LOGO

  JULY 31, 2023

 

   2023 Annual Report

 

iShares Trust

· iShares Core MSCI EAFE ETF | IEFA | Cboe BZX

· iShares Core MSCI Europe ETF | IEUR | NYSE Arca

· iShares Core MSCI International Developed Markets ETF | IDEV | NYSE Arca

· iShares Core MSCI Pacific ETF | IPAC | NYSE Arca

· iShares Core MSCI Total International Stock ETF | IXUS | 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. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for 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 S  N O T  P A R T  O 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

     15  

Disclosure of Expenses

     15  

Schedules of Investments

     16  

Financial Statements:

  

Statements of Assets and Liabilities

     134  

Statements of Operations

     136  

Statements of Changes in Net Assets

     138  

Financial Highlights

     141  

Notes to Financial Statements

     146  

Report of Independent Registered Public Accounting Firm

     157  

Important Tax Information

     158  

Board Review and Approval of Investment Advisory Contract

     159  

Supplemental Information

     163  

Trustee and Officer Information

     165  

General Information

     168  

Glossary of Terms Used in this Report

     169  

 

 

 

  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® Core MSCI EAFE ETF

 

Investment Objective

The iShares Core MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE IMI (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

    14.94      4.37      5.47       14.94      23.86      70.36

Fund Market

    14.86        4.39        5.45         14.86        23.99        69.94  

Index

    15.47        4.17        5.29               15.47        22.67        67.49  

GROWTH OF $10,000 INVESTMENT

( AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was October 18, 2012. The first day of secondary market trading was October 22, 2012.

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          $  1,055.80          $  0.41               $ 1,000.00          $ 1,024.40          $  0.40          0.08

 

  (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

  5


Fund Summary as of July 31, 2023 (continued)    iShares® Core MSCI EAFE ETF

 

Portfolio Management Commentary

Large-, mid-, and small-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. Japanese stocks contributed the most 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. The low value of the Japanese yen relative to the U.S. dollar benefited exporters in the industry and drove strong earnings guidance. Elevated energy prices during much of the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.

European stocks, particularly in France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation dropped significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by fashion, jewelry, and other luxury goods. European sales of luxury products 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 disruptions. Robust demand for products such as train equipment and software used in industrial processes bolstered revenues and orders in the industrial conglomerates industry.

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. The Bank of England raised interest rates eight times during the reporting period, leading to higher net interest income (the difference between the return on interest-bearing assets and interest paid to depositors and borrowings) for banks.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    17.7

Industrials

    17.1  

Consumer Discretionary

    12.6  

Health Care

    12.1  

Consumer Staples

    9.4  

Information Technology

    8.4  

Materials

    7.8  

Communication Services

    4.1  

Energy

    4.1  

Real Estate

    3.4  

Utilities

    3.3  

 

  (a)

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    23.7

United Kingdom

    14.9  

France

    10.9  

Switzerland

    9.7  

Germany

    8.0  

Australia

    7.8  

Netherlands

    4.3  

Sweden

    3.5  

Denmark

    2.9  

Italy

    2.6  

 

 

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® Core MSCI Europe ETF

 

Investment Objective

The iShares Core MSCI Europe ETF(the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization European equities, as represented by the MSCI Europe IMI (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     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    17.84      4.93      3.80       17.84      27.22      40.66

Fund Market

    17.75        4.94        3.79         17.75        27.24        40.55  

Index

    18.27        4.75        3.59               18.27        26.11        38.04  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 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          $  1,067.30          $  0.67               $ 1,000.00          $ 1,024.10          $  0.65          0.13

 

  (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

  7


Fund Summary as of July 31, 2023 (continued)    iShares® Core MSCI Europe ETF

 

Portfolio Management Commentary

European equities advanced strongly for the reporting period, outpacing most other regions of the globe despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. Although the conflict initially disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The 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.

French stocks contributed the most to the Index’s performance. The country’s economy weathered the turbulence of 2022 relatively well due to a reduced reliance on Russian gas and interventions by the French government to control energy prices. The French consumer discretionary sector benefited from solid sales of luxury goods in Europe and Asia, owing in part to a resurgence in international travel and the easing of China’s coronavirus-related restrictions. French industrials stocks also posted an advance, notably those in the aerospace and defense industry. Overcoming significant supply chain challenges, French manufacturers of jets and engines benefited as air travel recovered and orders for new planes increased accordingly.

German stocks bolstered the Index’s return, led by the industrials sector. Although revised figures for Germany for the first quarter of 2023 showed an economic contraction for the second consecutive quarter, stocks in the industrial conglomerates industry were buoyed by strong earnings guidance amid easing supply chain bottlenecks. In the information technology sector, the application software industry benefited from growth in cloud-based services. Stocks of multi-line insurers in the financials sector gained due to the strength of life and health insurance sales.

U.K. stocks also made a notable contribution to the Index’s return. Cost-cutting through automation and layoffs drove higher profits for banks in the financials sector. Higher interest rates amid tighter monetary policy also supported the banking industry. Swiss stocks also gained, led by the insurance industry in the financials sector. Growth in both commercial and property and casualty business, along with higher premium pricing, boosted insurers’ profits.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    17.3

Industrials

    16.2  

Health Care

    14.7  

Consumer Discretionary

    11.7  

Consumer Staples

    11.5  

Information Technology

    7.2  

Materials

    7.1  

Energy

    5.4  

Utilities

    4.0  

Communication Services

    3.3  

Real Estate

    1.6  

 

  (a) 

 Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United Kingdom

    23.6

France

    17.2  

Switzerland

    15.3  

Germany

    12.6  

Netherlands

    6.8  

Sweden

    5.5  

Denmark

    4.6  

Italy

    4.1  

Spain

    3.9  

Belgium

    1.6  

 

 

 

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® Core MSCI International Developed Markets ETF

 

Investment Objective

The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the United States, as represented by the MSCI World ex USA IMI (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      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    13.91      4.71      6.25       13.91      25.89      47.11

Fund Market

    13.77        4.75        6.28         13.77        26.11        47.37  

Index

    14.32        4.42        5.98               14.32        24.15        44.65  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

The inception date of the Fund was March 21, 2017. The first day of secondary market trading was March 23, 2017.

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          $  1,051.60          $  0.20               $ 1,000.00          $ 1,024.60          $  0.20          0.04

 

  (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

  9


Fund Summary as of July 31, 2023 (continued)    iShares® Core MSCI International Developed Markets ETF

 

Portfolio Management Commentary

Developed market stocks outside the U.S. advanced notably 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 coronavirus 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. The low value of the Japanese yen relative to the U.S. dollar benefited exporters in the industry and drove strong earnings guidance. Elevated energy prices during much of the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.

European stocks, particularly from France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation dropped significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by textiles and apparel. European sales of luxury goods were particularly strong, helped by an increase in tourism from North America. Rebounding sales of luxury brands in Asia during the Chinese New Year holiday also drove industry sales. In Germany, an expanding order book, indicating stronger future sales, buoyed stocks in the industrials sector, as did improved earnings guidance amid easing supply chain bottlenecks. The information technology sector posted an advance, benefiting from robust sales of cloud-based enterprise software.

U.K. stocks also contributed to the Index’s performance, despite sluggish economic growth during the reporting period. The financials sector was the leading source of strength, as cost cuts and high interest rates improved profitability and prompted higher dividend payouts and a stock buyback program.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    19.2

Industrials

    16.6  

Consumer Discretionary

    11.7  

Health Care

    10.9  

Consumer Staples

    8.8  

Materials

    8.4  

Information Technology

    8.3  

Energy

    5.6  

Communication Services

    3.9  

Utilities

    3.3  

Real Estate

    3.3  

 

  (a)

 Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    21.3

United Kingdom

    13.3  

Canada

    10.4  

France

    9.7  

Switzerland

    8.7  

Germany

    7.2  

Australia

    6.9  

Netherlands

    3.9  

Sweden

    3.1  

Denmark

    2.6  

 

 

 

10  

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


Fund Summary as of July 31, 2023    iShares® Core MSCI Pacific ETF

 

Investment Objective

The iShares Core MSCI Pacific ETF(the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Pacific region equities, as represented by the MSCI Pacific IMI (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     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    10.73      3.38      4.74       10.73      18.06      52.71

Fund Market

    10.49        3.31        4.75         10.49        17.70        52.86  

Index

    11.40        3.18        4.65               11.40        16.95        51.46  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 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          $  1,037.90          $  0.45               $ 1,000.00          $ 1,024.30          $  0.45          0.09

 

  (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® Core MSCI Pacific ETF

 

Portfolio Management Commentary

Stocks in the Pacific region advanced during the reporting period. Japanese equities 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. Strong business investment and exports helped boost economic growth and support Japanese equities. In October 2022, Japan lifted strict coronavirus 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. The low value of the Japanese yen relative to the U.S. dollar benefited exporters in the industry and drove strong earnings guidance. Elevated energy prices early in the reporting period bolstered capital goods companies that were involved in liquefied natural gas projects. Increased investment by a prominent U.S. shareholder in several Japanese trading companies also supported stocks in the industry.

Japanese financials stocks advanced for the reporting period, led by banks. Domestically, the nascent economic recovery led to more demand for loans, driving growth in lending for Japanese banks. For some banks that derive substantial income from abroad, higher interest rates in the U.S. further supported performance.

Japanese consumer discretionary stocks advanced, led by the automobiles industry. As the effects of a global chip shortage and resulting supply chain disruptions waned, Japanese automakers reported robust sales and issued strong guidance, including plans to expand production of electric vehicles.

Australian metals and mining stocks in the materials sector gained during the reporting period, as an easing of China’s coronavirus-related restrictions raised optimism for a corresponding increase in commodities demand. Renewed merger and acquisition activity in the industry also buoyed Australian metals and mining companies. Singapore’s banking industry added to the Index’s return as interest rate raises by central banks buoyed net interest income (the difference between the return on interest-bearing assets and interest paid to depositors).

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    18.9

Financials

    18.3  

Consumer Discretionary

    14.5  

Information Technology

    9.8  

Materials

    9.3  

Health Care

    7.6  

Real Estate

    6.4  

Consumer Staples

    5.8  

Communication Services

    5.6  

Utilities

    2.0  

Energy

    1.8  

 

  (a)

 Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    66.4

Australia

    21.7  

Hong Kong

    6.7  

Singapore

    4.4  

Other (each representing less than 1%)

    0.8  

 

 

12  

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Fund Summary as of July 31, 2023    iShares® Core MSCI Total International Stock ETF

 

Investment Objective

The iShares Core MSCI Total International Stock ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA IMI (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

    12.72      3.94      4.98       12.72      21.30      62.63

Fund Market

    12.58        3.91        4.96         12.58        21.13        62.29  

Index

    12.96        3.80        4.85               12.96        20.47        60.59  

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          $  0.41               $ 1,000.00          $ 1,024.40          $  0.40          0.08

 

  (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® Core MSCI Total International Stock ETF

 

Portfolio Management Commentary

Global stocks outside the U.S. 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. The low value of the Japanese yen relative to the U.S. dollar benefited exporters in the industry and drove strong earnings guidance. Elevated energy prices during much of the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.

European stocks, particularly from France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation dropped significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by textiles and apparel. European sales of luxury goods were particularly strong, helped by an increase in tourism from North America. In Germany, an expanding order book, indicating stronger future sales, buoyed stocks in the industrials sector, as did improved earnings guidance amid easing supply chain bottlenecks. The information technology sector posted an advance, benefiting from robust sales of cloud-based enterprise software.

U.K. stocks also contributed to the Index’s performance, despite sluggish economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates improved profitability and prompted higher dividend payouts and a stock buyback program. Financials stocks also gained in Switzerland, where the insurance industry benefited from robust profit growth and increased gross written premiums.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    19.5

Industrials

    14.2  

Consumer Discretionary

    12.3  

Information Technology

    11.5  

Health Care

    9.1  

Materials

    8.5  

Consumer Staples

    8.1  

Communication Services

    5.4  

Energy

    5.3  

Utilities

    3.1  

Real Estate

    3.0  

 

  (a)

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    15.3

United Kingdom

    9.6  

China

    7.8  

Canada

    7.5  

France

    7.0  

Switzerland

    6.2  

Germany

    5.1  

Australia

    5.0  

Taiwan

    4.4  

India

    4.4  

 

 

14  

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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 E  O F  E X P E N S E S

  15


Schedule of Investments

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 7.7%            

29Metals Ltd.(a)

    1,037,174     $ 504,522  

Abacus Property Group

    3,039,863       5,441,307  

Accent Group Ltd.

    1,643,635       1,954,802  

Adbri Ltd.

    2,717,902       4,556,066  

AGL Energy Ltd.

    3,623,386       29,695,571  

Allkem Ltd.(b)

    3,312,780       33,166,269  

ALS Ltd.

    2,500,603       19,778,049  

Altium Ltd.

    653,204       16,808,514  

Alumina Ltd.

    13,161,059       12,704,432  

AMP Ltd.

    15,694,249       11,942,487  

Ampol Ltd.

    1,308,943       28,988,678  

Ansell Ltd.

    689,723       11,200,890  

APA Group

    6,338,508       42,639,916  

APM Human Services International Ltd.

    1,471,226       1,973,063  

Arafura Rare Earths Ltd.(a)(b)

    9,628,724       1,849,524  

ARB Corp. Ltd.

    501,522       10,528,870  

Arena REIT

    1,888,580       4,834,127  

Argosy Minerals Ltd.(a)(b)

    6,348,991       1,371,714  

Aristocrat Leisure Ltd.

    3,213,762       85,117,189  

ASX Ltd.

    1,049,710       43,855,466  

Atlas Arteria Ltd.

    7,748,352       32,753,452  

AUB Group Ltd.

    504,173       9,739,160  

Aurizon Holdings Ltd.

    9,948,826       25,496,984  

Aussie Broadband Ltd.(a)(b)

    1,002,820       1,859,461  

Austal Ltd.

    2,101,971       3,110,676  

Australia & New Zealand Banking Group Ltd.

    16,224,195        281,476,237  

Australian Agricultural Co. Ltd.(a)(b)

    2,496,958       2,505,240  

Australian Clinical Labs Ltd.(a)

    582,966       1,243,880  

AVZ Minerals Ltd.(a)(b)(c)

    12,873,189       4,721,218  

Bank of Queensland Ltd.

    3,518,526       14,298,392  

Bapcor Ltd.

    2,083,558       8,765,763  

Beach Energy Ltd.

    9,305,318       10,146,382  

Bega Cheese Ltd.

    1,694,467       3,711,407  

Bellevue Gold Ltd.(b)

    6,170,000       6,053,369  

Bendigo & Adelaide Bank Ltd.

    3,002,168       18,905,405  

BHP Group Ltd.

    27,614,001       859,399,253  

BlueScope Steel Ltd.

    2,491,479       36,741,955  

Boral Ltd.(a)(b)

    2,060,897       6,050,662  

Boss Energy Ltd. (a)(b)

    1,869,610       3,673,938  

BrainChip Holdings Ltd.(a)(b)

    8,526,866       2,067,906  

Brambles Ltd.

    7,476,103       70,729,686  

Breville Group Ltd.(a)

    542,446       8,252,919  

Brickworks Ltd.

    377,524       6,585,529  

BWP Trust

    3,140,038       7,754,267  

Calix Ltd.(b)

    751,128       2,110,818  

Capricorn Metals Ltd.(b)

    1,474,528       4,448,581  

carsales.com Ltd.

    2,072,415       34,642,060  

Centuria Capital Group

    3,434,650       3,938,084  

Centuria Industrial REIT

    2,910,070       6,231,496  

Centuria Office REIT

    1,142,615       1,114,147  

Chalice Mining Ltd.(b)

    1,857,272       7,430,231  

Challenger Ltd.

    3,052,793       14,755,405  

Champion Iron Ltd.

    2,104,997       8,528,401  

Charter Hall Group

    2,567,853       19,792,405  

Charter Hall Long Wale REIT

    3,741,030       10,354,260  

Charter Hall Retail REIT

    2,626,956       6,633,150  

Charter Hall Social Infrastructure REIT

    563,995       1,135,569  

Cleanaway Waste Management Ltd.

    11,481,707       21,310,939  
Security   Shares     Value  
Australia (continued)            

Clinuvel Pharmaceuticals Ltd.

    211,038     $ 2,604,746  

Cochlear Ltd.

    356,529       57,355,644  

Codan Ltd./Australia

    567,724       2,869,847  

Coles Group Ltd.

    7,232,722       88,446,028  

Collins Foods Ltd.

    482,349       3,255,719  

Commonwealth Bank of Australia

    9,201,246       654,657,244  

Computershare Ltd.

    3,089,141       52,099,147  

Core Lithium Ltd.(a)(b)

    9,107,487       3,932,603  

Coronado Global Resources Inc.(d)

    4,046,668       4,552,798  

Corporate Travel Management Ltd.

    727,947       10,260,180  

Costa Group Holdings Ltd.

    2,444,535       5,452,016  

Credit Corp. Group Ltd.

    378,364       6,024,717  

Cromwell Property Group

    12,341,354       4,568,927  

CSL Ltd.

    2,630,332        473,765,256  

CSR Ltd.

    2,963,316       11,430,751  

Data#3 Ltd.

    371,521       1,877,579  

De Grey Mining Ltd.(b)

    7,218,404       6,527,924  

Deterra Royalties Ltd.

    2,328,005       7,377,768  

Dexus

    5,908,783       32,703,873  

Dexus Industria REIT

    329,597       620,500  

Dicker Data Ltd.

    269,232       1,448,947  

Domain Holdings Australia Ltd.

    2,073,833       5,678,555  

Domino’s Pizza Enterprises Ltd.

    360,428       11,924,825  

Downer EDI Ltd.

    3,752,700       11,094,172  

Eagers Automotive Ltd.

    788,935       7,847,026  

Elders Ltd.

    904,919       4,436,662  

Endeavour Group Ltd./Australia

    7,720,857       31,557,745  

Evolution Mining Ltd.

    10,078,111       25,300,671  

EVT Ltd.

    582,699       4,794,737  

Firefinch Ltd.(a)(b)(c)

    5,815,203       585,911  

FleetPartners Group Ltd., NVS(b)

    1,409,863       2,436,156  

Flight Centre Travel Group Ltd.(b)

    940,420       14,799,830  

Fortescue Metals Group Ltd.

    9,276,290       136,368,186  

G8 Education Ltd.

    4,266,616       3,157,123  

Gold Road Resources Ltd.

    5,343,588       5,707,904  

Goodman Group

    9,270,068       128,178,640  

Goulamina Holdings Pty Ltd.(a)(b)

    5,414,054       4,229,847  

GPT Group (The)

    11,118,969       32,499,174  

GrainCorp Ltd., Class A

    1,240,510       6,752,442  

Grange Resources Ltd.

    2,708,334       986,018  

Growthpoint Properties Australia Ltd.

    750,395       1,450,996  

GUD Holdings Ltd.

    876,036       5,883,904  

GWA Group Ltd.

    1,585,808       2,093,093  

Hansen Technologies Ltd.(a)

    691,228       2,436,672  

Harvey Norman Holdings Ltd.

    3,492,076       8,884,061  

Healius Ltd.

    3,686,200       7,122,208  

Helia Group Ltd.

    2,495,044       6,514,368  

Home Consortium Ltd.

    1,339,038       4,672,301  

HomeCo Daily Needs REIT

    8,411,750       6,765,601  

HUB24 Ltd.

    404,672       7,677,348  

IDP Education Ltd.

    1,342,281       22,494,487  

IGO Ltd.

    3,735,667       34,907,058  

Iluka Resources Ltd.

    2,330,054       16,093,600  

Imdex Ltd.

    1,531,945       2,020,884  

Imugene Ltd.(a)(b)

    28,982,420       1,956,269  

Incitec Pivot Ltd.

    10,257,671       20,866,247  

Ingenia Communities Group

    1,854,668       5,099,729  

Inghams Group Ltd.

    1,927,287       3,632,680  

Insignia Financial Ltd.

    3,300,236       6,631,216  

Insurance Australia Group Ltd.

    13,235,661       52,836,902  

 

 

16  

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Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Australia (continued)            

Integral Diagnostics Ltd.

    571,928     $ 1,164,017  

InvoCare Ltd.

    744,072       6,118,541  

ionner Ltd.(a)(b)

    7,562,160       1,479,598  

IPH Ltd.

    1,419,526       7,556,447  

IRESS Ltd.

    1,071,093       7,487,705  

James Hardie Industries PLC(b)

    2,419,867       70,918,765  

JB Hi-Fi Ltd.

    608,099       18,702,550  

Johns Lyng Group Ltd.

    968,990       3,453,365  

Judo Capital Holdings Ltd.(a)(b)

    3,549,232       3,260,689  

Jumbo Interactive Ltd.

    194,723       2,011,246  

Karoon Energy Ltd.(b)

    2,576,271       3,881,905  

Kelsian Group Ltd.

    850,392       3,975,863  

Lake Resources NL(a)(b)

    7,430,325       1,128,439  

Lendlease Corp. Ltd.

    3,723,170       21,644,906  

Lifestyle Communities Ltd.(a)

    384,266       4,500,629  

Link Administration Holdings Ltd.

    2,916,812       3,004,393  

Liontown Resources Ltd.(a)(b)

    8,828,433       16,031,407  

Lottery Corp. Ltd. (The)

    11,918,260       41,474,282  

Lovisa Holdings Ltd.

    303,235       4,383,770  

Lynas Rare Earths Ltd.(b)

    5,125,063       23,227,945  

MA Financial Group Ltd.

    244,517       776,903  

Maas Group Holdings Ltd.(a)

    228,004       411,205  

Macquarie Group Ltd.

    2,006,251        236,596,997  

Magellan Financial Group Ltd.

    844,675       5,309,621  

McMillan Shakespeare Ltd.

    474,488       6,318,379  

Medibank Pvt Ltd.

    14,859,232       35,081,246  

Megaport Ltd.(a)(b)

    873,365       6,000,145  

Mesoblast Ltd.(a)(b)

    3,654,305       2,807,293  

Metcash Ltd.

    5,433,316       13,156,971  

Mineral Resources Ltd.

    950,413       45,920,890  

Mirvac Group

    21,150,211       33,339,072  

Monadelphous Group Ltd.

    593,455       5,448,556  

Mount Gibson Iron Ltd.(a)(b)

    3,158,142       1,000,573  

Nanosonics Ltd.(a)(b)

    1,441,321       4,594,267  

National Australia Bank Ltd.

    17,030,249       326,232,279  

National Storage REIT

    6,597,053       10,304,193  

Netwealth Group Ltd.

    654,414       6,686,116  

Neuren Pharmaceuticals Ltd., NVS(a)(b)

    580,529       5,077,556  

New Hope Corp. Ltd.

    3,203,641       11,473,061  

Newcrest Mining Ltd.

    4,911,253       88,092,891  

NEXTDC Ltd.(b)

    3,105,973       26,657,043  

nib holdings Ltd.

    2,574,021       14,334,451  

Nick Scali Ltd.

    369,665       2,661,451  

Nickel Mines Ltd.

    10,202,398       5,686,167  

Nine Entertainment Co. Holdings Ltd.

    8,675,223       12,510,721  

Northern Star Resources Ltd.

    6,372,515       49,745,160  

Novonix Ltd.(a)(b)

    2,204,158       1,384,202  

NRW Holdings Ltd.

    2,227,907       4,130,058  

Nufarm Ltd./Australia

    1,863,853       6,747,731  

Objective Corp. Ltd.

    39,651       352,309  

Omni Bridgeway Ltd.(b)

    1,347,721       2,557,148  

oOh!media Ltd.

    3,432,506       3,224,281  

Orica Ltd.

    2,417,950       25,656,359  

Origin Energy Ltd.

    9,378,881       53,394,255  

Orora Ltd.

    4,934,932       11,920,372  

Paladin Energy Ltd.(b)

    15,470,774       7,697,946  

Perenti Global Ltd.(b)

    3,072,476       2,473,106  

Perpetual Ltd.

    599,119       9,945,583  

Perseus Mining Ltd.

    7,467,546       8,780,240  

PEXA Group Ltd.(b)

    842,927       7,519,915  
Security   Shares     Value  
Australia (continued)            

Pilbara Minerals Ltd.(a)

    14,795,505     $ 48,404,157  

Pinnacle Investment Management Group Ltd.

    732,987       5,193,996  

Platinum Asset Management Ltd.

    2,836,934       3,027,018  

PolyNovo Ltd.(b)

    3,702,067       4,033,474  

Premier Investments Ltd.

    637,970       9,512,060  

Pro Medicus Ltd.(a)

    300,227       13,904,447  

PWR Holdings Ltd.

    435,520       2,687,733  

Qantas Airways Ltd.(b)

    4,976,757       21,866,729  

QBE Insurance Group Ltd.

    8,034,201       85,298,319  

Qube Holdings Ltd.

    8,963,742       17,742,605  

Ramelius Resources Ltd.

    5,114,232       4,420,127  

Ramsay Health Care Ltd.

    985,374       39,048,646  

REA Group Ltd.

    283,870       30,094,026  

Reece Ltd.

    1,194,891       15,778,377  

Region RE Ltd.

    6,522,516       10,625,380  

Regis Resources Ltd.(b)

    4,263,713       4,849,216  

Reliance Worldwide Corp. Ltd.

    4,553,566       12,936,369  

Rio Tinto Ltd.

    2,042,496        161,734,617  

Rural Funds Group

    694,053       933,235  

Sandfire Resources Ltd.(b)

    2,793,752       12,770,860  

Santos Ltd.

    18,143,553       97,630,233  

Sayona Mining Ltd.(a)(b)

    45,069,661       4,412,271  

Scentre Group

    27,799,280       52,604,343  

SEEK Ltd.

    1,815,305       30,442,880  

Select Harvests Ltd.(a)

    405,093       1,144,313  

Seven Group Holdings Ltd.

    990,224       17,481,461  

Seven West Media Ltd.(a)(b)

    4,961,269       1,284,386  

Sigma Healthcare Ltd.

    2,048,822       1,081,421  

Silex Systems Ltd.(a)(b)

    825,494       2,008,476  

Silver Lake Resources Ltd.(b)

    5,474,614       3,304,732  

Sims Ltd.

    965,079       9,844,506  

SiteMinder Ltd.(b)

    1,130,742       3,204,054  

SmartGroup Corp. Ltd.

    607,015       3,693,677  

Sonic Healthcare Ltd.

    2,422,025       57,227,110  

South32 Ltd.

    24,770,121       65,224,569  

Star Entertainment Grp Ltd. (The)(b)

    7,785,256       5,505,586  

Steadfast Group Ltd.

    5,509,552       21,615,333  

Stockland

    12,858,905       36,545,406  

Strike Energy Ltd.(a)(b)

    11,763,122       3,523,327  

Suncorp Group Ltd.

    6,784,567       65,009,879  

Super Retail Group Ltd.

    905,368       7,514,252  

Syrah Resources Ltd.(a)(b)

    3,545,329       1,675,813  

Tabcorp Holdings Ltd.

    12,526,610       8,886,172  

Technology One Ltd.

    1,632,275       17,294,203  

Telix Pharmaceuticals Ltd.(b)

    1,300,283       9,889,853  

Telstra Corp. Ltd.

    21,762,960       62,290,180  

Temple & Webster Group Ltd.(a)(b)

    549,849       2,441,357  

Terracom Ltd.

    3,196,888       883,740  

Tietto Minerals Ltd.(a)(b)

    3,773,126       1,286,212  

Transurban Group

    16,810,701       162,308,054  

Treasury Wine Estates Ltd.

    3,842,027       29,079,060  

Tyro Payments Ltd.(b)

    2,342,638       2,202,952  

United Malt Grp Ltd.(b)

    1,389,901       4,505,123  

Ventia Services Group Pty Ltd.

    3,239,862       6,316,771  

Vicinity Ltd.

    20,564,935       27,343,216  

Viva Energy Group Ltd.(d)

    5,109,950       10,841,201  

Vulcan Energy Resources Ltd.(b)

    576,334       1,725,776  

Vulcan Steel Ltd.

    393,494       2,051,045  

Washington H Soul Pattinson & Co. Ltd.

    1,311,564       29,100,487  

Waypoint REIT Ltd.

    3,624,279       6,390,612  

 

 

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

  17


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Australia (continued)            

Webjet Ltd.(a)(b)

    2,086,748     $ 11,076,593  

Weebit Nano Ltd.(a)(b)

    1,124,622       4,703,147  

Wesfarmers Ltd.

    6,155,683       205,674,494  

West African Resources Ltd.(b)

    5,311,288       3,221,946  

Westpac Banking Corp.

    19,093,223       286,987,676  

Whitehaven Coal Ltd.

    4,881,035       22,806,665  

WiseTech Global Ltd.

    915,212       52,852,607  

Woodside Energy Group Ltd.

    10,351,354       266,807,985  

Woolworths Group Ltd.

    6,616,411       171,820,482  

Worley Ltd.

    2,042,884       23,909,142  

Xero Ltd.(b)

    783,979       64,444,173  
   

 

 

 
       7,870,981,122  
Austria — 0.3%            

ams-OSRAM AG(a)(b)

    1,482,579       13,123,100  

ANDRITZ AG

    368,976       19,481,184  

AT&S Austria Technologie & Systemtechnik AG(a)

    142,081       5,366,205  

BAWAG Group AG(d)

    457,966       22,310,919  

CA Immobilien Anlagen AG

    288,400       9,197,294  

DO & CO AG(a)

    38,220       5,160,413  

Erste Group Bank AG

    1,855,561       70,132,545  

EVN AG

    195,337       4,630,249  

IMMOFINANZ AG(a)(b)

    196,245       3,937,839  

Lenzing AG(a)(b)

    119,460       6,013,737  

Oesterreichische Post AG(a)

    193,325       7,052,355  

OMV AG

    801,903       36,129,011  

Palfinger AG

    19,665       576,291  

Porr AG

    20,942       291,966  

Raiffeisen Bank International AG(b)

    797,273       12,891,438  

Schoeller-Bleckmann Oilfield Equipment AG

    40,228       2,437,975  

Semperit AG Holding

    67,658       1,510,954  

UNIQA Insurance Group AG

    791,579       6,465,802  

Verbund AG

    376,764       31,217,521  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    241,592       6,461,624  

voestalpine AG

    625,198       20,659,888  

Wienerberger AG

    613,481       20,147,230  
   

 

 

 
      305,195,540  
Belgium — 1.0%            

Ackermans & van Haaren NV

    123,852       21,564,606  

Aedifica SA

    255,153       17,524,140  

Ageas SA/NV

    863,411       36,550,992  

AGFA-Gevaert NV(b)

    1,082,319       2,783,999  

Anheuser-Busch InBev SA/NV

    4,774,727       273,141,338  

Argenx SE(b)

    303,060       152,632,963  

Barco NV

    406,977       9,471,198  

Bekaert SA

    228,886       10,924,902  

bpost SA

    524,859       2,527,613  

Cofinimmo SA

    179,001       14,009,263  

Deme Group NV

    43,728       5,790,882  

D’ieteren Group

    146,386       25,565,756  

Elia Group SA/NV

    183,752       22,624,468  

Etablissements Franz Colruyt NV

    332,745       12,682,264  

Euronav NV

    604,904       9,938,349  

Exmar NV

    174,031       2,186,420  

Fagron

    445,572       7,928,797  

Galapagos NV(a)(b)

    247,705       10,409,652  

Groupe Bruxelles Lambert NV

    552,532       44,706,647  

Immobel SA

    2,645       104,625  

Intervest Offices & Warehouses NV

    54,767       805,695  
Security   Shares     Value  
Belgium (continued)            

Ion Beam Applications

    129,168     $ 2,084,858  

KBC Ancora

    256,084       11,983,992  

KBC Group NV

    1,347,185       101,395,592  

Kinepolis Group NV

    94,268       4,594,937  

Melexis NV

    119,845       12,919,906  

Montea NV

    64,945       5,262,516  

Ontex Group NV(a)(b)

    381,051       3,265,682  

Proximus SADP

    823,171       6,311,070  

Recticel SA(a)

    149,410       1,896,962  

Retail Estates NV

    56,274       3,593,141  

Shurgard Self Storage Ltd.

    143,115       6,530,428  

Sofina SA

    82,348       19,580,098  

Solvay SA

    396,658       47,637,927  

Telenet Group Holding NV

    238,987       5,472,402  

Tessenderlo Group SA

    228,043       7,649,195  

UCB SA

    685,258       60,677,721  

Umicore SA

    1,144,059       33,881,451  

VGP NV

    75,969       8,110,678  

Warehouses De Pauw CVA

    886,286       26,187,332  

X-Fab Silicon Foundries SE(a)(b)(d)

    187,419       2,271,699  

Xior Student Housing NV

    152,547       4,757,604  
   

 

 

 
       1,059,939,760  
Canada — 0.0%            

SharkNinja Inc.(b)

    299,560       12,674,384  
   

 

 

 

Denmark — 2.9%

   

ALK-Abello AS(b)

    811,432       8,835,260  

Alm Brand A/S

    5,010,090       7,984,862  

Ambu A/S, Class B(a)(b)

    1,001,500       14,775,911  

AP Moller - Maersk A/S, Class A

    16,097       32,365,032  

AP Moller - Maersk A/S, Class B, NVS

    27,275       56,028,485  

Bavarian Nordic A/S(a)(b)

    437,164       9,379,366  

Better Collective A/S(b)

    158,883       3,652,691  

Carlsberg AS, Class B

    526,563       78,975,035  

cBrain A/S

    53,046       1,171,319  

Chemometec A/S(b)

    86,978       5,836,692  

Chr Hansen Holding A/S

    567,578       42,888,252  

Coloplast A/S, Class B

    641,987       79,803,087  

D/S Norden A/S

    181,938       9,114,003  

Danske Bank A/S

    3,725,301       88,457,502  

Demant A/S(b)

    496,909       19,774,379  

Dfds A/S

    204,789       7,341,754  

DSV A/S

    1,010,755       202,292,486  

FLSmidth & Co. A/S(a)

    276,354       13,075,332  

Genmab A/S(b)

    359,016       147,986,244  

GN Store Nord A/S(b)

    708,347       18,887,925  

H Lundbeck AS

    1,477,251       7,332,257  

H Lundbeck AS, Class A

    369,438       1,656,824  

ISS A/S

    819,155       16,552,024  

Jyske Bank A/S, Registered(b)

    265,221       20,062,557  

Matas A/S

    289,711       4,257,351  

Netcompany Group A/S(a)(b)(d)

    248,440       11,532,248  

Nilfisk Holding A/S(b)

    92,050       1,733,682  

NKT A/S(a)(b)

    303,246       17,326,346  

Novo Nordisk A/S, Class B

    9,027,340       1,455,678,368  

Novozymes A/S, Class B

    1,107,855       55,562,569  

NTG Nordic Transport Group A/S, Class A(b)

    33,605       2,097,202  

Orsted AS(d)

    1,035,197       90,082,293  

Pandora A/S

    490,509       49,066,556  

Per Aarsleff Holding A/S

    133,699       6,346,099  

 

 

18  

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® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Denmark (continued)            

Ringkjoebing Landbobank A/S

    184,793     $ 26,299,465  

Rockwool A/S, Class B

    48,570       13,063,343  

Royal Unibrew A/S

    273,663       23,653,469  

Scandinavian Tobacco Group A/S, Class A(d)

    376,971       6,557,264  

Schouw & Co. A/S

    77,995       6,188,981  

SimCorp A/S

    226,485       24,285,205  

Solar A/S, Class B

    5,053       377,729  

Spar Nord Bank A/S

    555,868       8,838,654  

Sydbank AS

    368,471       17,671,222  

Topdanmark AS

    233,788       10,597,589  

TORM PLC, Class A

    194,069       4,776,707  

Trifork Holding AG

    25,831       508,433  

Tryg A/S

    1,930,822       38,121,762  

Vestas Wind Systems A/S(b)

    5,496,912       147,022,932  

Zealand Pharma A/S(b)

    266,626       9,252,660  
   

 

 

 
       2,925,127,408  
Finland — 0.9%            

Aktia Bank OYJ

    61,660       637,368  

Anora Group OYJ

    42,824       222,285  

Cargotec OYJ, Class B

    234,040       11,177,823  

Caverion OYJ

    536,337       5,047,855  

Citycon OYJ

    552,469       3,429,526  

Elisa OYJ

    768,055       40,065,904  

Finnair OYJ(a)(b)

    3,899,750       2,414,370  

Fortum OYJ

    2,426,029       32,841,748  

F-Secure OYJ

    109,140       268,887  

Huhtamaki OYJ

    542,321       19,278,167  

Incap OYJ(a)(b)

    86,364       1,018,567  

Kemira OYJ

    647,724       10,159,971  

Kempower OYJ(a)(b)

    88,200       3,937,223  

Kesko OYJ, Class B

    1,453,088       29,074,386  

Kojamo OYJ

    739,799       7,228,008  

Kone OYJ, Class B

    1,838,836       94,319,048  

Konecranes OYJ

    369,650       13,435,548  

Marimekko OYJ

    56,966       563,707  

Metsa Board OYJ, Class B(a)

    1,113,983       8,987,466  

Metso OYJ

    3,596,929       40,875,745  

Musti Group OYJ

    103,948       2,038,949  

Neste OYJ

    2,315,457       85,243,716  

Nokia OYJ

    29,047,618       114,184,423  

Nokian Renkaat OYJ

    707,412       6,579,758  

Oriola OYJ, Class B

    767,601       935,127  

Orion OYJ, Class B

    581,956       22,365,211  

Outokumpu OYJ

    2,011,339       10,405,968  

Puuilo OYJ

    100,620       822,567  

QT Group OYJ(a)(b)

    105,213       8,726,724  

Revenio Group OYJ

    114,080       4,035,720  

Rovio Entertainment OYJ(d)

    250,154       2,533,159  

Sampo OYJ, Class A

    2,497,204       110,043,358  

Stora Enso OYJ, Class R

    3,158,295       38,718,360  

Talenom OYJ(a)

    160,875       1,178,035  

TietoEVRY OYJ

    559,478       14,273,734  

Tokmanni Group Corp.

    184,498       2,849,238  

UPM-Kymmene OYJ

    2,900,948       96,043,628  

Uponor OYJ

    358,843       11,355,233  

Valmet OYJ

    882,582       23,411,135  

Wartsila OYJ Abp

    2,559,338       32,152,570  

YIT OYJ

    1,015,198       2,449,503  
   

 

 

 
      915,329,718  
Security   Shares     Value  
France — 10.8%            

AB Science SA(a)(b)

    145,555     $ 641,863  

ABC arbitrage

    501,278       3,273,863  

Accor SA

    988,823       37,310,299  

Aeroports de Paris

    158,317       21,862,311  

Air France-KLM(b)

    6,466,405       11,166,661  

Air Liquide SA

    2,841,065       510,806,434  

Airbus SE

    3,216,333       473,765,893  

ALD SA(d)

    834,778       8,869,084  

Alstom SA

    1,738,115       53,221,512  

Altarea SCA(a)

    18,483       1,727,484  

Alten SA

    169,350       24,392,129  

Amundi SA(d)

    321,014       19,699,164  

Antin Infrastructure Partners SA

    183,712       3,299,282  

APERAM SA

    285,423       9,007,679  

ArcelorMittal SA

    2,624,330       75,900,285  

Arkema SA

    315,694       34,044,125  

Atos SE(b)

    591,402       6,143,150  

Aubay

    3,120       146,504  

AXA SA

    9,968,735        306,427,428  

Believe SA(a)(b)

    22,976       279,126  

Beneteau SA

    94,287       1,539,392  

BioMerieux

    224,017       24,048,072  

BNP Paribas SA

    6,027,827       397,521,917  

Boiron SA

    56,580       3,129,150  

Bollore SE

    4,773,442       30,181,142  

Bonduelle SCA

    112,811       1,342,743  

Bouygues SA

    1,196,922       42,875,592  

Bureau Veritas SA

    1,571,243       43,152,286  

Capgemini SE

    890,157       161,312,972  

Carmila SA

    337,650       5,471,749  

Carrefour SA

    3,171,187       63,395,616  

Casino Guichard Perrachon SA(a)(b)

    247,411       644,927  

CGG SA(b)

    4,213,905       2,964,741  

Chargeurs SA(a)

    85,134       1,046,758  

Cie. de Saint-Gobain

    2,641,760       178,665,800  

Cie. des Alpes

    14,538       213,794  

Cie. Generale des Etablissements Michelin SCA

    3,666,278       120,059,797  

Cie. Plastic Omnium SA

    362,829       7,066,011  

Coface SA

    636,096       9,318,100  

Covivio

    249,015       12,022,845  

Credit Agricole SA

    6,488,362       80,555,453  

Danone SA

    3,538,388       216,077,799  

Dassault Aviation SA

    135,939       26,407,689  

Dassault Systemes SE

    3,644,923       155,779,044  

Derichebourg SA

    684,175       4,218,245  

Edenred

    1,369,884       88,974,463  

Eiffage SA(a)

    389,359       40,507,951  

Elior Group SA(a)(b)(d)

    694,796       1,770,782  

Elis SA

    1,047,084       21,632,868  

Engie SA

    9,855,747       161,686,725  

Equasens

    27,850       2,563,328  

Eramet SA

    53,276       4,485,643  

Esker SA

    23,478       3,899,398  

EssilorLuxottica SA

    1,591,711       320,212,756  

Etablissements Maurel et Prom SA

    324,470       1,530,295  

Eurazeo SE

    251,826       15,376,430  

Euroapi SA(b)

    259,235       3,024,950  

Eurofins Scientific SE

    727,174       50,012,552  

Euronext NV(d)

    457,113       34,792,551  

Eutelsat Communications SA(a)

    890,369       5,997,677  

 

 

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® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
France (continued)            

Faurecia SE(b)

    842,334     $ 21,166,894  

Fnac Darty SA

    103,772       3,617,635  

Gaztransport Et Technigaz SA

    191,206       23,320,105  

Gecina SA

    243,056       26,277,393  

Getlink SE

    1,910,692       33,584,927  

Hermes International

    172,632       382,080,320  

ICADE

    177,690       7,239,184  

ID Logistics Group(b)

    13,698       3,928,005  

Imerys SA

    204,593       7,104,534  

Interparfums SA

    111,182       8,024,935  

Ipsen SA

    199,422       25,132,519  

IPSOS

    234,307       11,713,003  

JCDecaux SE(b)

    333,375       6,247,189  

Kaufman & Broad SA

    56,116       1,544,845  

Kering SA

    404,876       232,465,757  

Klepierre SA

    1,146,413       30,430,005  

Korian SA(a)

    426,234       3,318,988  

La Francaise des Jeux SAEM(d)

    551,794       21,066,040  

Legrand SA

    1,453,632       145,733,442  

LISI

    114,612       2,995,824  

L’Oreal SA

    1,316,303       612,224,913  

LVMH Moet Hennessy Louis Vuitton SE

    1,507,575        1,400,186,698  

Maisons du Monde SA(a)(d)

    206,094       2,163,941  

McPhy Energy SA(a)(b)

    116,571       982,786  

Mercialys SA

    466,923       4,041,868  

Mersen SA

    161,650       7,608,341  

Metropole Television SA

    214,860       3,035,050  

Neoen SA(d)

    374,042       12,298,978  

Nexans SA

    172,833       15,344,158  

Nexity SA

    262,982       4,452,905  

Orange SA

    9,986,666       112,887,623  

Pernod Ricard SA

    1,111,216       244,991,518  

Peugeot Invest

    35,592       4,195,899  

Pierre & Vacances SA, NVS(a)(b)

    730,954       1,242,886  

Publicis Groupe SA

    1,229,909       99,161,881  

Quadient SA

    223,069       4,973,176  

Remy Cointreau SA

    122,516       21,030,890  

Renault SA

    1,026,989       45,107,033  

Rexel SA

    1,301,656       31,398,880  

Rubis SCA

    500,928       12,352,054  

Safran SA

    1,844,617       306,230,606  

Sanofi

    6,174,996       658,776,486  

Sartorius Stedim Biotech

    148,577       46,485,488  

Schneider Electric SE

    2,943,803       525,092,108  

SCOR SE

    810,681       24,227,578  

SEB SA

    132,126       14,790,960  

Seche Environnement SA, NVS

    12,536       1,604,380  

SES SA, Class A

    1,980,885       12,833,160  

SES-Imagotag SA(a)(b)

    33,037       4,272,640  

SMCP SA(b)(d)

    178,240       1,337,358  

Societe BIC SA

    133,881       8,184,778  

Societe Generale SA

    3,911,756       106,386,986  

Sodexo SA

    475,029       48,727,233  

SOITEC(b)

    148,153       29,116,409  

Sopra Steria Group SACA

    89,487       19,457,618  

SPIE SA

    727,604       21,841,178  

Teleperformance

    319,659       46,362,958  

Television Francaise 1(a)

    380,906       3,114,971  

Thales SA

    572,507       85,641,198  

TotalEnergies SE

    12,892,294       783,290,749  
Security   Shares     Value  
France (continued)            

Trigano SA

    59,947     $ 8,778,102  

Ubisoft Entertainment SA(b)

    508,138       17,089,540  

Unibail-Rodamco-Westfield, New(b)

    644,988       36,546,863  

Valeo

    1,101,024       24,887,741  

Vallourec SA(a)(b)

    806,208       10,518,279  

Valneva SE(b)

    604,712       4,541,100  

Veolia Environnement SA

    3,658,690       119,123,088  

Verallia SA(d)

    392,400       17,393,280  

Vicat SA

    85,454       2,904,801  

Vinci SA

    2,916,400       342,523,555  

Virbac SA

    28,480       8,772,178  

Vivendi SE

    3,851,599       34,388,411  

Voltalia SA(a)(b)

    154,879       2,691,102  

Waga Energy SA(b)

    27,112       849,600  

Wavestone

    42,987       2,552,023  

Wendel SE

    137,425       13,565,840  

Worldline SA/France(b)(d)

    1,292,392       51,229,645  
   

 

 

 
       11,030,267,291  
Germany — 7.5%            

1&1 AG(a)

    239,962       2,735,754  

About You Holding SE(a)(b)

    131,551       936,441  

Adesso SE

    16,836       1,966,342  

adidas AG

    878,800       177,416,578  

ADVA Optical Networking SE(b)

    96,684       2,126,082  

AIXTRON SE

    638,017       25,311,839  

Allianz SE, Registered

    2,209,074       527,967,258  

Amadeus Fire AG

    19,183       2,278,129  

Aroundtown SA(b)

    4,589,588       7,130,452  

Atoss Software AG

    9,510       2,309,163  

Aurubis AG

    174,909       16,464,576  

Auto1 Group SE(a)(b)(d)

    520,433       5,608,289  

BASF SE

    4,838,554       259,399,703  

Basler AG

    26,459       433,863  

Bayer AG, Registered

    5,348,194       312,780,697  

Bayerische Motoren Werke AG

    1,797,455       219,199,588  

BayWa AG(a)

    85,702       3,591,601  

Bechtle AG

    447,199       19,682,845  

Befesa SA(d)

    212,201       8,132,493  

Beiersdorf AG

    551,404       71,409,764  

Bertrandt AG

    40,488       2,125,666  

Bilfinger SE

    192,994       6,987,196  

Borussia Dortmund GmbH & Co. KGaA(b)

    542,850       2,592,284  

Brenntag SE

    842,723       65,382,340  

CANCOM SE

    208,059       5,990,594  

Carl Zeiss Meditec AG, Bearer

    217,655       25,222,007  

Ceconomy AG(b)

    673,914       2,019,351  

Cewe Stiftung & Co. KGaA

    48,125       4,973,920  

Commerzbank AG

    5,731,043       68,551,744  

CompuGroup Medical SE & Co. KgaA

    146,988       7,464,899  

Continental AG

    593,076       47,350,980  

Covestro AG(a)(b)(d)

    1,044,676       56,118,829  

CropEnergies AG

    96,967       975,517  

CTS Eventim AG & Co. KGaA

    348,877       23,809,448  

CureVac NV(a)(b)

    528,030       4,657,495  

Daimler Truck Holding AG

    2,664,592       100,002,911  

Datagroup SE

    2,288       146,160  

Delivery Hero SE(b)(d)

    947,113       42,989,186  

Dermapharm Holding SE

    96,396       4,708,750  

Deutsche Bank AG, Registered

    10,481,928       116,193,591  

Deutsche Beteiligungs AG

    146,513       4,881,436  

 

 

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® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Germany (continued)            

Deutsche Boerse AG

    1,032,510     $ 197,830,488  

Deutsche Lufthansa AG, Registered(b)

    3,201,619       32,292,359  

Deutsche Pfandbriefbank AG(a)(d)

    730,097       6,076,525  

Deutsche Post AG, Registered

    5,456,651       280,598,515  

Deutsche Telekom AG, Registered

    17,739,184       386,736,091  

Deutz AG

    830,937       4,572,083  

DIC Asset AG(a)

    335,246       1,651,326  

Duerr AG

    303,572       9,471,593  

E.ON SE

    12,300,495        155,605,203  

Eckert & Ziegler Strahlen- und Medizintechnik AG

    79,563       3,148,854  

Elmos Semiconductor SE

    43,930       3,912,761  

ElringKlinger AG

    74,463       638,569  

Encavis AG(b)

    655,835       10,996,910  

Energiekontor AG

    28,268       2,455,013  

Evonik Industries AG

    1,244,913       25,785,878  

Evotec SE(b)

    781,935       20,597,488  

Fielmann AG

    76,387       3,924,537  

flatexDEGIRO AG(a)(b)

    370,564       3,652,922  

Fraport AG Frankfurt Airport Services Worldwide(b)

    207,259       10,950,515  

Freenet AG

    631,906       15,641,677  

Fresenius Medical Care AG & Co. KGaA

    1,113,755       57,842,312  

Fresenius SE & Co. KGaA

    2,289,663       71,854,525  

GEA Group AG

    823,531       34,952,148  

Gerresheimer AG

    186,557       22,096,517  

GFT Technologies SE

    77,597       2,251,862  

Grand City Properties SA(b)

    529,959       4,370,591  

GRENKE AG

    148,872       4,106,000  

Hamborner REIT AG

    580,060       4,197,801  

Hamburger Hafen und Logistik AG

    162,878       2,140,867  

Hannover Rueck SE

    329,525       70,312,092  

HeidelbergCement AG

    783,445       63,496,529  

Heidelberger Druckmaschinen AG(a)(b)

    1,128,018       1,797,532  

HelloFresh SE(a)(b)

    887,412       25,304,633  

Henkel AG & Co. KGaA

    541,368       37,832,006  

Hensoldt AG

    282,391       9,601,299  

HOCHTIEF AG(a)

    144,407       14,224,820  

Hornbach Holding AG & Co. KGaA

    53,751       4,347,667  

Hugo Boss AG

    315,317       25,461,389  

Hypoport SE(a)(b)

    27,210       5,677,441  

Indus Holding AG(a)

    130,265       3,486,151  

Infineon Technologies AG

    7,112,327       312,483,385  

Instone Real Estate Group SE(d)

    248,930       1,729,794  

Jenoptik AG

    313,697       10,146,417  

JOST Werke AG(d)

    32,225       1,877,613  

K+S AG, Registered(a)

    1,030,668       19,678,935  

KION Group AG

    387,905       16,254,391  

Kloeckner & Co. SE

    462,307       4,321,769  

Knorr-Bremse AG

    393,907       27,706,594  

Kontron AG(a)

    302,650       6,582,412  

Krones AG

    89,436       10,777,259  

LANXESS AG

    438,831       14,800,098  

LEG Immobilien SE(b)

    403,345       28,517,525  

MBB SE

    694       60,164  

Medios AG(a)(b)

    73,778       1,421,728  

Mercedes-Benz Group AG

    4,689,919       374,550,604  

Merck KGaA

    707,948       124,404,116  

METRO AG(b)

    829,963       7,216,680  

MorphoSys AG(a)(b)

    188,148       5,508,101  
Security   Shares     Value  
Germany (continued)            

MTU Aero Engines AG

    289,670     $ 67,641,266  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    765,043       287,997,276  

Nagarro SE(a)(b)

    46,883       4,441,503  

Nemetschek SE

    321,088       23,365,252  

Nordex SE(b)

    729,157       10,303,392  

Norma Group SE

    196,188       3,461,446  

PATRIZIA SE

    313,694       3,209,608  

Pfeiffer Vacuum Technology AG

    38,232       6,330,459  

PNE AG

    131,965       1,932,673  

ProSiebenSat.1 Media SE(a)

    909,790       9,044,478  

Puma SE

    573,154       38,734,476  

PVA TePla AG(b)

    90,050       2,121,093  

Rational AG

    28,284       21,172,212  

Rheinmetall AG

    235,432       66,685,176  

RWE AG

    3,432,419       147,726,633  

Salzgitter AG

    159,462       5,526,240  

SAP SE

    5,705,779       778,334,193  

Scout24 SE(d)

    434,071       28,694,554  

Secunet Security Networks AG(a)

    8,603       1,973,825  

SGL Carbon SE(a)(b)

    415,465       3,476,060  

Shop Apotheke Europe NV(b)(d)

    78,552       9,107,578  

Siemens AG, Registered

    4,143,939       706,301,863  

Siemens Healthineers AG(d)

    1,546,569       89,860,782  

Siltronic AG

    108,334       9,536,933  

Sixt SE

    80,488       9,705,367  

SMA Solar Technology AG(a)(b)

    107,430       10,242,194  

Software AG, NVS(a)

    285,056       9,966,730  

Stabilus SE

    142,366       8,116,563  

Steico SE(a)

    28,930       1,120,996  

Stratec SE(a)

    41,115       2,307,696  

Stroeer SE & Co. KGaA

    204,810       9,904,905  

Suedzucker AG

    411,812       7,129,398  

SUSE SA(a)(b)

    225,077       2,651,244  

Symrise AG, Class A

    721,869       78,851,009  

Synlab AG

    350,217       3,468,488  

TAG Immobilien AG(b)

    943,700       10,607,726  

Takkt AG

    198,091       2,844,483  

Talanx AG(a)(b)

    339,840       20,811,749  

TeamViewer AG(b)(d)

    762,209       12,956,516  

Telefonica Deutschland Holding AG

    5,494,013       14,802,956  

thyssenkrupp AG

    2,698,375       21,453,088  

United Internet AG, Registered(e)

    525,706       7,870,385  

Varta AG(a)

    107,193       2,432,588  

VERBIO Vereinigte BioEnergie AG(a)

    119,161       5,808,692  

Vib Vermoegen AG(a)

    44,567       776,713  

Vitesco Technologies Group AG(b)

    107,047       9,155,081  

Volkswagen AG

    164,252       26,250,042  

Vonovia SE

    3,905,357       90,994,736  

Vossloh AG

    68,088       3,053,364  

Wacker Chemie AG

    97,936       15,218,060  

Wacker Neuson SE

    201,339       5,222,448  

Zalando SE(b)(d)

    1,224,425       42,272,895  
   

 

 

 
       7,632,931,918  
Hong Kong — 2.4%            

AIA Group Ltd.

    63,557,200       635,872,986  

ASMPT Ltd.

    1,700,600       16,587,807  

Bank of East Asia Ltd. (The)

    6,575,200       10,095,122  

BOC Hong Kong Holdings Ltd.

    20,085,500       61,301,796  

Brightoil Petroleum Holdings Ltd.(c)

    6,240,000       8  

 

 

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® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Hong Kong (continued)            

Budweiser Brewing Co. APAC Ltd.(d)

    9,414,700     $ 22,963,560  

Cafe de Coral Holdings Ltd.

    1,634,000       2,147,402  

Champion REIT

    15,038,000       5,540,445  

Chinese Estates Holdings Ltd.(a)(b)

    567,500       161,405  

Chow Sang Sang Holdings International Ltd.

    1,027,000       1,197,816  

CITIC Telecom International Holdings Ltd.

    12,557,000       5,043,514  

CK Asset Holdings Ltd.

    10,799,516       62,540,759  

CK Hutchison Holdings Ltd.

    14,499,016       89,420,168  

CK Infrastructure Holdings Ltd.

    3,455,000       18,309,225  

CK Life Sciences International Holdings Inc.(a)

    14,750,000       1,461,680  

CLP Holdings Ltd.

    8,966,000       73,083,042  

C-Mer Eye Care Holdings Ltd.(a)(b)

    3,252,000       1,695,237  

Comba Telecom Systems Holdings Ltd.

    10,132,000       1,712,603  

Cowell e Holdings Inc.(a)(b)

    1,488,000       2,789,988  

Dah Sing Banking Group Ltd.

    3,164,400       2,370,650  

Dah Sing Financial Holdings Ltd.

    984,000       2,431,084  

EC Healthcare

    2,263,000       1,356,701  

E-Commodities Holdings Ltd.

    7,680,000       1,233,183  

ESR Group Ltd.(d)

    10,586,400       18,563,731  

Far East Consortium International Ltd.

    8,539,600       2,018,630  

First Pacific Co. Ltd.

    14,180,250       5,141,231  

Fortune REIT

    7,543,000       5,454,398  

Fosun Tourism Group(a)(b)(d)

    1,273,400       1,376,701  

Futu Holdings Ltd., ADR(a)(b)

    298,655       17,979,031  

Galaxy Entertainment Group Ltd.(b)

    11,884,000       86,747,577  

Guotai Junan International Holdings Ltd.(a)

    24,957,000       2,153,437  

Haitong International Securities Group
Ltd.(a)(b)

    18,620,299       1,747,115  

Hang Lung Group Ltd.

    5,424,000       8,482,009  

Hang Lung Properties Ltd.

    10,887,000       16,989,682  

Hang Seng Bank Ltd.

    4,165,900       63,678,101  

Health and Happiness H&H International Holdings Ltd.

    1,099,500       1,449,717  

Henderson Land Development Co. Ltd.

    7,853,570       24,276,706  

HKBN Ltd.

    4,977,500       2,719,084  

HKT Trust & HKT Ltd., Class SS

    20,402,200       24,099,066  

Hong Kong & China Gas Co. Ltd.

    61,155,864       52,463,002  

Hong Kong Exchanges & Clearing Ltd.

    6,408,400       270,190,970  

Hong Kong Technology Venture Co. Ltd.

    2,963,000       1,760,588  

Hongkong Land Holdings Ltd.

    6,173,600       22,000,957  

Hsin Chong Group Holdings Ltd.(c)

    7,490,000       10  

Hutchison Telecommunications Hong Kong Holdings Ltd.(a)

    13,004,000       1,983,822  

Hysan Development Co. Ltd.

    3,101,000       7,327,529  

IGG Inc.(b)

    4,284,000       2,183,267  

Jardine Matheson Holdings Ltd.

    872,300       43,087,613  

Johnson Electric Holdings Ltd.

    2,131,250       2,938,127  

JS Global Lifestyle Co. Ltd.(a)(b)(d)

    7,489,000       1,334,109  

K Wah International Holdings Ltd.

    299,000       97,932  

Kerry Logistics Network Ltd.

    2,484,387       3,067,520  

Kerry Properties Ltd.

    3,095,000       6,691,275  

Link REIT

    13,880,119       78,022,306  

Luk Fook Holdings International Ltd.

    1,585,000       4,184,887  

Man Wah Holdings Ltd.

    9,436,800       8,189,662  

MECOM Power and Construction Ltd.(a)

    5,805,000       769,305  

Melco International Development Ltd.(b)

    4,927,000       5,227,399  

Melco Resorts & Entertainment Ltd., ADR(b)

    1,214,605       16,542,920  

MTR Corp. Ltd.

    8,485,000       39,101,414  

New World Development Co. Ltd.(a)

    8,224,000       20,337,709  

Nissin Foods Co. Ltd.

    324,000       258,155  

NWS Holdings Ltd.

    8,291,166       9,509,506  
Security   Shares     Value  
Hong Kong (continued)            

Pacific Basin Shipping Ltd.(a)

    29,404,000     $ 9,573,068  

Pacific Textiles Holdings Ltd.

    5,194,000       1,295,020  

PAX Global Technology Ltd.

    2,861,000       2,322,848  

PCCW Ltd.

    23,151,000       11,837,093  

Perfect Medical Health Management Ltd.

    1,640,000       917,261  

Power Assets Holdings Ltd.

    7,611,000       39,890,939  

Prosperity REIT

    8,685,000       1,885,730  

Realord Group Holdings Ltd.(a)(b)

    2,422,000       1,822,967  

Sa Sa International Holdings Ltd.(b)

    9,272,000       1,696,317  

Sands China Ltd.(b)

    13,233,600       50,982,606  

Shangri-La Asia Ltd.(b)

    9,986,000       8,332,992  

Shun Tak Holdings Ltd.(b)

    10,454,000       1,752,001  

Sino Land Co. Ltd.

    19,374,000       23,782,033  

SITC International Holdings Co. Ltd.

    7,309,000       16,015,157  

SJM Holdings Ltd.(a)(b)

    13,165,000       6,111,923  

SmarTone Telecommunications Holdings Ltd.

    2,233,500       1,350,988  

Stella International Holdings Ltd.

    570,500       559,608  

Sun Hung Kai & Co. Ltd.

    1,034,000       385,043  

Sun Hung Kai Properties Ltd.

    7,888,500       99,052,884  

SUNeVision Holdings Ltd.

    2,109,000       1,096,126  

Sunlight REIT

    2,664,000       992,127  

Swire Pacific Ltd., Class A

    2,616,000       21,867,762  

Swire Properties Ltd.

    6,200,200       15,558,310  

Techtronic Industries Co. Ltd.

    7,502,500       85,232,517  

Texhong Textile Group Ltd.

    1,281,500       945,490  

Theme International Holdings Ltd.(a)(b)

    24,500,000       2,739,838  

United Energy Group Ltd.(a)

    41,520,000       5,245,142  

United Laboratories International Holdings Ltd. (The)

    4,824,000       3,869,273  

Value Partners Group Ltd.(a)

    8,220,000       3,112,567  

Vesync Co. Ltd.

    1,708,000       720,527  

Vitasoy International Holdings Ltd.(a)

    4,456,000       5,924,443  

Viva Goods Company Ltd.(b)

    20,624,000       3,790,993  

Vobile Group Ltd.(a)(b)

    8,349,000       2,919,318  

VSTECS Holdings Ltd.

    2,788,000       1,414,834  

VTech Holdings Ltd.

    912,600       5,691,303  

WH Group Ltd.(d)

    45,526,000       24,847,638  

Wharf Real Estate Investment Co. Ltd.

    9,015,000       48,378,698  

Xinyi Glass Holdings Ltd.

    10,031,000       16,692,548  

Yue Yuen Industrial Holdings Ltd.

    4,176,500       5,595,918  
   

 

 

 
       2,435,664,231  
Ireland — 0.7%            

AIB Group PLC

    7,031,335       33,073,028  

Bank of Ireland Group PLC

    5,549,553       58,552,256  

Cairn Homes PLC(b)

    3,441,592       4,132,163  

CRH PLC

    3,998,068       238,168,633  

Dalata Hotel Group PLC(b)

    1,254,908       5,870,929  

Flutter Entertainment PLC, Class DI(b)

    960,446       191,032,344  

Glanbia PLC

    996,807       15,464,414  

Glenveagh Properties PLC(b)(d)

    1,544,989       1,824,421  

Greencore Group PLC(b)

    2,843,896       3,200,798  

Irish Residential Properties REIT PLC

    1,566,439       1,667,187  

Kerry Group PLC, Class A

    864,677       85,906,399  

Kingspan Group PLC

    818,691       65,711,028  

Origin Enterprises PLC

    625,562       2,200,978  

Smurfit Kappa Group PLC

    1,358,986       53,776,461  

Uniphar PLC(b)

    936,409       2,960,048  
   

 

 

 
      763,541,087  

 

 

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® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Israel — 0.9%            

AFI Properties Ltd.(a)(b)

    30,235     $ 1,225,992  

Africa Israel Residences Ltd.

    33,327       1,631,610  

Airport City Ltd.(b)

    496,848       7,491,562  

Alony Hetz Properties & Investments Ltd.

    978,455       8,220,521  

Altshuler Shaham Penn Ltd.(a)

    434,305       822,688  

Amot Investments Ltd.

    1,117,910       5,991,687  

Arad Investment & Industrial Development Ltd.

    15,802       1,955,990  

Ashtrom Group Ltd.(a)

    132,063       1,989,148  

Azorim-Investment Development & Construction Co. Ltd.(b)

    105,127       365,419  

Azrieli Group Ltd.

    231,327       13,163,643  

Bank Hapoalim BM

    6,921,698       61,484,318  

Bank Leumi Le-Israel BM

    8,384,751       66,932,268  

Bezeq The Israeli Telecommunication Corp. Ltd.

    11,476,094       15,183,394  

Big Shopping Centers Ltd.(b)

    65,151       6,127,414  

Blue Square Real Estate Ltd.(a)

    6,615       404,276  

Camtek Ltd./Israel(b)

    154,612       7,146,227  

Carasso Motors Ltd.(a)

    170,129       774,144  

Cellcom Israel Ltd.(b)

    620,643       2,201,928  

Cellebrite DI Ltd.(a)(b)

    34,854       272,210  

Check Point Software Technologies Ltd.(a)(b)

    529,387       69,990,255  

Clal Insurance Enterprises Holdings Ltd.(a)(b)

    381,795       5,815,683  

CyberArk Software Ltd.(a)(b)

    221,614       36,790,140  

Danel Adir Yeoshua Ltd.

    32,301       2,549,717  

Danya Cebus Ltd.

    41,281       1,054,058  

Delek Automotive Systems Ltd.

    308,788       2,236,335  

Delek Group Ltd.

    49,478       6,989,279  

Delta Galil Industries Ltd.

    43,372       1,711,225  

Doral Group Renewable Energy Resources Ltd.(a)(b)

    478,874       1,042,712  

Elbit Systems Ltd.

    144,629        30,753,327  

Elco Ltd.

    19,166       696,986  

Electra Consumer Products 1970 Ltd.(a)

    69,549       1,737,147  

Electra Ltd./Israel(a)

    10,201       4,491,245  

Electra Real Estate Ltd.(a)

    66,356       833,018  

Energix-Renewable Energies Ltd.

    1,522,530       5,571,759  

Enlight Renewable Energy Ltd.(b)

    626,421       12,064,298  

Equital Ltd.(b)

    116,741       3,520,616  

Fattal Holdings 1998 Ltd.(a)(b)

    36,307       3,831,292  

FIBI Holdings Ltd.

    94,912       4,228,824  

First International Bank Of Israel Ltd. (The)

    426,374       18,023,892  

Fiverr International Ltd.(a)(b)

    176,564       5,321,639  

Formula Systems 1985 Ltd.

    45,830       3,325,635  

Fox Wizel Ltd.

    46,551       3,883,895  

G City Ltd.

    798,205       2,767,427  

Gav-Yam Lands Corp. Ltd.

          2  

Harel Insurance Investments & Financial Services Ltd.

    951,665       7,505,837  

Hilan Ltd.(a)

    39,078       1,913,752  

ICL Group Ltd.

    4,181,707       27,843,851  

Inmode Ltd.(b)

    422,108       18,112,654  

Innoviz Technologies Ltd.(a)(b)

    577,881       2,369,312  

Isracard Ltd.

    602,414       2,498,225  

Israel Canada T.R Ltd.

    786,962       1,948,515  

Israel Corp Ltd.

    27,260       8,499,874  

Israel Discount Bank Ltd., Class A

    6,690,479       35,437,786  

Isras Investment Co. Ltd.(a)

    9,633       1,974,656  

Ituran Location and Control Ltd.

    150,987       4,198,948  

Kenon Holdings Ltd./Singapore

    136,153       3,579,619  

Kornit Digital Ltd.(b)

    267,065       8,463,290  
Security   Shares     Value  
Israel (continued)            

M Yochananof & Sons Ltd.

    4,388     $ 199,549  

Magic Software Enterprises Ltd.

    137,784       1,743,923  

Matrix IT Ltd.

    181,051       3,618,863  

Maytronics Ltd.(a)

    225,699       3,074,097  

Mega Or Holdings Ltd.(a)

    105,206       2,320,571  

Melisron Ltd.

    168,678       11,146,859  

Menora Mivtachim Holdings Ltd.

    27,743       592,142  

Migdal Insurance & Financial Holdings Ltd.(a)

    3,655,366       4,520,416  

Mivne Real Estate KD Ltd.

    3,498,155       9,222,545  

Mizrahi Tefahot Bank Ltd.

    866,566       31,287,296  

Monday.com Ltd.(b)

    102,457       18,522,176  

Nano Dimension Ltd., ADR(a)(b)

    1,333,848       4,134,929  

Nano-X Imaging Ltd.(a)(b)

    276,874       3,433,238  

Nayax Ltd.(a)(b)

    15,340       337,702  

NEOGAMES SA(b)

    80,055       2,180,698  

Neto Malinda Trading Ltd.(a)(b)

    60,322       1,074,972  

Nice Ltd.(b)

    346,783       75,484,422  

Nova Ltd.(b)

    157,759       19,610,082  

Oil Refineries Ltd.

    17,521,887       5,601,104  

One Software Technologies Ltd.

    203,566       2,702,911  

OPC Energy Ltd.(a)(b)

    520,431       3,706,322  

OY Nofar Energy Ltd.(b)

    82,731       1,942,190  

Partner Communications Co. Ltd.(a)(b)

    778,764       3,322,814  

Paz Oil Co. Ltd.(a)(b)

    66,879       7,271,438  

Perion Network Ltd.(b)

    230,250       8,324,794  

Phoenix Holdings Ltd. (The)

    886,081       9,091,765  

Prashkovsky Investments and Construction Ltd.(a)

    13,875       322,093  

Property & Building Corp. Ltd.(b)

    8,200       333,957  

Radware Ltd.(b)

    305,031       5,731,532  

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.

    74,286       4,487,068  

Reit 1 Ltd.

    971,908       4,229,854  

Retailors Ltd.

    63,102       1,364,794  

Riskified Ltd.(b)

    381,034       1,840,394  

Sapiens International Corp. NV

    174,658       4,627,953  

Scope Metals Group Ltd.(b)

    39,086       1,372,446  

Sella Capital Real Estate Ltd.

    1,175,802       2,448,024  

Shapir Engineering and Industry Ltd.(a)

    725,628       5,172,509  

Shikun & Binui Ltd.(b)

    1,787,195       4,893,736  

Shufersal Ltd.(a)(b)

    1,474,781       7,820,707  

Sisram Medical Ltd.(d)

    508,000       596,101  

Strauss Group Ltd.(b)

    338,483       7,971,300  

Summit Real Estate Holdings Ltd.

    104,457       1,447,550  

Taboola.com Ltd.(b)

    621,719       2,325,229  

Tadiran Group Ltd.(a)

    20,080       1,613,916  

Taro Pharmaceutical Industries Ltd.(b)

    48,894       1,787,076  

Tel Aviv Stock Exchange Ltd.(b)

    536,074       2,854,935  

Teva Pharmaceutical Industries Ltd., ADR(b)

    5,983,959       50,265,256  

Tower Semiconductor Ltd.(b)

    614,899       22,804,918  

Turpaz Industries Ltd., NVS

    186,313       580,790  

Wix.com Ltd.(b)

    297,971       28,104,625  

YH Dimri Construction & Development Ltd.(a)

    7,488       529,041  

ZIM Integrated Shipping Services Ltd.(a)

    678,708       10,275,639  
   

 

 

 
       967,230,425  
Italy — 2.6%            

A2A SpA

    8,540,692       16,295,287  

ACEA SpA

    325,533       3,988,382  

Amplifon SpA

    669,166       22,639,281  

Anima Holding SpA(d)

    1,776,769       6,846,215  

 

 

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® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Italy (continued)            

Antares Vision SpA(a)(b)

    143,759     $ 970,507  

Ascopiave SpA

    311,290       781,803  

Assicurazioni Generali SpA

    5,461,825       116,339,700  

Azimut Holding SpA

    612,247       14,456,724  

Banca Generali SpA

    391,808       14,677,345  

Banca IFIS SpA

    174,308       3,078,428  

Banca Mediolanum SpA

    1,231,466       11,966,056  

Banca Monte dei Paschi di Siena SpA(a)(b)

    2,686,520       7,758,399  

Banca Popolare di Sondrio SPA

    2,717,291       13,126,528  

Banco BPM SpA

    7,403,066       37,045,292  

BFF Bank SpA(d)

    948,623       10,707,471  

Biesse SpA

    43,231       582,603  

BPER Banca

    5,955,818       20,608,939  

Brembo SpA

    938,446       13,283,397  

Brunello Cucinelli SpA

    191,715       16,209,592  

Buzzi Unicem SpA

    543,671       15,449,961  

Carel Industries SpA(d)

    139,063       3,980,300  

CIR SpA-Compagnie Industriali(b)

    3,520,516       1,567,678  

Credito Emiliano SpA

    552,188       4,720,691  

d’Amico International Shipping SA, NVS

    232,912       965,134  

Danieli & C Officine Meccaniche SpA

    109,583       2,711,002  

Datalogic SpA

    67,299       500,630  

De’ Longhi SpA

    417,256       10,587,676  

DiaSorin SpA

    136,774       15,344,965  

Digital Bros. SpA(a)

    21,000       324,550  

Digital Value SpA

    6,324       423,100  

doValue SpA(a)(d)

    173,751       867,965  

El.En. SpA

    171,497       2,037,420  

Enav SpA(d)

    1,444,158       6,209,755  

Enel SpA

    43,985,242       303,286,897  

Eni SpA

    12,560,334       191,756,954  

ERG SpA

    356,529       10,248,649  

Esprinet SpA(a)

    189,195       1,112,731  

Ferrari NV

    689,062       220,904,078  

Fila SpA

    57,363       510,879  

Fincantieri SpA(a)(b)

    1,548,424       888,611  

FinecoBank Banca Fineco SpA

    3,229,661       50,147,715  

Gruppo MutuiOnline SpA

    73,440       2,628,325  

GVS SpA(a)(b)(d)

    360,037       2,281,298  

Hera SpA

    4,353,461       13,517,664