Treasury Index)

    1.74            (0.38)     
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate

Bond Index)

    3.15            2.10       
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond

Index)

    2.70            2.90       
   

U.S. high yield bonds
(Bloomberg U.S. Corporate

High Yield 2% Issuer Capped Index)

    6.18            9.28       
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  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     10  

Disclosure of Expenses

     10  

Schedules of Investments

     11  

Financial Statements:

  

Statements of Assets and Liabilities

     83  

Statements of Operations

     85  

Statements of Changes in Net Assets

     87  

Financial Highlights

     90  

Notes to Financial Statements

     96  

Statement Regarding Liquidity Risk Management Program

     107  

Supplemental Information

     108  

General Information

     109  

Glossary of Terms Used in this Report

     110  

 

 

  3


Fund Summary as of January 31, 2024    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  
    

6-Month

Total Returns

     1 Year      5 Years    

Since

Inception

   

  

    1 Year      5 Years     

Since

Inception

 

Fund NAV

    2.31      9.25      8.38     6.65       9.25      49.54      73.97

Fund Market

    2.15        9.19        8.36       6.65         9.19        49.43        73.91  

Index

    3.10        10.27        8.65       6.78               10.27        51.42        75.66  

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

(08/01/23)

 

 

 

      

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $   1,000.00          $  1,023.10          $  0.15       $  1,000.00        $  1,025.00          $  0.15          0.03

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    99.5

Short-term Investments

    0.3  
Forward foreign currency exchange contracts, net cumulative appreciation     2.2  

Other assets less liabilities

    (2.0

SECTOR ALLOCATION (of the UNDERLYING FUND)

 

   
Sector  

Percent of

Total Investment(a)

 

Financials

    21.3

Industrials

    13.5  

Information Technology

    12.7  

Consumer Discretionary

    11.4  

Health Care

    9.5  

Consumer Staples

    8.0  

Materials

    7.5  

Energy

    5.7  

Communication Services

    5.2  

Utilities

    3.2  

Real Estate

    2.0  

 

  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 4I S H A R E S  S E M I - 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 January 31, 2024    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  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years            1 Year      5 Years      10 Years  

Fund NAV

    5.30      14.16      10.93     8.67       14.16      67.97      129.68

Fund Market

    5.32        14.21        10.94       8.67         14.21        68.01        129.65  

Index

    6.26        15.57        11.15       8.81               15.57        69.68        132.60  

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

(08/01/23)

 

 

 

      

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $   1,000.00          $  1,053.00          $  0.15       $  1,000.00        $  1,025.00          $  0.15          0.03

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    99.4

Short-term Investments

    11.2  
Forward foreign currency exchange contracts, net cumulative appreciation     2.7  

Other assets less liabilities

    (13.3

SECTOR ALLOCATION (of the UNDERLYING FUND)

 

   
Sector  

Percent of

Total Investment(a)

 

Financials

    18.9

Industrials

    16.4  

Health Care

    13.1  

Consumer Discretionary

    12.0  

Consumer Staples

    9.2  

Information Technology

    9.0  

Materials

    7.4  

Communication Services

    4.2  

Energy

    4.2  

Utilities

    3.3  

Real Estate

    2.3  

 

  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

  5


Fund Summary as of January 31, 2024    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  
     6-Month
Total Returns
     1 Year      5 Years    

Since

Inception

   

  

    1 Year      5 Years      Since
Inception
 

Fund NAV

    3.54      9.66      9.07     8.10       9.66      54.39      95.33

Fund Market

    3.42        9.57        9.04       8.09         9.57        54.16        95.12  

Index

    4.56        11.12        9.50       8.32               11.12        57.45        98.63  

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

(08/01/23)

 

 

 

      

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $   1,000.00          $  1,035.40          $  0.15        $  1,000.00        $  1,025.00          $  0.15          0.03

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

PORTFOLIO COMPOSITION

 

 
   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    99.3

Short-term Investments

    0.1  
Forward foreign currency exchange contracts, net cumulative appreciation     2.9  

Other assets less liabilities

    (2.3

SECTOR ALLOCATION (of the UNDERLYING FUND)

 

 
   
Sector  

Percent of

Total Investment(a)

 

Industrials

    23.3

Consumer Discretionary

    12.8  

Financials

    12.0  

Real Estate

    10.3  

Information Technology

    10.0  

Materials

    9.3  

Consumer Staples

    6.5  

Health Care

    6.1  

Communication Services

    4.1  

Energy

    3.2  

Utilities

    2.4  

 

  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 4I S H A R E S  S E M I - 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 January 31, 2024    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  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (0.44 )%       4.43      4.99     4.02       4.43      27.54      48.36

Fund Market

    (0.52      4.36        4.98       4.10         4.36        27.49        49.45  

Index

    0.48        5.88        5.32       4.21               5.88        29.60        51.03  

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

(08/01/23)

 

 

 

      

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   


Beginning

Account Value
(08/01/23)

 


 

    


Ending

Account Value
(01/31/24)

 


 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $   1,000.00          $  995.60          $  1.61       $  1,000.00        $  1,023.50          $  1.63          0.32

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

SECTOR ALLOCATION

 

 
   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    21.3

Industrials

    13.5  

Information Technology

    12.7  

Consumer Discretionary

    11.4  

Health Care

    9.5  

Consumer Staples

    8.0  

Materials

    7.5  

Energy

    5.7  

Communication Services

    5.2  

Utilities

    3.2  

Real Estate

    2.0  

GEOGRAPHIC ALLOCATION

 

 
   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    15.1

United Kingdom

    9.3  

Canada

    7.7  

France

    7.6  

China

    6.8  

Switzerland

    6.7  

Germany

    5.4  

India

    4.9  

Australia

    4.8  

Taiwan

    4.6  

 

  (a) 

Excludes money market funds.

 

 

F U N D  S U M M A R Y

  7


Fund Summary as of January 31, 2024    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  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years            1 Year      5 Years      10 Years  

Fund NAV

    2.11      8.25      6.71     4.63       8.25      38.39      57.23

Fund Market

    2.01        8.13        6.74       4.69         8.13        38.53        58.10  

Index

    3.15        10.01        6.92       4.77               10.01        39.72        59.33  

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

(08/01/23)

 

 

 

      

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $   1,000.00          $  1,021.10          $  1.63        $  1,000.00        $  1,023.50          $  1.63          0.32

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

SECTOR ALLOCATION

 

 
   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    18.9

Industrials

    16.4  

Health Care

    13.1  

Consumer Discretionary

    12.0  

Consumer Staples

    9.2  

Information Technology

    9.0  

Materials

    7.4  

Energy

    4.2  

Communication Services

    4.2  

Utilities

    3.3  

Real Estate

    2.3  

GEOGRAPHIC ALLOCATION

 

 
   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    23.2

United Kingdom

    14.2  

France

    11.8  

Switzerland

    10.3  

Germany

    8.4  

Australia

    7.4  

Netherlands

    4.9  

Denmark

    3.5  

Sweden

    3.1  

Italy

    2.6  

 

  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 4I S H A R E S  S E M I - 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 January 31, 2024    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  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (0.16 )%       1.80      4.21     4.59       1.80      22.89      56.62

Fund Market

    (0.26      1.71        4.23       4.64         1.71        22.99        57.32  

Index

    0.99        3.56        4.59       4.79               3.56        25.15        59.66  

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

(08/01/23)

 

 

 

      

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $   1,000.00          $   998.40          $  2.01        $  1,000.00        $  1,023.10          $  2.03          0.40

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    23.3

Consumer Discretionary

    12.8  

Financials

    12.0  

Real Estate

    10.3  

Information Technology

    10.0  

Materials

    9.3  

Consumer Staples

    6.5  

Health Care

    6.1  

Communication Services

    4.1  

Energy

    3.2  

Utilities

    2.4  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    34.2

United Kingdom

    15.0  

Australia

    9.4  

Sweden

    5.8  

Germany

    4.5  

Switzerland

    4.5  

France

    3.9  

Italy

    3.2  

Israel

    2.9  

Norway

    2.4  
  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

  9


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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index 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.

 

10  

2 0 2 4I S H A R E S  S E M I - 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 (unaudited)

January 31, 2024

  

iShares® Currency Hedged MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

 

 
Exchange-Traded Funds — 99.5%        

iShares MSCI ACWI ex U.S. ETF(a)

    3,844,847     $ 192,857,526  
   

 

 

 

Total Investment Companies
(Cost: $179,312,567)

 

    192,857,526  
   

 

 

 

Short-Term Securities

 

 
Money Market Funds — 0.3%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(a)(b)

    680,000       680,000  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $680,000)

 

    680,000  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $179,992,567)

 

     193,537,526  

Other Assets Less Liabilities — 0.2%

 

    313,529  
   

 

 

 

Net Assets — 100.0%

    $ 193,851,055  
   

 

 

 

 

(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 six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer  

Value at

07/31/23

    

Purchases

at Cost

   

Proceeds

from Sale

    Net Realized
Gain (Loss)
   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

01/31/24

    

Shares

Held at
01/31/24

     Income    

Capital

Gain
Distributions

from

Underlying

Funds

     
 

 

   

 

BlackRock Cash Funds: Institutional, SL Agency Shares(a)

  $ 12,677,885      $     $ (12,688,179 )(b)    $ 11,561     $ (1,267   $             $ 35,729 (c)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    70,000        610,000 (b)                        680,000        680,000        8,573          
 

iShares MSCI ACWI ex U.S. ETF

    179,887,849        26,362,041       (10,716,926     (596,883     (2,078,555     192,857,526        3,844,847        2,662,688          
          

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   
           $ (585,322   $ (2,079,822   $ 193,537,526         $  2,706,990     $    
          

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

  (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)
 

CLP

    295,552,000        USD      317,307      Citibank N.A.     02/05/24         $ 460  

MYR

    3,293,000        USD      696,194      State Street Bank & Trust Company     02/05/24            

TRY

         10,143,000        USD      333,070      BNP Paribas SA     02/05/24           266  

TRY

    861,000        USD      28,282      JPMorgan Chase Bank N.A.     02/05/24           14  

USD

    8,833,650        AUD         12,936,000      Bank of America N.A.     02/05/24           346,166   

USD

    27,438        AUD      41,000      BNP Paribas SA     02/05/24           537  

USD

    447,382        AUD      655,000      Citibank N.A.     02/05/24           17,628  

USD

    41,178        AUD      62,000      HSBC Bank PLC     02/05/24           499  

USD

    56,805        AUD      86,000      JPMorgan Chase Bank N.A.     02/05/24           380  

 

 

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

    11  


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

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

    13,974        BRL      69,000      Citibank N.A.     02/05/24                 $ 52  

USD

    23,461        BRL      115,000      JPMorgan Chase Bank N.A.     02/05/24           258  

USD

    28,927        BRL      143,000      Morgan Stanley & Co. International PLC     02/05/24           75  

USD

    3,078,112        BRL      14,988,000      State Street Bank & Trust Company     02/05/24           54,047  

USD

    129,723        CAD      174,000      Bank of America N.A.     02/05/24           295  

USD

    267,765        CAD      354,000      BNP Paribas SA     02/05/24           4,446  

USD

    43,311        CAD      58,000      Deutsche Bank Securities Inc.     02/05/24           168  

USD

    23,945        CAD      32,000      HSBC Bank PLC     02/05/24           142  

USD

    14,277,531        CAD      18,818,000      State Street Bank & Trust Company     02/05/24           280,015  

USD

    106,954        CHF      91,000      Bank of America N.A.     02/05/24           1,468  

USD

    36,465        CHF      31,000      Deutsche Bank Securities Inc.     02/05/24           531  

USD

    35,990        CHF      31,000      HSBC Bank PLC     02/05/24           55  

USD

    2,355        CHF      2,000      JPMorgan Chase Bank N.A.     02/05/24           37   

USD

        12,109,291        CHF      10,158,000      Morgan Stanley & Co. International PLC     02/05/24           334,270  

USD

    2,411        CLP      2,218,000      Citibank N.A.     02/05/24           26  

USD

    4,266        CLP      3,828,000      Morgan Stanley & Co. International PLC     02/05/24           150  

USD

    328,110        CLP      287,730,000      State Street Bank & Trust Company     02/05/24           18,754  

USD

    41,758        CNH      297,000      Barclays Bank PLC     02/05/24           438  

USD

    20,890        CNH      150,000      BNP Paribas SA     02/05/24           21  

USD

    3,494        CNH      25,000      HSBC Bank PLC     02/05/24           16  

USD

    2,367,006        CNH      16,819,000      Morgan Stanley & Co. International PLC     02/05/24           27,085  

USD

    10,488        CNY      75,000      State Street Bank & Trust Company     02/05/24           4  

USD

    49,626        DKK      340,000      Bank of America N.A.     02/05/24           326  

USD

    12,610        DKK      85,000      Citibank N.A.     02/05/24           284  

USD

    25,264        DKK      173,000      HSBC Bank PLC     02/05/24           179  

USD

    30,670        DKK      209,000      JPMorgan Chase Bank N.A.     02/05/24           365  

USD

    4,029,296        DKK      27,147,000      Morgan Stanley & Co. International PLC     02/05/24           92,959  

USD

    256,526        EUR      236,000      Bank of America N.A.     02/05/24           1,450  

USD

    188,638        EUR      172,000      BNP Paribas SA     02/05/24           2,735  

USD

    131,102        EUR      121,000      HSBC Bank PLC     02/05/24           321  

USD

    659,733        EUR      601,000      JPMorgan Chase Bank N.A.     02/05/24           10,152  

USD

    41,243,681        EUR      37,290,000      State Street Bank & Trust Company     02/05/24           939,369  

USD

    84,176        GBP      66,000      Bank of America N.A.     02/05/24           532  

USD

    3,808        GBP      3,000      Barclays Bank PLC     02/05/24           6  

USD

    17,768,679        GBP      13,936,000      BNP Paribas SA     02/05/24           107,177  

USD

    26,775        GBP      21,000      Citibank N.A.     02/05/24           162  

USD

    189,318        GBP      149,000      HSBC Bank PLC     02/05/24           486  

USD

    190,452        GBP      150,000      JPMorgan Chase Bank N.A.     02/05/24           353  

USD

    13,419,796        HKD      104,714,000      Citibank N.A.     02/05/24           24,365  

USD

    102,725        HKD      802,000      HSBC Bank PLC     02/05/24           130  

USD

    324,402        HKD      2,532,000      JPMorgan Chase Bank N.A.     02/05/24           498  

USD

    59,019        HKD      461,000      State Street Bank & Trust Company     02/05/24           46  

USD

    3,039        IDR      47,243,000      Bank of America N.A.     02/05/24           44  

USD

    4,537        IDR      70,877,000      JPMorgan Chase Bank N.A.     02/05/24           45  

USD

    9,772        IDR      151,165,000      Morgan Stanley & Co. International PLC     02/05/24           191  

USD

    997,891        IDR      15,373,866,000      State Street Bank & Trust Company     02/05/24           23,498  

 

 

12  

2 0 2 4I S H A R E S  S E M I - 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 (unaudited) (continued)

January 31, 2024

  

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

    467,960        ILS      1,684,000      Citibank N.A.     02/05/24         $ 6,267  

USD

    162,351        JPY      23,332,000      Bank of America N.A.     02/05/24                   3,751  

USD

    85,578        JPY      12,323,000      JPMorgan Chase Bank N.A.     02/05/24           1,812  

USD

     28,245,656        JPY       3,962,922,000      Morgan Stanley & Co. International PLC     02/05/24           1,307,502  

USD

    99,354        KRW      129,453,000      Morgan Stanley & Co. International PLC     02/05/24           2,272  

USD

    7,087,976        KRW      9,180,954,000      State Street Bank & Trust Company     02/05/24           202,863  

USD

    3,175        MYR      15,000      Barclays Bank PLC     02/05/24           4  

USD

    10,047        MYR      47,000      Morgan Stanley & Co. International PLC     02/05/24           111  

USD

    1,446,351        MYR      6,728,000      State Street Bank & Trust Company     02/05/24           23,941  

USD

    14,691        NOK      153,000      Bank of America N.A.     02/05/24           142  

USD

    2,590        NOK      27,000      Barclays Bank PLC     02/05/24           22  

USD

    846,103        NOK      8,586,000      Citibank N.A.     02/05/24           29,668  

USD

    613        NZD      1,000      Bank of America N.A.     02/05/24           2  

USD

    244,423        NZD      386,000      Citibank N.A.     02/05/24           8,480  

USD

    624        NZD      1,000      Deutsche Bank Securities Inc.     02/05/24           13  

USD

    3,139        NZD      5,000      HSBC Bank PLC     02/05/24           83  

USD

    1,837        NZD      3,000      JPMorgan Chase Bank N.A.     02/05/24           4  

USD

    29,592        SEK      305,000      Bank of America N.A.     02/05/24           281  

USD

    4,022,498        SEK      40,488,000      BNP Paribas SA     02/05/24           131,438  

USD

    4,481        SGD      6,000      Bank of America N.A.     02/05/24           8  

USD

    1,488,039        SGD      1,960,000      Citibank N.A.     02/05/24           26,788  

USD

    2,259        SGD      3,000      Deutsche Bank Securities Inc.     02/05/24           22  

USD

    15,775        SGD      21,000      JPMorgan Chase Bank N.A.     02/05/24           119  

USD

    19,659        SGD      26,000      State Street Bank & Trust Company     02/05/24           275  

USD

    2,708        THB      96,000      Barclays Bank PLC     02/05/24           2  

USD

    942,584        THB      32,308,000      Citibank N.A.     02/05/24           31,713  

USD

    2,742        THB      97,000      HSBC Bank PLC     02/05/24           7  

USD

    4,152        THB      145,000      JPMorgan Chase Bank N.A.     02/05/24           64  

USD

    5,182        THB      180,000      State Street Bank & Trust Company     02/05/24           108  

USD

    26,662        TWD      831,000      Morgan Stanley & Co. International PLC     02/05/24           100  

USD

    8,492,135        TWD      257,789,000      State Street Bank & Trust Company     02/05/24           252,167  

USD

    63,863        TWD      1,971,000      UBS AG     02/05/24           862  

USD

    1,657,106        ZAR      30,389,000      Bank of America N.A.     02/05/24           34,391  

USD

    7,297        ZAR      136,000      Deutsche Bank Securities Inc.     02/05/24           35  

USD

    15,839        MXN      270,000      Bank of America N.A.     02/06/24           163  

USD

    2,241        MXN      38,000      BNP Paribas SA     02/06/24           35  

USD

    4,460        MXN      76,000      Deutsche Bank Securities Inc.     02/06/24           47  

USD

    1,341,772        MXN      22,843,000      HSBC Bank PLC     02/06/24           15,463  

USD

    114,817        MXN      1,955,000      Morgan Stanley & Co. International PLC     02/06/24           1,306  

CLP

    6,662,000        USD      7,121      Citibank N.A.     03/06/24           25  

CNY

    427,000        USD      59,560      State Street Bank & Trust Company     03/06/24           541  

TRY

    100,000        USD      3,186      BNP Paribas SA     03/06/24           10   

USD

    268,670        AUD      406,000      Bank of America N.A.     03/06/24           2,025  

USD

    9,145,494        AUD      13,821,000      Citibank N.A.     03/06/24           68,415  

USD

    3,075,170        BRL      15,249,000      Citibank N.A.     03/06/24           5,702  

USD

    618,502        CAD      826,000      BNP Paribas SA     03/06/24           3,853  

USD

       14,545,558        CAD      19,426,000      State Street Bank & Trust Company     03/06/24           90,143  

 

 

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

    13  


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

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

    728,820        CHF      623,000      Bank of America N.A.     03/06/24         $ 4,308  

USD

    12,018,961        CHF      10,274,000      BNP Paribas SA     03/06/24                   70,921  

USD

    2,329,438        CNH      16,675,000      HSBC Bank PLC     03/06/24           5,394  

USD

    293,558        DKK      2,011,000      Bank of America N.A.     03/06/24           1,503  

USD

    4,062,631        DKK      27,829,000      BNP Paribas SA     03/06/24           21,059  

USD

    41,484,208        EUR      38,137,000      BNP Paribas SA     03/06/24           212,727  

USD

    1,724,095        EUR      1,585,000      Citibank N.A.     03/06/24           8,824  

USD

    582,113        GBP      457,000      Bank of America N.A.     03/06/24           2,806  

USD

    18,169,355        GBP      14,264,000      BNP Paribas SA     03/06/24           87,881  

USD

    13,101,020        HKD      102,314,000      Citibank N.A.     03/06/24           1,350  

USD

    1,018,302        IDR      16,048,951,000      Citibank N.A.     03/06/24           1,303  

USD

    463,380        ILS      1,684,000      BNP Paribas SA     03/06/24           1,221  

USD

    12,933        ILS      47,000      Morgan Stanley & Co. International PLC     03/06/24           34  

USD

    9,506,922        INR      790,358,000      Citibank N.A.     03/06/24           4,493  

USD

    2,854,070        JPY      415,051,000      Citibank N.A.     03/06/24           19,437  

USD

    26,723,250        JPY      3,886,274,000      UBS AG     03/06/24           181,551  

USD

    7,079,219        KRW      9,410,902,000      Citibank N.A.     03/06/24           14,605  

USD

    1,463,981        MXN      25,283,000      HSBC Bank PLC     03/06/24           3,057  

USD

    28,663        MXN      495,000      Morgan Stanley & Co. International PLC     03/06/24           60  

USD

    7,752        NOK      81,000      Bank of America N.A.     03/06/24           44  

USD

    806,743        NOK      8,429,000      BNP Paribas SA     03/06/24           4,653  

USD

    8,002        NZD      13,000      Citibank N.A.     03/06/24           56  

USD

    245,599        NZD      399,000      UBS AG     03/06/24           1,697  

USD

    44,965        SEK      464,000      Bank of America N.A.     03/06/24           319  

USD

    3,856,846        SEK      39,797,000      BNP Paribas SA     03/06/24           27,585  

USD

    7,494        SGD      10,000      Bank of America N.A.     03/06/24           29  

USD

    1,515,878        SGD      2,023,000      Citibank N.A.     03/06/24           5,622  

USD

    912,538        THB      32,151,000      Citibank N.A.     03/06/24           3,993  

USD

    8,962,490        TWD      278,841,000      Citibank N.A.     03/06/24           15,019  

USD

    1,614,456        ZAR      30,110,000      BNP Paribas SA     03/06/24           10,633  
                    

 

 

 
                       5,259,205  
                    

 

 

 

AUD

    13,821,000        USD      9,136,372      Citibank N.A.     02/05/24           (68,228

BRL

    15,249,000        USD      3,084,825      Citibank N.A.     02/05/24           (8,099

BRL

    66,000        USD      13,574      Morgan Stanley & Co. International PLC     02/05/24           (257

CAD

    159,000        USD      120,218      Morgan Stanley & Co. International PLC     02/05/24           (1,948

CAD

    19,426,000        USD      14,539,875      State Street Bank & Trust Company     02/05/24           (90,107

CHF

    91,000        USD      108,575      Bank of America N.A.     02/05/24           (3,089

CHF

    10,274,000        USD      11,980,363      BNP Paribas SA     02/05/24           (70,876

CHF

    58,000        USD      69,143      Citibank N.A.     02/05/24           (1,910

CNH

    872,000        USD      122,730      Citibank N.A.     02/05/24           (1,414

CNH

    16,675,000        USD      2,325,148      HSBC Bank PLC     02/05/24           (5,261

DKK

    27,829,000        USD      4,056,259      BNP Paribas SA     02/05/24           (21,032

DKK

    125,000        USD      18,554      Citibank N.A.     02/05/24           (429

EUR

    38,137,000        USD      41,431,312      BNP Paribas SA     02/05/24           (211,533

EUR

    283,000        USD      312,816      HSBC Bank PLC     02/05/24           (6,940

GBP

    14,264,000        USD      18,164,862      BNP Paribas SA     02/05/24           (87,675

GBP

    61,000        USD      77,772      Citibank N.A.     02/05/24           (465

HKD

      109,584,000        USD      14,021,397      Citibank N.A.     02/05/24           (2,975

 

 

14  

2 0 2 4I S H A R E S  S E M I - 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 (unaudited) (continued)

January 31, 2024

  

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)
 

IDR

    15,737,671,000        USD      999,185      Citibank N.A.     02/05/24         $ (1,735

ILS

    1,684,000        USD      462,956      BNP Paribas SA     02/05/24                   (1,263

ILS

    26,000        USD      7,226      Citibank N.A.     02/05/24           (97

ILS

    19,000        USD      5,267      JPMorgan Chase Bank N.A.     02/05/24           (58

INR

    752,350,000        USD      9,060,092      Citibank N.A.     02/05/24           (2,805

JPY

    20,779,000        USD      148,062      Bank of America N.A.     02/05/24           (6,816

JPY

    156,466,000        USD      1,115,278      Citibank N.A.     02/05/24           (51,692

JPY

    3,886,274,000        USD      26,598,730      UBS AG     02/05/24           (181,594

KRW

    9,410,902,000        USD      7,069,116      Citibank N.A.     02/05/24           (11,557

MYR

    15,000        USD      3,172      Barclays Bank PLC     02/05/24           (1

MYR

    47,000        USD      9,939      Morgan Stanley & Co. International PLC     02/05/24           (3

MYR

    3,445,000        USD      729,290      State Street Bank & Trust Company     02/05/24           (960

NOK

    66,000        USD      6,507      Bank of America N.A.     02/05/24           (231

NOK

    8,429,000        USD      806,156      BNP Paribas SA     02/05/24           (4,650

NOK

    309,000        USD      30,451      Citibank N.A.     02/05/24           (1,069

NZD

    399,000        USD      245,612      UBS AG     02/05/24           (1,723

SEK

    39,797,000        USD      3,852,170      BNP Paribas SA     02/05/24           (27,518

SEK

    1,355,000        USD      134,629      Citibank N.A.     02/05/24           (4,408

SEK

    185,000        USD      18,367      HSBC Bank PLC     02/05/24           (588

SGD

    2,031,000        USD      1,519,898      Citibank N.A.     02/05/24           (5,715

THB

    32,151,000        USD      911,180      Citibank N.A.     02/05/24           (4,736

THB

    1,020,000        USD      29,777      JPMorgan Chase Bank N.A.     02/05/24           (1,020

TWD

    262,606,000        USD      8,411,467      Citibank N.A.     02/05/24           (17,528

TWD

    791,000        USD      26,076      Morgan Stanley & Co. International PLC     02/05/24           (793

USD

    26,871        AUD      41,000      Bank of America N.A.     02/05/24           (29

USD

    110,398        CAD      149,000      Bank of America N.A.     02/05/24           (434

USD

    71,684        CHF      62,000      Bank of America N.A.     02/05/24           (185

USD

    53,061        CHF      46,000      BNP Paribas SA     02/05/24           (262

USD

    2,304        CHF      2,000      HSBC Bank PLC     02/05/24           (15

USD

    954        CLP      888,000      Morgan Stanley & Co. International PLC     02/05/24            

USD

    953        CLP      888,000      State Street Bank & Trust Company     02/05/24           (1

USD

    7,347        CNH      53,000      BNP Paribas SA     02/05/24           (27

USD

    6,948        CNH      50,000      JPMorgan Chase Bank N.A.     02/05/24           (8

USD

    10,819        CNY      78,000      State Street Bank & Trust Company     02/05/24           (84

USD

    39,270        HKD      307,000      Barclays Bank PLC     02/05/24           (3

USD

    58,963        HKD      461,000      JPMorgan Chase Bank N.A.     02/05/24           (10

USD

    39,272        HKD      307,000      State Street Bank & Trust Company     02/05/24            

USD

    2,987        IDR      47,260,000      Morgan Stanley & Co. International PLC     02/05/24           (9

USD

    2,989        IDR      47,260,000      State Street Bank & Trust Company     02/05/24           (6

USD

    6,977        ILS      26,000      Bank of America N.A.     02/05/24           (152

USD

    1,640        ILS      6,000      Deutsche Bank Securities Inc.     02/05/24           (5

USD

    3,496        ILS      13,000      JPMorgan Chase Bank N.A.     02/05/24           (68

USD

    27,154        INR      2,259,000      Bank of America N.A.     02/05/24           (42

USD

    40,766        INR      3,388,000      JPMorgan Chase Bank N.A.     02/05/24           (21

USD

    74,175        INR      6,171,000      Morgan Stanley & Co. International PLC     02/05/24           (116

USD

    8,889,147        INR        740,532,000      State Street Bank & Trust Company     02/05/24           (25,867

USD

    237,002        JPY      35,006,000      Bank of America N.A.     02/05/24           (953

 

 

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

    15  


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

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

    84,330        JPY      12,434,000      JPMorgan Chase Bank N.A.     02/05/24                 $ (191

USD

    118,364        JPY      17,502,000      State Street Bank & Trust Company     02/05/24           (607

USD

    31,661        KRW      42,384,000      Citibank N.A.     02/05/24           (125

USD

    22,384        KRW      29,855,000      Morgan Stanley & Co. International PLC     02/05/24           (6

USD

    21,028        KRW      28,256,000      State Street Bank & Trust Company     02/05/24           (162

USD

    2,111        MYR      10,000      State Street Bank & Trust Company     02/05/24           (3

USD

    3,607        NOK      38,000      Bank of America N.A.     02/05/24           (6

USD

    1,833        NZD      3,000      Bank of America N.A.     02/05/24            

USD

    23,526        SEK      246,000      Bank of America N.A.     02/05/24           (116

USD

    11,403        SEK      119,000      Barclays Bank PLC     02/05/24           (34

USD

    17,072        SEK      179,000      BNP Paribas SA     02/05/24           (131

USD

    11,163        SGD      15,000      State Street Bank & Trust Company     02/05/24           (20

USD

    2,899        THB      103,000      HSBC Bank PLC     02/05/24           (5

USD

    4,075        THB      145,000      JPMorgan Chase Bank N.A.     02/05/24           (13

USD

    2,722        THB      97,000      Morgan Stanley & Co. International PLC     02/05/24           (13

USD

    3,550        TRY      109,000      BNP Paribas SA     02/05/24           (32

USD

    2,819        TRY      86,000      JPMorgan Chase Bank N.A.     02/05/24           (7

USD

    1,497        TRY      46,000      Morgan Stanley & Co. International PLC     02/05/24           (15

USD

    1,501        TRY      46,000      State Street Bank & Trust Company     02/05/24           (11

USD

    351,503        TRY        10,717,000      UBS AG     02/05/24           (698

USD

    1,500        TWD      47,000      Morgan Stanley & Co. International PLC     02/05/24           (2

USD

    87,654        TWD      2,759,000      State Street Bank & Trust Company     02/05/24           (535

USD

    17,179        ZAR      325,000      Bank of America N.A.     02/05/24           (175

USD

    4,781        ZAR      90,000      Barclays Bank PLC     02/05/24           (25

USD

    11,960        ZAR      226,000      Deutsche Bank Securities Inc.     02/05/24           (108

ZAR

    307,000        USD      16,717      Bank of America N.A.     02/05/24           (324

ZAR

    30,110,000        USD      1,618,506      BNP Paribas SA     02/05/24           (10,689

ZAR

    749,000        USD      40,846      Citibank N.A.     02/05/24           (850

MXN

       25,283,000        USD      1,471,084      HSBC Bank PLC     02/06/24           (3,104

MXN

    165,000        USD      9,671      JPMorgan Chase Bank N.A.     02/06/24           (91

USD

    4,406        MXN      76,000      Bank of America N.A.     02/06/24           (7

USD

    6,619        MXN      114,000      Deutsche Bank Securities Inc.     02/06/24            

USD

    4,400        MXN      76,000      Morgan Stanley & Co. International PLC     02/06/24           (12

AUD

    62,000        USD      40,919      JPMorgan Chase Bank N.A.     03/06/24           (200

BRL

    121,000        USD      24,401      Citibank N.A.     03/06/24           (45

BRL

    218,000        USD      43,987      State Street Bank & Trust Company     03/06/24           (105

CAD

    97,000        USD      72,419      JPMorgan Chase Bank N.A.     03/06/24           (238

CHF

    59,000        USD      68,761      JPMorgan Chase Bank N.A.     03/06/24           (147

CNH

    237,000        USD      33,108      Morgan Stanley & Co. International PLC     03/06/24           (77

DKK

    162,000        USD      23,592      JPMorgan Chase Bank N.A.     03/06/24           (65

EUR

    114,000        USD      123,780      JPMorgan Chase Bank N.A.     03/06/24           (410

GBP

    26,000        USD      33,059      JPMorgan Chase Bank N.A.     03/06/24           (101

HKD

    3,495,000        USD      447,549      Bank of America N.A.     03/06/24           (70

HKD

    3,375,000        USD      432,125      HSBC Bank PLC     03/06/24           (10

ILS

    22,000        USD      6,045      Bank of America N.A.     03/06/24           (8

 

 

16  

2 0 2 4I S H A R E S  S E M I - 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 (unaudited) (continued)

January 31, 2024

  

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)

 

INR

    12,017,000          USD        144,551      Morgan Stanley & Co. International PLC     03/06/24                 $ (72

JPY

    28,716,000          USD        196,948      JPMorgan Chase Bank N.A.     03/06/24           (829

KRW

     267,490,000          USD        201,216      Citibank N.A.     03/06/24           (415

KRW

    52,950,000          USD        39,838      Morgan Stanley & Co. International PLC     03/06/24           (89

MXN

    17,000          USD        984      State Street Bank & Trust Company     03/06/24           (2

MYR

    30,000          USD        6,386      Morgan Stanley & Co. International PLC     03/06/24           (15

NOK

    93,000          USD        8,886      Bank of America N.A.     03/06/24           (36

NZD

    2,000          USD        1,227      JPMorgan Chase Bank N.A.     03/06/24           (5

SEK

    227,000          USD        21,940      Morgan Stanley & Co. International PLC     03/06/24           (98

SGD

    10,000          USD        7,481      JPMorgan Chase Bank N.A.     03/06/24           (15

THB

    270,000          USD        7,664      Morgan Stanley & Co. International PLC     03/06/24           (35

THB

    195,000          USD        5,514      UBS AG     03/06/24           (3

TWD

    3,414,000          USD        109,722      Morgan Stanley & Co. International PLC     03/06/24           (173

USD

    317,282          CLP         296,360,000      Citibank N.A.     03/06/24           (603

USD

    5,943          IDR        93,790,000      Morgan Stanley & Co. International PLC     03/06/24           (1

USD

    738,845          MYR        3,492,000      State Street Bank & Trust Company     03/06/24           (2,833

USD

    323,276          TRY        10,143,000      BNP Paribas SA     03/06/24           (914

USD

    53,206          TRY        1,671,000      UBS AG     03/06/24           (202

ZAR

    94,000          USD        5,032      BNP Paribas SA     03/06/24           (25

ZAR

    292,000          USD        15,657      Citibank N.A.     03/06/24           (104
                    

 

 

 
                       (965,157
                    

 

 

 
                      $ 4,294,048  
                    

 

 

 

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

   $      $      $      $ 5,259,205      $      $      $ 5,259,205  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                    

Forward foreign currency exchange contracts

                    

Unrealized depreciation on forward foreign currency exchange contracts

   $      $      $      $ 965,157      $      $      $ 965,157  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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

    17  


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended January 31, 2024, 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

   $      $      $      $ (1,409,198    $      $      $ (1,409,198
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Forward foreign currency exchange contracts

   $      $      $      $ 5,954,037      $      $      $ 5,954,037  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Forward foreign currency exchange contracts:

  

Average amounts purchased — in USD

   $ 183,694,634   

Average amounts sold — in USD

   $ 363,398,794   

 

 

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

   $ 5,259,205        $ 965,157  
  

 

 

      

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     5,259,205          965,157  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

               
  

 

 

      

 

 

 

Total derivative assets and liabilities subject to an MNA

   $ 5,259,205        $ 965,157  
  

 

 

      

 

 

 

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

 

 

(b) 

    

Net Amount

of Derivative

Assets

 

 

(c)(d) 

 

 

Bank of America N.A.

   $ 400,053        $ (12,673    $   —        $        $ 387,380  

Barclays Bank PLC

     472          (63                      409  

BNP Paribas SA

     687,198          (436,627                      250,571  

Citibank N.A.

     294,737          (187,004                      107,733  

Deutsche Bank Securities Inc.

     816          (113                      703  

HSBC Bank PLC

     25,832          (15,923                      9,909  

JPMorgan Chase Bank N.A.

     14,101          (3,497                      10,604  

Morgan Stanley & Co. International PLC

     1,766,115          (3,734               (570,000      1,192,381  

State Street Bank & Trust Company

     1,885,771          (121,303                      1,764,468  

UBS AG

     184,110          (184,110                       
  

 

 

      

 

 

    

 

 

      

 

 

    

 

 

 
   $ 5,259,205        $ (965,047    $   —        $  (570,000)        $3,724,158  
  

 

 

      

 

 

    

 

 

      

 

 

    

 

 

 
                  

 

 
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

 

 

(d)(e) 

 

 

Bank of America N.A.

     $ 12,673          $ (12,673      $   —          $   —          $   —  

Barclays Bank PLC

     63          (63                         

BNP Paribas SA

     436,627          (436,627                         

Citibank N.A.

     187,004          (187,004                         

Deutsche Bank Securities Inc.

     113          (113                         
                    

 

 

18  

2 0 2 4I S H A R E S  S E M I - 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 (unaudited) (continued)

January 31, 2024

  

iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

 

 
   

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 (d)(e) 

 

 

HSBC Bank PLC

         $ 15,923           $ (15,923    $        $           $  

JPMorgan Chase Bank N.A.

       3,497         (3,497                        

Morgan Stanley & Co. International PLC

       3,734         (3,734                        

State Street Bank & Trust Company

       121,303         (121,303                        

UBS AG

       184,220         (184,110                       110  
    

 

 

     

 

 

    

 

 

      

 

 

     

 

 

 
     $  965,157       $ (965,047    $        $       $ 110  
    

 

 

     

 

 

    

 

 

      

 

 

     

 

 

 

 

  (a) 

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

 
  (b) 

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

 
  (c) 

Net amount represents the net amount receivable from the counterparty in the event of default.

 
  (d) 

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

 
  (e) 

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

     $ 192,857,526        $      $        $ 192,857,526  

Short-Term Securities

                 

Money Market Funds

       680,000                          680,000  
    

 

 

      

 

 

    

 

 

      

 

 

 
     $ 193,537,526        $      $        $ 193,537,526  
    

 

 

      

 

 

    

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Foreign Currency Exchange Contracts

     $        $ 5,259,205      $        $ 5,259,205  

Liabilities

                 

Foreign Currency Exchange Contracts

                (965,157               (965,157
    

 

 

      

 

 

    

 

 

      

 

 

 
     $        $ 4,294,048      $          4,294,048  
    

 

 

      

 

 

    

 

 

      

 

 

 

 

  (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

    19  


Schedule of Investments (unaudited)

January 31, 2024

  

iShares® Currency Hedged MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

   
Exchange-Traded Funds — 99.4%            

iShares MSCI EAFE ETF(a)(b)

    52,121,455     $  3,909,630,340  
   

 

 

 

Total Investment Companies
(Cost: $3,530,123,146)

      3,909,630,340  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 11.2%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(a)(c)(d)

    438,112,547       438,375,414  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(a)(c)

    2,550,000       2,550,000  
   

 

 

 

Total Short-Term Securities — 11.2%
(Cost: $440,925,414)

 

    440,925,414  
   

 

 

 

Total Investments in Securities — 110.6%
(Cost: $3,971,048,560)

 

    4,350,555,754  

Liabilities in Excess of Other Assets — (10.6)%

 

    (416,029,543
   

 

 

 

Net Assets — 100.0%

 

  $ 3,934,526,211  
   

 

 

 

 

(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 six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
     Affiliated Issuer   

Value at

07/31/23

      

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

      

Change in

Unrealized

Appreciation

(Depreciation)

      

Value at

01/31/24

      

Shares

Held at

01/31/24

       Income     

Capital

Gain

Distributions

from

Underlying

Funds

   

  

 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 813,520,005        $      $  (375,341,874 )(a)     $ 277,171        $ (79,888      $ 438,375,414          438,112,547        $ 608,071 (b)     $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,130,000          1,420,000 (a)                                2,550,000          2,550,000          75,703           
 

iShares MSCI EAFE ETF

     3,545,298,008          628,606,005        (312,085,982      5,545,881          42,266,428          3,909,630,340          52,121,455          47,721,862           
               

 

 

      

 

 

      

 

 

           

 

 

    

 

 

   
                $ 5,823,052        $ 42,186,540        $ 4,350,555,754             $  48,405,636      $    
               

 

 

      

 

 

      

 

 

           

 

 

    

 

 

   

 

  (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)

 
GBP        27,000        USD        34,102        Toronto Dominion Bank      02/02/24        $ 116  
ILS        3,000        USD        821        Bank of America N.A.      02/02/24          2  
USD        1,277,754        AUD        1,898,000        Bank of America N.A.      02/02/24          32,571  
USD        234,722        AUD        351,000        Bank of New York      02/02/24          4,448  
USD        275,231,017        AUD        402,966,000        BNP Paribas SA      02/02/24          10,865,161  

 

 

20  

2 0 2 4I S H A R E S  S E M I - 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 (unaudited) (continued)

January 31, 2024

  

iShares® Currency Hedged MSCI EAFE ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

         
Currency Purchased        Currency Sold        Counterparty    Settlement Date       

Unrealized

Appreciation

(Depreciation)

 
USD        13,818,304        AUD        20,232,000        Citibank N.A.      02/02/24        $ 545,100  
USD        231,083        AUD        351,000        HSBC Bank PLC      02/02/24          809  
USD        589,986        AUD        877,000        JPMorgan Chase Bank N.A.      02/02/24          14,630  
USD        1,022,198        AUD        1,499,000        State Street Bank & Trust Company      02/02/24          38,779  
USD        236,292        AUD        351,000        Toronto Dominion Bank      02/02/24          6,018  
USD        771,043        CHF        652,000        Bank of America N.A.      02/02/24          15,495  
USD        382,179,398        CHF        320,694,000        BNP Paribas SA      02/02/24          10,554,159  
USD        614,789        CHF        522,000        Toronto Dominion Bank      02/02/24          9,887  
USD        937,754        DKK        6,363,000        Bank of America N.A.      02/02/24          15,253  
USD        126,725,333        DKK        853,909,000        BNP Paribas SA      02/02/24          2,926,448  
USD        471,072        DKK        3,177,000        Citibank N.A.      02/02/24          10,473  
USD        103,766        DKK        706,000        HSBC Bank PLC      02/02/24          1,411  
USD        102,686        DKK        706,000        JPMorgan Chase Bank N.A.      02/02/24          331  
USD        103,553        DKK        706,000        Toronto Dominion Bank      02/02/24          1,198  
USD        1,024,581        EUR        945,000        Bank of New York      02/02/24          3,319  
USD        12,377,645        EUR        11,192,000        Citibank N.A.      02/02/24          282,448  
USD        5,721,952        EUR        5,186,000        HSBC Bank PLC      02/02/24          117,440  
USD        2,051,819        EUR        1,890,000        JPMorgan Chase Bank N.A.      02/02/24          9,295  
USD        1,033,245        EUR        945,000        Natwest Markets PLC      02/02/24          11,983  
USD        1,260,629,239        EUR        1,139,862,000        State Street Bank & Trust Company      02/02/24          28,780,139  
USD        2,591,091        EUR        2,363,000        UBS AG      02/02/24          37,396  
USD        459,964        GBP        362,000        Bank of New York      02/02/24          1,201  
USD        561,005,229        GBP        440,003,000        BNP Paribas SA      02/02/24          3,389,325  
USD        1,603,950        GBP        1,258,000        Citibank N.A.      02/02/24          9,686  
USD        919,665        GBP        724,000        HSBC Bank PLC      02/02/24          2,140  
USD        461,411        GBP        362,000        JPMorgan Chase Bank N.A.      02/02/24          2,648  
USD        1,154,467        GBP        905,000        UBS AG      02/02/24          7,560  
USD        291,225        HKD        2,274,000        BNP Paribas SA      02/02/24          356  
USD        78,335,117        HKD        611,292,000        Citibank N.A.      02/02/24          144,287  
USD        196,549        HKD        1,536,000        HSBC Bank PLC      02/02/24          79  
USD        1,311,727        HKD        10,237,000        State Street Bank & Trust Company      02/02/24          2,305  
USD        65,620        HKD        512,000        Toronto Dominion Bank      02/02/24          130  
USD        54,257        ILS        197,000        BNP Paribas SA      02/02/24          251  
USD        14,719,293        ILS        52,974,000        Citibank N.A.      02/02/24          196,916  
USD        692,009        JPY        98,702,000        Bank of America N.A.      02/02/24          21,388  
USD        888,219,194        JPY        124,650,550,000        Bank of New York      02/02/24          41,293,321  
USD        3,985,501        JPY        562,470,000        BNP Paribas SA      02/02/24          163,854  
USD        1,718,136        JPY        246,755,000        JPMorgan Chase Bank N.A.      02/02/24          41,584  
USD        134,219        NOK        1,391,000        Bank of America N.A.      02/02/24          1,960  
USD        98,933        NOK        1,005,000        BNP Paribas SA      02/02/24          3,376  
USD        26,610,402        NOK        270,057,000        Citibank N.A.      02/02/24          932,873  
USD        20,498        NOK        214,000        Natwest Markets PLC      02/02/24          151  
USD        7,697,892        NZD        12,157,000        Citibank N.A.      02/02/24          266,926  
USD        28,448        NZD        45,000        Commonwealth Bank of Australia      02/02/24          942  
USD        58,093        NZD        92,000        HSBC Bank PLC      02/02/24          1,859  
USD        15,638        NZD        25,000        State Street Bank & Trust Company      02/02/24          356  
USD        6,242        NZD        10,000        Toronto Dominion Bank      02/02/24          130  
USD        247,265        SEK        2,526,000        Bank of America N.A.      02/02/24          4,535  
USD        126,523,779        SEK        1,273,600,000        BNP Paribas SA      02/02/24          4,140,495  
USD        98,198        SEK        1,010,000        Toronto Dominion Bank      02/02/24          1,145  
USD        76,804        SGD        103,000        BNP Paribas SA      02/02/24          24  
USD        46,787,612        SGD        61,638,000        Citibank N.A.      02/02/24          840,538  
USD        173,699        SGD        229,000        Commonwealth Bank of Australia      02/02/24          2,994  

 

 

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

    21  


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® Currency Hedged MSCI EAFE ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

         
Currency Purchased        Currency Sold        Counterparty    Settlement Date       

Unrealized

Appreciation

(Depreciation)

 
USD        96,485        SGD        128,000        JPMorgan Chase Bank N.A.      02/02/24        $ 1,069  
USD        586,409        SGD        774,000        State Street Bank & Trust Company      02/02/24          9,443  
USD        38,321        SGD        51,000        Toronto Dominion Bank      02/02/24          304  
USD        10,722,712        AUD        16,205,000        Bank of America N.A.      03/04/24          80,597  
USD        283,539,074        AUD        428,499,000        BNP Paribas SA      03/04/24          2,136,056  
USD        398,473,270        CHF        340,708,000        BNP Paribas SA      03/04/24          2,336,645  
USD        136,169,729        DKK        932,908,000        BNP Paribas SA      03/04/24          699,009  
USD        63,914,576        EUR        58,763,000        Citibank N.A.      03/04/24          327,356  
USD        1,255,468,378        EUR        1,154,321,000        Morgan Stanley & Co. International PLC      03/04/24          6,382,001  
USD        563,353,619        GBP        442,290,000        Bank of America N.A.      03/04/24          2,702,289  
USD        22,746,556        GBP        17,858,000        BNP Paribas SA      03/04/24          109,573  
USD        80,096,526        HKD        625,563,000        BNP Paribas SA      03/04/24          6,758  
USD        14,353,435        ILS        52,167,000        BNP Paribas SA      03/04/24          37,754  
USD        538,757        ILS        1,958,000        Morgan Stanley & Co. International PLC      03/04/24          1,442  
USD        95,920,995        JPY        13,953,723,000        Citibank N.A.      03/04/24          652,994  
USD        828,769,796        JPY        120,564,623,000        UBS AG      03/04/24          5,623,848  
USD        25,459,865        NOK        266,021,000        BNP Paribas SA      03/04/24          146,891  
USD        332,408        NZD        540,000        Citibank N.A.      03/04/24          2,314  
USD        7,607,276        NZD        12,358,000        UBS AG      03/04/24          53,017  
USD        121,950,353        SEK        1,258,487,000        BNP Paribas SA      03/04/24          868,524  
USD        570,989        SGD        762,000        Bank of America N.A.      03/04/24          2,173  
USD        47,047,257        SGD        62,784,000        BNP Paribas SA      03/04/24          180,340  
                           

 

 

 
                              128,120,041  
                           

 

 

 
AUD        26,000      &nbs