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  

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 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  

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


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  

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  
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  

Illimity Bank SpA

    162,660       1,112,396  

Industrie De Nora SpA

    177,495       3,665,947  

Infrastrutture Wireless Italiane SpA(d)

    1,807,989       22,673,617  

Interpump Group SpA

    391,934       21,324,669  

Intesa Sanpaolo SpA

    86,862,266       251,176,777  

Iren SpA

    4,092,346       8,293,122  

Italgas SpA

    2,690,465       15,851,795  

Juventus Football Club SpA(a)(b)

    6,071,187       2,281,294  

Leonardo SpA

    2,153,821       29,161,384  

LU-VE SpA, NVS

    47,673       1,543,665  

Maire Tecnimont SpA(a)

    1,168,057       4,798,974  

MARR SpA

    243,404       3,783,331  

Mediobanca Banca di Credito Finanziario SpA

    3,193,319       42,556,074  

Moncler SpA

    1,112,375       80,284,119  

Nexi SpA(b)(d)

    3,199,578       27,708,354  

OVS SpA(d)

    1,010,646       2,777,174  

Pharmanutra SpA(a)

    20,599       1,315,707  

Piaggio & C SpA

    1,518,110       5,969,414  

Pirelli & C SpA(d)

    1,903,614       10,148,202  

Poste Italiane SpA(d)

    2,863,820       32,714,813  
Security   Shares     Value  
Italy (continued)            

Prysmian SpA

    1,350,177     $ 53,838,501  

RAI Way SpA(d)

    242,299       1,379,993  

Recordati Industria Chimica e Farmaceutica SpA

    561,584       29,000,240  

Reply SpA

    158,706       17,193,752  

Safilo Group SpA(b)

    1,218,167       1,553,385  

Saipem SpA(b)

    6,772,741       10,845,043  

Salcef SpA

    78,944       2,044,116  

Salvatore Ferragamo SpA(a)

    392,404       6,390,510  

Sanlorenzo SpA/Ameglia

    29,126       1,131,281  

Saras SpA(a)

    3,484,580       4,983,062  

Seco SpA(a)(b)

    133,157       684,017  

Sesa SpA

    25,539       2,992,301  

Snam SpA

    11,095,970       58,328,897  

SOL SpA

    194,225       5,477,569  

Stellantis NV

    12,172,298       249,749,777  

Tamburi Investment Partners SpA

    348,632       3,382,673  

Technogym SpA(d)

    730,244       6,736,486  

Technoprobe SpA(b)

    653,189       5,972,916  

Telecom Italia SpA/Milano(a)(b)

    53,382,798       15,388,734  

Tenaris SA

    2,529,575       42,035,272  

Terna - Rete Elettrica Nazionale

    7,527,460       63,599,532  

Tinexta SpA(a)

    69,900       1,305,550  

Tod’s SpA(b)

    63,716       2,893,575  

UniCredit SpA

    10,063,732       254,816,170  

Unipol Gruppo SpA

    2,346,415       13,064,111  

Webuild SpA(a)

    2,135,386       4,180,255  

Wiit SpA(a)

    27,131       575,514  

Zignago Vetro SpA

    65,014       1,164,873  
   

 

 

 
       2,624,185,510  
Japan — 23.6%            

77 Bank Ltd. (The)

    433,600       9,239,417  

ABC-Mart Inc.

    176,800       9,788,910  

Activia Properties Inc.

    3,311       9,642,115  

Adastria Co. Ltd.

    153,100       3,120,498  

ADEKA Corp.

    575,200       11,662,077  

Advance Logistics Investment Corp.

    3,403       3,158,565  

Advance Residence Investment Corp.

    6,933       16,893,144  

Advantest Corp.

    1,045,500       144,602,947  

Adventure Inc.(a)

    15,900       1,034,980  

Aeon Co. Ltd.

    3,540,300       76,678,067  

Aeon Delight Co. Ltd.

    101,000       2,092,897  

AEON Financial Service Co. Ltd.

    656,700       5,900,649  

Aeon Hokkaido Corp.

    138,200       840,333  

Aeon Mall Co. Ltd.

    546,300       6,752,004  

AEON REIT Investment Corp.

    9,904       10,425,653  

AGC Inc.

    1,104,500       39,909,591  

Ai Holdings Corp.

    172,700       2,722,933  

Aica Kogyo Co. Ltd.

    247,500       5,880,847  

Aichi Financial Group Inc., NVS

    234,600       4,049,710  

Aida Engineering Ltd.

    450,800       3,221,299  

Aiful Corp.

    2,095,300       5,265,273  

Ain Holdings Inc.

    143,300       5,095,144  

Air Water Inc.

    960,600       13,528,778  

Airtrip Corp.

    76,600       1,395,167  

Aisin Corp.

    797,200       25,905,090  

Ajinomoto Co. Inc.

    2,453,800       95,612,043  

Alfresa Holdings Corp.

    908,200       14,483,721  

Alpen Co. Ltd.

    59,400       824,739  

Alps Alpine Co. Ltd.

    1,037,576       9,171,085  

Amada Co. Ltd.

    1,758,300       17,304,341  

 

 

24  

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


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Amano Corp.

    425,500     $ 9,669,079  

Amvis Holdings Inc.

    207,200       4,206,312  

ANA Holdings Inc.(b)

    886,800       21,260,175  

Anicom Holdings Inc.

    446,000       1,983,999  

Anritsu Corp.

    737,300       5,805,242  

AOKI Holdings Inc.

    159,600       1,032,446  

Aozora Bank Ltd.

    632,600        13,009,852  

Appier Group Inc.(b)

    305,300       3,632,651  

Arata Corp.

    10,400       359,845  

ARCLANDS Corp.

    107,800       1,241,671  

Arcs Co. Ltd.

    183,600       3,203,555  

ARE Holdings Inc.

    450,700       6,050,352  

Argo Graphics Inc.

    17,300       426,560  

Ariake Japan Co. Ltd.

    94,700       3,454,993  

ARTERIA Networks Corp.

    100,600       1,398,317  

As One Corp.

    144,900       5,761,115  

Asahi Group Holdings Ltd.

    2,614,500       102,774,048  

Asahi Intecc Co. Ltd.

    1,191,500       24,451,098  

Asahi Kasei Corp.

    6,820,200       46,477,943  

Asics Corp.

    878,500       27,712,443  

ASKUL Corp.

    233,300       3,255,113  

Astellas Pharma Inc.

    9,833,500       143,788,854  

Atom Corp.(a)(b)

    763,900       4,780,440  

Autobacs Seven Co. Ltd.

    545,000       5,984,272  

Avex Inc.

    184,700       1,949,035  

Awa Bank Ltd. (The)

    170,700       2,582,917  

Axial Retailing Inc.

    21,700       579,594  

Azbil Corp.

    627,600       19,804,089  

AZ-COM MARUWA Holdings Inc.

    197,200       2,711,512  

Bandai Namco Holdings Inc.

    3,258,200       73,715,336  

Bank of Kyoto Ltd. (The)

    295,900       17,463,947  

BayCurrent Consulting Inc.

    723,200       23,355,547  

Belc Co. Ltd.

    40,500       1,918,605  

Bell System24 Holdings Inc.

    95,700       935,783  

Belluna Co. Ltd.

    141,000       708,442  

Benefit One Inc.

    447,400       4,622,536  

Benesse Holdings Inc.

    452,800       5,916,030  

BeNext-Yumeshin Group Co.

    297,600       4,667,955  

Bengo4.com Inc.(a)(b)

    49,700       1,488,869  

Bic Camera Inc.

    640,300       4,809,845  

BIPROGY Inc.

    455,500       11,179,825  

BML Inc.

    126,900       2,682,041  

Bridgestone Corp.

    3,097,300       128,523,684  

Brother Industries Ltd.

    1,246,800       19,435,014  

Bunka Shutter Co. Ltd.

    38,700       300,230  

Bushiroad Inc.(a)

    164,100       868,637  

C Uyemura & Co. Ltd.

    56,500       3,739,595  

Calbee Inc.

    476,100       9,231,364  

Canon Electronics Inc.

    97,100       1,234,188  

Canon Inc.

    5,469,200       141,353,567  

Canon Marketing Japan Inc.

    224,500       5,891,834  

Capcom Co. Ltd.

    953,300       42,867,031  

Casio Computer Co. Ltd.

    1,031,600       8,814,672  

Cawachi Ltd.

    90,000       1,431,264  

CellSource Co. Ltd.(a)(b)

    44,200       691,274  

Central Glass Co. Ltd.

    124,900       2,710,890  

Central Japan Railway Co.

    785,500       100,098,797  

Change Holdings Inc.

    247,100       3,266,040  

Chiba Bank Ltd. (The)

    3,147,100       22,128,359  

Chiyoda Corp.(a)(b)

    833,800       2,025,102  
Security   Shares     Value  
Japan (continued)            

Chofu Seisakusho Co. Ltd.

    28,000     $ 492,551  

Chubu Electric Power Co. Inc.

    3,447,400       43,188,314  

Chudenko Corp.

    18,400       301,626  

Chugai Pharmaceutical Co. Ltd.

    3,663,600        109,033,280  

Chugin Financial Group Inc., NVS

    894,100       6,004,427  

Chugoku Electric Power Co. Inc. (The)(b)

    1,525,800       10,588,290  

Chugoku Marine Paints Ltd.

    36,300       314,663  

Citizen Watch Co. Ltd.

    1,535,700       10,036,973  

CKD Corp.

    370,200       5,630,258  

Coca-Cola Bottlers Japan Holdings Inc.

    683,750       7,874,258  

COLOPL Inc.

    455,200       2,130,874  

Colowide Co. Ltd.(a)

    427,300       6,344,987  

Comforia Residential REIT Inc.

    4,959       11,871,656  

COMSYS Holdings Corp.

    604,900       12,091,130  

Comture Corp.

    102,700       1,460,171  

Concordia Financial Group Ltd.

    5,737,700       26,244,357  

Cosmo Energy Holdings Co. Ltd.

    405,900       12,584,986  

Cosmos Pharmaceutical Corp.

    108,400       12,525,322  

CRE Logistics REIT Inc.

    2,724       3,361,455  

Create Restaurants Holdings Inc.

    639,200       4,889,914  

Create SD Holdings Co. Ltd.

    145,400       3,592,015  

Credit Saison Co. Ltd.

    776,800       12,421,402  

Curves Holdings Co. Ltd.

    127,000       718,987  

CyberAgent Inc.

    2,352,700       14,873,178  

CYBERDYNE Inc.(b)

    581,500       1,253,055  

Cybozu Inc.

    159,600       2,500,019  

Dai Nippon Printing Co. Ltd.

    1,190,300       33,835,431  

Daicel Corp.

    1,334,800       12,369,002  

Daido Steel Co. Ltd.

    138,000       5,916,418  

Daifuku Co. Ltd.

    1,662,000       35,545,434  

Daihen Corp.

    105,000       4,051,651  

Daiho Corp.

    36,000       1,006,525  

Dai-ichi Life Holdings Inc.

    5,106,500       104,334,534  

Daiichi Sankyo Co. Ltd.

    10,081,600       310,509,343  

Daiichikosho Co. Ltd.

    397,000       8,019,215  

Daiken Corp.

    7,200       118,783  

Daiki Aluminium Industry Co. Ltd.

    109,500       1,194,685  

Daikin Industries Ltd.

    1,437,600       290,680,860  

Daikokutenbussan Co. Ltd.

    21,200       900,165  

Daio Paper Corp.

    478,500       4,113,534  

Daiseki Co. Ltd.

    234,820       7,913,940  

Daishi Hokuetsu Financial Group Inc.

    178,200       4,454,506  

Daito Trust Construction Co. Ltd.

    330,700       35,572,887  

Daiwa House Industry Co. Ltd.

    3,264,100       88,714,674  

Daiwa House REIT Investment Corp.

    11,506       22,653,371  

Daiwa Office Investment Corp.

    1,514       6,665,699  

Daiwa Securities Group Inc.

    7,318,600       39,673,438  

Daiwa Securities Living Investments Corp.

    12,407       9,937,784  

Daiwabo Holdings Co. Ltd.

    493,400       9,561,989  

DCM Holdings Co. Ltd.

    659,100       5,581,602  

Demae-Can Co. Ltd.(a)(b)

    300,000       1,031,424  

DeNA Co. Ltd.

    525,700       6,444,670  

Denka Co. Ltd.

    453,600       8,960,809  

Denso Corp.

    2,360,700       164,369,606  

Dentsu Group Inc.

    1,089,900       36,469,553  

Descente Ltd.

    190,500       5,529,345  

Dexerials Corp.

    293,100       6,653,880  

DIC Corp.

    485,400       9,162,712  

Digital Arts Inc.

    58,100       2,299,202  

Digital Garage Inc.(a)

    190,800       5,555,498  

 

 

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

  25


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Dip Corp.

    190,800     $ 4,816,604  

Direct Marketing MiX Inc.

    61,200       342,103  

Disco Corp.

    506,800       95,266,137  

DMG Mori Co. Ltd.

    680,600       11,581,022  

Doshisha Co. Ltd.

    83,500       1,376,607  

Doutor Nichires Holdings Co. Ltd.

    185,500       2,913,115  

Dowa Holdings Co. Ltd.

    277,200       8,952,411  

DTS Corp.

    207,400       4,902,869  

Duskin Co. Ltd.

    242,600       5,477,349  

DyDo Group Holdings Inc.

    16,000       581,406  

Earth Corp.

    74,700       2,670,272  

East Japan Railway Co.

    1,642,500       92,988,694  

Ebara Corp.

    540,900       25,561,855  

EDION Corp.

    527,800       5,427,014  

eGuarantee Inc.

    155,000       2,300,006  

Eiken Chemical Co. Ltd.

    129,800       1,377,420  

Eisai Co. Ltd.

    1,371,900       86,558,090  

Eizo Corp.

    95,900       3,407,838  

Elan Corp.

    74,100       460,020  

Elecom Co. Ltd.

    220,400       2,372,392  

Electric Power Development Co. Ltd.

    766,600       12,127,988  

en Japan Inc.

    175,600       3,470,893  

ENEOS Holdings Inc.

    15,719,850       57,033,793  

eRex Co. Ltd.

    163,600       1,305,785  

ES-Con Japan Ltd.

    37,400       211,628  

Euglena Co. Ltd.(b)

    635,300       3,934,896  

Exedy Corp.

    165,100       2,888,987  

EXEO Group Inc.

    534,600       11,115,380  

Ezaki Glico Co. Ltd.

    227,200       6,003,869  

Fancl Corp.

    464,100       8,128,099  

FANUC Corp.

    5,213,400       159,490,521  

Fast Retailing Co. Ltd.

    952,300        238,563,263  

FCC Co. Ltd.

    183,200       2,401,316  

Ferrotec Holdings Corp.

    248,300       6,007,910  

Fields Corp.(a)

    203,600       4,368,639  

Financial Products Group Co. Ltd.

    279,200       2,695,139  

Food & Life Companies Ltd.

    600,800       11,821,885  

FP Corp.

    247,300       5,212,371  

Freee KK(a)(b)

    222,000       4,890,664  

Frontier Real Estate Investment Corp.

    2,290       7,608,811  

Fuji Co. Ltd./Ehime

    201,900       2,603,776  

Fuji Corp./Aichi

    479,200       8,773,656  

Fuji Electric Co. Ltd.

    682,800       30,869,101  

Fuji Kyuko Co. Ltd.

    111,100       4,432,832  

Fuji Media Holdings Inc.

    219,800       2,433,774  

Fuji Oil Holdings Inc.

    238,200       3,360,596  

Fuji Seal International Inc.

    229,000       2,564,832  

Fuji Soft Inc.

    280,200       9,335,817  

Fujicco Co. Ltd.

    9,800       130,368  

FUJIFILM Holdings Corp.

    2,032,900       118,041,614  

Fujikura Ltd.

    1,285,200       10,745,790  

Fujimi Inc.

    329,700       7,995,105  

Fujimori Kogyo Co. Ltd.

    13,900       349,501  

Fujitec Co. Ltd.

    426,300       10,961,930  

Fujitsu General Ltd.

    422,800       8,830,151  

Fujitsu Ltd.

    957,000       123,921,708  

Fujiya Co. Ltd.(a)

    73,900       1,243,899  

Fukui Computer Holdings Inc.

    20,500       378,400  

Fukuoka Financial Group Inc.

    899,080       21,663,923  

Fukuoka REIT Corp.

    5,228       6,120,988  
Security   Shares     Value  
Japan (continued)            

Fukushima Galilei Co. Ltd.

    4,900     $ 173,917  

Fukuyama Transporting Co. Ltd.

    97,800       2,764,173  

Fullcast Holdings Co. Ltd.

    54,200       877,353  

Funai Soken Holdings Inc.

    169,100       3,139,414  

Furukawa Co. Ltd.

    180,500       2,072,686  

Furukawa Electric Co. Ltd.

    397,400       7,629,932  

Fuso Chemical Co. Ltd.

    82,100       2,588,819  

Future Corp.

    223,300       2,436,019  

Fuyo General Lease Co. Ltd.

    82,800       6,832,597  

G-7 Holdings Inc.

    67,800       596,609  

Genky DrugStores Co. Ltd.

    27,200       962,712  

Geo Holdings Corp.

    78,500       1,088,950  

Giken Ltd.

    68,400       1,010,542  

Global One Real Estate Investment Corp.

    6,961       5,751,030  

GLOBERIDE Inc.

    73,500       1,214,520  

Glory Ltd.

    228,300       4,697,225  

GLP J-Reit

    23,740       23,387,794  

GMO Financial Gate Inc.

    19,700       1,633,608  

GMO Financial Holdings Inc.

    90,200       462,822  

GMO GlobalSign Holdings KK

    26,400       565,310  

GMO internet group Inc.

    459,600       9,126,898  

GMO Payment Gateway Inc.

    231,700       17,676,130  

GNI Group Ltd.(a)(b)

    283,100       2,587,635  

Goldcrest Co. Ltd.

    69,500       943,908  

Goldwin Inc.

    129,300       10,617,183  

Gree Inc.

    488,500       2,159,228  

GS Yuasa Corp.

    431,500       8,682,633  

GungHo Online Entertainment Inc.

    244,730       4,803,491  

Gunma Bank Ltd. (The)

    2,340,500       9,905,804  

Gunze Ltd.

    80,700       2,537,246  

H.U. Group Holdings Inc.

    285,600       5,638,765  

H2O Retailing Corp.

    569,600       6,130,980  

Hachijuni Bank Ltd. (The)

    2,296,800       11,833,437  

Hakuhodo DY Holdings Inc.

    1,247,500       14,351,760  

Hakuto Co. Ltd.

    55,100       2,172,916  

Hamamatsu Photonics KK

    765,900       36,902,115  

Hankyu Hanshin Holdings Inc.

    1,215,100       40,369,119  

Hankyu Hanshin REIT Inc.

    4,571       4,568,342  

Hanwa Co. Ltd.

    170,300       5,825,393  

Harmonic Drive Systems Inc.

    280,700       7,730,999  

Haseko Corp.

    1,302,200       16,953,061  

Hazama Ando Corp.

    1,106,100       8,849,719  

Heiwa Corp.

    415,300       7,034,657  

Heiwa Real Estate Co. Ltd.

    172,200       4,811,536  

Heiwa Real Estate REIT Inc.

    6,006       6,129,434  

Heiwado Co. Ltd.

    176,500       3,005,696  

Hiday Hidaka Corp.

    39,400       701,267  

Hikari Tsushin Inc.

    106,300       15,773,545  

Hino Motors Ltd.(b)

    1,545,900       6,200,291  

Hioki E.E. Corp.

    39,700       2,269,317  

Hirata Corp.

    47,800       2,680,982  

Hirogin Holdings Inc.

    1,647,600       10,189,969  

Hirose Electric Co. Ltd.

    156,845       19,865,614  

HIS Co. Ltd.(a)(b)

    270,700       3,880,086  

Hisamitsu Pharmaceutical Co. Inc.

    252,900       8,081,929  

Hitachi Construction Machinery Co. Ltd.

    571,600       17,152,871  

Hitachi Ltd.

    5,102,400        334,025,972  

Hitachi Zosen Corp.

    1,034,300       6,815,194  

Hogy Medical Co. Ltd.

    144,900       3,174,564  

Hokkaido Electric Power Co. Inc.(b)

    1,006,000       4,691,716  

 

 

26  

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


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Hokkoku Financial Holdings Inc.

    112,200     $ 3,814,216  

Hokuetsu Corp.

    841,500       5,103,174  

Hokuhoku Financial Group Inc.

    765,700       6,855,735  

Hokuriku Electric Power Co.(b)

    895,000       5,457,125  

Hokuto Corp.

    125,000       1,637,052  

Honda Motor Co. Ltd.

    8,357,900        266,461,450  

Horiba Ltd.

    189,400       11,173,310  

Hoshino Resorts REIT Inc.

    1,273       5,577,208  

Hoshizaki Corp.

    577,200       22,136,123  

Hosiden Corp.

    373,400       4,828,296  

House Foods Group Inc.

    409,900       9,463,160  

Hoya Corp.

    1,947,600       226,816,171  

Hulic Co. Ltd.

    2,081,000       17,718,057  

Hulic Reit Inc.

    7,661       8,890,918  

Hyakugo Bank Ltd. (The)

    1,343,400       4,490,627  

Ibiden Co. Ltd.

    618,700       37,604,134  

Ichibanya Co. Ltd.

    89,100       3,490,973  

Ichigo Inc.

    1,747,200       3,323,473  

Ichigo Office REIT Investment Corp.

    8,650       5,388,487  

Idec Corp./Japan

    148,600       3,161,839  

Idemitsu Kosan Co. Ltd.

    1,146,428       24,208,919  

IDOM Inc.

    282,900       1,659,500  

IHI Corp.

    745,700       18,334,803  

Iida Group Holdings Co. Ltd.

    823,900       14,453,258  

Iino Kaiun Kaisha Ltd.

    728,900       4,706,803  

Inaba Denki Sangyo Co. Ltd.

    226,200       5,024,747  

Inabata & Co. Ltd.

    177,700       4,142,347  

Inageya Co. Ltd.

    119,000       1,255,692  

Industrial & Infrastructure Fund Investment Corp.

    10,946       11,456,480  

Infocom Corp.

    106,100       1,800,245  

Infomart Corp.

    1,184,800       3,530,784  

Information Services International-Dentsu Ltd.

    123,000       4,362,012  

INFRONEER Holdings Inc.

    1,468,156       14,296,969  

Inpex Corp.

    5,346,100       69,030,007  

Insource Co. Ltd.

    260,800       2,305,132  

Internet Initiative Japan Inc.

    551,400       10,266,767  

Invincible Investment Corp.

    35,991       14,910,539  

Iriso Electronics Co. Ltd.

    107,200       2,979,121  

Isetan Mitsukoshi Holdings Ltd.

    1,805,700       19,589,808  

Isuzu Motors Ltd.

    3,124,300       40,586,985  

Ito En Ltd.

    286,100       8,165,852  

ITOCHU Corp.

    6,538,000       264,431,355  

Itochu Enex Co. Ltd.

    233,800       2,295,086  

Itochu Techno-Solutions Corp.

    553,000       14,015,309  

Itoham Yonekyu Holdings Inc.

    872,000       4,425,219  

Iwatani Corp.

    219,600       11,722,088  

Iyogin Holdings Inc., NVS

    1,686,800       11,914,617  

Izumi Co. Ltd.

    152,900       3,852,786  

J Front Retailing Co. Ltd.

    1,267,600       12,338,154  

J Trust Co. Ltd.(a)

    392,800       1,303,870  

JAC Recruitment Co. Ltd.

    41,300       820,423  

Jaccs Co. Ltd.

    127,000       4,659,405  

JAFCO Group Co. Ltd.

    315,000       4,118,466  

Japan Airlines Co. Ltd.

    795,400       17,220,900  

Japan Airport Terminal Co. Ltd.

    317,700       14,804,957  

Japan Aviation Electronics Industry Ltd.

    232,400       4,720,219  

Japan Display Inc.(a)(b)

    4,732,000       1,299,501  

Japan Elevator Service Holdings Co. Ltd.

    340,200       4,207,378  

Japan Excellent Inc.

    7,531       6,985,121  

Japan Exchange Group Inc.

    2,718,800       47,370,180  
Security   Shares     Value  
Japan (continued)            

Japan Hotel REIT Investment Corp.

    25,155     $ 12,490,847  

Japan Lifeline Co. Ltd.

    421,700       2,954,860  

Japan Logistics Fund Inc.

    5,775       12,205,240  

Japan Material Co. Ltd.

    324,600       5,740,023  

Japan Metropolitan Fund Invest

    38,146       26,164,236  

Japan Petroleum Exploration Co. Ltd.

    180,700       6,210,727  

Japan Post Bank Co. Ltd.

    7,964,400       66,260,162  

Japan Post Holdings Co. Ltd.

    11,864,800       86,643,717  

Japan Post Insurance Co. Ltd.

    1,098,000       17,743,865  

Japan Prime Realty Investment Corp.

    4,901       12,202,715  

Japan Real Estate Investment Corp.

    6,913       27,804,757  

Japan Securities Finance Co. Ltd.

    847,200       7,195,218  

Japan Steel Works Ltd. (The)

    394,700       8,222,151  

Japan Tobacco Inc.

    6,527,100        144,833,696  

Japan Wool Textile Co. Ltd. (The)

    61,800       524,652  

JCR Pharmaceuticals Co. Ltd.

    379,600       3,607,223  

JCU Corp.

    88,100       2,099,018  

JDC Corp.

    39,200       168,184  

Jeol Ltd.

    242,200       8,307,441  

JFE Holdings Inc.

    2,655,900       42,961,594  

JGC Holdings Corp.

    1,186,000       16,628,373  

JINS Holdings Inc.

    70,700       1,753,814  

JMDC Inc.

    192,800       7,369,277  

J-Oil Mills Inc.

    71,200       848,131  

Joshin Denki Co. Ltd.

    24,300       349,581  

Joyful Honda Co. Ltd.

    239,100       2,769,713  

JSR Corp.

    961,400       27,579,392  

JTEKT Corp.

    1,121,600       10,579,576  

JTOWER Inc.(a)(b)

    61,100       3,120,775  

Juroku Financial Group Inc.

    146,000       3,611,146  

Justsystems Corp.

    193,100       5,495,800  

Kadokawa Corp.

    560,800       13,900,998  

Kaga Electronics Co. Ltd.

    57,200       2,562,332  

Kagome Co. Ltd.

    515,400       11,490,369  

Kajima Corp.

    2,265,000       35,792,556  

Kakaku.com Inc.

    728,700       10,892,553  

Kaken Pharmaceutical Co. Ltd.

    165,400       4,118,226  

Kameda Seika Co. Ltd.

    25,800       792,060  

Kamigumi Co. Ltd.

    590,800       13,704,374  

Kanamoto Co. Ltd.

    147,400       2,599,749  

Kandenko Co. Ltd.

    656,800       5,761,261  

Kaneka Corp.

    231,400       6,817,885  

Kanematsu Corp.

    546,800       8,021,295  

Kansai Electric Power Co. Inc. (The)

    3,775,800       49,603,744  

Kansai Paint Co. Ltd.

    952,400       15,611,109  

Kanto Denka Kogyo Co. Ltd.

    463,400       3,095,290  

Kao Corp.

    2,536,200       96,354,276  

Kappa Create Co. Ltd.(a)(b)

    135,800       1,473,943  

Katakura Industries Co. Ltd.

    39,600       450,158  

Katitas Co. Ltd.

    255,300       4,695,893  

Kato Sangyo Co. Ltd.

    109,100       2,993,495  

Kawasaki Heavy Industries Ltd.

    802,200       20,458,682  

Kawasaki Kisen Kaisha Ltd.

    748,600       22,573,750  

KDDI Corp.

    8,141,400       239,615,224  

KeePer Technical Laboratory Co. Ltd.

    72,100       3,185,213  

Keihan Holdings Co. Ltd.

    541,500       15,336,698  

Keihanshin Building Co. Ltd.

    92,600       823,526  

Keikyu Corp.

    1,155,300       10,980,739  

Keio Corp.

    556,400       18,495,071  

Keisei Electric Railway Co. Ltd.

    687,700       28,543,157  

 

 

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

  27


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Keiyo Bank Ltd. (The)

    583,100     $ 2,447,875  

Keiyo Co. Ltd.

    55,600       334,075  

Kenedix Office Investment Corp.

    4,253       10,112,534  

Kenedix Residential Next Investment Corp.

    6,610       10,342,071  

Kenedix Retail REIT Corp.

    4,683       9,164,928  

Kewpie Corp.

    548,700       8,890,804  

Keyence Corp.

    1,061,900        476,519,079  

KFC Holdings Japan Ltd.

    66,100       1,382,522  

KH Neochem Co. Ltd.

    168,300       2,754,845  

Kikkoman Corp.

    787,100       45,361,248  

Kinden Corp.

    769,000       10,605,761  

Kintetsu Group Holdings Co. Ltd.

    963,500       32,322,153  

Kirin Holdings Co. Ltd.

    4,196,800       61,988,572  

Kisoji Co. Ltd.

    150,200       2,610,907  

Kissei Pharmaceutical Co. Ltd.

    160,600       3,400,268  

Ki-Star Real Estate Co. Ltd.

    46,800       1,706,395  

Kitz Corp.

    518,900       3,861,721  

Kiyo Bank Ltd. (The)

    422,700       4,539,015  

Koa Corp.(a)

    168,300       2,083,967  

Kobayashi Pharmaceutical Co. Ltd.

    273,200       15,018,163  

Kobe Bussan Co. Ltd.

    819,800       21,835,848  

Kobe Steel Ltd.

    1,914,000       20,934,053  

Koei Tecmo Holdings Co. Ltd.

    793,332       13,574,809  

Kohnan Shoji Co. Ltd.

    154,100       3,772,377  

Koito Manufacturing Co. Ltd.

    1,144,800       21,049,912  

Kokuyo Co. Ltd.

    578,100       9,274,107  

Komatsu Ltd.

    5,010,400       140,363,504  

KOMEDA Holdings Co. Ltd.

    231,900       4,494,583  

Komeri Co. Ltd.

    147,700       3,095,848  

Konami Group Corp.

    550,800       30,898,023  

Konica Minolta Inc.

    2,434,300       9,023,072  

Konishi Co. Ltd.

    96,500       1,548,210  

Kose Corp.

    200,200       19,604,824  

Koshidaka Holdings Co. Ltd.(a)

    261,900       2,179,786  

Kotobuki Spirits Co. Ltd.

    108,100       8,227,979  

K’s Holdings Corp.

    885,800       8,130,127  

Kubota Corp.

    5,509,500       83,226,334  

Kumagai Gumi Co. Ltd.

    163,400       3,700,744  

Kumiai Chemical Industry Co. Ltd.

    546,227       4,101,563  

Kura Sushi Inc.(a)

    106,900       2,327,500  

Kuraray Co. Ltd.

    1,658,200       16,685,718  

Kureha Corp.

    89,400       5,344,962  

Kurita Water Industries Ltd.

    568,000       22,842,218  

Kusuri no Aoki Holdings Co. Ltd.

    83,200       4,777,207  

KYB Corp.

    91,600       3,245,886  

Kyocera Corp.

    1,734,700       93,347,784  

Kyoei Steel Ltd.

    98,600       1,484,045  

Kyokuto Kaihatsu Kogyo Co. Ltd.

    131,000       1,682,028  

Kyorin Pharmaceutical Co. Ltd.

    418,800       5,222,002  

Kyoritsu Maintenance Co. Ltd.

    162,600       6,372,173  

Kyowa Kirin Co. Ltd.

    1,456,300       27,809,034  

Kyudenko Corp.

    205,800       5,934,952  

Kyushu Electric Power Co. Inc.(b)

    2,116,200       14,369,039  

Kyushu Financial Group Inc.

    2,077,100       10,111,198  

Kyushu Railway Co.

    711,300       15,597,294  

LaSalle Logiport REIT

    9,867       10,555,830  

Lasertec Corp.

    414,000       62,672,068  

Lawson Inc.

    239,400       12,011,841  

Leopalace21 Corp.(a)(b)

    942,200       2,030,915  

Life Corp.

    112,500       2,822,052  
Security   Shares     Value  
Japan (continued)            

LIFENET INSURANCE Co.(b)

    297,700     $ 2,246,483  

Link And Motivation Inc.

    244,000       736,109  

Lintec Corp.

    210,000       3,465,815  

Lion Corp.

    1,242,400       11,871,217  

LITALICO Inc.

    100,200       1,576,270  

Lixil Corp.

    1,546,600       19,765,275  

M&A Capital Partners Co. Ltd.(b)

    79,200       1,624,348  

M&A Research Institute Inc., NVS(a)(b)

    97,500       2,716,016  

M3 Inc.

    2,417,900       55,911,096  

Mabuchi Motor Co. Ltd.

    245,800       7,058,280  

Macnica Holdings Inc.

    242,000       10,142,689  

Maeda Kosen Co. Ltd.

    37,600       831,097  

Makino Milling Machine Co. Ltd.

    123,300       4,943,291  

Makita Corp.

    1,222,200       34,320,655  

Management Solutions Co. Ltd.(a)

    52,300       1,499,396  

Mandom Corp.

    211,900       2,127,434  

Mani Inc.

    464,800       5,977,111  

Marubeni Corp.

    8,320,800        147,319,714  

Maruha Nichiro Corp.

    224,300       3,890,765  

Marui Group Co. Ltd.

    953,000       17,072,245  

Maruichi Steel Tube Ltd.

    283,600       6,721,645  

MARUKA FURUSATO Corp.

    99,700       1,871,709  

Maruwa Co. Ltd./Aichi

    49,600       8,237,394  

Matsuda Sangyo Co. Ltd.

    45,300       742,520  

Matsui Securities Co. Ltd.(a)

    789,100       4,458,772  

MatsukiyoCocokara & Co.

    622,550       36,432,628  

Max Co. Ltd.

    27,400       513,266  

Maxell Ltd.

    417,000       4,737,267  

Maxvalu Tokai Co. Ltd.

    2,500       48,997  

Mazda Motor Corp.

    3,045,200       30,209,875  

McDonald’s Holdings Co. Japan Ltd.(a)

    517,400       20,366,499  

MCJ Co. Ltd.

    252,700       2,005,482  

Mebuki Financial Group Inc.

    5,628,010       14,951,894  

Medipal Holdings Corp.

    968,000       16,597,855  

Medley Inc.(b)

    140,500       5,012,948  

Megachips Corp.

    81,300       2,433,262  

Megmilk Snow Brand Co. Ltd.

    240,600       3,314,519  

Meidensha Corp.

    173,900       2,592,209  

MEIJI Holdings Co. Ltd.

    1,192,100       27,542,152  

Meiko Electronics Co. Ltd.

    110,400       2,196,341  

Meitec Corp.

    408,000       7,437,964  

Melco Holdings Inc.

    45,900       1,031,297  

Menicon Co. Ltd.

    330,000       5,918,992  

Mercari Inc.(b)

    628,700       15,926,436  

METAWATER Co. Ltd.

    68,900       888,445  

Micronics Japan Co. Ltd.

    182,000       2,903,107  

Midac Holdings Co. Ltd.

    43,800       498,773  

Milbon Co. Ltd.

    144,400       5,195,661  

Mimasu Semiconductor Industry Co. Ltd.

    34,200       715,637  

MINEBEA MITSUMI Inc.

    2,075,659       38,446,969  

Mirai Corp.

    6,035       1,946,174  

MIRAIT ONE corp

    568,000       7,291,962  

MISUMI Group Inc.

    1,541,300       28,196,727  

Mitani Sekisan Co. Ltd.

    15,000       508,278  

Mitsubishi Chemical Group Corp.

    6,864,000       41,059,253  

Mitsubishi Corp.

    6,741,500       344,938,661  

Mitsubishi Electric Corp.

    10,477,700       151,205,061  

Mitsubishi Estate Co. Ltd.

    6,166,900       75,579,602  

Mitsubishi Estate Logistics REIT Investment Corp.

    2,376       6,798,623  

 

 

28  

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


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Mitsubishi Gas Chemical Co. Inc.

    814,900     $ 12,222,302  

Mitsubishi HC Capital Inc.

    5,107,970       33,791,090  

Mitsubishi Heavy Industries Ltd.

    1,734,200       82,277,434  

Mitsubishi Logisnext Co. Ltd.

    89,200       802,456  

Mitsubishi Logistics Corp.

    409,000       10,273,690  

Mitsubishi Materials Corp.

    651,600       11,647,712  

Mitsubishi Motors Corp.

    3,607,300       14,568,174  

Mitsubishi Pencil Co. Ltd.

    169,700       2,221,550  

Mitsubishi Research Institute Inc.

    24,200       916,263  

Mitsubishi Shokuhin Co. Ltd.

    60,300       1,606,811  

Mitsubishi UFJ Financial Group Inc.

    62,489,200        503,178,535  

Mitsuboshi Belting Ltd.

    121,600       3,854,063  

Mitsui & Co. Ltd.

    7,134,300       278,452,280  

Mitsui Chemicals Inc.

    993,900       28,578,556  

Mitsui DM Sugar Holdings Co. Ltd.

    108,800       2,182,232  

Mitsui Fudosan Co. Ltd.

    4,922,700       101,136,553  

Mitsui Fudosan Logistics Park Inc.

    2,863       10,189,217  

Mitsui High-Tec Inc.

    110,600       7,736,587  

Mitsui Mining & Smelting Co. Ltd.

    288,300       6,814,486  

Mitsui OSK Lines Ltd.

    1,860,300       48,092,121  

Mitsui-Soko Holdings Co. Ltd.

    112,800       2,876,749  

Miura Co. Ltd.

    499,400       12,599,877  

Mixi Inc.

    199,300       3,764,440  

Mizuho Financial Group Inc.

    13,029,570       221,051,400  

Mizuho Leasing Co. Ltd.

    139,300       4,783,870  

Mochida Pharmaceutical Co. Ltd.

    134,900       3,136,894  

Modec Inc.(b)

    123,600       1,300,567  

Monex Group Inc.

    979,800       3,818,754  

Money Forward Inc.(b)

    241,900       10,463,684  

Monogatari Corp. (The)

    157,500       3,856,279  

MonotaRO Co. Ltd.

    1,383,000       16,879,290  

Mori Hills REIT Investment Corp.

    8,638       8,790,794  

Mori Trust Reit Inc.

    12,528       6,457,054  

Morinaga & Co. Ltd./Japan

    183,400       5,953,530  

Morinaga Milk Industry Co. Ltd.

    182,900       6,160,162  

Morita Holdings Corp.

    90,400       985,811  

MOS Food Services Inc.

    144,000       3,311,673  

MS&AD Insurance Group Holdings Inc.

    2,323,300       86,411,225  

Murata Manufacturing Co. Ltd.

    3,135,200       186,236,200  

Musashi Seimitsu Industry Co. Ltd.

    246,400       3,072,566  

Musashino Bank Ltd. (The)

    123,500       2,180,312  

Nabtesco Corp.

    583,300       12,372,608  

Nachi-Fujikoshi Corp.

    86,300       2,331,861  

Nafco Co. Ltd.

    59,700       791,730  

Nagaileben Co. Ltd.

    62,000       1,029,239  

Nagase & Co. Ltd.

    616,000       10,591,429  

Nagawa Co. Ltd.

    27,100       1,365,282  

Nagoya Railroad Co. Ltd.

    976,900       15,730,380  

Nakanishi Inc.

    432,800       9,972,304  

Nankai Electric Railway Co. Ltd.

    555,500       11,772,922  

Nanto Bank Ltd. (The)

    137,100       2,511,696  

NEC Corp.

    1,334,600       67,524,625  

NEC Networks & System Integration Corp.

    549,800       7,249,719  

NET One Systems Co. Ltd.

    474,900       10,434,462  

Nexon Co. Ltd.

    2,126,400       40,570,463  

Nextage Co. Ltd.

    235,900       6,196,069  

NGK Insulators Ltd.

    1,254,000       15,379,383  

NH Foods Ltd.

    447,900       12,923,167  

NHK Spring Co. Ltd.

    1,190,500       9,539,099  

Nichias Corp.

    400,300       8,229,543  
Security   Shares     Value  
Japan (continued)            

Nichicon Corp.

    408,900     $ 4,044,593  

Nichiden Corp.

    67,700       1,169,407  

Nichiha Corp.

    127,000       2,921,644  

Nichirei Corp.

    567,300       12,942,319  

Nidec Corp.

    2,282,900       136,346,082  

Nifco Inc./Japan

    486,800       14,509,446  

Nihon Kohden Corp.

    477,800       12,594,585  

Nihon M&A Center Holdings Inc.

    1,677,200       9,605,051  

Nihon Parkerizing Co. Ltd.

    632,400       4,946,389  

Nikkiso Co. Ltd.

    263,200       1,678,134  

Nikkon Holdings Co. Ltd.

    233,400       4,905,932  

Nikon Corp.

    1,625,100       21,480,192  

Nintendo Co. Ltd.

    5,666,300        256,313,588  

Nippn Corp., New

    270,800       3,552,410  

Nippon Accommodations Fund Inc.

    2,410       11,423,392  

Nippon Building Fund Inc.

    8,242       34,548,910  

Nippon Carbon Co. Ltd.

    8,900       269,892  

Nippon Ceramic Co. Ltd.

    81,900       1,479,365  

Nippon Densetsu Kogyo Co. Ltd.

    95,800       1,448,566  

Nippon Electric Glass Co. Ltd.

    471,900       8,571,431  

Nippon Express Holdings Inc.

    427,300       25,053,112  

Nippon Gas Co. Ltd.

    573,900       8,445,272  

Nippon Kanzai Holdings Co. Ltd.

    28,900       538,470  

Nippon Kayaku Co. Ltd.

    828,600       7,647,249  

Nippon Light Metal Holdings Co. Ltd.

    392,860       4,194,754  

Nippon Paint Holdings Co. Ltd.

    5,177,400       47,436,675  

Nippon Paper Industries Co. Ltd.(b)

    516,200       5,016,728  

Nippon Parking Development Co. Ltd.

    830,800       1,252,033  

Nippon Pillar Packing Co. Ltd.

    93,500       2,930,199  

Nippon Prologis REIT Inc.

    12,268       25,086,937  

NIPPON REIT Investment Corp.

    2,409       5,735,684  

Nippon Road Co. Ltd. (The)

    27,300       1,846,711  

Nippon Sanso Holdings Corp.

    923,100       22,321,792  

Nippon Seiki Co. Ltd.

    116,100       812,914  

Nippon Shinyaku Co. Ltd.

    279,100       11,286,698  

Nippon Shokubai Co. Ltd.

    131,800       5,073,858  

Nippon Signal Company Ltd.

    272,300       1,951,867  

Nippon Soda Co. Ltd.

    122,000       4,587,456  

Nippon Steel Corp.

    4,373,108       99,953,361  

Nippon Suisan Kaisha Ltd.

    1,830,700       8,718,343  

Nippon Telegraph & Telephone Corp.

    162,457,900       186,293,396  

Nippon Television Holdings Inc.

    205,700       1,953,406  

Nippon Yusen KK

    2,624,900       63,853,735  

Nipro Corp.

    809,300       5,876,175  

Nishimatsu Construction Co. Ltd.

    168,200       4,381,663  

Nishimatsuya Chain Co. Ltd.

    371,800       4,465,676  

Nishi-Nippon Financial Holdings Inc.

    860,300       9,164,234  

Nishi-Nippon Railroad Co. Ltd.

    428,400       7,737,899  

Nishio Holdings Co. Ltd.

    31,100       790,170  

Nissan Chemical Corp.

    690,400       31,023,586  

Nissan Motor Co. Ltd.

    12,622,200       55,602,637  

Nissan Shatai Co. Ltd.

    241,100       1,536,344  

Nissha Co. Ltd.

    224,400       2,714,635  

Nisshin Oillio Group Ltd. (The)

    141,900       3,808,896  

Nisshin Seifun Group Inc.

    1,103,900       13,689,472  

Nisshinbo Holdings Inc.

    748,200       6,430,126  

Nissin Foods Holdings Co. Ltd.

    332,300       28,018,058  

Niterra Co. Ltd.

    814,000       17,212,045  

Nitori Holdings Co. Ltd.

    436,800       53,487,293  

Nitta Corp.

    100,500       2,295,839  

 

 

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

  29


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Nittetsu Mining Co. Ltd.

    29,400     $ 1,052,004  

Nitto Boseki Co. Ltd.

    129,600       2,530,689  

Nitto Denko Corp.

    812,300       57,763,454  

Nitto Kogyo Corp.

    121,500       3,108,800  

Noevir Holdings Co. Ltd.

    88,700       3,380,718  

NOF Corp.

    435,200        18,780,463  

Nohmi Bosai Ltd.

    25,000       303,528  

Nojima Corp.

    292,800       2,858,082  

NOK Corp.

    544,500       8,198,788  

Nomura Co. Ltd.

    554,000       3,525,102  

Nomura Holdings Inc.

    15,714,800       65,011,685  

Nomura Real Estate Holdings Inc.

    624,700       15,494,446  

Nomura Real Estate Master Fund Inc.

    22,498       26,766,719  

Nomura Research Institute Ltd.

    2,109,140       59,931,036  

Noritake Co. Ltd./Nagoya Japan

    62,100       2,421,715  

Noritsu Koki Co. Ltd.

    70,100       1,215,591  

Noritz Corp.

    120,300       1,477,112  

North Pacific Bank Ltd.

    2,313,100       5,052,502  

NS Solutions Corp.

    174,000       4,566,735  

NS United Kaiun Kaisha Ltd.

    49,100       1,321,734  

NSD Co. Ltd.

    531,500       10,410,349  

NSK Ltd.

    2,001,700       12,956,174  

NTN Corp.

    2,417,800       5,432,689  

NTT Data Group Corp.

    3,463,700       48,184,194  

NTT UD REIT Investment Corp.

    8,730       8,280,237  

Obara Group Inc.

    63,400       1,852,099  

Obayashi Corp.

    3,462,800       32,016,469  

OBIC Business Consultants Co. Ltd.

    157,600       6,619,178  

Obic Co. Ltd.

    382,600       62,608,711  

Odakyu Electric Railway Co. Ltd.

    1,593,200       23,277,322  

Ogaki Kyoritsu Bank Ltd. (The)

    186,500       2,568,251  

Ohsho Food Service Corp.

    70,300       3,347,163  

Oiles Corp.

    104,200       1,420,415  

Oisix ra daichi Inc.(a)(b)

    154,700       2,543,247  

Oji Holdings Corp.

    4,579,500       18,081,231  

Okamoto Industries Inc.

    43,900       1,220,558  

Okamura Corp.

    455,600       6,537,307  

Okasan Securities Group Inc.

    1,197,600       4,771,735  

Oki Electric Industry Co. Ltd.

    561,500       3,547,258  

Okinawa Cellular Telephone Co.

    115,000       2,429,387  

Okinawa Electric Power Co. Inc. (The)(b)

    210,616       1,708,663  

Okinawa Financial Group Inc.

    71,200       1,120,913  

OKUMA Corp.

    124,600       6,321,001  

Okumura Corp.

    168,600       5,042,540  

Olympus Corp.

    6,571,000       107,218,526  

Omron Corp.

    957,000       51,368,181  

One REIT Inc.

    639       1,165,270  

Ono Pharmaceutical Co. Ltd.

    2,097,800       38,442,856  

Open Door Inc.(a)(b)

    61,400       538,046  

Open House Group Co. Ltd.

    419,900       15,978,162  

Optex Group Co. Ltd.

    114,200       1,498,531  

Optorun Co. Ltd.

    148,100       2,459,112  

Oracle Corp. Japan

    207,400       14,538,451  

Organo Corp.

    109,800       3,182,388  

Orient Corp.

    522,510       4,088,484  

Oriental Land Co. Ltd./Japan

    5,944,800       228,004,092  

ORIX Corp.

    6,370,000       122,536,619  

Orix JREIT Inc.

    14,203       18,069,293  

Osaka Gas Co. Ltd.

    2,016,000       31,721,437  

Osaka Organic Chemical Industry Ltd.

    74,300       1,378,450  
Security   Shares     Value  
Japan (continued)            

Osaka Soda Co. Ltd.

    50,300     $ 2,048,473  

OSAKA Titanium Technologies Co. Ltd.(a)

    165,100       4,167,444  

OSG Corp.

    506,200       6,747,185  

Otsuka Corp.

    668,900        27,855,233  

Otsuka Holdings Co. Ltd.

    2,106,700       77,457,679  

Outsourcing Inc.

    656,700       6,718,562  

Pacific Metals Co. Ltd.(b)

    86,500       1,012,174  

PAL GROUP Holdings Co. Ltd.

    127,800       3,750,572  

PALTAC Corp.

    160,500       5,392,590  

Pan Pacific International Holdings Corp.

    2,075,100       41,028,040  

Panasonic Holdings Corp.

    12,015,900       148,316,840  

Paramount Bed Holdings Co. Ltd.

    217,400       3,560,918  

Park24 Co. Ltd.(b)

    693,500       9,149,050  

Pasona Group Inc.

    83,600       990,756  

Penta-Ocean Construction Co. Ltd.

    1,582,600       8,590,228  

PeptiDream Inc.(a)(b)

    547,600       6,971,102  

Persol Holdings Co. Ltd.

    943,900       18,670,932  

Pharma Foods International Co. Ltd.

    130,000       1,534,717  

PHC Holdings Corp.

    131,700       1,396,696  

Pigeon Corp.

    648,300       8,756,339  

Pilot Corp.

    147,400       4,857,127  

Piolax Inc.

    131,100       2,042,482  

PKSHA Technology Inc.(a)(b)

    177,700       3,735,423  

Plus Alpha Consulting Co. Ltd.(a)

    80,000       1,575,402  

Pola Orbis Holdings Inc.

    507,800       7,447,553  

Pressance Corp.

    78,100       1,112,154  

Prestige International Inc.

    305,700       1,247,496  

Prima Meat Packers Ltd.

    148,700       2,318,149  

Raito Kogyo Co. Ltd.

    206,800       2,995,753  

Raiznext Corp.

    161,100       1,650,741  

Raksul Inc.(a)(b)

    271,600       2,684,081  

Rakus Co. Ltd.

    519,200       8,813,654  

Rakuten Group Inc.

    8,217,700       32,186,782  

Recruit Holdings Co. Ltd.

    7,860,700       272,260,441  

Relo Group Inc.

    576,000       7,954,117  

Renesas Electronics Corp.(b)

    6,968,400       134,447,100  

Rengo Co. Ltd.

    1,031,000       6,566,610  

RENOVA Inc.(a)(b)

    222,600       2,351,171  

Resona Holdings Inc.

    11,636,638       63,350,803  

Resorttrust Inc.

    533,900       8,441,843  

Retail Partners Co. Ltd.(a)

    32,200       351,168  

Ricoh Co. Ltd.

    2,958,400       26,316,936  

Ricoh Leasing Co. Ltd.

    65,300       2,024,723  

Riken Keiki Co. Ltd.

    47,100       1,781,935  

Ringer Hut Co. Ltd.(a)(b)

    164,900       2,851,597  

Rinnai Corp.

    601,700       13,100,329  

Riso Kagaku Corp.

    68,000       1,116,158  

Riso Kyoiku Co. Ltd.

    432,800       800,669  

Rohm Co. Ltd.

    481,900       45,157,996  

Rohto Pharmaceutical Co. Ltd.

    1,110,000       23,659,201  

Roland Corp.

    65,500       1,867,416  

Rorze Corp.

    59,900       4,685,072  

Round One Corp.

    1,341,600       5,370,288  

Royal Holdings Co. Ltd.(a)

    169,800       3,169,654  

RS Technologies Co. Ltd.

    65,700       1,409,304  

Ryohin Keikaku Co. Ltd.

    1,376,400       17,872,804  

Ryosan Co. Ltd.

    89,700       2,839,475  

Ryoyo Electro Corp.

    144,100       3,578,982  

S Foods Inc.

    48,700       1,148,922  

Saibu Gas Holdings Co. Ltd.

    121,300       1,779,909  

 

 

30  

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


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Saizeriya Co. Ltd.

    158,500     $ 5,039,923  

Sakai Moving Service Co. Ltd.

    28,000       1,052,700  

Sakata INX Corp.

    20,000       172,392  

Sakata Seed Corp.

    187,400       5,266,438  

SAMTY Co. Ltd.

    85,300       1,362,582  

Samty Residential Investment Corp.

    588       481,615  

San-A Co. Ltd.

    113,900       3,774,994  

San-Ai Obbli Co. Ltd.

    78,600       895,032  

SanBio Co. Ltd.(b)

    242,100       1,022,093  

Sangetsu Corp.

    247,200       4,538,029  

San-in Godo Bank Ltd. (The)

    832,800       5,390,736  

Sanken Electric Co. Ltd.

    127,200       12,995,821  

Sanki Engineering Co. Ltd.

    13,100       142,351  

Sankyo Co. Ltd.

    196,900       8,329,184  

Sankyu Inc.

    247,200       8,572,205  

Sanrio Co. Ltd.

    292,000       13,596,444  

Sansan Inc.(b)

    383,500       4,059,323  

Santen Pharmaceutical Co. Ltd.

    1,892,700       16,539,041  

Sanwa Holdings Corp.

    1,130,900       15,380,388  

Sanyo Chemical Industries Ltd.

    21,100       642,236  

Sanyo Denki Co. Ltd.

    34,200       1,734,707  

Sanyo Special Steel Co. Ltd.

    110,700       2,223,877  

Sapporo Holdings Ltd.

    431,500       11,368,481  

Sato Holdings Corp.

    160,200       2,243,466  

Sawai Group Holdings Co. Ltd.

    189,900       4,729,896  

SB Technology Corp.

    10,600       193,012  

SBI Holdings Inc.

    1,431,100       30,220,953  

SBS Holdings Inc.

    58,000       1,375,818  

SCREEN Holdings Co. Ltd.

    222,800       24,073,404  

SCSK Corp.

    815,000       13,549,415  

Secom Co. Ltd.

    1,145,400       76,861,886  

Sega Sammy Holdings Inc.

    846,900       18,517,148  

Seibu Holdings Inc.

    1,204,800       13,396,684  

Seiko Epson Corp.

    1,564,900       25,698,331  

Seiko Group Corp.

    142,300       2,630,694  

Seino Holdings Co. Ltd.

    736,600       11,592,996  

Seiren Co. Ltd.

    218,800       3,780,564  

Sekisui Chemical Co. Ltd.

    1,957,400       29,731,931  

Sekisui House Ltd.

    3,355,200       68,451,762  

Sekisui House Reit Inc.

    21,979       13,046,099  

Senko Group Holdings Co. Ltd.

    706,800       5,116,340  

Septeni Holdings Co. Ltd.(a)

    342,000       975,657  

Seria Co. Ltd.

    220,800       3,703,584  

Seven & i Holdings Co. Ltd.

    4,090,600        169,698,867  

Seven Bank Ltd.

    3,413,500       7,414,016  

SG Holdings Co. Ltd.

    1,751,500       25,560,525  

Sharp Corp./Japan(b)

    1,271,999       7,563,509  

Shibaura Machine Co. Ltd.

    124,300       3,973,868  

SHIFT Inc.(b)

    69,500       16,440,734  

Shiga Bank Ltd. (The)

    219,700       4,706,700  

Shikoku Chemicals Corp.

    97,200       969,370  

Shikoku Electric Power Co. Inc.(b)

    787,900       5,550,646  

Shima Seiki Manufacturing Ltd.(a)

    154,900       2,120,252  

Shimadzu Corp.

    1,349,800       40,994,527  

Shimamura Co. Ltd.

    116,600       11,547,571  

Shimano Inc.

    422,500       63,682,221  

Shimizu Corp.

    2,910,600       20,052,682  

Shin Nippon Biomedical Laboratories Ltd.(a)

    118,300       1,745,474  

Shin-Etsu Chemical Co. Ltd.

    9,925,200       326,984,160  

Shin-Etsu Polymer Co. Ltd.

    70,600       701,205  
Security   Shares     Value  
Japan (continued)            

Shinko Electric Industries Co. Ltd.

    376,200     $ 15,210,085  

Shinmaywa Industries Ltd.

    504,600       5,095,062  

Shinsei Bank Ltd.

    277,900       5,596,618  

Shionogi & Co. Ltd.

    1,425,700       59,748,275  

Ship Healthcare Holdings Inc.

    515,400       8,347,670  

Shiseido Co. Ltd.

    2,173,000       95,273,155  

Shizuoka Financial Group Inc., NVS

    2,271,400       18,970,970  

Shizuoka Gas Co. Ltd.

    137,200       1,060,597  

SHO-BOND Holdings Co. Ltd.

    201,200       8,171,736  

Shochiku Co. Ltd.

    46,700       3,573,417  

Shoei Co. Ltd.

    222,200       4,039,731  

Shoei Foods Corp.

    18,300       556,894  

Showa Denko KK

    943,400       15,454,550  

Showa Sangyo Co. Ltd.

    79,900       1,542,840  

Siix Corp.

    170,500       1,845,417  

Simplex Holdings Inc.

    150,400       3,036,640  

SKY Perfect JSAT Holdings Inc.

    1,329,800       5,553,008  

Skylark Holdings Co. Ltd.(b)

    1,221,100       15,800,401  

SMC Corp.

    311,500       162,778,361  

SMS Co. Ltd.

    445,500       9,462,596  

Snow Peak Inc.(a)

    144,400       1,794,386  

Socionext Inc.

    188,700       22,327,995  

SoftBank Corp.

    15,622,600       173,481,147  

SoftBank Group Corp.

    5,611,500        285,414,322  

Sohgo Security Services Co. Ltd.

    2,261,300       13,825,478  

Sojitz Corp.

    1,243,300       29,518,757  

Solasto Corp.

    243,400       1,194,754  

Sompo Holdings Inc.

    1,693,500       74,870,891  

Sony Group Corp.

    6,874,800       643,936,571  

Sosei Group Corp.(a)(b)

    411,100       5,243,616  

SOSiLA Logistics REIT Inc.

    3,034       2,742,158  

Sotetsu Holdings Inc.

    481,200       9,312,092  

SPARX Group Co. Ltd.

    21,120       224,664  

S-Pool Inc.

    332,800       1,284,915  

Square Enix Holdings Co. Ltd.

    473,500       21,932,170  

SRE Holdings Corp.(a)(b)

    56,400       1,456,363  

Stanley Electric Co. Ltd.

    702,700       12,985,400  

Star Asia Investment Corp.

    6,546       2,646,232  

Star Micronics Co. Ltd.

    222,600       2,773,008  

Starts Corp. Inc.

    139,500       2,892,715  

Starts Proceed Investment Corp.

    312       493,055  

Strike Co. Ltd.

    38,700       817,330  

Subaru Corp.

    3,342,700       63,356,091  

Sugi Holdings Co. Ltd.

    187,100       8,341,040  

SUMCO Corp.

    1,936,000       28,211,234  

Sumitomo Bakelite Co. Ltd.

    176,000       7,659,850  

Sumitomo Chemical Co. Ltd.

    8,289,000       25,564,581  

Sumitomo Corp.

    6,069,600       130,210,403  

Sumitomo Electric Industries Ltd.

    3,818,000       48,954,262  

Sumitomo Forestry Co. Ltd.

    806,600       19,463,179  

Sumitomo Heavy Industries Ltd.

    578,800       14,246,473  

Sumitomo Metal Mining Co. Ltd.

    1,350,000       46,622,517  

Sumitomo Mitsui Construction Co. Ltd.

    1,134,740       3,010,291  

Sumitomo Mitsui Financial Group Inc.

    7,086,700       332,023,573  

Sumitomo Mitsui Trust Holdings Inc.

    1,759,500       68,447,548  

Sumitomo Osaka Cement Co. Ltd.

    150,600       4,228,242  

Sumitomo Pharma Co., Ltd.

    949,800       3,936,912  

Sumitomo Realty & Development Co. Ltd.

    1,683,500       45,116,813  

Sumitomo Riko Co. Ltd.

    107,800       620,884  

Sumitomo Rubber Industries Ltd.

    888,300       9,082,833  

 

 

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

  31


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Sumitomo Warehouse Co. Ltd. (The)

    443,900     $ 7,628,428  

Sundrug Co. Ltd.

    393,900       11,627,685  

Suntory Beverage & Food Ltd.

    739,300       26,316,870  

Suruga Bank Ltd.

    656,900       2,764,203  

Suzuken Co. Ltd.

    305,500       8,919,884  

Suzuki Motor Corp.

    2,001,600       80,395,389  

Sysmex Corp.

    914,200       61,905,148  

Systena Corp.

    1,924,500       3,686,299  

T Hasegawa Co. Ltd.

    122,200       2,918,692  

T&D Holdings Inc.

    2,718,100       44,193,062  

Tadano Ltd.

    631,600       4,956,472  

Taihei Dengyo Kaisha Ltd.

    54,000       1,689,280  

Taiheiyo Cement Corp.

    610,100       12,741,505  

Taikisha Ltd.

    121,800       3,626,597  

Taisei Corp.

    922,000       34,940,486  

Taisho Pharmaceutical Holdings Co. Ltd.

    222,600       8,582,854  

Taiyo Holdings Co. Ltd.

    199,500       3,733,542  

Taiyo Yuden Co. Ltd.

    702,600       20,951,045  

Takamatsu Construction Group Co. Ltd.

    75,700       1,437,803  

Takara Bio Inc.

    250,100       3,073,184  

Takara Holdings Inc.

    847,500       7,458,371  

Takara Leben Real Estate Investment Corp.

    3,061       2,096,686  

Takasago Thermal Engineering Co. Ltd.

    222,600       4,019,182  

Takashimaya Co. Ltd.

    809,600       11,768,738  

Takeda Pharmaceutical Co. Ltd.

    8,573,080        262,120,558  

Takeuchi Manufacturing Co. Ltd.

    236,900       7,423,955  

Takuma Co. Ltd.

    478,600       5,237,008  

Tama Home Co. Ltd.

    78,600       1,938,712  

Tamron Co. Ltd.

    114,100       3,617,591  

TBS Holdings Inc.

    182,100       3,407,477  

TDK Corp.

    2,111,600       80,891,709  

TechMatrix Corp.

    187,900       2,061,467  

TechnoPro Holdings Inc.

    585,600       15,161,212  

Teijin Ltd.

    887,000       9,487,112  

Tenma Corp.

    67,200       1,247,141  

Terumo Corp.

    3,671,700       120,244,755  

T-Gaia Corp.

    114,300       1,443,178  

THK Co. Ltd.

    623,200       12,493,917  

TIS Inc.

    1,202,000       30,487,273  

TKC Corp.

    72,400       1,882,530  

TKP Corp.(b)

    81,700       1,634,256  

Toa Corp./Tokyo

    96,400       2,200,408  

Toagosei Co. Ltd.

    651,200       6,176,308  

Tobu Railway Co. Ltd.

    992,100       26,252,962  

TOC Co. Ltd.

    109,700       472,729  

Tocalo Co. Ltd.

    491,900       4,999,296  

Toda Corp.

    1,408,900       7,847,096  

Toei Animation Co. Ltd.(a)

    44,800       4,063,601  

Toei Co. Ltd.

    36,600       4,653,341  

Toenec Corp.

    35,900       948,564  

Toho Bank Ltd. (The)

    888,800       1,544,352  

Toho Co. Ltd./Tokyo

    599,200       23,358,568  

Toho Gas Co. Ltd.

    405,500       7,597,636  

Toho Holdings Co. Ltd.

    405,500       7,906,306  

Toho Titanium Co. Ltd.(a)

    177,300       2,532,385  

Tohoku Electric Power Co. Inc.(b)

    2,417,900       16,081,987  

Tokai Carbon Co. Ltd.

    1,228,100       10,925,862  

Tokai Corp./Gifu

    56,700       764,463  

TOKAI Holdings Corp.

    702,600       4,476,105  

Tokai Rika Co. Ltd.

    256,000       4,050,516  
Security   Shares     Value  
Japan (continued)            

Tokai Tokyo Financial Holdings Inc.

    1,881,800     $ 5,801,365  

Token Corp.

    52,210       2,751,477  

Tokio Marine Holdings Inc.

    9,808,800       225,553,167  

Tokushu Tokai Paper Co. Ltd.

    8,200       194,988  

Tokuyama Corp.

    384,700       6,617,512  

Tokyo Century Corp.

    190,400       7,457,488  

Tokyo Electric Power Co. Holdings Inc.(b)

    8,290,800       32,923,104  

Tokyo Electron Device Ltd.

    34,800       2,505,384  

Tokyo Electron Ltd.

    2,448,300       367,457,834  

Tokyo Gas Co. Ltd.

    2,114,000       47,937,187  

Tokyo Kiraboshi Financial Group Inc.

    172,900       4,575,458  

Tokyo Ohka Kogyo Co. Ltd.

    171,000       10,800,630  

Tokyo Seimitsu Co. Ltd.

    211,200       11,698,916  

Tokyo Steel Manufacturing Co. Ltd.

    452,900       5,478,674  

Tokyo Tatemono Co. Ltd.

    1,094,100       14,620,991  

Tokyotokeiba Co. Ltd.

    79,200       2,145,793  

Tokyu Construction Co. Ltd.

    590,400       3,194,843  

Tokyu Corp.

    2,839,700       36,029,199  

Tokyu Fudosan Holdings Corp.

    3,265,100       19,410,832  

Tokyu REIT Inc.

    6,118       8,092,918  

TOMONY Holdings Inc.

    899,800       2,552,408  

Tomy Co. Ltd.

    570,000       7,711,349  

Topcon Corp.

    618,500       7,526,816  

Toppan Inc.

    1,443,300       33,973,144  

Topre Corp.

    181,500       2,091,737  

Toray Industries Inc.

    7,438,400       41,650,666  

Toridoll Holdings Corp.

    267,100       6,597,429  

Torii Pharmaceutical Co. Ltd.

    56,300       1,429,818  

Tosei Corp.

    40,800       505,884  

Toshiba Corp.

    2,229,700       71,988,582  

Toshiba TEC Corp.

    164,000       4,763,580  

Tosoh Corp.

    1,358,200       17,752,578  

Totetsu Kogyo Co. Ltd.

    115,200       2,205,773  

TOTO Ltd.

    761,400       23,407,043  

Towa Pharmaceutical Co. Ltd.

    79,800       1,009,627  

Toyo Construction Co. Ltd.

    227,000       1,724,772  

Toyo Gosei Co. Ltd.(a)

    27,100       1,624,602  

Toyo Ink SC Holdings Co. Ltd.

    165,100       2,545,261  

Toyo Seikan Group Holdings Ltd.

    706,800       11,489,686  

Toyo Suisan Kaisha Ltd.

    493,800       20,424,618  

Toyo Tanso Co. Ltd.

    106,900       4,285,759  

Toyo Tire Corp.

    665,400       9,009,690  

Toyobo Co. Ltd.

    540,700       4,126,010  

Toyoda Gosei Co. Ltd.

    320,700       6,845,113  

Toyota Boshoku Corp.

    486,900       8,883,456  

Toyota Industries Corp.

    794,600       57,423,467  

Toyota Motor Corp.

    57,816,725        972,115,880  

Toyota Tsusho Corp.

    1,136,000       66,461,858  

Trancom Co. Ltd.

    8,300       411,300  

Transcosmos Inc.

    115,500       2,831,475  

TRE Holdings Corp.

    209,200       1,817,276  

Trend Micro Inc./Japan

    767,300       36,251,648  

Tri Chemical Laboratories Inc.

    137,500       2,553,322  

Trusco Nakayama Corp.

    235,200       3,623,747  

TS Tech Co. Ltd.

    506,100       6,538,658  

Tsubakimoto Chain Co.

    126,200       3,364,738  

Tsugami Corp.

    185,500       1,628,080  

Tsumura & Co.

    451,400       8,400,424  

Tsuruha Holdings Inc.

    201,200       15,451,398  

TV Asahi Holdings Corp.

    100,400       1,266,878  

 

 

32  

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


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

UACJ Corp.

    164,800     $ 3,300,275  

UBE Corp.

    532,800       9,724,750  

Ulvac Inc.

    249,300       10,705,189  

Unicharm Corp.

    2,187,000       80,916,053  

United Arrows Ltd.

    124,100       2,094,529  

United Super Markets Holdings Inc.

    456,300       3,591,346  

United Urban Investment Corp.

    15,785       17,037,863  

Universal Entertainment Corp.

    119,200       2,156,267  

Usen-Next Holdings Co. Ltd.

    104,200       2,410,174  

Ushio Inc.

    550,900       7,632,259  

USS Co. Ltd.

    1,106,300       19,183,332  

UT Group Co. Ltd.(b)

    163,500       3,304,788  

Valor Holdings Co. Ltd.

    194,300       2,918,134  

ValueCommerce Co. Ltd.

    79,400       759,567  

Vector Inc.

    110,500       1,019,402  

Vision Inc./Tokyo Japan(a)(b)

    180,100       2,232,136  

Visional Inc.(a)(b)

    117,100       6,442,742  

VT Holdings Co. Ltd.

    559,500       2,098,870  

Wacoal Holdings Corp.

    249,300       5,424,528  

Wacom Co. Ltd.

    838,900       3,573,993  

WealthNavi Inc.(a)(b)

    208,900       2,021,590  

Weathernews Inc.

    26,000       1,164,348  

Welcia Holdings Co. Ltd.

    511,800       9,633,998  

West Holdings Corp.

    122,930       2,406,304  

West Japan Railway Co.

    1,191,100       48,935,560  

WingArc1st Inc.

    100,300       1,931,080  

Workman Co. Ltd.(a)

    111,400       4,066,275  

W-Scope Corp.(a)(b)

    292,800       3,171,050  

Yakult Honsha Co. Ltd.

    695,800       38,607,042  

Yamada Holdings Co. Ltd.

    3,860,600       11,663,398  

Yamaguchi Financial Group Inc.

    1,202,600       9,351,879  

Yamaha Corp.

    760,200       29,456,381  

Yamaha Motor Co. Ltd.

    1,609,800       47,213,662  

YA-MAN Ltd.(a)

    190,900       1,367,763  

Yamato Holdings Co. Ltd.

    1,542,600       28,889,766  

Yamato Kogyo Co. Ltd.

    196,600       9,401,265  

Yamazaki Baking Co. Ltd.

    633,500       9,116,928  

Yamazen Corp.

    427,400       3,636,581  

Yaoko Co. Ltd.

    88,200       4,652,561  

Yaskawa Electric Corp.

    1,302,200       56,606,991  

Yellow Hat Ltd.

    157,500       2,069,401  

Yodogawa Steel Works Ltd.

    72,900       1,748,274  

Yokogawa Bridge Holdings Corp.

    133,600       2,403,513  

Yokogawa Electric Corp.

    1,229,000       23,079,264  

Yokohama Rubber Co. Ltd. (The)

    663,400       14,875,719  

Yokorei Co. Ltd.

    268,900       2,308,033  

Yokowo Co. Ltd.

    55,600       718,739  

Yonex Co. Ltd.

    303,600       2,967,426  

Yoshinoya Holdings Co. Ltd.(a)

    472,200       9,340,696  

Yuasa Trading Co. Ltd.

    68,100       2,181,321  

Z Holdings Corp.

    14,647,700       40,837,902  

Zenkoku Hosho Co. Ltd.

    259,100       9,095,561  

Zenrin Co. Ltd.

    155,900       978,801  

Zensho Holdings Co. Ltd.

    549,400       29,275,480  

Zeon Corp.

    764,800       8,248,568  

ZERIA Pharmaceutical Co. Ltd.

    18,600       304,643  

Zojirushi Corp.

    123,100       1,732,330  

ZOZO Inc.

    695,900       13,585,373  

Zuken Inc.

    36,900       1,075,664  
   

 

 

 
       24,099,510,288  
Security   Shares     Value  
Netherlands — 4.3%            

Aalberts NV

    532,640     $ 24,035,113  

ABN AMRO Bank NV, CVA(d)

    2,150,715       36,569,048  

Adyen NV(b)(d)

    118,244       219,462,596  

Aegon NV

    9,676,014       52,524,120  

AerCap Holdings NV(b)

    895,557       57,145,492  

Akzo Nobel NV

    925,709       79,192,573  

Alfen Beheer BV(a)(b)(d)

    117,805       8,174,863  

Allfunds Group PLC

    1,988,464       12,964,665  

AMG Advanced Metallurgical Group NV

    206,687       8,450,395  

Arcadis NV

    428,093       18,768,430  

Ariston Holding NV

    441,594       4,110,035  

ASM International NV

    255,955       121,599,185  

ASML Holding NV

    2,204,713        1,579,167,082  

ASR Nederland NV

    802,351       36,370,098  

Basic-Fit NV(a)(b)(d)

    282,986       9,551,984  

BE Semiconductor Industries NV

    424,019       50,627,274  

Brunel International NV

    221,804       3,087,680  

Corbion NV

    336,092       7,898,236  

Davide Campari-Milano NV

    2,879,614       38,727,583  

Ebusco Holding NV(a)(b)

    80,143       708,372  

Eurocommercial Properties NV

    274,134       6,928,898  

EXOR NV, NVS

    612,743       57,258,102  

Fastned BV(a)(b)

    32,057       1,066,697  

Ferrovial SE

    2,776,121       91,997,712  

Flow Trades Ltd., NVS

    185,413       4,034,422  

Fugro NV(b)

    626,072       11,163,646  

Heineken Holding NV

    619,017       50,743,999  

Heineken NV

    1,406,785       137,698,175  

IMCD NV

    307,023       46,523,013  

ING Groep NV

    19,561,706       285,535,622  

InPost SA(b)

    1,250,201       14,939,667  

Iveco Group NV(b)

    1,074,341       10,189,657  

JDE Peet’s NV

    681,025       20,546,722  

Just Eat Takeaway.com NV(b)(d)

    1,130,488       20,280,945  

Koninklijke Ahold Delhaize NV

    5,274,631       181,809,241  

Koninklijke BAM Groep NV

    1,787,026       4,158,145  

Koninklijke KPN NV

    17,535,127       63,446,573  

Koninklijke Philips NV(b)

    5,043,965       104,781,493  

Koninklijke Vopak NV

    387,905       14,624,720  

MFE-MediaForEurope NV, Class A

    8,344,276       4,416,621  

MFE-MediaForEurope NV, Class B

    1,791,589       1,382,171  

NN Group NV

    1,356,644       52,006,847  

NSI NV

    130,753       2,748,748  

OCI NV

    576,771       16,437,842  

Ordina NV

    434,807       2,725,050  

Pharming Group NV(b)

    4,246,619       5,360,055  

PostNL NV

    1,933,168       3,925,629  

Prosus NV

    4,359,032       344,831,522  

QIAGEN NV(b)

    1,263,489       59,284,858  

Randstad NV

    640,295       37,511,990  

SBM Offshore NV

    787,997       11,447,999  

Signify NV(d)

    677,845       21,312,442  

Sligro Food Group NV

    125,884       2,430,347  

Technip Energies NV

    783,539       17,858,424  

TKH Group NV

    235,746       12,300,376  

TomTom NV(b)

    524,968       4,586,163  

Universal Music Group NV

    4,505,125       115,556,037  

Van Lanschot Kempen NV

    189,199       6,199,504  

Vastned Retail NV

    141,682       3,161,535  

Wereldhave NV

    223,379       3,991,373  

 

 

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

  33


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Netherlands (continued)            

Wolters Kluwer NV

    1,405,291     $ 176,470,825  
   

 

 

 
       4,402,808,631  
New Zealand — 0.3%            

a2 Milk Co. Ltd. (The)(b)

    3,934,075       13,487,863  

Air New Zealand Ltd.(b)

    4,117,806       2,021,825  

Auckland International Airport Ltd.(b)

    6,715,574       35,056,967  

Contact Energy Ltd.

    4,100,019       21,170,607  

EBOS Group Ltd.

    903,494       21,651,561  

Fisher & Paykel Healthcare Corp. Ltd.

    3,133,270       47,835,780  

Fletcher Building Ltd.

    4,343,756       15,060,625  

Genesis Energy Ltd.

    2,927,169       4,930,018  

Goodman Property Trust

    5,335,281       7,489,058  

Infratil Ltd.

    3,966,006       24,530,773  

Kiwi Property Group Ltd.

    6,819,636       4,027,242  

Mercury NZ Ltd.

    4,128,009       16,904,588  

Meridian Energy Ltd.

    6,898,663       24,213,463  

Oceania Healthcare Ltd.

    1,261,166       595,316  

Ryman Healthcare Ltd.

    4,060,069       17,196,566  

Spark New Zealand Ltd.

    10,102,411       32,525,174  

Summerset Group Holdings Ltd.

    1,589,951       10,173,635  

Warehouse Group Ltd. (The)(a)

    645,606       721,774  
   

 

 

 
      299,592,835  
Norway — 0.9%            

Adevinta ASA(b)

    1,584,453       11,720,269  

Aker ASA, Class A

    136,364       8,671,001  

Aker BP ASA

    1,763,194       49,391,598  

Aker Carbon Capture ASA(b)

    1,960,754       2,974,048  

Aker Horizons Holding AS(a)(b)

    988,932       577,899  

Aker Solutions ASA

    1,434,072       6,374,745  

Atea ASA

    571,816       7,763,344  

Austevoll Seafood ASA

    595,108       4,468,268  

Bakkafrost P/F

    261,109       15,194,955  

Bewi ASA

    248,852       1,007,925  

Bonheur ASA

    24,052       605,153  

Borr Drilling Ltd.(b)

    1,107,541       9,447,117  

Borregaard ASA

    665,633       10,863,353  

BW Energy Ltd.(b)

    315,947       938,843  

BW LPG Ltd.(d)

    610,004       6,528,366  

Cadeler AS(a)(b)

    579,038       2,405,267  

Cool Co. Ltd.

    129,003       1,754,696  

Crayon Group Holding ASA(b)(d)

    407,423       4,338,081  

DNB Bank ASA

    5,055,401       104,179,086  

DNO ASA

    2,234,721       2,424,105  

Elkem ASA(d)

    2,050,474       4,864,108  

Entra ASA(d)

    649,853       6,338,626  

Equinor ASA

    5,203,994       159,182,232  

Europris ASA(d)

    920,574       5,584,733  

Flex LNG Ltd.

    176,332       5,592,214  

Frontline PLC, NVS

    738,663       12,307,331  

Gjensidige Forsikring ASA

    1,051,434       16,598,386  

Golden Ocean Group Ltd.

    703,988       5,516,270  

Grieg Seafood ASA

    359,505       2,591,190  

Hafnia Ltd.

    1,111,470       6,041,032  

Hexagon Composites ASA(b)

    455,421       1,358,770  

Hexagon Purus ASA(b)

    402,112       818,638  

Hoegh Autoliners ASA

    253,621       1,467,666  

Kahoot! ASA(b)

    1,761,063       6,057,886  

Kongsberg Gruppen ASA

    516,938       22,430,525  

Leroy Seafood Group ASA

    1,582,191       6,582,602  
Security   Shares     Value  
Norway (continued)            

Mowi ASA

    2,358,587     $ 41,463,726  

MPC Container Ships AS

    1,611,533       3,006,497  

NEL ASA(a)(b)

    9,217,128       12,500,953  

Nordic Semiconductor ASA(b)

    904,485       13,320,209  

Norsk Hydro ASA

    7,213,801       47,246,203  

Norske Skog ASA(a)(b)(d)

    350,061       1,569,461  

Norwegian Air Shuttle ASA(b)

    3,712,655       3,705,858  

Nykode Therapeutics AS(a)(b)

    540,298       1,552,152  

Odfjell Drilling Ltd.(b)

    492,540       1,400,468  

Orkla ASA

    4,008,374       31,629,373  

PGS ASA(b)

    4,785,688       3,365,294  

Protector Forsikring ASA

    571,028       9,327,176  

REC Silicon ASA(a)(b)

    1,413,883       2,410,043  

Salmar ASA

    397,271       18,353,325  

Scatec ASA(d)

    627,567       5,245,213  

Schibsted ASA, Class A

    397,002       8,505,087  

Schibsted ASA, Class B

    495,681       9,720,008  

SpareBank 1 Nord Norge

    510,594       4,863,020  

SpareBank 1 Oestlandet

    10,281       129,235  

SpareBank 1 SMN

    1,114,738       15,621,317  

SpareBank 1 SR-Bank ASA

    1,018,284       13,142,491  

Stolt-Nielsen Ltd.

    138,486       3,424,139  

Storebrand ASA

    2,469,155       21,582,922  

Subsea 7 SA

    1,273,796       17,118,736  

Telenor ASA

    3,735,878       39,992,355  

TGS ASA

    783,685       10,460,085  

TOMRA Systems ASA

    1,303,150       20,082,512  

Veidekke ASA

    581,254       6,560,940  

Wallenius Wilhelmsen ASA

    667,942       4,637,964  

Yara International ASA

    885,566       36,168,264  
   

 

 

 
       923,065,354  
Portugal — 0.2%            

Altri SGPS SA(a)

    655,319       3,081,416  

Banco Comercial Portugues SA, Class R(b)

    47,452,022       12,959,380  

Corticeira Amorim SGPS SA

    45,620       516,640  

CTT-Correios de Portugal SA

    815,938       3,220,737  

EDP - Energias de Portugal SA

    15,702,823       73,361,056  

Galp Energia SGPS SA

    2,697,216       35,844,956  

Greenvolt Energias Renovaveis SA(a)(b)

    359,092       2,508,808  

Jeronimo Martins SGPS SA

    1,543,342       42,018,690  

Navigator Co. SA (The)

    1,692,962       5,934,104  

NOS SGPS SA

    1,111,882       4,225,011  

REN - Redes Energeticas Nacionais SGPS SA

    3,021,587       8,250,850  

Sonae SGPS SA

    6,688,349       7,271,979  
   

 

 

 
      199,193,627  
Singapore — 1.6%            

AEM Holdings Ltd.(a)

    1,623,600       4,605,704  

AIMS APAC REIT(a)

    645,593       607,280  

Best World International Ltd.(a)(b)

    724,900       884,244  

Bumitama Agri Ltd.(a)

    1,861,800       798,648  

CapitaLand Ascendas REIT

    19,163,403       40,523,402  

CapitaLand Ascott Trust

    12,255,568       10,322,548  

CapitaLand China Trust(a)

    6,541,380       5,120,694  

Capitaland India Trust(a)

    4,449,346       3,814,516  

CapitaLand Integrated Commercial Trust

    29,414,757       45,160,008  

Capitaland Investment Ltd/Singapore

    14,250,400       36,473,608  

CDL Hospitality Trusts

    6,973,646       6,241,789  

City Developments Ltd.

    2,810,100       15,636,204  

ComfortDelGro Corp. Ltd.

    11,111,400       10,538,512  

 

 

34  

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


Schedule of Investments(continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Singapore (continued)            

Cromwell European Real Estate Investment Trust

    988,040     $ 1,749,024  

DBS Group Holdings Ltd.

    9,874,900        254,743,176  

Digital Core REIT Management Pte Ltd.

    4,104,100       2,053,885  

ESR-LOGOS REIT

    45,759,927       11,868,227  

Far East Hospitality Trust

    595,000       288,555  

First Resources Ltd.

    2,911,900       3,308,413  

Frasers Centrepoint Trust

    5,962,488       9,736,820  

Frasers Logistics & Commercial Trust

    16,100,986       14,786,003  

Frencken Group Ltd.(a)

    966,100       628,623  

Genting Singapore Ltd.

    32,070,700       22,684,422  

Golden Agri-Resources Ltd.

    38,998,700       7,343,809  

Grab Holdings Ltd., Class A(b)

    10,173,514       38,964,559  

Hour Glass Ltd. (The)(a)

    1,283,200       2,006,538  

Hutchison Port Holdings Trust, Class U(a)

    29,476,100       5,456,262  

iFAST Corp. Ltd.(a)

    825,700       3,514,780  

Jardine Cycle & Carriage Ltd.

    526,000       13,575,970  

Keppel Corp. Ltd.

    7,812,900       43,386,862  

Keppel DC REIT(a)

    7,515,900       12,386,571  

Keppel Infrastructure Trust

    19,882,769       7,618,521  

Keppel Pacific Oak US REIT

    992,400       327,492  

Keppel REIT

    15,821,180       10,831,229  

Lendlease Global Commercial REIT

    6,613,409       3,382,450  

Manulife US Real Estate Investment Trust

    8,105,900       850,795  

Mapletree Industrial Trust

    11,341,920       19,112,186  

Mapletree Logistics Trust

    18,585,679       23,627,678  

Mapletree Pan Asia Commercial Trust

    12,890,556       16,010,366  

Maxeon Solar Technologies Ltd.(b)

    164,474       4,060,863  

Nanofilm Technologies International Ltd.(a)

    1,523,600       1,306,858  

NetLink NBN Trust

    21,725,200       14,052,802  

Olam Group Ltd.

    4,749,900       4,686,411  

OUE Commercial Real Estate Investment Trust(a)

    11,562,740       2,695,581  

Oversea-Chinese Banking Corp. Ltd.

    18,392,500       184,067,562  

PARAGON REIT

    4,557,495       3,274,617  

Parkway Life REIT

    2,669,300       7,790,377  

Raffles Medical Group Ltd.

    6,498,100       6,847,143  

Riverstone Holdings Ltd./Singapore(a)

    2,715,400       1,278,061  

Sasseur Real Estate Investment Trust(a)

    298,200       160,523  

SATS Ltd.(a)(b)

    5,665,626       11,931,137  

Sea Ltd., ADR(b)

    1,990,105       132,381,785  

Seatrium Ltd.(b)

    247,467,469       26,227,923  

Sembcorp Industries Ltd.

    5,588,600       22,909,789  

Sheng Siong Group Ltd.

    4,330,700       5,341,952  

SIA Engineering Co. Ltd.

    336,100       619,623  

Singapore Airlines Ltd.(a)

    7,321,000       41,473,632  

Singapore Exchange Ltd.

    3,304,200       24,153,012  

Singapore Post Ltd.(a)

    9,591,300       3,607,144  

Singapore Technologies Engineering Ltd.

    8,710,200       24,453,918  

Singapore Telecommunications Ltd.

    44,589,700       89,449,839  

Starhill Global REIT

    10,546,400       4,083,715  

StarHub Ltd.

    4,056,800       3,172,401  

Straits Trading Co. Ltd.

    819,724       1,300,839  

Suntec REIT(a)

    12,124,600       11,765,371  

TDCX Inc., ADR(b)

    117,920       845,486  

UMS Holdings Ltd.(a)

    3,052,800       2,526,435  

United Overseas Bank Ltd.

    6,874,700       155,942,133  

UOL Group Ltd.

    2,463,800       13,036,397  

Venture Corp. Ltd.

    1,522,700       17,166,791  

Wilmar International Ltd.

    10,556,700       30,674,948  

Yangzijiang Financial Holding Ltd.(a)

    13,825,700       3,432,246  

Yangzijiang Shipbuilding Holdings Ltd.

    14,688,000       17,015,503  
Security   Shares     Value  
Singapore (continued)            

Yanlord Land Group Ltd.(a)(b)

    6,158,200     $ 3,754,374  
   

 

 

 
       1,588,457,564  
Spain — 2.4%            

Acciona SA

    133,131       19,956,169  

Acerinox SA

    1,040,854       10,957,493  

ACS Actividades de Construccion y Servicios SA

    1,238,809       43,331,975  

Aena SME SA(d)

    407,724       65,110,318  

Almirall SA

    435,948       4,181,929  

Amadeus IT Group SA

    2,440,688       175,085,415  

Applus Services SA

    833,825       8,944,881  

Atresmedia Corp. de Medios de Comunicacion SA

    716,070       2,968,274  

Audax Renovables SA(b)

    708,264       973,923  

Banco Bilbao Vizcaya Argentaria SA

    32,493,767       257,557,755  

Banco de Sabadell SA

    30,028,602       37,006,433  

Banco Santander SA

    89,831,673       364,023,204  

Bankinter SA

    3,580,059       23,163,136  

CaixaBank SA

    22,176,639       89,708,950  

Cellnex Telecom SA(d)

    3,071,433       125,434,493  

Cia. de Distribucion Integral Logista Holdings SA

    335,160       9,325,850  

Cie. Automotive SA

    343,129       10,753,860  

Construcciones y Auxiliar de Ferrocarriles SA

    152,247       5,191,740  

Corp. ACCIONA Energias Renovables SA

    349,962       11,015,318  

Distribuidora Internacional de Alimentacion SA(a)(b)

    11,163,555       187,515  

Ebro Foods SA

    422,254       7,783,896  

EDP Renovaveis SA

    1,553,901       29,680,906  

eDreams ODIGEO SA(b)

    256,862       1,885,533  

Enagas SA

    815,479       14,471,917  

Ence Energia y Celulosa SA

    960,147       2,924,050  

Endesa SA

    1,735,349       37,193,471  

Faes Farma SA

    2,200,535       7,625,085  

Fluidra SA

    527,823       11,672,911  

Gestamp Automocion SA(d)

    1,117,918       5,427,490  

Global Dominion Access SA(d)

    390,002       1,640,188  

Grenergy Renovables SA(a)(b)

    76,347       2,304,618  

Grifols SA(b)

    1,618,178       23,771,532  

Iberdrola SA

    32,656,226       407,599,684  

Indra Sistemas SA

    932,762       13,565,738  

Industria de Diseno Textil SA

    5,911,651       226,285,104  

Inmobiliaria Colonial SOCIMI SA

    1,592,185       10,277,968  

Laboratorios Farmaceuticos Rovi SA

    113,795       5,463,614  

Lar Espana Real Estate SOCIMI SA

    674,804       4,370,069  

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros

    3,483,815       3,382,293  

Mapfre SA

    5,044,018       10,483,780  

Melia Hotels International SA(a)(b)

    696,504       5,113,274  

Merlin Properties SOCIMI SA

    1,755,948       16,363,628  

Naturgy Energy Group SA

    782,184       23,849,350  

Neinor Homes SA(d)

    292,742       2,896,829  

Opdenergy Holdings SA, NVS(b)

    236,196       1,482,873  

Pharma Mar SA

    84,641       3,182,288  

Prosegur Cash SA(d)

    198,064       138,587  

Prosegur Cia. de Seguridad SA

    1,564,996       2,878,236  

Redeia Corp. SA

    1,672,728       27,977,480  

Repsol SA

    7,147,190       109,119,155  

Sacyr SA(a)

    2,969,710       10,152,576  

Solaria Energia y Medio Ambiente SA(b)

    450,580       7,047,636  

Soltec Power Holdings SA(b)

    128,077       588,729  

Tecnicas Reunidas SA(a)(b)

    327,237       3,153,304  

 

 

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

  35


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Spain (continued)            

Telefonica SA

    28,152,962     $ 119,953,099  

Unicaja Banco SA(a)(d)

    9,905,967       11,561,950  

Vidrala SA

    106,129       10,805,162  

Viscofan SA

    211,657       13,740,982  
   

 

 

 
       2,462,693,616  
Sweden — 3.5%            

AAK AB

    995,435       19,133,529  

AcadeMedia AB(d)

    196,308       946,442  

AddLife AB, Class B

    597,003       4,861,861  

AddTech AB, Class B

    1,401,224       26,104,538  

AFRY AB

    581,628       8,071,632  

Alfa Laval AB

    1,580,186       59,151,928  

Alleima AB, NVS

    1,134,151       4,926,625  

Ambea AB(d)

    211,474       684,663  

Arjo AB, Class B

    1,358,711       5,813,247  

Assa Abloy AB, Class B

    5,444,998       130,913,452  

Atlas Copco AB, Class A

    14,756,681       209,631,712  

Atlas Copco AB, Class B

    8,368,225       103,338,511  

Atrium Ljungberg AB, Class B

    306,189       6,005,291  

Attendo AB(b)(d)

    746,154       2,268,290  

Avanza Bank Holding AB(a)

    700,813       15,870,162  

Axfood AB

    595,304       15,167,629  

Beijer Alma AB

    237,750       4,350,077  

Beijer Ref AB, Class B

    2,098,526       28,536,843  

Betsson AB

    690,764       8,358,192  

BICO Group AB, Class B(a)(b)

    240,442       940,585  

Bilia AB, Class A

    478,737       5,031,194  

Billerud AB

    1,224,732       10,444,065  

BioArctic AB, Class B(a)(b)(d)

    197,811       5,667,963  

BioGaia AB, Class B

    537,357       5,329,464  

Biotage AB

    390,025       4,814,334  

Boliden AB

    1,479,452       43,509,563  

BoneSupport Holding AB(b)(d)

    293,976       4,115,075  

Boozt AB(a)(b)(d)

    307,569       3,664,040  

Bravida Holding AB(d)

    1,367,183       10,988,193  

Bufab AB

    130,725       3,826,486  

Bure Equity AB

    281,667       5,992,546  

Calliditas Therapeutics AB, Class B(a)(b)

    199,814       1,946,553  

Camurus AB(b)

    143,459       4,053,042  

Castellum AB(a)

    2,099,986       23,914,885  

Catena AB

    172,882       6,641,324  

Cellavision AB

    28,225       588,557  

Cibus Nordic Real Estate AB

    197,292       2,218,530  

Clas Ohlson AB, Class B

    151,714       1,235,718  

Cloetta AB, Class B

    1,397,565       2,501,882  

Collector Bank AB(b)

    127,388       412,999  

Coor Service Management Holding AB(d)

    445,013       2,048,690  

Corem Property Group AB, Class B

    3,128,522       2,110,218  

Creades AB, Class A

    231,057       1,604,326  

Dios Fastigheter AB

    358,667       2,445,675  

Dometic Group AB(d)

    1,721,072       12,824,091  

Dustin Group AB(b)(d)

    284,279       741,541  

Electrolux AB, Class B

    1,195,769       14,769,239  

Electrolux Professional AB, Class B

    1,615,692       9,102,474  

Elekta AB, Class B

    2,020,650       16,369,736  

Embracer Group AB, Class B(a)(b)

    3,539,474       10,159,328  

Engcon AB

    216,702       1,599,405  

Epiroc AB, Class A

    3,647,032       72,815,282  

Epiroc AB, Class B

    2,070,623       35,177,968  

EQT AB

    1,999,979       47,773,666  
Security   Shares     Value  
Sweden (continued)            

Essity AB, Class B

    3,284,438     $ 81,441,849  

Evolution AB(d)

    997,668        123,025,025  

Fabege AB

    1,409,256       12,204,715  

Fastighets AB Balder, Class B(a)(b)

    3,548,839       16,560,551  

Fortnox AB

    2,627,560       16,127,511  

GARO AB

    172,784       957,061  

Getinge AB, Class B

    1,247,706       23,248,531  

Granges AB

    649,630       6,635,255  

H & M Hennes & Mauritz AB, Class B

    3,561,061       59,896,213  

Hemnet Group AB

    442,355       7,837,362  

Hexagon AB, Class B

    11,379,075       110,329,313  

Hexatronic Group AB(a)

    906,489       6,869,021  

Hexpol AB

    1,530,938       16,608,380  

HMS Networks AB

    106,581       4,303,838  

Holmen AB, Class B

    518,884       19,987,789  

Hufvudstaden AB, Class A

    684,103       8,374,804  

Husqvarna AB, Class B

    2,293,605       22,496,961  

Industrivarden AB, Class A

    720,127       20,449,415  

Industrivarden AB, Class C

    832,693       23,590,835  

Indutrade AB

    1,504,923       31,582,825  

Instalco AB

    1,153,316       4,537,788  

Intrum AB(a)

    443,032       3,451,750  

Investment AB Latour, Class B

    831,677       16,759,639  

Investor AB, Class A

    2,264,523       45,988,844  

Investor AB, Class B

    9,563,933       195,333,642  

INVISIO AB

    207,455       4,317,444  

Inwido AB

    441,541       4,872,380  

JM AB(a)

    347,238       5,455,774  

Kambi Group PLC, Class B(b)

    140,071       2,652,579  

K-Fast Holding AB, Class B(a)(b)

    111,629       213,282  

Kindred Group PLC

    1,270,380       15,280,761  

Kinnevik AB, Class B(b)

    1,317,793       17,986,163  

KNOW IT AB

    131,453       1,857,030  

L E Lundbergforetagen AB, Class B

    424,738       18,717,955  

Lifco AB, Class B

    1,256,746       25,338,317  

Lindab International AB

    459,480       7,123,635  

Loomis AB, Class B

    424,131       12,372,984  

Medicover AB, Class B

    342,400       5,238,741  

MEKO AB

    275,354       2,874,115  

Millicom International Cellular SA, SDR(b)

    925,107       14,364,311  

MIPS AB

    148,849       6,739,119  

Modern Times Group MTG AB, Class B(b)

    500,720       3,256,770  

Munters Group AB(d)

    654,424       8,306,207  

Mycronic AB

    436,483       9,393,002  

NCC AB, Class B

    498,060       5,363,545  

New Wave Group AB, Class B

    483,130       4,381,458  

Nibe Industrier AB, Class B

    8,218,333       74,028,781  

Nobia AB(b)

    938,332       1,014,400  

Nolato AB, Class B

    1,260,082       5,208,252  

Nordea Bank Abp

    17,602,630       199,232,471  

Nordnet AB publ

    726,946       10,785,900  

Note AB(a)(b)

    98,172       1,662,718  

NP3 Fastigheter AB

    145,161       2,436,983  

Nyfosa AB

    1,043,512       6,619,890  

Orron Energy AB(b)

    1,064,493       1,230,577  

OX2 AB, Class B(b)

    562,945       3,521,819  

Pandox AB, Class B

    509,416       6,006,795  

Paradox Interactive AB

    190,339       5,464,399  

Peab AB, Class B

    1,065,513       4,713,453  

Platzer Fastigheter Holding AB, Class B

    326,477       2,481,205  

 

 

36  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Sweden (continued)            

PowerCell Sweden AB(a)(b)

    258,383     $ 2,379,657  

Ratos AB, Class B

    1,264,549       4,203,856  

Resurs Holding AB(d)

    432,841       1,049,111  

Rvrc Holding AB

    197,598       637,902  

Saab AB, Class B

    426,911       22,502,099  

Sagax AB, Class B

    1,015,357       22,546,669  

Samhallsbyggnadsbolaget i Norden AB(a)

    6,050,580       2,616,183  

Samhallsbyggnadsbolaget i Norden AB, Class D(a)

    486,228       200,794  

Sandvik AB

    5,756,207        116,923,089  

Scandic Hotels Group AB(a)(b)(d)

    794,343       3,132,472  

Sdiptech AB, Class B(b)

    152,309       4,200,161  

Sectra AB, NVS

    742,632       11,891,430  

Securitas AB, Class B

    2,655,948       22,606,827  

Sinch AB(a)(b)(d)

    3,628,737       9,405,090  

Skandinaviska Enskilda Banken AB, Class A

    8,698,534       105,445,631  

Skanska AB, Class B

    1,835,286       29,271,683  

SKF AB, Class B

    1,821,451       34,703,061  

SkiStar AB

    148,299       1,610,227  

SSAB AB, Class A

    1,190,748       7,555,826  

SSAB AB, Class B

    3,543,956       21,681,759  

Stillfront Group AB(b)

    2,874,861       5,320,283  

Storskogen Group AB

    7,484,570       7,704,086  

Surgical Science Sweden AB(b)

    145,439       3,384,373  

Svenska Cellulosa AB SCA, Class B

    3,310,504       43,988,215  

Svenska Handelsbanken AB, Class A

    7,833,788       68,780,325  

Svolder AB

    502,851       2,847,586  

Sweco AB, Class B

    1,189,371       12,248,069  

Swedbank AB, Class A

    4,570,452       83,829,804  

SwedenCare AB(a)

    492,304       2,113,335  

Swedish Orphan Biovitrum AB(a)(b)

    923,339       18,072,581  

Synsam AB

    274,273       1,120,543  

Tele2 AB, Class B

    3,088,431       23,239,062  

Telefonaktiebolaget LM Ericsson, Class B

    15,800,670       79,484,857  

Telia Co. AB

    14,489,318       31,137,275  

Thule Group AB(d)

    594,890       18,576,286  

Trelleborg AB, Class B

    1,292,635       34,413,359  

Troax Group AB

    114,608       2,064,212  

Truecaller AB(a)(b)

    1,300,014       5,149,729  

Vestum AB(a)(b)

    955,030       906,359  

Viaplay Group AB, Class B(a)(b)

    401,243       1,742,001  

Vimian Group AB(a)(b)

    927,385       2,403,392  

Vitec Software Group AB, Class B

    167,044       9,515,267  

Vitrolife AB

    423,630       6,286,044  

Volati AB(a)

    63,670       599,456  

Volvo AB, Class A

    1,061,512       24,070,797  

Volvo AB, Class B

    8,168,725       180,190,768  

Volvo Car AB, Class B(a)(b)

    3,198,971       15,812,509  

Wallenstam AB, Class B

    2,201,927       8,584,152  

Wihlborgs Fastigheter AB

    1,661,195       12,990,274  

XANO Industri AB, Class B

    81,414       867,785  

Xvivo Perfusion AB(b)

    53,570       1,622,439  
   

 

 

 
      3,544,254,143  
Switzerland — 9.7%            

ABB Ltd., Registered

    8,528,776       342,238,592  

Accelleron Industries AG, NVS

    424,577       11,185,656  

Adecco Group AG, Registered

    841,124       34,279,445  

Alcon Inc.

    2,724,015       231,790,845  

Allreal Holding AG, Registered

    73,812       13,560,613  

ALSO Holding AG, Registered

    32,676       7,477,338  
Security   Shares     Value  
Switzerland (continued)            

Arbonia AG

    350,840     $ 4,070,075  

Aryzta AG(b)

    5,601,015       9,572,646  

Autoneum Holding AG(a)(b)

    21,814       3,759,120  

Bachem Holding AG, Class A

    182,903       16,894,956  

Baloise Holding AG, Registered

    240,230       37,184,920  

Banque Cantonale Vaudoise, Registered

    161,011       18,072,097  

Barry Callebaut AG, Registered

    19,057       35,731,870  

Basilea Pharmaceutica AG, Registered(a)(b)

    90,404       4,557,809  

Belimo Holding AG, Registered

    53,516        28,842,431  

Bell Food Group AG, Registered

    11,787       3,483,779  

BKW AG

    129,671       23,203,879  

Bossard Holding AG, Class A, Registered

    39,557       9,244,787  

Bucher Industries AG, Registered

    42,467       18,923,844  

Burckhardt Compression Holding AG

    21,340       12,576,521  

Burkhalter Holding AG

    38,325       4,094,138  

Bystronic AG, Registered

    7,901       5,535,769  

Cembra Money Bank AG

    162,416       12,327,749  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    5,734       70,128,143  

Chocoladefabriken Lindt & Spruengli AG, Registered

    576       70,004,386  

Cie. Financiere Richemont SA, Class A, Registered

    2,856,820       460,041,729  

Clariant AG, Registered

    1,130,573       18,525,770  

Coca-Cola HBC AG, Class DI

    1,160,793       34,153,929  

Coltene Holding AG, Registered

    13,929       1,125,370  

Comet Holding AG, Registered

    46,797       12,311,093  

COSMO Pharmaceuticals NV

    60,227       3,094,054  

Daetwyler Holding AG, Bearer

    47,387       9,373,536  

DKSH Holding AG

    195,813       15,800,732  

DocMorris AG(a)(b)

    61,131       3,741,130  

dormakaba Holding AG

    18,707       9,121,203  

Dottikon Es Holding AG(a)(b)

    14,560       3,999,005  

DSM-Firmenich AG

    945,241       104,448,931  

Dufry AG, Registered(b)

    580,244       29,980,309  

EFG International AG

    640,030       7,984,576  

Emmi AG, Registered

    12,989       12,711,716  

EMS-Chemie Holding AG, Registered

    38,483       32,119,829  

Flughafen Zurich AG, Registered

    103,226       21,852,655  

Forbo Holding AG, Registered

    6,076       8,740,771  

Galenica AG(d)

    282,988       22,774,895  

Geberit AG, Registered

    184,611       104,767,101  

Georg Fischer Ltd.

    428,691       29,277,977  

Givaudan SA, Registered

    49,919       168,500,107  

Gurit Holding AG(a)(b)

    6,875       736,340  

Helvetia Holding AG, Registered

    194,120       28,726,462  

Holcim Ltd.

    2,992,119       208,541,461  

Huber + Suhner AG, Registered

    116,788       10,087,383  

Idorsia Ltd.(a)(b)

    610,415       4,841,447  

Implenia AG, Registered

    101,957       4,966,106  

Inficon Holding AG, Registered

    8,869       11,370,347  

Interroll Holding AG, Registered

    3,546       11,342,631  

Intershop Holding AG

    9,249       6,384,455  

Julius Baer Group Ltd.

    1,171,764       82,993,152  

Kardex Holding AG, Registered

    30,527       7,638,387  

Komax Holding AG, Registered

    27,427       6,742,559  

Kuehne + Nagel International AG, Registered

    292,893       91,645,029  

Landis+Gyr Group AG

    140,480       12,197,789  

LEM Holding SA, Registered

    2,235       5,382,145  

Leonteq AG

    31,474       1,486,034  

 

 

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

  37


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Switzerland (continued)            

Logitech International SA, Registered

    893,222     $ 63,149,842  

Lonza Group AG, Registered

    404,522       235,041,806  

Medacta Group SA(d)

    29,170       4,236,796  

Medartis Holding AG(a)(b)(d)

    3,363       312,371  

Medmix AG(d)

    126,249       3,523,720  

Meyer Burger Technology AG(a)(b)

    17,665,735       10,621,177  

Mobilezone Holding AG, Registered

    477,422       7,956,670  

Mobimo Holding AG, Registered

    47,488       14,043,012  

Montana Aerospace AG(b)(d)

    83,813       1,319,158  

Nestle SA, Registered

    15,002,064       1,838,039,790  

Novartis AG, Registered

    11,152,110       1,167,593,946  

OC Oerlikon Corp. AG, Registered

    1,181,082       6,422,199  

Orior AG

    34,129       2,935,239  

Partners Group Holding AG

    123,072       138,164,768  

Peach Property Group AG(a)(b)

    60,185       807,988  

PolyPeptide Group AG(a)(b)(d)

    76,907       1,812,919  

PSP Swiss Property AG, Registered

    240,955       28,394,138  

Rieter Holding AG, Registered(a)

    23,636       2,629,022  

Roche Holding AG, Bearer

    168,540       55,882,983  

Roche Holding AG, NVS

    3,838,996       1,190,285,858  

Schindler Holding AG, Participation Certificates, NVS

    216,387       52,542,370  

Schindler Holding AG, Registered

    131,272       30,436,938  

Schweiter Technologies AG, NVS

    6,384       4,914,103  

Sensirion Holding AG(a)(b)(d)

    39,158       3,431,641  

SFS Group AG

    117,801       14,003,911  

SGS SA

    814,427       79,076,797  

Siegfried Holding AG, Registered

    24,565       21,703,880  

Siemens Energy AG(b)

    2,836,369       48,052,723  

SIG Group AG

    1,687,206       45,105,203  

Sika AG, Registered

    797,729       248,283,167  

SKAN Group AG

    55,045       5,045,261  

Softwareone Holding AG

    603,104       12,907,962  

Sonova Holding AG, Registered

    281,673       78,514,940  

St. Galler Kantonalbank AG, Class A, Registered

    15,969       9,133,236  

Stadler Rail AG

    322,278       12,941,924  

STMicroelectronics NV

    3,721,124       199,029,360  

Straumann Holding AG

    609,111       100,791,359  

Sulzer AG, Registered

    124,837       12,255,449  

Swatch Group AG (The), Bearer

    156,222       49,997,358  

Swatch Group AG (The), Registered

    285,513       17,145,835  

Swiss Life Holding AG, Registered

    165,357       105,142,922  

Swiss Prime Site AG, Registered

    404,573       39,166,461  

Swiss Re AG

    1,625,865       169,641,607  

Swisscom AG, Registered

    138,116       88,816,260  

Swissquote Group Holding SA, Registered

    80,099       18,141,816  

Tecan Group AG, Registered

    70,300       27,974,563  

Temenos AG, Registered

    344,294       29,610,235  

TX Group AG

    4,892       556,658  

u-blox Holding AG

    50,095       5,610,174  

UBS Group AG, Registered

    18,098,719       401,590,163  

Valiant Holding AG, Registered

    103,743       11,415,149  

VAT Group AG(d)

    146,867       62,425,368  

Vetropack Holding AG, Class A, Registered

    45,346       2,280,170  

Vontobel Holding AG, Registered

    181,411       12,221,222  

Ypsomed Holding AG, Registered

    34,416       10,104,221  

Zehnder Group AG, Registered

    88,865       6,508,577  

Zurich Insurance Group AG

    816,401       394,728,659  
   

 

 

 
       9,842,690,597  
Security   Shares     Value  
United Kingdom — 14.8%            

3i Group PLC

    5,263,488     $ 133,540,783  

4imprint Group PLC

    150,700       8,577,324  

888 Holdings PLC(b)

    2,065,276       2,864,679  

abrdn PLC

    10,851,340       32,293,241  

Admiral Group PLC

    1,143,315       31,215,930  

Advanced Medical Solutions Group PLC

    1,948,211       6,213,085  

AG Barr PLC

    624,831       3,780,848  

Airtel Africa PLC(d)

    4,864,272       7,278,826  

AJ Bell PLC

    1,496,643       6,296,107  

Alliance Pharma PLC(a)

    2,070,041       1,354,859  

Alpha Financial Markets Consulting PLC

    605,625       2,969,013  

Alpha FX Group PLC

    167,098       4,825,015  

Alphawave IP Group PLC(b)

    1,130,330       2,338,381  

Anglo American PLC

    6,870,619        211,283,718  

Antofagasta PLC

    2,125,617       45,721,507  

AO World PLC(b)

    2,104,645       2,564,449  

Ascential PLC(b)

    2,294,171       6,159,315  

Ashmore Group PLC

    2,353,819       6,241,988  

Ashtead Group PLC

    2,374,375       175,665,258  

ASOS PLC(a)(b)

    377,760       2,040,429  

Associated British Foods PLC

    1,948,174       51,270,100  

Assura PLC

    15,670,200       9,524,258  

Aston Martin Lagonda Global Holdings
PLC(a)(b)(d)

    2,253,814       11,455,279  

AstraZeneca PLC

    8,442,218       1,212,945,786  

Atalaya Mining PLC

    579,081       2,452,439  

Auction Technology Group PLC(b)

    465,177       4,232,621  

Auto Trader Group PLC(d)

    5,063,203       41,992,029  

Aviva PLC

    14,913,312       74,300,528  

Avon Protection PLC

    164,686       1,734,247  

B&M European Value Retail SA

    5,127,517       36,420,294  

Babcock International Group PLC(b)

    1,409,270       6,784,440  

BAE Systems PLC

    16,576,596       198,240,249  

Balanced Commercial Property Trust Ltd.

    3,231,230       2,882,024  

Balfour Beatty PLC

    3,348,021       15,012,603  

Bank of Georgia Group PLC

    200,159       8,361,247  

Barclays PLC

    84,404,900       167,485,576  

Barratt Developments PLC

    5,716,031       33,459,399  

Beazley PLC

    3,607,965       25,420,473  

Bellway PLC

    664,897       18,907,357  

Berkeley Group Holdings PLC

    591,833       32,999,241  

Big Yellow Group PLC

    925,309       12,734,250  

Bodycote PLC

    1,059,364       9,407,977  

boohoo Group PLC(a)(b)

    5,520,671       2,752,602  

BP PLC

    96,333,278       597,694,798  

Breedon Group PLC

    1,560,423       7,289,347  

Bridgepoint Group PLC(d)

    842,351       2,042,067  

British American Tobacco PLC

    11,633,286       391,205,313  

British Land Co. PLC (The)

    4,789,656       20,783,273  

Britvic PLC

    1,379,916       15,316,873  

BT Group PLC

    37,640,172       58,981,587  

Bunzl PLC

    1,817,904       67,385,906  

Burberry Group PLC

    2,074,497       59,217,001  

Burford Capital Ltd.

    1,112,486       15,035,312  

Bytes Technology Group PLC

    1,060,872       7,025,183  

C&C Group PLC

    2,256,208       3,996,249  

Capita PLC(b)

    9,252,870       3,279,783  

Capital & Counties Properties PLC

    8,911,385       13,700,832  

Capricorn Energy PLC

    1,425,677       3,242,125  

Carnival PLC(b)

    791,009       13,416,391  

 

 

38  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Centamin PLC

    7,197,290     $ 8,886,884  

Central Asia Metals PLC

    330,366       778,418  

Centrica PLC

    30,868,924       54,704,373  

Ceres Power Holdings PLC(a)(b)

    673,765       3,152,608  

Chemring Group PLC

    1,457,228       5,301,826  

Clarkson PLC

    109,982       3,937,955  

Close Brothers Group PLC

    763,574       9,035,503  

CLS Holdings PLC

    924,907       1,659,396  

CMC Markets PLC(d)

    511,242       917,231  

CNH Industrial NV

    5,449,801       78,711,342  

Coats Group PLC

    8,947,184       8,037,655  

Coca-Cola Europacific Partners PLC

    1,119,541       70,967,704  

Compass Group PLC

    9,491,651        246,950,246  

Computacenter PLC

    507,827       14,326,751  

ConvaTec Group PLC(d)

    8,778,641       23,519,215  

Craneware PLC

    130,198       2,289,127  

Cranswick PLC

    293,614       12,596,682  

Crest Nicholson Holdings PLC

    1,779,096       4,872,353  

Croda International PLC

    756,600       57,284,586  

Currys PLC

    5,433,920       3,720,425  

Custodian Reit PLC

    2,205,327       2,462,279  

CVS Group PLC

    449,677       11,881,445  

Darktrace PLC(b)

    1,744,211       8,272,019  

DCC PLC

    541,370       31,344,632  

Dechra Pharmaceuticals PLC

    615,576       29,345,994  

Deliveroo PLC, Class A(b)(d)

    5,197,786       8,765,137  

Derwent London PLC

    542,972       14,754,988  

Diageo PLC

    12,240,380       534,197,830  

Diploma PLC

    728,400       30,295,798  

Direct Line Insurance Group PLC

    7,143,781       13,795,013  

DiscoverIE Group PLC

    512,090       5,254,751  

Diversified Energy Co. PLC

    5,466,830       6,651,029  

Domino’s Pizza Group PLC

    2,331,755       10,395,794  

Dowlais Group PLC(b)

    7,181,452       11,331,456  

Dr. Martens PLC

    3,544,843       6,934,392  

Draper Esprit PLC(b)

    743,738       2,508,362  

Drax Group PLC

    2,354,324       18,273,550  

DS Smith PLC

    7,449,918       29,619,737  

Dunelm Group PLC

    629,567       9,291,476  

easyJet PLC(b)

    1,650,879       9,588,578  

Elementis PLC(b)

    3,585,977       5,089,880  

EMIS Group PLC

    331,621       6,179,503  

Empiric Student Property PLC

    1,482,594       1,674,364  

Endeavour Mining PLC

    996,083       24,001,703  

Energean PLC

    725,855       10,787,067  

EnQuest PLC(b)

    7,961,354       1,823,739  

Entain PLC

    3,441,675       61,301,281  

Ergomed PLC(b)

    245,076       3,404,200  

Essentra PLC

    1,690,761       3,526,925  

Experian PLC

    4,988,033       192,765,345  

FD Technologies PLC(b)

    95,968       2,205,384  

Ferrexpo PLC

    1,653,082       1,947,520  

Fevertree Drinks PLC

    558,779       9,623,599  

Firstgroup PLC

    3,888,012       7,281,776  

Forterra PLC(d)

    754,845       1,666,215  

Frasers Group PLC(b)

    1,132,287       11,801,531  

Future PLC

    639,607       6,868,621  

Games Workshop Group PLC

    185,386       27,716,351  

Gamma Communications PLC

    478,461       6,825,947  

GB Group PLC

    1,367,292       4,392,090  
Security   Shares     Value  
United Kingdom (continued)            

Genel Energy PLC

    796,670     $ 1,065,347  

Genuit Group PLC

    1,331,543       5,348,653  

Genus PLC

    372,874       11,794,641  

Glencore PLC

    58,225,057       354,091,821  

Grafton Group PLC

    1,201,623       13,507,273  

Grainger PLC

    4,132,870       13,355,261  

Great Portland Estates PLC

    1,523,849       8,362,277  

Greatland Gold PLC(b)

    23,873,276       2,144,643  

Greggs PLC

    586,609       20,803,342  

GSK PLC

    22,280,948        396,626,529  

Gulf Keystone Petroleum Ltd.

    1,111,244       1,772,660  

Haleon PLC

    27,342,385       118,021,254  

Halfords Group PLC

    1,393,553       3,955,975  

Halma PLC

    2,055,644       59,033,727  

Hammerson PLC

    21,444,321       7,320,468  

Harbour Energy PLC

    3,465,265       11,863,211  

Hargreaves Lansdown PLC

    1,934,052       21,160,846  

Hays PLC

    8,347,729       11,485,529  

Helios Towers PLC(b)

    3,926,113       4,546,543  

Hikma Pharmaceuticals PLC

    879,332       23,614,331  

Hill & Smith PLC

    439,028       8,895,349  

Hiscox Ltd.

    1,874,257       25,942,444  

Hochschild Mining PLC

    1,672,000       1,656,750  

Home Reit PLC(c)

    4,179,974       1,734,997  

Howden Joinery Group PLC

    2,997,634       28,384,458  

HSBC Holdings PLC

    109,029,559       905,644,493  

Hunting PLC

    1,007,517       3,413,510  

Ibstock PLC(d)

    2,476,714       4,781,430  

IG Group Holdings PLC

    2,195,809       19,952,408  

IMI PLC

    1,393,259       29,129,441  

Impact Healthcare Reit PLC, Class B

    1,751,875       2,090,889  

Impax Asset Management Group PLC

    453,929       3,200,643  

Imperial Brands PLC

    4,765,897       112,596,397  

Inchcape PLC

    2,087,966       21,959,157  

Indivior PLC, NVS(b)

    731,225       16,450,453  

Informa PLC

    7,555,512       73,514,133  

IntegraFin Holdings PLC

    1,656,682       5,208,950  

InterContinental Hotels Group PLC

    941,166       69,558,937  

Intermediate Capital Group PLC

    1,572,291       28,376,750  

International Distributions Services PLC(b)

    4,052,252       13,841,568  

Intertek Group PLC

    880,585       49,328,998  

Investec PLC

    3,661,163       23,004,108  

IP Group PLC

    5,313,043       4,077,457  

ITM Power PLC(a)(b)

    2,501,387       2,969,581  

ITV PLC(a)

    19,188,591       17,820,118  

IWG PLC(b)

    4,075,630       7,997,369  

J D Wetherspoon PLC(b)

    532,904       4,623,178  

J Sainsbury PLC

    9,303,766       33,125,906  

JD Sports Fashion PLC

    14,089,602       28,540,353  

JET2 PLC

    903,347       13,021,091  

John Wood Group PLC(b)

    3,700,854       7,034,587  

Johnson Matthey PLC

    981,426       22,697,771  

Johnson Service Group PLC

    2,301,563       3,319,970  

JTC PLC(d)

    757,959       7,003,629  

Judges Scientific PLC

    30,694       3,726,401  

Jupiter Fund Management PLC

    2,627,005       3,856,390  

Just Group PLC

    5,786,948       6,112,155  

Kainos Group PLC

    444,155       7,473,785  

Keller Group PLC

    467,613       5,136,949  

Keywords Studios PLC

    404,500       9,146,804  

 

 

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

  39


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Kier Group PLC(b)

    1,620,022     $ 1,825,410  

Kingfisher PLC(a)

    10,405,152       32,811,286  

Lancashire Holdings Ltd.

    1,286,423       9,846,188  

Land Securities Group PLC

    3,783,493       31,421,111  

Learning Technologies Group PLC

    3,128,362       3,011,086  

Legal & General Group PLC

    32,045,848       96,037,073  

Liontrust Asset Management PLC

    309,446       2,566,807  

Lloyds Banking Group PLC

    359,712,365        207,822,824  

London Stock Exchange Group PLC

    2,192,552       238,099,631  

LondonMetric Property PLC

    5,221,029       12,386,254  

LXI REIT PLC

    8,219,502       10,036,891  

M&G PLC

    11,893,129       30,635,502  

Man Group PLC/Jersey

    7,043,268       21,591,777  

Marks & Spencer Group PLC(b)

    10,538,411       27,915,251  

Marlowe PLC(a)(b)

    429,737       3,132,536  

Marshalls PLC

    1,362,395       4,693,114  

Melrose Industries PLC

    7,287,784       49,597,459  

Mitchells & Butlers PLC(b)

    1,318,217       3,886,997  

Mitie Group PLC

    6,705,188       8,746,911  

Mobico Group PLC

    2,870,775       3,441,893  

Mondi PLC

    2,640,457       46,315,178  

Moneysupermarket.com Group PLC

    2,861,604       10,077,170  

Moonpig Group PLC(b)

    1,315,382       3,030,130  

Morgan Advanced Materials PLC

    1,950,339       6,842,575  

Morgan Sindall Group PLC

    188,762       4,629,863  

National Grid PLC

    20,215,061       267,946,851  

NatWest Group PLC, NVS

    30,744,306       96,507,547  

NCC Group PLC

    1,512,825       1,873,531  

Network International Holdings PLC(b)(d)

    2,702,606       13,401,851  

Next Fifteen Communications Group PLC

    435,035       3,545,217  

Next PLC

    698,704       63,191,341  

Ninety One PLC

    2,244,261       4,965,415  

NMC Health PLC, NVS(c)

    475,795       6  

Ocado Group PLC(b)

    3,134,767       37,738,103  

OSB Group PLC

    2,220,531       10,494,693  

Oxford Biomedica PLC(b)

    353,822       2,005,064  

Oxford Instruments PLC

    293,631       9,043,948  

Oxford Nanopore Technologies PLC(b)

    2,884,649       9,765,909  

Pagegroup PLC

    1,838,474       10,527,446  

Pan African Resources PLC

    8,951,480       1,658,849  

Paragon Banking Group PLC

    1,568,542       10,628,574  

Pearson PLC

    3,424,421       37,879,411  

Penno Group PLC

    1,370,017       12,371,998  

Persimmon PLC

    1,733,935       25,778,280  

Petrofac Ltd.(a)(b)

    2,358,864       2,379,416  

Pets at Home Group PLC

    2,735,630       13,747,077  

Phoenix Group Holdings PLC

    4,127,520       29,161,418  

Picton Property Income Ltd.

    1,140,557       1,034,059  

Playtech PLC(b)

    1,300,702       9,364,522  

Plus500 Ltd.

    542,408       10,483,251  

Polar Capital Holdings PLC

    463,536       2,885,162  

Premier Foods PLC

    2,990,325       4,866,117  

Primary Health Properties PLC

    7,366,032       8,947,220  

Provident Financial PLC

    1,351,293       2,181,600  

PRS REIT PLC (The)

    2,919,768       3,087,596  

Prudential PLC

    15,011,363       208,452,662  

PZ Cussons PLC

    1,762,699       3,754,792  

QinetiQ Group PLC

    3,246,642       13,443,021  

Quilter PLC(d)

    7,985,814       8,015,976  

Rank Group PLC(b)

    1,067,737       1,257,917  
Security   Shares      Value  
United Kingdom (continued)             

Rathbones Group PLC

    303,481      $ 7,021,190  

Reach PLC

    1,599,509        1,743,793  

Reckitt Benckiser Group PLC

    3,932,398        294,583,994  

Redde Northgate PLC

    1,503,576        6,637,870  

Redrow PLC

    1,535,476        10,207,672  

Regional REIT Ltd.(d)

    522,804        299,910  

RELX PLC

    10,343,320        348,122,086  

Renewi PLC(b)

    309,082        2,065,281  

Renishaw PLC

    207,418        10,381,401  

Rentokil Initial PLC

    13,662,795        111,408,596  

Restore PLC(a)

    239,027        498,477  

RHI Magnesita NV(a)

    153,482        5,885,495  

Rightmove PLC

    4,559,906        33,410,379  

Rio Tinto PLC

    6,107,939         403,720,822  

Rolls-Royce Holdings PLC(b)

    45,794,263        108,584,469  

Rotork PLC

    4,568,156        18,094,573  

RS GROUP PLC

    2,542,819        25,613,752  

RWS Holdings PLC

    1,657,907        5,523,442  

S4 Capital PLC(b)

    1,992,136        2,696,402  

Safestore Holdings PLC

    1,371,073        15,586,151  

Sage Group PLC (The)

    5,597,719        67,332,590  

Savills PLC

    905,448        11,317,940  

Schroders PLC

    4,814,981        28,407,394  

Segro PLC

    6,565,354        64,337,539  

Serco Group PLC

    6,500,249        12,955,267  

Serica Energy PLC

    1,310,193        4,033,601  

Severn Trent PLC

    1,353,621        44,363,385  

Shell PLC

    37,264,272        1,129,396,326  

SIG PLC(b)

    3,608,821        1,340,784  

Sirius Real Estate Ltd.

    5,856,631        6,223,560  

Smart Metering Systems PLC

    705,769        6,313,065  

Smith & Nephew PLC

    4,733,401        72,009,218  

Smiths Group PLC

    1,860,669        40,580,530  

Softcat PLC

    798,289        15,381,102  

SolGold PLC(a)(b)

    5,349,548        1,086,941  

Spectris PLC

    555,593        25,072,533  

Spirax-Sarco Engineering PLC

    396,617        56,644,737  

Spire Healthcare Group PLC(d)

    1,022,958        2,829,111  

Spirent Communications PLC

    3,508,574        7,625,399  

SSE PLC

    5,878,557        127,112,812  

SSP Group PLC(b)

    4,278,357        13,814,418  

St. James’s Place PLC

    2,902,310        35,034,134  

Standard Chartered PLC

    13,066,750        125,513,266  

SThree PLC

    676,776        3,064,246  

Supermarket Income Reit PLC

    6,516,917        6,378,986  

Synthomer PLC(b)

    1,993,171        2,134,597  

Target Healthcare REIT PLC

    3,293,412        3,106,550  

Tate & Lyle PLC

    2,185,025        20,932,984  

Taylor Wimpey PLC

    19,462,622        28,568,388  

TBC Bank Group PLC

    211,714        6,765,406  

Team17 Group PLC(b)

    600,845        2,436,657  

Telecom Plus PLC

    481,509        10,282,593  

Tesco PLC

    39,812,097        131,860,484  

THG PLC, Class B(a)(b)

    4,913,812        6,503,955  

TI Fluid Systems PLC(d)

    1,427,450        2,454,769  

TP ICAP Group PLC

    4,473,768        9,128,838  

Trainline PLC(b)(d)

    2,541,819        8,592,219  

Travis Perkins PLC

    1,159,684        12,971,241  

Tremor International Ltd.(a)(b)

    508,427        1,944,419  

Tritax Big Box REIT PLC

    10,185,135        18,060,347  

 

 

40  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Trustpilot Group PLC(b)(d)

    1,308,740     $ 1,471,304  

TUI AG(a)(b)

    2,409,360       19,517,046  

Tullow Oil PLC(a)(b)

    6,508,186       2,879,865  

Tyman PLC

    650,779       2,614,104  

UK Commercial Property REIT Ltd.

    1,583,424       1,064,263  

Unilever PLC

    13,757,634       739,237,506  

UNITE Group PLC (The)

    1,833,576       22,893,224  

United Utilities Group PLC

    3,733,842       47,881,089  

Urban Logistics REIT PLC

    2,488,652       3,890,061  

Vesuvius PLC

    1,242,180       7,033,421  

Victoria PLC(a)(b)

    484,043       4,075,048  

Victrex PLC

    464,003       9,212,881  

Virgin Money U.K. PLC

    6,890,954       15,631,491  

Vistry Group PLC

    1,854,277       18,807,491  

Vodafone Group PLC

    124,030,447       117,985,162  

Volex PLC(a)

    655,184       2,429,999  

Volution Group PLC

    994,359       5,124,858  

Warehouse REIT PLC

    1,358,714       1,496,099  

Watches of Switzerland Group PLC(b)(d)

    1,335,081       12,910,284  

Weir Group PLC (The)

    1,394,773       32,849,306  

WH Smith PLC

    733,025       14,052,656  

Whitbread PLC

    1,093,865       49,137,620  

Wickes Group PLC

    1,238,011       2,170,302  

Wincanton PLC

    653,887       2,030,781  

Wise PLC, Class A(b)

    3,327,809       33,191,142  

Workspace Group PLC

    752,615       4,796,501  

WPP PLC

    5,772,379       63,027,044  

XP Power Ltd.(a)

    100,449       2,634,103  

Yellow Cake PLC(b)(d)

    1,064,797       5,895,271  

YouGov PLC

    551,780       6,868,828  

Young & Co’s Brewery PLC, Series A, Class A

    115,777       1,760,701  
   

 

 

 
      15,130,687,777  
   

 

 

 

Total Common Stocks — 99.0%
(Cost: $90,665,109,461)

       101,036,022,826  
   

 

 

 

Preferred Stocks

   
Germany — 0.5%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    368,796       41,434,626  

Dr Ing hc F Porsche AG, Preference Shares, NVS(d)

    622,026       76,062,994  

Draegerwerk AG & Co. KGaA, Preference Shares, NVS

    59,823       3,004,866  

Einhell Germany AG, Preference Shares, NVS

    1,029       172,423  

Fuchs Petrolub SE, Preference Shares, NVS

    380,445       15,748,033  

Henkel AG & Co. KGaA, Preference Shares, NVS

    918,844       70,903,820  

Jungheinrich AG, Preference Shares, NVS

    285,231       10,671,549  

Porsche Automobil Holding SE, Preference Shares, NVS

    833,866       49,203,005  

Sartorius AG, Preference Shares, NVS

    142,775       58,906,018  

Schaeffler AG, Preference Shares, NVS

    556,276       3,547,351  

Sixt SE, Preference Shares, NVS

    80,488       5,976,877  

STO SE & Co. KGaA, Preference Shares, NVS

    9,212       1,520,535  

Volkswagen AG, Preference Shares, NVS

    1,115,355       147,757,290  
   

 

 

 
      484,909,387  
Security   Shares     Value  
Italy — 0.0%            

Danieli & C Officine Meccaniche SpA, Preference Shares, NVS

    155,070     $ 2,980,326  
   

 

 

 

Total Preferred Stocks — 0.5%
(Cost: $512,382,632)

 

    487,889,713  
   

 

 

 

Warrants

   
Australia — 0.0%            

PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)(b)

    53,565        
   

 

 

 
Italy — 0.0%            

Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(a)(b)

    127,842       2  
   

 

 

 
Spain — 0.0%            

Abengoa SA (Issued 03/31/17, Exercisable 06/30/17, 1 Share for 1 Warrant, Expires 03/31/25, Strike Price EUR 0.001)(a)(b)(c)

    1,476,448       16  
   

 

 

 

Total Warrants — 0.0%
(Cost: $—)

 

    18  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $91,177,492,093)

 

    101,523,912,557  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 0.7%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h)

    721,694,699       721,911,207  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g)

    8,520,000       8,520,000  
   

 

 

 

Total Short-Term Securities — 0.7%
(Cost: $730,070,652)

 

    730,431,207  
   

 

 

 

Total Investments — 100.2%
(Cost: $91,907,562,745)

 

    102,254,343,764  

Liabilities in Excess of Other Assets — (0.2)%

 

    (250,637,584
   

 

 

 

Net Assets — 100.0%

    $  102,003,706,180  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Non-income producing security.

(c) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

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

  41


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI EAFE ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer    Value at
07/31/22
     Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
07/31/23
    

Shares

Held at
07/31/23

     Income    

Capital

Gain
Distributions
from
Underlying
Funds

       
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 823,172,643      $     $ (101,709,494 )(a)    $ 159,704      $ 288,354      $ 721,911,207        721,694,699      $ 23,055,751 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     6,530,000        1,990,000 (a)                          8,520,000        8,520,000        1,588,499       13    
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   
            $ 159,704      $ 288,354      $ 730,431,207         $ 24,644,250     $ 13    
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description    Number of
Contracts
     Expiration
Date
     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

           

TOPIX Index

     781        09/07/23      $ 127,960      $ 5,037,675  

Euro STOXX 50 Index

     3,595        09/15/23        177,604        5,989,745  

FTSE 100 Index

     1,067        09/15/23        105,320        1,353,572  

SPI 200 Index

     477        09/21/23        59,149        2,064,626  
           

 

 

 
            $ 14,445,618  
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 

 

                                                                                                                                                  

 

 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 14,445,618      $      $      $      $ 14,445,618  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

 

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows: 

 

                                                                                                                                                  

 

 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 88,537,227      $      $      $      $ 88,537,227  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (3,860,739    $      $      $      $ (3,860,739
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

42  

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


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI EAFE ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments 

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 615,043,948   

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 

Fair Value Hierarchy as of Period End 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. 

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

   $ 2,617,038,032      $ 98,411,942,644      $ 7,042,150      $ 101,036,022,826  

Preferred Stocks

     172,423        487,717,290               487,889,713  

Warrants

            2        16        18  

Short-Term Securities

           

Money Market Funds

     730,431,207                      730,431,207  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  3,347,641,662      $  98,899,659,936      $  7,042,166      $ 102,254,343,764  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Assets

           

Equity Contracts

   $      $ 14,445,618      $      $ 14,445,618  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

 

See notes to financial statements. 

 

 

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

  43


Schedule of Investments

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Austria — 0.5%            

ams-OSRAM AG(a)(b)

    111,920     $ 990,664  

ANDRITZ AG

    24,842       1,311,607  

AT&S Austria Technologie & Systemtechnik AG

    12,486       471,579  

BAWAG Group AG(c)

    31,993       1,558,616  

CA Immobilien Anlagen AG

    15,609       497,783  

Erste Group Bank AG

    127,433       4,816,441  

IMMOFINANZ AG(a)

    16,957       340,258  

Lenzing AG(a)(b)

    7,339       369,453  

Oesterreichische Post AG

    15,615       569,624  

OMV AG

    57,577       2,594,079  

Raiffeisen Bank International AG(a)

    55,663       900,038  

Schoeller-Bleckmann Oilfield Equipment AG

    9,878       598,646  

UNIQA Insurance Group AG

    93,014       759,760  

Verbund AG

    25,049       2,075,484  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    14,424       385,784  

voestalpine AG

    42,484       1,403,899  

Wienerberger AG

    46,036       1,511,861  
   

 

 

 
      21,155,576  
Belgium — 1.6%            

Ackermans & van Haaren NV

    8,740       1,521,773  

Aedifica SA

    18,105       1,243,468  

Ageas SA/NV

    58,174       2,462,694  

AGFA-Gevaert NV(a)

    82,996       213,487  

Anheuser-Busch InBev SA/NV

    320,973       18,361,468  

Argenx SE(a)

    21,467       10,811,627  

Barco NV

    30,859       718,153  

Bekaert SA

    19,900       949,842  

bpost SA

    40,284       193,999  

Cofinimmo SA

    13,068       1,022,749  

D’ieteren Group

    9,043       1,579,325  

Elia Group SA/NV

    13,167       1,621,187  

Etablissements Franz Colruyt NV

    25,572       974,653  

Euronav NV

    49,879       819,493  

Fagron

    41,568       739,688  

Galapagos NV(a)(b)

    21,330       896,380  

Groupe Bruxelles Lambert NV(b)

    36,752       2,973,690  

Intervest Offices & Warehouses NV

    19,723       290,151  

KBC Ancora

    16,942       792,837  

KBC Group NV

    91,717       6,903,060  

Kinepolis Group NV(b)

    6,505       317,075  

Melexis NV

    9,842       1,061,018  

Montea NV

    4,536       367,554  

Ontex Group NV(a)(b)

    29,489       252,727  

Proximus SADP

    55,949       428,949  

Sofina SA

    5,615       1,335,093  

Solvay SA

    26,639       3,199,297  

Telenet Group Holding NV

    16,892       386,799  

UCB SA

    46,042       4,076,893  

Umicore SA

    75,560       2,237,719  

VGP NV

    5,304       566,271  

Warehouses De Pauw CVA

    64,189       1,896,610  
   

 

 

 
       71,215,729  
Denmark — 4.5%            

ALK-Abello AS(a)

    60,079       654,169  

Alm Brand A/S

    309,521       493,301  

Ambu A/S, Class B(a)(b)

    77,483       1,143,167  

AP Moller - Maersk A/S, Class A

    1,184       2,380,580  
Security   Shares     Value  
Denmark (continued)            

AP Moller - Maersk A/S, Class B, NVS

    1,762     $ 3,619,512  

Bavarian Nordic A/S(a)(b)

    33,730       723,678  

Carlsberg AS, Class B

    35,432       5,314,166  

Chemometec A/S(a)

    7,794       523,019  

Chr Hansen Holding A/S

    38,970       2,944,715  

Coloplast A/S, Class B

    43,371       5,391,292  

D/S Norden A/S

    9,535       477,646  

Danske Bank A/S

    253,755       6,025,428  

Demant A/S(a)

    37,054       1,474,555  

Dfds A/S

    15,315       549,048  

DSV A/S

    68,925       13,794,648  

FLSmidth & Co. A/S

    19,167       906,862  

Genmab A/S(a)

    24,579       10,131,453  

GN Store Nord A/S(a)

    46,225       1,232,580  

H Lundbeck AS

    132,271       656,520  

H Lundbeck AS, Class A

    33,038       148,166  

ISS A/S

    62,560       1,264,101  

Jyske Bank A/S, Registered(a)

    21,240       1,606,693  

Netcompany Group A/S(a)(c)

    17,611       817,479  

NKT A/S(a)(b)

    22,944       1,310,935  

Novo Nordisk A/S, Class B

    612,421       98,754,229  

Novozymes A/S, Class B

    73,755       3,699,056  

Orsted AS(c)

    68,855       5,991,726  

Pandora A/S

    33,042       3,305,255  

Per Aarsleff Holding A/S

    12,357       586,532  

Ringkjoebing Landbobank A/S

    12,505       1,779,693  

Rockwool A/S, Class B

    3,197       859,862  

Royal Unibrew A/S

    18,813       1,626,061  

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

    21,496       373,915  

Schouw & Co. A/S

    7,217       572,676  

SimCorp A/S

    15,520       1,664,156  

Spar Nord Bank A/S

    46,064       732,447  

Sydbank AS

    27,060       1,297,750  

Topdanmark AS

    14,828       672,152  

Tryg A/S

    126,093       2,489,555  

Vestas Wind Systems A/S(a)

    374,906       10,027,408  

Zealand Pharma A/S(a)

    24,612       854,105  
   

 

 

 
       198,870,291  
Finland — 1.4%            

Cargotec OYJ, Class B

    16,452       785,753  

Caverion OYJ

    45,482       428,064  

Elisa OYJ

    51,775       2,700,864  

Fortum OYJ

    167,577       2,268,531  

Huhtamaki OYJ

    39,929       1,419,377  

Kemira OYJ

    58,506       917,704  

Kesko OYJ, Class B

    100,104       2,002,950  

Kojamo OYJ

    62,453       610,180  

Kone OYJ, Class B

    121,755       6,245,155  

Konecranes OYJ

    27,387       995,426  

Metsa Board OYJ, Class B

    84,734       683,623  

Metso OYJ

    249,392       2,834,108  

Neste OYJ

    157,420       5,795,429  

Nokia OYJ

    1,974,355       7,761,070  

Nokian Renkaat OYJ

    50,151       466,463  

Orion OYJ, Class B

    42,490       1,632,938  

Outokumpu OYJ

    143,405       741,927  

QT Group OYJ(a)

    7,310       606,316  

Revenio Group OYJ

    12,862       455,009  

Sampo OYJ, Class A

    162,102       7,143,288  

Stora Enso OYJ, Class R

    215,727       2,644,653  

 

 

44  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Finland (continued)            

TietoEVRY OYJ

    47,471     $ 1,211,108  

Tokmanni Group Corp.

    32,166       496,746  

UPM-Kymmene OYJ

    195,039       6,457,287  

Uponor OYJ

    22,681       717,718  

Valmet OYJ

    63,665       1,688,761  

Wartsila OYJ Abp

    178,062       2,236,965  
   

 

 

 
      61,947,413  
France — 17.1%            

Accor SA

    63,694       2,403,304  

Aeroports de Paris

    11,742       1,621,476  

Air France-KLM(a)

    480,296       829,410  

Air Liquide SA

    193,488       34,787,981  

Airbus SE

    219,100       32,273,433  

ALD SA(c)

    59,603       633,251  

Alstom SA

    120,886       3,701,559  

Alten SA

    11,746       1,691,821  

Amundi SA(c)

    22,081       1,355,010  

APERAM SA

    19,382       611,678  

ArcelorMittal SA

    176,544       5,105,966  

Arkema SA

    22,896       2,469,082  

Atos SE(a)

    35,433       368,058  

AXA SA

    672,802       20,681,158  

BioMerieux

    15,721       1,687,639  

BNP Paribas SA

    410,037       27,041,037  

Bollore SE

    353,141       2,232,812  

Bouygues SA

    78,738       2,820,517  

Bureau Veritas SA

    105,715       2,903,335  

Capgemini SE

    61,163       11,083,871  

Carrefour SA

    221,154       4,421,119  

CGG SA(a)

    417,690       293,871  

Cie. de Saint-Gobain

    181,892        12,301,602  

Cie. Generale des Etablissements Michelin SCA

    248,080       8,123,889  

Cie. Plastic Omnium SA

    26,369       513,530  

Coface SA

    58,804       861,413  

Covivio

    20,050       968,046  

Credit Agricole SA

    446,843       5,547,724  

Danone SA

    233,470       14,257,250  

Dassault Aviation SA

    10,050       1,952,326  

Dassault Systemes SE

    247,001       10,556,486  

Edenred

    94,944       6,166,647  

Eiffage SA

    27,610       2,872,476  

Elis SA

    88,904       1,836,766  

Engie SA

    674,739       11,069,312  

Esker SA

    3,254       540,448  

EssilorLuxottica SA

    107,300       21,586,097  

Eurazeo SE

    17,268       1,054,380  

Euroapi SA(a)

    26,922       314,146  

Eurofins Scientific SE

    49,254       3,387,523  

Euronext NV(c)

    31,961       2,432,669  

Eutelsat Communications SA

    68,814       463,543  

Faurecia SE(a)

    58,864       1,479,185  

Fnac Darty SA

    9,009       314,066  

Gaztransport Et Technigaz SA

    15,151       1,847,865  

Gecina SA

    16,863       1,823,101  

Getlink SE

    134,265       2,360,025  

Hermes International

    11,746       25,997,008  

ICADE

    12,063       491,453  

Imerys SA

    16,153       560,916  

Interparfums SA

    11,864       856,324  

Ipsen SA

    14,369       1,810,879  
Security   Shares     Value  
France (continued)            

IPSOS

    21,030     $ 1,051,289  

JCDecaux SE(a)

    29,001       543,456  

Kering SA

    27,387       15,724,666  

Klepierre SA

    80,607       2,139,605  

Korian SA

    29,835       232,318  

La Francaise des Jeux SAEM(c)

    42,181       1,610,359  

Legrand SA

    98,888       9,913,987  

L’Oreal SA

    88,595       41,206,368  

LVMH Moet Hennessy Louis Vuitton SE

    101,971       94,707,353  

McPhy Energy SA(a)

    10,467       88,245  

Neoen SA(c)

    24,443       803,717  

Nexans SA

    12,380       1,099,100  

Nexity SA

    21,479       363,690  

Orange SA

    676,814       7,650,594  

Pernod Ricard SA

    76,737       16,918,326  

Publicis Groupe SA

    86,252       6,954,100  

Quadient SA

    18,543       413,404  

Remy Cointreau SA

    8,631       1,481,583  

Renault SA

    70,968       3,117,030  

Rexel SA

    96,942       2,338,460  

Rubis SCA

    40,547       999,822  

Safran SA

    127,678       21,196,222  

Sanofi

    418,908       44,690,999  

Sartorius Stedim Biotech

    10,221       3,197,858  

Schneider Electric SE

    199,848       35,647,293  

SCOR SE

    55,540       1,659,839  

SEB SA

    9,545       1,068,523  

SES SA, Class A

    154,342       999,904  

Societe BIC SA

    10,235       625,714  

Societe Generale SA

    268,976       7,315,269  

Sodexo SA

    33,223       3,407,929  

SOITEC(a)

    10,637       2,090,483  

Sopra Steria Group SACA

    7,079       1,539,223  

SPIE SA

    55,775       1,674,251  

Teleperformance

    21,859       3,170,403  

Thales SA

    39,195       5,863,172  

TotalEnergies SE

    877,122       53,290,869  

Trigano SA

    5,019       734,938  

Ubisoft Entertainment SA(a)

    34,158       1,148,791  

Unibail-Rodamco-Westfield, New(a)

    45,368       2,570,681  

Valeo

    84,078       1,900,514  

Vallourec SA(a)

    72,168       941,548  

Valneva SE(a)

    38,680       290,468  

Veolia Environnement SA

    250,273       8,148,625  

Verallia SA(c)

    34,561       1,531,930  

Vicat SA

    15,292       519,814  

Vinci SA

    194,705       22,867,593  

Virbac SA

    2,391       736,456  

Vivendi SE

    258,589       2,308,772  

Wendel SE

    10,155       1,002,446  

Worldline SA/France(a)(c)

    87,527       3,469,518  
   

 

 

 
       750,332,000  
Germany — 11.8%            

adidas AG

    59,910       12,094,933  

AIXTRON SE

    45,583       1,808,399  

Allianz SE, Registered

    148,935       35,595,369  

Amadeus Fire AG

    4,068       483,106  

Aroundtown SA(a)(b)

    321,245       499,091  

Aurubis AG

    13,003       1,224,002  

BASF SE

    327,183       17,540,607  

 

 

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

  45


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Germany (continued)            

Bayer AG, Registered

    366,493     $ 21,433,765  

Bayerische Motoren Werke AG

    121,819       14,855,824  

Bechtle AG

    32,528       1,431,675  

Befesa SA(c)

    16,904       647,837  

Beiersdorf AG

    37,423       4,846,478  

Bilfinger SE

    18,234       660,148  

Brenntag SE

    58,035       4,502,623  

CANCOM SE

    16,932       487,519  

Carl Zeiss Meditec AG, Bearer

    15,345       1,778,189  

Commerzbank AG

    406,504       4,862,389  

CompuGroup Medical SE & Co. KgaA

    13,032       661,840  

Continental AG

    41,916       3,346,559  

Covestro AG(a)(c)

    73,015       3,922,284  

CropEnergies AG

    12,701       127,776  

CTS Eventim AG & Co. KGaA

    27,203       1,856,495  

Daimler Truck Holding AG(b)

    181,353       6,806,231  

Delivery Hero SE(a)(c)

    65,851       2,988,958  

Dermapharm Holding SE

    9,934       485,256  

Deutsche Bank AG, Registered

    713,468       7,908,889  

Deutsche Boerse AG

    69,861       13,385,474  

Deutsche Lufthansa AG, Registered(a)

    228,499       2,304,700  

Deutsche Pfandbriefbank AG(b)(c)

    62,955       523,968  

Deutsche Post AG, Registered

    368,691       18,959,275  

Deutsche Telekom AG, Registered

    1,192,162        25,990,602  

Draegerwerk AG & Co. KGaA

    5,795       257,275  

Duerr AG

    23,350       728,531  

E.ON SE

    837,641       10,596,427  

Eckert & Ziegler Strahlen- und Medizintechnik AG

    7,995       316,417  

Encavis AG(a)

    47,059       789,076  

Evonik Industries AG

    79,552       1,647,760  

Evotec SE(a)

    54,839       1,444,552  

Fraport AG Frankfurt Airport Services Worldwide(a)

    14,500       766,107  

Freenet AG

    56,890       1,408,208  

Fresenius Medical Care AG & Co. KGaA

    75,757       3,934,402  

Fresenius SE & Co. KGaA

    156,217       4,902,424  

GEA Group AG

    58,162       2,468,501  

Gerresheimer AG

    13,548       1,604,676  

Grand City Properties SA(a)

    39,334       324,389  

GRENKE AG

    11,543       318,364  

Hannover Rueck SE

    21,928       4,678,867  

HeidelbergCement AG

    52,848       4,283,216  

HelloFresh SE(a)(b)

    60,329       1,720,287  

Henkel AG & Co. KGaA

    38,998       2,725,267  

Hensoldt AG

    19,714       670,276  

HOCHTIEF AG

    11,374       1,120,397  

Hornbach Holding AG & Co. KGaA

    5,233       423,273  

Hugo Boss AG

    22,761       1,837,918  

Hypoport SE(a)(b)

    1,584       330,506  

Indus Holding AG(b)

    13,414       358,985  

Infineon Technologies AG

    484,117       21,269,905  

Jenoptik AG

    25,832       835,527  

K+S AG, Registered(b)

    71,713       1,369,243  

KION Group AG

    26,278       1,101,128  

Knorr-Bremse AG

    25,568       1,798,400  

Kontron AG(b)

    16,900       367,562  

Krones AG

    6,684       805,438  

LANXESS AG

    37,095       1,251,073  

LEG Immobilien SE(a)

    27,925       1,974,369  

Mercedes-Benz Group AG

    314,191       25,092,209  

Merck KGaA

    48,124       8,456,587  
Security   Shares     Value  
Germany (continued)            

METRO AG(a)

    78,317     $ 680,981  

MorphoSys AG(a)(b)

    16,374       479,355  

MTU Aero Engines AG

    20,550       4,798,661  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    51,125       19,245,795  

Nagarro SE(a)(b)

    4,515       427,733  

Nemetschek SE

    21,732       1,581,416  

Nordex SE(a)

    55,142       779,187  

Norma Group SE

    14,477       255,425  

PATRIZIA SE

    21,095       215,837  

Pfeiffer Vacuum Technology AG

    2,276       376,860  

ProSiebenSat.1 Media SE(b)

    63,818       634,433  

Puma SE

    38,795       2,621,815  

Rational AG

    1,911       1,430,494  

Rheinmetall AG

    16,297       4,616,060  

RWE AG

    234,432       10,089,634  

Salzgitter AG(b)

    14,383       498,450  

SAP SE

    385,504       52,587,201  

Scout24 SE(c)

    31,430       2,077,701  

Shop Apotheke Europe NV(a)(c)

    5,779       670,036  

Siemens AG, Registered

    281,015       47,896,800  

Siemens Healthineers AG(c)

    104,173       6,052,796  

Siltronic AG

    9,852       867,298  

Sixt SE

    6,125       738,562  

SMA Solar Technology AG(a)(b)

    6,907       658,502  

Software AG, NVS

    19,769       691,206  

Stabilus SE

    12,090       689,274  

Stratec SE

    5,180       290,742  

Stroeer SE & Co. KGaA

    13,020       629,666  

Suedzucker AG

    29,215       505,778  

Symrise AG, Class A

    49,016       5,354,103  

Synlab AG

    32,925       326,083  

TAG Immobilien AG(a)

    69,207       777,926  

Talanx AG(a)(b)

    23,385       1,432,094  

TeamViewer AG(a)(c)

    57,439       976,385  

Telefonica Deutschland Holding AG

    416,431       1,122,023  

thyssenkrupp AG

    197,284       1,568,481  

United Internet AG, Registered(d)

    36,928       552,852  

Varta AG(b)

    8,529       193,553  

VERBIO Vereinigte BioEnergie AG(b)

    10,030       488,928  

Vitesco Technologies Group AG(a)

    10,237       875,509  

Volkswagen AG

    10,293       1,644,983  

Vonovia SE

    264,774       6,169,229  

Vossloh AG

    7,852       352,118  

Wacker Chemie AG

    6,860       1,065,960  

Zalando SE(a)(c)

    83,271       2,874,906  
   

 

 

 
       516,860,634  
Ireland — 1.2%            

AIB Group PLC

    500,811       2,355,646  

Bank of Ireland Group PLC

    396,265       4,180,915  

Cairn Homes PLC(a)

    473,106       568,037  

CRH PLC

    277,042       16,503,650  

Dalata Hotel Group PLC(a)

    91,618       428,623  

Flutter Entertainment PLC, Class DI(a)

    66,249       13,176,901  

Glanbia PLC

    90,497       1,403,966  

Kerry Group PLC, Class A

    58,950       5,856,733  

Kingspan Group PLC

    59,754       4,796,067  

Smurfit Kappa Group PLC

    92,655       3,666,452  
   

 

 

 
      52,936,990  

 

 

46  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Italy — 4.1%            

A2A SpA

    662,214     $ 1,263,477  

ACEA SpA

    23,055       282,466  

Amplifon SpA

    47,913       1,620,997  

Anima Holding SpA(c)

    136,200       524,803  

Ascopiave SpA

    84,454       212,106  

Assicurazioni Generali SpA

    374,530       7,977,683  

Azimut Holding SpA

    48,982       1,156,591  

Banca Generali SpA

    29,465       1,103,775  

Banca Mediolanum SpA

    79,766       775,080  

Banca Popolare di Sondrio SPA

    211,517       1,021,784  

Banco BPM SpA

    545,565       2,730,033  

BFF Bank SpA(c)

    69,708       786,821  

BPER Banca

    486,231       1,682,507  

Brembo SpA

    68,155       964,712  

Brunello Cucinelli SpA

    15,515       1,311,800  

Buzzi Unicem SpA

    37,780       1,073,626  

Credito Emiliano SpA

    67,659       578,421  

De’ Longhi SpA

    38,416       974,788  

DiaSorin SpA

    10,619       1,191,368  

Enav SpA(c)

    101,528       436,562  

Enel SpA

    2,972,949       20,499,068  

Eni SpA

    871,910       13,311,334  

ERG SpA

    26,597       764,547  

Ferrari NV

    47,485       15,223,057  

FinecoBank Banca Fineco SpA

    237,733       3,691,337  

Gruppo MutuiOnline SpA

    13,636       488,015  

GVS SpA(a)(b)(c)

    30,622       194,030  

Hera SpA

    420,854       1,306,768  

Infrastrutture Wireless Italiane SpA(c)

    144,503       1,812,182  

Interpump Group SpA

    28,995       1,577,584  

Intesa Sanpaolo SpA

    5,941,018       17,179,448  

Iren SpA

    398,734       808,033  

Italgas SpA

    196,298       1,156,557  

Juventus Football Club SpA(a)(b)

    939,655       353,082  

Leonardo SpA

    150,486       2,037,486  

Mediobanca Banca di Credito Finanziario SpA

    223,437       2,977,655  

Moncler SpA

    78,957       5,698,612  

Nexi SpA(a)(c)

    221,681       1,919,758  

Pirelli & C SpA(c)

    189,710       1,011,348  

Poste Italiane SpA(c)

    196,970       2,250,084  

Prysmian SpA

    97,598       3,891,734  

Recordati Industria Chimica e Farmaceutica SpA

    40,009       2,066,068  

Reply SpA

    9,926       1,075,354  

Salvatore Ferragamo SpA

    26,332       428,831  

Snam SpA

    808,614       4,250,693  

Stellantis NV

    830,227       17,034,500  

Tamburi Investment Partners SpA

    62,295       604,430  

Technogym SpA(c)

    77,971       719,281  

Telecom Italia SpA/Milano(a)(b)

    3,541,385       1,020,880  

Tenaris SA

    193,403       3,213,879  

Terna - Rete Elettrica Nazionale

    512,837       4,332,961  

Tod’s SpA(a)

    5,542       251,682  

UniCredit SpA

    683,620       17,309,427  

Unipol Gruppo SpA

    190,739       1,061,976  
   

 

 

 
       179,191,081  
Netherlands — 6.8%            

Aalberts NV

    39,731       1,792,841  

ABN AMRO Bank NV, CVA(c)

    152,114       2,586,426  

Adyen NV(a)(c)

    8,075       14,987,318  

Aegon NV

    650,550       3,531,368  
Security   Shares     Value  
Netherlands (continued)            

AerCap Holdings NV(a)

    64,965     $ 4,145,417  

Akzo Nobel NV

    62,557       5,351,628  

Alfen Beheer BV(a)(b)(c)

    9,374       650,492  

Allfunds Group PLC

    158,344       1,032,393  

Arcadis NV

    32,126       1,408,466  

ASM International NV

    17,657       8,388,493  

ASML Holding NV

    149,343       106,969,728  

ASR Nederland NV

    57,083       2,587,539  

Basic-Fit NV(a)(b)(c)

    24,231       817,900  

BE Semiconductor Industries NV

    28,941       3,455,515  

Corbion NV

    32,721       768,951  

Davide Campari-Milano NV

    196,321       2,640,298  

EXOR NV, NVS

    40,197       3,756,230  

Ferrovial SE

    189,584       6,282,613  

Flow Trades Ltd., NVS

    14,990       326,169  

Heineken Holding NV

    46,401       3,803,728  

Heineken NV

    94,253       9,225,622  

IMCD NV

    21,276       3,223,940  

ING Groep NV

    1,338,757       19,541,384  

InPost SA(a)

    83,120       993,268  

Iveco Group NV(a)

    81,943       777,194  

JDE Peet’s NV

    47,373       1,429,257  

Just Eat Takeaway.com NV(a)(c)

    56,704       1,017,269  

Just Eat Takeaway.com NV(a)(c)

    26,578       475,840  

Koninklijke Ahold Delhaize NV

    354,301       12,212,266  

Koninklijke KPN NV

    1,173,736       4,246,877  

Koninklijke Philips NV(a)

    343,584       7,137,489  

Koninklijke Vopak NV

    28,080       1,058,667  

NN Group NV

    90,935       3,485,986  

NSI NV

    14,086       296,122  

OCI NV

    43,475       1,239,028  

Pharming Group NV(a)(b)

    375,613       474,096  

PostNL NV

    169,210       343,610  

Prosus NV

    297,354       23,522,890  

QIAGEN NV(a)

    85,433       4,008,648  

Randstad NV

    40,784       2,389,350  

SBM Offshore NV

    64,137       931,781  

Signify NV(c)

    47,153       1,482,560  

Technip Energies NV

    53,153       1,211,463  

TKH Group NV

    19,917       1,039,197  

TomTom NV(a)

    36,700       320,614  

Universal Music Group NV

    307,638       7,890,886  

Wolters Kluwer NV

    94,224       11,832,273  
   

 

 

 
       297,091,090  
Norway — 1.4%            

Adevinta ASA(a)

    107,183       792,837  

Aker ASA, Class A

    15,472       983,821  

Aker BP ASA

    131,853       3,693,542  

Aker Carbon Capture ASA(a)

    181,839       275,811  

Atea ASA

    52,287       709,882  

Austevoll Seafood ASA

    52,367       393,189  

Bakkafrost P/F

    20,731       1,206,418  

Borr Drilling Ltd.(a)

    76,436       651,985  

Borregaard ASA

    48,366       789,349  

BW Energy Ltd.(a)

    137,593       408,861  

BW Offshore Ltd.

    79,498       217,727  

Crayon Group Holding ASA(a)(c)

    41,888       446,007  

DNB Bank ASA

    349,549       7,203,325  

Elkem ASA(c)

    243,137       576,766  

Entra ASA(c)

    33,437       326,142  

 

 

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

  47


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Norway (continued)            

Equinor ASA

    360,422     $ 11,024,759  

Frontline PLC, NVS

    56,754       945,614  

Gjensidige Forsikring ASA

    78,159       1,233,851  

Golden Ocean Group Ltd.

    55,705       436,490  

Kahoot! ASA(a)(b)

    145,091       499,099  

Kongsberg Gruppen ASA

    37,890       1,644,090  

Leroy Seafood Group ASA

    110,822       461,068  

Mowi ASA

    165,407       2,907,839  

MPC Container Ships AS

    137,916       257,298  

NEL ASA(a)(b)

    643,817       873,192  

Nordic Semiconductor ASA(a)

    64,960       956,656  

Norsk Hydro ASA

    520,077       3,406,202  

Norwegian Air Shuttle ASA(a)

    264,434       263,950  

Nykode Therapeutics AS(a)(b)

    72,183       207,365  

Orkla ASA

    288,573       2,277,079  

REC Silicon ASA(a)

    147,177       250,871  

Salmar ASA

    26,763       1,236,410  

Scatec ASA(c)

    49,933       417,341  

Schibsted ASA, Class A

    41,788       895,236  

Schibsted ASA, Class B

    40,389       792,004  

SpareBank 1 SMN

    69,690       976,597  

SpareBank 1 SR-Bank ASA

    67,331       869,008  

Storebrand ASA

    174,265       1,523,253  

Subsea 7 SA

    102,138       1,372,648  

Telenor ASA

    265,958       2,847,065  

TGS ASA

    53,969       720,341  

TOMRA Systems ASA

    89,438       1,378,306  

Veidekke ASA

    53,732       606,503  

Yara International ASA

    61,853       2,526,199  
   

 

 

 
      62,481,996  
Portugal — 0.3%            

Banco Comercial Portugues SA, Class R(a)

    3,508,497       958,188  

EDP - Energias de Portugal SA

    1,051,766       4,913,681  

Galp Energia SGPS SA

    199,819       2,655,517  

Jeronimo Martins SGPS SA

    95,488       2,599,735  

Navigator Co. SA (The)

    153,127       536,735  

REN - Redes Energeticas Nacionais SGPS SA

    318,474       869,636  

Sonae SGPS SA

    755,362       821,276  
   

 

 

 
      13,354,768  
Spain — 3.8%            

Acciona SA

    9,389       1,407,399  

Acerinox SA

    71,362       751,257  

ACS Actividades de Construccion y Servicios SA

    83,089       2,906,348  

Aena SME SA(c)

    27,118       4,330,531  

Amadeus IT Group SA

    168,421       12,081,864  

Applus Services SA

    62,029       665,418  

Banco Bilbao Vizcaya Argentaria SA

    2,224,618       17,633,155  

Banco de Sabadell SA

    2,160,115       2,662,067  

Banco Santander SA

    6,052,526        24,526,537  

Bankinter SA

    241,788       1,564,379  

CaixaBank SA

    1,533,212       6,202,150  

Cellnex Telecom SA(c)

    213,620       8,724,044  

Cia. de Distribucion Integral Logista Holdings SA

    31,795       884,698  

Cie. Automotive SA

    26,669       835,822  

Corp. ACCIONA Energias Renovables SA

    22,068       694,607  

Ebro Foods SA

    29,447       542,830  

EDP Renovaveis SA

    103,706       1,980,878  

Enagas SA

    76,645       1,360,182  

Endesa SA

    113,739       2,437,751  
Security   Shares     Value  
Spain (continued)            

Faes Farma SA

    181,399     $ 628,567  

Fluidra SA

    37,578       831,045  

Global Dominion Access SA(c)

    31,713       133,372  

Grifols SA(a)

    114,535       1,682,554  

Iberdrola SA

    2,207,732       27,555,876  

Indra Sistemas SA

    57,205       831,968  

Industria de Diseno Textil SA

    401,080       15,352,467  

Inmobiliaria Colonial SOCIMI SA

    117,695       759,752  

Lar Espana Real Estate SOCIMI SA

    68,105       441,052  

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros

    254,822       247,396  

Mapfre SA

    388,616       807,722  

Merlin Properties SOCIMI SA

    136,324       1,270,399  

Miquel y Costas & Miquel SA

    32,212       405,172  

Naturgy Energy Group SA

    52,889       1,612,623  

Neinor Homes SA(c)

    25,325       250,604  

Prosegur Cia. de Seguridad SA

    116,755       214,728  

Redeia Corp. SA

    130,938       2,190,024  

Repsol SA

    517,764       7,904,921  

Sacyr SA

    233,235       797,363  

Solaria Energia y Medio Ambiente SA(a)

    32,213       503,852  

Telefonica SA

    1,882,267       8,019,894  

Unicaja Banco SA(b)(c)

    549,733       641,632  

Vidrala SA

    10,595       1,078,694  

Viscofan SA

    18,028       1,170,396  
   

 

 

 
       167,523,990  
Sweden — 5.5%            

AAK AB

    72,517       1,393,869  

AddLife AB, Class B

    53,578       436,327  

AddTech AB, Class B

    101,528       1,891,447  

AFRY AB

    41,646       577,949  

Alfa Laval AB

    104,567       3,914,311  

Alleima AB, NVS

    76,104       330,587  

Arjo AB, Class B

    95,329       407,865  

Assa Abloy AB, Class B

    368,978       8,871,295  

Atlas Copco AB, Class A

    989,713       14,059,749  

Atlas Copco AB, Class B

    578,232       7,140,539  

Avanza Bank Holding AB

    49,144       1,112,884  

Axfood AB

    45,040       1,147,565  

Beijer Ref AB, Class B

    142,363       1,935,926  

Betsson AB

    42,711       516,800  

Bilia AB, Class A

    45,078       473,739  

Billerud AB

    86,947       741,452  

BioArctic AB, Class B(a)(c)

    13,822       396,048  

Biotage AB

    24,061       297,001  

Boliden AB

    102,917       3,026,711  

Bravida Holding AB(c)

    93,644       752,627  

Bure Equity AB

    22,787       484,800  

Calliditas Therapeutics AB, Class B(a)

    27,561       268,494  

Castellum AB

    169,118       1,925,936  

Catena AB

    13,692       525,983  

Corem Property Group AB, Class B

    288,431       194,549  

Dometic Group AB(c)

    116,591       868,746  

Electrolux AB, Class B

    86,528       1,068,729  

Electrolux Professional AB, Class B

    125,780       708,619  

Elekta AB, Class B

    164,765       1,334,798  

Embracer Group AB, Class B(a)(b)

    257,878       740,185  

Epiroc AB, Class A

    240,208       4,795,903  

Epiroc AB, Class B

    138,046       2,345,274  

EQT AB

    137,652       3,288,105  

 

 

48  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Sweden (continued)            

Essity AB, Class B

    227,742     $ 5,647,155  

Evolution AB(c)

    68,481       8,444,569  

Fabege AB

    141,867       1,228,624  

Fastighets AB Balder, Class B(a)

    230,095       1,073,731  

Fortnox AB

    214,592       1,317,129  

Getinge AB, Class B

    85,775       1,598,247  

Granges AB

    52,608       537,333  

H & M Hennes & Mauritz AB, Class B

    246,851       4,151,976  

Hemnet Group AB

    30,201       535,082  

Hexagon AB, Class B

    778,149       7,544,782  

Hexatronic Group AB(b)

    69,287       525,030  

Hexpol AB

    112,617       1,221,725  

HMS Networks AB

    10,389       419,517  

Holmen AB, Class B

    36,100       1,390,598  

Hufvudstaden AB, Class A

    48,157       589,539  

Husqvarna AB, Class B

    155,155       1,521,847  

Industrivarden AB, Class A

    48,058       1,364,701  

Industrivarden AB, Class C

    56,198       1,592,133  

Indutrade AB

    104,781       2,198,970  

Instalco AB

    103,811       408,450  

Intrum AB(b)

    26,655       207,674  

Investment AB Latour, Class B

    55,194       1,112,249  

Investor AB, Class A

    164,081       3,332,223  

Investor AB, Class B

    644,070       13,154,477  

JM AB

    27,161       426,751  

Kambi Group PLC, Class B(a)

    15,584       295,120  

Kindred Group PLC

    92,713       1,115,198  

Kinnevik AB, Class B(a)

    104,027       1,419,834  

L E Lundbergforetagen AB, Class B

    27,478       1,210,939  

Lifco AB, Class B

    92,209       1,859,104  

Lindab International AB

    37,341       578,923  

Loomis AB, Class B

    29,826       870,101  

Medicover AB, Class B

    23,455       358,863  

Millicom International Cellular SA, SDR(a)

    66,081       1,026,052  

MIPS AB

    13,452       609,038  

Modern Times Group MTG AB, Class B(a)

    46,364       301,560  

Munters Group AB(c)

    69,682       884,431  

Mycronic AB

    34,020       732,102  

NCC AB, Class B

    38,656       416,282  

Nibe Industrier AB, Class B

    569,203       5,127,245  

Nobia AB(a)

    84,274       91,106  

Nolato AB, Class B

    95,960       396,628  

Nordea Bank Abp

    1,185,053        13,412,827  

Nordnet AB publ

    57,034       846,229  

Nyfosa AB

    80,720       512,076  

Pandox AB, Class B

    45,913       541,385  

Paradox Interactive AB

    17,623       505,935  

Peab AB, Class B

    80,081       354,250  

PowerCell Sweden AB(a)

    23,376       215,288  

Ratos AB, Class B

    74,594       247,980  

Saab AB, Class B

    28,067       1,479,387  

Sagax AB, Class B

    77,868       1,729,110  

Samhallsbyggnadsbolaget i Norden AB(b)

    438,712       189,693  

Sandvik AB

    391,463       7,951,601  

Scandic Hotels Group AB(a)(b)(c)

    95,885       378,120  

Sdiptech AB, Class B(a)

    14,782       407,637  

Sectra AB, NVS

    62,858       1,006,517  

Securitas AB, Class B

    179,585       1,528,587  

Sinch AB(a)(c)

    285,978       741,208  

Skandinaviska Enskilda Banken AB, Class A

    603,675       7,317,887  
Security   Shares     Value  
Sweden (continued)            

Skanska AB, Class B

    128,391     $ 2,047,758  

SKF AB, Class B

    127,693       2,432,862  

SSAB AB, Class A

    98,195       623,091  

SSAB AB, Class B

    253,720       1,552,247  

Stillfront Group AB(a)

    201,093       372,147  

Storskogen Group AB

    611,861       629,806  

Surgical Science Sweden AB(a)

    19,257       448,111  

Svenska Cellulosa AB SCA, Class B

    227,628       3,024,600  

Svenska Handelsbanken AB, Class A

    530,189       4,655,037  

Sweco AB, Class B

    100,502       1,034,963  

Swedbank AB, Class A

    315,544       5,787,610  

Swedish Orphan Biovitrum AB(a)(b)

    70,239       1,374,793  

Tele2 AB, Class B

    195,270       1,469,319  

Telefonaktiebolaget LM Ericsson, Class B

    1,086,739       5,466,812  

Telia Co. AB

    879,568       1,890,175  

Thule Group AB(c)

    38,164       1,191,725  

Trelleborg AB, Class B

    87,350       2,325,488  

Troax Group AB

    21,117       380,340  

Viaplay Group AB, Class B(a)(b)

    28,694       124,575  

Vitec Software Group AB, Class B

    14,684       836,439  

Vitrolife AB

    29,811       442,351  

Volvo AB, Class A

    70,777       1,604,936  

Volvo AB, Class B

    558,539       12,320,597  

Volvo Car AB, Class B(a)(b)

    216,636       1,070,831  

Wallenstam AB, Class B

    143,112       557,918  

Wihlborgs Fastigheter AB

    119,278       932,735  
   

 

 

 
       240,774,833  
Switzerland — 15.2%            

ABB Ltd., Registered

    578,605       23,217,981  

Accelleron Industries AG, NVS

    38,975       1,026,812  

Adecco Group AG, Registered

    58,004       2,363,914  

Alcon Inc.

    185,001       15,742,035  

Allreal Holding AG, Registered

    6,623       1,216,766  

ALSO Holding AG, Registered

    3,489       798,397  

Arbonia AG

    29,808       345,801  

Aryzta AG(a)

    456,130       779,568  

Bachem Holding AG, Class A

    14,022       1,295,228  

Baloise Holding AG, Registered

    18,018       2,788,985  

Banque Cantonale Vaudoise, Registered

    13,364       1,499,994  

Barry Callebaut AG, Registered

    1,364       2,557,500  

Belimo Holding AG, Registered

    3,721       2,005,432  

BKW AG

    7,945       1,421,712  

Bossard Holding AG, Class A, Registered

    2,824       659,991  

Bucher Industries AG, Registered

    3,162       1,409,028  

Burckhardt Compression Holding AG

    1,648       971,233  

Bystronic AG, Registered

    634       444,207  

Cembra Money Bank AG

    12,874       977,166  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    389       4,757,560  

Chocoladefabriken Lindt & Spruengli AG, Registered

    42       5,104,486  

Cie. Financiere Richemont SA, Class A, Registered

    193,151       31,103,647  

Clariant AG, Registered

    79,667       1,305,438  

Coca-Cola HBC AG, Class DI

    77,279       2,273,774  

Comet Holding AG, Registered

    3,553       934,703  

Daetwyler Holding AG, Bearer

    3,190       631,008  

DKSH Holding AG

    15,015       1,211,605  

DocMorris AG(a)(b)

    3,830       234,391  

dormakaba Holding AG

    1,365       665,550  

DSM-Firmenich AG

    64,382       7,114,197  

Dufry AG, Registered(a)

    41,384       2,138,247  

 

 

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

  49


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Switzerland (continued)            

Emmi AG, Registered

    1,062     $ 1,039,329  

EMS-Chemie Holding AG, Registered

    2,601       2,170,924  

Flughafen Zurich AG, Registered

    8,343       1,766,190  

Forbo Holding AG, Registered

    460       661,744  

Galenica AG(c)

    20,428       1,644,047  

Geberit AG, Registered

    12,599       7,149,957  

Georg Fischer Ltd.

    32,233       2,201,392  

Givaudan SA, Registered

    3,362       11,348,331  

Helvetia Holding AG, Registered

    15,647       2,315,490  

Holcim Ltd.

    202,189       14,091,949  

Huber + Suhner AG, Registered

    8,511       735,125  

Idorsia Ltd.(a)(b)

    43,855       347,832  

Implenia AG, Registered

    11,218       546,405  

Inficon Holding AG, Registered

    814       1,043,575  

Interroll Holding AG, Registered

    281       898,838  

Julius Baer Group Ltd.

    79,066       5,600,050  

Kardex Holding AG, Registered

    3,289       822,965  

Kuehne + Nagel International AG, Registered

    19,753       6,180,633  

Landis+Gyr Group AG

    10,623       922,388  

Logitech International SA, Registered

    62,532       4,420,946  

Lonza Group AG, Registered

    27,617       16,046,469  

Medmix AG(c)

    14,092       393,320  

Meyer Burger Technology AG(a)(b)

    1,352,466       813,144  

Mobimo Holding AG, Registered

    3,477       1,028,208  

Nestle SA, Registered

    1,015,495        124,417,561  

Novartis AG, Registered

    757,439       79,301,692  

OC Oerlikon Corp. AG, Registered

    91,296       496,427  

Partners Group Holding AG

    8,323       9,343,680  

PolyPeptide Group AG(a)(b)(c)

    6,597       155,510  

PSP Swiss Property AG, Registered

    18,137       2,137,264  

Roche Holding AG, Bearer

    12,009       3,981,837  

Roche Holding AG, NVS

    259,623       80,496,459  

Schindler Holding AG, Participation Certificates, NVS

    15,043       3,652,691  

Schindler Holding AG, Registered

    8,586       1,990,764  

Schweiter Technologies AG, NVS(b)

    496       381,797  

Sensirion Holding AG(a)(c)

    4,155       364,127  

SFS Group AG

    9,034       1,073,941  

SGS SA

    55,471       5,385,957  

Siegfried Holding AG, Registered

    1,835       1,621,275  

Siemens Energy AG(a)

    195,262       3,308,057  

SIG Group AG

    113,980       3,047,103  

Sika AG, Registered

    54,082       16,832,346  

Softwareone Holding AG

    42,342       906,227  

Sonova Holding AG, Registered

    19,319       5,385,075  

St. Galler Kantonalbank AG, Class A, Registered

    1,509       863,050  

Stadler Rail AG

    24,645       989,685  

STMicroelectronics NV

    254,762       13,626,291  

Straumann Holding AG

    42,183       6,980,143  

Sulzer AG, Registered

    11,780       1,156,462  

Swatch Group AG (The), Bearer

    10,638       3,404,590  

Swatch Group AG (The), Registered

    19,329       1,160,759  

Swiss Life Holding AG, Registered

    11,374       7,232,204  

Swiss Prime Site AG, Registered

    27,636       2,675,424  

Swiss Re AG

    109,489       11,424,005  

Swisscom AG, Registered

    9,549       6,140,537  

Swissquote Group Holding SA, Registered

    4,816       1,090,788  

Tecan Group AG, Registered

    4,936       1,964,188  

Temenos AG, Registered

    23,301       2,003,950  

UBS Group AG, Registered

    1,216,746       26,998,221  

Valiant Holding AG, Registered

    8,609       947,274  
Security   Shares     Value  
Switzerland (continued)            

VAT Group AG(c)

    10,233     $ 4,349,505  

Vontobel Holding AG, Registered

    14,456       973,866  

Zurich Insurance Group AG

    54,714       26,454,137  
   

 

 

 
       667,900,476  
United Kingdom — 23.5%            

3i Group PLC

    368,882       9,358,963  

888 Holdings PLC(a)

    152,511       211,543  

abrdn PLC

    758,720       2,257,926  

Admiral Group PLC

    77,599       2,118,685  

Airtel Africa PLC(c)

    453,099       678,011  

AJ Bell PLC

    113,116       475,859  

Anglo American PLC

    469,914       14,450,689  

Antofagasta PLC

    159,708       3,435,280  

AO World PLC(a)

    135,899       165,589  

Ascential PLC(a)

    185,126       497,020  

Ashmore Group PLC

    170,005       450,829  

Ashtead Group PLC

    162,581       12,028,358  

ASOS PLC(a)(b)

    25,534       137,919  

Associated British Foods PLC

    131,578       3,462,739  

Assura PLC

    1,382,859       840,494  

Aston Martin Lagonda Global Holdings
PLC(a)(b)(c)

    156,143       793,615  

AstraZeneca PLC

    572,444       82,246,578  

Auction Technology Group PLC(a)

    56,835       517,139  

Auto Trader Group PLC(c)

    347,542       2,882,364  

Aviva PLC

    976,155       4,863,362  

Avon Protection PLC

    12,805       134,845  

B&M European Value Retail SA

    365,177       2,593,820  

Babcock International Group PLC(a)

    100,856       485,536  

BAE Systems PLC

    1,126,224       13,468,563  

Balfour Beatty PLC

    264,394       1,185,549  

Barclays PLC

    5,733,781       11,377,605  

Barratt Developments PLC

    367,090       2,148,801  

Beazley PLC

    259,062       1,825,261  

Bellway PLC

    45,799       1,302,364  

Berkeley Group Holdings PLC

    40,577       2,262,480  

Big Yellow Group PLC

    73,874       1,016,666  

Bodycote PLC

    74,152       658,527  

boohoo Group PLC(a)

    372,836       185,896  

BP PLC

    6,544,182       40,603,036  

Breedon Group PLC

    131,034       612,111  

Bridgepoint Group PLC(c)

    92,864       225,125  

British American Tobacco PLC

    778,164       26,168,177  

British Land Co. PLC (The)

    306,080       1,328,142  

Britvic PLC

    106,359       1,180,570  

BT Group PLC

    2,594,858       4,066,104  

Bunzl PLC(b)

    123,182       4,566,100  

Burberry Group PLC

    142,586       4,070,151  

Burford Capital Ltd.

    72,634       981,653  

Bytes Technology Group PLC

    90,810       601,351  

C&C Group PLC

    197,320       349,498  

Capita PLC(a)

    620,050       219,784  

Capital & Counties Properties PLC

    662,591       1,018,702  

Capricorn Energy PLC

    139,566       317,386  

Carnival PLC(a)

    57,068       967,937  

Centamin PLC

    535,915       661,723  

Centrica PLC

    2,241,218       3,971,775  

Ceres Power Holdings PLC(a)(b)

    64,095       299,906  

Close Brothers Group PLC

    54,231       641,725  

CMC Markets PLC(c)

    64,451       115,633  

CNH Industrial NV

    377,767       5,456,079  

 

 

50  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Coats Group PLC

    683,694     $ 614,193  

Coca-Cola Europacific Partners PLC

    78,439       4,972,248  

Compass Group PLC

    639,266       16,632,185  

Computacenter PLC

    36,751       1,036,815  

ConvaTec Group PLC(c)

    638,672       1,711,092  

Cranswick PLC

    21,890       939,129  

Crest Nicholson Holdings PLC

    121,273       332,126  

Croda International PLC

    51,250       3,880,300  

Currys PLC

    489,940       335,446  

CVS Group PLC

    40,589       1,072,450  

Darktrace PLC(a)

    114,300       542,074  

DCC PLC

    38,384       2,222,385  

Dechra Pharmaceuticals PLC

    43,234       2,061,069  

Deliveroo PLC, Class A(a)(c)

    350,775       591,519  

Derwent London PLC

    39,747       1,080,104  

Diageo PLC

    827,988       36,135,266  

Diploma PLC

    51,591       2,145,786  

Direct Line Insurance Group PLC

    452,861       874,498  

Diversified Energy Co. PLC

    567,209       690,075  

Domino’s Pizza Group PLC

    170,962       762,209  

Dowlais Group PLC(a)

    630,358       994,628  

Dr. Martens PLC

    220,358       431,062  

Drax Group PLC

    151,520       1,176,052  

DS Smith PLC

    490,442       1,949,923  

Dunelm Group PLC

    57,394       847,050  

easyJet PLC(a)

    118,135       686,148  

Elementis PLC(a)

    257,481       365,465  

EMIS Group PLC

    28,918       538,865  

Endeavour Mining PLC

    78,380       1,888,651  

Energean PLC

    62,932       935,244  

Entain PLC

    242,724       4,323,270  

Essentra PLC

    156,354       326,154  

Experian PLC

    340,688       13,166,080  

Ferrexpo PLC

    118,102       139,138  

Fevertree Drinks PLC

    41,213       709,793  

Firstgroup PLC

    416,471       780,000  

Forterra PLC(c)

    105,528       232,938  

Frasers Group PLC(a)

    69,339       722,702  

Future PLC

    45,513       488,756  

Games Workshop Group PLC

    14,111       2,109,682  

Gamma Communications PLC

    34,667       494,576  

GB Group PLC

    114,068       366,415  

Genuit Group PLC

    124,362       499,548  

Genus PLC

    25,987       822,013  

Glencore PLC

    3,932,000       23,912,197  

Grafton Group PLC

    94,032       1,057,000  

Grainger PLC

    312,519       1,009,897  

Great Portland Estates PLC

    102,495       562,452  

Greatland Gold PLC(a)

    3,321,230       298,361  

Greggs PLC

    41,342       1,466,141  

GSK PLC

    1,500,258        26,706,320  

Haleon PLC

    1,873,552       8,087,040  

Halfords Group PLC

    97,866       277,819  

Halma PLC

    143,976       4,134,685  

Hammerson PLC

    1,943,067       663,307  

Harbour Energy PLC

    306,298       1,048,600  

Hargreaves Lansdown PLC

    131,556       1,439,380  

Hays PLC

    636,775       876,130  

Helios Towers PLC(a)

    298,182       345,303  

Hikma Pharmaceuticals PLC

    63,852       1,714,736  
Security   Shares     Value  
United Kingdom (continued)            

Hill & Smith PLC

    40,118     $ 812,849  

Hiscox Ltd.

    132,269       1,830,795  

Hochschild Mining PLC

    154,069       152,664  

Howden Joinery Group PLC

    215,958       2,044,896  

HSBC Holdings PLC

    7,364,525        61,172,783  

IG Group Holdings PLC

    179,241       1,628,689  

IMI PLC

    98,314       2,055,491  

Impax Asset Management Group PLC

    37,497       264,390  

Imperial Brands PLC

    325,096       7,680,535  

Inchcape PLC

    149,883       1,576,321  

Indivior PLC, NVS(a)

    60,202       1,354,371  

Informa PLC

    544,098       5,294,002  

IntegraFin Holdings PLC

    131,857       414,586  

InterContinental Hotels Group PLC

    64,953       4,800,494  

Intermediate Capital Group PLC

    108,086       1,950,739  

International Distributions Services PLC(a)

    274,788       938,613  

Intertek Group PLC

    57,973       3,247,557  

Investec PLC

    271,074       1,703,233  

IP Group PLC

    451,476       346,482  

ITM Power PLC(a)(b)

    288,196       342,139  

ITV PLC(b)

    1,337,728       1,242,325  

IWG PLC(a)

    357,964       702,412  

J D Wetherspoon PLC(a)

    45,454       394,334  

J Sainsbury PLC

    621,935       2,214,389  

JD Sports Fashion PLC

    1,012,185       2,050,315  

JET2 PLC

    76,401       1,101,265  

John Wood Group PLC(a)

    255,891       486,398  

Johnson Matthey PLC

    67,599       1,563,385  

Jupiter Fund Management PLC

    172,421       253,111  

Just Group PLC

    465,795       491,971  

Kainos Group PLC

    45,116       759,166  

Keywords Studios PLC

    32,603       737,239  

Kingfisher PLC(b)

    713,690       2,250,528  

Lancashire Holdings Ltd.

    102,318       783,134  

Land Securities Group PLC

    264,956       2,200,404  

Learning Technologies Group PLC

    300,547       289,280  

Legal & General Group PLC

    2,157,140       6,464,657  

Liontrust Asset Management PLC

    34,651       287,425  

Lloyds Banking Group PLC

    24,099,163       13,923,225  

London Stock Exchange Group PLC

    148,186       16,092,221  

LondonMetric Property PLC

    453,439       1,075,729  

LXI REIT PLC

    871,003       1,063,588  

M&G PLC

    856,120       2,205,279  

Man Group PLC/Jersey

    484,734       1,485,996  

Marks & Spencer Group PLC(a)

    717,387       1,900,290  

Marshalls PLC

    83,243       286,751  

Melrose Industries PLC

    510,930       3,477,165  

Mitchells & Butlers PLC(a)

    116,855       344,568  

Mitie Group PLC

    594,666       775,741  

Mobico Group PLC

    234,125       280,702  

Mondi PLC

    186,760       3,275,881  

Moneysupermarket.com Group PLC

    273,615       963,538  

National Grid PLC

    1,358,896       18,011,912  

NatWest Group PLC, NVS

    2,109,890       6,623,025  

Network International Holdings PLC(a)(c)

    183,616       910,526  

Next Fifteen Communications Group PLC

    51,361       418,555  

Next PLC

    45,133       4,081,864  

Ninety One PLC

    207,420       458,916  

NMC Health PLC, NVS(e)

    42,009       1  

Ocado Group PLC(a)

    214,080       2,577,216  

 

 

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

  51


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

OSB Group PLC

    179,389     $ 847,830  

Oxford Instruments PLC

    20,554       633,071  

Oxford Nanopore Technologies PLC(a)

    242,521       821,049  

Pagegroup PLC

    137,824       789,206  

Paragon Banking Group PLC

    122,431       829,603  

Pearson PLC

    248,119       2,744,581  

Penno Group PLC

    100,633       908,771  

Persimmon PLC

    115,685       1,719,880  

Petrofac Ltd.(a)(b)

    211,503       213,346  

Pets at Home Group PLC

    208,054       1,045,512  

Phoenix Group Holdings PLC

    277,439       1,960,139  

Playtech PLC(a)

    97,251       700,167  

Plus500 Ltd.

    48,083       929,312  

Primary Health Properties PLC

    698,320       848,221  

Provident Financial PLC

    108,800       175,653  

Prudential PLC

    1,012,019       14,053,224  

QinetiQ Group PLC

    269,220       1,114,730  

Quilter PLC(c)

    538,310       540,343  

Rathbones Group PLC

    25,852       598,099  

Reach PLC

    120,265       131,114  

Reckitt Benckiser Group PLC

    261,977       19,625,234  

Redde Northgate PLC

    123,797       546,529  

Redrow PLC

    107,340       713,584  

RELX PLC

    699,404       23,539,635  

Renishaw PLC

    15,152       758,367  

Rentokil Initial PLC

    958,808       7,818,272  

RHI Magnesita NV(b)

    15,756       604,187  

Rightmove PLC

    304,233       2,229,112  

Rio Tinto PLC

    413,297       27,317,988  

Rolls-Royce Holdings PLC(a)

    3,122,841       7,404,684  

Rotork PLC

    320,603       1,269,916  

RS GROUP PLC

    176,777       1,780,670  

RWS Holdings PLC

    124,702       415,454  

S4 Capital PLC(a)

    155,279       210,174  

Safestore Holdings PLC

    90,631       1,030,280  

Sage Group PLC (The)

    366,165       4,404,444  

Savills PLC

    67,671       845,876  

Schroders PLC

    257,404       1,518,630  

Segro PLC

    447,267       4,383,017  

Serco Group PLC

    508,776       1,014,012  

Severn Trent PLC

    92,426       3,029,157  

Shell PLC

    2,531,653        76,728,712  

Sirius Real Estate Ltd.

    609,271       647,443  

Smart Metering Systems PLC

    77,676       694,808  

Smith & Nephew PLC

    325,910       4,958,068  

Smiths Group PLC

    137,996       3,009,644  

Softcat PLC

    55,535       1,070,025  

Spectris PLC

    41,317       1,864,534  

Spirax-Sarco Engineering PLC

    26,422       3,773,583  

Spire Healthcare Group PLC(c)

    193,529       535,227  

Spirent Communications PLC

    270,758       588,455  

SSE PLC

    399,740       8,643,631  

SSP Group PLC(a)

    308,433       995,902  

St. James’s Place PLC

    202,387       2,443,038  

Standard Chartered PLC

    895,580       8,602,535  

Supermarket Income Reit PLC

    811,961       794,776  

Synthomer PLC(a)

    151,322       162,059  

Tate & Lyle PLC

    157,868       1,512,408  

Taylor Wimpey PLC

    1,324,023       1,943,479  

Telecom Plus PLC

    26,483       565,543  
Security   Shares     Value  
United Kingdom (continued)            

Tesco PLC

    2,646,612     $ 8,765,766  

THG PLC, Class B(a)

    266,744       353,064  

TP ICAP Group PLC

    289,307       590,338  

Trainline PLC(a)(c)

    193,382       653,697  

Travis Perkins PLC

    78,663       879,858  

Tremor International Ltd.(a)(b)

    44,928       171,822  

Tritax Big Box REIT PLC

    738,873       1,310,174  

TUI AG(a)

    183,134       1,483,479  

Unilever PLC

    932,788       50,121,400  

UNITE Group PLC (The)

    150,828       1,883,172  

United Utilities Group PLC

    247,404       3,172,596  

Vesuvius PLC

    89,502       506,775  

Victoria PLC(a)(b)

    39,473       332,314  

Victrex PLC

    32,891       653,058  

Virgin Money U.K. PLC

    512,696       1,163,003  

Vistry Group PLC

    142,880       1,449,198  

Vodafone Group PLC

    8,324,931       7,919,171  

Volution Group PLC

    74,203       382,437  

Watches of Switzerland Group PLC(a)(c)

    105,119       1,016,505  

Weir Group PLC (The)

    97,103       2,286,943  

WH Smith PLC

    57,198       1,096,530  

Whitbread PLC

    78,599       3,530,754  

Wickes Group PLC

    181,085       317,452  

Wise PLC, Class A(a)

    230,185       2,295,836  

Workspace Group PLC

    62,039       395,382  

WPP PLC

    401,788       4,387,014  

YouGov PLC

    42,237       525,787  
   

 

 

 
      1,029,522,557  
   

 

 

 

Total Common Stocks — 98.7%
(Cost: $4,402,018,055)

       4,331,159,424  
   

 

 

 

Preferred Stocks

   
Germany — 0.7%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    21,904       2,460,938  

Dr Ing hc F Porsche AG, Preference Shares, NVS(b)(c)

    42,962       5,253,508  

Fuchs Petrolub SE, Preference Shares, NVS

    31,892       1,320,128  

Henkel AG & Co. KGaA, Preference Shares, NVS

    63,621       4,909,399  

Jungheinrich AG, Preference Shares, NVS

    20,727       775,474  

Porsche Automobil Holding SE, Preference Shares, NVS

    57,941       3,418,860  

Sartorius AG, Preference Shares, NVS(b)

    9,841       4,060,194  

Sixt SE, Preference Shares, NVS

    5,812       431,587  

Volkswagen AG, Preference Shares, NVS

    78,022       10,336,009  
   

 

 

 
      32,966,097  
   

 

 

 

Total Preferred Stocks — 0.7%
(Cost: $39,920,588)

 

    32,966,097  
   

 

 

 

Total Long-Term Investments — 99.4%
(Cost: $4,441,938,643)

 

    4,364,125,521  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 0.9%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h)

    36,821,185       36,832,231  

 

 

52  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Money Market Funds (continued)            

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g)

    410,000     $ 410,000  
   

 

 

 

Total Short-Term Securities — 0.9%
(Cost: $37,222,952)

      37,242,231  
   

 

 

 

Total Investments — 100.3%
(Cost: $4,479,161,595)

 

    4,401,367,752  

Liabilities in Excess of Other Assets — (0.3)%

 

    (11,534,233
   

 

 

 

Net Assets — 100.0%

    $  4,389,833,519  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f)

Affiliate of the Fund.

(g)

Annualized 7-day yield as of period end.

(h)

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
     Affiliated Issuer  

Value at

07/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation
(Depreciation)

   

Value at

07/31/23

    Shares
Held at
07/31/23
    Income    

Capital

Gain

Distributions

from

Underlying
Funds

        
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 38,755,367     $     $ (1,947,424 )(a)    $ 10,585     $ 13,703     $ 36,832,231       36,821,185     $ 877,786 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    390,000       20,000 (a)                        410,000       410,000       82,831       1    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 10,585     $ 13,703     $ 37,242,231       $ 960,617     $ 1    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a)

Represents net amount purchased (sold).

 
  (b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   

Number of

Contracts

   

Expiration

Date

    

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

          

Euro STOXX 50 Index

     318       09/15/23      $ 15,710      $ 542,367  

FTSE 100 Index

     91       09/15/23        8,982        124,914  
        

 

 

 
           $ 667,281  
        

 

 

 

 

 

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

  53


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI Europe ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 667,281      $      $      $      $ 667,281  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 3,323,805      $      $      $      $ 3,323,805  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (515,656    $      $      $      $ (515,656
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 29,436,355   

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                               

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

   $ 133,997,186      $ 4,197,162,237      $ 1      $ 4,331,159,424  

Preferred Stocks

            32,966,097               32,966,097  

Short-Term Securities

           

Money Market Funds

     37,242,231                      37,242,231  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 171,239,417      $ 4,230,128,334      $ 1      $ 4,401,367,752  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Assets

           

Equity Contracts

   $      $ 667,281      $      $ 667,281  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

54  

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


Schedule of Investments

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 6.9%            

Abacus Property Group

    196,262     $ 351,306  

Adbri Ltd.

    240,057       402,412  

AGL Energy Ltd.

    385,003       3,155,304  

Allkem Ltd.(a)

    377,417       3,778,553  

ALS Ltd.

    326,478       2,582,216  

Altium Ltd.

    91,096       2,344,120  

Alumina Ltd.

    1,749,166       1,688,478  

AMP Ltd.

    1,976,454       1,503,976  

Ampol Ltd.

    128,198       2,839,154  

Ansell Ltd.

    67,919       1,102,984  

APA Group

    657,425       4,422,578  

ARB Corp. Ltd.

    59,027       1,239,203  

Aristocrat Leisure Ltd.

    322,620       8,544,661  

ASX Ltd.

    103,739       4,334,075  

Atlas Arteria Ltd.

    896,492       3,789,607  

Aurizon Holdings Ltd.

    875,711       2,244,284  

Australia & New Zealand Banking Group Ltd.

    1,588,405       27,557,501  

Bank of Queensland Ltd.

    421,765       1,713,945  

Bapcor Ltd.

    285,223       1,199,965  

Beach Energy Ltd.

    1,414,814       1,542,692  

Bega Cheese Ltd.

    215,254       471,473  

Bellevue Gold Ltd.(a)

    1,299,251       1,274,691  

Bendigo & Adelaide Bank Ltd.

    356,897       2,247,470  

BHP Group Ltd.

    2,737,163       85,185,622  

BlueScope Steel Ltd.

    307,047       4,528,036  

Boral Ltd.(a)

    241,815       709,953  

BrainChip Holdings Ltd.(a)(b)

    1,643,632       398,608  

Brambles Ltd.

    767,823       7,264,196  

Breville Group Ltd.

    96,134       1,462,608  

BWP Trust

    420,160       1,037,578  

carsales.com Ltd.

    140,892       2,355,122  

Chalice Mining Ltd.(a)

    306,596       1,226,573  

Challenger Ltd.

    310,482       1,500,687  

Charter Hall Group

    315,620       2,432,725  

Charter Hall Long Wale REIT

    656,060       1,815,814  

Charter Hall Retail REIT

    394,329       995,694  

Cleanaway Waste Management Ltd.

    1,515,532       2,812,945  

Cochlear Ltd.

    35,749       5,751,024  

Coles Group Ltd.

    698,263       8,538,775  

Commonwealth Bank of Australia

    908,912        64,667,962  

Computershare Ltd.

    338,938       5,716,275  

Core Lithium Ltd.(a)(b)

    1,422,907       614,410  

Corporate Travel Management Ltd.

    91,258       1,286,252  

Credit Corp. Group Ltd.

    45,314       721,538  

Cromwell Property Group

    558,604       206,802  

CSL Ltd.

    262,490       47,278,687  

CSR Ltd.

    243,162       937,978  

De Grey Mining Ltd.(a)

    1,341,347       1,213,040  

Deterra Royalties Ltd.

    605,689       1,919,512  

Dexus

    589,976       3,265,393  

Domino’s Pizza Enterprises Ltd.

    37,424       1,238,180  

Downer EDI Ltd.

    443,215       1,310,284  

Eagers Automotive Ltd.

    143,558       1,427,879  

Endeavour Group Ltd./Australia

    799,658       3,268,472  

Evolution Mining Ltd.

    989,934       2,485,187  

Flight Centre Travel Group Ltd.(a)

    110,990       1,746,702  

Fortescue Metals Group Ltd.

    921,727       13,550,055  

Gold Road Resources Ltd.

    1,271,197       1,357,865  
Security   Shares     Value  
Australia (continued)            

Goodman Group

    892,269     $ 12,337,539  

GPT Group (The)

    1,100,518       3,216,659  

GrainCorp Ltd., Class A

    215,305       1,171,965  

Growthpoint Properties Australia Ltd.

    114,238       220,895  

Harvey Norman Holdings Ltd.

    272,232       692,575  

Healius Ltd.

    344,831       666,257  

HUB24 Ltd.

    114,880       2,179,478  

IDP Education Ltd.

    163,609       2,741,826  

IGO Ltd.

    367,579       3,434,755  

Iluka Resources Ltd.

    163,322       1,128,059  

Imugene Ltd.(a)

    5,149,213       347,564  

Incitec Pivot Ltd.

    1,237,426       2,517,183  

Ingenia Communities Group

    346,181       951,884  

Insignia Financial Ltd.

    320,055       643,092  

Insurance Australia Group Ltd.

    1,331,679       5,316,077  

InvoCare Ltd.

    91,153       749,556  

IPH Ltd.

    207,587       1,105,031  

IRESS Ltd.

    128,506       898,349  

James Hardie Industries PLC(a)

    241,974       7,091,504  

JB Hi-Fi Ltd.

    76,804       2,362,166  

Lendlease Corp. Ltd.

    383,635       2,230,289  

Link Administration Holdings Ltd.

    273,154       281,356  

Liontown Resources Ltd.(a)(b)

    1,395,473       2,534,017  

Lottery Corp. Ltd. (The)

    1,447,807       5,038,215  

Lynas Rare Earths Ltd.(a)

    472,364       2,140,860  

Macquarie Group Ltd.

    194,027        22,881,586  

Magellan Financial Group Ltd.

    100,245       630,139  

Medibank Pvt Ltd.

    1,505,024       3,553,220  

Megaport Ltd.(a)(b)

    143,209       983,867  

Mesoblast Ltd.(a)

    520,182       399,612  

Metcash Ltd.

    515,684       1,248,747  

Mineral Resources Ltd.

    99,616       4,813,124  

Mirvac Group

    2,151,181       3,390,906  

Monadelphous Group Ltd.

    74,413       683,191  

Nanosonics Ltd.(a)(b)

    256,658       818,107  

National Australia Bank Ltd.

    1,686,529       32,307,232  

National Storage REIT

    1,025,887       1,602,373  

New Hope Corp. Ltd.

    387,118       1,386,369  

Newcrest Mining Ltd.

    479,041       8,592,534  

NEXTDC Ltd.(a)

    202,776       1,740,327  

nib holdings Ltd.

    235,976       1,314,125  

Nine Entertainment Co. Holdings Ltd.

    735,453       1,060,612  

Northern Star Resources Ltd.

    682,320       5,326,330  

Novonix Ltd.(a)(b)

    570,677       358,383  

Nufarm Ltd./Australia

    273,590       990,481  

Orica Ltd.

    253,723       2,692,201  

Origin Energy Ltd.

    983,956       5,601,691  

Orora Ltd.

    482,491       1,165,461  

Paladin Energy Ltd.(a)

    2,491,533       1,239,737  

Perpetual Ltd.

    51,668       857,707  

Perseus Mining Ltd.

    1,399,863       1,645,940  

PEXA Group Ltd.(a)

    101,375       904,386  

Pilbara Minerals Ltd.

    1,504,714       4,922,739  

PolyNovo Ltd.(a)

    674,376       734,746  

Premier Investments Ltd.

    62,008       924,532  

Pro Medicus Ltd.(b)

    52,898       2,449,871  

Qantas Airways Ltd.(a)

    579,680       2,546,981  

QBE Insurance Group Ltd.

    805,565       8,552,604  

Qube Holdings Ltd.

    610,371       1,208,153  

Ramelius Resources Ltd.

    1,110,139       959,471  

 

 

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

  55


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Australia (continued)            

Ramsay Health Care Ltd.

    105,036     $ 4,162,393  

REA Group Ltd.

    32,470       3,442,255  

Reece Ltd.

    158,203       2,089,050  

Region RE Ltd.

    929,956       1,514,927  

Regis Resources Ltd.(a)

    551,438       627,163  

Reliance Worldwide Corp. Ltd.

    503,012       1,429,023  

Rio Tinto Ltd.

    203,292       16,097,634  

Sandfire Resources Ltd.(a)

    364,418       1,665,835  

Santos Ltd.

    1,925,568       10,361,457  

Scentre Group

    2,829,746       5,354,705  

SEEK Ltd.

    189,209       3,173,057  

Seven Group Holdings Ltd.

    82,503       1,456,512  

Silex Systems Ltd.(a)

    178,150       433,449  

Silver Lake Resources Ltd.(a)

    1,246,957       752,721  

Sims Ltd.

    102,886       1,049,512  

Sonic Healthcare Ltd.

    263,231       6,219,568  

South32 Ltd.

    2,670,189       7,031,129  

Star Entertainment Grp Ltd. (The)(a)

    796,469       563,248  

Steadfast Group Ltd.

    765,991       3,005,172  

Stockland

    1,328,326       3,775,144  

Suncorp Group Ltd.

    683,575       6,550,032  

Tabcorp Holdings Ltd.

    1,528,341       1,084,180  

Technology One Ltd.

    139,315       1,476,064  

Telstra Corp. Ltd.

    2,243,539       6,421,482  

Transurban Group

    1,634,632       15,782,444  

Treasury Wine Estates Ltd.

    401,225       3,036,742  

United Malt Grp Ltd.(a)

    579,623       1,878,747  

Ventia Services Group Pty Ltd.

    322,806       629,376  

Vicinity Ltd.

    2,057,995       2,736,318  

Viva Energy Group Ltd.(c)

    854,383       1,812,647  

Washington H Soul Pattinson & Co. Ltd.

    104,808       2,325,440  

Waypoint REIT Ltd.

    1,026,108       1,809,314  

Webjet Ltd.(a)(b)

    325,283       1,726,623  

Weebit Nano Ltd.(a)(b)

    174,955       731,658  

Wesfarmers Ltd.

    607,147       20,286,076  

Westpac Banking Corp.

    1,870,859       28,120,631  

Whitehaven Coal Ltd.

    441,269       2,061,832  

WiseTech Global Ltd.

    91,946       5,309,792  

Woodside Energy Group Ltd.

    1,038,680       26,772,161  

Woolworths Group Ltd.

    632,601       16,427,911  

Worley Ltd.

    217,784       2,548,862  

Xero Ltd.(a)

    78,862       6,482,567  
   

 

 

 
       785,258,570  
Austria — 0.3%            

ams-OSRAM AG(a)(b)

    171,764       1,520,375  

ANDRITZ AG

    30,733       1,622,640  

BAWAG Group AG(c)

    38,314       1,866,559  

CA Immobilien Anlagen AG

    19,537       623,050  

Erste Group Bank AG

    187,449       7,084,798  

IMMOFINANZ AG(a)

    18,795       377,139  

Lenzing AG(a)(b)

    10,411       524,100  

Oesterreichische Post AG(b)

    46,731       1,704,713  

OMV AG

    91,717       4,132,226  

Raiffeisen Bank International AG(a)

    114,815       1,856,492  

Schoeller-Bleckmann Oilfield Equipment AG

    14,399       872,636  

UNIQA Insurance Group AG

    72,319       590,719  

Verbund AG

    41,764       3,460,438  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    23,099       617,806  

voestalpine AG

    62,090       2,051,786  
Security   Shares     Value  
Austria (continued)            

Wienerberger AG

    82,744     $ 2,717,382  
   

 

 

 
      31,622,859  
Belgium — 0.9%            

Ackermans & van Haaren NV

    15,616       2,718,994  

Aedifica SA

    15,360       1,054,939  

Ageas SA/NV

    85,717       3,628,679  

Anheuser-Busch InBev SA/NV

    476,997       27,286,921  

Argenx SE(a)

    31,401       15,814,781  

Barco NV

    49,834       1,159,740  

Bekaert SA

    17,828       850,944  

bpost SA

    52,590       253,263  

Cofinimmo SA

    15,480       1,211,521  

Deme Group NV

    7,256       960,909  

D’ieteren Group

    15,028       2,624,583  

Elia Group SA/NV

    15,618       1,922,966  

Etablissements Franz Colruyt NV

    35,277       1,344,550  

Euronav NV

    94,711       1,556,067  

Fagron

    45,402       807,913  

Galapagos NV(a)(b)

    30,036       1,262,245  

Groupe Bruxelles Lambert NV

    55,209       4,467,088  

KBC Ancora

    26,747       1,251,682  

KBC Group NV

    130,212       9,800,378  

Kinepolis Group NV(b)

    8,350       407,007  

Melexis NV

    14,546       1,568,133  

Montea NV

    6,587       533,747  

Ontex Group NV(a)(b)

    40,068       343,391  

Proximus SADP

    87,685       672,262  

Retail Estates NV

    5,838       372,761  

Shurgard Self Storage Ltd.

    19,762       901,753  

Sofina SA

    6,723       1,598,545  

Solvay SA

    40,069       4,812,216  

Telenet Group Holding NV

    26,763       612,828  

UCB SA

    68,007       6,021,834  

Umicore SA

    114,672       3,396,026  

VGP NV

    11,594       1,237,810  

Warehouses De Pauw CVA

    87,601       2,588,370  
   

 

 

 
       105,044,846  
Canada — 10.4%            

Advantage Energy Ltd.(a)

    158,597       1,118,532  

Agnico Eagle Mines Ltd.

    274,719       14,402,096  

Air Canada(a)

    133,489       2,459,927  

Alamos Gold Inc., Class A

    178,089       2,200,030  

Algonquin Power & Utilities Corp.

    413,853       3,414,644  

Alimentation Couche-Tard Inc.

    441,523       22,353,221  

Allied Properties REIT

    65,149       1,083,964  

AltaGas Ltd.

    196,759       3,884,000  

Altus Group Ltd.

    25,371       847,143  

ARC Resources Ltd.

    365,190       5,516,691  

Aritzia Inc.(a)

    55,774       1,061,214  

Atco Ltd., Class I, NVS

    32,568       929,632  

ATS Corp.(a)

    40,214       1,823,681  

B2Gold Corp.

    662,222       2,295,040  

Badger Infrastructure Solutions Ltd.

    39,184       953,859  

Ballard Power Systems Inc.(a)(b)

    154,181       733,110  

Bank of Montreal

    372,064       34,575,302  

Bank of Nova Scotia (The)

    630,552       31,751,149  

Barrick Gold Corp.

    934,683       16,146,877  

Bausch Health Companies Inc.(a)(b)

    166,977       1,623,361  

Baytex Energy Corp.(a)

    472,888       1,907,833  

 

 

56  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Canada (continued)            

BCE Inc.

    16,247     $ 701,800  

Birchcliff Energy Ltd.(b)

    230,769       1,379,031  

BlackBerry Ltd.(a)

    279,012       1,419,763  

Boardwalk REIT

    24,888       1,236,426  

Bombardier Inc., Class B(a)

    64,899       3,248,272  

Boralex Inc., Class A

    61,058       1,579,873  

Boyd Group Services Inc.

    10,849       1,993,159  

Brookfield Asset Management Ltd.

    193,886       6,540,059  

Brookfield Corp., Class A

    760,301       26,539,760  

Brookfield Infrastructure Corp., Class A

    57,713       2,699,094  

Brookfield Reinsurance Ltd.

    28,646       1,003,854  

Brookfield Renewable Corp., Class A

    71,519       2,229,121  

BRP Inc.

    15,092       1,388,398  

CAE Inc.(a)

    190,746       4,358,379  

Cameco Corp.

    239,000       8,402,563  

Canada Goose Holdings Inc.(a)(b)

    33,408       609,560  

Canadian Apartment Properties REIT

    42,503       1,657,058  

Canadian Imperial Bank of Commerce

    473,688       20,863,610  

Canadian National Railway Co.

    311,028       37,701,221  

Canadian Natural Resources Ltd.

    600,606       36,524,169  

Canadian Pacific Kansas City Ltd.

    496,578        40,858,994  

Canadian Tire Corp. Ltd., Class A, NVS

    29,659       4,073,516  

Canadian Utilities Ltd., Class A, NVS

    24,716       615,534  

Canadian Western Bank

    82,918       1,656,914  

Canfor Corp.(a)

    36,740       579,805  

Canopy Growth Corp.(a)(b)

    223,917       110,375  

Capital Power Corp.

    39,005       1,216,900  

CCL Industries Inc., Class B, NVS

    95,085       4,558,657  

Celestica Inc.(a)

    68,111       1,496,877  

Cenovus Energy Inc.

    795,175       15,123,793  

Centerra Gold Inc.

    105,484       676,749  

CGI Inc.(a)

    115,074       11,693,714  

Choice Properties REIT

    159,679       1,684,401  

CI Financial Corp.

    133,192       1,684,786  

Cineplex Inc.(a)(b)

    35,070       244,678  

Cogeco Communications Inc.

    7,079       358,661  

Colliers International Group Inc.

    13,035       1,319,761  

Constellation Software Inc./Canada

    11,307       23,888,712  

Converge Technology Solutions Corp.

    213,271       514,315  

Crescent Point Energy Corp.

    264,165       2,141,526  

Crombie REIT

    41,592       439,371  

Cronos Group Inc.(a)

    274,969       537,990  

Definity Financial Corp.

    46,768       1,177,136  

Denison Mines Corp.(a)(b)

    693,394       904,438  

Descartes Systems Group Inc. (The)(a)

    42,976       3,351,975  

Dollarama Inc.

    155,886       10,268,273  

Dream Industrial REIT

    139,675       1,503,043  

Dream Office REIT(b)

    22,129       229,068  

Dye & Durham Ltd.(b)

    58,315       875,178  

ECN Capital Corp.

    290,303       576,797  

Eldorado Gold Corp.(a)

    118,294       1,159,930  

Element Fleet Management Corp.

    211,451       3,410,733  

Emera Inc.

    145,293       5,893,696  

Empire Co. Ltd., Class A, NVS

    115,176       3,127,784  

Enbridge Inc.

    1,073,093       39,452,128  

Enerplus Corp.

    143,489       2,400,461  

Enghouse Systems Ltd.

    31,439       711,916  

Equinox Gold Corp.(a)

    212,977       1,117,659  

ERO Copper Corp.(a)

    67,192       1,615,278  

Fairfax Financial Holdings Ltd.

    12,541       10,005,410  
Security   Shares     Value  
Canada (continued)            

Finning International Inc.

    115,762     $ 3,987,343  

First Capital Real Estate Investment Trust

    58,851       657,396  

First Majestic Silver Corp.

    181,343       1,210,191  

First Quantum Minerals Ltd.

    351,994       10,439,833  

FirstService Corp.

    27,539       4,313,013  

Fortis Inc.

    247,241       10,539,125  

Franco-Nevada Corp.

    101,173       14,763,363  

Freehold Royalties Ltd.

    173,089       1,828,483  

George Weston Ltd.

    46,511       5,356,005  

GFL Environmental Inc.

    123,756       4,226,089  

Gibson Energy Inc.

    133,471       2,173,149  

Gildan Activewear Inc.

    126,609       3,937,538  

goeasy Ltd.

    18,045       1,740,799  

Granite REIT

    24,240       1,423,536  

Great-West Lifeco Inc.

    158,599       4,783,288  

H&R Real Estate Investment Trust

    85,277       665,454  

Home Capital Group Inc.

    25,258       820,193  

Hudbay Minerals Inc.

    249,445       1,486,852  

Hydro One Ltd.(c)

    203,253       5,733,903  

iA Financial Corp. Inc.

    58,930       4,082,846  

IAMGOLD Corp.(a)

    276,229       754,123  

IGM Financial Inc.

    38,814       1,209,470  

Imperial Oil Ltd.

    129,825       6,994,098  

Innergex Renewable Energy Inc.

    104,878       1,029,970  

Intact Financial Corp.

    95,076       14,045,998  

Interfor Corp.(a)

    53,324       954,345  

InterRent REIT

    46,968       456,270  

Ivanhoe Mines Ltd., Class A(a)

    263,573       2,794,336  

Keyera Corp.

    118,933       2,977,271  

Killam Apartment REIT

    51,093       701,311  

Kinaxis Inc.(a)

    12,245       1,662,660  

Kinross Gold Corp.

    730,709       3,640,661  

Knight Therapeutics Inc.(a)

    83,613       306,261  

Labrador Iron Ore Royalty Corp.

    40,861       981,048  

Laurentian Bank of Canada

    23,668       713,100  

Lightspeed Commerce Inc.(a)

    101,039       1,775,356  

Linamar Corp.

    35,638       2,068,039  

Lithium Americas Corp.(a)(b)

    81,288       1,640,986  

Loblaw Companies Ltd.

    94,009       8,341,147  

Lundin Mining Corp.

    433,740       3,878,053  

MAG Silver Corp.(a)

    82,483       995,813  

Magna International Inc.

    148,706       9,564,142  

Manulife Financial Corp.

    1,031,826        20,626,348  

Maple Leaf Foods Inc.

    45,125       941,751  

MEG Energy Corp.(a)

    136,108       2,426,648  

Methanex Corp.

    44,886       2,022,959  

Metro Inc.

    141,096       7,593,814  

MTY Food Group Inc.

    21,315       1,085,107  

National Bank of Canada

    182,743       14,312,894  

NexGen Energy Ltd.(a)

    605,241       2,969,635  

NFI Group Inc.(b)

    43,318       354,783  

North West Co. Inc. (The)

    37,056       902,057  

Northland Power Inc.

    146,918       2,842,208  

NorthWest Healthcare Properties REIT

    116,602       618,093  

Novagold Resources Inc.(a)

    143,656       647,114  

Nutrien Ltd.

    289,181       19,927,864  

Nuvei Corp.(a)(c)

    43,974       1,499,648  

NuVista Energy Ltd.(a)

    228,006       1,969,430  

OceanaGold Corp.

    377,804       790,763  

Onex Corp.

    50,398       3,095,388  

 

 

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

  57


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Canada (continued)            

Open Text Corp.

    167,043     $ 7,175,001  

Osisko Gold Royalties Ltd.

    78,219       1,159,657  

Pan American Silver Corp.

    253,350       4,288,304  

Parex Resources Inc.

    69,604       1,541,829  

Parkland Corp.

    101,737       2,778,258  

Pason Systems Inc.

    77,944       777,874  

Pembina Pipeline Corp.

    304,917       9,654,029  

Peyto Exploration & Development Corp.

    118,030       1,018,603  

Power Corp. of Canada

    315,142       8,928,605  

PrairieSky Royalty Ltd.

    119,462       2,374,473  

Premium Brands Holdings Corp.

    18,198       1,480,929  

Primo Water Corp.

    135,299       1,917,672  

Prinmaris REIT

    94,974       960,796  

Quebecor Inc., Class B

    100,210       2,453,099  

RB Global Inc.

    99,765       6,442,943  

Restaurant Brands International Inc.

    156,325       11,967,549  

Richelieu Hardware Ltd.

    38,545       1,286,733  

RioCan REIT

    69,606       1,058,355  

Rogers Communications Inc., Class B, NVS

    205,598       9,002,562  

Royal Bank of Canada

    746,391       73,996,660  

Russel Metals Inc.

    41,887       1,232,802  

Sandstorm Gold Ltd.

    196,761       1,096,723  

Saputo Inc.

    149,404       3,154,292  

Seabridge Gold Inc.(a)

    91,405       1,164,527  

Shopify Inc., Class A(a)

    652,838       44,101,778  

Sienna Senior Living Inc.

    126,170       1,098,420  

SilverCrest Metals Inc.(a)

    177,567       1,016,669  

SmartCentres Real Estate Investment Trust

    83,419       1,575,829  

SNC-Lavalin Group Inc.

    76,138       2,211,995  

Spin Master Corp.(c)

    20,009       533,513  

SSR Mining Inc.

    79,883       1,163,730  

Stantec Inc.

    58,963       3,993,020  

Stella-Jones Inc.

    48,901       2,483,154  

Sun Life Financial Inc.

    308,029       16,211,438  

Suncor Energy Inc.

    728,564       22,796,459  

Superior Plus Corp.

    81,483       610,512  

Tamarack Valley Energy Ltd.

    536,224       1,467,993  

TC Energy Corp.

    547,700       19,629,395  

Teck Resources Ltd., Class B

    278,715       12,381,697  

TELUS Corp.

    260,340       4,635,637  

TELUS Corp., NVS

    13,383       238,299  

TFI International Inc.

    43,035       5,523,584  

Thomson Reuters Corp.

    87,852       11,858,837  

TMX Group Ltd.

    179,402       3,986,258  

Torex Gold Resources Inc.(a)

    54,458       764,018  

Toromont Industries Ltd.

    43,982       3,747,300  

Toronto-Dominion Bank (The)

    978,595        64,534,654  

Tourmaline Oil Corp.

    182,433       9,454,724  

TransAlta Corp.

    135,048       1,377,466  

TransAlta Renewables Inc.

    48,417       492,743  

Transcontinental Inc., Class A(b)

    33,067       328,250  

Tricon Residential Inc.

    213,459       1,994,324  

Uni-Select Inc.(a)

    34,778       1,263,312  

Vermilion Energy Inc.

    111,284       1,551,132  

Wesdome Gold Mines Ltd.(a)

    135,524       720,451  

West Fraser Timber Co. Ltd.

    27,678       2,331,950  

Wheaton Precious Metals Corp.

    237,284       10,640,127  

Whitecap Resources Inc.

    328,629       2,624,247  

Winpak Ltd.

    27,570       848,018  
Security   Shares     Value  
Canada (continued)            

WSP Global Inc.

    68,879     $ 9,488,394  
   

 

 

 
       1,179,284,371  
Denmark — 2.6%            

ALK-Abello AS(a)

    83,869       913,206  

Ambu A/S, Class B(a)(b)

    84,783       1,250,870  

AP Moller - Maersk A/S, Class A

    1,469       2,953,608  

AP Moller - Maersk A/S, Class B, NVS

    2,717       5,581,279  

Bavarian Nordic A/S(a)(b)

    50,811       1,090,151  

Carlsberg AS, Class B

    52,618       7,891,759  

Chemometec A/S(a)

    16,674       1,118,915  

Chr Hansen Holding A/S

    60,940       4,604,848  

Coloplast A/S, Class B

    71,380       8,872,990  

D/S Norden A/S

    20,169       1,010,346  

Danske Bank A/S

    373,117       8,859,686  

Demant A/S(a)

    53,521       2,129,856  

Dfds A/S

    18,568       665,669  

DSV A/S

    103,472       20,708,884  

FLSmidth & Co. A/S(b)

    43,176       2,042,817  

Genmab A/S(a)

    37,533       15,471,087  

GN Store Nord A/S(a)

    86,396       2,303,731  

H Lundbeck AS

    200,190       993,632  

H Lundbeck AS, Class A

    49,788       223,285  

ISS A/S

    104,626       2,114,096  

Jyske Bank A/S, Registered(a)

    32,590       2,465,260  

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

    26,719       1,240,260  

NKT A/S(a)(b)

    43,873       2,506,740  

Novo Nordisk A/S, Class B

    897,765       144,766,575  

Novozymes A/S, Class B

    110,841       5,559,040  

Orsted AS(c)

    111,386       9,692,751  

Pandora A/S

    60,090       6,010,918  

Ringkjoebing Landbobank A/S

    12,281       1,747,814  

Rockwool A/S, Class B

    4,862       1,307,679  

Royal Unibrew A/S

    27,220       2,352,702  

Schouw & Co. A/S

    7,471       592,831  

SimCorp A/S

    25,635       2,748,753  

Sydbank AS

    53,299       2,556,126  

Topdanmark AS

    18,851       854,514  

Tryg A/S

    194,528       3,840,722  

Vestas Wind Systems A/S(a)

    579,787       15,507,249  

Zealand Pharma A/S(a)

    35,200       1,221,537  
   

 

 

 
      295,772,186  
Finland — 0.8%            

Cargotec OYJ, Class B

    22,745       1,086,308  

Citycon OYJ

    47,363       294,012  

Elisa OYJ

    76,587       3,995,192  

Fortum OYJ

    254,850       3,449,967  

Huhtamaki OYJ

    70,196       2,495,294  

Kemira OYJ

    63,552       996,854  

Kesko OYJ, Class B

    163,238       3,266,178  

Kojamo OYJ

    80,726       788,712  

Kone OYJ, Class B

    180,638       9,265,429  

Konecranes OYJ

    34,755       1,263,229  

Metsa Board OYJ, Class B(b)

    139,206       1,123,096  

Metso OYJ

    393,109       4,467,317  

Neste OYJ

    229,332       8,442,874  

Nokia OYJ

    3,075,840       12,090,940  

Nokian Renkaat OYJ

    96,139       894,205  

Orion OYJ, Class B

    70,649       2,715,119  

Outokumpu OYJ

    221,586       1,146,409  

 

 

58  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Finland (continued)            

QT Group OYJ(a)(b)

    15,112     $ 1,253,441  

Sampo OYJ, Class A

    254,857       11,230,689  

Stora Enso OYJ, Class R

    317,029       3,886,541  

TietoEVRY OYJ

    40,744       1,039,485  

UPM-Kymmene OYJ

    320,181       10,600,447  

Uponor OYJ

    31,874       1,008,621  

Valmet OYJ

    73,164       1,940,729  

Wartsila OYJ Abp

    248,695       3,124,317  

YIT OYJ

    62,726       151,347  
   

 

 

 
       92,016,752  
France — 9.7%            

ABC arbitrage

    45,730       298,664  

Accor SA

    101,645       3,835,272  

Aeroports de Paris

    16,364       2,259,738  

Air France-KLM(a)

    603,724       1,042,555  

Air Liquide SA

    278,672       50,103,553  

Airbus SE

    318,346       46,892,370  

ALD SA(c)

    103,362       1,098,168  

Alstom SA

    174,067       5,329,975  

Alten SA

    20,218       2,912,076  

Amundi SA(c)

    31,347       1,923,622  

APERAM SA

    24,549       774,743  

ArcelorMittal SA

    281,986       8,155,536  

Arkema SA

    36,357       3,920,703  

Atos SE(a)

    67,057       696,550  

AXA SA

    1,006,981       30,953,436  

BioMerieux

    25,199       2,705,095  

BNP Paribas SA

    595,059       39,242,831  

Bollore SE

    521,776       3,299,044  

Bouygues SA

    125,378       4,491,233  

Bureau Veritas SA

    166,167       4,563,575  

Capgemini SE

    88,284       15,998,700  

Carrefour SA

    341,844       6,833,848  

Casino Guichard Perrachon SA(a)(b)

    42,092       109,721  

CGG SA(a)

    553,323       389,297  

Cie. de Saint-Gobain

    273,009       18,463,968  

Cie. Generale des Etablissements Michelin SCA

    367,565       12,036,670  

Cie. Plastic Omnium SA

    41,178       801,932  

Coface SA

    61,101       895,062  

Covivio

    30,846       1,489,295  

Credit Agricole SA

    649,835       8,067,946  

Danone SA

    352,037       21,497,750  

Dassault Aviation SA

    14,638       2,843,597  

Dassault Systemes SE

    358,260       15,311,544  

Edenred

    140,103       9,099,741  

Eiffage SA

    45,031       4,684,914  

Elior Group SA(a)(c)

    119,008       303,308  

Elis SA

    125,897       2,601,046  

Engie SA

    969,712       15,908,440  

Esker SA

    5,238       869,965  

EssilorLuxottica SA

    155,705       31,323,982  

Eurazeo SE

    13,508       824,795  

Euroapi SA(a)

    56,646       660,988  

Eurofins Scientific SE

    71,999       4,951,846  

Euronext NV(c)

    49,002       3,729,722  

Eutelsat Communications SA

    128,206       863,617  

Faurecia SE(a)

    97,392       2,447,350  

Fnac Darty SA

    15,728       548,300  

Gaztransport Et Technigaz SA

    14,540       1,773,346  

Gecina SA

    25,385       2,744,436  
Security   Shares     Value  
France (continued)            

Getlink SE

    235,218     $ 4,134,512  

Hermes International

    16,988       37,598,942  

ICADE

    18,315       746,163  

Imerys SA

    19,360       672,280  

Ipsen SA

    23,769       2,995,531  

IPSOS

    25,806       1,290,042  

JCDecaux SE(a)

    71,957       1,348,418  

Kering SA

    39,367       22,603,166  

Klepierre SA

    124,357       3,300,891  

Korian SA

    60,136       468,266  

La Francaise des Jeux SAEM(c)

    55,209       2,107,734  

Legrand SA

    142,141       14,250,304  

L’Oreal SA

    132,824       61,777,692  

LVMH Moet Hennessy Louis Vuitton SE

    149,319       138,682,638  

Maisons du Monde SA(c)

    15,797       165,865  

Neoen SA(c)

    50,070       1,646,365  

Nexans SA

    13,491       1,197,734  

Nexity SA

    18,797       318,277  

Orange SA

    1,046,842       11,833,329  

Pernod Ricard SA

    109,968       24,244,816  

Publicis Groupe SA

    124,351       10,025,847  

Remy Cointreau SA

    13,239       2,272,584  

Renault SA

    111,085       4,879,035  

Rexel SA

    116,347       2,806,552  

Rubis SCA

    60,309       1,487,120  

Safran SA

    182,588       30,312,002  

Sanofi

    612,262       65,318,878  

Sartorius Stedim Biotech

    14,996       4,691,819  

Schneider Electric SE

    291,127       51,928,913  

SCOR SE

    71,477       2,136,123  

SEB SA

    14,791       1,655,791  

SES SA, Class A

    221,692       1,436,231  

Societe BIC SA

    15,634       955,780  

Societe Generale SA

    385,535       10,485,293  

Sodexo SA

    49,987       5,127,536  

SOITEC(a)

    15,612       3,068,216  

Sopra Steria Group SACA

    7,366       1,601,627  

SPIE SA

    91,198       2,737,577  

Teleperformance

    31,512       4,570,463  

Thales SA

    57,614       8,618,466  

TotalEnergies SE

    1,292,192       78,509,072  

Trigano SA

    8,296       1,214,792  

Ubisoft Entertainment SA(a)

    56,003       1,883,476  

Unibail-Rodamco-Westfield, New(a)

    65,886       3,733,289  

Valeo

    127,918       2,891,481  

Vallourec SA(a)

    84,263       1,099,346  

Valneva SE(a)

    78,950       592,877  

Veolia Environnement SA

    361,619       11,773,933  

Verallia SA(c)

    45,156       2,001,557  

Vinci SA

    288,098       33,836,357  

Virbac SA

    3,532       1,087,898  

Vivendi SE

    399,662       3,568,321  

Wendel SE

    17,981       1,774,985  

Worldline SA/France(a)(c)

    134,145       5,317,427  
   

 

 

 
       1,099,357,494  
Germany — 6.7%            

adidas AG

    91,717       18,516,291  

AIXTRON SE

    61,115       2,424,595  

Allianz SE, Registered

    218,253       52,162,326  

Amadeus Fire AG

    6,478       769,312  

 

 

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

  59


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Germany (continued)            

Aroundtown SA(a)(b)

    581,208     $ 902,973  

Aurubis AG

    23,069       2,171,537  

BASF SE

    492,585       26,407,973  

Bayer AG, Registered

    533,176       31,181,958  

Bayerische Motoren Werke AG

    179,343       21,870,874  

Bechtle AG

    32,795       1,443,427  

Befesa SA(c)

    28,934       1,108,881  

Beiersdorf AG

    52,805       6,838,530  

Brenntag SE

    83,639       6,489,100  

CANCOM SE

    24,078       693,272  

Carl Zeiss Meditec AG, Bearer

    23,773       2,754,831  

Ceconomy AG(a)

    146,808       439,903  

Commerzbank AG

    597,839       7,151,038  

CompuGroup Medical SE & Co. KgaA

    19,164       973,259  

Continental AG

    61,348       4,898,003  

Covestro AG(a)(c)

    102,058       5,482,442  

CTS Eventim AG & Co. KGaA

    39,840       2,718,919  

Daimler Truck Holding AG(b)

    255,056       9,572,326  

Delivery Hero SE(a)(c)

    95,230       4,322,462  

Dermapharm Holding SE

    17,284       844,289  

Deutsche Bank AG, Registered

    1,098,354       12,175,403  

Deutsche Boerse AG

    101,077       19,366,507  

Deutsche Lufthansa AG, Registered(a)

    378,773       3,820,403  

Deutsche Pfandbriefbank AG(b)(c)

    125,382       1,043,542  

Deutsche Post AG, Registered

    544,502       28,000,041  

Deutsche Telekom AG, Registered

    1,754,020       38,239,799  

Duerr AG

    30,638       955,920  

E.ON SE

    1,200,103       15,181,687  

Eckert & Ziegler Strahlen- und Medizintechnik AG

    14,070       556,847  

Encavis AG(a)

    85,605       1,435,408  

Evonik Industries AG

    117,837       2,440,757  

Evotec SE(a)

    98,082       2,583,645  

Fielmann AG

    15,355       788,894  

flatexDEGIRO AG(a)

    64,733       638,121  

Fraport AG Frankfurt Airport Services Worldwide(a)

    26,420       1,395,899  

Freenet AG

    99,056       2,451,950  

Fresenius Medical Care AG & Co. KGaA

    110,291       5,727,908  

Fresenius SE & Co. KGaA

    225,605       7,079,968  

GEA Group AG

    101,415       4,304,236  

Gerresheimer AG

    15,868       1,879,466  

Grand City Properties SA(a)

    58,902       485,767  

GRENKE AG

    17,210       474,665  

Hamborner REIT AG

    152,868       1,106,281  

Hannover Rueck SE

    32,309       6,893,903  

HeidelbergCement AG

    76,048       6,163,526  

HelloFresh SE(a)

    81,138       2,313,657  

Henkel AG & Co. KGaA

    69,584       4,862,685  

HOCHTIEF AG(b)

    15,046       1,482,107  

Hugo Boss AG

    41,870       3,380,942  

Hypoport SE(a)

    2,981       621,994  

Infineon Technologies AG

    706,809        31,053,981  

Jenoptik AG

    35,502       1,148,299  

K+S AG, Registered

    112,935       2,156,311  

KION Group AG

    44,133       1,849,306  

Knorr-Bremse AG

    39,080       2,748,805  

Kontron AG

    22,239       483,682  

Krones AG

    10,902       1,313,718  

LANXESS AG

    47,626       1,606,244  

LEG Immobilien SE(a)

    38,830       2,745,381  

Mercedes-Benz Group AG

    463,166       36,989,787  
Security   Shares     Value  
Germany (continued)            

Merck KGaA

    70,342     $ 12,360,843  

METRO AG(a)

    99,060       861,345  

MorphoSys AG(a)

    45,790       1,340,519  

MTU Aero Engines AG

    29,365       6,857,064  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    75,231       28,320,399  

Nagarro SE(a)(b)

    9,924       940,159  

Nemetschek SE

    38,154       2,776,428  

Nordex SE(a)

    85,090       1,202,369  

Norma Group SE

    16,634       293,482  

PATRIZIA SE

    16,106       164,791  

Pfeiffer Vacuum Technology AG

    2,858       473,228  

ProSiebenSat.1 Media SE(b)

    131,966       1,311,911  

Puma SE

    59,614       4,028,790  

Rational AG

    2,385       1,785,311  

Rheinmetall AG

    23,901       6,769,863  

RWE AG

    361,038       15,538,583  

SAP SE

    565,092       77,085,079  

Scout24 SE(c)

    48,179       3,184,905  

Shop Apotheke Europe NV(a)(c)

    9,962       1,155,027  

Siemens AG, Registered

    414,208       70,598,501  

Siemens Healthineers AG(c)

    157,594       9,156,733  

Siltronic AG

    13,979       1,230,609  

Sixt SE

    10,737       1,294,684  

Software AG, NVS(b)

    29,833       1,043,084  

Stabilus SE

    14,908       849,934  

Stroeer SE & Co. KGaA

    32,095       1,552,160  

Suedzucker AG

    70,223       1,215,719  

Symrise AG, Class A

    71,763       7,838,798  

TAG Immobilien AG(a)

    105,026       1,180,552  

Talanx AG(a)

    34,343       2,103,160  

TeamViewer AG(a)(c)

    102,518       1,742,667  

Telefonica Deutschland Holding AG

    766,428       2,065,048  

thyssenkrupp AG

    273,948       2,177,989  

United Internet AG, Registered(d)

    62,027       928,611  

Varta AG(b)

    18,538       420,693  

VERBIO Vereinigte BioEnergie AG

    18,058       880,266  

Vitesco Technologies Group AG(a)

    18,754       1,603,916  

Volkswagen AG

    17,897       2,860,221  

Vonovia SE

    381,505       8,889,058  

Wacker Chemie AG

    9,903       1,538,805  

Zalando SE(a)(c)

    124,501       4,298,359  
   

 

 

 
       764,005,626  
Hong Kong — 2.1%            

AIA Group Ltd.

    6,397,800       64,008,298  

ASMPT Ltd.

    156,700       1,528,466  

Bank of East Asia Ltd. (The)(b)

    1,071,200       1,644,649  

BOC Hong Kong Holdings Ltd.

    2,243,000       6,845,731  

Budweiser Brewing Co. APAC Ltd.(c)

    995,000       2,426,922  

Cafe de Coral Holdings Ltd.

    136,000       178,731  

Champion REIT

    1,104,000       406,746  

CITIC Telecom International Holdings Ltd.

    2,753,000       1,105,741  

CK Asset Holdings Ltd.

    1,112,500       6,442,566  

CK Hutchison Holdings Ltd.

    1,414,500       8,723,684  

CK Infrastructure Holdings Ltd.

    443,500       2,350,258  

CLP Holdings Ltd.

    852,500       6,948,839  

Comba Telecom Systems Holdings Ltd.

    2,480,000       419,192  

Dah Sing Financial Holdings Ltd.

    122,000       301,415  

ESR Group Ltd.(b)(c)

    1,269,200       2,225,600  

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

    37,786       2,274,717  

 

 

60  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Hong Kong (continued)            

Galaxy Entertainment Group Ltd.(a)(b)

    1,167,000     $ 8,518,548  

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

    1,037,300       97,328  

Hang Lung Group Ltd.

    300,000       469,138  

Hang Lung Properties Ltd.

    1,112,000       1,735,329  

Hang Seng Bank Ltd.

    416,000       6,358,792  

Health and Happiness H&H International Holdings Ltd.

    133,000       175,364  

Henderson Land Development Co. Ltd.

    935,572       2,892,010  

HKBN Ltd.

    534,000       291,711  

HKT Trust & HKT Ltd., Class SS

    2,201,000       2,599,820  

Hong Kong & China Gas Co. Ltd.

    6,209,482       5,326,849  

Hong Kong Exchanges & Clearing Ltd.

    615,500       25,950,712  

Hong Kong Technology Venture Co. Ltd.

    508,000       301,849  

Hongkong Land Holdings Ltd.(b)

    655,300       2,335,303  

Hysan Development Co. Ltd.

    322,000       760,872  

Jardine Matheson Holdings Ltd.

    92,800       4,583,894  

Johnson Electric Holdings Ltd.

    145,000       199,896  

K Wah International Holdings Ltd.

    1,081,000       354,061  

Kerry Logistics Network Ltd.

    190,898       235,705  

Kerry Properties Ltd.

    517,000       1,117,735  

Link REIT

    1,470,800       8,267,595  

Luk Fook Holdings International Ltd.

    182,000       480,536  

Man Wah Holdings Ltd.

    1,271,200       1,103,202  

Melco International Development Ltd.(a)

    371,000       393,620  

Melco Resorts & Entertainment Ltd., ADR(a)(b)

    164,728       2,243,595  

MTR Corp. Ltd.

    728,500       3,357,145  

New World Development Co. Ltd.

    971,000       2,401,254  

NWS Holdings Ltd.

    1,373,000       1,574,755  

Pacific Basin Shipping Ltd.

    2,662,000       866,668  

PCCW Ltd.

    4,578,000       2,340,729  

Power Assets Holdings Ltd.

    734,500       3,849,677  

Sands China Ltd.(a)

    1,308,400       5,040,627  

Sino Land Co. Ltd.

    2,018,000       2,477,142  

SITC International Holdings Co. Ltd.

    694,000       1,520,662  

SJM Holdings Ltd.(a)(b)

    1,333,000       618,853  

Sun Hung Kai Properties Ltd.

    720,000       9,040,765  

Sunlight REIT

    1,047,000       389,924  

Swire Pacific Ltd., Class A

    229,000       1,914,265  

Swire Properties Ltd.

    723,400       1,815,245  

Techtronic Industries Co. Ltd.

    733,000       8,327,282  

Value Partners Group Ltd.(b)

    1,341,000       507,780  

Vitasoy International Holdings Ltd.

    504,000       670,090  

Vobile Group Ltd.(a)(b)

    1,246,000       435,677  

VTech Holdings Ltd.

    101,800       634,862  

WH Group Ltd.(c)

    5,443,500       2,971,008  

Wharf Real Estate Investment Co. Ltd.

    984,000       5,280,603  

Xinyi Glass Holdings Ltd.

    1,105,000       1,838,826  

Yue Yuen Industrial Holdings Ltd.

    593,500       795,206  
   

 

 

 
       243,294,064  
Ireland — 0.7%            

AIB Group PLC

    636,981       2,996,144  

Bank of Ireland Group PLC

    576,900       6,086,760  

Cairn Homes PLC(a)

    994,691       1,194,280  

CRH PLC

    407,219       24,258,415  

Flutter Entertainment PLC, Class DI(a)

    96,313       19,156,619  

Glanbia PLC

    142,069       2,204,051  

Glenveagh Properties PLC(a)(c)

    1,278,252       1,509,441  

Greencore Group PLC(a)

    365,137       410,961  

Kerry Group PLC, Class A

    86,476       8,591,465  

Kingspan Group PLC

    82,547       6,625,513  
Security   Shares     Value  
Ireland (continued)            

Smurfit Kappa Group PLC

    133,915     $ 5,299,153  
   

 

 

 
      78,332,802  
Israel — 0.8%            

Airport City Ltd.(a)

    52,557       792,464  

Alony Hetz Properties & Investments Ltd.

    140,947       1,184,171  

Amot Investments Ltd.

    177,005       948,698  

Azrieli Group Ltd.

    34,996       1,991,444  

Bank Hapoalim BM

    688,802       6,118,516  

Bank Leumi Le-Israel BM

    820,145       6,546,905  

Bezeq The Israeli Telecommunication Corp. Ltd.

    948,661       1,255,122  

Big Shopping Centers Ltd.(a)

    19,135       1,799,631  

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

    55,661       7,358,941  

CyberArk Software Ltd.(a)(b)

    24,897       4,133,151  

Delek Group Ltd.

    7,839       1,107,340  

Elbit Systems Ltd.

    17,381       3,695,826  

Electra Ltd./Israel(b)

    1,834       807,464  

Energix-Renewable Energies Ltd.

    398,243       1,457,386  

Enlight Renewable Energy Ltd.(a)

    108,970       2,098,670  

First International Bank Of Israel Ltd. (The)

    63,875       2,700,155  

Fiverr International Ltd.(a)(b)

    28,863       869,931  

G City Ltd.

    39,119       135,628  

Gav-Yam Lands Corp. Ltd.

    1       7  

Harel Insurance Investments & Financial Services Ltd.

    92,609       730,412  

ICL Group Ltd.

    436,697       2,907,742  

Inmode Ltd.(a)

    54,626       2,344,002  

Isracard Ltd.

    390,807       1,620,684  

Israel Discount Bank Ltd., Class A

    762,732       4,040,000  

Kornit Digital Ltd.(a)

    34,222       1,084,495  

Mehadrin Ltd.(a)

    0 (e)       2  

Melisron Ltd.

    23,287       1,538,890  

Mivne Real Estate KD Ltd.

    758,545       1,999,830  

Mizrahi Tefahot Bank Ltd.

    83,589       3,017,974  

Monday.com Ltd.(a)

    10,370       1,874,689  

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

    292,505       906,765  

Nice Ltd.(a)

    34,866       7,589,299  

Nova Ltd.(a)

    17,353       2,157,048  

Paz Oil Co. Ltd.(a)

    8,161       887,307  

Phoenix Holdings Ltd. (The)

    89,216       915,414  

Radware Ltd.(a)

    31,475       591,415  

Reit 1 Ltd.

    193,984       844,240  

Shapir Engineering and Industry Ltd.

    250,061       1,782,515  

Shikun & Binui Ltd.(a)

    321,092       879,220  

Shufersal Ltd.(a)

    191,642       1,016,270  

Strauss Group Ltd.(a)

    43,554       1,025,700  

Teva Pharmaceutical Industries Ltd., ADR(a)

    617,658       5,188,327  

Tower Semiconductor Ltd.(a)

    53,439       1,981,906  

Wix.com Ltd.(a)

    34,120       3,218,198  

ZIM Integrated Shipping Services Ltd.(b)

    54,055       818,393  
   

 

 

 
       95,962,187  
Italy — 2.3%            

A2A SpA

    913,570       1,743,054  

ACEA SpA

    30,246       370,569  

Amplifon SpA

    81,670       2,763,066  

Anima Holding SpA(c)

    118,248       455,631  

Ascopiave SpA

    48,700       122,310  

Assicurazioni Generali SpA

    567,548       12,089,066  

Azimut Holding SpA

    50,275       1,187,122  

Banca Generali SpA

    30,187       1,130,822  

 

 

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

  61


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Italy (continued)            

Banca Mediolanum SpA

    186,064     $ 1,807,969  

Banca Popolare di Sondrio SPA

    410,446       1,982,758  

Banco BPM SpA

    860,973       4,308,350  

BFF Bank SpA(c)

    204,118       2,303,958  

BPER Banca

    552,349       1,911,295  

Brembo SpA

    177,196       2,508,151  

Brunello Cucinelli SpA

    17,859       1,509,987  

Buzzi Unicem SpA

    49,875       1,417,340  

De’ Longhi SpA

    40,741       1,033,784  

DiaSorin SpA

    13,460       1,510,106  

Enav SpA(c)

    168,128       722,936  

Enel SpA

    4,336,863       29,903,524  

Eni SpA

    1,240,126       18,932,839  

ERG SpA

    37,936       1,090,494  

Ferrari NV

    67,507       21,641,843  

FinecoBank Banca Fineco SpA

    319,207       4,956,403  

Hera SpA

    667,988       2,074,128  

Infrastrutture Wireless Italiane SpA(c)

    158,324       1,985,509  

Interpump Group SpA

    36,161       1,967,478  

Intesa Sanpaolo SpA

    8,654,315       25,025,400  

Iren SpA

    406,793       824,364  

Italgas SpA

    246,375       1,451,603  

Leonardo SpA

    227,844       3,084,865  

Mediobanca Banca di Credito Finanziario SpA

    353,216       4,707,167  

Moncler SpA

    117,831       8,504,289  

Nexi SpA(a)(c)

    316,699       2,742,614  

Pirelli & C SpA(c)

    178,859       953,501  

Poste Italiane SpA(c)

    285,168       3,257,613  

Prysmian SpA

    157,222       6,269,250  

Recordati Industria Chimica e Farmaceutica SpA

    69,103       3,568,484  

Reply SpA

    10,072       1,091,171  

Saipem SpA(a)

    743,355       1,190,318  

Salvatore Ferragamo SpA(b)

    31,003       504,901  

Snam SpA

    1,105,756       5,812,698  

Stellantis NV

    1,203,796       24,699,345  

Tamburi Investment Partners SpA

    75,895       736,387  

Technogym SpA(c)

    103,634       956,022  

Telecom Italia SpA/Milano(a)(b)

    5,946,688       1,714,260  

Tenaris SA

    295,978       4,918,421  

Terna - Rete Elettrica Nazionale

    800,116       6,760,182  

UniCredit SpA

    1,033,834       26,176,931  

Unipol Gruppo SpA

    443,865       2,471,303  
   

 

 

 
       260,851,581  
Japan — 21.2%            

77 Bank Ltd. (The)

    101,900       2,171,348  

ABC-Mart Inc.

    21,200       1,173,783  

Activia Properties Inc.

    307       894,029  

ADEKA Corp.

    40,500       821,130  

Advance Logistics Investment Corp.

    907       841,851  

Advance Residence Investment Corp.

    202       492,199  

Advantest Corp.

    106,100       14,674,675  

Aeon Co. Ltd.

    372,100       8,059,178  

Aeon Delight Co. Ltd.

    17,500       362,631  

AEON Financial Service Co. Ltd.

    116,500       1,046,788  

Aeon Mall Co. Ltd.

    47,800       590,785  

AEON REIT Investment Corp.

    767       807,399  

AGC Inc.

    104,900       3,790,418  

Ai Holdings Corp.

    17,600       277,496  

Aica Kogyo Co. Ltd.

    20,000       475,220  

Aiful Corp.

    488,800       1,228,304  
Security   Shares     Value  
Japan (continued)            

Ain Holdings Inc.

    15,500     $ 551,115  

Air Water Inc.

    106,300       1,497,095  

Aisin Corp.

    88,800       2,885,564  

Ajinomoto Co. Inc.

    247,600       9,647,706  

Alfresa Holdings Corp.

    109,600       1,747,870  

Alps Alpine Co. Ltd.

    124,200       1,097,798  

Amada Co. Ltd.

    128,000       1,259,714  

Amano Corp.

    38,300       870,331  

ANA Holdings Inc.(a)

    38,400       920,603  

Anritsu Corp.

    69,500       547,219  

Aozora Bank Ltd.

    49,800       1,024,171  

Arcs Co. Ltd.

    16,400       286,156  

ARE Holdings Inc.

    103,200       1,385,392  

Ariake Japan Co. Ltd.

    10,000       364,836  

As One Corp.

    22,100       878,679  

Asahi Group Holdings Ltd.

    248,200       9,756,557  

Asahi Intecc Co. Ltd.

    116,500       2,390,728  

Asahi Kasei Corp.

    671,700       4,577,466  

Asics Corp.

    69,300       2,186,081  

Astellas Pharma Inc.

    1,077,000        15,748,268  

Atom Corp.(a)(b)

    132,500       829,177  

Autobacs Seven Co. Ltd.

    63,300       695,054  

Awa Bank Ltd. (The)

    13,900       210,325  

Azbil Corp.

    50,300       1,587,230  

Bandai Namco Holdings Inc.

    331,900       7,509,091  

Bank of Kyoto Ltd. (The)

    25,500       1,505,004  

BayCurrent Consulting Inc.

    78,000       2,518,989  

Benefit One Inc.

    42,500       439,110  

Benesse Holdings Inc.

    82,700       1,080,512  

BeNext-Yumeshin Group Co.

    80,600       1,264,238  

Bic Camera Inc.

    83,500       627,240  

BIPROGY Inc.

    36,500       895,859  

BML Inc.

    19,300       407,907  

Bridgestone Corp.

    287,200       11,917,477  

Brother Industries Ltd.

    120,800       1,883,020  

Calbee Inc.

    55,200       1,070,303  

Canon Inc.

    545,500       14,098,656  

Canon Marketing Japan Inc.

    27,900       732,215  

Capcom Co. Ltd.

    88,300       3,970,585  

Casio Computer Co. Ltd.

    90,300       771,583  

Central Glass Co. Ltd.

    24,900       540,442  

Central Japan Railway Co.

    86,000       10,959,257  

Change Holdings Inc.

    40,300       532,665  

Chiba Bank Ltd. (The)

    261,100       1,835,885  

Chiyoda Corp.(a)

    200,500       486,967  

Chubu Electric Power Co. Inc.

    365,200       4,575,150  

Chudenko Corp.

    12,200       199,991  

Chugai Pharmaceutical Co. Ltd.

    388,400       11,559,266  

Chugin Financial Group Inc., NVS

    125,300       841,466  

Chugoku Electric Power Co. Inc. (The)(a)

    150,700       1,045,783  

Citizen Watch Co. Ltd.

    128,900       842,460  

CKD Corp.

    25,800       392,384  

Coca-Cola Bottlers Japan Holdings Inc.

    102,400       1,179,267  

COLOPL Inc.

    50,700       237,336  

Colowide Co. Ltd.

    35,100       521,201  

Comforia Residential REIT Inc.

    343       821,129  

COMSYS Holdings Corp.

    47,200       943,464  

Comture Corp.

    30,100       427,957  

Concordia Financial Group Ltd.

    748,000       3,421,367  

Cosmo Energy Holdings Co. Ltd.

    46,300       1,435,538  

 

 

62  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Cosmos Pharmaceutical Corp.

    9,900     $ 1,143,918  

CRE Logistics REIT Inc.

    1,157       1,427,755  

Create Restaurants Holdings Inc.

    108,400       829,266  

Create SD Holdings Co. Ltd.

    10,900       269,278  

Credit Saison Co. Ltd.

    59,000       943,438  

CyberAgent Inc.

    217,200       1,373,084  

CYBERDYNE Inc.(a)

    125,100       269,574  

Dai Nippon Printing Co. Ltd.

    116,400       3,308,783  

Daicel Corp.

    129,000       1,195,386  

Daido Steel Co. Ltd.

    11,800       505,897  

Daifuku Co. Ltd.

    141,700       3,030,558  

Daihen Corp.

    12,500       482,339  

Dai-ichi Life Holdings Inc.

    525,900       10,745,037  

Daiichi Sankyo Co. Ltd.

    1,003,900        30,919,728  

Daiichikosho Co. Ltd.

    46,600       941,298  

Daikin Industries Ltd.

    140,700       28,449,358  

Daio Paper Corp.

    90,300       776,285  

Daiseki Co. Ltd.

    29,460       992,865  

Daishi Hokuetsu Financial Group Inc.

    21,700       542,440  

Daito Trust Construction Co. Ltd.

    24,500       2,635,427  

Daiwa House Industry Co. Ltd.

    352,900       9,591,437  

Daiwa House REIT Investment Corp.

    1,044       2,055,460  

Daiwa Office Investment Corp.

    146       642,795  

Daiwa Securities Group Inc.

    754,900       4,092,241  

Daiwa Securities Living Investments Corp.

    1,127       902,707  

Daiwabo Holdings Co. Ltd.

    97,100       1,881,778  

DCM Holdings Co. Ltd.

    108,500       918,835  

DeNA Co. Ltd.

    40,300       494,046  

Denka Co. Ltd.

    38,400       758,587  

Denso Corp.

    228,600       15,916,843  

Dentsu Group Inc.

    116,100       3,884,866  

Descente Ltd.

    21,300       618,242  

Dexerials Corp.

    32,300       733,266  

DIC Corp.

    100,400       1,895,213  

Digital Arts Inc.

    15,000       593,598  

Digital Garage Inc.

    29,900       870,594  

Dip Corp.

    21,900       552,849  

Disco Corp.

    49,100       9,229,612  

DMG Mori Co. Ltd.

    51,600       878,020  

Dowa Holdings Co. Ltd.

    24,800       800,937  

DTS Corp.

    30,400       718,646  

Duskin Co. Ltd.

    14,100       318,346  

Earth Corp.

    10,000       357,466  

East Japan Railway Co.

    147,700       8,361,906  

Ebara Corp.

    36,500       1,724,917  

EDION Corp.

    68,300       702,283  

eGuarantee Inc.

    21,900       324,969  

Eiken Chemical Co. Ltd.

    14,400       152,811  

Eisai Co. Ltd.

    141,000       8,896,196  

Elecom Co. Ltd.

    29,300       315,386  

Electric Power Development Co. Ltd.

    92,900       1,469,724  

en Japan Inc.

    18,500       365,669  

ENEOS Holdings Inc.

    1,716,500       6,227,700  

eRex Co. Ltd.

    25,600       204,328  

Euglena Co. Ltd.(a)

    159,200       986,047  

EXEO Group Inc.

    50,800       1,056,231  

Ezaki Glico Co. Ltd.

    22,300       589,288  

Fancl Corp.

    40,900       716,310  

FANUC Corp.

    521,000       15,938,651  

Fast Retailing Co. Ltd.

    93,600       23,447,991  
Security   Shares     Value  
Japan (continued)            

FCC Co. Ltd.

    15,200     $ 199,236  

Ferrotec Holdings Corp.

    33,100       800,893  

Food & Life Companies Ltd.

    59,200       1,164,873  

FP Corp.

    25,100       529,036  

Freee KK(a)(b)

    30,000       660,901  

Frontier Real Estate Investment Corp.

    246       817,366  

Fuji Corp./Aichi

    37,500       686,586  

Fuji Electric Co. Ltd.

    83,000       3,752,395  

Fuji Kyuko Co. Ltd.

    14,900       594,502  

Fuji Oil Holdings Inc.

    21,300       300,507  

Fuji Seal International Inc.

    19,200       215,043  

Fuji Soft Inc.

    31,800       1,059,525  

FUJIFILM Holdings Corp.

    200,600       11,647,965  

Fujikura Ltd.

    137,200       1,147,154  

Fujimi Inc.

    40,500       982,110  

Fujitec Co. Ltd.

    39,600       1,018,279  

Fujitsu General Ltd.

    45,300       946,088  

Fujitsu Ltd.

    96,600       12,508,712  

Fujiya Co. Ltd.

    20,500       345,060  

Fukuoka Financial Group Inc.

    98,500       2,373,422  

Fukuoka REIT Corp.

    390       456,615  

Fukuyama Transporting Co. Ltd.

    12,300       347,641  

Funai Soken Holdings Inc.

    21,000       389,874  

Furukawa Electric Co. Ltd.

    25,700       493,430  

Fuso Chemical Co. Ltd.

    7,600       239,647  

Future Corp.

    42,800       466,913  

Fuyo General Lease Co. Ltd.

    7,500       618,895  

Giken Ltd.

    7,600       112,282  

Global One Real Estate Investment Corp.

    295       243,723  

Glory Ltd.

    23,700       487,623  

GLP J-Reit

    2,274       2,240,263  

GMO internet group Inc.

    53,600       1,064,408  

GMO Payment Gateway Inc.

    23,900       1,823,304  

GNI Group Ltd.(a)(b)

    51,500       470,728  

Goldwin Inc.

    17,400       1,428,762  

Gree Inc.

    79,800       352,726  

GS Yuasa Corp.

    32,500       653,964  

GungHo Online Entertainment Inc.

    35,200       690,896  

Gunma Bank Ltd. (The)

    197,600       836,311  

H.U. Group Holdings Inc.

    32,700       645,615  

H2O Retailing Corp.

    71,400       768,525  

Hachijuni Bank Ltd. (The)

    247,400       1,274,640  

Hakuhodo DY Holdings Inc.

    132,100       1,519,733  

Hamakyorex Co. Ltd.

    7,200       199,000  

Hamamatsu Photonics KK

    87,400       4,211,052  

Hankyu Hanshin Holdings Inc.

    113,300       3,764,152  

Hankyu Hanshin REIT Inc.

    325       324,811  

Hanwa Co. Ltd.

    20,200       690,974  

Harmonic Drive Systems Inc.

    25,400       699,563  

Haseko Corp.

    125,000       1,627,348  

Hazama Ando Corp.

    77,600       620,864  

Heiwa Corp.

    49,400       836,774  

Heiwa Real Estate Co. Ltd.

    18,400       514,125  

Heiwa Real Estate REIT Inc.

    567       578,653  

Heiwado Co. Ltd.

    20,600       350,807  

Hikari Tsushin Inc.

    9,400       1,394,838  

Hino Motors Ltd.(a)

    135,700       544,265  

Hioki E.E. Corp.

    9,600       548,752  

Hirogin Holdings Inc.

    245,600       1,518,971  

Hirose Electric Co. Ltd.

    16,205        2,052,487  

 

 

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

  63


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

HIS Co. Ltd.(a)

    28,800     $ 412,806  

Hisamitsu Pharmaceutical Co. Inc.

    30,700       981,080  

Hitachi Construction Machinery Co. Ltd.

    38,300       1,149,326  

Hitachi Ltd.

    502,800        32,915,541  

Hitachi Zosen Corp.

    120,800       795,974  

Hogy Medical Co. Ltd.

    9,400       205,941  

Hokkaido Electric Power Co. Inc.(a)

    89,600       417,871  

Hokuetsu Corp.

    102,400       620,992  

Hokuhoku Financial Group Inc.

    58,100       520,201  

Hokuriku Electric Power Co.(a)

    74,500       454,252  

Honda Motor Co. Ltd.

    817,800       26,072,599  

Horiba Ltd.

    17,900       1,055,978  

Hoshino Resorts REIT Inc.

    186       814,894  

Hoshizaki Corp.

    49,400       1,894,533  

Hosiden Corp.

    90,900       1,175,394  

House Foods Group Inc.

    29,100       671,817  

Hoya Corp.

    197,600       23,012,362  

Hulic Co. Ltd.

    53,500       455,510  

Hulic Reit Inc.

    529       613,927  

Ibiden Co. Ltd.(b)

    60,200       3,658,912  

Ichibanya Co. Ltd.

    9,700       380,050  

Ichigo Inc.

    167,300       318,233  

Ichigo Office REIT Investment Corp.

    813       506,455  

Idec Corp./Japan

    33,200       706,414  

Idemitsu Kosan Co. Ltd.

    105,800       2,234,160  

IHI Corp.

    90,700       2,230,075  

Iida Group Holdings Co. Ltd.

    65,500       1,149,033  

Inaba Denki Sangyo Co. Ltd.

    22,100       490,924  

Inabata & Co. Ltd.

    18,100       421,927  

Industrial & Infrastructure Fund Investment Corp.

    1,500       1,569,954  

Infocom Corp.

    22,000       373,284  

Infomart Corp.

    117,400       349,860  

Information Services International-Dentsu Ltd.

    24,200       858,217  

INFRONEER Holdings Inc.

    143,152       1,394,021  

Inpex Corp.

    588,900       7,604,005  

Internet Initiative Japan Inc.

    81,600       1,519,347  

Invincible Investment Corp.

    5,249       2,174,583  

Iriso Electronics Co. Ltd.

    12,700       352,937  

Isetan Mitsukoshi Holdings Ltd.

    224,600       2,436,657  

Isuzu Motors Ltd.

    363,500       4,722,136  

Ito En Ltd.

    26,700       762,070  

ITOCHU Corp.

    643,600       26,030,593  

Itochu Techno-Solutions Corp.

    72,600       1,839,985  

Itoham Yonekyu Holdings Inc.

    234,800       1,191,561  

Iwatani Corp.

    25,000       1,334,482  

Iyogin Holdings Inc., NVS

    152,900       1,080,001  

Izumi Co. Ltd.

    15,200       383,011  

J Front Retailing Co. Ltd.

    214,800       2,090,751  

JAFCO Group Co. Ltd.

    39,300       513,828  

Japan Airlines Co. Ltd.

    47,800       1,034,899  

Japan Airport Terminal Co. Ltd.

    26,000       1,211,611  

Japan Aviation Electronics Industry Ltd.

    88,600       1,799,533  

Japan Display Inc.(a)(b)

    1,099,800       302,027  

Japan Elevator Service Holdings Co. Ltd.

    98,100       1,213,239  

Japan Excellent Inc.

    483       447,990  

Japan Exchange Group Inc.

    239,600       4,174,597  

Japan Hotel REIT Investment Corp.

    3,854       1,913,724  

Japan Lifeline Co. Ltd.

    39,200       274,675  

Japan Logistics Fund Inc.

    339       716,463  

Japan Material Co. Ltd.

    96,000       1,697,604  
Security   Shares     Value  
Japan (continued)            

Japan Metropolitan Fund Invest

    4,269     $ 2,928,095  

Japan Petroleum Exploration Co. Ltd.

    26,500       910,815  

Japan Post Bank Co. Ltd.

    773,600       6,435,998  

Japan Post Holdings Co. Ltd.

    1,230,500       8,985,832  

Japan Post Insurance Co. Ltd.

    100,400       1,622,481  

Japan Prime Realty Investment Corp.

    443       1,103,000  

Japan Real Estate Investment Corp.

    361       1,451,977  

Japan Securities Finance Co. Ltd.

    85,400       725,297  

Japan Steel Works Ltd. (The)

    32,700       681,187  

Japan Tobacco Inc.

    627,000       13,912,875  

JCR Pharmaceuticals Co. Ltd.

    53,200       505,543  

JCU Corp.

    9,800       233,489  

Jeol Ltd.

    25,500       874,648  

JFE Holdings Inc.

    250,400       4,050,447  

JGC Holdings Corp.

    117,700       1,650,219  

JINS Holdings Inc.

    15,700       389,461  

JMDC Inc.

    27,700       1,058,760  

Joyful Honda Co. Ltd.

    95,200       1,102,788  

JSR Corp.

    106,400       3,052,265  

JTEKT Corp.

    124,900       1,178,129  

JTOWER Inc.(a)(b)

    8,600       439,258  

Justsystems Corp.

    24,400       694,446  

Kadokawa Corp.

    85,300       2,114,399  

Kagome Co. Ltd.

    44,300       987,628  

Kajima Corp.

    205,600       3,248,984  

Kakaku.com Inc.

    90,700       1,355,777  

Kaken Pharmaceutical Co. Ltd.

    15,600       388,418  

Kamigumi Co. Ltd.

    89,800       2,083,028  

Kanamoto Co. Ltd.

    12,100       213,412  

Kandenko Co. Ltd.

    128,400       1,126,288  

Kaneka Corp.

    16,100       474,364  

Kanematsu Corp.

    81,100       1,189,698  

Kansai Electric Power Co. Inc. (The)

    390,800       5,134,049  

Kansai Paint Co. Ltd.

    106,100       1,739,121  

Kao Corp.

    250,300       9,509,296  

Katitas Co. Ltd.

    25,100       461,680  

Kato Sangyo Co. Ltd.

    8,900       244,199  

Kawasaki Heavy Industries Ltd.

    93,000       2,371,799  

Kawasaki Kisen Kaisha Ltd.

    95,500       2,879,766  

KDDI Corp.

    809,200       23,816,130  

Keihan Holdings Co. Ltd.

    37,800       1,070,595  

Keikyu Corp.

    118,700       1,128,204  

Keio Corp.

    39,400       1,309,680  

Keisei Electric Railway Co. Ltd.

    96,800       4,017,708  

Kenedix Office Investment Corp.

    344       817,943  

Kenedix Residential Next Investment Corp.

    463       724,414  

Kenedix Retail REIT Corp.

    426       833,709  

Kewpie Corp.

    54,400       881,465  

Keyence Corp.

    105,800        47,476,899  

KH Neochem Co. Ltd.

    19,500       319,189  

Kikkoman Corp.

    91,900       5,296,276  

Kinden Corp.

    118,200       1,630,170  

Kintetsu Group Holdings Co. Ltd.

    95,700       3,210,410  

Kirin Holdings Co. Ltd.

    428,000       6,321,747  

Kissei Pharmaceutical Co. Ltd.

    24,300       514,486  

Ki-Star Real Estate Co. Ltd.

    5,700       207,830  

Kitz Corp.

    132,900       989,059  

Kiyo Bank Ltd. (The)

    105,200       1,129,653  

Kobayashi Pharmaceutical Co. Ltd.

    20,900       1,148,900  

Kobe Bussan Co. Ltd.

    62,100       1,654,069  

 

 

64  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Kobe Steel Ltd.

    172,300     $ 1,884,502  

Koei Tecmo Holdings Co. Ltd.

    115,180       1,970,860  

Kohnan Shoji Co. Ltd.

    17,800       435,745  

Koito Manufacturing Co. Ltd.

    82,600       1,518,800  

Kokuyo Co. Ltd.

    45,700       733,137  

Komatsu Ltd.

    515,000       14,427,432  

KOMEDA Holdings Co. Ltd.

    56,300       1,091,182  

Komeri Co. Ltd.

    17,900       375,191  

Konami Group Corp.

    35,800       2,008,259  

Konica Minolta Inc.

    235,900       874,396  

Kose Corp.

    27,700       2,712,556  

Kotobuki Spirits Co. Ltd.

    14,200       1,080,826  

K’s Holdings Corp.

    70,600       647,987  

Kubota Corp.

    574,900       8,684,421  

Kumagai Gumi Co. Ltd.

    16,300       369,168  

Kura Sushi Inc.(b)

    14,600       317,881  

Kuraray Co. Ltd.

    132,600       1,334,294  

Kureha Corp.

    10,500       627,764  

Kurita Water Industries Ltd.

    48,100       1,934,350  

Kusuri no Aoki Holdings Co. Ltd.

    13,000       746,439  

Kyocera Corp.

    163,100       8,776,747  

Kyorin Pharmaceutical Co. Ltd.

    23,100       288,033  

Kyoritsu Maintenance Co. Ltd.

    28,500       1,116,894  

Kyowa Kirin Co. Ltd.

    127,400       2,432,789  

Kyudenko Corp.

    19,100       550,814  

Kyushu Electric Power Co. Inc.(a)

    217,800       1,478,866  

Kyushu Financial Group Inc.

    246,400       1,199,460  

Kyushu Railway Co.

    38,000       833,259  

LaSalle Logiport REIT

    859       918,968  

Lasertec Corp.

    40,900       6,191,516  

Lawson Inc.

    21,100       1,058,688  

Leopalace21 Corp.(a)

    224,300       483,479  

Lintec Corp.

    13,300       219,502  

Lion Corp.

    99,200       947,863  

LITALICO Inc.

    18,300       287,882  

Lixil Corp.

    138,500       1,770,006  

M&A Capital Partners Co. Ltd.(a)

    10,900       223,553  

M3 Inc.

    232,100       5,367,040  

Mabuchi Motor Co. Ltd.

    34,100       979,200  

Macnica Holdings Inc.

    39,400       1,651,330  

Makino Milling Machine Co. Ltd.

    15,700       629,438  

Makita Corp.

    114,100       3,204,047  

Mandom Corp.

    17,400       174,693  

Mani Inc.

    48,700       626,259  

Marubeni Corp.

    893,000        15,810,560  

Maruha Nichiro Corp.

    26,500       459,676  

Marui Group Co. Ltd.

    109,100       1,954,441  

Maruichi Steel Tube Ltd.

    39,500       936,195  

Maruwa Co. Ltd./Aichi

    8,600       1,428,258  

Maruzen Showa Unyu Co. Ltd.

    9,000       261,930  

Matsui Securities Co. Ltd.

    57,000       322,076  

MatsukiyoCocokara & Co.

    62,590       3,662,868  

Mazda Motor Corp.

    355,100       3,522,766  

McDonald’s Holdings Co. Japan Ltd.

    20,700       814,817  

Mebuki Financial Group Inc.

    519,400       1,379,886  

Medipal Holdings Corp.

    99,100       1,699,223  

Megachips Corp.

    16,200       484,857  

Megmilk Snow Brand Co. Ltd.

    25,100       345,779  

Meidensha Corp.

    20,500       305,580  

MEIJI Holdings Co. Ltd.

    100,900       2,331,183  
Security   Shares     Value  
Japan (continued)            

Meiko Electronics Co. Ltd.(b)

    14,900     $ 296,426  

Meitec Corp.

    40,400       736,504  

Menicon Co. Ltd.

    37,800       677,994  

Mercari Inc.(a)

    74,100       1,877,126  

Milbon Co. Ltd.

    16,500       593,687  

MINEBEA MITSUMI Inc.

    198,900       3,684,180  

Mirai Corp.

    1,249       402,779  

MIRAIT ONE corp.

    39,000       500,680  

MISUMI Group Inc.

    131,400       2,403,847  

Mitani Sekisan Co. Ltd.

    6,700       227,031  

Mitsubishi Chemical Group Corp.

    628,700       3,760,774  

Mitsubishi Corp.

    702,200       35,929,085  

Mitsubishi Electric Corp.

    1,043,200       15,054,556  

Mitsubishi Estate Co. Ltd.

    611,700       7,496,804  

Mitsubishi Estate Logistics REIT Investment Corp.

    528       1,510,805  

Mitsubishi Gas Chemical Co. Inc.

    95,300       1,429,360  

Mitsubishi HC Capital Inc.

    399,030       2,639,729  

Mitsubishi Heavy Industries Ltd.

    173,100       8,212,561  

Mitsubishi Logistics Corp.

    45,200       1,135,381  

Mitsubishi Materials Corp.

    93,400       1,669,577  

Mitsubishi Motors Corp.

    478,000       1,930,415  

Mitsubishi UFJ Financial Group Inc.

    6,160,900       49,609,095  

Mitsui & Co. Ltd.

    705,100        27,520,107  

Mitsui Chemicals Inc.

    103,300       2,970,284  

Mitsui Fudosan Co. Ltd.

    504,300       10,360,811  

Mitsui Fudosan Logistics Park Inc.

    368       1,309,686  

Mitsui High-Tec Inc.

    27,000       1,888,679  

Mitsui Mining & Smelting Co. Ltd.

    28,200       666,557  

Mitsui OSK Lines Ltd.

    203,400       5,258,258  

Miura Co. Ltd.

    44,400       1,120,213  

Mixi Inc.

    31,500       594,982  

Mizuho Financial Group Inc.

    1,268,650       21,523,109  

Mizuho Leasing Co. Ltd.

    19,600       673,107  

Mochida Pharmaceutical Co. Ltd.

    20,000       465,070  

Monex Group Inc.

    113,800       443,534  

Money Forward Inc.(a)

    30,500       1,319,315  

Monogatari Corp. (The)

    29,700       727,184  

MonotaRO Co. Ltd.

    126,800       1,547,573  

Mori Hills REIT Investment Corp.

    770       783,620  

Mori Trust Reit Inc.

    2,421       1,247,807  

Morinaga & Co. Ltd./Japan

    25,400       824,535  

Morinaga Milk Industry Co. Ltd.

    16,600       559,096  

MOS Food Services Inc.

    19,200       441,556  

MS&AD Insurance Group Holdings Inc.

    220,100       8,186,248  

Murata Manufacturing Co. Ltd.

    291,500       17,315,595  

Musashi Seimitsu Industry Co. Ltd.

    13,200       164,602  

Nabtesco Corp.

    50,100       1,062,691  

Nachi-Fujikoshi Corp.

    23,300       629,576  

Nagase & Co. Ltd.

    46,900       806,393  

Nagawa Co. Ltd.

    4,500       226,707  

Nagoya Railroad Co. Ltd.

    87,300       1,405,735  

Nakanishi Inc.

    48,200       1,110,594  

Nankai Electric Railway Co. Ltd.

    96,600       2,047,280  

NEC Corp.

    127,500       6,450,914  

NEC Networks & System Integration Corp.

    109,000       1,437,285  

NET One Systems Co. Ltd.

    52,400       1,151,328  

Nexon Co. Ltd.

    253,100       4,828,999  

Nextage Co. Ltd.

    46,200       1,213,474  

NGK Insulators Ltd.

    120,200       1,474,164  

NH Foods Ltd.

    86,400       2,492,881  

 

 

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

  65


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

NHK Spring Co. Ltd.

    124,500     $ 997,579  

Nichias Corp.

    30,200       620,865  

Nichicon Corp.

    39,900       394,667  

Nichiha Corp.

    12,200       280,662  

Nichirei Corp.

    54,000       1,231,950  

Nidec Corp.

    234,200       13,987,583  

Nifco Inc./Japan

    40,500       1,207,133  

Nihon Kohden Corp.

    42,600       1,122,916  

Nihon M&A Center Holdings Inc.

    174,200       997,615  

Nihon Parkerizing Co. Ltd.

    37,500       293,311  

Nikkon Holdings Co. Ltd.

    100,900       2,120,859  

Nikon Corp.

    144,500       1,909,967  

Nintendo Co. Ltd.

    588,900       26,638,736  

Nippn Corp., New

    72,800       955,005  

Nippon Accommodations Fund Inc.

    246       1,166,039  

Nippon Building Fund Inc.

    916       3,839,699  

Nippon Ceramic Co. Ltd.

    14,100       254,689  

Nippon Densetsu Kogyo Co. Ltd.

    14,800       223,787  

Nippon Electric Glass Co. Ltd.

    83,800       1,522,115  

Nippon Express Holdings Inc.

    30,400       1,782,389  

Nippon Gas Co. Ltd.

    65,000       956,513  

Nippon Kayaku Co. Ltd.

    62,900       580,512  

Nippon Light Metal Holdings Co. Ltd.

    99,970       1,067,427  

Nippon Paint Holdings Co. Ltd.

    496,800       4,551,810  

Nippon Paper Industries Co. Ltd.(a)

    34,800       338,206  

Nippon Prologis REIT Inc.

    995       2,034,684  

NIPPON REIT Investment Corp.

    193       459,521  

Nippon Sanso Holdings Corp.

    94,700       2,289,973  

Nippon Seiki Co. Ltd.

    99,600       697,384  

Nippon Shinyaku Co. Ltd.

    30,300       1,225,321  

Nippon Shokubai Co. Ltd.

    13,300       512,005  

Nippon Soda Co. Ltd.

    20,700       778,363  

Nippon Steel Corp.

    474,300       10,840,775  

Nippon Suisan Kaisha Ltd.

    172,100       819,592  

Nippon Telegraph & Telephone Corp.

    15,983,600        18,328,682  

Nippon Yusen KK

    244,100       5,938,015  

Nipro Corp.

    53,100       385,549  

Nishimatsu Construction Co. Ltd.

    19,600       510,586  

Nishimatsuya Chain Co. Ltd.

    39,600       475,634  

Nishi-Nippon Financial Holdings Inc.

    68,300       727,557  

Nishi-Nippon Railroad Co. Ltd.

    30,400       549,095  

Nissan Chemical Corp.

    87,100       3,913,897  

Nissan Motor Co. Ltd.

    1,316,700       5,800,256  

Nissha Co. Ltd.

    20,200       244,366  

Nisshin Oillio Group Ltd. (The)

    17,300       464,369  

Nisshin Seifun Group Inc.

    122,200       1,515,403  

Nisshinbo Holdings Inc.

    79,200       680,655  

Nissin Foods Holdings Co. Ltd.

    30,500       2,571,624  

Niterra Co. Ltd.

    100,400       2,122,960  

Nitori Holdings Co. Ltd.

    39,600       4,849,123  

Nitta Corp.

    12,000       274,130  

Nitto Boseki Co. Ltd.

    11,200       218,702  

Nitto Denko Corp.

    77,600       5,518,213  

Noevir Holdings Co. Ltd.

    13,300       506,917  

NOF Corp.

    22,700       979,588  

Nojima Corp.

    37,400       365,069  

NOK Corp.

    36,300       546,586  

Nomura Co. Ltd.

    40,400       257,065  

Nomura Holdings Inc.

    1,476,800       6,109,480  

Nomura Real Estate Holdings Inc.

    34,700       860,665  
Security   Shares     Value  
Japan (continued)            

Nomura Real Estate Master Fund Inc.

    1,370     $ 1,629,941  

Nomura Research Institute Ltd.

    193,700       5,503,969  

NS Solutions Corp.

    13,800       362,189  

NSD Co. Ltd.

    63,300       1,239,840  

NSK Ltd.

    235,500       1,524,294  

NTN Corp.

    494,100       1,110,221  

NTT Data Group Corp.

    379,500       5,279,297  

NTT UD REIT Investment Corp.

    663       628,843  

Obayashi Corp.

    362,500       3,351,614  

OBIC Business Consultants Co. Ltd.

    28,400       1,192,796  

Obic Co. Ltd.

    31,700       5,187,392  

Odakyu Electric Railway Co. Ltd.

    131,300       1,918,348  

Ogaki Kyoritsu Bank Ltd. (The)

    14,000       192,791  

Ohsho Food Service Corp.

    12,000       571,351  

Oisix ra daichi Inc.(a)(b)

    21,400       351,813  

Oji Holdings Corp.

    414,000       1,634,595  

Okamura Corp.

    25,100       360,155  

Oki Electric Industry Co. Ltd.

    60,600       382,839  

Okinawa Electric Power Co. Inc. (The)(a)

    20,200       163,876  

OKUMA Corp.

    9,900       502,230  

Okumura Corp.

    14,300       427,689  

Olympus Corp.

    719,000       11,731,870  

Omron Corp.

    103,400       5,550,125  

One REIT Inc.

    152       277,185  

Ono Pharmaceutical Co. Ltd.

    203,300       3,725,538  

Open House Group Co. Ltd.

    27,600       1,050,244  

Oracle Corp. Japan

    17,200       1,205,696  

Organo Corp.

    28,000       811,538  

Orient Corp.

    19,820       155,086  

Oriental Land Co. Ltd./Japan

    583,900        22,394,629  

ORIX Corp.

    648,900       12,482,576  

Orix JREIT Inc.

    1,208       1,536,838  

Osaka Gas Co. Ltd.

    186,900       2,940,842  

OSG Corp.

    40,700       542,494  

Otsuka Corp.

    39,800       1,657,405  

Otsuka Holdings Co. Ltd.

    213,100       7,835,112  

Outsourcing Inc.

    71,000       726,386  

PALTAC Corp.

    13,500       453,582  

Pan Pacific International Holdings Corp.

    207,300       4,098,652  

Panasonic Holdings Corp.

    1,287,700       15,894,573  

Paramount Bed Holdings Co. Ltd.

    29,500       483,197  

Park24 Co. Ltd.(a)(b)

    98,700       1,302,107  

Pasona Group Inc.

    21,900       259,540  

Penta-Ocean Construction Co. Ltd.

    124,000       673,062  

PeptiDream Inc.(a)

    78,600       1,000,600  

Persol Holdings Co. Ltd.

    110,700       2,189,715  

Pigeon Corp.

    86,500       1,168,322  

Pilot Corp.

    20,000       659,040  

PKSHA Technology Inc.(a)(b)

    30,300       636,935  

Pola Orbis Holdings Inc.

    46,500       681,983  

Prestige International Inc.

    120,000       489,694  

Prima Meat Packers Ltd.

    13,100       204,222  

Raito Kogyo Co. Ltd.

    20,000       289,725  

Raksul Inc.(a)

    48,200       476,336  

Rakus Co. Ltd.

    74,700       1,268,066  

Rakuten Group Inc.

    799,500       3,131,452  

Recruit Holdings Co. Ltd.

    779,200       26,988,097  

Relo Group Inc.

    48,000       662,843  

Renesas Electronics Corp.(a)

    686,100       13,237,494  

Rengo Co. Ltd.

    97,000       617,809  

 

 

66  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

RENOVA Inc.(a)

    30,800     $ 325,319  

Resona Holdings Inc.

    1,277,400       6,954,269  

Resorttrust Inc.

    47,100       744,729  

Ricoh Co. Ltd.

    275,600       2,451,645  

Riken Keiki Co. Ltd.

    12,500       472,913  

Rinnai Corp.

    35,300       768,558  

Rohm Co. Ltd.

    34,800       3,261,046  

Rohto Pharmaceutical Co. Ltd.

    101,400       2,161,300  

Rorze Corp.

    10,300       805,613  

Round One Corp.(b)

    124,800       499,562  

RS Technologies Co. Ltd.

    29,700       637,083  

Ryohin Keikaku Co. Ltd.

    128,600       1,669,894  

Saizeriya Co. Ltd.

    16,200       515,121  

Sakai Moving Service Co. Ltd.

    6,200       233,098  

Sakata Seed Corp.

    28,300       795,305  

SAMTY Co. Ltd.

    27,300       436,090  

San-A Co. Ltd.

    10,800       357,945  

San-Ai Obbli Co. Ltd.

    16,500       187,888  

SanBio Co. Ltd.(a)

    37,500       158,317  

Sangetsu Corp.

    71,200       1,307,070  

San-in Godo Bank Ltd. (The)

    221,700       1,435,070  

Sanken Electric Co. Ltd.

    20,000       2,043,368  

Sanki Engineering Co. Ltd.

    20,500       222,762  

Sankyo Co. Ltd.

    42,900       1,814,738  

Sankyu Inc.

    25,100       870,398  

Sanrio Co. Ltd.

    63,500       2,956,761  

Sansan Inc.(a)

    53,700       568,411  

Santen Pharmaceutical Co. Ltd.

    130,000       1,135,983  

Sanwa Holdings Corp.

    102,700       1,396,733  

Sapporo Holdings Ltd.(b)

    56,200       1,480,669  

Sato Holdings Corp.

    7,600       106,432  

Sawai Group Holdings Co. Ltd.

    14,700       366,137  

SBI Holdings Inc.

    125,800       2,656,555  

SCREEN Holdings Co. Ltd.

    22,100       2,387,892  

SCSK Corp.

    79,400       1,320,029  

Secom Co. Ltd.

    107,600       7,220,481  

Sega Sammy Holdings Inc.

    115,200       2,518,804  

Seibu Holdings Inc.

    126,200       1,403,272  

Seiko Epson Corp.

    127,800       2,098,694  

Seino Holdings Co. Ltd.

    57,100       898,670  

Seiren Co. Ltd.

    28,900       499,352  

Sekisui Chemical Co. Ltd.

    136,900       2,079,443  

Sekisui House Ltd.

    356,800       7,279,324  

Sekisui House Reit Inc.

    2,111       1,253,029  

Senko Group Holdings Co. Ltd.

    120,300       870,820  

Seria Co. Ltd.

    29,700       498,172  

Seven & i Holdings Co. Ltd.

    400,700        16,623,071  

Seven Bank Ltd.

    785,400       1,705,864  

SG Holdings Co. Ltd.

    143,300       2,091,249  

Sharp Corp./Japan(a)

    99,600       592,237  

Shibaura Machine Co. Ltd.

    14,200       453,974  

SHIFT Inc.(a)(b)

    8,600       2,034,393  

Shiga Bank Ltd. (The)

    24,100       516,302  

Shikoku Electric Power Co. Inc.(a)

    79,900       562,884  

Shima Seiki Manufacturing Ltd.

    22,800       312,084  

Shimadzu Corp.

    122,400       3,717,388  

Shimamura Co. Ltd.

    16,900       1,673,705  

Shimano Inc.

    40,000       6,029,086  

Shimizu Corp.

    203,700       1,403,398  

Shin-Etsu Chemical Co. Ltd.

    992,100       32,684,579  
Security   Shares     Value  
Japan (continued)            

Shinko Electric Industries Co. Ltd.

    43,600     $ 1,762,785  

Shinsei Bank Ltd.

    38,800       781,392  

Shionogi & Co. Ltd.

    131,700       5,519,287  

Ship Healthcare Holdings Inc.

    49,700       804,965  

Shiseido Co. Ltd.

    217,300       9,527,315  

Shizuoka Financial Group Inc., NVS

    201,300       1,681,279  

SHO-BOND Holdings Co. Ltd.

    33,700       1,368,725  

Shochiku Co. Ltd.

    4,900       374,941  

Shoei Co. Ltd.

    52,200       949,028  

Showa Denko KK

    99,300       1,626,708  

Skylark Holdings Co. Ltd.(a)

    101,500       1,313,357  

SMC Corp.

    30,000       15,676,889  

SMS Co. Ltd.

    50,900       1,081,136  

Socionext Inc.

    18,600       2,200,852  

SoftBank Corp.

    1,575,100       17,490,697  

SoftBank Group Corp.

    556,000       28,279,491  

Sohgo Security Services Co. Ltd.

    159,700       976,398  

Sojitz Corp.

    126,660       3,007,195  

Sompo Holdings Inc.

    151,900       6,715,612  

Sony Group Corp.

    679,400        63,636,834  

Sosei Group Corp.(a)

    62,100       792,091  

SOSiLA Logistics REIT Inc.

    891       805,294  

Sotetsu Holdings Inc.

    102,600       1,985,496  

S-Pool Inc.

    96,100       371,035  

Square Enix Holdings Co. Ltd.

    49,100       2,274,276  

Stanley Electric Co. Ltd.

    82,900       1,531,934  

Star Asia Investment Corp.

    1,422       574,846  

Starts Corp. Inc.

    15,900       329,707  

Subaru Corp.

    318,400       6,034,816  

Sugi Holdings Co. Ltd.

    17,800       793,536  

SUMCO Corp.

    151,500       2,207,646  

Sumitomo Bakelite Co. Ltd.

    19,300       839,972  

Sumitomo Chemical Co. Ltd.

    869,500       2,681,675  

Sumitomo Corp.

    624,200       13,390,888  

Sumitomo Electric Industries Ltd.

    400,200       5,131,350  

Sumitomo Forestry Co. Ltd.

    57,400       1,385,056  

Sumitomo Heavy Industries Ltd.

    46,000       1,132,235  

Sumitomo Metal Mining Co. Ltd.

    127,600       4,406,691  

Sumitomo Mitsui Construction Co. Ltd.

    126,400       335,320  

Sumitomo Mitsui Financial Group Inc.

    721,800       33,817,519  

Sumitomo Mitsui Trust Holdings Inc.

    160,100       6,228,163  

Sumitomo Osaka Cement Co. Ltd.

    12,700       356,565  

Sumitomo Pharma Co., Ltd.

    115,100       477,088  

Sumitomo Realty & Development Co. Ltd.

    125,500       3,363,326  

Sumitomo Rubber Industries Ltd.

    122,400       1,251,535  

Sumitomo Warehouse Co. Ltd. (The)

    100,500       1,727,094  

Sundrug Co. Ltd.

    66,700       1,968,943  

Suntory Beverage & Food Ltd.

    49,800       1,772,731  

Suruga Bank Ltd.

    222,100       934,586  

Suzuken Co. Ltd.

    34,400       1,004,399  

Suzuki Motor Corp.

    203,600       8,177,708  

Sysmex Corp.

    89,600       6,067,273  

Systena Corp.

    179,700       344,208  

T Hasegawa Co. Ltd.

    19,300       460,972  

T&D Holdings Inc.

    260,500       4,235,419  

Tadano Ltd.

    120,100       942,483  

Taiheiyo Cement Corp.

    88,600       1,850,348  

Taikisha Ltd.

    14,800       440,670  

Taisei Corp.

    100,400       3,804,799  

Taisho Pharmaceutical Holdings Co. Ltd.

    21,800       840,549  

 

 

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

  67


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Taiyo Holdings Co. Ltd.

    22,500     $ 421,076  

Taiyo Yuden Co. Ltd.

    44,400       1,323,977  

Takara Bio Inc.

    43,500       534,520  

Takara Holdings Inc.

    81,400       716,356  

Takasago Thermal Engineering Co. Ltd.

    39,600       715,003  

Takashimaya Co. Ltd.

    119,100       1,731,295  

Takeda Pharmaceutical Co. Ltd.

    836,654       25,580,563  

Takeuchi Manufacturing Co. Ltd.

    28,600       896,265  

Takuma Co. Ltd.

    104,100       1,139,099  

TDK Corp.

    214,800       8,228,613  

TechnoPro Holdings Inc.

    52,500       1,359,228  

Teijin Ltd.

    79,300       848,171  

Terumo Corp.

    380,100       12,447,921  

THK Co. Ltd.

    81,100       1,625,893  

TIS Inc.

    119,100       3,020,827  

TKC Corp.

    19,000       494,034  

Toagosei Co. Ltd.

    117,000       1,109,687  

Tobu Railway Co. Ltd.

    95,400       2,524,476  

Tocalo Co. Ltd.

    108,600       1,103,728  

Toda Corp.

    105,700       588,713  

Toei Co. Ltd.

    2,700       343,279  

Toho Co. Ltd./Tokyo

    30,300       1,181,183  

Toho Gas Co. Ltd.

    34,800       652,029  

Toho Holdings Co. Ltd.

    31,300       610,277  

Tohoku Electric Power Co. Inc.(a)

    236,800       1,575,009  

Tokai Carbon Co. Ltd.

    144,000       1,281,104  

TOKAI Holdings Corp.

    74,900       477,171  

Tokai Rika Co. Ltd.

    108,900       1,723,052  

Tokai Tokyo Financial Holdings Inc.

    379,300       1,169,337  

Tokio Marine Holdings Inc.

    1,022,200        23,505,469  

Tokuyama Corp.

    20,100       345,755  

Tokyo Century Corp.

    15,400       603,179  

Tokyo Electric Power Co. Holdings Inc.(a)

    911,100       3,618,015  

Tokyo Electron Ltd.

    249,500       37,446,689  

Tokyo Gas Co. Ltd.

    203,800       4,621,381  

Tokyo Kiraboshi Financial Group Inc.

    32,700       865,341  

Tokyo Ohka Kogyo Co. Ltd.

    16,600       1,048,482  

Tokyo Seimitsu Co. Ltd.

    47,000       2,603,452  

Tokyo Steel Manufacturing Co. Ltd.

    83,600       1,011,299  

Tokyo Tatemono Co. Ltd.

    94,400       1,261,513  

Tokyu Construction Co. Ltd.

    85,200       461,044  

Tokyu Corp.

    224,400       2,847,115  

Tokyu Fudosan Holdings Corp.

    247,100       1,468,995  

Tokyu REIT Inc.

    441       583,357  

Tomy Co. Ltd.

    105,300       1,424,570  

Topcon Corp.

    59,600       725,300  

Toppan Inc.

    131,300       3,090,608  

Toray Industries Inc.

    758,400       4,246,594  

Toridoll Holdings Corp.

    36,700       906,498  

Toshiba Corp.

    215,500       6,957,680  

Toshiba TEC Corp.

    17,300       502,500  

Tosoh Corp.

    119,900       1,567,173  

Totetsu Kogyo Co. Ltd.

    9,700       185,729  

TOTO Ltd.

    89,000       2,736,048  

Towa Pharmaceutical Co. Ltd.

    12,100       153,089  

Toyo Gosei Co. Ltd.(b)

    5,300       317,727  

Toyo Ink SC Holdings Co. Ltd.

    17,600       271,330  

Toyo Seikan Group Holdings Ltd.

    112,700       1,832,042  

Toyo Suisan Kaisha Ltd.

    35,100       1,451,811  

Toyo Tire Corp.

    42,900       580,877  
Security   Shares     Value  
Japan (continued)            

Toyobo Co. Ltd.

    30,300     $ 231,215  

Toyoda Gosei Co. Ltd.

    20,900       446,096  

Toyota Boshoku Corp.

    34,600       631,275  

Toyota Industries Corp.

    88,400       6,388,415  

Toyota Motor Corp.

    5,717,600       96,134,289  

Toyota Tsusho Corp.

    107,900       6,312,706  

Trancom Co. Ltd.

    2,400       118,930  

Transcosmos Inc.

    11,100       272,116  

TRE Holdings Corp.

    24,100       209,352  

Trend Micro Inc./Japan

    73,300       3,463,112  

Tri Chemical Laboratories Inc.

    26,000       482,810  

Trusco Nakayama Corp.

    23,200       357,444  

TS Tech Co. Ltd.

    46,400       599,474  

Tsubakimoto Chain Co.

    16,800       447,921  

Tsumura & Co.

    36,400       677,394  

Tsuruha Holdings Inc.

    22,300       1,712,556  

UACJ Corp.

    14,400       288,374  

UBE Corp.

    102,500       1,870,846  

Ulvac Inc.

    42,600       1,829,286  

Unicharm Corp.

    216,200       7,999,109  

United Urban Investment Corp.

    1,222       1,318,991  

Universal Entertainment Corp.

    23,800       430,530  

Ushio Inc.

    59,300       821,552  

USS Co. Ltd.

    118,400       2,053,066  

UT Group Co. Ltd.(a)

    21,900       442,660  

Valor Holdings Co. Ltd.

    17,900       268,835  

ValueCommerce Co. Ltd.

    15,000       143,495  

Visional Inc.(a)

    13,600       748,260  

Wacoal Holdings Corp.

    23,700       515,689  

Wacom Co. Ltd.

    197,100       839,712  

WealthNavi Inc.(a)(b)

    34,700       335,803  

Welcia Holdings Co. Ltd.

    98,200       1,848,493  

West Holdings Corp.

    16,600       324,938  

West Japan Railway Co.

    107,000       4,396,025  

Yakult Honsha Co. Ltd.

    83,600       4,638,616  

Yamada Holdings Co. Ltd.

    357,200       1,079,150  

Yamaguchi Financial Group Inc.

    153,900       1,196,785  

Yamaha Corp.

    87,800       3,402,092  

Yamaha Motor Co. Ltd.

    141,800       4,158,838  

Yamato Holdings Co. Ltd.

    128,300       2,402,798  

Yamato Kogyo Co. Ltd.

    26,100       1,248,082  

Yamazaki Baking Co. Ltd.

    69,100       994,443  

Yaoko Co. Ltd.

    10,800       569,701  

Yaskawa Electric Corp.

    121,500       5,281,638  

Yokogawa Bridge Holdings Corp.

    17,200       309,434  

Yokogawa Electric Corp.

    117,000       2,197,131  

Yokohama Rubber Co. Ltd. (The)

    86,700       1,944,113  

Yoshinoya Holdings Co. Ltd.

    37,500       741,796  

Z Holdings Corp.

    1,558,900       4,346,225  

Zenkoku Hosho Co. Ltd.

    21,500       754,746  

Zensho Holdings Co. Ltd.

    57,500       3,063,961  

Zeon Corp.

    85,200       918,904  

Zojirushi Corp.

    24,800       348,999  

ZOZO Inc.

    80,400       1,569,570  
   

 

 

 
       2,409,192,055  
Netherlands — 3.9%            

Aalberts NV

    66,884       3,018,107  

ABN AMRO Bank NV, CVA(c)

    240,020       4,081,109  

Adyen NV(a)(c)

    11,926       22,134,831  

Aegon NV

    1,026,067       5,569,780  

 

 

68  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Netherlands (continued)            

AerCap Holdings NV(a)

    88,997     $ 5,678,899  

Akzo Nobel NV

    96,516       8,256,753  

Alfen Beheer BV(a)(b)(c)

    16,543       1,147,971  

Allfunds Group PLC

    308,138       2,009,041  

Arcadis NV

    27,620       1,210,914  

ASM International NV

    26,426       12,554,473  

ASML Holding NV

    219,889       157,499,625  

ASR Nederland NV

    85,586       3,879,563  

Basic-Fit NV(a)(b)(c)

    31,483       1,062,685  

BE Semiconductor Industries NV

    41,112       4,908,715  

Corbion NV

    35,644       837,642  

Davide Campari-Milano NV

    326,768       4,394,664  

Eurocommercial Properties NV

    42,074       1,063,445  

EXOR NV, NVS

    56,769       5,304,810  

Ferrovial SE

    275,635       9,134,252  

Flow Trades Ltd., NVS

    32,956       717,093  

Heineken Holding NV

    63,403       5,197,469  

Heineken NV

    140,133       13,716,423  

IMCD NV

    33,232       5,035,625  

ING Groep NV

    2,010,668       29,349,042  

InPost SA(a)

    178,334       2,131,058  

Iveco Group NV(a)

    131,247       1,244,821  

JDE Peet’s NV

    41,593       1,254,873  

Just Eat Takeaway.com NV(a)(c)

    91,389       1,639,518  

Just Eat Takeaway.com NV(a)(c)

    19,826       354,955  

Koninklijke Ahold Delhaize NV

    510,661       17,601,779  

Koninklijke BAM Groep NV

    131,867       306,835  

Koninklijke KPN NV

    1,800,318       6,514,011  

Koninklijke Philips NV(a)

    493,597       10,253,804  

Koninklijke Vopak NV

    50,439       1,901,641  

MFE-MediaForEurope NV, Class A

    817,523       432,714  

MFE-MediaForEurope NV, Class B

    340,207       262,462  

NN Group NV

    143,246       5,491,325  

NSI NV

    8,271       173,877  

OCI NV

    55,315       1,576,465  

Pharming Group NV(a)

    958,827       1,210,225  

PostNL NV

    194,167       394,289  

Prosus NV

    439,418       34,761,199  

QIAGEN NV(a)

    126,969       5,957,582  

Randstad NV

    63,544       3,722,756  

SBM Offshore NV

    120,030       1,743,793  

Signify NV(c)

    80,286       2,524,310  

Technip Energies NV

    153,027       3,487,792  

TKH Group NV

    23,470       1,224,580  

Universal Music Group NV

    442,341       11,346,005  

Wolters Kluwer NV

    140,400       17,630,871  
   

 

 

 
       442,906,471  
New Zealand — 0.3%            

a2 Milk Co. Ltd. (The)(a)(b)

    482,234       1,653,325  

Auckland International Airport Ltd.(a)

    702,470       3,667,068  

Contact Energy Ltd.

    499,846       2,580,974  

EBOS Group Ltd.

    93,901       2,250,268  

Fisher & Paykel Healthcare Corp. Ltd.

    328,055       5,008,431  

Fletcher Building Ltd.

    580,965       2,014,316  

Goodman Property Trust

    822,106       1,153,978  

Infratil Ltd.

    659,976       4,082,122  

Mercury NZ Ltd.

    283,112       1,159,371  

Meridian Energy Ltd.

    809,813       2,842,345  

Ryman Healthcare Ltd.

    429,643       1,819,768  

Spark New Zealand Ltd.

    1,114,707       3,588,850  
Security   Shares     Value  
New Zealand (continued)            

Summerset Group Holdings Ltd.

    264,629     $ 1,693,284  
   

 

 

 
       33,514,100  
Norway — 0.8%            

Adevinta ASA(a)

    192,118       1,421,105  

Aker ASA, Class A

    21,677       1,378,379  

Aker BP ASA

    177,751       4,979,263  

Atea ASA

    64,909       881,247  

Austevoll Seafood ASA

    62,187       466,920  

Bakkafrost P/F

    22,887       1,331,884  

Borregaard ASA

    51,199       835,585  

DNB Bank ASA

    505,967       10,426,706  

DNO ASA

    946,932       1,027,181  

Entra ASA(c)

    32,300       315,052  

Equinor ASA

    527,724       16,142,271  

Frontline PLC, NVS

    107,892       1,797,657  

Gjensidige Forsikring ASA

    114,314       1,804,610  

Golden Ocean Group Ltd.

    130,957       1,026,145  

Kahoot! ASA(a)(b)

    348,335       1,198,239  

Kongsberg Gruppen ASA

    50,917       2,209,346  

Leroy Seafood Group ASA

    165,903       690,229  

Mowi ASA

    232,402       4,085,604  

NEL ASA(a)(b)

    1,216,166       1,649,455  

Nordic Semiconductor ASA(a)

    110,442       1,626,462  

Norsk Hydro ASA

    799,624       5,237,072  

Orkla ASA

    410,810       3,241,629  

Salmar ASA

    32,209       1,488,008  

Scatec ASA(c)

    93,814       784,099  

Schibsted ASA, Class A

    17,823       381,827  

Schibsted ASA, Class B

    81,357       1,595,362  

SpareBank 1 SMN

    135,283       1,895,781  

SpareBank 1 SR-Bank ASA

    202,150       2,609,051  

Storebrand ASA

    361,337       3,158,452  

Subsea 7 SA

    177,836       2,389,965  

Telenor ASA

    365,970       3,917,687  

TGS ASA

    108,333       1,445,954  

TOMRA Systems ASA

    154,187       2,376,136  

Veidekke ASA

    47,333       534,274  

Yara International ASA

    98,862       4,037,719  
   

 

 

 
      90,386,356  
Portugal — 0.2%            

Banco Comercial Portugues SA, Class R(a)

    5,070,782       1,384,855  

EDP - Energias de Portugal SA

    1,462,666       6,833,340  

Galp Energia SGPS SA

    309,708       4,115,899  

Jeronimo Martins SGPS SA

    143,795       3,914,931  

Navigator Co. SA (The)

    215,938       756,898  

NOS SGPS SA

    139,885       531,545  

REN - Redes Energeticas Nacionais SGPS SA

    493,183       1,346,703  

Sonae SGPS SA

    877,932       954,541  
   

 

 

 
      19,838,712  
Singapore — 1.4%            

CapitaLand Ascendas REIT

    1,847,112       3,905,948  

CapitaLand Ascott Trust

    1,917,168       1,614,781  

CapitaLand China Trust(b)

    703,380       550,617  

CapitaLand Integrated Commercial Trust

    3,466,035       5,321,348  

Capitaland Investment Ltd/Singapore

    1,476,400       3,778,816  

CDL Hospitality Trusts

    559,690       500,953  

City Developments Ltd.

    432,500       2,406,554  

ComfortDelGro Corp. Ltd.

    1,757,700       1,667,076  

DBS Group Holdings Ltd.

    952,700       24,576,839  

 

 

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

  69


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Singapore (continued)            

ESR-LOGOS REIT

    3,039,051     $ 788,204  

Frasers Centrepoint Trust

    666,319       1,088,108  

Frasers Logistics & Commercial Trust

    1,743,287       1,600,911  

Genting Singapore Ltd.

    3,935,900       2,783,962  

Golden Agri-Resources Ltd.

    3,838,500       722,824  

Grab Holdings Ltd., Class A(a)(b)

    1,129,279       4,325,139  

Jardine Cycle & Carriage Ltd.

    110,700       2,857,148  

Keppel Corp. Ltd.

    888,700       4,935,159  

Keppel DC REIT

    912,350       1,503,597  

Keppel Infrastructure Trust

    4,332,825       1,660,217  

Keppel REIT

    976,800       668,720  

Manulife US Real Estate Investment Trust

    813,116       85,345  

Mapletree Industrial Trust

    1,171,040       1,973,311  

Mapletree Logistics Trust

    2,279,034       2,897,300  

Mapletree Pan Asia Commercial Trust

    1,310,000       1,627,050  

NetLink NBN Trust

    3,902,200       2,524,112  

OUE Commercial Real Estate Investment Trust

    1,187,948       276,942  

Oversea-Chinese Banking Corp. Ltd.(b)

    1,753,300       17,546,590  

PARAGON REIT

    884,050       635,201  

Parkway Life REIT

    201,800       588,955  

SATS Ltd.(a)

    975,563       2,054,420  

Sea Ltd., ADR(a)(b)

    199,091       13,243,533  

Seatrium Ltd.(a)

    28,437,684       3,013,978  

Sembcorp Industries Ltd.

    756,000       3,099,130  

Silverlake Axis Ltd.

    1,265,200       276,051  

Singapore Airlines Ltd.(b)

    850,200       4,816,402  

Singapore Exchange Ltd.

    310,800       2,271,883  

Singapore Post Ltd.(b)

    846,300       318,281  

Singapore Technologies Engineering Ltd.(b)

    899,900       2,526,473  

Singapore Telecommunications Ltd.

    4,456,300       8,939,628  

Starhill Global REIT

    1,020,100       394,997  

Suntec REIT(b)

    1,022,100       991,817  

United Overseas Bank Ltd.

    648,700       14,714,775  

UOL Group Ltd.

    216,500       1,145,539  

Venture Corp. Ltd.

    135,800       1,530,998  

Wilmar International Ltd.

    1,120,000       3,254,421  

Yangzijiang Financial Holding Ltd.

    1,405,500       348,917  

Yangzijiang Shipbuilding Holdings Ltd.

    2,059,600       2,385,970  
   

 

 

 
       160,738,940  
Spain — 2.1%            

Acciona SA

    13,418       2,011,341  

Acerinox SA

    120,795       1,271,658  

ACS Actividades de Construccion y Servicios SA

    138,774       4,854,139  

Aena SME SA(c)

    39,444       6,298,897  

Almirall SA

    62,739       601,838  

Amadeus IT Group SA

    243,901       17,496,504  

Applus Services SA

    79,229       849,931  

Banco Bilbao Vizcaya Argentaria SA

    3,232,685       25,623,471  

Banco de Sabadell SA

    3,382,063       4,167,962  

Banco Santander SA

    8,962,549       36,318,769  

Bankinter SA

    474,403       3,069,408  

CaixaBank SA

    2,413,868       9,764,580  

Cellnex Telecom SA(c)

    308,612       12,603,430  

Cia. de Distribucion Integral Logista Holdings SA

    55,335       1,539,700  

Cie. Automotive SA

    29,805       934,106  

Construcciones y Auxiliar de Ferrocarriles SA

    44,057       1,502,378  

Ebro Foods SA

    26,653       491,325  

EDP Renovaveis SA

    159,797       3,052,266  

Enagas SA

    23,187       411,489  

Endesa SA

    199,384       4,273,367  
Security   Shares     Value  
Spain (continued)            

Faes Farma SA

    219,730     $ 761,388  

Fluidra SA

    77,495       1,713,817  

Gestamp Automocion SA(c)

    98,954       480,421  

Grifols SA(a)

    165,229       2,427,265  

Iberdrola SA

    3,211,419       40,083,423  

Indra Sistemas SA

    122,594       1,782,961  

Industria de Diseno Textil SA

    577,942       22,122,359  

Inmobiliaria Colonial SOCIMI SA

    208,467       1,345,709  

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros

    555,564       539,374  

Mapfre SA

    667,783       1,387,959  

Melia Hotels International SA(a)(b)

    67,704       497,038  

Merlin Properties SOCIMI SA

    229,360       2,137,399  

Naturgy Energy Group SA

    88,515       2,698,886  

Neinor Homes SA(c)

    16,719       165,443  

Pharma Mar SA

    15,213       571,970  

Prosegur Cia. de Seguridad SA

    77,588       142,695  

Redeia Corp. SA

    57,325       958,798  

Repsol SA

    748,292       11,424,489  

Sacyr SA

    252,284       862,486  

Solaria Energia y Medio Ambiente SA(a)

    56,758       887,766  

Tecnicas Reunidas SA(a)

    43,450       418,691  

Telefonica SA

    2,800,351       11,931,632  

Viscofan SA

    25,278       1,641,073  
   

 

 

 
       244,119,601  
Sweden — 3.1%            

AAK AB

    128,673       2,473,259  

AddTech AB, Class B

    162,532       3,027,940  

AFRY AB

    55,248       766,713  

Alfa Laval AB

    159,774       5,980,904  

Alleima AB, NVS

    158,251       687,425  

Arjo AB, Class B

    124,516       532,742  

Assa Abloy AB, Class B

    525,232       12,628,092  

Atlas Copco AB, Class A

    1,447,090       20,557,194  

Atlas Copco AB, Class B

    831,486       10,267,951  

Avanza Bank Holding AB

    89,474       2,026,171  

Axfood AB

    51,195       1,304,387  

Beijer Ref AB, Class B

    211,608       2,877,555  

Billerud AB

    119,983       1,023,171  

Biotage AB

    57,752       712,871  

Boliden AB

    162,230       4,771,061  

Bravida Holding AB(c)

    106,322       854,521  

Bure Equity AB

    53,263       1,133,186  

Castellum AB(b)

    233,170       2,655,367  

Catena AB

    25,692       986,967  

Corem Property Group AB, Class B

    768,563       518,403  

Dios Fastigheter AB

    78,123       532,704  

Dometic Group AB(c)

    187,413       1,396,456  

Electrolux AB, Class B

    139,133       1,718,466  

Electrolux Professional AB, Class B

    212,793       1,198,832  

Elekta AB, Class B

    239,149       1,937,399  

Embracer Group AB, Class B(a)

    395,031       1,133,855  

Epiroc AB, Class A

    363,629       7,260,081  

Epiroc AB, Class B

    198,092       3,365,400  

EQT AB

    190,695       4,555,147  

Essity AB, Class B

    324,997       8,058,717  

Evolution AB(c)

    99,701       12,294,389  

Fabege AB

    162,063       1,403,530  

Fastighets AB Balder, Class B(a)

    307,726       1,435,994  

Fortnox AB

    350,587       2,151,843  

 

 

70  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Sweden (continued)            

Getinge AB, Class B

    136,257     $ 2,538,879  

Granges AB

    65,788       671,952  

H & M Hennes & Mauritz AB, Class B

    387,898       6,524,354  

Hexagon AB, Class B

    1,182,338       11,463,721  

Hexatronic Group AB

    123,722       937,517  

Hexpol AB

    199,516       2,164,449  

Holmen AB, Class B

    37,102       1,429,196  

Hufvudstaden AB, Class A

    85,675       1,048,835  

Husqvarna AB, Class B

    283,465       2,780,383  

Industrivarden AB, Class A

    70,117       1,991,109  

Industrivarden AB, Class C(b)

    119,070       3,373,345  

Indutrade AB

    158,943       3,335,632  

Instalco AB

    239,028       940,469  

Intrum AB(b)

    43,504       338,948  

Investment AB Latour, Class B

    82,278       1,658,035  

Investor AB, Class A

    272,875       5,541,655  

Investor AB, Class B

    944,233       19,285,002  

JM AB

    25,094       394,275  

Kindred Group PLC

    144,351       1,736,325  

Kinnevik AB, Class B(a)

    133,833       1,826,647  

L E Lundbergforetagen AB, Class B

    27,252       1,200,980  

Lifco AB, Class B

    154,526       3,115,529  

Lindab International AB

    75,519       1,170,823  

Loomis AB, Class B

    73,949       2,157,281  

Millicom International Cellular SA, SDR(a)(b)

    109,339       1,697,727  

MIPS AB

    28,464       1,288,704  

Modern Times Group MTG AB, Class B(a)

    89,073       579,346  

Mycronic AB

    101,684       2,188,214  

NCC AB, Class B

    59,749       643,429  

Nibe Industrier AB, Class B

    831,529       7,490,215  

Nolato AB, Class B

    237,200       980,410  

Nordea Bank Abp

    1,800,094        20,374,068  

Nordnet AB publ

    116,889       1,734,315  

Nyfosa AB

    79,830       506,430  

Pandox AB, Class B

    68,189       804,053  

Peab AB, Class B

    104,568       462,572  

PowerCell Sweden AB(a)

    45,401       418,134  

Resurs Holding AB(c)

    44,477       107,802  

Saab AB, Class B

    44,393       2,339,916  

Sagax AB, Class B

    117,155       2,601,504  

Samhallsbyggnadsbolaget i Norden AB(b)

    732,421       316,688  

Sandvik AB

    561,482       11,405,116  

Sectra AB, NVS

    115,492       1,849,321  

Securitas AB, Class B

    225,242       1,917,209  

Sinch AB(a)(c)

    404,885       1,049,395  

Skandinaviska Enskilda Banken AB, Class A

    856,716       10,385,308  

Skanska AB, Class B

    186,359       2,972,311  

SKF AB, Class B

    203,870       3,884,218  

SSAB AB, Class B

    367,271       2,246,947  

Stillfront Group AB(a)

    376,880       697,463  

Storskogen Group AB

    753,178       775,268  

Svenska Cellulosa AB SCA, Class B

    348,970       4,636,928  

Svenska Handelsbanken AB, Class A

    756,537       6,642,363  

Sweco AB, Class B

    121,408       1,250,252  

Swedbank AB, Class A

    483,164       8,862,043  

Swedish Orphan Biovitrum AB(a)

    101,393       1,984,573  

Tele2 AB, Class B

    324,344       2,440,544  

Telefonaktiebolaget LM Ericsson, Class B

    1,535,301       7,723,292  

Telia Co. AB

    1,391,055       2,989,351  

Thule Group AB(c)

    94,998       2,966,448  
Security   Shares     Value  
Sweden (continued)            

Trelleborg AB, Class B

    138,720     $ 3,693,093  

Troax Group AB

    33,290       599,588  

Viaplay Group AB, Class B(a)(b)

    38,537       167,309  

Vitec Software Group AB, Class B

    29,052       1,654,879  

Vitrolife AB

    50,792       753,678  

Volvo AB, Class A

    111,104       2,519,389  

Volvo AB, Class B

    838,096       18,487,238  

Volvo Car AB, Class B(a)

    348,082       1,720,569  

Wallenstam AB, Class B

    211,573       824,812  

Wihlborgs Fastigheter AB

    259,142       2,026,448  
   

 

 

 
       355,512,914  
Switzerland — 8.7%            

ABB Ltd., Registered

    855,682       34,336,393  

Accelleron Industries AG, NVS

    58,959       1,553,299  

Adecco Group AG, Registered

    93,631       3,815,869  

Alcon Inc.

    275,969       23,482,649  

Allreal Holding AG, Registered

    8,843       1,624,621  

ALSO Holding AG, Registered

    3,380       773,455  

Bachem Holding AG, Class A

    21,445       1,980,899  

Baloise Holding AG, Registered

    26,589       4,115,680  

Banque Cantonale Vaudoise, Registered

    18,480       2,074,221  

Barry Callebaut AG, Registered

    2,117       3,969,374  

Belimo Holding AG, Registered

    5,456       2,940,509  

BKW AG

    12,963       2,319,654  

Bossard Holding AG, Class A, Registered

    3,075       718,652  

Bucher Industries AG, Registered

    2,022       901,029  

Burckhardt Compression Holding AG

    2,147       1,265,314  

Bystronic AG, Registered(b)

    512       358,729  

Cembra Money Bank AG

    17,357       1,317,436  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    609       7,448,211  

Chocoladefabriken Lindt & Spruengli AG, Registered

    48       5,833,699  

Cie. Financiere Richemont SA, Class A, Registered

    286,911       46,202,082  

Clariant AG, Registered

    134,946       2,211,249  

Coca-Cola HBC AG, Class DI

    106,785       3,141,927  

Comet Holding AG, Registered

    6,091       1,602,386  

Daetwyler Holding AG, Bearer

    5,399       1,067,966  

DKSH Holding AG

    11,975       966,298  

DocMorris AG(a)(b)

    7,411       453,543  

dormakaba Holding AG

    1,427       695,780  

DSM-Firmenich AG

    93,363       10,316,592  

Dufry AG, Registered(a)

    60,804       3,141,649  

Emmi AG, Registered

    1,088       1,064,774  

EMS-Chemie Holding AG, Registered

    4,050       3,380,332  

Flughafen Zurich AG, Registered

    13,286       2,812,609  

Forbo Holding AG, Registered

    520       748,058  

Galenica AG(c)

    25,788       2,075,420  

Geberit AG, Registered

    20,559       11,667,272  

Georg Fischer Ltd.

    53,650       3,664,092  

Givaudan SA, Registered

    4,977       16,799,716  

Gurit Holding AG(a)(b)

    3,730       399,498  

Helvetia Holding AG, Registered

    25,156       3,722,661  

Holcim Ltd.

    313,989       21,884,064  

Huber + Suhner AG, Registered

    13,516       1,167,424  

Idorsia Ltd.(a)(b)

    91,653       726,937  

Inficon Holding AG, Registered

    1,120       1,435,877  

Interroll Holding AG, Registered

    429       1,372,247  

Intershop Holding AG

    982       677,861  

 

 

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

  71


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Switzerland (continued)            

Julius Baer Group Ltd.

    121,110     $ 8,577,922  

Kardex Holding AG, Registered

    3,552       888,772  

Kuehne + Nagel International AG, Registered

    32,144       10,057,727  

Landis+Gyr Group AG

    14,338       1,244,959  

Logitech International SA, Registered

    93,591       6,616,784  

Lonza Group AG, Registered

    40,542       23,556,358  

Medmix AG(c)

    23,074       644,015  

Meyer Burger Technology AG(a)

    2,129,613       1,280,388  

Mobilezone Holding AG, Registered

    44,809       746,783  

Mobimo Holding AG, Registered

    5,429       1,605,448  

Nestle SA, Registered

    1,489,520       182,494,691  

Novartis AG, Registered

    1,107,769       115,980,239  

OC Oerlikon Corp. AG, Registered

    150,504       818,374  

Partners Group Holding AG

    13,087       14,691,907  

PSP Swiss Property AG, Registered

    25,156       2,964,383  

Roche Holding AG, Bearer

    18,134       6,012,709  

Roche Holding AG, NVS

    381,275       118,214,825  

Schindler Holding AG, Participation Certificates, NVS

    19,315       4,690,004  

Schindler Holding AG, Registered

    17,182       3,983,846  

Schweiter Technologies AG, NVS(b)

    343       264,025  

SFS Group AG

    11,108       1,320,493  

SGS SA

    91,618       8,895,651  

Siegfried Holding AG, Registered

    1,887       1,667,218  

Siemens Energy AG(a)

    275,039       4,659,610  

SIG Group AG

    162,232       4,337,056  

Sika AG, Registered

    78,869       24,546,989  

Softwareone Holding AG

    62,800       1,344,080  

Sonova Holding AG, Registered

    29,126       8,118,727  

St. Galler Kantonalbank AG, Class A, Registered

    2,298       1,314,307  

Stadler Rail AG

    34,074       1,368,331  

STMicroelectronics NV

    368,864       19,729,191  

Straumann Holding AG

    62,791       10,390,208  

Sulzer AG, Registered

    11,482       1,127,206  

Swatch Group AG (The), Bearer

    17,970       5,751,127  

Swatch Group AG (The), Registered

    7,669       460,544  

Swiss Life Holding AG, Registered

    17,432       11,084,208  

Swiss Prime Site AG, Registered

    44,120       4,271,230  

Swiss Re AG

    170,916       17,833,255  

Swisscom AG, Registered

    14,462       9,299,869  

Swissquote Group Holding SA, Registered

    9,043       2,048,171  

Tecan Group AG, Registered

    6,937       2,760,449  

Temenos AG, Registered

    39,970       3,437,530  

UBS Group AG, Registered

    1,811,263       40,189,883  

Valiant Holding AG, Registered

    18,142       1,996,218  

VAT Group AG(c)

    17,780       7,557,335  

Vontobel Holding AG, Registered

    13,721       924,351  

Zurich Insurance Group AG

    82,108       39,699,095  
   

 

 

 
       985,694,498  
United Kingdom — 13.3%            

3i Group PLC

    526,549       13,359,158  

888 Holdings PLC(a)

    295,724       410,189  

abrdn PLC

    1,153,225       3,431,961  

Admiral Group PLC

    89,839       2,452,874  

Airtel Africa PLC(c)

    756,884       1,132,590  

AJ Bell PLC

    285,548       1,201,249  

Anglo American PLC

    708,411       21,784,894  

Antofagasta PLC

    224,428       4,827,392  

AO World PLC(a)

    294,450       358,779  

Ascential PLC(a)

    428,599       1,150,688  
Security   Shares     Value  
United Kingdom (continued)            

Ashmore Group PLC

    534,048     $ 1,416,218  

Ashtead Group PLC

    237,422       17,565,379  

ASOS PLC(a)(b)

    68,519       370,098  

Associated British Foods PLC

    186,016       4,895,384  

Assura PLC

    1,875,770       1,140,082  

Aston Martin Lagonda Global Holdings
PLC(a)(c)

    342,134       1,738,937  

AstraZeneca PLC

    846,885        121,677,217  

Auto Trader Group PLC(c)

    482,814       4,004,252  

Aviva PLC

    1,506,332       7,504,789  

B&M European Value Retail SA

    495,422       3,518,938  

BAE Systems PLC

    1,671,994       19,995,451  

Balfour Beatty PLC

    526,348       2,360,156  

Barclays PLC

    8,481,978       16,830,883  

Barratt Developments PLC

    549,237       3,215,018  

Beazley PLC

    329,812       2,323,741  

Bellway PLC

    70,800       2,013,306  

Berkeley Group Holdings PLC

    63,114       3,519,091  

Big Yellow Group PLC

    86,536       1,190,922  

Bodycote PLC

    122,825       1,090,782  

boohoo Group PLC(a)(b)

    986,926       492,081  

BP PLC

    9,474,625       58,784,817  

Breedon Group PLC

    185,952       868,655  

British American Tobacco PLC

    1,138,804       38,295,816  

British Land Co. PLC (The)

    415,360       1,802,330  

Britvic PLC

    157,213       1,745,042  

BT Group PLC

    3,671,799       5,753,654  

Bunzl PLC

    175,055       6,488,923  

Burberry Group PLC

    211,762       6,044,796  

Burford Capital Ltd.

    127,776       1,726,900  

Capita PLC(a)

    1,767,579       626,538  

Capital & Counties Properties PLC

    967,555       1,487,570  

Capricorn Energy PLC

    183,700       417,751  

Carnival PLC(a)

    95,046       1,612,086  

Centamin PLC

    978,524       1,208,237  

Centrica PLC

    3,413,587       6,049,389  

Close Brothers Group PLC

    85,526       1,012,044  

CNH Industrial NV

    564,789       8,157,234  

Coats Group PLC

    977,464       878,099  

Coca-Cola Europacific Partners PLC

    113,716       7,208,457  

Compass Group PLC

    942,209       24,514,043  

Computacenter PLC

    68,479       1,931,921  

ConvaTec Group PLC(c)

    817,518       2,190,246  

Cranswick PLC

    47,183       2,024,254  

Crest Nicholson Holdings PLC

    251,802       689,602  

Croda International PLC

    73,324       5,551,593  

Currys PLC

    876,616       600,190  

CVS Group PLC

    58,889       1,555,976  

DCC PLC

    54,127       3,133,884  

Dechra Pharmaceuticals PLC

    60,543       2,886,231  

Deliveroo PLC, Class A(a)(c)

    737,594       1,243,820  

Derwent London PLC

    53,187       1,445,330  

Diageo PLC

    1,224,384       53,434,883  

Diploma PLC

    62,652       2,605,838  

Direct Line Insurance Group PLC

    602,428       1,163,320  

Domino’s Pizza Group PLC

    357,070       1,591,945  

Dowlais Group PLC(a)

    799,130       1,260,930  

Dr. Martens PLC

    382,943       749,110  

Drax Group PLC

    242,550       1,882,600  

DS Smith PLC

    816,316       3,245,548  

Dunelm Group PLC

    97,357       1,436,845  

 

 

72  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

easyJet PLC(a)

    178,882     $ 1,038,976  

Elementis PLC(a)

    535,742       760,424  

EMIS Group PLC

    51,485       959,384  

Endeavour Mining PLC

    100,583       2,423,657  

Energean PLC

    139,285       2,069,940  

Entain PLC

    331,795       5,909,756  

Essentra PLC

    219,868       458,644  

Experian PLC

    498,478       19,263,963  

Fevertree Drinks PLC

    64,977       1,119,070  

Firstgroup PLC(b)

    700,131       1,311,261  

Frasers Group PLC(a)

    192,514       2,006,523  

Future PLC

    76,541       821,960  

Games Workshop Group PLC

    18,671       2,791,430  

Gamma Communications PLC

    50,625       722,240  

GB Group PLC

    152,439       489,673  

Genuit Group PLC

    169,972       682,758  

Genus PLC

    42,608       1,347,764  

Glencore PLC

    5,773,389       35,110,482  

Grafton Group PLC

    137,609       1,546,843  

Grainger PLC

    404,876       1,308,346  

Great Portland Estates PLC

    145,633       799,176  

Greatland Gold PLC(a)

    5,996,598       538,701  

Greggs PLC

    49,517       1,756,057  

GSK PLC

    2,214,985       39,429,283  

Haleon PLC

    3,009,264       12,989,251  

Halma PLC

    198,833       5,710,061  

Hammerson PLC

    2,160,386       737,493  

Harbour Energy PLC

    351,399       1,203,002  

Hargreaves Lansdown PLC

    187,172       2,047,886  

Hays PLC

    1,000,311       1,376,315  

Helios Towers PLC(a)

    463,115       536,299  

Hikma Pharmaceuticals PLC

    84,409       2,266,791  

Hill & Smith PLC

    49,758       1,008,170  

Hiscox Ltd.

    206,902       2,863,825  

Howden Joinery Group PLC

    332,646       3,149,810  

HSBC Holdings PLC

    10,781,089        89,552,173  

Ibstock PLC(c)

    469,734       906,847  

IG Group Holdings PLC

    223,434       2,030,252  

IMI PLC

    161,782       3,382,443  

Impax Asset Management Group PLC

    80,589       568,231  

Imperial Brands PLC

    480,868       11,360,716  

Inchcape PLC

    222,086       2,335,680  

Indivior PLC, NVS(a)

    97,104       2,184,560  

Informa PLC

    790,235       7,688,882  

IntegraFin Holdings PLC

    227,641       715,750  

InterContinental Hotels Group PLC

    97,393       7,198,043  

Intermediate Capital Group PLC

    171,123       3,088,432  

International Distributions Services PLC(a)

    432,842       1,478,489  

Intertek Group PLC

    77,348       4,332,914  

Investec PLC

    424,076       2,664,588  

IP Group PLC

    525,235       403,088  

ITM Power PLC(a)(b)

    431,439       512,193  

ITV PLC(b)

    1,998,438       1,855,915  

IWG PLC(a)

    500,857       982,802  

J D Wetherspoon PLC(a)

    119,573       1,037,349  

J Sainsbury PLC

    961,983       3,425,125  

JD Sports Fashion PLC

    1,430,727       2,898,127  

JET2 PLC(b)

    94,812       1,366,646  

John Wood Group PLC(a)

    452,495       860,103  

Johnson Matthey PLC

    99,417       2,299,251  
Security   Shares     Value  
United Kingdom (continued)            

Jupiter Fund Management PLC

    357,676     $ 525,061  

Kainos Group PLC

    69,641       1,171,847  

Keywords Studios PLC

    67,417       1,524,475  

Kingfisher PLC(b)

    1,122,127       3,538,481  

Lancashire Holdings Ltd.

    218,610       1,673,225  

Land Securities Group PLC

    370,435       3,076,385  

Learning Technologies Group PLC

    585,979       564,012  

Legal & General Group PLC

    3,113,589       9,331,005  

Liontrust Asset Management PLC

    39,892       330,898  

Lloyds Banking Group PLC

    36,630,611       21,163,234  

London Stock Exchange Group PLC

    215,010       23,348,957  

LondonMetric Property PLC

    568,553       1,348,823  

LXI REIT PLC

    1,442,631       1,761,607  

M&G PLC

    1,349,864       3,477,114  

Man Group PLC/Jersey

    857,972       2,630,191  

Marks & Spencer Group PLC(a)

    1,017,158       2,694,355  

Marshalls PLC

    132,980       458,083  

Melrose Industries PLC

    799,130       5,438,528  

Mobico Group PLC

    518,663       621,847  

Mondi PLC

    257,998       4,525,438  

Moneysupermarket.com Group PLC

    703,588       2,477,693  

National Grid PLC

    1,971,281       26,128,961  

NatWest Group PLC, NVS

    3,101,798       9,736,662  

Network International Holdings PLC(a)(c)

    311,630       1,545,330  

Next PLC

    72,917       6,594,671  

Ninety One PLC

    428,690       948,474  

NMC Health PLC, NVS(f)

    12,146        

Ocado Group PLC(a)

    301,871       3,634,094  

OSB Group PLC

    325,182       1,536,878  

Oxford Instruments PLC

    41,981       1,293,031  

Pagegroup PLC

    271,786       1,556,297  

Paragon Banking Group PLC

    180,673       1,224,256  

Pearson PLC

    363,066       4,016,073  

Penno Group PLC

    149,156       1,346,960  

Persimmon PLC

    166,822       2,480,130  

Petrofac Ltd.(a)(b)

    329,910       332,784  

Pets at Home Group PLC

    301,694       1,516,071  

Phoenix Group Holdings PLC

    361,862       2,556,598  

Playtech PLC(a)

    176,738       1,272,441  

Plus500 Ltd.

    79,254       1,531,761  

Primary Health Properties PLC

    1,051,017       1,276,628  

Provident Financial PLC

    251,818       406,548  

Prudential PLC

    1,488,910       20,675,488  

QinetiQ Group PLC

    361,044       1,494,936  

Quilter PLC(c)

    993,588       997,341  

Rathbones Group PLC

    38,680       894,882  

Reach PLC

    237,692       259,133  

Reckitt Benckiser Group PLC

    377,690       28,293,532  

Redrow PLC

    193,948       1,289,344  

RELX PLC

    1,012,668       34,083,070  

Renishaw PLC

    29,929       1,497,965  

Rentokil Initial PLC

    1,398,930       11,407,097  

RHI Magnesita NV(b)

    28,601       1,096,748  

Rightmove PLC

    463,395       3,395,290  

Rio Tinto PLC

    603,568        39,894,467  

Rolls-Royce Holdings PLC(a)

    4,513,902       10,703,080  

Rotork PLC

    447,039       1,770,732  

RS GROUP PLC

    283,091       2,851,569  

RWS Holdings PLC

    245,044       816,382  

S4 Capital PLC(a)

    292,099       395,363  

 

 

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

  73


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI International Developed Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Safestore Holdings PLC

    142,140     $ 1,615,826  

Sage Group PLC (The)

    536,891       6,458,034  

Savills PLC

    98,577       1,232,195  

Schroders PLC

    355,444       2,097,046  

Segro PLC

    684,158       6,704,443  

Serco Group PLC

    729,261       1,453,448  

Severn Trent PLC

    123,410       4,044,622  

Shell PLC

    3,735,612       113,218,003  

Sirius Real Estate Ltd.

    1,076,058       1,143,475  

Smart Metering Systems PLC

    148,084       1,324,603  

Smith & Nephew PLC

    459,039       6,983,359  

Smiths Group PLC

    205,795       4,488,316  

Softcat PLC

    90,144       1,736,857  

Spectris PLC

    62,539       2,822,230  

Spirax-Sarco Engineering PLC

    39,033       5,574,683  

Spirent Communications PLC

    488,696       1,062,113  

SSE PLC

    589,759       12,752,436  

SSP Group PLC(a)

    469,486       1,515,927  

St. James’s Place PLC

    286,571       3,459,233  

Standard Chartered PLC

    1,353,220       12,998,417  

Synthomer PLC(a)

    268,580       287,637  

Tate & Lyle PLC

    221,465       2,121,680  

Taylor Wimpey PLC

    1,816,115       2,665,801  

Team17 Group PLC(a)

    137,596       558,005  

Tesco PLC

    4,035,962       13,367,392  

TP ICAP Group PLC

    705,611       1,439,817  

Trainline PLC(a)(c)

    284,839       962,853  

Travis Perkins PLC

    124,215       1,389,364  

Tritax Big Box REIT PLC

    904,266       1,603,450  

TUI AG(a)(b)

    224,001       1,814,522  

Tullow Oil PLC(a)(b)

    1,321,302       584,675  

Unilever PLC

    1,365,238       73,358,190  

UNITE Group PLC (The)

    178,882       2,233,442  

United Utilities Group PLC

    369,473       4,737,953  

Vesuvius PLC

    172,557       977,045  

Victrex PLC

    46,089       915,107  

Virgin Money U.K. PLC

    768,831       1,744,022  

Vistry Group PLC

    223,628       2,268,206  

Vodafone Group PLC

    12,366,778       11,764,017  

Watches of Switzerland Group PLC(a)(c)

    140,153       1,355,285  

Weir Group PLC (The)

    145,160       3,418,768  

WH Smith PLC

    93,797       1,798,161  

Whitbread PLC

    102,069       4,585,052  

Wickes Group PLC

    267,051       468,155  

Wise PLC, Class A(a)

    333,118       3,322,476  

Workspace Group PLC

    96,256       613,450  

WPP PLC

    608,207       6,640,848  

YouGov PLC

    89,581       1,115,148  
   

 

 

 
      1,511,190,872  
   

 

 

 

Total Common Stocks — 99.2%
(Cost: $10,141,543,117)

 

     11,283,897,857  
   

 

 

 

Preferred Stocks

 

Germany — 0.4%  

Bayerische Motoren Werke AG, Preference Shares, NVS

    23,428       2,632,161  
Security   Shares     Value  
Germany (continued)            

Dr Ing hc F Porsche AG, Preference Shares, NVS(c)

    60,894     $ 7,446,280  

Fuchs Petrolub SE, Preference Shares, NVS

    54,979       2,275,785  

Henkel AG & Co. KGaA, Preference Shares, NVS

    95,183       7,344,923  

Jungheinrich AG, Preference Shares, NVS

    24,550       918,507  

Porsche Automobil Holding SE, Preference Shares, NVS

    85,177       5,025,945  

Sartorius AG, Preference Shares, NVS

    14,301       5,900,297  

Volkswagen AG, Preference Shares, NVS

    111,598       14,784,009  
   

 

 

 
      46,327,907  
   

 

 

 

Total Preferred Stocks — 0.4%
(Cost: $46,212,420)

 

    46,327,907  
   

 

 

 

Warrants

   
Australia — 0.0%            

PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)(a)

    5,339        
   

 

 

 

Total Warrants — 0.0%
(Cost: $—)

 

     
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $10,187,755,537)

 

    11,330,225,764  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 0.9%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 5.42%(g)(h)(i)

    104,724,220       104,755,638  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.22%(g)(h)

    620,000       620,000  
   

 

 

 

Total Short-Term Securities — 0.9%
(Cost: $105,342,943)

 

    105,375,638  
   

 

 

 

Total Investments — 100.5%
(Cost: $10,293,098,480)

 

    11,435,601,402  

Liabilities in Excess of Other Assets — (0.5)%

 

    (54,814,242
   

 

 

 

Net Assets — 100.0%

    $  11,380,787,160  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e)

Rounds to less than 1.

(f)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(g)

Affiliate of the Fund.

(h)

Annualized 7-day yield as of period end.

(i)

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

74  

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


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI International Developed Markets ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
     Affiliated Issuer  

Value at

07/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation
(Depreciation)

   

Value at

07/31/23

   

Shares

Held at
07/31/23

    Income    

Capital

Gain

Distributions

from

Underlying
Funds

        
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 68,716,587     $ 35,999,157 (a)    $     $ 10,690     $ 29,204     $ 104,755,638       104,724,220     $ 1,905,110 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    780,000             (160,000 )(a)                  620,000       620,000       173,094       2    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 10,690     $ 29,204     $ 105,375,638       $ 2,078,204     $ 2    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a)

Represents net amount purchased (sold).

 
  (b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   

Number of

Contracts

   

Expiration

Date

    

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

          

TOPIX Index

     52       09/07/23      $ 8,520      $ 390,644  

Euro STOXX 50 Index

     259       09/15/23        12,795        492,920  

FTSE 100 Index

     83       09/15/23        8,193        144,199  

SPI 200 Index

     41       09/21/23        5,084        213,084  
        

 

 

 
           $ 1,240,847  
        

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 1,240,847      $      $      $      $ 1,240,847  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 6,522,354      $      $      $      $ 6,522,354  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 338,953      $      $      $      $ 338,953  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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

  75


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI International Developed Markets ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 44,426,398   

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                               

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

   $ 1,425,761,683      $ 9,858,136,174      $      $ 11,283,897,857  

Preferred Stocks

            46,327,907               46,327,907  

Warrants

                           

Short-Term Securities

           

Money Market Funds

     105,375,638                      105,375,638  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 1,531,137,321      $ 9,904,464,081      $      $ 11,435,601,402  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Assets

           

Equity Contracts

   $      $ 1,240,847      $      $ 1,240,847  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

76  

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


Schedule of Investments

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 21.6%            

29Metals Ltd.(a)

    54,696     $ 26,606  

Abacus Property Group

    109,780       196,504  

Accent Group Ltd.

    101,052       120,183  

Adbri Ltd.

    122,148       204,759  

AGL Energy Ltd.

    158,315       1,297,475  

Allkem Ltd.(b)

    158,394       1,585,779  

Alpha HPA Ltd., NVS

    145,778       109,402  

ALS Ltd.

    119,975       948,920  

Altium Ltd.

    29,848       768,061  

Alumina Ltd.

    629,892       608,038  

AMP Ltd.

    751,345       571,733  

Ampol Ltd.

    62,705       1,388,705  

Ansell Ltd.

    30,654       497,812  

APA Group

    307,051       2,065,569  

APM Human Services International Ltd.

    80,874       108,460  

Arafura Rare Earths Ltd.(a)(b)

    455,477       87,490  

ARB Corp. Ltd.

    20,201       424,096  

Arena REIT

    97,235       248,889  

Argosy Minerals Ltd.(b)

    306,009       66,114  

Aristocrat Leisure Ltd.

    152,484       4,038,572  

ASX Ltd.

    50,018       2,089,684  

Atlas Arteria Ltd.

    370,271       1,565,191  

AUB Group Ltd.

    26,508       512,058  

Aurizon Holdings Ltd.

    465,630       1,193,323  

Aussie Broadband Ltd.(b)

    53,274       98,782  

Austal Ltd.

    97,874       144,842  

Australia & New Zealand Banking Group Ltd.

    780,036        13,532,973  

Australian Agricultural Co. Ltd.(b)

    26,178       26,265  

Australian Clinical Labs Ltd.

    25,483       54,373  

AVZ Minerals Ltd.(b)(c)

    347,816       127,561  

Bank of Queensland Ltd.

    162,842       661,748  

Bapcor Ltd.

    83,238       350,192  

Beach Energy Ltd.

    396,224       432,037  

Bega Cheese Ltd.

    91,039       199,404  

Bellevue Gold Ltd.(b)

    314,582       308,635  

Bendigo & Adelaide Bank Ltd.

    149,116       939,021  

BHP Group Ltd.

    1,316,536       40,973,058  

BlueScope Steel Ltd.

    118,684       1,750,238  

Boral Ltd.(b)

    95,820       281,321  

Boss Energy Ltd. (a)(b)

    95,959       188,567  

BrainChip Holdings Ltd.(a)(b)

    392,822       95,266  

Brambles Ltd.

    361,026       3,415,584  

Breville Group Ltd.

    23,121       351,769  

Brickworks Ltd.

    19,651       342,792  

BWP Trust

    126,512       312,419  

Calix Ltd.(b)

    37,679       105,885  

Capricorn Metals Ltd.(b)

    77,384       233,464  

carsales.com Ltd.

    98,692       1,649,715  

Centuria Capital Group

    139,857       160,357  

Centuria Industrial REIT

    155,181       332,298  

Centuria Office REIT

    106,612       103,956  

Chalice Mining Ltd.(b)

    93,557       374,286  

Challenger Ltd.

    125,855       608,309  

Champion Iron Ltd.

    89,860       364,068  

Charter Hall Group

    121,421       935,884  

Charter Hall Long Wale REIT

    168,789       467,167  

Charter Hall Retail REIT

    134,632       339,950  

Charter Hall Social Infrastructure REIT

    79,028       159,118  
Security   Shares     Value  
Australia (continued)            

Cleanaway Waste Management Ltd.

    537,246     $ 997,170  

Clinuvel Pharmaceuticals Ltd.

    8,718       107,602  

Cochlear Ltd.

    17,071       2,746,251  

Codan Ltd./Australia

    35,307       178,477  

Coles Group Ltd.

    347,197       4,245,731  

Collins Foods Ltd.

    33,162       223,834  

Commonwealth Bank of Australia

    438,325        31,186,280  

Computershare Ltd.

    149,855       2,527,343  

Core Lithium Ltd.(a)(b)

    422,965       182,636  

Coronado Global Resources Inc.(d)

    233,429       262,625  

Corporate Travel Management Ltd.

    31,959       450,452  

Costa Group Holdings Ltd.

    102,055       227,612  

Credit Corp. Group Ltd.

    17,484       278,399  

Cromwell Property Group

    393,756       145,773  

CSL Ltd.

    125,361       22,579,540  

CSR Ltd.

    126,865       489,371  

Data#3 Ltd.

    33,677       170,196  

De Grey Mining Ltd.(b)

    305,770       276,521  

Deterra Royalties Ltd.

    114,278       362,163  

Dexus

    279,880       1,549,077  

Dexus Industria REIT

    41,474       78,079  

Dicker Data Ltd.

    16,086       86,571  

Domain Holdings Australia Ltd.

    72,624       198,859  

Domino’s Pizza Enterprises Ltd.

    17,849       590,537  

Downer EDI Ltd.

    177,903       525,938  

Eagers Automotive Ltd.

    41,813       415,887  

Elders Ltd.

    43,987       215,661  

Endeavour Group Ltd./Australia

    371,906       1,520,105  

Evolution Mining Ltd.

    476,115       1,195,267  

EVT Ltd.

    20,675       170,124  

Firefinch Ltd.(b)(c)

    298,353       30,061  

FleetPartners Group Ltd., NVS(b)

    77,009       133,067  

Flight Centre Travel Group Ltd.(b)

    45,599       717,613  

Fortescue Metals Group Ltd.

    440,486       6,475,463  

G8 Education Ltd.

    189,539       140,251  

Gold Road Resources Ltd.

    276,266       295,101  

Goodman Group

    439,754       6,080,545  

Goulamina Holdings Pty Ltd.(b)

    292,832       228,781  

GPT Group (The)

    502,836       1,469,719  

GrainCorp Ltd., Class A

    52,193       284,101  

Grange Resources Ltd.

    152,877       55,658  

Growthpoint Properties Australia Ltd.

    68,420       132,300  

GUD Holdings Ltd.

    35,703       239,800  

GWA Group Ltd.

    35,906       47,392  

Hansen Technologies Ltd.

    53,252       187,720  

Harvey Norman Holdings Ltd.

    149,287       379,795  

Healius Ltd.

    157,907       305,096  

Helia Group Ltd.

    80,346       209,777  

Home Consortium Ltd.

    52,790       184,200  

HomeCo Daily Needs REIT

    361,698       290,915  

HUB24 Ltd.

    20,417       387,347  

IDP Education Ltd.

    65,500       1,097,675  

IGO Ltd.

    179,392       1,676,286  

Iluka Resources Ltd.

    108,753       751,153  

Imdex Ltd.

    110,490       145,754  

Imugene Ltd.(b)

    1,318,852       89,020  

Incitec Pivot Ltd.

    500,625       1,018,376  

Ingenia Communities Group

    98,594       271,101  

Inghams Group Ltd.

    101,037       190,441  

Insignia Financial Ltd.

    162,442       326,397  

 

 

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

  77


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Australia (continued)

   

Insurance Australia Group Ltd.

    624,727     $ 2,493,917  

Integral Diagnostics Ltd.

    41,863       85,202  

InvoCare Ltd.

    32,768       269,453  

ionner Ltd.(b)

    419,831       82,143  

IPH Ltd.

    61,768       328,805  

IRESS Ltd.

    47,267       330,430  

James Hardie Industries PLC(b)

    114,779       3,363,815  

JB Hi-Fi Ltd.

    27,338       840,801  

Johns Lyng Group Ltd.

    40,104       142,926  

Judo Capital Holdings Ltd.(b)

    163,085       149,827  

Jumbo Interactive Ltd.

    14,325       147,959  

Karoon Energy Ltd.(b)

    166,346       250,649  

Kelsian Group Ltd.

    43,337       202,615  

Lake Resources NL(a)(b)

    337,867       51,312  

Lendlease Corp. Ltd.

    170,181       989,359  

Lifestyle Communities Ltd.

    22,661       265,412  

Link Administration Holdings Ltd.

    140,031       144,236  

Liontown Resources Ltd.(a)(b)

    404,016       733,646  

Lottery Corp. Ltd. (The)

    578,463       2,012,990  

Lovisa Holdings Ltd.

    15,853       229,182  

Lynas Rare Earths Ltd.(b)

    235,792       1,068,663  

MA Financial Group Ltd.

    35,423       112,549  

Maas Group Holdings Ltd.(a)

    27,086       48,850  

Macquarie Group Ltd.

    95,434       11,254,523  

Magellan Financial Group Ltd.

    36,801       231,331  

McMillan Shakespeare Ltd.

    19,228       256,044  

Medibank Pvt Ltd.

    704,455       1,663,152  

Megaport Ltd.(a)(b)

    44,557       306,113  

Mesoblast Ltd.(b)

    226,796       174,228  

Metcash Ltd.

    236,237       572,056  

Mineral Resources Ltd.

    45,372       2,192,229  

Mirvac Group

    1,005,502       1,584,973  

Monadelphous Group Ltd.

    26,684       244,988  

Mount Gibson Iron Ltd.(a)(b)

    173,139       54,854  

Nanosonics Ltd.(a)(b)

    73,940       235,687  

National Australia Bank Ltd.

    814,766        15,607,697  

National Storage REIT

    279,263       436,192  

Netwealth Group Ltd.

    31,950       326,432  

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

    28,632       250,428  

New Hope Corp. Ltd.

    137,051       490,815  

Newcrest Mining Ltd.

    229,787       4,121,678  

NEXTDC Ltd.(b)

    132,590       1,137,955  

nib holdings Ltd.

    128,685       716,633  

Nick Scali Ltd.

    13,589       97,836  

Nickel Mines Ltd.

    474,458       264,433  

Nine Entertainment Co. Holdings Ltd.

    389,470       561,663  

Northern Star Resources Ltd.

    294,780       2,301,113  

Novonix Ltd.(a)(b)

    80,481       50,542  

NRW Holdings Ltd.

    112,351       208,274  

Nufarm Ltd./Australia

    91,802       332,352  

Objective Corp. Ltd.

    8,361       74,290  

Omni Bridgeway Ltd.(b)

    83,671       158,756  

oOh!media Ltd.

    140,224       131,718  

Orica Ltd.

    119,853       1,271,735  

Origin Energy Ltd.

    445,099       2,533,962  

Orora Ltd.

    211,872       511,779  

Paladin Energy Ltd.(b)

    633,488       315,211  

Pepper Money Ltd./Australia

    73,361       75,990  

Perenti Global Ltd.(b)

    172,382       138,754  

Perpetual Ltd.

    28,181       467,814  
Security   Shares     Value  

Australia (continued)

   

Perseus Mining Ltd.

    335,331     $ 394,278  

PEXA Group Ltd.(b)

    34,361       306,541  

Pilbara Minerals Ltd.

    703,892       2,302,814  

Pinnacle Investment Management Group Ltd.

    35,330       250,351  

Platinum Asset Management Ltd.

    138,418       147,692  

PolyNovo Ltd.(b)

    154,752       168,605  

Premier Investments Ltd.

    22,288       332,312  

Pro Medicus Ltd.

    13,658       632,544  

PWR Holdings Ltd.

    22,559       139,219  

Qantas Airways Ltd.(b)

    221,899       974,973  

QBE Insurance Group Ltd.

    384,025       4,077,156  

Qube Holdings Ltd.

    416,432       824,275  

Ramelius Resources Ltd.

    240,288       207,676  

Ramsay Health Care Ltd.

    46,776       1,853,651  

REA Group Ltd.

    13,832       1,466,377  

Reece Ltd.

    56,040       740,001  

Region RE Ltd.

    269,505       439,032  

Regis Resources Ltd.(b)

    200,110       227,590  

Reliance Worldwide Corp. Ltd.

    212,626       604,056  

Resolute Mining Ltd.(b)

    556,679       135,630  

Rio Tinto Ltd.

    96,351        7,629,534  

Rural Funds Group

    123,834       166,509  

Sandfire Resources Ltd.(b)

    116,448       532,310  

Santos Ltd.

    863,216       4,644,955  

Sayona Mining Ltd.(b)

    2,234,626       218,767  

Scentre Group

    1,315,006       2,488,375  

SEEK Ltd.

    87,326       1,464,467  

Select Harvests Ltd.(a)

    41,175       116,312  

Seven Group Holdings Ltd.

    42,512       750,509  

Seven West Media Ltd.(b)

    285,204       73,834  

Sigma Healthcare Ltd.

    274,376       144,823  

Silex Systems Ltd.(b)

    40,687       98,994  

Silver Lake Resources Ltd.(b)

    266,002       160,571  

Sims Ltd.

    44,380       452,708  

SiteMinder Ltd.(b)

    63,600       180,216  

SmartGroup Corp. Ltd.

    38,141       232,087  

Sonic Healthcare Ltd.

    115,269       2,723,552  

South32 Ltd.

    1,186,545       3,124,405  

Stanmore Resources Ltd.(b)

    70,706       133,770  

Star Entertainment Grp Ltd. (The)(b)

    389,970       275,779  

Steadfast Group Ltd.

    230,823       905,576  

Stockland

    621,730       1,766,976  

Strike Energy Ltd.(a)(b)

    508,353       152,263  

Suncorp Group Ltd.

    328,201       3,144,830  

Super Retail Group Ltd.

    37,819       313,885  

Syrah Resources Ltd.(b)

    188,387       89,047  

Tabcorp Holdings Ltd.

    605,638       429,630  

Technology One Ltd.

    76,217       807,531  

Telix Pharmaceuticals Ltd.(b)

    61,727       469,491  

Telstra Corp. Ltd.

    1,052,754       3,013,204  

Temple & Webster Group Ltd.(a)(b)

    31,368       139,275  

Terracom Ltd.(a)

    95,967       26,529  

Tietto Minerals Ltd.(b)

    172,615       58,842  

Transurban Group

    795,907       7,684,517  

Treasury Wine Estates Ltd.

    188,188       1,424,334  

Tyro Payments Ltd.(b)

    97,261       91,462  

United Malt Grp Ltd.(b)

    78,363       254,000  

Ventia Services Group Pty Ltd.

    123,037       239,886  

Vicinity Ltd.

    1,009,066       1,341,658  

Viva Energy Group Ltd.(d)

    207,882       441,040  

 

 

78  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Australia (continued)

   

Vulcan Energy Resources Ltd.(b)

    25,800     $ 77,256  

Vulcan Steel Ltd.

    15,643       81,537  

Washington H Soul Pattinson & Co. Ltd.

    61,349       1,361,188  

Waypoint REIT Ltd.

    197,321       347,932  

Webjet Ltd.(a)(b)

    99,545       528,391  

Weebit Nano Ltd.(a)(b)

    43,114       180,302  

Wesfarmers Ltd.

    295,159       9,861,892  

West African Resources Ltd.(a)(b)

    287,614       174,473  

Westpac Banking Corp.

    911,960       13,707,549  

Whitehaven Coal Ltd.

    224,699       1,049,907  

WiseTech Global Ltd.

    43,386       2,505,499  

Woodside Energy Group Ltd.

    493,479       12,719,509  

Woolworths Group Ltd.

    316,875       8,228,874  

Worley Ltd.

    96,103       1,124,753  

Xero Ltd.(b)

    37,525       3,084,608  

Yancoal Australia Ltd., NVS

    69,052       237,117  
   

 

 

 
       374,770,697  
Canada — 0.0%            

SharkNinja Inc.(b)

    14,620       618,572  
   

 

 

 

Hong Kong — 6.7%

   

AIA Group Ltd.

    3,026,400       30,278,332  

ASMPT Ltd.

    82,000       799,835  

Bank of East Asia Ltd. (The)

    318,600       489,157  

BOC Hong Kong Holdings Ltd.

    956,000       2,917,753  

Brightoil Petroleum Holdings Ltd.(c)

    763,800       1  

Budweiser Brewing Co. APAC Ltd.(d)

    453,200       1,105,408  

Cafe de Coral Holdings Ltd.

    92,000       120,906  

Champion REIT

    619,000       228,058  

Chinese Estates Holdings Ltd.(b)

    275,000       78,214  

Chow Sang Sang Holdings International Ltd.

    90,000       104,969  

CITIC Telecom International Holdings Ltd.

    401,000       161,062  

Citychamp Watch & Jewellery Group Ltd.(b)

    530,000       80,191  

CK Asset Holdings Ltd.

    508,072       2,942,281  

CK Hutchison Holdings Ltd.

    692,572       4,271,318  

CK Infrastructure Holdings Ltd.

    158,500       839,946  

CK Life Sciences International Holdings Inc.

    1,122,000       111,187  

CLP Holdings Ltd.

    426,000       3,472,382  

C-Mer Eye Care Holdings Ltd.(b)

    112,000       58,385  

Comba Telecom Systems Holdings Ltd.

    494,000       83,500  

Cowell e Holdings Inc.(b)

    65,000       121,874  

Dah Sing Banking Group Ltd.

    112,400       84,206  

Dah Sing Financial Holdings Ltd.

    33,600       83,013  

EC Healthcare

    107,000       64,148  

E-Commodities Holdings Ltd.

    438,000       70,330  

ESR Group Ltd.(d)

    494,800       867,654  

Far East Consortium International Ltd.

    317,400       75,029  

First Pacific Co. Ltd.

    580,000       210,286  

Fortune REIT

    480,000       347,091  

Fosun Tourism Group(b)(d)

    67,200       72,651  

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

    13,920       837,984  

Galaxy Entertainment Group Ltd.(b)

    572,000       4,175,329  

Guotai Junan International Holdings Ltd.

    749,000       64,628  

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

    641,300       60,172  

Hang Lung Group Ltd.

    191,000       298,684  

Hang Lung Properties Ltd.

    471,000       735,018  

Hang Seng Bank Ltd.

    199,900       3,055,583  

Health and Happiness H&H International Holdings Ltd.

    51,000       67,245  

Henderson Land Development Co. Ltd.

    380,970       1,177,642  
Security   Shares     Value  

Hong Kong (continued)

   

HKBN Ltd.

    262,500     $ 143,397  

HKT Trust & HKT Ltd., Class SS

    968,720       1,144,252  

Hong Kong & China Gas Co. Ltd.

    2,892,525       2,481,374  

Hong Kong Exchanges & Clearing Ltd.

    307,600        12,969,032  

Hong Kong Technology Venture Co. Ltd.

    102,000       60,607  

Hongkong Land Holdings Ltd.

    291,500       1,038,823  

Hsin Chong Group Holdings Ltd.(c)

    1,002,000       1  

Hutchison Telecommunications Hong Kong Holdings Ltd.

    640,000       97,635  

Hysan Development Co. Ltd.

    169,000       399,340  

IGG Inc.(b)

    290,000       147,794  

Jardine Matheson Holdings Ltd.

    40,800       2,015,333  

Johnson Electric Holdings Ltd.

    121,000       166,810  

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

    365,500       65,111  

K Wah International Holdings Ltd.

    290,000       94,984  

Kerry Logistics Network Ltd.

    95,651       118,102  

Kerry Properties Ltd.

    148,000       319,971  

Link REIT

    653,400       3,672,863  

Luk Fook Holdings International Ltd.

    90,000       237,628  

Man Wah Holdings Ltd.

    471,600       409,275  

MECOM Power and Construction Ltd.

    633,000       83,888  

Melco International Development Ltd.(b)

    188,000       199,462  

Melco Resorts & Entertainment Ltd., ADR(b)

    55,086       750,271  

MTR Corp. Ltd.

    407,000       1,875,578  

New World Development Co. Ltd.

    397,000       981,769  

Nissin Foods Co. Ltd.

    66,000       52,587  

NWS Holdings Ltd.

    409,000       469,100  

Pacific Basin Shipping Ltd.

    1,317,000       428,776  

Pacific Textiles Holdings Ltd.

    260,000       64,826  

PAX Global Technology Ltd.

    176,000       142,895  

PCCW Ltd.

    1,153,000       589,528  

Perfect Medical Health Management Ltd.

    65,000       36,355  

Power Assets Holdings Ltd.

    365,500       1,915,667  

Prosperity REIT

    321,000       69,697  

Realord Group Holdings Ltd.(a)(b)

    108,000       81,288  

Sa Sa International Holdings Ltd.(b)

    214,000       39,151  

Sands China Ltd.(b)

    639,600       2,464,067  

Shangri-La Asia Ltd.(b)

    326,000       272,036  

Shun Tak Holdings Ltd.(b)

    466,000       78,098  

Sino Land Co. Ltd.

    976,000       1,198,063  

SITC International Holdings Co. Ltd.

    333,000       729,655  

SJM Holdings Ltd.(b)

    640,000       297,124  

SmarTone Telecommunications Holdings Ltd.

    152,500       92,243  

Stella International Holdings Ltd.

    175,000       171,659  

Sun Hung Kai & Co. Ltd.

    253,000       94,213  

Sun Hung Kai Properties Ltd.

    374,500       4,702,454  

SUNeVision Holdings Ltd.

    227,000       117,980  

Sunlight REIT

    296,000       110,236  

Swire Pacific Ltd., Class A

    113,000       944,594  

Swire Properties Ltd.

    292,000       732,723  

Techtronic Industries Co. Ltd.

    359,500       4,084,117  

Texhong Textile Group Ltd.

    122,500       90,380  

Theme International Holdings Ltd.(b)

    1,170,000       130,841  

United Energy Group Ltd.

    2,266,000       286,259  

United Laboratories International Holdings Ltd. (The)

    220,000       176,459  

Value Partners Group Ltd.(a)

    290,000       109,811  

Vesync Co. Ltd.

    90,000       37,967  

Vitasoy International Holdings Ltd.(a)

    194,000       257,931  

Viva Goods Company Ltd.(b)

    1,136,000       208,813  

Vobile Group Ltd.(a)(b)

    335,000       117,136  

 

 

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

  79


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Hong Kong (continued)

   

VSTECS Holdings Ltd.

    152,000     $ 77,136  

VTech Holdings Ltd.

    39,200       244,465  

WH Group Ltd.(d)

    2,134,000       1,164,716  

Wharf Real Estate Investment Co. Ltd.

    437,000       2,345,146  

Xinyi Glass Holdings Ltd.

    426,000       708,905  

Yue Yuen Industrial Holdings Ltd.

    194,500       260,602  
   

 

 

 
       116,280,451  
Japan — 66.1%            

77 Bank Ltd. (The)

    13,900       296,190  

Abalance Corp.(a)

    2,700       174,780  

ABC-Mart Inc.

    8,400       465,084  

Activia Properties Inc.

    190       553,308  

Adastria Co. Ltd.

    6,800       138,598  

ADEKA Corp.

    20,100       407,524  

Advance Logistics Investment Corp.

    194       180,065  

Advance Residence Investment Corp.

    349       850,383  

Advantest Corp.

    50,100       6,929,323  

Adventure Inc.(a)

    400       26,037  

Aeon Co. Ltd.

    171,200       3,707,958  

Aeon Delight Co. Ltd.

    6,600       136,764  

AEON Financial Service Co. Ltd.

    28,100       252,487  

Aeon Hokkaido Corp.

    10,100       61,414  

Aeon Mall Co. Ltd.

    28,700       354,718  

AEON REIT Investment Corp.

    474       498,966  

AGC Inc.

    53,500       1,933,149  

Ai Holdings Corp.

    7,700       121,405  

Aica Kogyo Co. Ltd.

    13,100       311,269  

Aichi Financial Group Inc., NVS

    9,200       158,812  

Aida Engineering Ltd.

    6,700       47,876  

Aiful Corp.

    101,100       254,054  

Ain Holdings Inc.

    7,300       259,557  

Air Water Inc.

    51,000       718,267  

Airtrip Corp.

    1,900       34,606  

Aisin Corp.

    37,700       1,225,065  

Ajinomoto Co. Inc.

    116,300       4,531,617  

Alfresa Holdings Corp.

    47,000       749,543  

Alpen Co. Ltd.

    1,700       23,604  

Alpha Systems Inc.

    2,000       47,985  

Alps Alpine Co. Ltd.

    48,124       425,366  

Amada Co. Ltd.

    87,700       863,101  

Amano Corp.

    15,000       340,861  

Amvis Holdings Inc.

    9,500       192,857  

ANA Holdings Inc.(b)

    40,600       973,346  

Anicom Holdings Inc.

    23,100       102,759  

Anritsu Corp.

    34,700       273,216  

Anycolor Inc.(b)

    4,800       119,594  

AOKI Holdings Inc.

    7,500       48,517  

Aozora Bank Ltd.

    29,400       604,631  

Appier Group Inc.(b)

    11,400       135,644  

Arata Corp.

    4,700       162,622  

Arcland Service Holdings Co. Ltd.

    2,900       61,798  

ARCLANDS Corp.

    4,500       51,832  

Arcs Co. Ltd.

    11,800       205,893  

ARE Holdings Inc.

    18,500       248,350  

Argo Graphics Inc.

    4,700       115,886  

Ariake Japan Co. Ltd.

    4,300       156,879  

ARTERIA Networks Corp.

    4,000       55,599  

As One Corp.

    6,800       270,363  

Asahi Group Holdings Ltd.

    126,000       4,952,966  

Asahi Intecc Co. Ltd.

    55,100       1,130,722  
Security   Shares     Value  

Japan (continued)

   

Asahi Kasei Corp.

    327,800     $ 2,233,874  

Asics Corp.

    41,000       1,293,353  

ASKUL Corp.

    9,500       132,549  

Astellas Pharma Inc.

    467,600        6,837,410  

Atom Corp.(b)

    29,000       181,480  

Autobacs Seven Co. Ltd.

    22,300       244,861  

Avex Inc.

    5,300       55,928  

Awa Bank Ltd. (The)

    9,700       146,774  

Axial Retailing Inc.

    5,600       149,573  

Azbil Corp.

    30,300       956,125  

AZ-COM MARUWA Holdings Inc.

    7,600       104,500  

Bandai Namco Holdings Inc.

    154,900       3,504,544  

Bank of Kyoto Ltd. (The)

    14,300       843,983  

Base Co. Ltd.

    1,700       65,196  

BayCurrent Consulting Inc.

    33,500       1,081,873  

Belc Co. Ltd.

    3,500       165,805  

Bell System24 Holdings Inc.

    4,900       47,914  

Belluna Co. Ltd.

    7,600       38,186  

Benefit One Inc.

    20,100       207,673  

Benesse Holdings Inc.

    17,500       228,645  

BeNext-Yumeshin Group Co.

    11,900       186,655  

Bengo4.com Inc.(a)(b)

    900       26,961  

Bic Camera Inc.

    25,200       189,299  

BIPROGY Inc.

    20,100       493,336  

BML Inc.

    5,200       109,902  

Bridgestone Corp.

    149,100       6,186,963  

Brother Industries Ltd.

    59,800       932,157  

Bunka Shutter Co. Ltd.

    6,400       49,650  

Bushiroad Inc.

    10,400       55,051  

C Uyemura & Co. Ltd.

    2,300       152,231  

Calbee Inc.

    22,400       434,326  

Canon Electronics Inc.

    4,100       52,113  

Canon Inc.

    261,000       6,745,645  

Canon Marketing Japan Inc.

    11,300       296,560  

Capcom Co. Ltd.

    44,200       1,987,541  

Casio Computer Co. Ltd.

    46,500       397,327  

Cawachi Ltd.

    1,400       22,264  

CellSource Co. Ltd.(a)(b)

    1,200       18,768  

Central Glass Co. Ltd.

    5,000       108,522  

Central Japan Railway Co.

    37,700       4,804,233  

Change Holdings Inc.

    12,400       163,897  

Chiba Bank Ltd. (The)

    143,300       1,007,592  

Chiyoda Corp.(b)

    30,100       73,106  

Chofu Seisakusho Co. Ltd.

    3,100       54,532  

Chubu Electric Power Co. Inc.

    166,500       2,085,878  

Chudenko Corp.

    4,400       72,128  

Chugai Pharmaceutical Co. Ltd.

    175,400       5,220,122  

Chugin Financial Group Inc., NVS

    32,800       220,272  

Chugoku Electric Power Co. Inc. (The)(b)

    79,300       550,302  

Chugoku Marine Paints Ltd.

    6,600       57,211  

Citizen Watch Co. Ltd.

    66,500       434,628  

CKD Corp.

    13,200       200,755  

Coca-Cola Bottlers Japan Holdings Inc.

    31,425       361,899  

COLOPL Inc.

    23,300       109,072  

Colowide Co. Ltd.

    18,900       280,647  

Comforia Residential REIT Inc.

    176       421,337  

COMSYS Holdings Corp.

    29,500       589,665  

Comture Corp.

    6,900       98,103  

Concordia Financial Group Ltd.

    273,800       1,252,367  

Cosmo Energy Holdings Co. Ltd.

    16,200       502,283  

 

 

80  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Cosmos Pharmaceutical Corp.

    4,900     $ 566,182  

CRE Logistics REIT Inc.

    171       211,016  

Create Restaurants Holdings Inc.

    30,000       229,502  

Create SD Holdings Co. Ltd.

    7,100       175,401  

Credit Saison Co. Ltd.

    39,800       636,421  

Curves Holdings Co. Ltd.

    7,700       43,592  

CyberAgent Inc.

    117,000       739,645  

CYBERDYNE Inc.(b)

    29,000       62,491  

Cybozu Inc.

    5,600       87,720  

Dai Nippon Printing Co. Ltd.

    56,000       1,591,854  

Daicel Corp.

    69,300       642,173  

Daido Steel Co. Ltd.

    7,100       304,395  

Daiei Kankyo Co. Ltd.

    10,400       176,264  

Daifuku Co. Ltd.

    78,500       1,678,891  

Daihen Corp.

    5,700       219,947  

Daiho Corp.

    1,700       47,530  

Dai-ichi Life Holdings Inc.

    245,700       5,020,071  

Daiichi Sankyo Co. Ltd.

    480,100        14,786,893  

Daiichikosho Co. Ltd.

    23,000       464,589  

Daiken Corp.

    4,100       67,640  

Daiki Aluminium Industry Co. Ltd.

    4,200       45,824  

Daikin Industries Ltd.

    68,600       13,870,831  

Daikokutenbussan Co. Ltd.

    900       38,215  

Daio Paper Corp.

    27,400       235,550  

Daiseki Co. Ltd.

    10,540       355,221  

Daishi Hokuetsu Financial Group Inc.

    9,200       229,974  

Daito Trust Construction Co. Ltd.

    16,200       1,742,609  

Daiwa House Industry Co. Ltd.

    154,900       4,210,013  

Daiwa House REIT Investment Corp.

    569       1,120,265  

Daiwa Industries Ltd.

    5,300       54,030  

Daiwa Office Investment Corp.

    74       325,800  

Daiwa Securities Group Inc.

    351,700       1,906,532  

Daiwa Securities Living Investments Corp.

    521       417,312  

Daiwabo Holdings Co. Ltd.

    20,400       395,348  

DCM Holdings Co. Ltd.

    29,100       246,434  

Demae-Can Co. Ltd.(a)(b)

    7,900       27,161  

DeNA Co. Ltd.

    19,200       235,377  

Denka Co. Ltd.

    21,000       414,852  

Denso Corp.

    112,600       7,840,055  

Dentsu Group Inc.

    53,000       1,773,453  

Descente Ltd.

    9,100       264,131  

Dexerials Corp.

    15,400       349,607  

DIC Corp.

    19,000       358,656  

Digital Arts Inc.

    2,800       110,805  

Digital Garage Inc.(a)

    7,900       230,023  

Dip Corp.

    8,400       212,052  

Direct Marketing MiX Inc.

    3,000       16,770  

Disco Corp.

    24,100       4,530,217  

DMG Mori Co. Ltd.

    31,000       527,493  

Doshisha Co. Ltd.

    4,000       65,945  

Doutor Nichires Holdings Co. Ltd.

    10,400       163,323  

Dowa Holdings Co. Ltd.

    12,700       410,157  

DTS Corp.

    8,900       210,393  

Duskin Co. Ltd.

    9,000       203,199  

DyDo Group Holdings Inc.

    1,100       39,972  

Earth Corp.

    3,900       139,412  

East Japan Railway Co.

    78,100       4,421,563  

Ebara Corp.

    24,300       1,148,370  

EDION Corp.

    22,500       231,352  

eGuarantee Inc.

    6,900       102,387  
Security   Shares     Value  

Japan (continued)

   

Eiken Chemical Co. Ltd.

    7,200     $ 76,405  

Eisai Co. Ltd.

    65,900       4,157,867  

Eizo Corp.

    4,400       156,355  

Elan Corp.

    5,300       32,903  

Elecom Co. Ltd.

    10,700       115,175  

Electric Power Development Co. Ltd.

    38,900       615,417  

EM Systems Co. Ltd.

    6,200       37,131  

en Japan Inc.

    6,900       136,385  

ENEOS Holdings Inc.

    753,400       2,733,440  

eRex Co. Ltd.

    7,800       62,256  

ES-Con Japan Ltd.

    18,000       101,853  

Euglena Co. Ltd.(b)

    23,200       143,695  

Exedy Corp.

    8,500       148,736  

EXEO Group Inc.

    23,600       490,690  

Ezaki Glico Co. Ltd.

    11,600       306,536  

Fancl Corp.

    21,200       371,290  

FANUC Corp.

    249,800       7,641,986  

Fast Retailing Co. Ltd.

    45,500        11,398,329  

FCC Co. Ltd.

    10,100       132,387  

Ferrotec Holdings Corp.

    13,000       314,550  

Fields Corp.(a)

    8,400       180,239  

Financial Products Group Co. Ltd.

    18,800       181,478  

Food & Life Companies Ltd.

    29,000       570,630  

FP Corp.

    11,400       240,279  

Freee KK(a)(b)

    9,800       215,894  

Frontier Real Estate Investment Corp.

    122       405,360  

Fuji Co. Ltd./Ehime

    5,700       73,509  

Fuji Corp./Aichi

    22,500       411,952  

Fuji Electric Co. Ltd.

    33,300       1,505,479  

Fuji Kyuko Co. Ltd.

    6,100       243,387  

Fuji Media Holdings Inc.

    13,100       145,052  

Fuji Oil Holdings Inc.

    11,700       165,067  

Fuji Seal International Inc.

    9,000       100,801  

Fuji Soft Inc.

    12,200       406,485  

Fujicco Co. Ltd.

    3,200       42,569  

FUJIFILM Holdings Corp.

    96,400       5,597,527  

Fujikura Ltd.

    61,900       517,557  

Fujimi Inc.

    13,500       327,370  

Fujimori Kogyo Co. Ltd.

    4,300       108,119  

Fujio Food Group Inc.(b)

    6,300       62,208  

Fujitec Co. Ltd.

    17,800       457,711  

Fujitsu General Ltd.

    18,000       375,929  

Fujitsu Ltd.

    45,500       5,891,784  

Fujiya Co. Ltd.

    3,300       55,546  

Fukui Computer Holdings Inc.

    1,900       35,071  

Fukuoka Financial Group Inc.

    41,932       1,010,379  

Fukuoka REIT Corp.

    180       210,746  

Fukushima Galilei Co. Ltd.

    4,200       149,072  

Fukuyama Transporting Co. Ltd.

    3,900       110,228  

Fullcast Holdings Co. Ltd.

    2,900       46,943  

Funai Soken Holdings Inc.

    10,200       189,367  

Furukawa Co. Ltd.

    4,900       56,267  

Furukawa Electric Co. Ltd.

    17,100       328,314  

Fuso Chemical Co. Ltd.

    5,700       179,735  

Future Corp.

    8,900       97,092  

Fuyo General Lease Co. Ltd.

    4,100       338,329  

G-7 Holdings Inc.

    3,000       26,399  

Genky DrugStores Co. Ltd.

    1,300       46,012  

Geo Holdings Corp.

    4,400       61,037  

Giken Ltd.

    2,600       38,412  

 

 

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

  81


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Global One Real Estate Investment Corp.

    297     $ 245,375  

GLOBERIDE Inc.

    2,200       36,353  

Glory Ltd.

    11,600       238,668  

GLP J-Reit

    1,182       1,164,464  

GMO Financial Gate Inc.

    400       33,170  

GMO Financial Holdings Inc.

    9,500       48,745  

GMO GlobalSign Holdings KK

    1,100       23,555  

GMO internet group Inc.

    18,400       365,394  

GMO Payment Gateway Inc.

    11,000       839,178  

GNI Group Ltd.(a)(b)

    9,500       86,833  

Goldcrest Co. Ltd.

    3,600       48,893  

Goldwin Inc.

    5,900       484,465  

Gree Inc.

    8,800       38,897  

GS Yuasa Corp.

    17,900       360,183  

G-Tekt Corp.

    4,900       63,791  

GungHo Online Entertainment Inc.

    10,300       202,165  

Gunma Bank Ltd. (The)

    101,100       427,890  

Gunze Ltd.

    3,900       122,618  

H.U. Group Holdings Inc.

    14,300       282,333  

H2O Retailing Corp.

    25,300       272,321  

Hachijuni Bank Ltd. (The)

    101,700       523,973  

Hakuhodo DY Holdings Inc.

    57,800       664,955  

Hakuto Co. Ltd.

    3,000       118,308  

Halows Co. Ltd.

    2,200       57,274  

Hamakyorex Co. Ltd.

    4,900       135,431  

Hamamatsu Photonics KK

    36,900        1,777,893  

Hankyu Hanshin Holdings Inc.

    58,400       1,940,216  

Hankyu Hanshin REIT Inc.

    122       121,929  

Hanwa Co. Ltd.

    8,500       290,757  

Harmonic Drive Systems Inc.

    13,900       382,832  

Haseko Corp.

    62,000       807,165  

Hazama Ando Corp.

    37,900       303,231  

Heiwa Corp.

    14,200       240,530  

Heiwa Real Estate Co. Ltd.

    9,400       262,651  

Heiwa Real Estate REIT Inc.

    278       283,713  

Heiwado Co. Ltd.

    8,700       148,156  

Hiday Hidaka Corp.

    7,800       138,829  

Hikari Tsushin Inc.

    5,500       816,129  

Hino Motors Ltd.(b)

    65,500       262,707  

Hioki E.E. Corp.

    2,000       114,323  

Hirata Corp.

    2,000       112,175  

Hirogin Holdings Inc.

    65,200       403,245  

Hirose Electric Co. Ltd.

    7,800       987,929  

HIS Co. Ltd.(b)

    15,900       227,903  

Hisamitsu Pharmaceutical Co. Inc.

    13,900       444,203  

Hitachi Construction Machinery Co. Ltd.

    29,200       876,249  

Hitachi Ltd.

    243,500        15,940,601  

Hitachi Zosen Corp.

    36,500       240,505  

Hogy Medical Co. Ltd.

    6,200       135,834  

Hokkaido Electric Power Co. Inc.(b)

    52,400       244,380  

Hokkoku Financial Holdings Inc.

    5,100       173,373  

Hokuetsu Corp.

    29,200       177,080  

Hokuhoku Financial Group Inc.

    30,200       270,397  

Hokuriku Electric Power Co.(b)

    36,100       220,114  

Hokuto Corp.

    3,100       40,599  

Honda Motor Co. Ltd.

    400,100       12,755,743  

Horiba Ltd.

    9,500       560,435  

Hoshino Resorts REIT Inc.

    69       302,300  

Hoshizaki Corp.

    28,700       1,100,670  

Hosiden Corp.

    10,600       137,065  
Security   Shares     Value  

Japan (continued)

   

House Foods Group Inc.

    16,600     $ 383,236  

Hoya Corp.

    92,800       10,807,425  

Hulic Co. Ltd.

    102,300       871,003  

Hulic Reit Inc.

    363       421,277  

Hyakugo Bank Ltd. (The)

    58,800       196,553  

Ibiden Co. Ltd.

    29,600       1,799,066  

Ichibanya Co. Ltd.

    3,800       148,886  

Ichigo Inc.

    66,000       125,543  

Ichigo Office REIT Investment Corp.

    288       179,409  

Idec Corp./Japan

    7,800       165,965  

Idemitsu Kosan Co. Ltd.

    54,747       1,156,083  

IDOM Inc.

    18,100       106,175  

IHI Corp.

    35,900       882,687  

Iida Group Holdings Co. Ltd.

    41,500       728,013  

Iino Kaiun Kaisha Ltd.

    22,900       147,875  

Inaba Denki Sangyo Co. Ltd.

    11,600       257,679  

Inabata & Co. Ltd.

    10,400       242,433  

Inageya Co. Ltd.

    4,500       47,484  

Industrial & Infrastructure Fund Investment Corp.

    537       562,044  

Infocom Corp.

    8,100       137,436  

Infomart Corp.

    51,700       154,070  

Information Services International-Dentsu Ltd.

    7,100       251,791  

INFRONEER Holdings Inc.

    46,700       454,767  

Inpex Corp.

    253,800       3,277,121  

Insource Co. Ltd.

    9,500       83,968  

Internet Initiative Japan Inc.

    27,300       508,311  

Invincible Investment Corp.

    1,558       645,456  

Iriso Electronics Co. Ltd.

    4,500       125,056  

Isetan Mitsukoshi Holdings Ltd.

    89,700       973,144  

Isuzu Motors Ltd.

    149,800       1,946,014  

Ito En Ltd.

    11,700       333,941  

ITOCHU Corp.

    308,800        12,489,508  

Itochu Enex Co. Ltd.

    15,200       149,210  

Itochu Techno-Solutions Corp.

    26,600       674,154  

Itochu-Shokuhin Co. Ltd.

    1,300       49,575  

Itoham Yonekyu Holdings Inc.

    34,900       177,110  

Iwatani Corp.

    11,800       629,875  

Iyogin Holdings Inc., NVS

    70,500       497,973  

Izumi Co. Ltd.

    7,600       191,505  

J Front Retailing Co. Ltd.

    62,000       603,475  

J Trust Co. Ltd.(a)

    19,500       64,729  

JAC Recruitment Co. Ltd.

    4,100       81,446  

Jaccs Co. Ltd.

    5,800       212,792  

JAFCO Group Co. Ltd.

    12,800       167,354  

Japan Airlines Co. Ltd.

    38,200       827,054  

Japan Airport Terminal Co. Ltd.

    16,600       773,567  

Japan Aviation Electronics Industry Ltd.

    10,700       217,325  

Japan Display Inc.(b)

    159,200       43,719  

Japan Elevator Service Holdings Co. Ltd.

    18,300       226,323  

Japan Excellent Inc.

    340       315,355  

Japan Exchange Group Inc.

    132,200       2,303,346  

Japan Hotel REIT Investment Corp.

    1,220       605,797  

Japan Lifeline Co. Ltd.

    21,000       147,147  

Japan Logistics Fund Inc.

    237       500,890  

Japan Material Co. Ltd.

    17,400       307,691  

Japan Metropolitan Fund Invest

    1,805       1,238,045  

Japan Petroleum Exploration Co. Ltd.

    7,200       247,467  

Japan Post Bank Co. Ltd.

    381,300       3,172,241  

Japan Post Holdings Co. Ltd.

    573,900       4,190,954  

Japan Post Insurance Co. Ltd.

    53,000       856,489  

 

 

82  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Japan Prime Realty Investment Corp.

    218     $ 542,786  

Japan Pulp & Paper Co. Ltd.

    1,600       52,040  

Japan Real Estate Investment Corp.

    325       1,307,182  

Japan Securities Finance Co. Ltd.

    24,200       205,529  

Japan Steel Works Ltd. (The)

    16,700       347,884  

Japan Tobacco Inc.

    313,100       6,947,562  

Japan Wool Textile Co. Ltd. (The)

    7,300       61,973  

JCR Pharmaceuticals Co. Ltd.

    17,300       164,397  

JCU Corp.

    4,400       104,832  

JDC Corp.

    13,300       57,062  

Jeol Ltd.

    12,100       415,029  

JFE Holdings Inc.

    129,000       2,086,692  

JGC Holdings Corp.

    58,400       818,800  

JINS Holdings Inc.

    2,100       52,093  

JMDC Inc.

    9,000       344,002  

J-Oil Mills Inc.

    3,600       42,883  

Joshin Denki Co. Ltd.

    2,600       37,404  

Joyful Honda Co. Ltd.

    17,600       203,877  

JSR Corp.

    46,700       1,339,669  

JTEKT Corp.

    58,000       547,089  

JTOWER Inc.(a)(b)

    1,900       97,045  

Juroku Financial Group Inc.

    10,100       249,812  

Justsystems Corp.

    8,700       247,610  

Kadokawa Corp.

    22,500       557,726  

Kaga Electronics Co. Ltd.

    3,600       161,266  

Kagome Co. Ltd.

    19,300       430,276  

Kajima Corp.

    112,200       1,773,035  

Kakaku.com Inc.

    33,400       499,261  

Kaken Pharmaceutical Co. Ltd.

    7,600       189,229  

Kameda Seika Co. Ltd.

    4,300       132,010  

Kamigumi Co. Ltd.

    26,600       617,022  

Kanamoto Co. Ltd.

    9,800       172,846  

Kandenko Co. Ltd.

    25,100       220,170  

Kaneka Corp.

    11,500       338,832  

Kanematsu Corp.

    23,000       337,399  

Kansai Electric Power Co. Inc. (The)

    181,000       2,377,848  

Kansai Paint Co. Ltd.

    42,800       701,549  

Kanto Denka Kogyo Co. Ltd.

    6,000       40,077  

Kao Corp.

    120,600       4,581,786  

Kappa Create Co. Ltd.(b)

    4,500       48,842  

Katakura Industries Co. Ltd.

    2,700       30,693  

Katitas Co. Ltd.

    12,400       228,081  

Kato Sangyo Co. Ltd.

    5,600       153,653  

Kawasaki Heavy Industries Ltd.

    39,000       994,626  

Kawasaki Kisen Kaisha Ltd.

    35,500       1,070,489  

KDDI Corp.

    388,900        11,445,987  

KeePer Technical Laboratory Co. Ltd.

    3,600       159,040  

Keihan Holdings Co. Ltd.

    26,600       753,382  

Keihanshin Building Co. Ltd.

    4,300       38,241  

Keikyu Corp.

    58,400       555,072  

Keio Corp.

    26,200       870,904  

Keisei Electric Railway Co. Ltd.

    33,200       1,377,974  

Keiyo Bank Ltd. (The)

    25,800       108,309  

Keiyo Co. Ltd.

    5,000       30,043  

Kenedix Office Investment Corp.

    220       523,103  

Kenedix Residential Next Investment Corp.

    256       400,540  

Kenedix Retail REIT Corp.

    175       342,486  

Kewpie Corp.

    26,600       431,010  

Keyence Corp.

    50,700       22,751,217  

KFC Holdings Japan Ltd.

    2,100       43,923  
Security   Shares     Value  

Japan (continued)

   

KH Neochem Co. Ltd.

    9,100     $ 148,955  

Kikkoman Corp.

    35,500       2,045,895  

Kinden Corp.

    29,200       402,716  

Kintetsu Group Holdings Co. Ltd.

    47,500       1,593,464  

Kirin Holdings Co. Ltd.

    203,100       2,999,876  

Kisoji Co. Ltd.

    8,600       149,493  

Kissei Pharmaceutical Co. Ltd.

    6,900       146,089  

Ki-Star Real Estate Co. Ltd.

    1,400       51,046  

Kitz Corp.

    21,300       158,517  

Kiyo Bank Ltd. (The)

    18,800       201,877  

Koa Corp.

    6,300       78,009  

Kobayashi Pharmaceutical Co. Ltd.

    12,800       703,633  

Kobe Bussan Co. Ltd.

    38,400       1,022,806  

Kobe Steel Ltd.

    90,100       985,454  

Koei Tecmo Holdings Co. Ltd.

    32,272       552,210  

Kohnan Shoji Co. Ltd.

    5,300       129,744  

Koito Manufacturing Co. Ltd.

    53,200       978,210  

Kokuyo Co. Ltd.

    24,500       393,039  

Komatsu Ltd.

    240,900       6,748,676  

KOMEDA Holdings Co. Ltd.

    11,200       217,073  

Komeri Co. Ltd.

    8,400       176,067  

Konami Group Corp.

    26,500       1,486,561  

Konica Minolta Inc.

    129,200       478,898  

Konishi Co. Ltd.

    8,600       137,975  

Konoike Transport Co. Ltd.

    5,500       68,951  

Kosaido Holdings Co. Ltd.

    3,900       60,770  

Kose Corp.

    8,300       812,787  

Koshidaka Holdings Co. Ltd.

    15,900       132,335  

Kotobuki Spirits Co. Ltd.

    4,600       350,127  

K’s Holdings Corp.

    36,600       335,925  

Kubota Corp.

    261,600       3,951,721  

Kumagai Gumi Co. Ltd.

    8,200       185,717  

Kumiai Chemical Industry Co. Ltd.

    24,300       182,466  

Kura Sushi Inc.(a)

    4,700       102,332  

Kuraray Co. Ltd.

    73,300       737,585  

Kureha Corp.

    3,800       227,191  

Kurita Water Industries Ltd.

    26,800       1,077,767  

Kusuri no Aoki Holdings Co. Ltd.

    4,600       264,124  

KYB Corp.

    4,800       170,090  

Kyocera Corp.

    83,700        4,504,070  

Kyoei Steel Ltd.

    4,800       72,246  

Kyokuto Kaihatsu Kogyo Co. Ltd.

    4,400       56,496  

Kyorin Pharmaceutical Co. Ltd.

    10,900       135,912  

Kyoritsu Maintenance Co. Ltd.

    8,000       313,514  

Kyowa Kirin Co. Ltd.

    69,700       1,330,969  

Kyudenko Corp.

    9,900       285,501  

Kyushu Electric Power Co. Inc.(b)

    111,500       757,087  

Kyushu Financial Group Inc.

    89,500       435,681  

Kyushu Railway Co.

    36,100       791,596  

LaSalle Logiport REIT

    470       502,811  

Lasertec Corp.

    20,000       3,027,636  

Lawson Inc.

    12,300       617,150  

Leopalace21 Corp.(b)

    59,700       128,684  

Life Corp.

    5,000       125,425  

LIFENET INSURANCE Co.(b)

    11,800       89,044  

Link And Motivation Inc.

    5,700       17,196  

Lintec Corp.

    11,400       188,144  

Lion Corp.

    58,500       558,972  

LITALICO Inc.

    3,900       61,352  

Lixil Corp.

    71,800       917,591  

 

 

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

  83


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

M&A Capital Partners Co. Ltd.(b)

    5,300     $ 108,700  

M&A Research Institute Inc., NVS(a)(b)

    5,700       158,782  

M3 Inc.

    114,000       2,636,116  

Mabuchi Motor Co. Ltd.

    11,300       324,486  

Macnica Holdings Inc.

    11,400       477,796  

Maeda Kosen Co. Ltd.

    5,700       125,991  

Makino Milling Machine Co. Ltd.

    6,500       260,595  

Makita Corp.

    58,400       1,639,933  

Management Solutions Co. Ltd.

    1,500       43,004  

Mandom Corp.

    12,200       122,486  

Mani Inc.

    19,100       245,617  

Marubeni Corp.

    398,900       7,062,522  

Maruha Nichiro Corp.

    9,500       164,789  

Marui Group Co. Ltd.

    46,700       836,594  

Maruichi Steel Tube Ltd.

    16,200       383,959  

MARUKA FURUSATO Corp.

    4,400       82,603  

Maruwa Co. Ltd./Aichi

    2,000       332,153  

Maruzen Showa Unyu Co. Ltd.

    1,900       55,296  

Matsuda Sangyo Co. Ltd.

    3,600       59,008  

Matsui Securities Co. Ltd.

    30,200       170,644  

MatsukiyoCocokara & Co.

    29,630       1,733,995  

Matsuyafoods Holdings Co. Ltd.

    1,700       50,755  

Max Co. Ltd.

    9,100       170,464  

Maxell Ltd.

    10,400       118,148  

Maxvalu Tokai Co. Ltd.

    2,400       47,037  

Mazda Motor Corp.

    150,700       1,495,018  

McDonald’s Holdings Co. Japan Ltd.(a)

    22,100       869,926  

MCJ Co. Ltd.

    23,300       184,914  

Mebuki Financial Group Inc.

    264,190       701,872  

Medipal Holdings Corp.

    48,300       828,178  

Medley Inc.(b)

    5,300       189,101  

Megachips Corp.

    4,600       137,675  

Megmilk Snow Brand Co. Ltd.

    11,900       163,935  

Meidensha Corp.

    5,200       77,513  

MEIJI Holdings Co. Ltd.

    58,800       1,358,509  

Meiko Electronics Co. Ltd.

    4,500       89,525  

Meitec Corp.

    17,900       326,322  

Melco Holdings Inc.

    1,200       26,962  

Menicon Co. Ltd.

    17,000       304,918  

Mercari Inc.(b)

    28,200       714,372  

METAWATER Co. Ltd.

    3,600       46,421  

Micronics Japan Co. Ltd.

    5,000       79,756  

Midac Holdings Co. Ltd.

    1,200       13,665  

Mie Kotsu Group Holdings Inc.

    23,100       92,308  

Milbon Co. Ltd.

    6,400       230,279  

Mimasu Semiconductor Industry Co. Ltd.

    2,700       56,498  

MINEBEA MITSUMI Inc.

    94,800       1,755,959  

Mirai Corp.

    334       107,709  

MIRAIT ONE corp.

    26,400       338,922  

MISUMI Group Inc.

    73,500       1,344,618  

Mitani Sekisan Co. Ltd.

    2,800       94,879  

Mitsubishi Chemical Group Corp.

    333,700       1,996,135  

Mitsubishi Corp.

    321,700        16,460,249  

Mitsubishi Electric Corp.

    504,100       7,274,733  

Mitsubishi Estate Co. Ltd.

    290,400       3,559,052  

Mitsubishi Estate Logistics REIT Investment Corp.

    117       334,781  

Mitsubishi Gas Chemical Co. Inc.

    41,700       625,439  

Mitsubishi HC Capital Inc.

    230,100       1,522,196  

Mitsubishi Heavy Industries Ltd.

    82,600       3,918,877  

Mitsubishi Logisnext Co. Ltd.

    8,400       75,568  
Security   Shares     Value  

Japan (continued)

   

Mitsubishi Logistics Corp.

    13,900     $ 349,155  

Mitsubishi Materials Corp.

    33,100       591,681  

Mitsubishi Motors Corp.

    183,700       741,877  

Mitsubishi Pencil Co. Ltd.

    5,300       69,383  

Mitsubishi Research Institute Inc.

    1,600       60,579  

Mitsubishi Shokuhin Co. Ltd.

    5,400       143,893  

Mitsubishi UFJ Financial Group Inc.

    2,968,800        23,905,514  

Mitsuboshi Belting Ltd.

    5,000       158,473  

Mitsui & Co. Ltd.

    341,000       13,309,256  

Mitsui Chemicals Inc.

    44,100       1,268,049  

Mitsui DM Sugar Holdings Co. Ltd.

    3,200       64,183  

Mitsui Fudosan Co. Ltd.

    232,800       4,782,861  

Mitsui Fudosan Logistics Park Inc.

    132       469,779  

Mitsui High-Tec Inc.

    4,700       328,770  

Mitsui Mining & Smelting Co. Ltd.

    13,200       312,006  

Mitsui OSK Lines Ltd.

    88,900       2,298,226  

Mitsui-Soko Holdings Co. Ltd.

    6,100       155,569  

Mitsuuroko Group Holdings Co. Ltd.

    7,600       71,952  

Miura Co. Ltd.

    22,500       567,676  

Mixi Inc.

    11,500       217,216  

Mizuho Financial Group Inc.

    627,720       10,649,498  

Mizuho Leasing Co. Ltd.

    6,800       233,527  

Mizuno Corp.

    5,200       136,320  

Mochida Pharmaceutical Co. Ltd.

    5,000       116,267  

Modec Inc.(b)

    3,300       34,724  

Monex Group Inc.

    58,400       227,613  

Money Forward Inc.(b)

    11,800       510,424  

Monogatari Corp. (The)

    8,100       198,323  

MonotaRO Co. Ltd.

    65,100       794,535  

Mori Hills REIT Investment Corp.

    396       403,005  

Mori Trust Reit Inc.

    630       324,708  

Morinaga & Co. Ltd./Japan

    9,400       305,143  

Morinaga Milk Industry Co. Ltd.

    9,100       306,492  

Morita Holdings Corp.

    5,100       55,615  

MOS Food Services Inc.

    6,300       144,886  

MS&AD Insurance Group Holdings Inc.

    111,600       4,150,774  

Murata Manufacturing Co. Ltd.

    149,600       8,886,494  

Musashi Seimitsu Industry Co. Ltd.

    11,800       147,144  

Musashino Bank Ltd. (The)

    9,500       167,716  

Nabtesco Corp.

    29,200       619,373  

Nachi-Fujikoshi Corp.

    2,200       59,445  

Nafco Co. Ltd.

    3,900       51,721  

Nagaileben Co. Ltd.

    3,200       53,122  

Nagase & Co. Ltd.

    26,000       447,041  

Nagawa Co. Ltd.

    2,500       125,948  

Nagoya Railroad Co. Ltd.

    51,200       824,440  

Nakanishi Inc.

    18,300       421,657  

Nankai Electric Railway Co. Ltd.

    27,300       578,579  

Nanto Bank Ltd. (The)

    8,500       155,721  

NEC Corp.

    64,200       3,248,225  

NEC Networks & System Integration Corp.

    17,100       225,482  

NET One Systems Co. Ltd.

    21,200       465,805  

Nexon Co. Ltd.

    102,100       1,948,008  

Nextage Co. Ltd.

    9,600       252,150  

NGK Insulators Ltd.

    60,200       738,308  

NH Foods Ltd.

    20,700       597,253  

NHK Spring Co. Ltd.

    51,700       414,256  

Nichias Corp.

    15,900       326,879  

Nichicon Corp.

    10,700       105,838  

Nichiden Corp.

    2,900       50,093  

 

 

84  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Nichiha Corp.

    4,900     $ 112,725  

Nichirei Corp.

    29,200       666,166  

Nidec Corp.

    107,800       6,438,349  

Nifco Inc./Japan

    20,700       616,979  

Nihon Kohden Corp.

    20,900       550,914  

Nihon M&A Center Holdings Inc.

    82,100       470,173  

Nihon Parkerizing Co. Ltd.

    24,400       190,847  

Nikkiso Co. Ltd.

    12,100       77,148  

Nikkon Holdings Co. Ltd.

    13,800       290,068  

Nikon Corp.

    81,600       1,078,570  

Nintendo Co. Ltd.

    269,900        12,208,855  

Nippn Corp., New

    11,000       144,300  

Nippon Accommodations Fund Inc.

    136       644,640  

Nippon Building Fund Inc.

    402       1,685,108  

Nippon Carbon Co. Ltd.

    1,700       51,552  

Nippon Ceramic Co. Ltd.

    6,300       113,797  

Nippon Densetsu Kogyo Co. Ltd.

    10,100       152,719  

Nippon Electric Glass Co. Ltd.

    20,400       370,539  

Nippon Express Holdings Inc.

    19,000       1,113,993  

Nippon Gas Co. Ltd.

    28,400       417,922  

Nippon Kanzai Holdings Co. Ltd.

    3,000       55,897  

Nippon Kayaku Co. Ltd.

    29,000       267,644  

Nippon Light Metal Holdings Co. Ltd.

    10,710       114,356  

Nippon Paint Holdings Co. Ltd.

    247,900       2,271,324  

Nippon Paper Industries Co. Ltd.(b)

    29,500       286,698  

Nippon Parking Development Co. Ltd.

    53,600       80,776  

Nippon Pillar Packing Co. Ltd.

    4,200       131,624  

Nippon Prologis REIT Inc.

    580       1,186,047  

NIPPON REIT Investment Corp.

    109       259,522  

Nippon Road Co. Ltd. (The)

    1,000       67,645  

Nippon Sanso Holdings Corp.

    43,900       1,061,561  

Nippon Seiki Co. Ltd.

    15,400       107,828  

Nippon Shinyaku Co. Ltd.

    13,800       558,067  

Nippon Shokubai Co. Ltd.

    6,400       246,379  

Nippon Signal Company Ltd.

    6,200       44,442  

Nippon Soda Co. Ltd.

    4,700       176,730  

Nippon Steel Corp.

    208,728       4,770,764  

Nippon Suisan Kaisha Ltd.

    70,300       334,790  

Nippon Telegraph & Telephone Corp.

    7,769,100       8,908,967  

Nippon Television Holdings Inc.

    17,300       164,287  

Nippon Yusen KK

    125,000       3,040,770  

Nipro Corp.

    36,300       263,567  

Nishimatsu Construction Co. Ltd.

    10,100       263,108  

Nishimatsuya Chain Co. Ltd.

    7,700       92,484  

Nishi-Nippon Financial Holdings Inc.

    29,900       318,506  

Nishi-Nippon Railroad Co. Ltd.

    17,800       321,509  

Nishio Holdings Co. Ltd.

    5,900       149,904  

Nissan Chemical Corp.

    32,800       1,473,890  

Nissan Motor Co. Ltd.

    600,200       2,643,969  

Nissan Shatai Co. Ltd.

    21,900       139,552  

Nissha Co. Ltd.

    9,100       110,085  

Nisshin Oillio Group Ltd. (The)

    5,700       153,000  

Nisshin Seifun Group Inc.

    53,200       659,734  

Nisshinbo Holdings Inc.

    31,400       269,856  

Nissin Foods Holdings Co. Ltd.

    15,900       1,340,617  

Niterra Co. Ltd.

    40,900       864,831  

Nitori Holdings Co. Ltd.

    20,900       2,559,259  

Nitta Corp.

    2,800       63,964  

Nittetsu Mining Co. Ltd.

    4,400       157,443  

Nitto Boseki Co. Ltd.

    7,300       142,547  
Security   Shares     Value  

Japan (continued)

   

Nitto Denko Corp.

    39,300     $ 2,794,662  

Nitto Kogyo Corp.

    6,000       153,521  

Noevir Holdings Co. Ltd.

    3,900       148,645  

NOF Corp.

    18,000       776,765  

Nohmi Bosai Ltd.

    3,200       38,852  

Nojima Corp.

    12,300       120,063  

NOK Corp.

    20,000       301,149  

Nomura Co. Ltd.

    23,400       148,894  

Nomura Holdings Inc.

    762,900       3,156,096  

Nomura Real Estate Holdings Inc.

    29,600       734,169  

Nomura Real Estate Master Fund Inc.

    1,124       1,337,265  

Nomura Research Institute Ltd.

    100,910        2,867,349  

Noritake Co. Ltd./Nagoya Japan

    3,100       120,891  

Noritsu Koki Co. Ltd.

    2,500       43,352  

Noritz Corp.

    8,300       101,912  

North Pacific Bank Ltd.

    60,200       131,495  

NS Solutions Corp.

    7,000       183,719  

NS United Kaiun Kaisha Ltd.

    1,400       37,687  

NSD Co. Ltd.

    17,300       338,850  

NSK Ltd.

    102,300       662,145  

NTN Corp.

    122,000       274,129  

NTT Data Group Corp.

    163,100       2,268,915  

NTT UD REIT Investment Corp.

    329       312,050  

Obara Group Inc.

    1,900       55,505  

Obayashi Corp.

    172,700       1,596,755  

OBIC Business Consultants Co. Ltd.

    8,600       361,199  

Obic Co. Ltd.

    18,300       2,994,614  

Odakyu Electric Railway Co. Ltd.

    79,000       1,154,223  

Ogaki Kyoritsu Bank Ltd. (The)

    10,800       148,724  

Ohsho Food Service Corp.

    2,900       138,076  

Oiles Corp.

    3,800       51,800  

Oisix ra daichi Inc.(a)(b)

    6,100       100,283  

Oji Holdings Corp.

    216,600       855,201  

Okamoto Industries Inc.

    1,600       44,485  

Okamura Corp.

    18,100       259,713  

Okasan Securities Group Inc.

    52,400       208,783  

Oki Electric Industry Co. Ltd.

    29,000       183,207  

Okinawa Cellular Telephone Co.

    7,000       147,876  

Okinawa Electric Power Co. Inc. (The)(b)

    12,000       97,352  

Okinawa Financial Group Inc.

    3,100       48,804  

OKUMA Corp.

    6,600       334,820  

Okumura Corp.

    6,800       203,376  

Olympus Corp.

    314,500       5,131,673  

Omron Corp.

    45,800       2,458,373  

One REIT Inc.

    78       142,240  

Ono Pharmaceutical Co. Ltd.

    101,500       1,860,020  

Open House Group Co. Ltd.

    20,200       768,657  

Optex Group Co. Ltd.

    9,900       129,908  

Optorun Co. Ltd.

    6,100       101,287  

Oracle Corp. Japan

    9,800       686,966  

Organo Corp.

    6,100       176,799  

Orient Corp.

    11,950       93,505  

Oriental Land Co. Ltd./Japan

    283,700       10,880,898  

ORIX Corp.

    302,900       5,826,741  

Orix JREIT Inc.

    660       839,663  

Osaka Gas Co. Ltd.

    96,100       1,512,118  

Osaka Organic Chemical Industry Ltd.

    1,700       31,539  

Osaka Soda Co. Ltd.

    4,100       166,973  

OSAKA Titanium Technologies Co. Ltd.(a)

    8,800       222,129  

OSG Corp.

    21,500       286,575  

 

 

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

  85


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Otsuka Corp.

    29,200     $ 1,215,986  

Otsuka Holdings Co. Ltd.

    102,300       3,761,295  

Outsourcing Inc.

    29,900       305,901  

Pacific Industrial Co. Ltd.

    5,700       54,866  

Pacific Metals Co. Ltd.(b)

    2,500       29,254  

PAL GROUP Holdings Co. Ltd.

    6,100       179,018  

PALTAC Corp.

    9,100       305,748  

Pan Pacific International Holdings Corp.

    100,900       1,994,954  

Panasonic Holdings Corp.

    576,300        7,113,491  

Paramount Bed Holdings Co. Ltd.

    9,100       149,054  

Park24 Co. Ltd.(b)

    34,700       457,782  

Pasona Group Inc.

    2,400       28,443  

Penta-Ocean Construction Co. Ltd.

    79,900       433,691  

PeptiDream Inc.(a)(b)

    24,300       309,346  

Persol Holdings Co. Ltd.

    46,800       925,733  

Pharma Foods International Co. Ltd.

    3,200       37,778  

PHC Holdings Corp.

    3,900       41,360  

Pigeon Corp.

    29,200       394,393  

Pilot Corp.

    6,900       227,369  

Piolax Inc.

    4,100       63,876  

PKSHA Technology Inc.(a)(b)

    3,500       73,573  

Plus Alpha Consulting Co. Ltd.

    4,600       90,586  

Pola Orbis Holdings Inc.

    26,200       384,257  

Pressance Corp.

    3,400       48,416  

Prestige International Inc.

    26,600       108,549  

Prima Meat Packers Ltd.

    3,900       60,799  

Raito Kogyo Co. Ltd.

    12,100       175,283  

Raiznext Corp.

    3,400       34,839  

Raksul Inc.(b)

    10,200       100,801  

Rakus Co. Ltd.

    23,400       397,226  

Rakuten Group Inc.

    390,300       1,528,713  

Recruit Holdings Co. Ltd.

    374,700       12,977,977  

Relo Group Inc.

    28,500       393,563  

Renesas Electronics Corp.(b)

    328,900       6,345,740  

Rengo Co. Ltd.

    51,300       326,738  

RENOVA Inc.(b)

    11,500       121,467  

Resona Holdings Inc.

    552,900       3,010,033  

Resorttrust Inc.

    20,900       330,464  

Restar Holdings Corp.

    3,200       53,421  

Retail Partners Co. Ltd.

    4,300       46,895  

Ricoh Co. Ltd.

    141,600       1,259,626  

Ricoh Leasing Co. Ltd.

    4,700       145,730  

Riken Keiki Co. Ltd.

    2,800       105,932  

Riken Vitamin Co. Ltd.

    3,300       48,204  

Ringer Hut Co. Ltd.(b)

    7,000       121,050  

Rinnai Corp.

    27,100       590,026  

Riso Kagaku Corp.

    6,500       106,692  

Riso Kyoiku Co. Ltd.

    27,700       51,244  

Rohm Co. Ltd.

    22,500       2,108,435  

Rohto Pharmaceutical Co. Ltd.

    48,300       1,029,495  

Roland Corp.

    2,700       76,977  

Rorze Corp.

    2,500       195,537  

Round One Corp.

    52,900       211,753  

Royal Holdings Co. Ltd.

    6,000       112,002  

RS Technologies Co. Ltd.

    3,500       75,077  

Ryohin Keikaku Co. Ltd.

    66,400       862,216  

Ryosan Co. Ltd.

    2,800       88,635  

Ryoyo Electro Corp.

    3,900       96,864  

S Foods Inc.

    5,800       136,833  

Saibu Gas Holdings Co. Ltd.

    7,400       108,585  
Security   Shares     Value  

Japan (continued)

   

Saizeriya Co. Ltd.

    7,300     $ 232,123  

Sakai Moving Service Co. Ltd.

    3,400       127,828  

Sakata INX Corp.

    6,100       52,579  

Sakata Seed Corp.

    6,300       177,047  

SAMTY Co. Ltd.

    4,500       71,883  

Samty Residential Investment Corp.

    52       42,592  

San-A Co. Ltd.

    5,000       165,715  

San-Ai Obbli Co. Ltd.

    11,900       135,507  

SanBio Co. Ltd.(b)

    5,400       22,798  

Sangetsu Corp.

    11,600       212,950  

San-in Godo Bank Ltd. (The)

    30,600       198,075  

Sanken Electric Co. Ltd.

    5,700       582,360  

Sanki Engineering Co. Ltd.

    12,000       130,397  

Sankyo Co. Ltd.

    10,500       444,167  

Sankyu Inc.

    12,600       436,933  

Sanrio Co. Ltd.

    14,000       651,884  

Sansan Inc.(b)

    21,300       225,459  

Santen Pharmaceutical Co. Ltd.

    91,900       803,053  

Sanwa Holdings Corp.

    47,500       646,006  

Sanyo Chemical Industries Ltd.

    3,700       112,620  

Sanyo Denki Co. Ltd.

    1,800       91,300  

Sanyo Special Steel Co. Ltd.

    3,600       72,321  

Sapporo Holdings Ltd.(a)

    17,600       463,697  

Sato Holdings Corp.

    3,800       53,216  

Sawai Group Holdings Co. Ltd.

    8,900       221,675  

SB Technology Corp.

    3,800       69,193  

SBI Holdings Inc.

    65,200       1,376,847  

SBS Holdings Inc.

    5,400       128,093  

SCREEN Holdings Co. Ltd.

    10,600       1,145,324  

SCSK Corp.

    40,800       678,302  

Secom Co. Ltd.

    55,000       3,690,766  

Sega Sammy Holdings Inc.

    39,900       872,398  

Seibu Holdings Inc.

    59,000       656,046  

Seiko Epson Corp.

    75,900       1,246,408  

Seiko Group Corp.

    5,400       99,830  

Seino Holdings Co. Ltd.

    33,900       533,536  

Seiren Co. Ltd.

    8,900       153,780  

Sekisui Chemical Co. Ltd.

    95,700       1,453,635  

Sekisui House Ltd.

    159,700       3,258,150  

Sekisui House Reit Inc.

    1,060       629,185  

Sekisui Jushi Corp.

    7,900       124,135  

Senko Group Holdings Co. Ltd.

    25,600       185,312  

Septeni Holdings Co. Ltd.

    25,700       73,317  

Seria Co. Ltd.

    10,800       181,154  

Seven & i Holdings Co. Ltd.

    196,300        8,143,521  

Seven Bank Ltd.

    152,600       331,442  

SG Holdings Co. Ltd.

    83,700       1,221,476  

Sharp Corp./Japan(b)

    58,100       345,472  

Shibaura Machine Co. Ltd.

    6,500       207,805  

Shibaura Mechatronics Corp.

    900       150,653  

Shibuya Corp.

    2,100       38,869  

SHIFT Inc.(b)

    3,300       780,639  

Shiga Bank Ltd. (The)

    8,700       186,383  

Shikoku Chemicals Corp.

    5,100       50,862  

Shikoku Electric Power Co. Inc.(b)

    37,500       264,182  

Shima Seiki Manufacturing Ltd.

    8,500       116,347  

Shimadzu Corp.

    62,100       1,886,028  

Shimamura Co. Ltd.

    5,600       554,600  

Shimano Inc.

    20,300       3,059,761  

Shimizu Corp.

    138,900       956,956  

 

 

86  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Shin Nippon Biomedical Laboratories Ltd.

    5,600     $ 82,626  

Shin-Etsu Chemical Co. Ltd.

    472,800       15,576,322  

Shin-Etsu Polymer Co. Ltd.

    12,900       128,124  

Shinko Electric Industries Co. Ltd.

    17,400       703,497  

Shinmaywa Industries Ltd.

    13,600       137,322  

Shinsei Bank Ltd.

    13,200       265,834  

Shionogi & Co. Ltd.

    68,400       2,866,509  

Ship Healthcare Holdings Inc.

    20,100       325,549  

Shiseido Co. Ltd.

    104,700       4,590,474  

Shizuoka Financial Group Inc., NVS

    115,000       960,492  

Shizuoka Gas Co. Ltd.

    4,800       37,105  

SHO-BOND Holdings Co. Ltd.

    9,600       389,904  

Shochiku Co. Ltd.

    2,200       168,341  

Shoei Co. Ltd.

    10,600       192,714  

Shoei Foods Corp.

    1,700       51,733  

Showa Denko KK

    47,600       779,772  

Showa Sangyo Co. Ltd.

    6,200       119,720  

Siix Corp.

    4,900       53,035  

Simplex Holdings Inc.

    6,000       121,143  

SKY Perfect JSAT Holdings Inc.

    53,500       223,406  

Skylark Holdings Co. Ltd.(b)

    58,800       760,842  

SMC Corp.

    14,900       7,786,188  

SMS Co. Ltd.

    19,400       412,064  

Snow Peak Inc.(a)

    6,100       75,802  

Socionext Inc.

    8,900       1,053,096  

SoftBank Corp.

    748,400       8,310,607  

SoftBank Group Corp.

    267,400        13,600,604  

Sohgo Security Services Co. Ltd.

    98,000       599,167  

Sojitz Corp.

    61,720       1,465,373  

Solasto Corp.

    12,300       60,376  

Sompo Holdings Inc.

    80,900       3,576,649  

Sony Group Corp.

    328,100       30,731,889  

Sosei Group Corp.(b)

    20,700       264,030  

SOSiLA Logistics REIT Inc.

    191       172,628  

Sotetsu Holdings Inc.

    19,800       383,166  

SPARX Group Co. Ltd.

    4,200       44,678  

S-Pool Inc.

    23,700       91,504  

Square Enix Holdings Co. Ltd.

    22,500       1,042,183  

SRE Holdings Corp.(b)

    2,100       54,226  

Stanley Electric Co. Ltd.

    35,200       650,471  

Star Asia Investment Corp.

    535       216,275  

Star Micronics Co. Ltd.

    11,500       143,260  

Starts Corp. Inc.

    7,200       149,301  

Starts Proceed Investment Corp.

    73       115,362  

StemRIM Inc.(b)

    8,200       53,461  

Strike Co. Ltd.

    3,500       73,919  

Subaru Corp.

    160,600       3,043,943  

Sugi Holdings Co. Ltd.

    8,100       361,103  

SUMCO Corp.

    91,700       1,336,245  

Sumitomo Bakelite Co. Ltd.

    9,900       430,867  

Sumitomo Chemical Co. Ltd.

    363,600       1,121,400  

Sumitomo Corp.

    291,000       6,242,788  

Sumitomo Densetsu Co. Ltd.

    2,900       64,630  

Sumitomo Electric Industries Ltd.

    183,600       2,354,113  

Sumitomo Forestry Co. Ltd.

    38,000       916,936  

Sumitomo Heavy Industries Ltd.

    29,200       718,723  

Sumitomo Metal Mining Co. Ltd.

    64,400       2,224,067  

Sumitomo Mitsui Construction Co. Ltd.

    34,600       91,788  

Sumitomo Mitsui Financial Group Inc.

    339,100       15,887,394  

Sumitomo Mitsui Trust Holdings Inc.

    85,500       3,326,096  
Security   Shares     Value  

Japan (continued)

   

Sumitomo Osaka Cement Co. Ltd.

    7,500     $ 210,570  

Sumitomo Pharma Co., Ltd.

    51,700       214,296  

Sumitomo Realty & Development Co. Ltd.

    74,700       2,001,916  

Sumitomo Riko Co. Ltd.

    12,000       69,115  

Sumitomo Rubber Industries Ltd.

    40,800       417,178  

Sumitomo Warehouse Co. Ltd. (The)

    11,300       194,191  

Sun Frontier Fudousan Co. Ltd.

    6,000       63,703  

Sundrug Co. Ltd.

    19,500       575,628  

Suntory Beverage & Food Ltd.

    36,000       1,281,492  

SUNWELS Co. Ltd.

    3,000       64,228  

Suruga Bank Ltd.

    35,800       150,645  

Suzuken Co. Ltd.

    16,000       467,163  

Suzuki Motor Corp.

    95,300       3,827,778  

Sysmex Corp.

    43,900       2,972,693  

Systena Corp.

    70,700       135,423  

T Hasegawa Co. Ltd.

    8,700       207,796  

T&D Holdings Inc.

    130,900       2,128,278  

Tadano Ltd.

    27,300       214,236  

Taihei Dengyo Kaisha Ltd.

    3,600       112,619  

Taiheiyo Cement Corp.

    30,500       636,971  

Taikisha Ltd.

    6,700       199,493  

Taisei Corp.

    43,900       1,663,652  

Taisho Pharmaceutical Holdings Co. Ltd.

    11,100       427,986  

Taiyo Holdings Co. Ltd.

    9,700       181,531  

Taiyo Yuden Co. Ltd.

    30,300       903,525  

Takamatsu Construction Group Co. Ltd.

    2,900       55,081  

Takara Bio Inc.

    10,500       129,022  

Takara Holdings Inc.

    33,300       293,055  

Takara Leben Real Estate Investment Corp.

    181       123,979  

Takara Standard Co. Ltd.

    10,100       132,326  

Takasago International Corp.

    2,300       46,239  

Takasago Thermal Engineering Co. Ltd.

    11,000       198,612  

Takashimaya Co. Ltd.

    36,500       530,582  

Takeda Pharmaceutical Co. Ltd.

    410,900        12,563,202  

Takeuchi Manufacturing Co. Ltd.

    9,500       297,710  

Takuma Co. Ltd.

    18,700       204,622  

Tama Home Co. Ltd.

    2,400       59,197  

Tamron Co. Ltd.

    3,700       117,310  

TBS Holdings Inc.

    9,500       177,765  

TDK Corp.

    101,700       3,895,949  

TechMatrix Corp.

    6,700       73,506  

TechnoPro Holdings Inc.

    28,800       745,633  

Teijin Ltd.

    47,900       512,325  

Tenma Corp.

    2,200       40,829  

Terumo Corp.

    173,800       5,691,788  

T-Gaia Corp.

    3,100       39,141  

THK Co. Ltd.

    29,000       581,392  

TIS Inc.

    55,900       1,417,836  

TKC Corp.

    7,400       192,413  

TKP Corp.(b)

    3,500       70,011  

Toa Corp./Tokyo

    2,500       57,065  

Toagosei Co. Ltd.

    29,000       275,051  

Tobu Railway Co. Ltd.

    48,400       1,280,761  

Tocalo Co. Ltd.

    18,200       184,971  

Toda Corp.

    58,400       325,268  

Toei Animation Co. Ltd.(a)

    1,800       163,270  

Toei Co. Ltd.

    1,600       203,425  

Toenec Corp.

    1,800       47,560  

Toho Bank Ltd. (The)

    52,700       91,570  

Toho Co. Ltd./Tokyo

    29,400       1,146,098  

 

 

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

  87


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Toho Gas Co. Ltd.

    19,900     $ 372,856  

Toho Holdings Co. Ltd.

    13,100       255,420  

Toho Titanium Co. Ltd.(a)

    6,900       98,553  

Tohoku Electric Power Co. Inc.(b)

    120,200       799,477  

Tokai Carbon Co. Ltd.

    54,800       487,531  

Tokai Corp./Gifu

    3,000       40,448  

TOKAI Holdings Corp.

    28,000       178,382  

Tokai Rika Co. Ltd.

    13,400       212,019  

Tokai Tokyo Financial Holdings Inc.

    50,600       155,994  

Token Corp.

    1,000       52,700  

Tokio Marine Holdings Inc.

    468,500       10,773,148  

Tokushu Tokai Paper Co. Ltd.

    1,600       38,046  

Tokuyama Corp.

    17,100       294,150  

Tokyo Century Corp.

    10,100       395,592  

Tokyo Electric Power Co. Holdings Inc.(b)

    408,000       1,620,185  

Tokyo Electron Device Ltd.

    1,500       107,991  

Tokyo Electron Ltd.

    116,300        17,455,110  

Tokyo Gas Co. Ltd.

    102,200       2,317,493  

Tokyo Kiraboshi Financial Group Inc.

    6,300       166,717  

Tokyo Ohka Kogyo Co. Ltd.

    7,700       486,344  

Tokyo Seimitsu Co. Ltd.

    10,600       587,162  

Tokyo Steel Manufacturing Co. Ltd.

    17,900       216,534  

Tokyo Tatemono Co. Ltd.

    52,100       696,238  

Tokyotokeiba Co. Ltd.

    4,200       113,792  

Tokyu Construction Co. Ltd.

    28,800       155,846  

Tokyu Corp.

    138,500       1,757,243  

Tokyu Fudosan Holdings Corp.

    160,200       952,380  

Tokyu REIT Inc.

    249       329,378  

TOMONY Holdings Inc.

    33,200       94,176  

Tomy Co. Ltd.

    20,900       282,749  

Topcon Corp.

    27,800       338,311  

Toppan Inc.

    64,000       1,506,465  

Topre Corp.

    10,400       119,857  

Toray Industries Inc.

    364,700       2,042,106  

Toridoll Holdings Corp.

    10,500       259,352  

Torii Pharmaceutical Co. Ltd.

    2,000       50,793  

Tosei Corp.

    6,100       75,635  

Toshiba Corp.

    107,600       3,473,997  

Toshiba TEC Corp.

    5,800       168,468  

Tosoh Corp.

    68,898       900,543  

Totetsu Kogyo Co. Ltd.

    7,800       149,349  

TOTO Ltd.

    34,700       1,066,751  

Towa Pharmaceutical Co. Ltd.

    5,900       74,647  

Toyo Construction Co. Ltd.

    12,200       92,697  

Toyo Gosei Co. Ltd.(a)

    800       47,959  

Toyo Ink SC Holdings Co. Ltd.

    8,800       135,665  

Toyo Seikan Group Holdings Ltd.

    34,000       552,701  

Toyo Suisan Kaisha Ltd.

    23,100       955,465  

Toyo Tanso Co. Ltd.

    4,200       168,383  

Toyo Tire Corp.

    29,500       399,438  

Toyobo Co. Ltd.

    24,500       186,956  

Toyoda Gosei Co. Ltd.

    17,900       382,063  

Toyota Boshoku Corp.

    19,400       353,952  

Toyota Industries Corp.

    38,000       2,746,151  

Toyota Motor Corp.

    2,756,000       46,338,691  

Toyota Tsusho Corp.

    55,700       3,258,737  

Trancom Co. Ltd.

    2,200       109,019  

Transcosmos Inc.

    6,700       164,250  

TRE Holdings Corp.

    9,700       84,262  

Trend Micro Inc./Japan

    34,700       1,639,427  
Security   Shares     Value  

Japan (continued)

   

Tri Chemical Laboratories Inc.

    5,900     $ 109,561  

Trusco Nakayama Corp.

    12,800       197,211  

TS Tech Co. Ltd.

    25,200       325,576  

Tsubakimoto Chain Co.

    7,000       186,634  

Tsugami Corp.

    9,700       85,134  

Tsumura & Co.

    17,400       323,809  

Tsuruha Holdings Inc.

    9,300       714,205  

TV Asahi Holdings Corp.

    3,300       41,640  

UACJ Corp.

    7,300       146,189  

UBE Corp.

    26,600       485,507  

Ulvac Inc.

    13,000       558,233  

Unicharm Corp.

    104,300        3,858,959  

Union Tool Co.

    1,600       37,058  

United Arrows Ltd.

    7,200       121,520  

United Super Markets Holdings Inc.

    12,200       96,021  

United Urban Investment Corp.

    791       853,782  

Universal Entertainment Corp.

    5,300       95,874  

Usen-Next Holdings Co. Ltd.

    5,500       127,216  

Ushio Inc.

    28,200       390,687  

USS Co. Ltd.

    52,000       901,684  

UT Group Co. Ltd.(b)

    6,300       127,340  

Valor Holdings Co. Ltd.

    11,000       165,206  

ValueCommerce Co. Ltd.

    1,900       18,176  

Vector Inc.

    5,400       49,817  

Vision Inc./Tokyo Japan(b)

    10,500       130,136  

Visional Inc.(b)

    5,600       308,107  

VT Holdings Co. Ltd.

    7,900       29,636  

Wacoal Holdings Corp.

    10,700       232,822  

Wacom Co. Ltd.

    33,100       141,017  

Wakita & Co. Ltd.

    5,100       46,077  

WealthNavi Inc.(a)(b)

    12,700       122,902  

Weathernews Inc.

    1,200       53,739  

Welcia Holdings Co. Ltd.

    24,200       455,535  

West Holdings Corp.

    5,000       97,873  

West Japan Railway Co.

    56,800       2,333,591  

WingArc1st Inc.

    5,100       98,191  

Workman Co. Ltd.

    5,100       186,158  

W-Scope Corp.(a)(b)

    10,100       109,384  

Yakult Honsha Co. Ltd.

    33,500       1,858,775  

YAMABIKO Corp.

    4,900       53,548  

Yamada Holdings Co. Ltd.

    151,700       458,306  

Yamaguchi Financial Group Inc.

    47,800       371,711  

Yamaha Corp.

    35,800       1,387,186  

Yamaha Motor Co. Ltd.

    76,900       2,255,392  

YA-MAN Ltd.(a)

    4,500       32,242  

Yamato Holdings Co. Ltd.

    73,200       1,370,887  

Yamato Kogyo Co. Ltd.

    9,700       463,847  

Yamazaki Baking Co. Ltd.

    29,000       417,350  

Yamazen Corp.

    8,200       69,771  

Yaoko Co. Ltd.

    3,900       205,726  

Yaskawa Electric Corp.

    62,300       2,708,198  

Yellow Hat Ltd.

    10,200       134,018  

Yodogawa Steel Works Ltd.

    6,100       146,289  

Yokogawa Bridge Holdings Corp.

    11,500       206,889  

Yokogawa Electric Corp.

    58,200       1,092,932  

Yokohama Rubber Co. Ltd. (The)

    29,100       652,523  

Yokorei Co. Ltd.

    7,200       61,799  

Yokowo Co. Ltd.

    2,800       36,195  

Yonex Co. Ltd.

    18,300       178,867  

Yoshinoya Holdings Co. Ltd.

    17,700       350,128  

 

 

88  

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


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Yuasa Trading Co. Ltd.

    5,300     $ 169,765  

Yurtec Corp.

    9,900       61,554  

Z Holdings Corp.

    690,300       1,924,562  

Zenkoku Hosho Co. Ltd.

    12,500       438,806  

Zenrin Co. Ltd.

    6,100       38,298  

Zensho Holdings Co. Ltd.

    23,800       1,268,213  

Zeon Corp.

    33,800       364,542  

ZERIA Pharmaceutical Co. Ltd.

    8,100       132,667  

Zojirushi Corp.

    7,400       104,137  

ZOZO Inc.

    31,200       609,087  

Zuken Inc.

    4,800       139,924  
   

 

 

 
      1,148,327,367  
New Zealand — 0.8%            

a2 Milk Co. Ltd. (The)(b)

    190,290       652,404  

Air New Zealand Ltd.(b)

    448,468       220,196  

Auckland International Airport Ltd.(b)

    325,140       1,697,312  

Contact Energy Ltd.

    204,247       1,054,637  

EBOS Group Ltd.

    42,078       1,008,368  

Fisher & Paykel Healthcare Corp. Ltd.

    150,313       2,294,836  

Fletcher Building Ltd.

    196,103       679,926  

Genesis Energy Ltd.

    138,136       232,652  

Goodman Property Trust

    285,648       400,960  

Infratil Ltd.

    208,346       1,288,674  

Kiwi Property Group Ltd.

    415,823       245,558  

Mercury NZ Ltd.

    168,335       689,348  

Meridian Energy Ltd.

    338,949       1,189,669  

Oceania Healthcare Ltd.

    128,669       60,736  

Ryman Healthcare Ltd.

    154,145       652,887  

Spark New Zealand Ltd.

    477,028       1,535,813  

Summerset Group Holdings Ltd.

    68,891       440,814  

Warehouse Group Ltd. (The)(a)

    37,037       41,407  
   

 

 

 
      14,386,197  
Singapore — 4.4%            

AEM Holdings Ltd.(a)

    64,400       182,685  

AIMS APAC REIT(a)

    143,865       135,327  

AustAsia Group Ltd.(b)

    24,599       5,677  

Best World International Ltd.(b)

    34,700       42,328  

Bumitama Agri Ltd.

    145,400       62,372  

CapitaLand Ascendas REIT

    881,815       1,864,708  

CapitaLand Ascott Trust

    588,766       495,902  

CapitaLand China Trust(a)

    336,835       263,680  

Capitaland India Trust

    339,280       290,872  

CapitaLand Integrated Commercial Trust

    1,346,896       2,067,868  

Capitaland Investment Ltd/Singapore

    686,500       1,757,083  

CDL Hospitality Trusts

    257,355       230,347  

City Developments Ltd.

    130,800       727,809  

ComfortDelGro Corp. Ltd.

    546,300       518,134  

Cromwell European Real Estate Investment Trust

    95,800       169,585  

DBS Group Holdings Ltd.

    468,000       12,073,014  

Digital Core REIT Management Pte Ltd.

    220,900       110,549  

ESR-LOGOS REIT

    1,702,556       441,572  

Far East Hospitality Trust

    264,000       128,031  

First Resources Ltd.

    159,000       180,651  

Frasers Centrepoint Trust

    247,567       404,280  

Frasers Hospitality Trust

    293,400       105,767  

Frasers Logistics & Commercial Trust

    744,883       684,048  

Frencken Group Ltd.(a)

    83,400       54,267  

Genting Singapore Ltd.

    1,527,700       1,080,581  

Golden Agri-Resources Ltd.

    1,737,800       327,244  
Security   Shares     Value  

Singapore (continued)

   

Grab Holdings Ltd., Class A(b)

    488,433     $ 1,870,698  

Hour Glass Ltd. (The)

    61,600       96,324  

Hutchison Port Holdings Trust, Class U(a)

    1,590,500       294,414  

iFAST Corp. Ltd.

    38,400       163,458  

Jardine Cycle & Carriage Ltd.

    25,600       660,732  

Keppel Corp. Ltd.

    372,800       2,070,246  

Keppel DC REIT

    343,500       566,105  

Keppel Infrastructure Trust

    990,149       379,397  

Keppel Pacific Oak US REIT

    270,600       89,298  

Keppel REIT

    513,300       351,407  

Lendlease Global Commercial REIT(a)

    549,611       281,100  

Manulife US Real Estate Investment Trust

    424,700       44,577  

Mapletree Industrial Trust

    536,020       903,243  

Mapletree Logistics Trust

    909,687       1,156,471  

Mapletree Pan Asia Commercial Trust

    619,495       769,427  

Maxeon Solar Technologies Ltd.(b)

    7,364       181,817  

Nanofilm Technologies International Ltd.(a)

    101,400       86,975  

NetLink NBN Trust

    730,100       472,260  

Olam Group Ltd.

    280,300       276,553  

OUE Commercial Real Estate Investment Trust

    651,530       151,889  

Oversea-Chinese Banking Corp. Ltd.

    874,875       8,755,531  

PARAGON REIT

    331,846       238,435  

Parkway Life REIT

    94,700       276,383  

Raffles Medical Group Ltd.

    227,000       239,193  

Riverstone Holdings Ltd./Singapore

    118,100       55,586  

Sasseur Real Estate Investment Trust(a)

    159,200       85,698  

SATS Ltd.(b)

    237,978       501,153  

Sea Ltd., ADR(b)

    94,265       6,270,508  

Seatrium Ltd.(b)

    10,705,306       1,134,605  

Sembcorp Industries Ltd.

    260,400       1,067,478  

Sheng Siong Group Ltd.

    205,300       253,239  

SIA Engineering Co. Ltd.

    95,900       176,798  

Silverlake Axis Ltd.

    227,000       49,529  

Singapore Airlines Ltd.(a)

    343,100       1,943,669  

Singapore Exchange Ltd.

    205,200       1,499,969  

Singapore Post Ltd.

    491,600       184,883  

Singapore Technologies Engineering Ltd.

    390,100       1,095,207  

Singapore Telecommunications Ltd.

    2,133,400       4,279,739  

Starhill Global REIT

    408,800       158,293  

StarHub Ltd.

    173,400       135,598  

Straits Trading Co. Ltd.

    46,188       73,297  

Suntec REIT(a)

    522,100       506,631  

Super Hi International Holding Ltd.(b)

    40,000       82,375  

TDCX Inc., ADR(b)

    8,315       59,619  

UMS Holdings Ltd.(a)

    149,700       123,889  

United Overseas Bank Ltd.

    326,700       7,410,694  

UOL Group Ltd.

    124,000       656,106  

Venture Corp. Ltd.

    71,100       801,575  

Wilmar International Ltd.

    506,100       1,470,591  

Yangzijiang Financial Holding Ltd.

    907,900       225,387  

Yangzijiang Shipbuilding Holdings Ltd.

    698,500       809,186  

Yanlord Land Group Ltd.(b)

    160,600       97,911  
   

 

 

 
      75,989,527  
   

 

 

 

Total Common Stocks — 99.6%
(Cost: $1,664,181,882)

       1,730,372,811  
   

 

 

 

 

 

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

  89


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Pacific ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Warrants

   

Australia — 0.0%

   

PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)(b)

    2,549     $  
   

 

 

 

Total Warrants — 0.0%
(Cost: $—)

       
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $1,664,181,882)

      1,730,372,811  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 0.5%

   

BlackRock Cash Funds: Institutional,
SL Agency Shares, 5.42%(e)(f)(g)

    7,863,903       7,866,262  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.22%(e)(f)

    130,000       130,000  
   

 

 

 

Total Short-Term Securities — 0.5%
(Cost: $7,995,376)

      7,996,262  
   

 

 

 

Total Investments — 100.1%
(Cost: $1,672,177,258)

      1,738,369,073  

Liabilities in Excess of Other Assets — (0.1)%

 

    (1,432,805
   

 

 

 

Net Assets — 100.0%

    $  1,736,936,268  
   

 

 

 
(a) 

All or a portion of this security is on loan.

(b) 

Non-income producing security.

(c) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
  Affiliated Issuer   Value at
07/31/22
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
07/31/23
    Shares
Held at
07/31/23
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

     
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 14,039,233     $     $ (6,181,130 )(a)    $ 7,583     $ 576     $ 7,866,262       7,863,903     $ 277,360 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    150,000             (20,000 )(a)                   130,000       130,000       31,014          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 7,583     $ 576     $ 7,996,262       $ 308,374     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description    Number of
Contracts
    Expiration
Date
     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

          

TOPIX Index

     27       09/07/23      $ 4,424      $ 198,408  

 

 

90  

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


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI Pacific ETF

 

Futures Contracts (continued)

 

 

 
Description   

Number of

Contracts

   

Expiration

Date

    

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

SPI 200 Index

     15       09/21/23      $ 1,860      $ 75,875  
        

 

 

 
           $ 274,283  
        

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 274,283      $      $      $      $ 274,283  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 2,122,665      $      $      $      $ 2,122,665  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 184,426      $      $      $      $ 184,426  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 9,785,975   

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                               

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

   $ 12,998,015      $ 1,717,217,172      $ 157,624      $ 1,730,372,811  

Warrants

                           

Short-Term Securities

           

Money Market Funds

     7,996,262                      7,996,262  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 20,994,277      $ 1,717,217,172      $ 157,624      $ 1,738,369,073  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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

  91


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI Pacific ETF

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                               

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Derivative Financial Instruments(a)

           

Assets

           

Equity Contracts

   $      $ 274,283      $      $ 274,283  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

92  

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


Schedule of Investments

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 5.0%            

Abacus Property Group

    836,789     $ 1,497,839  

Adbri Ltd.

    749,450       1,256,316  

AGL Energy Ltd.

    670,696       5,496,710  

Allkem Ltd.(a)

    727,525       7,283,698  

ALS Ltd.

    601,408       4,756,723  

Altium Ltd.

    143,603       3,695,251  

Alumina Ltd.

    2,652,492       2,560,463  

AMP Ltd.

    2,876,117       2,188,572  

Ampol Ltd.

    292,161       6,470,382  

Ansell Ltd.

    146,567       2,380,203  

APA Group

    1,319,080       8,873,612  

ARB Corp. Ltd.

    118,943       2,497,070  

Aristocrat Leisure Ltd.

    681,877       18,059,661  

ASX Ltd.

    221,389       9,249,333  

Atlas Arteria Ltd.

    1,780,374       7,525,909  

Aurizon Holdings Ltd.

    1,885,595       4,832,428  

Austal Ltd.

    538,658       797,152  

Australia & New Zealand Banking Group Ltd.

    3,370,184       58,469,879  

Bank of Queensland Ltd.

    626,019       2,543,982  

Bapcor Ltd.

    483,368       2,033,584  

Beach Energy Ltd.

    2,188,156       2,385,933  

Bega Cheese Ltd.

    599,986       1,314,155  

Bendigo & Adelaide Bank Ltd.

    584,495       3,680,712  

BHP Group Ltd.

    5,719,336       177,996,412  

BlueScope Steel Ltd.

    592,862       8,742,963  

BrainChip Holdings Ltd.(a)(b)

    2,473,545       599,876  

Brambles Ltd.

    1,602,134       15,157,420  

Breville Group Ltd.

    187,641       2,854,821  

Brickworks Ltd.

    124,024       2,163,475  

BWP Trust

    616,549       1,522,557  

carsales.com Ltd.

    443,742       7,417,499  

Centuria Capital Group

    1,135,650       1,302,108  

Chalice Mining Ltd.(a)

    461,647       1,846,872  

Challenger Ltd.

    645,668       3,120,779  

Champion Iron Ltd.

    479,120       1,941,156  

Charter Hall Group

    615,465       4,743,859  

Charter Hall Long Wale REIT

    995,888       2,756,375  

Charter Hall Retail REIT

    924,457       2,334,284  

Cleanaway Waste Management Ltd.

    2,417,795       4,487,615  

Clinuvel Pharmaceuticals Ltd.

    62,920       776,593  

Cochlear Ltd.

    78,227       12,584,558  

Codan Ltd./Australia

    236,833       1,197,192  

Coles Group Ltd.

    1,493,193       18,259,652  

Collins Foods Ltd.

    164,945       1,113,332  

Commonwealth Bank of Australia

    1,905,411        135,567,630  

Computershare Ltd.

    649,719       10,957,676  

Core Lithium Ltd.(a)(b)

    2,253,508       973,062  

Coronado Global Resources Inc.(c)

    1,024,997       1,153,197  

Corporate Travel Management Ltd.

    186,228       2,624,824  

Costa Group Holdings Ltd.

    626,079       1,396,336  

Credit Corp. Group Ltd.

    109,215       1,739,038  

Cromwell Property Group

    2,317,956       858,137  

CSL Ltd.

    546,778       98,483,545  

CSR Ltd.

    772,653       2,980,446  

De Grey Mining Ltd.(a)

    1,834,196       1,658,745  

Deterra Royalties Ltd.

    799,127       2,532,543  

Dexus

    1,247,985       6,907,335  

Domain Holdings Australia Ltd.

    342,886       938,888  
Security   Shares     Value  

Australia (continued)

   

Domino’s Pizza Enterprises Ltd.

    69,581     $ 2,302,100  

Downer EDI Ltd.

    727,466       2,150,620  

Eagers Automotive Ltd.

    239,894       2,386,071  

Elders Ltd.

    230,491       1,130,058  

Endeavour Group Ltd./Australia

    1,561,596       6,382,769  

Evolution Mining Ltd.

    2,114,737       5,308,958  

Flight Centre Travel Group Ltd.(a)

    194,982       3,068,523  

Fortescue Metals Group Ltd.

    1,912,333        28,112,681  

G8 Education Ltd.

    1,238,768       916,638  

Gold Road Resources Ltd.

    1,802,293       1,925,170  

Goodman Group

    1,928,603       26,667,087  

GPT Group (The)

    2,204,988       6,444,868  

GrainCorp Ltd., Class A

    295,337       1,607,602  

Growthpoint Properties Australia Ltd.

    461,802       892,960  

GUD Holdings Ltd.

    260,531       1,749,859  

GWA Group Ltd.

    370,770       489,376  

Harvey Norman Holdings Ltd.

    967,683       2,461,846  

Healius Ltd.

    841,867       1,626,594  

HUB24 Ltd.

    121,013       2,295,832  

IDP Education Ltd.

    276,581       4,635,056  

IGO Ltd.

    799,021       7,466,263  

Iluka Resources Ltd.

    515,304       3,559,186  

Imugene Ltd.(a)(b)

    6,916,058       466,823  

Incitec Pivot Ltd.

    2,163,900       4,401,825  

Inghams Group Ltd.

    419,762       791,196  

Insignia Financial Ltd.

    928,333       1,865,314  

Insurance Australia Group Ltd.

    2,646,013       10,562,913  

InvoCare Ltd.

    216,799       1,782,749  

IPH Ltd.

    305,408       1,625,754  

IRESS Ltd.

    262,784       1,837,048  

James Hardie Industries PLC(a)

    510,498       14,961,107  

JB Hi-Fi Ltd.

    133,555       4,107,586  

Johns Lyng Group Ltd.

    257,156       916,474  

Jumbo Interactive Ltd.

    103,660       1,070,679  

Lake Resources NL(a)(b)

    2,583,628       392,374  

Lendlease Corp. Ltd.

    697,173       4,053,063  

Link Administration Holdings Ltd.

    922,150       949,839  

Liontown Resources Ltd.(a)(b)

    2,073,024       3,764,371  

Lottery Corp. Ltd. (The)

    2,516,079       8,755,688  

Lynas Rare Earths Ltd.(a)

    1,124,532       5,096,633  

Macquarie Group Ltd.

    414,406       48,870,862  

Magellan Financial Group Ltd.

    150,132       943,729  

McMillan Shakespeare Ltd.

    127,566       1,698,695  

Medibank Pvt Ltd.

    3,169,891       7,483,814  

Megaport Ltd.(a)

    259,091       1,779,993  

Mesoblast Ltd.(a)(b)

    896,141       688,429  

Metcash Ltd.

    1,216,190       2,945,048  

Mineral Resources Ltd.

    203,390       9,827,149  

Mirvac Group

    4,596,579       7,245,586  

Monadelphous Group Ltd.

    118,235       1,085,525  

Nanosonics Ltd.(a)

    318,474       1,015,148  

National Australia Bank Ltd.

    3,550,567       68,014,834  

National Storage REIT

    1,539,874       2,405,189  

Netwealth Group Ltd.

    173,922       1,776,953  

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

    138,876       1,214,669  

New Hope Corp. Ltd.

    637,080       2,281,547  

Newcrest Mining Ltd.

    1,019,677       18,289,894  

NEXTDC Ltd.(a)

    647,038       5,553,210  

nib holdings Ltd.

    591,212       3,292,397  

Nickel Mines Ltd.

    2,966,367       1,653,264  

 

 

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

  93


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Australia (continued)

   

Nine Entertainment Co. Holdings Ltd.

    1,917,207     $ 2,764,844  

Northern Star Resources Ltd.

    1,468,255       11,461,500  

Novonix Ltd.(a)(b)

    1,255,326       788,339  

NRW Holdings Ltd.

    674,824       1,250,978  

Nufarm Ltd./Australia

    460,963       1,668,830  

Omni Bridgeway Ltd.(a)

    487,455       924,891  

oOh!media Ltd.

    732,126       687,713  

Orica Ltd.

    495,773       5,260,543  

Origin Energy Ltd.

    1,955,734       11,134,053  

Orora Ltd.

    1,130,871       2,731,629  

Paladin Energy Ltd.(a)

    3,897,103       1,939,120  

Perpetual Ltd.

    134,727       2,236,515  

Perseus Mining Ltd.

    2,171,680       2,553,432  

PEXA Group Ltd.(a)

    184,564       1,646,531  

Pilbara Minerals Ltd.

    3,123,791       10,219,622  

Platinum Asset Management Ltd.

    518,519       553,262  

PolyNovo Ltd.(a)

    1,210,720       1,319,103  

Premier Investments Ltd.

    143,849       2,144,772  

Pro Medicus Ltd.(b)

    77,476       3,588,155  

Qantas Airways Ltd.(a)

    946,369       4,158,128  

QBE Insurance Group Ltd.

    1,708,549       18,139,496  

Qube Holdings Ltd.

    1,655,270       3,276,400  

Ramelius Resources Ltd.

    1,477,294       1,276,795  

Ramsay Health Care Ltd.

    205,836       8,156,920  

REA Group Ltd.

    67,211       7,125,267  

Reece Ltd.

    339,676       4,485,377  

Region RE Ltd.

    1,281,235       2,087,171  

Regis Resources Ltd.(a)

    970,221       1,103,454  

Reliance Worldwide Corp. Ltd.

    1,067,901       3,033,834  

Rio Tinto Ltd.

    405,342       32,096,921  

Sandfire Resources Ltd.(a)

    929,861       4,250,601  

Santos Ltd.

    3,806,382       20,482,094  

Sayona Mining Ltd.(a)(b)

    10,690,335       1,046,572  

Scentre Group

    5,909,691       11,182,859  

SEEK Ltd.

    421,541       7,069,293  

Seven Group Holdings Ltd.

    171,537       3,028,322  

Sigma Healthcare Ltd.

    1,263,065       666,678  

Silver Lake Resources Ltd.(a)

    1,580,161       953,859  

Sims Ltd.

    246,159       2,511,000  

SmartGroup Corp. Ltd.

    165,551       1,007,375  

Sonic Healthcare Ltd.

    518,635       12,254,201  

South32 Ltd.

    5,304,454        13,967,664  

Star Entertainment Grp Ltd. (The)(a)

    1,627,517       1,150,949  

Steadfast Group Ltd.

    1,084,873       4,256,225  

Stockland

    2,822,536       8,021,735  

Suncorp Group Ltd.

    1,380,883       13,231,653  

Super Retail Group Ltd.

    245,521       2,037,742  

Syrah Resources Ltd.(a)(b)

    939,254       443,968  

Tabcorp Holdings Ltd.

    2,516,041       1,784,838  

Technology One Ltd.

    356,666       3,778,931  

Telix Pharmaceuticals Ltd.(a)

    308,157       2,343,819  

Telstra Corp. Ltd.

    4,514,393       12,921,145  

Transurban Group

    3,515,417       33,941,505  

Treasury Wine Estates Ltd.

    850,259       6,435,335  

Vicinity Ltd.

    4,152,263       5,520,865  

Viva Energy Group Ltd.(c)

    1,384,095       2,936,477  

Washington H Soul Pattinson & Co. Ltd.

    313,675       6,959,703  

Waypoint REIT Ltd.

    1,334,388       2,352,897  

Webjet Ltd.(a)

    505,143       2,681,332  

Weebit Nano Ltd.(a)(b)

    224,245       937,788  
Security   Shares     Value  

Australia (continued)

   

Wesfarmers Ltd.

    1,261,314     $ 42,143,190  

Westpac Banking Corp.

    3,955,632       59,456,574  

Whitehaven Coal Ltd.

    1,031,992       4,821,989  

WiseTech Global Ltd.

    196,001       11,318,868  

Woodside Energy Group Ltd.

    2,157,383       55,606,929  

Woolworths Group Ltd.

    1,352,702       35,128,094  

Worley Ltd.

    363,467       4,253,880  

Xero Ltd.(a)

    171,354       14,085,539  

Yancoal Australia Ltd., NVS(b)

    375,571       1,289,671  
   

 

 

 
       1,638,663,609  
Austria — 0.2%            

ams-OSRAM AG(a)(b)

    341,703       3,024,596  

ANDRITZ AG

    71,163       3,757,262  

AT&S Austria Technologie & Systemtechnik AG

    38,581       1,457,152  

BAWAG Group AG(c)

    86,994       4,238,123  

CA Immobilien Anlagen AG

    71,822       2,290,458  

DO & CO AG

    17,057       2,303,013  

Erste Group Bank AG

    379,653       14,349,316  

EVN AG

    46,906       1,111,855  

IMMOFINANZ AG(a)(b)

    129,704       2,602,631  

Lenzing AG(a)(b)

    31,538       1,587,655  

Oesterreichische Post AG(b)

    55,390       2,020,587  

OMV AG

    158,970       7,162,249  

Raiffeisen Bank International AG(a)

    141,442       2,287,034  

Semperit AG Holding(b)

    22,522       502,966  

UNIQA Insurance Group AG

    231,833       1,893,666  

Verbund AG

    79,911       6,621,183  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    53,119       1,420,722  

voestalpine AG

    110,322       3,645,629  

Wienerberger AG

    117,808       3,868,914  
   

 

 

 
      66,145,011  
Belgium — 0.7%            

Ackermans & van Haaren NV

    17,707       3,083,071  

Aedifica SA

    50,103       3,441,120  

Ageas SA/NV

    168,561       7,135,735  

AGFA-Gevaert NV(a)

    371,933       956,706  

Anheuser-Busch InBev SA/NV

    959,879       54,910,497  

Argenx SE(a)

    65,508       32,992,411  

Barco NV

    145,411       3,384,015  

Bekaert SA

    74,122       3,537,899  

bpost SA

    242,336       1,167,040  

Cofinimmo SA

    17,777       1,391,292  

Deme Group NV

    15,815       2,094,375  

D’ieteren Group

    28,562       4,988,244  

Elia Group SA/NV

    36,019       4,434,840  

Etablissements Franz Colruyt NV

    64,702       2,466,056  

Euronav NV

    155,035       2,547,168  

Fagron

    91,842       1,634,296  

Galapagos NV(a)

    53,574       2,251,415  

Groupe Bruxelles Lambert NV

    103,557       8,379,037  

KBC Ancora

    74,615       3,491,767  

KBC Group NV

    274,191       20,636,927  

Kinepolis Group NV(b)

    27,113       1,321,578  

Melexis NV

    20,794       2,241,700  

Montea NV

    21,783       1,765,084  

Ontex Group NV(a)

    88,686       760,056  

Proximus SADP

    348,554       2,672,286  

Sofina SA

    17,485       4,157,454  

 

 

94  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Belgium (continued)

   

Solvay SA

    76,265     $ 9,159,292  

Telenet Group Holding NV

    56,152       1,285,787  

Tessenderlo Group SA

    46,479       1,559,035  

UCB SA

    139,133       12,319,847  

Umicore SA

    231,937       6,868,843  

VGP NV

    18,231       1,946,396  

Warehouses De Pauw CVA

    191,572       5,660,430  

Xior Student Housing NV

    59,991       1,870,987  
   

 

 

 
       218,512,686  
Brazil — 1.2%            

3R Petroleum Oleo E Gas SA(a)

    317,859       2,389,614  

Aliansce Sonae Shopping Centers SA

    825,413       4,243,360  

Ambev SA

    5,188,037       16,303,300  

Arezzo Industria e Comercio SA

    131,924       2,298,818  

Atacadao SA

    734,281       2,130,444  

Auren Energia SA

    718,419       2,126,961  

B3 SA - Brasil, Bolsa, Balcao

    6,644,197       20,935,455  

Banco Bradesco SA

    1,541,325       4,840,323  

Banco BTG Pactual SA

    1,455,906       10,471,131  

Banco do Brasil SA

    1,045,442       10,653,947  

Banco Santander Brasil SA

    277,138       1,673,817  

BB Seguridade Participacoes SA

    784,973       5,165,923  

BRF SA(a)

    798,988       1,649,088  

CCR SA

    1,021,788       2,871,702  

Centrais Eletricas Brasileiras SA

    1,332,537       10,891,368  

Cia. Brasileira de Distribuicao(a)

    279,223       1,222,293  

Cia. de Saneamento Basico do Estado de Sao Paulo

    368,782       4,531,057  

Cia. de Saneamento de Minas Gerais-COPASA

    250,749       1,073,256  

Cia. de Saneamento do Parana

    296,566       1,314,517  

Cia. Siderurgica Nacional SA

    762,093       2,230,477  

Cielo SA

    1,585,019       1,582,086  

Cogna Educacao(a)

    2,309,715       1,636,277  

Cosan SA

    1,373,538       5,791,879  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

    437,298       2,202,789  

Dexco SA

    588,425       1,041,526  

EcoRodovias Infraestrutura e Logistica SA

    327,365       568,367  

Embraer SA(a)

    823,983       3,225,361  

Energisa SA

    245,979       2,610,772  

Eneva SA(a)

    1,063,972       3,008,259  

Engie Brasil Energia SA

    253,039       2,356,614  

Equatorial Energia SA

    1,265,460       8,975,634  

Ez Tec Empreendimentos e Participacoes SA

    206,075       946,975  

Fleury SA

    417,937       1,423,835  

Grendene SA

    430,110       683,992  

Grupo De Moda Soma SA

    900,877       2,141,339  

Grupo SBF SA

    257,148       718,356  

Hapvida Participacoes e Investimentos
SA(a)(c)

    6,059,724       6,151,028  

Hypera SA

    491,472       4,496,131  

Iguatemi SA

    342,731       1,585,822  

Iochpe Maxion SA

    200,959       588,587  

IRB Brasil Resseguros S/A(a)

    103,419       899,305  

JBS SA

    746,597       2,965,074  

JHSF Participacoes SA

    829,657       989,535  

Klabin SA

    840,714       4,089,119  

Localiza Rent a Car SA

    1,124,478       15,984,649  

Locaweb Servicos de Internet SA(c)

    714,459       1,119,565  

LOG Commercial Properties e Participacoes SA

    132,489       599,580  

Lojas Renner SA

    1,148,094       4,552,316  
Security   Shares     Value  

Brazil (continued)

   

M. Dias Branco SA

    259,665     $ 2,291,477  

Magazine Luiza SA(a)

    3,584,164       2,539,138  

Marfrig Global Foods SA

    654,004       1,026,214  

Minerva SA

    762,548       1,627,092  

Movida Participacoes SA

    396,962       957,830  

MRV Engenharia e Participacoes SA

    482,399       1,417,995  

Multiplan Empreendimentos Imobiliarios SA

    436,437       2,437,494  

Natura & Co. Holding SA(a)

    1,093,043       4,223,081  

Odontoprev SA

    388,267       1,006,641  

Petroleo Brasileiro SA

    4,299,957       31,653,503  

PRIO SA(a)

    919,391       8,869,705  

Raia Drogasil SA

    1,315,354       8,058,325  

Rede D’Or Sao Luiz SA(c)

    654,252       4,980,824  

Rumo SA

    1,484,719       7,296,827  

Santos Brasil Participacoes SA

    1,225,783       2,491,097  

Sao Martinho SA

    299,194       2,117,689  

Sendas Distribuidora SA

    1,348,973       3,842,594  

SLC Agricola SA

    227,546       2,100,425  

Suzano SA

    858,622       8,728,302  

Telefonica Brasil SA

    455,145       4,053,113  

Tim SA

    939,063       2,847,722  

TOTVS SA

    572,725       3,581,386  

Transmissora Alianca de Energia Eletrica SA

    463,699       3,530,143  

Ultrapar Participacoes SA

    573,630       2,291,487  

Vale SA

    3,827,193       55,974,342  

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA

    559,595       1,412,966  

Via S/A(a)

    1,704,334       778,506  

Vibra Energia SA

    1,327,959       4,810,560  

WEG SA

    1,925,341       16,253,685  

YDUQS Participacoes SA(a)

    368,709       1,730,194  
   

 

 

 
       386,881,980  
Canada — 7.4%            

Advantage Energy Ltd.(a)

    233,035       1,643,518  

Aecon Group Inc.

    112,124       932,772  

Ag Growth International Inc.

    33,722       1,393,479  

Agnico Eagle Mines Ltd.

    569,417       29,851,588  

Air Canada(a)

    178,859       3,296,002  

Alamos Gold Inc., Class A

    452,960       5,595,661  

Algonquin Power & Utilities Corp.

    758,294       6,256,580  

Alimentation Couche-Tard Inc.

    910,167       46,079,512  

Allied Properties REIT

    112,549       1,872,616  

AltaGas Ltd.

    319,624       6,309,341  

Altus Group Ltd.

    57,920       1,933,961  

ARC Resources Ltd.

    776,608       11,731,719  

Aritzia Inc.(a)

    149,009       2,835,199  

Atco Ltd., Class I, NVS

    77,675       2,217,182  

Athabasca Oil Corp.(a)

    715,686       1,845,321  

ATS Corp.(a)

    82,583       3,745,090  

B2Gold Corp.

    1,144,675       3,967,061  

Badger Infrastructure Solutions Ltd.

    67,485       1,642,793  

Ballard Power Systems Inc.(a)(b)

    319,945       1,521,295  

Bank of Montreal

    794,583       73,839,306  

Bank of Nova Scotia (The)

    1,338,419       67,395,459  

Barrick Gold Corp.

    1,942,548       33,557,990  

Bausch Health Companies Inc.(a)(b)

    303,094       2,946,699  

Baytex Energy Corp.(a)

    772,184       3,115,322  

BCE Inc.

    15,314       661,499  

Birchcliff Energy Ltd.(b)

    315,321       1,884,298  

BlackBerry Ltd.(a)

    627,416       3,192,630  

 

 

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

  95


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Canada (continued)

   

Boardwalk REIT

    43,116     $ 2,141,985  

Bombardier Inc., Class B(a)

    99,552       4,982,696  

Boralex Inc., Class A

    94,900       2,455,533  

Boyd Group Services Inc.

    23,449       4,308,008  

Brookfield Asset Management Ltd.

    400,730       13,517,211  

Brookfield Corp., Class A

    1,594,641       55,663,994  

Brookfield Infrastructure Corp., Class A

    122,689       5,737,861  

Brookfield Reinsurance Ltd.

    34,455       1,207,421  

Brookfield Renewable Corp., Class A

    146,655       4,570,978  

BRP Inc.

    48,776       4,487,177  

CAE Inc.(a)

    349,009       7,974,551  

Cameco Corp.

    496,077       17,440,663  

Canada Goose Holdings Inc.(a)(b)

    75,951       1,385,797  

Canadian Apartment Properties REIT

    89,680       3,496,340  

Canadian Imperial Bank of Commerce

    1,015,042       44,707,572  

Canadian National Railway Co.

    645,334       78,224,083  

Canadian Natural Resources Ltd.

    1,242,306       75,547,354  

Canadian Pacific Kansas City Ltd.

    1,056,914        86,964,069  

Canadian Tire Corp. Ltd., Class A, NVS

    64,644       8,878,531  

Canadian Utilities Ltd., Class A, NVS

    96,080       2,392,801  

Canadian Western Bank

    120,351       2,404,921  

Canfor Corp.(a)

    124,755       1,968,795  

Canopy Growth Corp.(a)(b)

    396,623       195,507  

Capital Power Corp.

    115,830       3,613,731  

Capstone Mining Corp.(a)

    631,472       3,299,467  

Cardinal Energy Ltd.(b)

    202,952       1,105,066  

Cascades Inc.

    81,816       745,784  

CCL Industries Inc., Class B, NVS

    188,648       9,044,346  

Celestica Inc.(a)

    133,428       2,932,350  

Cenovus Energy Inc.

    1,629,080       30,984,208  

Centerra Gold Inc.

    332,046       2,130,292  

CGI Inc.(a)

    239,753       24,363,479  

Choice Properties REIT

    253,957       2,678,908  

CI Financial Corp.

    234,957       2,972,042  

Cineplex Inc.(a)(b)

    152,931       1,066,974  

Cogeco Communications Inc.

    31,647       1,603,410  

Colliers International Group Inc.

    41,047       4,155,906  

Constellation Software Inc./Canada

    23,204       49,023,938  

Converge Technology Solutions Corp.

    316,448       763,132  

Crescent Point Energy Corp.

    598,445       4,851,459  

Cronos Group Inc.(a)

    367,918       719,849  

Denison Mines Corp.(a)(b)

    1,191,371       1,553,982  

Descartes Systems Group Inc. (The)(a)

    106,177       8,281,428  

Dollarama Inc.

    336,546       22,168,419  

Dundee Precious Metals Inc.

    228,711       1,590,475  

Dye & Durham Ltd.(b)

    95,503       1,433,287  

ECN Capital Corp.

    471,881       937,571  

Eldorado Gold Corp.(a)

    161,802       1,586,547  

Element Fleet Management Corp.

    476,342       7,683,460  

Emera Inc.

    274,457       11,133,132  

Empire Co. Ltd., Class A, NVS

    203,556       5,527,881  

Enbridge Inc.

    2,270,179       83,462,843  

Enerflex Ltd.

    143,911       1,167,746  

Energy Fuels Inc./Canada(a)(b)

    229,420       1,470,139  

Enerplus Corp.

    273,260       4,571,430  

Enghouse Systems Ltd.

    64,023       1,449,761  

EQB Inc.

    36,973       2,181,678  

Equinox Gold Corp.(a)

    389,689       2,045,007  

ERO Copper Corp.(a)(b)

    113,747       2,734,448  

Extendicare Inc.

    266,686       1,460,185  
Security   Shares     Value  

Canada (continued)

   

Fairfax Financial Holdings Ltd.

    26,444     $  21,097,445  

Filo Corp., NVS(a)(b)

    125,609       2,375,678  

Finning International Inc.

    193,387       6,661,083  

First Capital Real Estate Investment Trust

    212,481       2,373,522  

First Majestic Silver Corp.

    366,933       2,448,724  

First Quantum Minerals Ltd.

    668,543       19,828,398  

FirstService Corp.

    50,955       7,980,303  

Fortis Inc.

    505,888       21,564,452  

Fortuna Silver Mines Inc.(a)

    384,353       1,369,931  

Franco-Nevada Corp.

    219,427       32,019,219  

Freehold Royalties Ltd.

    239,927       2,534,549  

George Weston Ltd.

    70,806       8,153,711  

GFL Environmental Inc.

    265,667       9,072,146  

Gibson Energy Inc.

    168,325       2,740,635  

Gildan Activewear Inc.

    219,887       6,838,483  

goeasy Ltd.

    23,633       2,279,872  

Granite REIT

    52,438       3,079,512  

Great-West Lifeco Inc.

    313,223       9,446,691  

H&R Real Estate Investment Trust

    266,033       2,075,971  

Headwater Exploration Inc.

    337,588       1,902,157  

Home Capital Group Inc.

    71,140       2,310,101  

Hudbay Minerals Inc.

    349,291       2,081,998  

Hydro One Ltd.(c)

    372,807       10,517,135  

iA Financial Corp. Inc.

    127,022       8,800,462  

IAMGOLD Corp.(a)

    632,546       1,726,892  

IGM Financial Inc.

    38,148       1,188,717  

Imperial Oil Ltd.

    239,437       12,899,256  

Innergex Renewable Energy Inc.

    176,189       1,730,290  

Intact Financial Corp.

    201,805       29,813,546  

Interfor Corp.(a)

    106,711       1,909,817  

InterRent REIT

    213,213       2,071,254  

Ivanhoe Mines Ltd., Class A(a)(b)

    790,933       8,385,275  

Jamieson Wellness Inc.(c)

    76,864       1,770,848  

Keyera Corp.

    250,599       6,273,289  

Killam Apartment REIT

    186,087       2,554,260  

Kinaxis Inc.(a)

    34,566       4,693,469  

Kinross Gold Corp.

    1,366,658       6,809,193  

Labrador Iron Ore Royalty Corp.

    82,915       1,990,740  

Largo Inc.(a)(b)

    68,173       323,119  

Laurentian Bank of Canada

    50,223       1,513,184  

Lightspeed Commerce Inc.(a)

    159,452       2,801,731  

Linamar Corp.

    59,453       3,450,001  

Lithium Americas Corp.(a)(b)

    127,116       2,566,130  

Loblaw Companies Ltd.

    183,495       16,280,981  

Logan Energy Corp., NVS

    174,906       147,231  

Lundin Gold Inc.

    150,293       2,015,076  

Lundin Mining Corp.

    753,821       6,739,885  

MAG Silver Corp.(a)

    149,741       1,807,816  

Magna International Inc.

    312,560       20,102,539  

Manulife Financial Corp.

    2,017,337       40,326,852  

Maple Leaf Foods Inc.(b)

    110,105       2,297,872  

Martinrea International Inc.

    186,845       2,092,823  

MEG Energy Corp.(a)

    313,336       5,586,417  

Methanex Corp.

    76,702       3,456,869  

Metro Inc.

    284,802       15,328,099  

MTY Food Group Inc.

    36,128       1,839,209  

Mullen Group Ltd.

    107,538       1,293,408  

National Bank of Canada

    388,190       30,404,022  

New Gold Inc.(a)

    637,201       748,994  

NexGen Energy Ltd.(a)

    553,717       2,716,831  

 

 

96  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Canada (continued)

   

NFI Group Inc.(b)

    89,214     $ 730,680  

North West Co. Inc. (The)

    87,097       2,120,209  

Northland Power Inc.

    265,383       5,133,978  

Novagold Resources Inc.(a)

    348,547       1,570,067  

Nutrien Ltd.

    569,204       39,224,637  

Nuvei Corp.(a)(c)

    78,379       2,672,964  

NuVista Energy Ltd.(a)

    219,162       1,893,038  

OceanaGold Corp.

    760,250       1,591,241  

Onex Corp.

    79,720       4,896,313  

Open Text Corp.

    323,222       13,883,361  

Orla Mining Ltd.(a)

    353,600       1,651,823  

Osisko Gold Royalties Ltd.

    244,133       3,619,459  

Osisko Mining Inc.(a)

    367,620       875,385  

Pan American Silver Corp.

    432,034       7,312,781  

Paramount Resources Ltd., Class A

    141,292       3,339,834  

Parex Resources Inc.

    134,047       2,969,334  

Parkland Corp.

    174,167       4,756,193  

Pason Systems Inc.

    167,374       1,670,376  

Pembina Pipeline Corp.

    632,749       20,033,573  

Peyto Exploration & Development Corp.

    214,208       1,848,623  

Poseidon Concepts Corp.(a)

    293        

Power Corp. of Canada

    653,503       18,515,051  

PrairieSky Royalty Ltd.

    282,224       5,609,594  

Precision Drilling Corp.(a)

    13,761       913,852  

Premium Brands Holdings Corp.(b)

    40,534       3,298,603  

Primo Water Corp.

    173,667       2,461,484  

Prinmaris REIT

    137,442       1,390,419  

Quebecor Inc., Class B

    139,177       3,406,995  

RB Global Inc.

    218,190       14,090,972  

Restaurant Brands International Inc.

    329,553       25,229,117  

Richelieu Hardware Ltd.

    83,619       2,791,422  

RioCan REIT

    188,338       2,863,669  

Rogers Communications Inc., Class B, NVS

    413,641       18,112,184  

Royal Bank of Canada

    1,547,976        153,465,212  

Russel Metals Inc.

    94,643       2,785,496  

Sandstorm Gold Ltd.

    339,020       1,889,658  

Saputo Inc.

    271,898       5,740,447  

Seabridge Gold Inc.(a)

    141,287       1,800,039  

Secure Energy Services Inc.

    330,469       1,726,714  

SharkNinja Inc.(a)

    52,460       2,219,583  

ShawCor Ltd.(a)

    104,640       1,595,013  

Shopify Inc., Class A(a)

    1,358,121       91,746,421  

Silvercorp Metals Inc.

    259,981       814,258  

SilverCrest Metals Inc.(a)

    336,456       1,926,397  

Sleep Country Canada Holdings Inc.(c)

    67,946       1,487,583  

SmartCentres Real Estate Investment Trust

    142,359       2,689,237  

SNC-Lavalin Group Inc.

    194,652       5,655,116  

Spartan Delta Corp.

    174,906       575,658  

Spin Master Corp.(c)

    48,172       1,284,441  

SSR Mining Inc.

    263,861       3,843,908  

Stantec Inc.

    137,968       9,343,300  

Stelco Holdings Inc.

    48,878       1,782,167  

Stella-Jones Inc.

    61,576       3,126,780  

StorageVault Canada Inc., NVS

    324,228       1,202,347  

Sun Life Financial Inc.

    655,375       34,492,113  

Suncor Energy Inc.

    1,504,888       47,087,308  

SunOpta Inc.(a)

    102,730       679,335  

Superior Plus Corp.

    172,319       1,291,102  

Tamarack Valley Energy Ltd.

    765,584       2,095,900  

TC Energy Corp.

    1,198,017       42,936,551  
Security   Shares     Value  

Canada (continued)

   

Teck Resources Ltd., Class B

    519,355     $ 23,071,942  

TELUS Corp.

    504,771       8,987,998  

TELUS Corp., NVS

    47,398       843,973  

TFI International Inc.

    94,316       12,105,550  

Thomson Reuters Corp.

    192,212       25,946,033  

TMX Group Ltd.

    344,290       7,650,019  

Topaz Energy Corp.

    162,615       2,645,199  

Torex Gold Resources Inc.(a)

    122,328       1,716,201  

Toromont Industries Ltd.

    105,171       8,960,651  

Toronto-Dominion Bank (The)

    2,043,418       134,755,719  

Tourmaline Oil Corp.

    370,095       19,180,444  

TransAlta Corp.

    359,824       3,670,142  

TransAlta Renewables Inc.

    167,561       1,705,281  

Transcontinental Inc., Class A(b)

    168,578       1,673,443  

Tricon Residential Inc.

    399,057       3,728,345  

Trisura Group Ltd.(a)

    62,256       1,593,874  

Uni-Select Inc.(a)

    54,653       1,985,272  

Vermilion Energy Inc.

    202,484       2,822,323  

Wesdome Gold Mines Ltd.(a)

    241,604       1,284,377  

West Fraser Timber Co. Ltd.

    70,836       5,968,134  

Westshore Terminals Investment Corp.

    54,213       1,255,576  

Wheaton Precious Metals Corp.

    508,027       22,780,599  

Whitecap Resources Inc.

    739,102       5,902,054  

Winpak Ltd.

    49,290       1,516,098  

WSP Global Inc.

    146,951       20,243,165  
   

 

 

 
       2,465,371,341  
Chile — 0.1%            

Aguas Andinas SA, Class A

    3,934,488       1,378,803  

Banco de Chile

    44,990,512       5,008,807  

Banco de Credito e Inversiones SA

    81,677       2,453,391  

Banco Itau Chile SA, NVS

    76,652       895,398  

Banco Santander Chile

    64,869,500       3,463,284  

CAP SA

    122,273       932,775  

Cencosud SA

    1,458,586       3,134,688  

Cia. Cervecerias Unidas SA

    227,381       1,885,299  

Cia. Sud Americana de Vapores SA

    21,988,929       1,664,349  

Colbun SA

    11,305,042       1,784,804  

Empresa Nacional de Telecomunicaciones SA

    251,150       1,009,456  

Empresas CMPC SA

    1,019,694       2,012,782  

Empresas COPEC SA

    410,247       3,146,737  

Enel Americas SA(a)

    30,984,005       4,188,101  

Enel Chile SA

    37,146,851       2,563,256  

Engie Energia Chile SA(a)

    945,785       968,394  

Falabella SA

    796,917       2,203,777  

Inversiones Aguas Metropolitanas SA

    974,655       800,443  

Parque Arauco SA

    928,516       1,488,601  

Vina Concha y Toro SA

    918,813       1,247,433  
   

 

 

 
      42,230,578  
China — 7.8%            

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    381,900       1,438,510  

3SBio Inc.(c)

    2,202,500       2,121,770  

AAC Technologies Holdings Inc.

    778,500       1,783,586  

AECC Aviation Power Co. Ltd., Class A

    252,600       1,430,779  

Agile Group Holdings Ltd.(a)(b)

    1,466,250       261,689  

Agora Inc., ADR(a)(b)

    109,070       352,296  

Agricultural Bank of China Ltd., Class A

    7,043,400       3,568,778  

Agricultural Bank of China Ltd., Class H

    32,562,000       11,844,265  

Aier Eye Hospital Group Co. Ltd., Class A

    931,675       2,628,758  

 

 

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

  97


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Air China Ltd., Class A(a)

    629,200     $ 824,215  

Air China Ltd., Class H(a)

    2,300,000       1,886,114  

AK Medical Holdings Ltd.(c)

    1,234,000       1,232,201  

Akeso Inc.(a)(b)(c)

    620,000       3,283,720  

Alibaba Group Holding Ltd.(a)

    18,739,072        239,473,670  

Alibaba Health Information Technology
Ltd.(a)

    5,334,000       3,829,906  

Alibaba Pictures Group Ltd.(a)

    19,990,000       1,229,169  

A-Living Smart City Services Co. Ltd.,
Class A(a)(c)

    844,500       606,677  

Alphamab Oncology(a)(b)(c)

    671,000       778,372  

Aluminum Corp. of China Ltd., Class H

    5,012,000       2,492,359  

Anhui Conch Cement Co. Ltd., Class A

    520,187       1,979,487  

Anhui Conch Cement Co. Ltd., Class H

    1,192,000       3,598,522  

Anhui Gujing Distillery Co. Ltd., Class A

    49,400       1,881,313  

ANTA Sports Products Ltd.

    1,378,400       16,335,298  

Anxin-China Holdings Ltd.(d)

    1,004,000       1  

Asia Cement China Holdings Corp.

    668,000       322,912  

Autohome Inc., ADR

    84,859       2,712,942  

AviChina Industry & Technology Co. Ltd., Class H

    3,293,000       1,649,737  

Baidu Inc.(a)

    2,538,156       49,622,947  

Bank of Beijing Co. Ltd., Class A

    4,359,793       2,849,492  

Bank of China Ltd., Class A

    4,209,200       2,303,955  

Bank of China Ltd., Class H

    87,385,000       32,410,906  

Bank of Communications Co. Ltd., Class A

    4,746,563       3,868,311  

Bank of Communications Co. Ltd., Class H

    8,460,000       5,110,943  

Bank of Jiangsu Co. Ltd., Class A

    1,602,500       1,620,885  

Bank of Nanjing Co. Ltd., Class A

    1,110,300       1,332,749  

Bank of Ningbo Co. Ltd., Class A

    812,571       3,316,387  

Bank of Shanghai Co. Ltd., Class A

    4,097,251       3,538,137  

Baoshan Iron & Steel Co. Ltd., Class A

    2,680,476       2,410,237  

Baozun Inc., ADR(a)(b)

    103,875       535,995  

BeiGene Ltd.(a)

    779,979       12,918,417  

Beijing Capital International Airport Co. Ltd., Class H(a)

    2,456,000       1,606,127  

Beijing Enterprises Holdings Ltd.

    620,000       2,465,888  

Beijing Enterprises Water Group Ltd.

    7,510,000       1,832,480  

Beijing Kingsoft Office Software Inc., Class A

    41,600       2,367,188  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    94,780       920,158  

Bilibili Inc.(a)

    220,904       4,201,557  

BOC Aviation Ltd.(b)(c)

    229,000       1,919,514  

BOE Technology Group Co. Ltd., Class A

    5,241,300       3,105,290  

BOE Varitronix Ltd.(b)

    555,000       847,623  

Bosideng International Holdings Ltd.

    4,418,000       2,025,404  

BYD Co. Ltd., Class A

    187,400       7,153,122  

BYD Co. Ltd., Class H

    1,116,000       39,749,710  

BYD Electronic International Co. Ltd.

    830,000       3,204,269  

C&D International Investment Group Ltd.

    709,000       1,936,878  

CGN New Energy Holdings Co. Ltd.(b)

    2,778,000       805,378  

CGN Power Co. Ltd., Class H(c)

    14,235,000       3,493,847  

Changchun High & New Technology Industry Group Inc., Class A

    51,400       1,081,983  

China Aoyuan Group Ltd.(a)(b)(d)

    1,687,000       114,245  

China BlueChemical Ltd., Class H

    4,830,000       1,207,226  

China Cinda Asset Management Co. Ltd., Class H

    10,660,000       1,125,035  

China CITIC Bank Corp. Ltd., Class H

    9,040,000       4,371,694  

China Coal Energy Co. Ltd., Class H

    2,502,000       1,813,318  
Security   Shares     Value  

China (continued)

   

China Communications Services Corp. Ltd., Class H

    2,322,000     $ 1,104,613  

China Conch Environment Protection Holdings Ltd.(a)(b)

    2,901,000       883,709  

China Conch Venture Holdings Ltd.

    1,683,000       2,107,719  

China Construction Bank Corp., Class H

    108,669,000        63,338,648  

China CSSC Holdings Ltd., Class A

    484,800       2,266,726  

China Datang Corp. Renewable Power Co. Ltd., Class H

    2,644,000       861,763  

China East Education Holdings Ltd.(c)

    954,000       432,461  

China Eastern Airlines Corp. Ltd., Class A(a)

    4,380,693       3,001,177  

China Education Group Holdings Ltd.

    1,390,000       1,286,609  

China Everbright Bank Co. Ltd., Class A

    4,972,400       2,172,376  

China Everbright Bank Co. Ltd., Class H

    3,268,000       973,569  

China Everbright Environment Group Ltd.

    3,950,629       1,576,458  

China Everbright Ltd.

    1,114,000       730,958  

China Evergrande Group(a)(b)(d)

    2,911,000       273,628  

China Feihe Ltd.(c)

    3,786,000       2,320,132  

China Galaxy Securities Co. Ltd., Class H

    4,056,500       2,373,316  

China Gas Holdings Ltd.

    3,479,200       3,897,383  

China Hongqiao Group Ltd.

    2,739,000       2,642,803  

China International Capital Corp. Ltd.,
Class H(c)

    1,666,000       3,687,084  

China Jinmao Holdings Group Ltd.(b)

    5,472,000       899,253  

China Lesso Group Holdings Ltd.

    1,515,000       1,035,129  

China Life Insurance Co. Ltd., Class A

    306,300       1,575,216  

China Life Insurance Co. Ltd., Class H

    8,773,000       15,401,967  

China Literature Ltd.(a)(c)

    436,200       1,987,259  

China Longyuan Power Group Corp. Ltd., Class H

    3,659,000       3,542,485  

China Medical System Holdings Ltd.

    1,332,000       2,243,026  

China Meidong Auto Holdings Ltd.

    852,000       934,669  

China Mengniu Dairy Co. Ltd.

    3,470,000       13,179,714  

China Merchants Bank Co. Ltd., Class A

    1,680,831       8,388,061  

China Merchants Bank Co. Ltd., Class H

    4,395,677       21,858,514  

China Merchants Port Holdings Co. Ltd.

    1,282,000       1,763,710  

China Merchants Securities Co. Ltd., Class A

    1,287,172       2,698,693  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    1,301,382       2,598,950  

China Metal Recycling Holdings Ltd.(d)

    3,000        

China Minsheng Banking Corp. Ltd., Class A

    4,601,899       2,588,546  

China Minsheng Banking Corp. Ltd., Class H

    8,501,500       3,240,473  

China National Building Material Co. Ltd., Class H

    4,004,000       2,530,744  

China National Nuclear Power Co. Ltd., Class A

    2,926,700       2,995,541  

China Nonferrous Mining Corp Ltd.

    2,663,000       1,408,178  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

    465,900       1,611,991  

China Oilfield Services Ltd., Class H

    2,112,000       2,493,297  

China Oriental Group Co. Ltd.

    1,786,000       280,166  

China Overseas Grand Oceans Group Ltd.

    2,132,000       1,089,044  

China Overseas Land & Investment Ltd.

    4,158,000       9,863,478  

China Overseas Property Holdings Ltd.

    2,010,000       2,361,479  

China Pacific Insurance Group Co. Ltd., Class A

    701,288       2,943,278  

China Pacific Insurance Group Co. Ltd., Class H

    2,591,000       6,985,129  

China Petroleum & Chemical Corp., Class A

    3,032,348       2,634,524  

China Petroleum & Chemical Corp., Class H

    27,834,200       15,588,155  

China Power International Development Ltd.

    6,469,000       2,431,075  

China Railway Group Ltd., Class A

    2,895,986       3,261,836  

China Railway Group Ltd., Class H

    5,469,000       3,595,653  

China Resources Beer Holdings Co. Ltd.

    1,798,000       11,584,281  

 

 

98  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

China Resources Cement Holdings Ltd.

    2,872,000     $ 1,251,339  

China Resources Gas Group Ltd.

    1,048,400       3,631,901  

China Resources Land Ltd.

    3,458,666        16,138,919  

China Resources Medical Holdings Co. Ltd.

    2,359,500       1,956,464  

China Resources Mixc Lifestyle Services
Ltd.(c)

    726,800       3,517,509  

China Resources Pharmaceutical Group
Ltd.(c)

    1,673,500       1,302,519  

China Resources Power Holdings Co. Ltd.

    2,170,000       4,707,685  

China Ruyi Holdings Ltd.(a)(b)

    7,503,600       2,284,450  

China Shenhua Energy Co. Ltd., Class A

    1,043,400       4,150,136  

China Shenhua Energy Co. Ltd., Class H

    3,802,000       11,396,081  

China Shineway Pharmaceutical Group Ltd.

    1,084,000       1,192,366  

China Southern Airlines Co. Ltd., Class A(a)

    753,700       738,607  

China Southern Airlines Co. Ltd., Class H(a)(b)

    3,482,000       2,182,441  

China State Construction Engineering Corp. Ltd., Class A

    4,401,180       3,769,543  

China State Construction International Holdings Ltd.

    2,108,000       2,584,549  

China Taiping Insurance Holdings Co. Ltd.

    1,605,968       1,791,373  

China Three Gorges Renewables Group Co. Ltd., Class A

    3,608,900       2,723,774  

China Tourism Group Duty Free Corp. Ltd.(c)

    56,500       907,626  

China Tourism Group Duty Free Corp. Ltd., Class A

    168,192       2,972,678  

China Tower Corp. Ltd., Class H(c)

    48,794,000       5,515,601  

China Traditional Chinese Medicine Holdings Co. Ltd.

    4,054,000       1,874,215  

China Travel International Investment Hong Kong Ltd.(a)(b)

    4,846,000       1,070,911  

China United Network Communications Ltd., Class A

    2,390,800       1,729,811  

China Vanke Co. Ltd., Class A

    1,031,192       2,203,903  

China Vanke Co. Ltd., Class H

    1,618,500       2,293,982  

China Water Affairs Group Ltd.

    1,792,000       1,520,408  

China Yangtze Power Co. Ltd., Class A

    1,883,238       5,660,454  

Chinasoft International Ltd.

    2,988,000       1,871,661  

Chindata Group Holdings Ltd., ADR(a)

    186,641       1,504,326  

Chongqing Changan Automobile Co. Ltd., Class A

    808,900       1,819,292  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    246,900       1,614,571  

CIFI Ever Sunshine Services Group Ltd.(d)

    1,398,000       437,535  

CIFI Holdings Group Co. Ltd.(a)(b)(d)

    4,558,384       355,493  

CIMC Enric Holdings Ltd.

    952,000       959,949  

CITIC Ltd.

    5,993,000       6,765,045  

CITIC Securities Co. Ltd., Class A

    1,266,425       4,279,878  

CITIC Securities Co. Ltd., Class H

    2,617,425       5,637,755  

CMOC Group Ltd., Class A

    1,185,600       1,026,432  

CMOC Group Ltd., Class H

    4,962,000       3,320,516  

COFCO Joycome Foods Ltd.(a)(b)

    3,950,000       1,095,971  

Contemporary Amperex Technology Co. Ltd., Class A

    321,398       10,714,442  

COSCO SHIPPING Energy Transportation Co. Ltd., Class H

    1,944,000       2,148,279  

COSCO SHIPPING Holdings Co. Ltd., Class A

    1,275,699       1,808,834  

COSCO SHIPPING Holdings Co. Ltd., Class H

    3,653,300       3,866,697  

COSCO SHIPPING Ports Ltd.

    2,922,000       1,846,164  

Country Garden Holdings Co. Ltd.(a)(b)

    13,702,866       2,815,129  

Country Garden Services Holdings Co. Ltd.

    2,447,000       2,801,689  

CRRC Corp. Ltd., Class A

    3,902,100       3,666,768  

CRRC Corp. Ltd., Class H

    4,924,000       2,717,596  
Security   Shares     Value  

China (continued)

   

CSC Financial Co. Ltd., Class A

    615,200     $ 2,293,864  

CSPC Pharmaceutical Group Ltd.

    10,059,440       8,402,400  

CStone Pharmaceuticals(a)(b)(c)

    1,950,500       636,852  

Dada Nexus Ltd., ADR(a)(b)

    93,334       624,404  

Dali Foods Group Co. Ltd.(c)

    2,832,500       1,322,388  

Daqin Railway Co. Ltd., Class A

    1,495,600       1,498,434  

Daqo New Energy Corp., ADR(a)

    69,142       2,701,378  

Digital China Holdings Ltd.

    1,665,000       660,097  

Dongfeng Motor Group Co. Ltd., Class H

    2,674,000       1,251,507  

Dongyue Group Ltd.

    1,786,000       1,762,002  

DouYu International Holdings Ltd., ADR(a)

    307,205       368,646  

East Money Information Co. Ltd., Class A

    1,403,016       3,165,593  

ENN Energy Holdings Ltd.

    871,900        10,597,762  

Eve Energy Co. Ltd., Class A

    215,943       1,793,083  

Far East Horizon Ltd.(b)

    2,176,000       1,636,696  

FIH Mobile Ltd. (a)(b)

    9,384,000       1,014,715  

Flat Glass Group Co. Ltd., Class H

    743,000       2,224,001  

Focus Media Information Technology Co. Ltd., Class A

    2,227,900       2,325,511  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    366,002       2,376,813  

Fosun International Ltd.

    2,893,000       2,108,793  

Foxconn Industrial Internet Co. Ltd., Class A

    718,000       2,248,416  

Fu Shou Yuan International Group Ltd.

    2,319,000       1,793,154  

Fufeng Group Ltd.(b)

    1,925,000       1,048,311  

Fuyao Glass Industry Group Co. Ltd.,
Class H(c)

    728,000       3,244,126  

Ganfeng Lithium Co. Ltd., Class H(c)

    381,240       2,456,104  

Ganfeng Lithium Group Co. Ltd., Class A

    233,980       1,962,470  

GCL-Poly Energy Holdings Ltd.

    23,074,000       5,026,989  

GDS Holdings Ltd., Class A(a)

    1,018,188       1,676,459  

Geely Automobile Holdings Ltd.

    6,826,000       9,960,726  

Genertec Universal Medical Group Co. Ltd.(c)

    2,554,500       1,379,631  

Genscript Biotech Corp.(a)

    1,326,000       3,415,205  

GF Securities Co. Ltd., Class A

    508,000       1,166,390  

GF Securities Co. Ltd., Class H

    1,449,000       2,318,442  

GigaDevice Semiconductor Inc., Class A

    102,780       1,652,810  

GoerTek Inc., Class A

    416,900       1,045,212  

Goldwind Science & Technology Co. Ltd., Class A

    1,109,000       1,739,251  

Great Wall Motor Co. Ltd., Class H(b)

    3,584,500       4,904,687  

Gree Electric Appliances Inc. of Zhuhai, Class A

    266,300       1,445,998  

Greentown China Holdings Ltd.

    1,272,500       1,462,826  

Greentown Service Group Co. Ltd.(b)

    1,724,000       905,203  

Guangdong Haid Group Co. Ltd., Class A

    243,000       1,712,956  

Guangdong Investment Ltd.

    2,860,000       2,475,950  

Guangzhou Automobile Group Co. Ltd., Class H

    3,195,600       2,011,510  

Guangzhou R&F Properties Co. Ltd.,
Class H(a)(b)

    1,764,400       368,977  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    214,000       1,104,314  

Guotai Junan Securities Co. Ltd., Class A

    1,801,894       3,933,830  

Gushengtang Holdings Ltd.(a)(b)

    215,100       1,368,127  

H World Group Ltd., ADR(a)

    245,989       11,817,312  

Haichang Ocean Park Holdings Ltd.(a)(b)(c)

    3,766,000       561,973  

Haidilao International Holding Ltd.(c)

    1,731,000       4,889,146  

Haier Smart Home Co. Ltd., Class A

    697,100       2,414,137  

Haier Smart Home Co. Ltd., Class H

    2,620,600       8,617,816  

Haitian International Holdings Ltd.

    690,000       1,728,237  

Haitong Securities Co. Ltd., Class A

    1,406,351       2,039,851  

Haitong Securities Co. Ltd., Class H

    2,942,800       2,058,874  

 

 

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

  99


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Hangzhou First Applied Material Co. Ltd., Class A

    203,560     $ 997,619  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    83,900       808,537  

Hangzhou Tigermed Consulting Co. Ltd., Class H(c)

    94,400       613,714  

Hansoh Pharmaceutical Group Co. Ltd.(c)

    1,186,000       1,925,871  

Harbin Electric Co. Ltd., Class H

    1,504,000       599,307  

Hello Group Inc., ADR

    201,719       2,148,307  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    555,041       1,962,083  

Hengan International Group Co. Ltd.

    567,500       2,334,299  

Hengli Petrochemical Co. Ltd., Class A(a)

    835,000       1,820,244  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    60,700       1,608,087  

Hope Education Group Co. Ltd.(a)(c)

    9,460,000       719,892  

Hopson Development Holdings Ltd.(a)(b)

    1,172,284       983,757  

Hua Hong Semiconductor Ltd.(a)(c)

    649,000       2,209,885  

Huabao International Holdings Ltd.(b)

    1,022,000       441,350  

Huadong Medicine Co. Ltd., Class A

    222,700       1,354,686  

Hualan Biological Engineering Inc., Class A

    427,000       1,377,025  

Huaneng Power International Inc., Class H(a)

    5,746,000       3,191,938  

Huatai Securities Co. Ltd., Class A

    878,900       2,089,475  

Huatai Securities Co. Ltd., Class H(c)

    1,660,400       2,369,185  

Huaxia Bank Co. Ltd., Class A

    1,481,131       1,202,596  

Hundsun Technologies Inc., Class A

    320,648       1,848,221  

HUTCHMED China Ltd.(a)

    617,345       1,835,579  

HUYA Inc., ADR(a)(b)

    153,430       526,265  

Hygeia Healthcare Holdings Co. Ltd.(b)(c)

    515,600       3,351,935  

Iflytek Co. Ltd., Class A

    292,800       2,577,479  

I-Mab, ADR(a)

    66,343       191,068  

Imeik Technology Development Co. Ltd., Class A

    34,800       2,320,781  

Industrial & Commercial Bank of China Ltd., Class A

    5,582,141       3,727,451  

Industrial & Commercial Bank of China Ltd., Class H

    62,465,000        30,503,375  

Industrial Bank Co. Ltd., Class A

    1,567,998       3,660,155  

INESA Intelligent Tech Inc., Class B

    246,730       150,961  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)

    6,134,300       1,623,955  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    652,500       2,620,702  

Inner Mongolia Yitai Coal Co. Ltd., Class B(a)

    2,357,284       3,469,368  

Innovent Biologics Inc.(a)(c)

    1,309,500       5,855,349  

Inspur Electronic Information Industry Co. Ltd., Class A

    184,200       1,177,987  

International Alliance Financial Leasing Co. Ltd. (a)(c)

    948,000       611,106  

iQIYI Inc., ADR(a)

    481,147       3,050,472  

JA Solar Technology Co. Ltd., Class A

    358,876       1,671,484  

Jafron Biomedical Co. Ltd., Class A

    229,100       759,940  

JD Health International Inc.(a)(c)

    1,281,250       9,366,314  

JD Logistics Inc.(a)(b)(c)

    2,169,900       3,692,980  

JD.com Inc., Class A

    2,654,440       54,956,399  

Jiangsu Expressway Co. Ltd., Class H

    1,474,000       1,351,698  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    191,996       1,928,360  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    531,059       3,317,645  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    157,100       1,345,953  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    145,500       2,987,785  
Security   Shares     Value  

China (continued)

   

Jiangxi Copper Co. Ltd., Class H

    1,142,000     $ 1,918,512  

Jinan Acetate Chemical Co. Ltd.

    77,000       2,307,748  

JinkoSolar Holding Co. Ltd., ADR(a)(b)

    53,664       2,278,037  

Jinxin Fertility Group Ltd.(a)(b)(c)

    2,334,500       1,355,682  

Jiumaojiu International Holdings Ltd.(b)(c)

    1,043,000       2,058,406  

Joy Spreader Group Inc.(a)(b)

    3,884,000       415,324  

JOYY Inc., ADR

    64,271       2,234,060  

Kanzhun Ltd., ADR(a)(b)

    228,153       4,261,898  

KE Holdings Inc., ADR(a)(b)

    747,623       13,023,593  

Keymed Biosciences Inc.(a)(b)(c)

    262,000       1,860,046  

Kingboard Holdings Ltd.

    660,000       1,836,551  

Kingboard Laminates Holdings Ltd.

    1,899,500       1,948,930  

Kingdee International Software Group Co. Ltd.(a)

    3,046,000       5,342,876  

Kingsoft Cloud Holdings Ltd., ADR(a)(b)

    118,710       835,718  

Kingsoft Corp. Ltd.

    1,068,000       4,596,842  

Kintor Pharmaceutical Ltd. (a)(b)(c)

    890,000       457,635  

Koolearn Technology Holding Ltd.(a)(b)(c)

    436,500       2,134,499  

Kuaishou Technology(a)(c)

    2,622,600       23,017,628  

Kunlun Energy Co. Ltd.

    3,888,000       3,181,528  

Kweichow Moutai Co. Ltd., Class A

    85,930       22,679,009  

KWG Group Holdings Ltd.(a)(b)

    1,594,500       285,133  

Lee & Man Paper Manufacturing Ltd.(b)

    1,583,000       549,424  

Legend Biotech Corp., ADR(a)

    67,681       5,111,269  

Lenovo Group Ltd.

    7,938,000       9,138,133  

Lepu Medical Technology Beijing Co. Ltd., Class A

    588,500       1,715,180  

LexinFintech Holdings Ltd., ADR(a)

    218,992       656,976  

Li Auto Inc.(a)

    1,287,818        27,645,615  

Li Ning Co. Ltd.

    2,726,000       16,618,864  

Lifetech Scientific Corp. (a)

    6,158,000       2,152,825  

Lingyi iTech Guangdong Co., Class A

    1,969,800       1,695,679  

Longfor Group Holdings Ltd.(c)

    2,100,000       5,681,400  

LONGi Green Energy Technology Co. Ltd., Class A

    621,560       2,604,305  

Lonking Holdings Ltd.

    3,625,000       648,309  

Lufax Holding Ltd., ADR

    861,320       1,533,150  

Luxshare Precision Industry Co. Ltd., Class A

    681,231       3,086,180  

Luye Pharma Group Ltd. (a)(c)

    2,744,000       1,286,280  

Luzhou Laojiao Co. Ltd., Class A

    116,900       3,951,468  

Mango Excellent Media Co. Ltd., Class A

    241,897       1,164,443  

Maoyan Entertainment(a)(b)(c)

    1,589,000       1,868,839  

Meitu Inc.(b)(c)

    4,559,500       1,664,564  

Meituan, Class B(a)(c)

    5,715,790       109,115,091  

MH Development Ltd.(d)

    264,000       4,696  

Microport Scientific Corp.(a)(b)

    906,700       1,829,844  

Ming Yuan Cloud Group Holdings Ltd.(a)(b)

    1,126,000       684,332  

MINISO Group Holding Ltd.

    147,076       3,090,067  

Minth Group Ltd.

    760,000       2,432,790  

MMG Ltd.(a)

    4,678,000       1,716,266  

Muyuan Foods Co. Ltd., Class A

    490,410       3,050,101  

NARI Technology Co. Ltd., Class A

    870,933       2,965,922  

NAURA Technology Group Co. Ltd., Class A

    59,300       2,358,653  

NetDragon Websoft Holdings Ltd.

    629,000       1,249,020  

NetEase Inc.

    2,242,525       48,842,919  

New China Life Insurance Co. Ltd., Class A

    441,501       2,814,085  

New China Life Insurance Co. Ltd., Class H

    652,100       1,891,110  

New Hope Liuhe Co. Ltd., Class A(a)

    1,019,700       1,784,903  

New Horizon Health Ltd.(a)(b)(c)

    605,000       2,067,773  

New Oriental Education & Technology Group Inc.(a)

    1,715,550       9,772,664  

 

 

100  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Nexteer Automotive Group Ltd.(b)

    1,630,000     $ 1,207,794  

Nine Dragons Paper Holdings Ltd.(b)

    1,749,000       1,152,584  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    838,300       1,663,845  

NIO Inc., ADR(a)(b)

    1,658,425       25,373,902  

Noah Holdings Ltd., ADR(b)

    57,482       874,876  

Nongfu Spring Co. Ltd., Class H(c)

    1,998,600       11,652,703  

Orient Overseas International Ltd.

    167,500       2,798,960  

People’s Insurance Co. Group of China Ltd. (The), Class H

    14,743,000       5,675,890  

PetroChina Co. Ltd., Class A

    1,556,200       1,728,220  

PetroChina Co. Ltd., Class H

    23,176,000       16,993,489  

Pharmaron Beijing Co. Ltd., Class H(b)(c)

    489,600       1,282,147  

PICC Property & Casualty Co. Ltd., Class H

    7,560,520       8,867,910  

Pinduoduo Inc., ADR(a)(b)

    573,349       51,498,207  

Ping An Bank Co. Ltd., Class A

    1,677,600       2,897,124  

Ping An Healthcare and Technology Co.
Ltd.(a)(b)(c)

    693,300       1,837,861  

Ping An Insurance Group Co. of China Ltd., Class A

    1,002,063       7,403,343  

Ping An Insurance Group Co. of China Ltd., Class H

    7,055,500        51,411,571  

Poly Developments and Holdings Group Co. Ltd., Class A

    1,432,936       2,858,988  

Poly Property Group Co. Ltd.

    3,035,000       728,455  

Pop Mart International Group Ltd.(c)

    822,000       2,335,858  

Postal Savings Bank of China Co. Ltd., Class A

    1,951,300       1,419,200  

Postal Savings Bank of China Co. Ltd.,
Class H(c)

    9,945,000       6,131,066  

Power Construction Corp. of China Ltd., Class A

    1,381,000       1,160,557  

Q Technology Group Co. Ltd.(a)

    1,219,000       536,258  

Qifu Technology Inc.

    122,421       2,443,523  

Qinghai Salt Lake Industry Co. Ltd.,
Class A(a)

    671,900       1,882,059  

Redco Properties Group Ltd.(a)(b)(c)(d)

    2,164,000       302,381  

RLX Technology Inc., ADR(a)(b)

    610,599       1,068,548  

Rongsheng Petrochemical Co. Ltd., Class A

    1,085,400       1,932,297  

SAIC Motor Corp. Ltd., Class A

    1,171,752       2,543,469  

Sangfor Technologies Inc., Class A(a)

    72,100       1,140,978  

Sany Heavy Equipment International Holdings Co. Ltd.

    2,174,000       3,440,921  

Sany Heavy Industry Co. Ltd., Class A

    953,200       2,371,168  

Seazen Group Ltd.(a)

    2,498,000       562,539  

Seazen Holdings Co. Ltd., Class A(a)

    352,900       814,791  

SF Holding Co. Ltd., Class A

    453,200       3,159,074  

Shaanxi Coal Industry Co. Ltd., Class A

    1,324,000       3,012,704  

Shandong Gold Mining Co. Ltd., Class A

    902,628       3,084,577  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    2,701,600       3,488,987  

Shanghai Baosight Software Co. Ltd., Class A

    443,320       2,982,743  

Shanghai Baosight Software Co. Ltd., Class B

    373,153       963,489  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    669,500       1,766,813  

Shanghai Fudan Microelectronics Group Co. Ltd., Class H(b)

    455,000       1,212,986  

Shanghai Highly Group Co. Ltd., Class B

    225,168       85,807  

Shanghai Industrial Holdings Ltd.

    668,000       991,618  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

    1,334,975       896,902  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    1,312,200       2,381,698  
Security   Shares     Value  

China (continued)

   

Shanghai Pudong Development Bank Co. Ltd., Class A

    2,416,699     $ 2,573,531  

Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.

    164,510       141,132  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    93,440       3,128,319  

Shengyi Technology Co. Ltd., Class A

    556,900       1,242,440  

Shennan Circuits Co. Ltd., Class A

    117,500       1,259,280  

Shenwan Hongyuan Group Co. Ltd., Class A

    4,303,933       3,037,374  

Shenzhen Inovance Technology Co. Ltd., Class A

    317,350       3,156,770  

Shenzhen International Holdings Ltd.

    1,502,500       1,409,747  

Shenzhen Investment Ltd.

    10,854,000       2,166,262  

Shenzhen Kangtai Biological Products Co. Ltd., Class A(a)

    279,660       1,147,370  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    93,800       3,892,351  

Shenzhou International Group Holdings Ltd.

    904,200       9,597,913  

Shimao Group Holdings Ltd.

    1,073,054       209,137  

Shougang Fushan Resources Group Ltd.

    6,726,000       1,939,673  

Shui On Land Ltd.(b)

    12,788,500       1,430,797  

Sihuan Pharmaceutical Holdings Group Ltd.(b)

    7,335,000       718,182  

Sino Biopharmaceutical Ltd.

    11,455,000       5,195,271  

Sinofert Holdings Ltd.(b)

    7,390,000       997,931  

Sino-Ocean Group Holding Ltd.(a)(b)

    3,608,000       219,149  

Sinopec Engineering Group Co. Ltd., Class H

    2,518,000       1,136,382  

Sinopec Kantons Holdings Ltd.(b)

    2,400,000       924,276  

Sinopharm Group Co. Ltd., Class H

    1,775,600       5,591,702  

Skyworth Group Ltd.

    2,624,000       1,199,156  

Smoore International Holdings Ltd.(b)(c)

    2,069,000       2,329,412  

SOHO China Ltd.(a)

    3,560,000       586,918  

SooChow Securities Co. Ltd., Class A

    2,292,564       2,911,604  

SSY Group Ltd.

    2,424,000       1,365,239  

Sunac Services Holdings Ltd.(b)(c)

    1,560,000       516,725  

Sungrow Power Supply Co. Ltd., Class A

    140,900       2,201,698  

Sunny Optical Technology Group Co. Ltd.

    797,000       7,813,846  

TAL Education Group, ADR(a)(b)

    508,296       4,157,861  

TCL Technology Group Corp., Class A(a)

    3,736,060       2,245,202  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A

    518,875       2,114,047  

Tencent Holdings Ltd.

    7,035,800        323,373,253  

Tencent Music Entertainment Group, ADR(a)

    796,173       5,565,249  

Tianneng Power International Ltd.(b)

    1,432,000       1,604,498  

Tianqi Lithium Corp., Class A

    195,000       1,820,463  

Tingyi Cayman Islands Holding Corp.

    2,012,000       3,107,110  

Tong Ren Tang Technologies Co. Ltd., Class H

    1,590,000       1,435,202  

Tongcheng Travel Holdings Ltd.(a)

    1,288,800       3,127,418  

Tongdao Liepin Group(a)(b)

    658,600       798,986  

Tongwei Co. Ltd., Class A

    420,400       2,050,592  

Topsports International Holdings Ltd.(c)

    1,969,000       1,820,084  

Towngas Smart Energy Co. Ltd.

    2,091,000       1,014,882  

TravelSky Technology Ltd., Class H

    1,265,000       2,429,317  

Trina Solar Co. Ltd.

    182,178       961,437  

Trip.com Group Ltd.(a)

    618,588       25,264,863  

Tsingtao Brewery Co. Ltd., Class H

    732,000       6,582,389  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

    135,517       1,770,593  

Uni-President China Holdings Ltd.

    1,755,000       1,517,356  

Unisplendour Corp. Ltd., Class A

    493,340       1,885,695  

Untradelumena Newmat, NVS(d)

    3,800        

 

 

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

  101


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Venus MedTech Hangzhou Inc.,
Class H(a)(c)

    587,500     $ 550,008  

Vinda International Holdings Ltd.

    546,000       1,103,210  

Vipshop Holdings Ltd., ADR(a)

    456,649       8,598,701  

Vnet Group Inc., ADR(a)

    121,075       359,593  

Walvax Biotechnology Co. Ltd., Class A

    285,800       1,086,428  

Wanhua Chemical Group Co. Ltd., Class A

    271,687       3,724,117  

Want Want China Holdings Ltd.

    5,533,000       3,858,565  

Weibo Corp., ADR

    75,313       1,186,180  

Weichai Power Co. Ltd., Class A

    801,400       1,481,302  

Weichai Power Co. Ltd., Class H

    2,213,000       3,278,443  

Weimob Inc.(a)(b)(c)

    2,825,000       1,537,580  

Wens Foodstuffs Group Co. Ltd., Class A

    1,153,357       3,069,510  

West China Cement Ltd.

    5,004,000       514,377  

Will Semiconductor Co. Ltd. Shanghai, Class A

    131,030       1,884,684  

Wingtech Technology Co. Ltd., Class A

    201,600       1,313,191  

Wuliangye Yibin Co. Ltd., Class A

    283,374       7,197,446  

WuXi AppTec Co. Ltd., Class A

    264,361       2,660,135  

WuXi AppTec Co. Ltd., Class H(c)

    349,550       3,325,064  

Wuxi Biologics Cayman Inc.(a)(c)

    4,330,500       24,990,430  

XD Inc.(a)(b)

    525,000       1,274,022  

Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)

    933,500       548,035  

Xiaomi Corp., Class B(a)(c)

    17,530,400       27,888,781  

Xinyi Solar Holdings Ltd.

    5,535,600       6,010,807  

XPeng Inc.(a)(b)

    1,169,106       12,470,769  

Xtep International Holdings Ltd.

    1,731,000       1,929,107  

Yadea Group Holdings Ltd.(b)(c)

    1,728,000       3,932,337  

Yankuang Energy Group Co. Ltd., Class A

    254,250       631,502  

Yankuang Energy Group Co. Ltd., Class H

    2,757,000       4,150,960  

Yeahka Ltd.(a)(b)

    344,400       845,249  

Yihai International Holding Ltd.

    602,000       1,386,855  

Yonyou Network Technology Co. Ltd., Class A

    467,000       1,234,654  

Yuexiu Property Co. Ltd.

    2,055,616       2,712,757  

Yuexiu REIT(b)

    3,430,448       706,808  

Yuexiu Transport Infrastructure Ltd.

    1,722,000       933,635  

Yum China Holdings Inc.

    499,881       30,502,739  

Yunnan Baiyao Group Co. Ltd., Class A

    298,592       2,250,481  

Yunnan Energy New Material Co. Ltd., Class A(a)

    95,500       1,291,933  

Zai Lab Ltd.(a)

    1,027,120       3,140,928  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    81,100       3,295,488  

Zhaojin Mining Industry Co. Ltd., Class H

    1,687,500       2,434,374  

Zhejiang Century Huatong Group Co. Ltd., Class A(a)

    1,465,658       1,084,746  

Zhejiang Expressway Co. Ltd., Class H

    2,464,000       1,979,080  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    235,840       1,665,559  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

    154,600       1,337,812  

ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c)

    717,900       2,352,682  

Zhongsheng Group Holdings Ltd.

    642,000       2,255,637  

Zhuzhou CRRC Times Electric Co. Ltd.

    667,300       2,660,246  

Zijin Mining Group Co. Ltd., Class A

    2,070,800       3,781,838  

Zijin Mining Group Co. Ltd., Class H

    5,926,000       10,234,940  

ZTE Corp., Class A

    269,000       1,475,549  

ZTE Corp., Class H

    748,640       2,739,893  

ZTO Express Cayman Inc., ADR(b)

    506,419       14,078,448  
   

 

 

 
       2,580,478,610  
Colombia — 0.0%            

Bancolombia SA

    264,537       2,252,039  
Security   Shares     Value  

Colombia (continued)

   

Cementos Argos SA

    242,160     $ 218,630  

Grupo Argos SA

    395,872       976,807  

Interconexion Electrica SA ESP

    553,343       2,423,081  
   

 

 

 
      5,870,557  
Czech Republic — 0.0%            

CEZ AS

    202,518       8,962,108  

Komercni Banka AS

    76,281       2,498,221  
   

 

 

 
      11,460,329  
Denmark — 1.8%            

ALK-Abello AS(a)

    179,057       1,949,658  

Alm Brand A/S

    1,150,063       1,832,920  

Ambu A/S, Class B(a)(b)

    205,197       3,027,432  

AP Moller - Maersk A/S, Class A

    2,964       5,959,493  

AP Moller - Maersk A/S, Class B, NVS

    5,915       12,150,632  

Bavarian Nordic A/S(a)(b)

    90,534       1,942,410  

Carlsberg AS, Class B

    108,736       16,308,456  

Chemometec A/S(a)

    24,371       1,635,425  

Chr Hansen Holding A/S

    121,238       9,161,183  

Coloplast A/S, Class B

    133,115       16,547,045  

D/S Norden A/S

    37,906       1,898,863  

Danske Bank A/S

    759,724       18,039,693  

Demant A/S(a)

    111,638       4,442,608  

Dfds A/S

    52,964       1,898,777  

DSV A/S

    215,861       43,202,416  

FLSmidth & Co. A/S(b)

    58,795       2,781,809  

Genmab A/S(a)

    75,030       30,927,334  

GN Store Nord A/S(a)

    141,963       3,785,414  

H Lundbeck AS

    303,318       1,505,503  

H Lundbeck AS, Class A

    95,955       430,331  

ISS A/S

    165,602       3,346,190  

Jyske Bank A/S, Registered(a)

    48,416       3,662,413  

Matas A/S

    94,336       1,386,283  

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

    47,422       2,201,265  

Nilfisk Holding A/S(a)

    42,797       806,044  

NKT A/S(a)(b)

    65,301       3,731,056  

Novo Nordisk A/S, Class B

    1,870,098       301,557,403  

Novozymes A/S, Class B

    239,500       12,011,712  

Orsted AS(c)

    217,309       18,910,114  

Pandora A/S

    104,069       10,410,222  

Per Aarsleff Holding A/S

    26,970       1,280,146  

Ringkjoebing Landbobank A/S

    33,465       4,762,689  

Rockwool A/S, Class B

    10,217       2,747,955  

Royal Unibrew A/S

    59,292       5,124,776  

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

    88,082       1,532,152  

Schouw & Co. A/S

    22,948       1,820,947  

SimCorp A/S

    48,496       5,200,059  

Spar Nord Bank A/S

    123,148       1,958,131  

Sydbank AS

    87,342       4,188,769  

Topdanmark AS

    30,742       1,393,532  

Tryg A/S

    503,279       9,936,640  

Vestas Wind Systems A/S(a)

    1,146,815       30,673,241  

Zealand Pharma A/S(a)

    66,909       2,321,927  
   

 

 

 
       610,391,068  
Egypt — 0.0%            

Commercial International Bank Egypt SAE

    2,465,078       3,177,769  

Eastern Co. SAE

    1,328,129       633,746  

Egyptian Financial Group-Hermes Holding
Co.(a)

    2,596,088       1,092,358  

EISewedy Electric Co.

    1,488,621       716,562  
   

 

 

 
      5,620,435  

 

 

102  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Finland — 0.6%

   

Cargotec OYJ, Class B

    53,021     $ 2,532,299  

Caverion OYJ

    110,530       1,040,278  

Citycon OYJ

    131,919       818,905  

Elisa OYJ

    152,793       7,970,510  

Finnair OYJ(a)

    813,289       503,514  

Fortum OYJ

    503,415       6,814,852  

Huhtamaki OYJ

    116,831       4,153,053  

Kemira OYJ

    169,041       2,651,518  

Kesko OYJ, Class B

    313,569       6,274,105  

Kojamo OYJ

    253,654       2,478,258  

Kone OYJ, Class B

    373,790       19,172,736  

Konecranes OYJ

    72,533       2,636,333  

Metsa Board OYJ, Class B(b)

    296,575       2,392,728  

Metso OYJ

    744,911       8,465,219  

Neste OYJ

    479,898       17,667,479  

Nokia OYJ

    5,975,389       23,488,891  

Nokian Renkaat OYJ

    155,677       1,447,978  

Orion OYJ, Class B

    124,669       4,791,167  

Outokumpu OYJ

    407,614       2,108,853  

QT Group OYJ(a)

    26,291       2,180,665  

Revenio Group OYJ

    43,608       1,542,686  

Sampo OYJ, Class A

    500,187       22,041,554  

Stora Enso OYJ, Class R

    625,954       7,673,733  

TietoEVRY OYJ

    93,647       2,389,178  

Tokmanni Group Corp.

    83,267       1,285,908  

UPM-Kymmene OYJ

    616,917       20,424,684  

Uponor OYJ

    102,853       3,254,682  

Valmet OYJ

    203,487       5,397,642  

Wartsila OYJ Abp

    516,082       6,483,459  

YIT OYJ

    295,805       713,728  
   

 

 

 
       190,796,595  
France — 6.9%            

ABC arbitrage

    122,193       798,046  

Accor SA

    189,576       7,153,087  

Aeroports de Paris

    33,232       4,589,073  

Air France-KLM(a)

    1,497,156       2,585,398  

Air Liquide SA

    594,594       106,904,432  

Airbus SE

    663,113       97,676,554  

AKWEL

    27,195       490,375  

ALD SA(c)

    211,741       2,249,638  

Alstom SA

    369,604       11,317,366  

Alten SA

    36,073       5,195,732  

Amundi SA(c)

    55,318       3,394,613  

APERAM SA

    63,831       2,014,446  

ArcelorMittal SA

    531,915       15,383,926  

Arkema SA

    73,797       7,958,195  

Atos SE(a)

    124,757       1,295,905  

AXA SA

    2,041,213       62,744,536  

Beneteau SA

    64,517       1,053,347  

BioMerieux

    46,781       5,021,908  

BNP Paribas SA

    1,236,052       81,514,908  

Boiron SA

    22,249       1,230,478  

Bollore SE

    1,053,457       6,660,715  

Bonduelle SCA

    37,541       446,835  

Bouygues SA

    257,449       9,222,220  

Bureau Veritas SA

    333,927       9,170,901  

Capgemini SE

    188,304       34,124,180  

Carrefour SA

    661,805       13,230,231  

Casino Guichard Perrachon SA(a)

    64,207       167,369  

CGG SA(a)

    1,680,392       1,182,259  
Security   Shares     Value  

France (continued)

   

Chargeurs SA

    25,362     $ 311,836  

Cie. de Saint-Gobain

    566,327        38,301,461  

Cie. Generale des Etablissements Michelin SCA

    764,672       25,040,754  

Cie. Plastic Omnium SA

    104,814       2,041,228  

Coface SA

    183,529       2,688,496  

Covivio

    57,399       2,771,316  

Credit Agricole SA

    1,292,942       16,052,361  

Danone SA

    709,254       43,311,825  

Dassault Aviation SA

    26,014       5,053,514  

Dassault Systemes SE

    766,045       32,739,720  

Derichebourg SA

    184,299       1,136,286  

Edenred

    288,592       18,744,155  

Eiffage SA

    81,210       8,448,888  

Elior Group SA(a)(c)

    235,420       600,000  

Elis SA

    224,208       4,632,161  

Engie SA

    2,060,048       33,795,755  

Eramet SA

    15,724       1,323,903  

EssilorLuxottica SA

    328,666       66,119,444  

Eurazeo SE

    47,562       2,904,123  

Euroapi SA(a)

    69,095       806,253  

Eurofins Scientific SE

    153,275       10,541,733  

Euronext NV(c)

    98,355       7,486,161  

Eutelsat Communications SA(b)

    191,488       1,289,896  

Faurecia SE(a)

    170,713       4,289,823  

Fnac Darty SA

    29,993       1,045,597  

Gaztransport Et Technigaz SA

    33,458       4,080,646  

Gecina SA

    48,157       5,206,374  

Getlink SE

    460,488       8,094,165  

Hermes International

    36,249       80,228,634  

ICADE

    34,950       1,423,881  

ID Logistics Group(a)

    4,957       1,421,457  

Imerys SA

    43,439       1,508,428  

Interparfums SA

    30,393       2,193,717  

Ipsen SA

    42,117       5,307,871  

IPSOS

    59,102       2,954,508  

JCDecaux SE(a)

    88,020       1,649,427  

Kaufman & Broad SA

    33,422       920,090  

Kering SA

    84,260       48,379,170  

Klepierre SA

    243,181       6,454,915  

Korian SA

    130,876       1,019,102  

La Francaise des Jeux SAEM(c)

    106,604       4,069,860  

Legrand SA

    305,219       30,599,640  

LISI

    19,383       506,649  

L’Oreal SA

    271,270       126,170,230  

LVMH Moet Hennessy Louis Vuitton SE

    310,141       288,048,888  

Maisons du Monde SA(c)

    81,920       860,142  

McPhy Energy SA(a)

    58,566       493,758  

Mercialys SA

    156,564       1,355,279  

Mersen SA

    42,663       2,008,009  

Metropole Television SA

    41,041       579,733  

Neoen SA(c)

    90,470       2,974,769  

Nexans SA

    34,127       3,029,804  

Nexity SA

    57,572       974,830  

Orange SA

    2,102,263       23,763,634  

Pernod Ricard SA

    232,797       51,325,116  

Publicis Groupe SA

    258,148       20,813,281  

Quadient SA

    62,147       1,385,526  

Remy Cointreau SA

    24,178       4,150,355  

Renault SA

    209,824       9,215,813  

Rexel SA

    293,532       7,080,654  

 

 

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

  103


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

France (continued)

   

Rubis SCA

    99,619     $ 2,456,439  

Safran SA

    380,733       63,206,670  

Sanofi

    1,279,717       136,525,994  

Sartorius Stedim Biotech

    31,965       10,000,933  

Schneider Electric SE

    613,377       109,409,299  

SCOR SE

    165,246       4,938,453  

SEB SA

    26,960       3,018,061  

SES SA, Class A

    422,425       2,736,680  

SES-Imagotag SA(a)

    8,381       1,083,906  

Societe BIC SA

    37,389       2,285,766  

Societe Generale SA

    824,580       22,425,883  

Sodexo SA

    98,258       10,079,049  

SOITEC(a)

    29,920       5,880,157  

Sopra Steria Group SACA

    19,025       4,136,703  

SPIE SA

    142,456       4,276,237  

Teleperformance

    68,425       9,924,280  

Television Francaise 1

    110,482       903,499  

Thales SA

    117,682       17,604,025  

TotalEnergies SE

    2,664,768       161,901,995  

Trigano SA

    13,042       1,909,754  

Ubisoft Entertainment SA(a)

    104,528       3,515,453  

Unibail-Rodamco-Westfield, New(a)

    135,844       7,697,309  

Valeo

    240,259       5,430,857  

Vallourec SA(a)

    189,407       2,471,119  

Valneva SE(a)

    160,800       1,207,532  

Veolia Environnement SA

    784,185       25,532,237  

Verallia SA(c)

    69,816       3,094,621  

Vicat SA

    27,283       927,419  

Vinci SA

    602,737       70,789,885  

Virbac SA

    6,450       1,986,677  

Vivendi SE

    773,715       6,907,996  

Wendel SE

    27,430       2,707,739  

Worldline SA/France(a)(c)

    282,626       11,203,125  
   

 

 

 
           2,294,677,469  
Germany — 4.8%            

adidas AG

    184,196       37,186,418  

AIXTRON SE

    134,729       5,345,059  

Allianz SE, Registered

    454,871       108,713,875  

Amadeus Fire AG

    11,089       1,316,904  

Aroundtown SA(a)(b)

    1,390,633       2,160,508  

Aurubis AG

    35,528       3,344,330  

Auto1 Group SE(a)(c)

    119,134       1,283,812  

BASF SE

    1,001,211       53,675,920  

Bayer AG, Registered

    1,107,531       64,772,205  

Bayerische Motoren Werke AG

    373,734       45,576,851  

BayWa AG(b)

    24,934       1,044,934  

Bechtle AG

    95,356       4,196,962  

Befesa SA(c)

    49,807       1,908,827  

Beiersdorf AG

    112,054       14,511,592  

Bertrandt AG

    12,303       645,922  

Bilfinger SE

    79,131       2,864,876  

Borussia Dortmund GmbH & Co. KGaA(a)

    108,747       519,302  

Brenntag SE

    178,277       13,831,552  

CANCOM SE

    47,523       1,368,319  

Carl Zeiss Meditec AG, Bearer

    47,580       5,513,602  

Ceconomy AG(a)

    302,316       905,875  

Commerzbank AG

    1,196,410       14,310,832  

CompuGroup Medical SE & Co. KgaA

    36,965       1,877,296  

Continental AG

    122,774       9,802,233  

Covestro AG(a)(c)

    219,180       11,774,105  
Security   Shares     Value  

Germany (continued)

   

CTS Eventim AG & Co. KGaA

    71,825     $ 4,901,767  

Daimler Truck Holding AG(b)

    544,051       20,418,392  

Delivery Hero SE(a)(c)

    201,116       9,128,597  

Deutsche Bank AG, Registered

    2,155,377       23,892,646  

Deutsche Beteiligungs AG

    19,663       655,121  

Deutsche Boerse AG

    213,860       40,975,902  

Deutsche Lufthansa AG, Registered(a)

    726,721       7,329,896  

Deutsche Pfandbriefbank AG(b)(c)

    399,238       3,322,818  

Deutsche Post AG, Registered

    1,128,402       58,026,054  

Deutsche Telekom AG, Registered

    3,651,054       79,597,480  

Deutz AG

    223,607       1,230,358  

Duerr AG

    69,617       2,172,084  

E.ON SE

    2,554,818       32,319,266  

Eckert & Ziegler Strahlen- und Medizintechnik AG

    37,164       1,470,835  

Encavis AG(a)

    154,850       2,596,494  

Evonik Industries AG

    222,176       4,601,931  

Evotec SE(a)

    172,714       4,549,578  

Fielmann AG

    35,004       1,798,402  

flatexDEGIRO AG(a)(b)

    115,674       1,140,284  

Fraport AG Frankfurt Airport Services Worldwide(a)

    45,505       2,404,254  

Freenet AG

    141,992       3,514,752  

Fresenius Medical Care AG & Co. KGaA

    234,837       12,196,143  

Fresenius SE & Co. KGaA

    477,134       14,973,486  

GEA Group AG

    177,249       7,522,769  

Gerresheimer AG

    35,684       4,226,548  

Grand City Properties SA(a)

    110,443       910,827  

GRENKE AG

    43,838       1,209,085  

Hamborner REIT AG

    322,473       2,333,685  

Hamburger Hafen und Logistik AG(b)

    71,247       936,470  

Hannover Rueck SE

    66,120       14,108,294  

HeidelbergCement AG

    165,651       13,425,657  

HelloFresh SE(a)(b)

    180,919       5,158,922  

Henkel AG & Co. KGaA

    126,829       8,863,094  

Hensoldt AG

    76,208       2,591,073  

HOCHTIEF AG

    33,904       3,339,716  

Hugo Boss AG

    61,220       4,943,426  

Hypoport SE(a)

    5,513       1,150,302  

Indus Holding AG(b)

    43,636       1,167,786  

Infineon Technologies AG

    1,485,241        65,254,752  

Jenoptik AG

    81,770       2,644,821  

K+S AG, Registered(b)

    199,701       3,812,967  

KION Group AG

    83,024       3,478,956  

Kloeckner & Co. SE

    98,449       920,328  

Knorr-Bremse AG

    77,626       5,460,050  

Kontron AG(b)

    87,575       1,904,691  

Krones AG

    20,412       2,459,696  

LANXESS AG

    84,441       2,847,873  

LEG Immobilien SE(a)

    83,808       5,925,440  

Mercedes-Benz Group AG

    963,879       76,978,187  

Merck KGaA

    146,808       25,797,826  

METRO AG(a)

    241,450       2,099,452  

MorphoSys AG(a)(b)

    59,698       1,747,681  

MTU Aero Engines AG

    64,154       14,980,695  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    155,223       58,433,057  

Nemetschek SE

    69,977       5,092,156  

Nordex SE(a)

    230,028       3,250,423  

Norma Group SE

    44,516       785,419  

 

 

104  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Germany (continued)

   

PATRIZIA SE

    88,547     $ 905,982  

Pfeiffer Vacuum Technology AG

    11,486       1,901,853  

ProSiebenSat.1 Media SE(b)

    167,172       1,661,904  

Puma SE

    120,387       8,135,906  

Rational AG

    5,305       3,971,100  

Rheinmetall AG

    49,112       13,910,778  

RWE AG

    723,816       31,152,054  

Salzgitter AG

    70,273       2,435,348  

SAP SE

    1,182,656       161,327,945  

Scout24 SE(c)

    93,054       6,151,397  

SGL Carbon SE(a)(b)

    85,209       712,916  

Shop Apotheke Europe NV(a)(c)

    18,934       2,195,270  

Siemens AG, Registered

    863,517       147,179,692  

Siemens Healthineers AG(c)

    320,015       18,593,932  

Siltronic AG

    28,557       2,513,949  

Sixt SE

    25,948       3,128,850  

SMA Solar Technology AG(a)(b)

    19,629       1,871,396  

Software AG, NVS(b)

    61,042       2,134,279  

Stabilus SE

    34,766       1,982,077  

Stroeer SE & Co. KGaA

    42,113       2,036,645  

Suedzucker AG

    99,545       1,723,349  

Symrise AG, Class A

    154,415       16,867,020  

TAG Immobilien AG(a)

    273,585       3,075,251  

Takkt AG

    36,043       517,559  

Talanx AG(a)(b)

    71,434       4,374,607  

TeamViewer AG(a)(c)

    166,717       2,833,962  

Telefonica Deutschland Holding AG

    999,804       2,693,851  

thyssenkrupp AG

    489,643       3,892,844  

United Internet AG, Registered(e)

    103,934       1,556,004  

Varta AG(b)

    26,332       597,566  

VERBIO Vereinigte BioEnergie AG(b)

    39,470       1,924,028  

Vitesco Technologies Group AG(a)

    26,740       2,286,910  

Volkswagen AG

    38,616       6,171,442  

Vonovia SE

    828,913       19,313,655  

Vossloh AG

    23,404       1,049,538  

Wacker Chemie AG

    15,100       2,346,356  

Wacker Neuson SE

    49,219       1,276,671  

Zalando SE(a)(c)

    252,744       8,725,909  
   

 

 

 
       1,592,560,570  
Greece — 0.1%            

Alpha Services and Holdings SA(a)

    2,172,763       3,912,951  

Autohellas Tourist and Trading SA

    5,183       77,844  

Eurobank Ergasias Services and Holdings SA, Class A(a)

    2,695,824       4,709,310  

FF Group(a)(d)

    16,274        

Hellenic Telecommunications Organization SA

    204,814       3,232,367  

JUMBO SA

    119,965       3,579,808  

Motor Oil Hellas Corinth Refineries SA

    102,222       2,583,395  

Mytilineos SA

    163,137       6,789,071  

National Bank of Greece SA(a)

    576,473       3,970,004  

OPAP SA

    211,245       3,715,281  

Piraeus Financial Holdings SA(a)

    879,320       3,330,609  

Public Power Corp. SA(a)

    288,169       3,409,604  

Terna Energy SA

    114,987       2,207,239  

Titan Cement International SA

    38,428       807,851  
   

 

 

 
      42,325,334  
Hong Kong — 1.6%            

AIA Group Ltd.

    13,430,800       134,371,604  

ASMPT Ltd.

    265,900       2,593,613  
Security   Shares     Value  

Hong Kong (continued)

   

Bank of East Asia Ltd. (The)

    1,447,600     $ 2,222,548  

BOC Hong Kong Holdings Ltd.

    4,147,000       12,656,820  

Brightoil Petroleum Holdings Ltd.(d)

    757,750       1  

Budweiser Brewing Co. APAC Ltd.(c)

    1,960,800       4,782,622  

Cafe de Coral Holdings Ltd.

    794,000       1,043,474  

Champion REIT

    3,179,000       1,171,238  

China Renewable Energy Investment Ltd.(d)

    4,386        

Chow Sang Sang Holdings International Ltd.

    752,000       877,076  

Chow Tai Fook Jewellery Group Ltd.

    2,387,400       4,168,177  

CK Asset Holdings Ltd.

    2,208,388       12,788,931  

CK Hutchison Holdings Ltd.

    2,966,888       18,297,768  

CK Infrastructure Holdings Ltd.

    654,500       3,468,419  

CLP Holdings Ltd.

    1,854,500       15,116,273  

Comba Telecom Systems Holdings Ltd.

    2,832,000       478,690  

Cowell e Holdings Inc.(a)(b)

    330,000       618,747  

Dah Sing Banking Group Ltd.

    743,600       557,077  

Dah Sing Financial Holdings Ltd.

    254,400       628,524  

ESR Group Ltd.(c)

    2,328,400       4,082,955  

First Pacific Co. Ltd.

    3,845,000       1,394,054  

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

    70,223       4,227,425  

Galaxy Entertainment Group Ltd.(a)

    2,426,000       17,708,652  

Guotai Junan International Holdings Ltd.

    7,752,000       668,888  

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

    4,199,800       394,061  

Hang Lung Group Ltd.

    948,000       1,482,475  

Hang Lung Properties Ltd.

    2,124,000       3,314,603  

Hang Seng Bank Ltd.

    873,600       13,353,462  

Health and Happiness H&H International Holdings Ltd.

    251,500       331,609  

Henderson Land Development Co. Ltd.

    1,407,941       4,352,183  

HKBN Ltd.

    2,090,500       1,141,988  

HKT Trust & HKT Ltd., Class SS

    4,311,600       5,092,859  

Hong Kong & China Gas Co. Ltd.

    12,999,566       11,151,772  

Hong Kong Exchanges & Clearing Ltd.

    1,316,000       55,485,194  

Hongkong Land Holdings Ltd.

    1,292,800       4,607,172  

Hutchison Telecommunications Hong Kong Holdings Ltd.

    6,894,000       1,051,712  

Hysan Development Co. Ltd.

    612,000       1,446,130  

IGG Inc.(a)

    1,315,000       670,167  

Jardine Matheson Holdings Ltd.

    185,800       9,177,666  

Johnson Electric Holdings Ltd.

    712,250       981,903  

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

    1,311,500       233,634  

K Wah International Holdings Ltd.

    2,895,000       948,202  

Kerry Logistics Network Ltd.

    1,096,500       1,353,870  

Kerry Properties Ltd.

    884,500       1,912,256  

Link REIT

    2,889,880        16,244,465  

LK Technology Holdings Ltd.(b)

    810,000       876,258  

Luk Fook Holdings International Ltd.

    611,000       1,613,228  

Man Wah Holdings Ltd.

    2,601,200       2,257,434  

Melco International Development Ltd.(a)

    1,225,000       1,299,688  

Melco Resorts & Entertainment Ltd., ADR(a)

    267,883       3,648,566  

MTR Corp. Ltd.(b)

    1,728,000       7,963,140  

New World Development Co. Ltd.(b)

    1,536,416       3,799,511  

Nissin Foods Co. Ltd.(b)

    1,871,000       1,490,764  

NWS Holdings Ltd.

    2,883,000       3,306,640  

Pacific Basin Shipping Ltd.

    5,959,000       1,940,073  

Pacific Textiles Holdings Ltd.(b)

    1,997,000       497,912  

PAX Global Technology Ltd.

    1,371,000       1,113,116  

PCCW Ltd.

    5,597,000       2,861,743  

Power Assets Holdings Ltd.

    1,586,500       8,315,198  

Sa Sa International Holdings Ltd.(a)

    3,810,000       697,042  

 

 

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

  105


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Hong Kong (continued)

   

Sands China Ltd.(a)

    2,707,200     $ 10,429,521  

Shangri-La Asia Ltd.(a)

    1,304,000       1,088,146  

Shun Tak Holdings Ltd.(a)

    4,184,000       701,203  

Sino Land Co. Ltd.

    3,716,000       4,561,476  

SITC International Holdings Co. Ltd.

    1,463,000       3,205,661  

SJM Holdings Ltd.(a)(b)

    2,396,000       1,112,356  

SmarTone Telecommunications Holdings Ltd.

    913,500       552,553  

Sun Hung Kai Properties Ltd.

    1,732,500       21,754,341  

Swire Pacific Ltd., Class A

    552,500       4,618,478  

Swire Properties Ltd.

    1,206,000       3,026,245  

Techtronic Industries Co. Ltd.

    1,566,000       17,790,619  

United Energy Group Ltd.

    9,772,000       1,234,478  

Value Partners Group Ltd.(b)

    2,068,000       783,064  

Vitasoy International Holdings Ltd.

    1,234,000       1,640,656  

Vobile Group Ltd.(a)(b)

    2,725,000       952,826  

VTech Holdings Ltd.

    508,400       3,170,566  

WH Group Ltd.(c)

    8,200,500       4,475,751  

Wharf Real Estate Investment Co. Ltd.

    1,843,000       9,890,398  

Xinyi Glass Holdings Ltd.

    1,795,000       2,987,052  

Yue Yuen Industrial Holdings Ltd.

    939,000       1,258,127  
   

 

 

 
       515,564,789  
Hungary — 0.1%            

Magyar Telekom Telecommunications PLC

    371,451       441,596  

MOL Hungarian Oil & Gas PLC

    394,021       3,110,678  

OTP Bank Nyrt

    254,903       9,269,834  

Richter Gedeon Nyrt

    168,620       4,253,536  
   

 

 

 
      17,075,644  
India — 4.4%            

360 ONE WAM Ltd.

    205,108       1,301,923  

3M India Ltd.

    5,009       1,762,108  

Aarti Industries Ltd.

    306,220       1,742,251  

Aarti Pharmalabs Ltd., NVS(a)

    82,574       351,133  

Aavas Financiers Ltd.(a)

    96,311       1,814,180  

ABB India Ltd.

    63,409       3,514,423  

ACC Ltd.

    72,995       1,792,726  

Adani Enterprises Ltd.

    193,568       5,872,003  

Adani Green Energy Ltd.(a)

    356,775       4,742,469  

Adani Ports & Special Economic Zone Ltd.

    590,411       5,586,154  

Adani Power Ltd.(a)

    849,566       2,826,035  

Aditya Birla Fashion and Retail Ltd.(a)

    646,981       1,756,765  

Affle India Ltd.(a)

    115,235       1,507,300  

AIA Engineering Ltd.

    83,090       3,497,447  

Ambuja Cements Ltd.

    858,409       4,837,716  

Angel One Ltd.

    53,512       1,003,923  

APL Apollo Tubes Ltd.

    203,686       3,951,369  

Apollo Hospitals Enterprise Ltd.

    126,883       7,987,435  

Apollo Tyres Ltd.

    538,230       2,835,223  

Ashok Leyland Ltd.

    2,184,556       4,888,816  

Asian Paints Ltd.

    470,368       19,321,771  

Astral Ltd.

    247,588       5,936,890  

AU Small Finance Bank Ltd.(c)

    317,431       2,822,584  

Aurobindo Pharma Ltd.

    365,151       3,653,894  

Avenue Supermarts Ltd.(a)(c)

    205,519       9,390,087  

Axis Bank Ltd.

    2,574,262       29,885,877  

Bajaj Auto Ltd.

    103,953       6,239,961  

Bajaj Finance Ltd.

    327,384       29,104,383  

Bajaj Finserv Ltd.

    492,426       9,583,123  

Bajaj Holdings & Investment Ltd.

    21,505       1,973,920  

Balkrishna Industries Ltd.

    152,447       4,715,460  
Security   Shares     Value  

India (continued)

   

Balrampur Chini Mills Ltd.

    483,478     $ 2,372,087  

Bandhan Bank Ltd.(a)(c)

    816,609       2,220,091  

Bank of Baroda

    1,263,131       3,110,769  

Bata India Ltd.

    131,870       2,785,188  

Berger Paints India Ltd.

    361,015       2,998,303  

Bharat Electronics Ltd.

    5,405,136       8,600,327  

Bharat Forge Ltd.

    411,217       4,660,747  

Bharat Heavy Electricals Ltd.

    1,745,385       2,211,792  

Bharat Petroleum Corp. Ltd.

    939,485       4,314,678  

Bharti Airtel Ltd.

    2,660,111        28,808,927  

Biocon Ltd.

    659,465       2,062,825  

Britannia Industries Ltd.

    130,697       7,618,444  

BSE Ltd.(a)

    90,223       888,884  

Century Textiles & Industries Ltd.

    165,448       2,168,764  

CESC Ltd.

    1,273,115       1,213,219  

CG Power and Industrial Solutions Ltd.

    677,965       3,317,509  

Cholamandalam Investment and Finance Co. Ltd.

    686,394       9,457,569  

Cipla Ltd.

    589,654       8,433,377  

City Union Bank Ltd.

    608,566       986,657  

Coal India Ltd.

    1,717,581       4,793,836  

Coforge Ltd.

    42,062       2,409,183  

Colgate-Palmolive India Ltd.

    124,718       3,064,594  

Container Corp. of India Ltd.

    392,915       3,322,210  

Crompton Greaves Consumer Electricals Ltd.

    781,791       2,796,412  

Cummins India Ltd.

    152,938       3,663,785  

Dabur India Ltd.

    710,114       4,974,816  

Dalmia Bharat Ltd.

    154,315       3,669,310  

Deepak Nitrite Ltd.

    102,068       2,498,304  

Divi’s Laboratories Ltd.

    173,647       7,788,094  

Dixon Technologies India Ltd.

    59,562       2,988,840  

DLF Ltd.

    1,022,899       6,458,306  

Dr Lal PathLabs Ltd.(c)

    70,122       1,985,679  

Dr. Reddy’s Laboratories Ltd.

    148,633       10,197,012  

Easy Trip Planners Ltd., NVS(a)

    1,679,952       829,718  

Edelweiss Financial Services Ltd.

    957,307       555,989  

Eicher Motors Ltd.

    171,320       7,017,107  

Elgi Equipments Ltd.

    260,895       1,700,753  

Embassy Office Parks REIT

    536,364       2,035,114  

Exide Industries Ltd.

    763,036       2,318,526  

FDC Ltd./India(a)

    311,621       1,300,627  

Federal Bank Ltd.

    2,627,371       4,339,762  

Finolex Cables Ltd.

    300,294       3,867,530  

Fortis Healthcare Ltd.

    800,921       3,372,812  

GAIL India Ltd.

    3,143,447       4,555,166  

Glenmark Pharmaceuticals Ltd.

    302,343       2,896,987  

GMR Airports Infrastructure Ltd.(a)

    6,345,631       3,981,374  

Godrej Consumer Products Ltd.(a)

    474,420       5,980,877  

Godrej Industries Ltd.(a)

    181,347       1,052,475  

Godrej Properties Ltd.(a)

    168,660       3,572,843  

Grasim Industries Ltd.

    425,062       9,572,028  

Gujarat Fluorochemicals Ltd.

    38,030       1,259,467  

Gujarat Gas Ltd.

    271,419       1,594,055  

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

    146,140       1,054,984  

Havells India Ltd.

    375,535       6,097,564  

HCL Technologies Ltd.

    1,229,924       16,717,094  

HDFC Bank Ltd.

    3,372,136       67,699,294  

HDFC Life Insurance Co. Ltd.(c)

    1,141,083       8,978,330  

HEG Ltd.

    52,556       1,153,365  

 

 

106  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

India (continued)

   

Hero MotoCorp Ltd.

    155,194     $ 6,050,668  

HFCL Ltd.

    1,565,443       1,216,269  

Hindalco Industries Ltd.

    1,729,347       9,748,981  

Hindustan Aeronautics Ltd.

    85,108       4,106,192  

Hindustan Petroleum Corp. Ltd.

    810,794       2,783,611  

Hindustan Unilever Ltd.

    973,338       30,320,068  

ICICI Bank Ltd.

    5,858,190       71,396,503  

ICICI Lombard General Insurance Co. Ltd.(c)

    269,440       4,540,765  

ICICI Prudential Life Insurance Co. Ltd.(c)

    380,697       2,685,391  

IDFC First Bank Ltd.(a)

    5,175,353       5,495,417  

IDFC Ltd.

    2,407,961       3,479,572  

Indiabulls Housing Finance Ltd.(a)

    509,172       891,079  

Indiabulls Real Estate Ltd.(a)

    744,482       627,443  

IndiaMART Intermesh Ltd.(c)

    53,600       2,029,799  

Indian Energy Exchange Ltd.(c)

    919,911       1,373,096  

Indian Hotels Co. Ltd. (The), Class A

    1,162,444       5,591,371  

Indian Oil Corp. Ltd.

    3,093,302       3,528,153  

Indian Railway Catering & Tourism Corp. Ltd.

    385,318       3,004,461  

Indraprastha Gas Ltd.

    424,043       2,390,221  

Info Edge India Ltd.

    110,514       6,176,303  

Infosys Ltd.

    3,816,542        63,168,026  

InterGlobe Aviation Ltd.(a)(c)

    182,034       5,743,437  

Ipca Laboratories Ltd.

    218,939       2,326,683  

ITC Ltd.

    3,426,551       19,416,212  

Jindal Stainless Ltd.

    497,110       2,427,207  

Jindal Steel & Power Ltd.

    472,949       3,855,017  

Jio Financial Services Ltd., NVS

    3,468,421       9,608,410  

JSW Steel Ltd.

    1,005,332       10,001,999  

Jubilant Foodworks Ltd.

    606,668       3,534,562  

Jubilant Pharmova Ltd.

    141,144       648,386  

Kajaria Ceramics Ltd.

    129,512       2,264,974  

Karur Vysya Bank Ltd. (The)

    1,289,221       1,946,089  

Kotak Mahindra Bank Ltd.

    1,270,534       28,712,932  

KPIT Technologies Ltd.

    267,630       3,529,410  

Larsen & Toubro Infotech Ltd.(c)

    128,038       7,629,686  

Larsen & Toubro Ltd.

    797,774       26,030,350  

Laurus Labs Ltd.(c)

    527,778       2,259,866  

LIC Housing Finance Ltd.

    475,205       2,413,967  

Lupin Ltd.

    285,602       3,424,368  

Mahanagar Gas Ltd.

    99,525       1,354,196  

Mahindra & Mahindra Financial Services Ltd.

    1,062,389       3,849,584  

Mahindra & Mahindra Ltd.

    1,085,522       19,490,011  

Manappuram Finance Ltd.

    749,650       1,269,276  

Marico Ltd.

    665,109       4,537,723  

Maruti Suzuki India Ltd.

    156,988       18,760,532  

Max Financial Services Ltd.(a)

    283,746       2,812,875  

Max Healthcare Institute Ltd.(a)

    1,031,685       7,467,209  

Motherson Sumi Wiring India Ltd.

    3,108,967       2,216,411  

Motilal Oswal Financial Services Ltd.

    89,570       914,549  

Mphasis Ltd.

    133,366       3,726,711  

MRF Ltd.

    4,502       5,640,069  

Muthoot Finance Ltd.

    162,658       2,672,895  

Natco Pharma Ltd.

    210,006       2,128,331  

National Aluminium Co. Ltd.

    2,518,393       2,924,359  

Navin Fluorine International Ltd.

    41,491       2,152,741  

NBCC India Ltd.

    1,441,835       810,042  

Nestle India Ltd.

    39,361       10,794,024  

NTPC Ltd.

    5,258,381       13,977,927  

Nuvama Wealth Management Ltd., NVS

    10,685       362,780  

Oil & Natural Gas Corp. Ltd.

    3,471,571       7,486,830  
Security   Shares     Value  

India (continued)

   

Page Industries Ltd.

    7,589     $ 3,490,406  

PB Fintech Ltd.(a)

    280,544       2,500,492  

Persistent Systems Ltd.

    59,704       3,449,777  

Petronet LNG Ltd.

    959,754       2,728,704  

PI Industries Ltd.

    97,096       4,271,484  

Pidilite Industries Ltd.

    201,039       6,396,695  

Piramal Enterprises Ltd.

    175,271       2,158,014  

Piramal Pharma Ltd., NVS(a)

    1,091,311       1,384,316  

PNB Housing Finance Ltd.(a)(c)

    131,104       1,012,973  

Poonawalla Fincorp Ltd.

    405,852       1,937,055  

Power Grid Corp. of India Ltd.

    3,869,267       12,527,681  

Procter & Gamble Health Ltd.

    23,981       1,568,206  

PVR Inox Ltd.(a)

    122,977       2,329,792  

Radico Khaitan Ltd.

    196,044       3,457,722  

Rail Vikas Nigam Ltd.

    885,792       1,339,137  

Rajesh Exports Ltd.

    98,747       623,102  

RBL Bank Ltd.(a)(c)

    696,852       1,932,884  

REC Ltd.

    2,476,905       6,116,279  

Redington Ltd.

    653,461       1,435,343  

Reliance Industries Ltd.

    3,468,421        107,670,055  

Samvardhana Motherson International Ltd.

    3,151,030       3,771,354  

SBI Cards & Payment Services Ltd.

    373,911       3,892,434  

SBI Life Insurance Co. Ltd.(c)

    530,031       8,273,840  

Shree Cement Ltd.

    12,370       3,628,300  

Shriram Transport Finance Co. Ltd.

    317,851       7,327,742  

Siemens Ltd.

    115,279       5,586,367  

Solar Industries India Ltd.

    36,886       1,706,427  

Sona Blw Precision Forgings Ltd.(c)

    468,284       3,249,012  

SRF Ltd.

    211,064       5,579,601  

State Bank of India

    2,168,857       16,383,104  

Sterlite Technologies Ltd.

    425,039       777,320  

Strides Pharma Science Ltd.(a)

    167,941       964,407  

Sun Pharmaceutical Industries Ltd.

    1,105,115       15,371,891  

Supreme Industries Ltd.

    91,209       3,939,956  

Suzlon Energy Ltd.(a)

    12,112,613       2,794,985  

Symphony Ltd.

    67,485       713,344  

Tanla Platforms Ltd.

    121,997       1,778,878  

Tata Chemicals Ltd.

    251,577       3,244,867  

Tata Communications Ltd.

    148,858       3,252,360  

Tata Consultancy Services Ltd.

    1,048,010       43,659,007  

Tata Consumer Products Ltd.

    865,408       9,046,487  

Tata Elxsi Ltd.

    45,334       3,952,511  

Tata Motors Ltd.

    1,983,616       15,564,324  

Tata Power Co. Ltd. (The)

    1,922,244       5,536,631  

Tata Steel Ltd.

    8,590,202       12,887,723  

Tata Teleservices Maharashtra Ltd.(a)

    714,808       688,048  

Tech Mahindra Ltd.

    736,089       9,998,463  

Titan Co. Ltd.

    450,809       16,474,468  

Torrent Pharmaceuticals Ltd.

    161,926       3,947,911  

Torrent Power Ltd.

    296,990       2,445,358  

Trent Ltd.

    250,241       5,352,652  

Tube Investments of India Ltd.

    167,202       6,269,127  

TVS Motor Co. Ltd.

    344,320       5,771,475  

UltraTech Cement Ltd.

    136,641       13,829,672  

United Spirits Ltd.(a)

    394,515       4,875,787  

UPL Ltd.

    690,118       5,247,349  

Varun Beverages Ltd.

    567,088       5,549,332  

Vedanta Ltd.

    1,161,950       3,910,219  

VIP Industries Ltd.

    145,520       1,062,293  

Vodafone Idea Ltd.(a)

    14,289,105       1,443,377  

 

 

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

  107


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

India (continued)

   

Voltas Ltd.

    228,986     $ 2,173,764  

Wipro Ltd.

    1,567,280       7,730,023  

Yes Bank Ltd.(a)

    17,536,540       3,616,819  

Zee Entertainment Enterprises Ltd.

    1,043,029       3,081,186  

Zomato Ltd.(a)

    5,492,214       5,622,453  
   

 

 

 
       1,450,572,512  
Indonesia — 0.6%            

Adaro Energy Indonesia Tbk PT

    18,447,300       2,951,026  

AKR Corporindo Tbk PT

    8,527,300       783,735  

Aneka Tambang Tbk

    9,912,900       1,306,623  

Astra International Tbk PT

    23,575,500       10,713,753  

Bank Central Asia Tbk PT

    60,947,500       36,911,716  

Bank Mandiri Persero Tbk PT

    43,733,600       16,625,123  

Bank Negara Indonesia Persero Tbk PT

    8,000,600       4,709,974  

Bank Rakyat Indonesia Persero Tbk PT

    78,477,013       29,382,101  

Bank Tabungan Negara Persero Tbk PT

    8,240,493       718,909  

Barito Pacific Tbk PT

    36,002,993       1,850,027  

Berkah Beton Sadaya Tbk PT(a)

    26,806,500       88,881  

Bukalapak.com PT Tbk(a)

    55,982,500       802,666  

Bukit Asam Tbk PT

    6,039,500       1,110,564  

Bumi Resources Minerals Tbk PT(a)

    72,591,000       823,147  

Bumi Resources Tbk PT(a)

    92,356,100       783,924  

Bumi Serpong Damai Tbk PT(a)

    14,385,800       1,130,449  

Charoen Pokphand Indonesia Tbk PT(a)

    9,349,500       3,207,230  

Ciputra Development Tbk PT

    19,257,496       1,423,880  

GoTo Gojek Tokopedia Tbk PT(a)

    936,131,800       7,027,246  

Hanson International Tbk PT(a)(d)

    63,791,600        

Indah Kiat Pulp & Paper Tbk PT

    4,446,500       2,699,203  

Indo Tambangraya Megah Tbk PT

    492,100       888,146  

Indocement Tunggal Prakarsa Tbk PT

    2,171,000       1,501,108  

Indofood CBP Sukses Makmur Tbk PT

    3,413,900       2,536,778  

Indofood Sukses Makmur Tbk PT

    5,377,700       2,612,570  

Japfa Comfeed Indonesia Tbk PT

    8,792,700       778,550  

Jasa Marga Persero Tbk PT

    3,437,038       881,897  

Kalbe Farma Tbk PT

    27,290,800       3,466,259  

Medco Energi Internasional Tbk PT

    16,051,920       1,205,686  

Media Nusantara Citra Tbk PT

    7,273,700       303,869  

Merdeka Copper Gold Tbk PT(a)

    19,239,176       4,482,938  

Metro Healthcare Indonesia TBK PT(a)

    47,789,600       1,632,158  

Mitra Adiperkasa Tbk PT

    22,934,200       3,012,248  

Pabrik Kertas Tjiwi Kimia Tbk PT

    2,394,000       1,071,781  

Pakuwon Jati Tbk PT

    15,719,500       500,824  

Perusahaan Gas Negara Tbk PT

    15,886,500       1,438,333  

Pool Advista Indonesia Tbk PT(a)(d)

    1,914,800        

PP Persero Tbk PT(a)

    534,300       21,439  

Sarana Menara Nusantara Tbk PT

    35,671,900       2,400,760  

Semen Indonesia Persero Tbk PT

    4,357,321       2,016,258  

Sumber Alfaria Trijaya Tbk PT

    16,176,300       2,896,499  

Summarecon Agung Tbk PT

    19,855,004       869,460  

Surya Citra Media Tbk PT

    54,570,400       564,521  

Surya Esa Perkasa Tbk PT

    10,724,600       419,770  

Telkom Indonesia Persero Tbk PT

    57,304,300       14,118,390  

Temas Tbk PT

    3,009,000       53,875  

Trada Alam Minera Tbk PT(a)(d)

    39,223,500        

Unilever Indonesia Tbk PT

    7,018,600       1,791,884  

United Tractors Tbk PT

    1,900,500       3,471,980  

Vale Indonesia Tbk PT

    2,783,400       1,270,172  

Waskita Karya Persero Tbk PT(a)(d)

    19,926,317       253,572  

Wijaya Karya Persero Tbk PT(a)

    6,569,600       190,879  
Security   Shares     Value  

Indonesia (continued)

   

XL Axiata Tbk PT

    5,854,600     $ 881,418  
   

 

 

 
      182,584,199  
Ireland — 0.5%            

AIB Group PLC

    1,133,911       5,333,535  

Bank of Ireland Group PLC

    1,183,906       12,491,162  

CRH PLC

    898,054       53,497,913  

Dalata Hotel Group PLC(a)

    206,346       965,364  

Flutter Entertainment PLC, Class DI(a)

    196,312       39,046,382  

Glanbia PLC

    259,951       4,032,867  

Greencore Group PLC(a)

    785,411       883,978  

Kerry Group PLC, Class A

    183,753       18,256,018  

Kingspan Group PLC

    187,359       15,038,094  

Origin Enterprises PLC

    99,889       351,449  

Smurfit Kappa Group PLC

    289,097       11,439,863  
   

 

 

 
       161,336,625  
Israel — 0.6%            

Airport City Ltd.(a)

    135,532       2,043,577  

Alony Hetz Properties & Investments Ltd.

    286,580       2,407,711  

Amot Investments Ltd.

    484,211       2,595,236  

Azrieli Group Ltd.

    56,095       3,192,081  

Bank Hapoalim BM

    1,432,048       12,720,649  

Bank Leumi Le-Israel BM

    1,756,074       14,018,069  

Bezeq The Israeli Telecommunication Corp. Ltd.

    2,592,341       3,429,785  

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

    111,548       14,747,761  

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

    168,245       2,562,788  

CyberArk Software Ltd.(a)

    49,070       8,146,111  

Danel Adir Yeoshua Ltd.

    12,866       1,015,593  

Delek Group Ltd.

    17,992       2,541,556  

Elbit Systems Ltd.

    32,250       6,857,510  

Enlight Renewable Energy Ltd.(a)

    156,472       3,013,509  

Fattal Holdings 1998 Ltd.(a)(b)

    14,284       1,507,318  

First International Bank Of Israel Ltd. (The)

    107,176       4,530,597  

Fiverr International Ltd.(a)(b)

    56,006       1,688,021  

G City Ltd.

    313,125       1,085,624  

Harel Insurance Investments & Financial Services Ltd.

    333,613       2,631,225  

ICL Group Ltd.

    916,662       6,103,584  

Inmode Ltd.(a)

    85,921       3,686,870  

Isracard Ltd.

    588,703       2,441,365  

Israel Corp Ltd.

    7,176       2,237,531  

Israel Discount Bank Ltd., Class A

    1,592,583       8,435,512  

Ituran Location and Control Ltd.

    39,064       1,086,370  

Kenon Holdings Ltd./Singapore(b)

    54,005       1,419,853  

Kornit Digital Ltd.(a)

    76,090       2,411,292  

Mehadrin Ltd.(a)

    1       32  

Melisron Ltd.

    40,712       2,690,398  

Mivne Real Estate KD Ltd.

    1,383,755       3,648,135  

Mizrahi Tefahot Bank Ltd.

    191,929       6,929,581  

Monday.com Ltd.(a)

    22,820       4,125,400  

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

    91,223       1,131,165  

Nice Ltd.(a)

    74,156       16,141,572  

Nova Ltd.(a)

    36,776       4,571,405  

Oil Refineries Ltd.

    6,230,371       1,991,621  

Paz Oil Co. Ltd.(a)

    20,930       2,275,620  

Perion Network Ltd.(a)

    58,667       2,121,132  

Phoenix Holdings Ltd. (The)

    165,137       1,694,413  

Radware Ltd.(a)

    77,154       1,449,724  

Reit 1 Ltd.

    388,266       1,689,778  

Shapir Engineering and Industry Ltd.(b)

    284,455       2,027,686  

 

 

108  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Israel (continued)

   

Shikun & Binui Ltd.(a)(b)

    643,718     $ 1,762,643  

Shufersal Ltd.(a)

    303,166       1,607,678  

Strauss Group Ltd.(a)

    119,585       2,816,236  

Teva Pharmaceutical Industries Ltd., ADR(a)

    1,278,550       10,739,820  

Tower Semiconductor Ltd.(a)

    129,536       4,804,152  

Wix.com Ltd.(a)

    66,308       6,254,171  

ZIM Integrated Shipping Services Ltd.(b)

    114,996       1,741,039  
   

 

 

 
       200,770,499  
Italy — 1.6%            

A2A SpA

    1,872,357       3,572,380  

ACEA SpA

    60,120       736,581  

AMCO - Asset Management Co. SpA, NVS(d)

    261        

Amplifon SpA

    157,808       5,338,974  

Anima Holding SpA(c)

    491,641       1,894,382  

Assicurazioni Generali SpA

    1,077,352       22,948,155  

Azimut Holding SpA

    125,956       2,974,145  

Banca Generali SpA

    79,789       2,988,940  

Banca IFIS SpA

    41,051       724,996  

Banca Mediolanum SpA

    248,315       2,412,857  

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

    610,069       1,761,818  

Banca Popolare di Sondrio SPA

    512,902       2,477,697  

Banco BPM SpA

    1,685,981       8,436,729  

BFF Bank SpA(c)

    188,337       2,125,832  

Bio On SpA(b)(d)

    4,387        

BPER Banca

    1,404,811       4,861,073  

Brembo SpA(b)

    220,668       3,123,483  

Brunello Cucinelli SpA

    41,441       3,503,856  

Buzzi Unicem SpA

    88,498       2,514,923  

CIR SpA-Compagnie Industriali(a)

    1,759,779       783,625  

Credito Emiliano SpA

    265,324       2,268,272  

Danieli & C Officine Meccaniche SpA

    69,236       1,712,847  

Datalogic SpA

    27,311       203,164  

De’ Longhi SpA

    96,102       2,438,543  

DiaSorin SpA

    27,361       3,069,689  

Enav SpA(c)

    272,205       1,170,458  

Enel SpA

    8,977,961       61,904,807  

Eni SpA

    2,593,361       39,592,499  

ERG SpA

    113,991       3,276,742  

Ferrari NV

    144,483       46,319,321  

Fincantieri SpA(a)(b)

    529,576       303,914  

FinecoBank Banca Fineco SpA

    669,579       10,396,712  

GVS SpA(a)(c)

    132,740       841,079  

Hera SpA

    916,030       2,844,308  

Infrastrutture Wireless Italiane SpA(c)

    396,158       4,968,136  

Interpump Group SpA

    101,863       5,542,246  

Intesa Sanpaolo SpA

    18,175,815       52,558,410  

Iren SpA

    984,762       1,995,616  

Italgas SpA

    535,142       3,152,972  

Juventus Football Club SpA(a)(b)

    1,249,496       469,508  

Leonardo SpA

    452,586       6,127,730  

Maire Tecnimont SpA(b)

    236,126       970,126  

MARR SpA

    49,866       775,088  

Mediobanca Banca di Credito Finanziario SpA

    687,377       9,160,396  

Moncler SpA

    234,930       16,955,746  

Nexi SpA(a)(c)

    702,224       6,081,262  

Piaggio & C SpA

    530,930       2,087,689  

Pirelli & C SpA(c)

    355,688       1,896,179  

Poste Italiane SpA(c)

    567,228       6,479,722  

Prysmian SpA

    310,749       12,391,161  

Recordati Industria Chimica e Farmaceutica SpA

    135,944       7,020,158  
Security   Shares     Value  

Italy (continued)

   

Reply SpA

    20,641     $ 2,236,187  

Saipem SpA(a)

    1,398,606       2,239,557  

Salvatore Ferragamo SpA

    92,453       1,505,647  

Saras SpA(b)

    1,063,810       1,521,283  

Snam SpA

    2,283,737       12,005,067  

Stellantis NV

    2,511,486       51,530,374  

Tamburi Investment Partners SpA

    186,296       1,807,575  

Technogym SpA(c)

    170,474       1,572,619  

Telecom Italia SpA/Milano(a)(b)

    10,096,263       2,910,464  

Tenaris SA

    544,819       9,053,542  

Terna - Rete Elettrica Nazionale

    1,579,630       13,346,299  

Tod’s SpA(a)

    17,510       795,193  

UniCredit SpA

    2,079,025       52,641,424  

Unipol Gruppo SpA

    384,188       2,139,039  
   

 

 

 
       543,459,216  
Japan — 15.2%            

77 Bank Ltd. (The)

    83,000       1,768,615  

Abalance Corp.(b)

    21,700       1,404,716  

ABC-Mart Inc.

    53,500       2,962,142  

Activia Properties Inc.

    629       1,831,740  

Adastria Co. Ltd.

    51,100       1,041,525  

ADEKA Corp.

    142,100       2,881,052  

Advance Residence Investment Corp.

    1,177       2,867,911  

Advantest Corp.

    217,900       30,137,716  

Aeon Co. Ltd.

    702,600       15,217,357  

Aeon Delight Co. Ltd.

    45,200       936,623  

AEON Financial Service Co. Ltd.

    135,500       1,217,509  

Aeon Mall Co. Ltd.

    105,700       1,306,401  

AEON REIT Investment Corp.

    1,975       2,079,025  

AGC Inc.

    203,300       7,345,966  

Ai Holdings Corp.

    97,800       1,541,997  

Aica Kogyo Co. Ltd.

    104,300       2,478,272  

Aiful Corp.

    671,100       1,686,405  

Ain Holdings Inc.

    34,400       1,223,119  

Air Water Inc.

    133,800       1,884,396  

Aisin Corp.

    128,100       4,162,622  

Ajinomoto Co. Inc.

    516,700       20,133,158  

Alfresa Holdings Corp.

    132,100       2,106,694  

Alps Alpine Co. Ltd.

    218,000       1,926,892  

Amada Co. Ltd.

    351,900       3,463,230  

Amano Corp.

    87,400       1,986,081  

Amvis Holdings Inc.(b)

    97,800       1,985,412  

ANA Holdings Inc.(a)

    194,700       4,667,745  

Anicom Holdings Inc.

    229,900       1,022,694  

Anritsu Corp.

    196,300       1,545,597  

Aozora Bank Ltd.

    75,000       1,542,426  

Appier Group Inc.(a)

    72,300       860,271  

Arcs Co. Ltd.

    60,800       1,060,872  

ARE Holdings Inc.

    206,900       2,777,497  

Ariake Japan Co. Ltd.

    43,400       1,583,387  

As One Corp.

    49,500       1,968,083  

Asahi Group Holdings Ltd.

    547,700       21,529,679  

Asahi Intecc Co. Ltd.

    235,700       4,836,864  

Asahi Kasei Corp.

    1,270,300       8,656,774  

Asics Corp.

    174,800       5,514,098  

ASKUL Corp.

    58,100       810,639  

Astellas Pharma Inc.

    2,062,400       30,157,129  

Atom Corp.(a)(b)

    268,300       1,679,005  

Autobacs Seven Co. Ltd.

    242,800       2,666,021  

Avex Inc.

    88,600       934,946  

 

 

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

  109


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Awa Bank Ltd. (The)

    59,100     $ 894,261  

Azbil Corp.

    114,300       3,606,768  

Bandai Namco Holdings Inc.

    675,300       15,278,364  

Bank of Kyoto Ltd. (The)

    41,900       2,472,928  

BayCurrent Consulting Inc.

    161,300       5,209,140  

Benefit One Inc.

    120,500       1,245,006  

Benesse Holdings Inc.

    76,000       992,973  

Bengo4.com Inc.(a)(b)

    24,200       724,962  

Bic Camera Inc.(b)

    149,900       1,126,028  

BIPROGY Inc.

    68,700       1,686,178  

BML Inc.

    59,200       1,251,197  

Bridgestone Corp.

    632,100       26,229,238  

Brother Industries Ltd.

    316,200       4,928,899  

Calbee Inc.

    100,900       1,956,405  

Canon Electronics Inc.

    71,900       913,884  

Canon Inc.

    1,105,800       28,579,824  

Canon Marketing Japan Inc.

    64,400       1,690,130  

Capcom Co. Ltd.

    186,900       8,404,330  

Casio Computer Co. Ltd.

    179,000       1,529,494  

Central Glass Co. Ltd.

    66,200       1,436,837  

Central Japan Railway Co.

    157,200       20,032,503  

Change Holdings Inc.

    135,400       1,789,647  

Chiba Bank Ltd. (The)

    551,900       3,880,602  

Chiyoda Corp.(a)

    286,000       694,626  

Chubu Electric Power Co. Inc.

    652,800       8,178,143  

Chugai Pharmaceutical Co. Ltd.

    758,400       22,570,925  

Chugin Financial Group Inc., NVS

    204,500       1,373,342  

Chugoku Electric Power Co. Inc. (The)(a)

    285,200       1,979,145  

Citizen Watch Co. Ltd.

    298,700       1,952,233  

Coca-Cola Bottlers Japan Holdings Inc.

    115,175       1,326,388  

COLOPL Inc.

    88,100       412,412  

Colowide Co. Ltd.(b)

    92,400       1,372,050  

Comforia Residential REIT Inc.

    1,720       4,117,614  

COMSYS Holdings Corp.

    78,500       1,569,108  

Concordia Financial Group Ltd.

    1,096,700       5,016,328  

Cosmo Energy Holdings Co. Ltd.

    78,900       2,446,306  

Cosmos Pharmaceutical Corp.

    20,200       2,334,055  

Create SD Holdings Co. Ltd.

    56,300       1,390,856  

Credit Saison Co. Ltd.

    139,200       2,225,874  

Curves Holdings Co. Ltd.

    148,200       839,007  

CyberAgent Inc.

    410,900       2,597,607  

CYBERDYNE Inc.(a)(b)

    357,200       769,718  

Dai Nippon Printing Co. Ltd.

    239,400       6,805,177  

Daicel Corp.

    271,700       2,517,724  

Daido Steel Co. Ltd.

    28,300       1,213,294  

Daifuku Co. Ltd.

    321,800       6,882,383  

Daiho Corp.

    62,300       1,741,848  

Dai-ichi Life Holdings Inc.

    1,067,200        21,804,722  

Daiichi Sankyo Co. Ltd.

    2,133,600       65,714,047  

Daiichikosho Co. Ltd.

    109,400       2,209,829  

Daikin Industries Ltd.

    297,400       60,133,895  

Daio Paper Corp.

    115,500       992,922  

Daiseki Co. Ltd.

    85,360       2,876,816  

Daishi Hokuetsu Financial Group Inc.

    59,800       1,494,834  

Daito Trust Construction Co. Ltd.

    61,500       6,615,460  

Daiwa House Industry Co. Ltd.

    654,400       17,785,877  

Daiwa House REIT Investment Corp.

    2,197       4,325,522  

Daiwa Office Investment Corp.

    653       2,874,968  

Daiwa Securities Group Inc.

    1,532,600       8,308,079  

Daiwa Securities Living Investments Corp.

    4,027       3,225,555  
Security   Shares     Value  

Japan (continued)

   

Daiwabo Holdings Co. Ltd.

    111,800     $ 2,166,661  

DCM Holdings Co. Ltd.

    177,600       1,504,009  

Demae-Can Co. Ltd.(a)(b)

    213,200       732,999  

DeNA Co. Ltd.

    119,200       1,461,299  

Denka Co. Ltd.

    86,000       1,698,919  

Denso Corp.

    473,500       32,968,615  

Dentsu Group Inc.

    216,500       7,244,388  

Descente Ltd.

    55,200       1,602,204  

Dexerials Corp.

    76,000       1,725,332  

DIC Corp.

    118,600       2,238,767  

Digital Arts Inc.

    27,800       1,100,135  

Digital Garage Inc.

    76,400       2,224,528  

Dip Corp.

    76,400       1,928,661  

Disco Corp.

    103,700       19,493,091  

DMG Mori Co. Ltd.

    152,600       2,596,626  

Doutor Nichires Holdings Co. Ltd.

    82,400       1,294,020  

Dowa Holdings Co. Ltd.

    63,000       2,034,639  

Duskin Co. Ltd.

    72,100       1,627,852  

DyDo Group Holdings Inc.

    34,300       1,246,389  

Earth Corp.

    39,700       1,419,140  

East Japan Railway Co.

    334,600       18,943,085  

Ebara Corp.

    92,600       4,376,091  

EDION Corp.

    138,800       1,427,188  

Eisai Co. Ltd.

    298,600       18,839,745  

Eizo Corp.

    34,900       1,240,183  

Electric Power Development Co. Ltd.

    145,500       2,301,881  

en Japan Inc.

    45,900       907,255  

ENEOS Holdings Inc.

    3,135,000       11,374,214  

eRex Co. Ltd.

    63,900       510,022  

Euglena Co. Ltd.(a)

    341,400       2,114,550  

Exedy Corp.

    62,800       1,098,900  

EXEO Group Inc.

    106,000       2,203,948  

Ezaki Glico Co. Ltd.

    91,800       2,425,859  

Fancl Corp.

    110,600       1,937,013  

FANUC Corp.

    1,079,600       33,027,576  

Fast Retailing Co. Ltd.

    202,200       50,653,672  

FCC Co. Ltd.

    61,300       803,497  

Ferrotec Holdings Corp.

    67,600       1,635,661  

Fields Corp.

    49,400       1,059,974  

Financial Products Group Co. Ltd.

    145,000       1,399,696  

Food & Life Companies Ltd.

    113,500       2,233,329  

FP Corp.

    72,400       1,525,983  

Freee KK(a)(b)

    62,200       1,370,267  

Frontier Real Estate Investment Corp.

    680       2,259,385  

Fuji Co. Ltd./Ehime

    73,700       950,462  

Fuji Corp./Aichi

    110,200       2,017,648  

Fuji Electric Co. Ltd.

    127,400       5,759,701  

Fuji Oil Holdings Inc.

    78,000       1,100,447  

Fuji Seal International Inc.

    78,000       873,611  

Fuji Soft Inc.

    76,200       2,538,862  

FUJIFILM Holdings Corp.

    418,500       24,300,465  

Fujikura Ltd.

    302,600       2,530,093  

Fujitec Co. Ltd.

    74,100       1,905,416  

Fujitsu General Ltd.

    99,200       2,071,786  

Fujitsu Ltd.

    203,900        26,402,964  

Fukuoka Financial Group Inc.

    149,300       3,597,482  

Fukuoka REIT Corp.

    1,507       1,764,409  

Fukuyama Transporting Co. Ltd.

    33,400       944,002  

Funai Soken Holdings Inc.

    83,600       1,552,070  

Furukawa Electric Co. Ltd.

    84,200       1,616,609  

 

 

110  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Fuyo General Lease Co. Ltd.

    25,100     $ 2,071,234  

Giken Ltd.

    41,500       613,121  

Global One Real Estate Investment Corp.

    3,277       2,707,387  

Glory Ltd.

    66,500       1,368,224  

GLP J-Reit

    4,798       4,726,817  

GMO internet group Inc.

    116,900       2,321,441  

GMO Payment Gateway Inc.

    48,300       3,684,752  

GNI Group Ltd.(a)

    93,700       856,451  

Goldwin Inc.

    32,000       2,627,609  

Gree Inc.

    177,000       782,361  

GS Yuasa Corp.

    101,000       2,032,320  

GungHo Online Entertainment Inc.

    81,710       1,603,781  

Gunma Bank Ltd. (The)

    658,100       2,785,306  

Gunze Ltd.

    20,400       641,386  

H.U. Group Holdings Inc.

    89,900       1,774,948  

H2O Retailing Corp.

    141,300       1,520,905  

Hachijuni Bank Ltd. (The)

    601,100       3,096,952  

Hakuhodo DY Holdings Inc.

    202,500       2,329,644  

Hamamatsu Photonics KK

    148,900       7,174,207  

Hankyu Hanshin Holdings Inc.

    230,700       7,664,518  

Hankyu Hanshin REIT Inc.

    1,711       1,710,005  

Hanwa Co. Ltd.

    42,400       1,450,362  

Harmonic Drive Systems Inc.

    94,500       2,602,705  

Haseko Corp.

    263,000       3,423,940  

Hazama Ando Corp.

    226,800       1,814,588  

Heiwa Corp.

    82,100       1,390,670  

Heiwa Real Estate Co. Ltd.

    61,400       1,715,612  

Heiwa Real Estate REIT Inc.

    2,043       2,084,987  

Hikari Tsushin Inc.

    21,500       3,190,322  

Hino Motors Ltd.(a)

    341,700       1,370,489  

Hirata Corp.

    15,400       863,747  

Hirogin Holdings Inc.

    422,100       2,610,577  

Hirose Electric Co. Ltd.

    33,405       4,230,998  

HIS Co. Ltd.(a)(b)

    103,100       1,477,787  

Hisamitsu Pharmaceutical Co. Inc.

    70,600       2,256,165  

Hitachi Construction Machinery Co. Ltd.

    91,000       2,730,775  

Hitachi Ltd.

    1,062,500        69,556,012  

Hitachi Zosen Corp.

    339,400       2,236,369  

Hogy Medical Co. Ltd.

    55,200       1,209,358  

Hokkaido Electric Power Co. Inc.(a)

    225,700       1,052,605  

Hokkoku Financial Holdings Inc.

    34,200       1,162,622  

Hokuetsu Corp.

    170,100       1,031,551  

Hokuhoku Financial Group Inc.

    175,600       1,572,244  

Hokuriku Electric Power Co.(a)

    235,800       1,437,754  

Hokuto Corp.

    151,400       1,982,798  

Honda Motor Co. Ltd.

    1,754,500       55,935,895  

Horiba Ltd.

    35,400       2,088,359  

Hoshino Resorts REIT Inc.

    617       2,703,171  

Hoshizaki Corp.

    88,000       3,374,877  

House Foods Group Inc.

    98,200       2,267,095  

Hoya Corp.

    407,300       47,433,881  

Hulic Co. Ltd.

    373,400       3,179,204  

Hulic Reit Inc.

    2,602       3,019,732  

Hyakugo Bank Ltd. (The)

    588,000       1,965,527  

Ibiden Co. Ltd.(b)

    129,600       7,876,993  

Ichigo Inc.

    346,000       658,151  

Ichigo Office REIT Investment Corp.

    2,362       1,471,400  

Idemitsu Kosan Co. Ltd.

    230,555       4,868,589  

IHI Corp.

    146,100       3,592,215  

Iida Group Holdings Co. Ltd.

    109,300       1,917,394  
Security   Shares     Value  

Japan (continued)

   

Inaba Denki Sangyo Co. Ltd.

    117,700     $ 2,614,557  

Industrial & Infrastructure Fund Investment Corp.

    2,126       2,225,149  

Infocom Corp.

    123,000       2,086,995  

Infomart Corp.

    351,300       1,046,898  

INFRONEER Holdings Inc.

    228,076       2,221,014  

Inpex Corp.

    1,091,800       14,097,559  

Insource Co. Ltd.

    139,800       1,235,650  

Internet Initiative Japan Inc.

    152,800       2,845,053  

Invincible Investment Corp.(b)

    6,988       2,895,025  

Iriso Electronics Co. Ltd.

    32,400       900,406  

Isetan Mitsukoshi Holdings Ltd.

    424,000       4,599,922  

Isuzu Motors Ltd.

    628,400       8,163,384  

Ito En Ltd.

    62,100       1,772,455  

ITOCHU Corp.

    1,314,700       53,173,433  

Itochu Techno-Solutions Corp.

    70,300       1,781,693  

Itoham Yonekyu Holdings Inc.

    235,500       1,195,114  

Iwatani Corp.

    47,900       2,556,867  

Iyogin Holdings Inc., NVS

    329,000       2,323,873  

Izumi Co. Ltd.

    37,400       942,408  

J Front Retailing Co. Ltd.

    211,100       2,054,737  

Jaccs Co. Ltd.

    73,100       2,681,910  

JAFCO Group Co. Ltd.

    102,700       1,342,751  

Japan Airlines Co. Ltd.

    142,400       3,083,048  

Japan Airport Terminal Co. Ltd.

    49,300       2,297,401  

Japan Aviation Electronics Industry Ltd.

    73,100       1,484,716  

Japan Display Inc.(a)(b)

    1,218,200       334,542  

Japan Elevator Service Holdings Co. Ltd.

    155,800       1,926,836  

Japan Excellent Inc.

    2,042       1,893,987  

Japan Exchange Group Inc.

    613,200       10,683,903  

Japan Hotel REIT Investment Corp.

    5,095       2,529,949  

Japan Lifeline Co. Ltd.

    106,300       744,846  

Japan Logistics Fund Inc.

    847       1,790,102  

Japan Material Co. Ltd.

    142,800       2,525,186  

Japan Metropolitan Fund Invest

    8,015       5,497,466  

Japan Petroleum Exploration Co. Ltd.

    47,800       1,642,904  

Japan Post Bank Co. Ltd.

    1,627,400        13,539,223  

Japan Post Holdings Co. Ltd.

    2,446,900       17,868,697  

Japan Post Insurance Co. Ltd.

    170,500       2,755,309  

Japan Prime Realty Investment Corp.

    788       1,961,995  

Japan Real Estate Investment Corp.

    1,257       5,055,776  

Japan Securities Finance Co. Ltd.

    224,600       1,907,514  

Japan Steel Works Ltd. (The)

    103,600       2,158,132  

Japan Tobacco Inc.

    1,334,200       29,605,356  

JCR Pharmaceuticals Co. Ltd.

    126,700       1,203,991  

Jeol Ltd.

    50,200       1,721,856  

JFE Holdings Inc.

    523,800       8,472,941  

JGC Holdings Corp.

    235,900       3,307,448  

JINS Holdings Inc.

    36,700       910,396  

JMDC Inc.

    52,300       1,999,031  

JSR Corp.

    207,300       5,946,753  

JTEKT Corp.

    360,200       3,397,613  

Juroku Financial Group Inc.

    57,400       1,419,724  

Justsystems Corp.

    56,900       1,619,425  

Kadokawa Corp.

    111,436       2,762,253  

Kagome Co. Ltd.

    99,200       2,211,573  

Kajima Corp.

    403,700       6,379,450  

Kakaku.com Inc.

    131,800       1,970,137  

Kaken Pharmaceutical Co. Ltd.

    65,000       1,618,408  

Kamigumi Co. Ltd.

    89,400       2,073,749  

Kanamoto Co. Ltd.

    75,100       1,324,567  

 

 

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

  111


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Kandenko Co. Ltd.

    131,200     $ 1,150,849  

Kaneka Corp.

    65,700       1,935,761  

Kanematsu Corp.

    132,800       1,948,113  

Kansai Electric Power Co. Inc. (The)

    737,200       9,684,803  

Kansai Paint Co. Ltd.

    174,500       2,860,288  

Kao Corp.

    526,800       20,013,971  

Katitas Co. Ltd.

    76,000       1,397,916  

Kawasaki Heavy Industries Ltd.

    154,000       3,927,496  

Kawasaki Kisen Kaisha Ltd.

    156,000       4,704,121  

KDDI Corp.

    1,712,700       50,407,669  

Keihan Holdings Co. Ltd.

    92,900       2,631,171  

Keikyu Corp.

    191,100       1,816,341  

Keio Corp.

    103,700       3,447,051  

Keisei Electric Railway Co. Ltd.

    135,200       5,611,509  

Keiyo Bank Ltd. (The)

    226,400       950,436  

Kenedix Office Investment Corp.

    797       1,895,060  

Kenedix Residential Next Investment Corp.

    2,296       3,592,344  

Kenedix Retail REIT Corp.

    1,788       3,499,229  

Kewpie Corp.

    176,700       2,863,140  

Keyence Corp.

    220,600        98,992,475  

KH Neochem Co. Ltd.

    69,700       1,140,895  

Kikkoman Corp.

    156,800       9,036,518  

Kinden Corp.

    99,100       1,366,750  

Kintetsu Group Holdings Co. Ltd.

    214,100       7,182,328  

Kirin Holdings Co. Ltd.

    846,200       12,498,744  

Kisoji Co. Ltd.

    114,200       1,985,124  

Kissei Pharmaceutical Co. Ltd.

    89,500       1,894,919  

Kiyo Bank Ltd. (The)

    88,300       948,178  

Kobayashi Pharmaceutical Co. Ltd.

    45,800       2,517,686  

Kobe Bussan Co. Ltd.(b)

    159,800       4,256,366  

Kobe Steel Ltd.

    430,700       4,710,709  

Koei Tecmo Holdings Co. Ltd.

    135,260       2,314,452  

Koito Manufacturing Co. Ltd.

    177,200       3,258,250  

Kokuyo Co. Ltd.

    167,000       2,679,079  

Komatsu Ltd.

    1,037,400       29,062,170  

KOMEDA Holdings Co. Ltd.

    137,400       2,663,026  

Komeri Co. Ltd.

    48,800       1,022,866  

Konami Group Corp.

    102,400       5,744,295  

Konica Minolta Inc.

    559,500       2,073,865  

Kose Corp.

    34,300       3,358,868  

Koshidaka Holdings Co. Ltd.(b)

    153,400       1,276,744  

Kotobuki Spirits Co. Ltd.

    37,600       2,861,906  

K’s Holdings Corp.

    184,800       1,696,148  

Kubota Corp.

    1,129,200       17,057,660  

Kumagai Gumi Co. Ltd.

    45,100       1,021,442  

Kumiai Chemical Industry Co. Ltd.

    189,800       1,425,189  

Kura Sushi Inc.(b)

    56,800       1,236,689  

Kuraray Co. Ltd.

    211,900       2,132,254  

Kureha Corp.

    37,300       2,230,057  

Kurita Water Industries Ltd.

    106,300       4,274,873  

Kusuri no Aoki Holdings Co. Ltd.

    26,100       1,498,619  

KYB Corp.

    35,700       1,265,045  

Kyocera Corp.

    371,400       19,985,800  

Kyorin Pharmaceutical Co. Ltd.

    128,700       1,604,756  

Kyoritsu Maintenance Co. Ltd.

    41,200       1,614,597  

Kyowa Kirin Co. Ltd.

    269,500       5,146,285  

Kyudenko Corp.

    52,600       1,516,902  

Kyushu Electric Power Co. Inc.(a)

    387,000       2,627,737  

Kyushu Financial Group Inc.

    586,900       2,856,994  

Kyushu Railway Co.

    192,500       4,221,115  
Security   Shares     Value  

Japan (continued)

   

LaSalle Logiport REIT

    2,237     $ 2,393,168  

Lasertec Corp.

    86,800       13,139,941  

Lawson Inc.

    41,500       2,082,253  

Leopalace21 Corp.(a)

    325,500       701,616  

Lintec Corp.

    100,200       1,653,689  

Lion Corp.

    166,100       1,587,097  

Lixil Corp.

    287,700       3,676,755  

M&A Capital Partners Co. Ltd.(a)

    35,400       726,034  

M3 Inc.

    506,400       11,709,905  

Mabuchi Motor Co. Ltd.

    69,500       1,995,730  

Macnica Holdings Inc.

    94,600       3,964,869  

Makino Milling Machine Co. Ltd.

    39,900       1,599,654  

Makita Corp.

    243,700       6,843,351  

Management Solutions Co. Ltd.(b)

    30,800       883,010  

Mandom Corp.

    50,500       507,010  

Mani Inc.

    124,800       1,604,870  

Marubeni Corp.

    1,717,100       30,401,245  

Maruha Nichiro Corp.

    85,300       1,479,635  

Marui Group Co. Ltd.

    166,800       2,988,091  

Maruichi Steel Tube Ltd.

    80,200       1,900,832  

Maruwa Co. Ltd./Aichi

    27,700       4,600,319  

Matsui Securities Co. Ltd.

    356,000       2,011,561  

MatsukiyoCocokara & Co.

    124,630       7,293,548  

Maxell Ltd.

    121,000       1,374,603  

Mazda Motor Corp.

    588,800       5,841,184  

McDonald’s Holdings Co. Japan Ltd.(b)

    77,000       3,030,963  

MCJ Co. Ltd.

    163,500       1,297,571  

Mebuki Financial Group Inc.

    1,097,750       2,916,385  

Medipal Holdings Corp.

    152,800       2,619,992  

Medley Inc.(a)

    34,300       1,223,801  

Megachips Corp.

    59,400       1,777,808  

Megmilk Snow Brand Co. Ltd.

    61,200       843,095  

Meidensha Corp.

    68,900       1,027,045  

MEIJI Holdings Co. Ltd.

    204,600       4,727,057  

Meiko Electronics Co. Ltd.(b)

    60,300       1,199,632  

Meitec Corp.

    163,200       2,975,185  

Menicon Co. Ltd.

    109,600       1,965,823  

Mercari Inc.(a)

    129,000       3,267,871  

Milbon Co. Ltd.

    62,400       2,245,216  

MINEBEA MITSUMI Inc.

    379,272       7,025,171  

Mirai Corp.

    5,887       1,898,447  

MIRAIT ONE corp

    166,700       2,140,088  

MISUMI Group Inc.

    310,500       5,680,324  

Mitsubishi Chemical Group Corp.

    1,257,700       7,523,342  

Mitsubishi Corp.

    1,393,700       71,310,689  

Mitsubishi Electric Corp.

    2,145,500       30,961,991  

Mitsubishi Estate Co. Ltd.

    1,225,800       15,023,022  

Mitsubishi Estate Logistics REIT Investment Corp.

    1,464       4,189,050  

Mitsubishi Gas Chemical Co. Inc.

    122,800       1,841,820  

Mitsubishi HC Capital Inc.

    647,090       4,280,737  

Mitsubishi Heavy Industries Ltd.

    354,100       16,799,930  

Mitsubishi Logistics Corp.

    79,600       1,999,476  

Mitsubishi Materials Corp.

    99,800       1,783,980  

Mitsubishi Motors Corp.

    771,600       3,116,127  

Mitsubishi Pencil Co. Ltd.

    64,500       844,372  

Mitsubishi UFJ Financial Group Inc.

    12,895,300        103,836,153  

Mitsui & Co. Ltd.

    1,506,100       58,783,199  

Mitsui Chemicals Inc.

    164,500       4,730,026  

Mitsui Fudosan Co. Ltd.

    1,032,600       21,214,700  

 

 

112  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Mitsui Fudosan Logistics Park Inc.

    828     $ 2,946,794  

Mitsui High-Tec Inc.

    28,700       2,007,595  

Mitsui Mining & Smelting Co. Ltd.

    104,600       2,472,408  

Mitsui OSK Lines Ltd.

    380,000       9,823,688  

Miura Co. Ltd.

    76,100       1,920,005  

Mixi Inc.

    60,000       1,133,299  

Mizuho Financial Group Inc.

    2,678,150        45,435,790  

Mizuho Leasing Co. Ltd.

    53,100       1,823,572  

Mochida Pharmaceutical Co. Ltd.

    68,200       1,585,887  

Monex Group Inc.

    250,300       975,540  

Money Forward Inc.(a)

    62,300       2,694,864  

MonotaRO Co. Ltd.

    270,400       3,300,188  

Mori Hills REIT Investment Corp.

    1,634       1,662,903  

Mori Trust Reit Inc.

    2,980       1,535,921  

Morinaga & Co. Ltd./Japan

    83,200       2,700,838  

Morinaga Milk Industry Co. Ltd.

    43,500       1,465,101  

MOS Food Services Inc.

    78,900       1,814,521  

MS&AD Insurance Group Holdings Inc.

    464,800       17,287,452  

Murata Manufacturing Co. Ltd.

    648,000       38,492,300  

Musashi Seimitsu Industry Co. Ltd.

    114,200       1,424,055  

Musashino Bank Ltd. (The)

    58,000       1,023,952  

Nabtesco Corp.

    97,700       2,072,353  

Nachi-Fujikoshi Corp.

    21,300       575,535  

Nagase & Co. Ltd.

    151,000       2,596,276  

Nagoya Railroad Co. Ltd.

    283,200       4,560,184  

Nakanishi Inc.

    125,300       2,887,083  

Nankai Electric Railway Co. Ltd.

    81,400       1,725,141  

Nanto Bank Ltd. (The)

    47,600       872,040  

NEC Corp.

    271,800       13,751,831  

NEC Networks & System Integration Corp.

    126,900       1,673,316  

NET One Systems Co. Ltd.

    89,400       1,964,289  

Nexon Co. Ltd.

    471,000       8,986,403  

Nextage Co. Ltd.(b)

    82,000       2,153,784  

NGK Insulators Ltd.

    220,500       2,704,269  

NH Foods Ltd.

    56,100       1,618,642  

NHK Spring Co. Ltd.

    225,300       1,805,258  

Nichias Corp.

    112,300       2,308,713  

Nichiha Corp.

    54,400       1,251,476  

Nichirei Corp.

    86,800       1,980,245  

Nidec Corp.

    505,000       30,161,098  

Nifco Inc./Japan

    78,500       2,339,752  

Nihon Kohden Corp.

    85,800       2,261,648  

Nihon M&A Center Holdings Inc.

    348,500       1,995,803  

Nihon Parkerizing Co. Ltd.

    145,000       1,134,134  

Nikkon Holdings Co. Ltd.

    95,100       1,998,947  

Nikon Corp.

    320,800       4,240,259  

Nintendo Co. Ltd.

    1,177,300       53,254,855  

Nippn Corp., New

    182,900       2,399,319  

Nippon Accommodations Fund Inc.

    396       1,877,039  

Nippon Building Fund Inc.

    1,615       6,769,776  

Nippon Carbon Co. Ltd.

    55,800       1,692,129  

Nippon Electric Glass Co. Ltd.

    151,700       2,755,427  

Nippon Express Holdings Inc.

    74,900       4,391,477  

Nippon Gas Co. Ltd.

    165,800       2,439,843  

Nippon Kayaku Co. Ltd.

    229,500       2,118,083  

Nippon Light Metal Holdings Co. Ltd.

    93,090       993,966  

Nippon Paint Holdings Co. Ltd.

    1,034,500       9,478,356  

Nippon Paper Industries Co. Ltd.(a)

    125,500       1,219,681  

Nippon Prologis REIT Inc.

    2,343       4,791,220  

NIPPON REIT Investment Corp.

    822       1,957,133  
Security   Shares     Value  

Japan (continued)

   

Nippon Sanso Holdings Corp.

    165,800     $ 4,009,266  

Nippon Shinyaku Co. Ltd.

    41,700       1,686,332  

Nippon Shokubai Co. Ltd.

    38,300       1,474,422  

Nippon Soda Co. Ltd.

    54,000       2,030,513  

Nippon Steel Corp.

    892,517        20,399,696  

Nippon Suisan Kaisha Ltd.

    521,800       2,484,968  

Nippon Telegraph & Telephone Corp.

    32,472,500       37,236,800  

Nippon Yusen KK

    534,300       12,997,467  

Nipro Corp.

    174,100       1,264,107  

Nishimatsu Construction Co. Ltd.

    68,500       1,784,447  

Nishimatsuya Chain Co. Ltd.

    106,600       1,280,369  

Nishi-Nippon Financial Holdings Inc.

    191,100       2,035,668  

Nishi-Nippon Railroad Co. Ltd.

    85,800       1,549,747  

Nishio Holdings Co. Ltd.

    53,800       1,366,917  

Nissan Chemical Corp.

    138,600       6,228,084  

Nissan Motor Co. Ltd.

    2,463,600       10,852,518  

Nissan Shatai Co. Ltd.

    68,900       439,046  

Nissha Co. Ltd.

    71,700       867,377  

Nisshin Oillio Group Ltd. (The)

    56,000       1,503,158  

Nisshin Seifun Group Inc.

    152,100       1,886,193  

Nisshinbo Holdings Inc.

    229,800       1,974,930  

Nissin Foods Holdings Co. Ltd.

    61,000       5,143,249  

Niterra Co. Ltd.

    158,100       3,343,027  

Nitori Holdings Co. Ltd.

    89,700       10,983,998  

Nitto Boseki Co. Ltd.

    45,900       896,286  

Nitto Denko Corp.

    164,900       11,726,202  

Nitto Kogyo Corp.

    62,000       1,586,384  

Noevir Holdings Co. Ltd.

    59,400       2,263,976  

NOF Corp.

    68,400       2,951,709  

Nojima Corp.

    115,800       1,130,348  

NOK Corp.

    96,300       1,450,034  

Nomura Co. Ltd.

    132,200       841,189  

Nomura Holdings Inc.

    3,196,800       13,225,072  

Nomura Real Estate Holdings Inc.

    84,300       2,090,895  

Nomura Real Estate Master Fund Inc.

    4,575       5,443,050  

Nomura Research Institute Ltd.

    421,520       11,977,455  

Noritz Corp.

    72,800       893,880  

North Pacific Bank Ltd.

    675,100       1,474,620  

NS Solutions Corp.

    60,600       1,590,484  

NSD Co. Ltd.

    177,700       3,480,562  

NSK Ltd.

    259,200       1,677,694  

NTN Corp.

    556,500       1,250,431  

NTT Data Group Corp.

    693,700       9,650,194  

NTT UD REIT Investment Corp.

    2,863       2,715,500  

Obayashi Corp.

    682,100       6,306,582  

Obic Co. Ltd.

    74,500       12,191,189  

Odakyu Electric Railway Co. Ltd.

    300,400       4,388,970  

Ogaki Kyoritsu Bank Ltd. (The)

    78,300       1,078,252  

Ohsho Food Service Corp.

    42,400       2,018,773  

Oiles Corp.

    102,500       1,397,242  

Oisix ra daichi Inc.(a)(b)

    51,900       853,229  

Oji Holdings Corp.

    617,200       2,436,890  

Okamoto Industries Inc.

    28,800       800,731  

Okamura Corp.

    148,400       2,129,360  

Okasan Securities Group Inc.

    319,200       1,271,825  

Oki Electric Industry Co. Ltd.

    157,400       994,369  

Okinawa Electric Power Co. Inc. (The)(a)

    84,532       685,782  

OKUMA Corp.

    27,600       1,400,158  

Okumura Corp.

    53,800       1,609,067  

Olympus Corp.

    1,358,800       22,171,440  

 

 

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

  113


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Omron Corp.

    196,700     $ 10,558,120  

One REIT Inc.

    859       1,566,459  

Ono Pharmaceutical Co. Ltd.

    402,100       7,368,611  

Open House Group Co. Ltd.

    82,800       3,150,731  

Optex Group Co. Ltd.

    89,200       1,170,481  

Optorun Co. Ltd.

    70,300       1,167,289  

Oracle Corp. Japan

    35,500       2,488,501  

Orient Corp.

    119,780       937,243  

Oriental Land Co. Ltd./Japan

    1,225,700        47,009,927  

ORIX Corp.

    1,298,600       24,980,542  

Orix JREIT Inc.

    2,556       3,251,786  

Osaka Gas Co. Ltd.

    400,900       6,308,097  

OSAKA Titanium Technologies Co. Ltd.(b)

    39,800       1,004,629  

OSG Corp.

    118,900       1,584,829  

Otsuka Corp.

    107,500       4,476,659  

Otsuka Holdings Co. Ltd.

    452,900       16,651,912  

Outsourcing Inc.

    179,600       1,837,451  

PALTAC Corp.

    28,800       967,642  

Pan Pacific International Holdings Corp.

    404,000       7,987,725  

Panasonic Holdings Corp.

    2,464,000       30,414,093  

Paramount Bed Holdings Co. Ltd.

    90,300       1,479,075  

Park24 Co. Ltd.(a)

    141,200       1,862,791  

Penta-Ocean Construction Co. Ltd.

    341,300       1,852,549  

PeptiDream Inc.(a)

    142,200       1,810,246  

Persol Holdings Co. Ltd.

    173,400       3,429,960  

Pigeon Corp.

    114,700       1,549,209  

Pilot Corp.

    49,700       1,637,715  

PKSHA Technology Inc.(a)(b)

    59,000       1,240,236  

Pola Orbis Holdings Inc.

    106,500       1,561,962  

Prestige International Inc.

    214,200       874,104  

Raito Kogyo Co. Ltd.

    95,200       1,379,089  

Raksul Inc.(a)(b)

    95,000       938,836  

Rakus Co. Ltd.

    112,300       1,906,343  

Rakuten Group Inc.

    1,642,900       6,434,850  

Recruit Holdings Co. Ltd.

    1,630,900       56,487,279  

Relo Group Inc.

    121,300       1,675,060  

Renesas Electronics Corp.(a)

    1,443,600       27,852,568  

Rengo Co. Ltd.

    213,700       1,361,091  

RENOVA Inc.(a)

    59,000       623,176  

Resona Holdings Inc.

    2,377,700       12,944,392  

Resorttrust Inc.

    114,500       1,810,435  

Ricoh Co. Ltd.

    640,200       5,695,005  

Ricoh Leasing Co. Ltd.

    31,000       961,201  

Rinnai Corp.

    110,400       2,403,650  

Riso Kyoiku Co. Ltd.

    359,500       665,066  

Rohm Co. Ltd.

    90,300       8,461,853  

Rohto Pharmaceutical Co. Ltd.

    195,600       4,169,135  

Rorze Corp.

    27,100       2,119,624  

Round One Corp.

    332,300       1,330,163  

Royal Holdings Co. Ltd.

    64,300       1,200,287  

Ryohin Keikaku Co. Ltd.

    262,200       3,404,715  

Ryosan Co. Ltd.

    31,300       990,809  

Saizeriya Co. Ltd.

    52,300       1,663,015  

Sakai Moving Service Co. Ltd.

    25,000       939,911  

Sakata Seed Corp.

    98,100       2,756,870  

SAMTY Co. Ltd.

    127,000       2,028,697  

Sangetsu Corp.

    154,300       2,832,596  

San-in Godo Bank Ltd. (The)

    195,500       1,265,477  

Sanken Electric Co. Ltd.

    59,600       6,089,237  

Sankyo Co. Ltd.

    95,100       4,022,881  
Security   Shares     Value  

Japan (continued)

   

Sankyu Inc.

    45,800     $ 1,588,216  

Sanrio Co. Ltd.

    77,100       3,590,020  

Sansan Inc.(a)

    92,600       980,165  

Santen Pharmaceutical Co. Ltd.

    312,300       2,728,981  

Sanwa Holdings Corp.

    161,500       2,196,421  

Sapporo Holdings Ltd.

    114,700       3,021,935  

Sato Holdings Corp.

    52,700       738,019  

Sawai Group Holdings Co. Ltd.

    45,000       1,120,828  

SBI Holdings Inc.

    275,600       5,819,925  

SCREEN Holdings Co. Ltd.

    41,600       4,494,855  

SCSK Corp.

    119,700       1,990,018  

Secom Co. Ltd.

    227,300       15,252,931  

Sega Sammy Holdings Inc.

    162,500       3,553,001  

Seibu Holdings Inc.

    206,600       2,297,273  

Seiko Epson Corp.

    275,900       4,530,749  

Seiko Group Corp.

    43,900       811,578  

Seino Holdings Co. Ltd.

    137,300       2,160,899  

Seiren Co. Ltd.

    89,200       1,541,254  

Sekisui Chemical Co. Ltd.

    388,700       5,904,159  

Sekisui House Ltd.

    641,700       13,091,767  

Sekisui House Reit Inc.

    6,071       3,603,570  

Seria Co. Ltd.

    95,900       1,608,577  

Seven & i Holdings Co. Ltd.

    875,100        36,303,593  

Seven Bank Ltd.

    1,077,400       2,340,079  

SG Holdings Co. Ltd.

    325,200       4,745,808  

Sharp Corp./Japan(a)(b)

    226,000       1,343,832  

Shibaura Machine Co. Ltd.

    52,700       1,684,818  

SHIFT Inc.(a)

    16,300       3,855,884  

Shiga Bank Ltd. (The)

    66,400       1,422,507  

Shikoku Electric Power Co. Inc.(a)

    243,700       1,716,833  

Shima Seiki Manufacturing Ltd.

    65,300       893,818  

Shimadzu Corp.

    256,600       7,793,151  

Shimamura Co. Ltd.

    21,700       2,149,076  

Shimano Inc.

    88,300       13,309,207  

Shimizu Corp.

    450,900       3,106,492  

Shin-Etsu Chemical Co. Ltd.

    2,057,800       67,793,899  

Shinko Electric Industries Co. Ltd.

    79,600       3,218,295  

Shinmaywa Industries Ltd.

    117,900       1,190,463  

Shinsei Bank Ltd.

    123,700       2,491,190  

Shionogi & Co. Ltd.

    296,000       12,404,776  

Ship Healthcare Holdings Inc.

    121,500       1,967,873  

Shiseido Co. Ltd.

    457,300       20,049,891  

Shizuoka Financial Group Inc., NVS

    345,300       2,883,982  

SHO-BOND Holdings Co. Ltd.

    84,800       3,444,151  

Shochiku Co. Ltd.

    14,700       1,124,823  

Shoei Foods Corp.

    46,800       1,424,187  

Showa Denko KK

    169,500       2,776,708  

SKY Perfect JSAT Holdings Inc.

    261,900       1,093,648  

Skylark Holdings Co. Ltd.(a)

    195,700       2,532,257  

SMC Corp.

    65,400       34,175,617  

SMS Co. Ltd.

    95,400       2,026,334  

Snow Peak Inc.(b)

    56,800       705,825  

Socionext Inc.

    38,300       4,531,861  

SoftBank Corp.

    3,158,400       35,072,450  

SoftBank Group Corp.

    1,170,600       59,539,518  

Sohgo Security Services Co. Ltd.

    235,000       1,436,779  

Sojitz Corp.

    234,620       5,570,410  

Sompo Holdings Inc.

    356,200       15,747,866  

Sony Group Corp.

    1,424,400       133,418,172  

Sosei Group Corp.(a)

    129,600       1,653,059  

 

 

114  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Sotetsu Holdings Inc.

    104,300     $ 2,018,394  

Square Enix Holdings Co. Ltd.

    83,000       3,844,499  

Stanley Electric Co. Ltd.

    108,300       2,001,308  

Star Micronics Co. Ltd.

    123,000       1,532,255  

Subaru Corp.

    660,900        12,526,413  

Sugi Holdings Co. Ltd.

    36,500       1,627,194  

SUMCO Corp.

    355,300       5,177,403  

Sumitomo Bakelite Co. Ltd.

    68,700       2,989,953  

Sumitomo Chemical Co. Ltd.

    1,557,000       4,802,033  

Sumitomo Corp.

    1,233,800       26,468,564  

Sumitomo Electric Industries Ltd.

    737,500       9,456,199  

Sumitomo Forestry Co. Ltd.

    174,300       4,205,842  

Sumitomo Heavy Industries Ltd.

    83,300       2,050,330  

Sumitomo Metal Mining Co. Ltd.

    270,700       9,348,678  

Sumitomo Mitsui Construction Co. Ltd.(b)

    364,980       968,236  

Sumitomo Mitsui Financial Group Inc.

    1,450,500       67,958,315  

Sumitomo Mitsui Trust Holdings Inc.

    398,600       15,506,219  

Sumitomo Osaka Cement Co. Ltd.

    40,200       1,128,654  

Sumitomo Pharma Co., Ltd.

    200,600       831,485  

Sumitomo Realty & Development Co. Ltd.

    305,600       8,189,901  

Sumitomo Rubber Industries Ltd.

    296,100       3,027,611  

Sumitomo Warehouse Co. Ltd. (The)

    135,700       2,332,006  

Sundrug Co. Ltd.

    52,500       1,549,768  

Suntory Beverage & Food Ltd.

    147,200       5,239,880  

Suruga Bank Ltd.

    190,400       801,194  

Suzuken Co. Ltd.

    57,200       1,670,106  

Suzuki Motor Corp.

    420,900       16,905,685  

Sysmex Corp.

    184,600       12,500,208  

Systena Corp.

    459,500       880,153  

T Hasegawa Co. Ltd.

    85,100       2,032,575  

T&D Holdings Inc.

    586,600       9,537,416  

Tadano Ltd.

    133,200       1,045,285  

Taiheiyo Cement Corp.

    78,600       1,641,505  

Taikisha Ltd.

    38,200       1,137,406  

Taisei Corp.

    194,500       7,370,851  

Taisho Pharmaceutical Holdings Co. Ltd.

    40,100       1,546,148  

Taiyo Holdings Co. Ltd.

    114,300       2,139,067  

Taiyo Yuden Co. Ltd.

    118,900       3,545,516  

Takara Bio Inc.

    156,100       1,918,129  

Takara Holdings Inc.

    334,200       2,941,106  

Takasago Thermal Engineering Co. Ltd.

    94,600       1,708,062  

Takashimaya Co. Ltd.

    206,300       2,998,877  

Takeda Pharmaceutical Co. Ltd.

    1,727,083        52,805,288  

Takeuchi Manufacturing Co. Ltd.

    73,400       2,300,204  

Takuma Co. Ltd.

    121,900       1,333,872  

Tamron Co. Ltd.

    58,700       1,861,110  

TDK Corp.

    429,400       16,449,564  

TechnoPro Holdings Inc.

    109,900       2,845,316  

Teijin Ltd.

    130,700       1,397,932  

Terumo Corp.

    752,200       24,633,849  

THK Co. Ltd.

    101,200       2,028,858  

TIS Inc.

    237,800       6,031,509  

Toagosei Co. Ltd.

    168,400       1,597,190  

Tobu Railway Co. Ltd.

    204,200       5,403,543  

Toda Corp.

    274,000       1,526,087  

Toei Animation Co. Ltd.(b)

    10,300       934,265  

Toei Co. Ltd.

    12,400       1,576,542  

Toho Bank Ltd. (The)

    509,700       885,639  

Toho Co. Ltd./Tokyo

    100,800       3,929,479  

Toho Gas Co. Ltd.

    92,300       1,729,376  
Security   Shares     Value  

Japan (continued)

   

Toho Holdings Co. Ltd.

    65,400     $ 1,275,148  

Toho Titanium Co. Ltd.(b)

    49,200       702,726  

Tohoku Electric Power Co. Inc.(a)

    441,800       2,938,509  

Tokai Carbon Co. Ltd.

    247,900       2,205,457  

Tokai Rika Co. Ltd.

    71,800       1,136,043  

Tokai Tokyo Financial Holdings Inc.

    781,400       2,408,963  

Tokio Marine Holdings Inc.

    2,033,200       46,753,395  

Tokuyama Corp.

    73,500       1,264,328  

Tokyo Century Corp.

    38,600       1,511,865  

Tokyo Electric Power Co. Holdings Inc.(a)

    1,692,300       6,720,192  

Tokyo Electron Ltd.

    506,700       76,049,048  

Tokyo Gas Co. Ltd.

    425,900       9,657,733  

Tokyo Kiraboshi Financial Group Inc.

    22,100       584,833  

Tokyo Ohka Kogyo Co. Ltd.

    43,000       2,715,948  

Tokyo Seimitsu Co. Ltd.

    91,600       5,073,962  

Tokyo Steel Manufacturing Co. Ltd.

    150,300       1,818,160  

Tokyo Tatemono Co. Ltd.

    168,600       2,253,084  

Tokyotokeiba Co. Ltd.

    28,500       772,160  

Tokyu Construction Co. Ltd.

    179,800       972,955  

Tokyu Corp.

    531,800       6,747,307  

Tokyu Fudosan Holdings Corp.

    513,600       3,053,323  

Tokyu REIT Inc.

    1,919       2,538,462  

TOMONY Holdings Inc.

    271,900       771,282  

Tomy Co. Ltd.

    194,100       2,625,917  

Topcon Corp.

    182,300       2,218,494  

Toppan Inc.

    274,700       6,466,031  

Toray Industries Inc.

    1,413,700       7,915,889  

Toridoll Holdings Corp.

    110,200       2,721,964  

Toshiba Corp.

    457,300       14,764,488  

Toshiba TEC Corp.

    49,200       1,429,074  

Tosoh Corp.

    225,700       2,950,049  

Totetsu Kogyo Co. Ltd.

    53,600       1,026,297  

TOTO Ltd.

    138,700       4,263,931  

Towa Pharmaceutical Co. Ltd.

    74,400       941,306  

Toyo Ink SC Holdings Co. Ltd.

    83,800       1,291,901  

Toyo Seikan Group Holdings Ltd.

    168,400       2,737,497  

Toyo Suisan Kaisha Ltd.

    87,300       3,610,914  

Toyo Tire Corp.

    147,000       1,990,418  

Toyobo Co. Ltd.

    119,800       914,178  

Toyoda Gosei Co. Ltd.

    68,800       1,468,487  

Toyota Boshoku Corp.

    84,300       1,538,048  

Toyota Industries Corp.

    161,400       11,663,916  

Toyota Motor Corp.

    11,901,700        200,112,192  

Toyota Tsusho Corp.

    216,200       12,648,815  

Trend Micro Inc./Japan

    142,900       6,751,415  

Tri Chemical Laboratories Inc.

    84,800       1,574,703  

Trusco Nakayama Corp.

    70,000       1,078,496  

TS Tech Co. Ltd.

    124,100       1,603,334  

Tsubakimoto Chain Co.

    45,100       1,202,454  

Tsumura & Co.

    95,600       1,779,088  

Tsuruha Holdings Inc.

    37,500       2,879,858  

UACJ Corp.

    45,300       907,175  

UBE Corp.

    104,200       1,901,875  

Ulvac Inc.

    45,900       1,970,992  

Unicharm Corp.

    444,800       16,457,001  

United Arrows Ltd.

    45,500       767,938  

United Urban Investment Corp.

    2,853       3,079,444  

Universal Entertainment Corp.

    39,100       707,299  

Ushio Inc.

    172,000       2,382,916  

USS Co. Ltd.

    217,000       3,762,798  

 

 

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

  115


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

UT Group Co. Ltd.(a)

    51,200     $ 1,034,894  

Valor Holdings Co. Ltd.

    53,200       798,995  

Vector Inc.

    110,900       1,023,092  

Vision Inc./Tokyo Japan(a)

    129,500       1,605,006  

Visional Inc.(a)(b)

    38,800       2,134,743  

Wacom Co. Ltd.

    348,300       1,483,874  

Welcia Holdings Co. Ltd.

    139,200       2,620,267  

West Holdings Corp.

    48,800       955,240  

West Japan Railway Co.

    229,100       9,412,423  

W-Scope Corp.(a)(b)

    92,000       996,368  

Yakult Honsha Co. Ltd.

    133,000       7,379,616  

Yamada Holdings Co. Ltd.

    654,100       1,976,125  

Yamaguchi Financial Group Inc.

    286,000       2,224,046  

Yamaha Corp.

    144,800       5,610,739  

Yamaha Motor Co. Ltd.

    320,600       9,402,845  

Yamato Holdings Co. Ltd.

    284,900       5,335,598  

Yamato Kogyo Co. Ltd.

    59,100       2,826,118  

Yamazaki Baking Co. Ltd.

    161,500       2,324,205  

Yaoko Co. Ltd.

    38,400       2,025,605  

Yaskawa Electric Corp.

    260,100       11,306,618  

Yokogawa Electric Corp.

    236,500       4,441,209  

Yokohama Rubber Co. Ltd. (The)

    125,500       2,814,143  

Yoshinoya Holdings Co. Ltd.(b)

    130,300       2,577,494  

Z Holdings Corp.

    2,962,800       8,260,309  

Zenkoku Hosho Co. Ltd.

    52,800       1,853,515  

Zenrin Co. Ltd.

    35,700       224,139  

Zensho Holdings Co. Ltd.

    93,500       4,982,267  

Zeon Corp.

    154,900       1,670,637  

Zojirushi Corp.

    105,100       1,479,024  

ZOZO Inc.

    134,700       2,629,616  
   

 

 

 
       5,024,905,545  
Kuwait — 0.2%            

Agility Public Warehousing Co. KSC(a)

    1,795,291       3,681,615  

Boubyan Bank KSCP

    2,251,035       4,542,885  

Boubyan Petrochemicals Co. KSCP

    753,649       1,812,805  

Gulf Bank KSCP

    2,526,361       2,171,404  

Humansoft Holding Co. KSC

    139,478       1,634,737  

Kuwait Finance House KSCP

    9,913,404       25,467,412  

Mabanee Co. KPSC

    991,399       2,850,066  

Mobile Telecommunications Co. KSCP

    2,727,554       4,625,841  

National Bank of Kuwait SAKP

    8,720,990       27,310,552  

National Industries Group Holding SAK

    2,541,909       1,920,697  
   

 

 

 
       76,018,014  
Malaysia — 0.4%            

AFFIN Bank Bhd

    373,000       161,311  

Alliance Bank Malaysia Bhd

    1,732,200       1,356,261  

AMMB Holdings Bhd

    2,447,600       2,095,924  

Axiata Group Bhd

    3,242,800       1,920,552  

British American Tobacco Malaysia Bhd(b)

    181,000       406,267  

Bursa Malaysia Bhd

    1,143,500       1,701,915  

Carlsberg Brewery Malaysia Bhd(b)

    222,900       1,038,124  

CIMB Group Holdings Bhd

    7,327,200       9,026,012  

Dagang NeXchange Bhd(a)(b)

    5,506,300       580,187  

Dialog Group Bhd(b)

    4,996,278       2,550,405  

DiGi.Com Bhd

    3,791,200       3,716,554  

Fraser & Neave Holdings Bhd

    174,600       968,120  

Gamuda Bhd

    2,621,200       2,499,433  

Gas Malaysia Bhd

    141,200       94,284  

Genting Bhd

    2,241,300       2,142,924  
Security   Shares     Value  

Malaysia (continued)

   

Genting Malaysia Bhd

    3,401,000     $ 1,961,777  

Genting Plantations Bhd

    692,000       937,707  

Hartalega Holdings Bhd

    2,066,800       1,009,207  

Hibiscus Petroleum Bhd(b)

    3,328,700       687,934  

Hong Leong Bank Bhd

    614,000       2,667,588  

Hong Leong Financial Group Bhd

    245,700       997,186  

IHH Healthcare Bhd

    2,778,900       3,670,205  

IJM Corp. Bhd

    3,810,600       1,293,229  

Inari Amertron Bhd(b)

    4,001,600       2,680,806  

IOI Corp. Bhd

    2,277,400       2,107,029  

Kossan Rubber Industries Bhd(b)

    1,709,500       542,239  

KPJ Healthcare Bhd

    7,318,100       1,867,946  

Kuala Lumpur Kepong Bhd(b)

    450,900       2,332,166  

Malayan Banking Bhd

    6,165,700       12,335,824  

Malaysia Airports Holdings Bhd

    1,215,100       1,859,466  

Malaysian Resources Corp. Bhd

    3,254,500       274,407  

Maxis Bhd(b)

    2,623,200       2,350,660  

MISC Bhd

    1,245,700       1,986,095  

MR DIY Group M Bhd(c)

    6,765,150       2,205,886  

My EG Services Bhd(b)

    15,308,200       2,599,362  

Nationgate Holdings Bhd, NVS

    339,000       116,632  

Nestle Malaysia Bhd

    95,100       2,824,105  

Pentamaster Corp. Bhd

    2,085,200       2,426,195  

Petronas Chemicals Group Bhd

    2,931,500       4,522,157  

Petronas Dagangan Bhd

    343,000       1,746,569  

Petronas Gas Bhd

    667,200       2,527,340  

PPB Group Bhd

    934,980       3,462,889  

Press Metal Aluminium Holdings Bhd

    4,252,800       4,755,540  

Public Bank Bhd

    16,866,400       15,601,562  

QL Resources Bhd

    2,109,000       2,563,167  

RHB Bank Bhd

    1,608,598       2,030,818  

Sam Engineering & Equipment M Bhd

    112,700       125,034  

Sime Darby Bhd

    3,365,500       1,628,713  

Sime Darby Plantation Bhd

    2,803,200       2,833,642  

Sime Darby Property Bhd

    6,386,400       864,308  

SP Setia Bhd Group

    1,146,300       160,172  

Sunway REIT(b)

    4,057,800       1,359,368  

Supermax Corp. Bhd(b)

    2,489,177       466,615  

Telekom Malaysia Bhd

    1,530,200       1,727,722  

Tenaga Nasional Bhd

    2,770,300       5,899,280  

Top Glove Corp. Bhd(a)(b)

    6,347,800       1,295,842  

Tropicana Corp. Bhd(a)(b)

    166,700       43,995  

UMW Holdings Bhd(b)

    363,200       332,672  

VS Industry Bhd

    5,546,700       1,101,331  

Yinson Holdings Bhd

    3,365,840       1,903,502  
   

 

 

 
       138,944,162  
Mexico — 0.8%            

Alsea SAB de CV(a)

    694,000       2,408,381  

America Movil SAB de CV

    35,909,900       37,636,234  

Arca Continental SAB de CV

    465,400       4,662,616  

Banco del Bajio SA(c)

    784,400       2,391,378  

Bolsa Mexicana de Valores SAB de CV

    661,900       1,403,252  

Cemex SAB de CV, NVS(a)

    18,896,712       14,354,504  

Coca-Cola Femsa SAB de CV

    516,000       4,356,032  

Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)

    1,301,000       1,564,774  

Corp Inmobiliaria Vesta SAB de CV

    1,069,100       3,878,640  

FIBRA Macquarie Mexico(c)

    1,162,400       2,255,382  

Fibra Uno Administracion SA de CV

    3,982,200       5,983,407  

Fomento Economico Mexicano SAB de CV

    2,236,300       25,345,178  

 

 

116  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Mexico (continued)

   

GCC SAB de CV

    202,900     $ 1,971,202  

Genomma Lab Internacional SAB de CV, Class B

    916,500       821,539  

Gentera SAB de CV

    1,327,200       1,721,516  

Gruma SAB de CV, Class B

    205,415       3,684,835  

Grupo Aeroportuario del Centro Norte SAB de CV

    258,012       2,909,087  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    440,400       8,391,139  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    253,275       7,163,999  

Grupo Bimbo SAB de CV, Series A

    1,760,700       9,127,881  

Grupo Carso SAB de CV, Series A1

    562,700       4,474,381  

Grupo Financiero Banorte SAB de CV, Class O

    2,946,200       27,924,240  

Grupo Financiero Inbursa SAB de CV,
Class O(a)

    2,559,200       6,212,689  

Grupo Herdez SAB de CV(b)

    541,200       1,579,160  

Grupo Mexico SAB de CV, Series B

    3,630,300       18,870,189  

Grupo Televisa SAB, CPO(b)

    2,675,700       2,831,496  

Industrias Penoles SAB de CV(a)(b)

    206,585       2,953,876  

Kimberly-Clark de Mexico SAB de CV, Class A

    1,730,000       4,062,323  

Nemak SAB de CV(a)(c)

    1,995,977       479,177  

Operadora De Sites Mexicanos SAB de CV

    2,205,855       2,235,495  

Orbia Advance Corp. SAB de CV

    1,162,578       2,637,584  

Prologis Property Mexico SA de CV

    258,700       958,325  

Promotora y Operadora de Infraestructura SAB de CV

    304,480       3,154,082  

Qualitas Controladora SAB de CV

    223,100       1,641,840  

Regional SAB de CV

    289,900       2,258,433  

Sitios Latinoamerica SAB de CV(a)(b)

    1,627,765       730,040  

Wal-Mart de Mexico SAB de CV

    6,071,100       25,274,194  
   

 

 

 
       250,308,500  
Netherlands — 2.8%            

Aalberts NV

    124,023       5,596,476  

ABN AMRO Bank NV, CVA(c)

    435,873       7,411,238  

Adyen NV(a)(c)

    24,905       46,224,045  

Aegon NV

    1,987,744       10,790,032  

AerCap Holdings NV(a)

    185,499       11,836,691  

Akzo Nobel NV

    196,801       16,835,936  

Alfen Beheer BV(a)(b)(c)

    31,427       2,180,819  

Allfunds Group PLC

    369,788       2,410,995  

AMG Advanced Metallurgical Group NV

    43,296       1,770,156  

Arcadis NV

    93,907       4,117,066  

ASM International NV

    54,300       25,796,862  

ASML Holding NV

    459,595       329,193,548  

ASR Nederland NV

    166,469       7,545,942  

Basic-Fit NV(a)(b)(c)

    61,261       2,067,820  

BE Semiconductor Industries NV

    87,982       10,504,927  

Brunel International NV

    38,650       538,037  

Corbion NV

    78,492       1,844,579  

Davide Campari-Milano NV

    733,572       9,865,722  

Eurocommercial Properties NV

    78,480       1,983,628  

EXOR NV, NVS

    119,083       11,127,776  

Ferrovial SE

    576,953       19,119,612  

Flow Trades Ltd., NVS

    36,979       804,630  

Fugro NV(a)

    142,014       2,532,287  

Heineken Holding NV

    130,023       10,658,652  

Heineken NV

    287,789       28,169,209  

IMCD NV

    68,574       10,390,978  

ING Groep NV

    4,051,471       59,137,955  

InPost SA(a)

    283,014       3,381,964  
Security   Shares     Value  

Netherlands (continued)

   

Iveco Group NV(a)

    285,665     $ 2,709,408  

JDE Peet’s NV

    91,285       2,754,095  

Just Eat Takeaway.com NV(a)(c)

    155,547       2,790,512  

Just Eat Takeaway.com NV(a)(c)

    78,191       1,399,893  

Koninklijke Ahold Delhaize NV

    1,095,454       37,758,786  

Koninklijke BAM Groep NV

    483,312       1,124,595  

Koninklijke KPN NV

    3,455,329       12,502,264  

Koninklijke Philips NV(a)

    1,044,340       21,694,739  

Koninklijke Vopak NV

    68,649       2,588,191  

MFE-MediaForEurope NV, Class A

    2,273,686       1,203,461  

MFE-MediaForEurope NV, Class B

    437,776       337,734  

NEPI Rockcastle NV

    490,581       2,939,303  

NN Group NV

    286,102       10,967,699  

NSI NV

    72,368       1,521,353  

OCI NV

    116,765       3,327,776  

Ordina NV

    202,574       1,269,585  

Pharming Group NV(a)(b)

    1,405,399       1,773,885  

PostNL NV

    635,133       1,289,747  

Prosus NV

    908,155       71,841,746  

QIAGEN NV(a)

    254,432       11,938,343  

Randstad NV

    115,714       6,779,160  

SBM Offshore NV

    118,719       1,724,746  

Signify NV(c)

    133,833       4,207,906  

Technip Energies NV

    139,441       3,178,140  

TKH Group NV

    48,872       2,549,965  

TomTom NV(a)

    142,226       1,242,498  

Universal Music Group NV

    942,423       24,173,062  

Van Lanschot Kempen NV

    53,354       1,748,256  

Vastned Retail NV

    49,452       1,103,487  

Wereldhave NV

    62,847       1,122,961  

Wolters Kluwer NV

    291,372       36,589,331  
   

 

 

 
       921,990,209  
New Zealand — 0.2%            

a2 Milk Co. Ltd. (The)(a)(b)

    737,892       2,529,842  

Air New Zealand Ltd.(a)

    1,527,677       750,083  

Auckland International Airport Ltd.(a)

    1,300,209       6,787,414  

Contact Energy Ltd.

    895,529       4,624,099  

EBOS Group Ltd.

    181,256       4,343,665  

Fisher & Paykel Healthcare Corp. Ltd.

    691,417       10,555,896  

Fletcher Building Ltd.

    972,711       3,372,573  

Goodman Property Trust

    1,444,256       2,027,281  

Infratil Ltd.

    1,037,822       6,419,197  

Kiwi Property Group Ltd.

    1,635,110       965,592  

Mercury NZ Ltd.

    931,080       3,812,861  

Meridian Energy Ltd.

    1,663,653       5,839,218  

Ryman Healthcare Ltd.

    772,898       3,273,637  

Spark New Zealand Ltd.

    2,272,946       7,317,854  

Summerset Group Holdings Ltd.

    313,076       2,003,282  
   

 

 

 
       64,622,494  
Norway — 0.6%            

Adevinta ASA(a)

    314,280       2,324,743  

Aker ASA, Class A

    37,137       2,361,437  

Aker BP ASA

    356,919       9,998,219  

Atea ASA

    165,618       2,248,537  

Austevoll Seafood ASA

    162,820       1,222,506  

Bakkafrost P/F

    56,059       3,262,293  

Borr Drilling Ltd.(a)

    284,430       2,426,135  

Borregaard ASA

    175,080       2,857,364  

BW Energy Ltd.(a)

    36,320       107,926  

 

 

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

  117


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Norway (continued)

   

BW LPG Ltd.(c)

    197,927     $ 2,118,248  

BW Offshore Ltd.

    250,263       685,412  

Crayon Group Holding ASA(a)(c)

    101,530       1,081,052  

DNB Bank ASA

    1,031,568       21,258,019  

DNO ASA

    1,536,126       1,666,307  

Elkem ASA(c)

    385,640       914,810  

Entra ASA(c)

    126,104       1,230,011  

Equinor ASA

    1,099,417       33,629,488  

Europris ASA(c)

    205,636       1,247,506  

Flex LNG Ltd.

    88,177       2,796,456  

Frontline PLC, NVS

    157,798       2,629,172  

Gjensidige Forsikring ASA

    161,459       2,548,861  

Golden Ocean Group Ltd.

    167,913       1,315,723  

Grieg Seafood ASA

    159,162       1,147,186  

Hafnia Ltd.

    283,727       1,542,105  

Kahoot! ASA(a)(b)

    543,797       1,870,609  

Kongsberg Gruppen ASA

    128,275       5,565,997  

Leroy Seafood Group ASA

    308,664       1,284,176  

Mowi ASA

    493,012       8,667,102  

MPC Container Ships AS

    449,260       838,145  

NEL ASA(a)(b)

    2,049,290       2,779,399  

Nordic Semiconductor ASA(a)

    192,900       2,840,808  

Norsk Hydro ASA

    1,449,440       9,492,989  

Norwegian Air Shuttle ASA(a)

    1,131,462       1,129,391  

Orkla ASA

    829,612       6,546,322  

PGS ASA(a)

    1,248,775       878,138  

Protector Forsikring ASA

    105,446       1,722,356  

Salmar ASA

    80,471       3,717,640  

Scatec ASA(c)

    171,886       1,436,625  

Schibsted ASA, Class A

    74,703       1,600,384  

Schibsted ASA, Class B

    110,990       2,176,448  

SpareBank 1 SMN

    357,244       5,006,218  

SpareBank 1 SR-Bank ASA

    252,922       3,264,340  

Storebrand ASA

    497,984       4,352,886  

Subsea 7 SA

    275,095       3,697,043  

Telenor ASA

    736,730       7,886,651  

TGS ASA

    161,919       2,161,183  

TOMRA Systems ASA

    289,391       4,459,731  

Veidekke ASA

    186,448       2,104,543  

Wallenius Wilhelmsen ASA

    164,091       1,139,393  

Yara International ASA

    182,150       7,439,366  
   

 

 

 
       196,677,399  
Peru — 0.1%            

Cia. de Minas Buenaventura SAA, ADR

    227,137       1,753,497  

Credicorp Ltd.

    75,460       11,850,993  

Southern Copper Corp.

    92,354       8,075,434  
   

 

 

 
       21,679,924  
Philippines — 0.2%            

Aboitiz Equity Ventures Inc.

    2,689,900       2,632,873  

ACEN Corp.(a)

    723,363       68,762  

Alliance Global Group Inc.

    3,269,600       740,663  

Ayala Corp.

    345,655       3,874,219  

Ayala Land Inc.

    9,361,030       4,674,477  

Bank of the Philippine Islands

    1,325,461       2,763,786  

BDO Unibank Inc.

    3,262,572       8,628,035  

Bloomberry Resorts Corp.(a)

    7,240,600       1,563,503  

Converge Information and Communications Technology Solutions Inc.(a)

    3,145,100       578,710  

GT Capital Holdings Inc.

    109,988       1,091,936  
Security   Shares     Value  

Philippines (continued)

   

International Container Terminal Services Inc.

    1,415,580     $ 5,594,377  

JG Summit Holdings Inc.

    3,947,417       3,097,240  

Jollibee Foods Corp.

    630,180       2,927,015  

Manila Electric Co.

    254,320       1,649,554  

Manila Water Co. Inc.

    2,623,900       912,453  

Megaworld Corp.

    8,590,500       320,828  

Metro Pacific Investments Corp.

    21,183,300       1,878,445  

Metropolitan Bank & Trust Co.

    2,196,387       2,400,983  

MREIT Inc.

    282,300       72,984  

PLDT Inc.

    94,225       2,248,481  

Semirara Mining & Power Corp.

    462,200       242,863  

SM Investments Corp.

    327,465       5,441,088  

SM Prime Holdings Inc.

    13,021,100       7,922,685  

Universal Robina Corp.

    1,135,330       2,538,959  
   

 

 

 
      63,864,919  
Poland — 0.3%            

Alior Bank SA(a)

    144,239       2,089,337  

Allegro.eu SA (a)(c)

    503,195       4,436,421  

Asseco Poland SA

    120,223       2,395,141  

Bank Millennium SA(a)

    933,804       1,526,776  

Bank Polska Kasa Opieki SA

    204,567       6,040,430  

CCC SA(a)

    62,566       811,622  

CD Projekt SA

    80,268       3,274,850  

Cyfrowy Polsat SA

    365,447       1,472,612  

Dino Polska SA(a)(c)

    63,971       7,123,812  

Enea SA(a)

    278,887       612,975  

Eurocash SA

    80,374       347,415  

Grupa Azoty SA(a)(b)

    73,664       495,498  

KGHM Polska Miedz SA

    150,720       4,661,249  

KRUK SA(a)

    21,119       2,305,551  

LPP SA

    1,178       4,052,252  

mBank SA(a)

    18,895       2,255,488  

Orange Polska SA

    864,469       1,591,283  

PGE Polska Grupa Energetyczna SA(a)

    1,123,575       2,389,812  

Polski Koncern Naftowy ORLEN SA

    739,005       13,171,695  

Powszechna Kasa Oszczednosci Bank Polski SA

    1,020,415       10,353,154  

Powszechny Zaklad Ubezpieczen SA

    691,436       6,992,455  

Santander Bank Polska SA(a)

    37,733       3,743,553  

Tauron Polska Energia SA(a)

    1,311,404       1,219,126  
   

 

 

 
       83,362,507  
Portugal — 0.1%            

Altri SGPS SA(b)

    325,060       1,528,485  

Banco Comercial Portugues SA, Class R(a)

    8,375,746       2,287,457  

CTT-Correios de Portugal SA

    184,438       728,029  

EDP - Energias de Portugal SA

    2,964,006       13,847,358  

Galp Energia SGPS SA

    514,891       6,842,702  

Greenvolt Energias Renovaveis SA(a)(b)

    172,436       1,204,730  

Jeronimo Martins SGPS SA

    330,763       9,005,281  

Navigator Co. SA (The)

    433,700       1,520,188  

NOS SGPS SA

    908,863       3,453,564  

REN - Redes Energeticas Nacionais SGPS SA

    780,367       2,130,897  

Sonae SGPS SA

    2,756,239       2,996,750  
   

 

 

 
       45,545,441  
Qatar — 0.2%            

Barwa Real Estate Co.

    3,360,761       2,592,363  

Commercial Bank PSQC (The)

    3,438,242       5,902,184  

Doha Bank QPSC

    1,866,174       886,202  

Dukhan Bank

    675,285       766,352  

 

 

118  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Qatar (continued)

   

Industries Qatar QSC

    2,029,394     $ 7,427,574  

Masraf Al Rayan QSC

    6,619,265       4,561,994  

Mesaieed Petrochemical Holding Co.

    5,331,563       2,857,051  

Ooredoo QPSC

    1,074,370       3,371,463  

Qatar Aluminum Manufacturing Co.

    5,155,647       1,912,861  

Qatar Electricity & Water Co. QSC

    872,002       4,341,555  

Qatar Fuel QSC

    159,780       737,007  

Qatar Gas Transport Co. Ltd.

    2,882,214       3,335,265  

Qatar Insurance Co. SAQ(a)

    2,523,826       1,544,594  

Qatar International Islamic Bank QSC

    880,451       2,508,836  

Qatar Islamic Bank SAQ

    1,834,440       10,653,102  

Qatar National Bank QPSC

    4,988,295       23,256,327  

Qatar Navigation QSC

    615,521       1,774,133  

United Development Co. QSC

    1,908,304       639,018  

Vodafone Qatar QSC

    4,408,963       2,345,416  
   

 

 

 
       81,413,297  
Russia — 0.0%            

Aeroflot PJSC(a)(d)

    2,248,580       245  

Alrosa PJSC(a)(d)

    2,008,230       219  

Detsky Mir PJSC(a)(c)(d)

    1,459,210       159  

Gazprom PJSC(a)(d)

    12,460,440       1,358  

Inter RAO UES PJSC(d)

    41,474,100       4,520  

LUKOIL PJSC(d)

    449,912       49  

Magnit PJSC(d)

    59,647       7  

Magnit PJSC, GDR(d)

    3        

MMC Norilsk Nickel PJSC(d)

    67,010       7  

Mobile TeleSystems PJSC(d)

    1,079,812       118  

Moscow Exchange MICEX-RTS PJSC(d)

    1,165,970       127  

Novatek PJSC(d)

    970,220       106  

Novolipetsk Steel PJSC(a)(d)

    1,277,300       139  

Ozon Holdings PLC, GDR(a)(d)

    48,614       5  

PhosAgro PJSC(d)

    54,047       6  

PhosAgro PJSC, GDR(a)(d)(e)

    2        

PhosAgro PJSC, New(d)

    1,044       10  

Polymetal International PLC(a)(d)

    318,811       35  

Polyus PJSC(a)(d)

    29,956       3  

Rosneft Oil Co. PJSC(d)

    1,203,679       131  

Rostelecom PJSC(d)

    1,886,690       206  

Sberbank of Russia PJSC(d)

    10,330,470       1,126  

Severstal PAO(a)(d)

    165,788       18  

Sistema PJSFC(d)

    5,373,780       586  

Surgutneftegas PJSC(d)

    7,375,600       804  

Tatneft PJSC(d)

    1,491,585       163  

TCS Group Holding PLC, GDR(a)(d)(e)

    134,948       15  

Unipro PJSC(a)(d)

    16,577,000       1,807  

United Co. RUSAL International PJSC(a)(d)

    2,395,510       261  

VK Co. Ltd.(a)(d)

    113,735       12  

VTB Bank PJSC(a)(d)

    3,435,870,000       374  

X5 Retail Group NV, GDR(a)(d)

    128,602       14  

Yandex NV(a)(d)

    338,783       37  
   

 

 

 
      12,667  
Saudi Arabia — 1.2%            

Abdullah Al Othaim Markets Co.

    740,890       2,918,218  

ACWA Power Co.

    80,722       3,967,927  

Advanced Petrochemical Co.

    194,177       2,357,155  

Al Rajhi Bank

    2,217,876       44,085,944  

Aldrees Petroleum and Transport Services Co.

    120,566       3,839,291  

Alinma Bank

    1,239,790       12,223,783  

Almarai Co. JSC

    225,768       4,145,981  
Security   Shares     Value  

Saudi Arabia (continued)

   

Alujain Corp.

    123,485     $ 1,523,105  

AngloGold Ashanti Ltd.

    475,412       10,544,486  

Arab National Bank

    712,810       5,060,899  

Arabian Internet & Communications Services Co.

    19,837       1,928,384  

Arriyadh Development Co.

    259,997       1,388,911  

Bank AlBilad

    682,010       7,949,970  

Bank Al-Jazira

    548,829       2,688,096  

Banque Saudi Fransi

    683,201       7,755,813  

Bupa Arabia for Cooperative Insurance Co.

    73,196       3,366,612  

City Cement Co.

    211,363       1,284,141  

Co. for Cooperative Insurance (The)

    110,015       4,187,584  

Dallah Healthcare Co.

    39,488       1,856,723  

Dar Al Arkan Real Estate Development Co.(a)

    821,080       3,705,099  

Dr Sulaiman Al Habib Medical Services Group Co.

    99,964       7,700,915  

Elm Co.

    50,557       9,164,154  

Emaar Economic City(a)

    603,700       1,448,739  

Etihad Etisalat Co.

    475,075       5,932,128  

Jarir Marketing Co.

    678,390       2,803,237  

Leejam Sports Co. JSC

    47,492       1,868,462  

Mobile Telecommunications Co.

    707,861       2,532,118  

Mouwasat Medical Services Co.

    81,894       5,475,851  

Nahdi Medical Co.

    37,780       1,750,661  

National Gas & Industrialization Co.

    152,554       2,723,120  

National Industrialization Co.(a)

    547,543       2,059,830  

Rabigh Refining & Petrochemical Co.(a)

    669,808       1,857,830  

Reinet Investments SCA

    190,187       4,607,452  

Riyad Bank

    1,640,125       13,904,261  

SABIC Agri-Nutrients Co.

    262,389       10,084,753  

Sahara International Petrochemical Co.

    494,980       4,994,746  

Saudi Airlines Catering Co.

    98,446       3,253,964  

Saudi Arabian Mining Co.(a)

    1,507,467       17,848,915  

Saudi Arabian Oil Co.(c)

    2,896,293       25,029,132  

Saudi Aramco Base Oil Co.

    43,331       1,712,207  

Saudi Awwal Bank

    1,096,772       11,125,497  

Saudi Basic Industries Corp.

    1,008,459       23,047,763  

Saudi Cement Co.

    107,872       1,650,457  

Saudi Chemical Co. Holding

    1,613,450       1,999,825  

Saudi Electricity Co.

    1,048,138       6,270,254  

Saudi Ground Services Co.(a)

    206,719       1,741,952  

Saudi Industrial Investment Group

    367,396       2,447,752  

Saudi Investment Bank (The)

    372,618       1,777,718  

Saudi Kayan Petrochemical Co.(a)

    939,691       3,070,082  

Saudi National Bank (The)

    3,326,840       34,185,979  

Saudi Public Transport Co.(a)

    235,758       1,115,229  

Saudi Research & Media Group(a)

    47,751       2,383,268  

Saudi Tadawul Group Holding Co.

    48,042       2,578,526  

Saudi Telecom Co.

    2,117,899       23,948,468  

Saudia Dairy & Foodstuff Co.

    32,526       3,077,815  

Savola Group (The)

    249,817       2,815,889  

Southern Province Cement Co.

    93,247       1,227,342  

United Electronics Co.

    83,282       1,809,223  

United International Transportation Co.

    127,337       2,346,540  

Yamama Cement Co.

    204,097       1,955,791  

Yanbu Cement Co.

    159,027       1,695,061  

Yanbu National Petrochemical Co.

    276,903       3,383,157  
   

 

 

 
       389,184,185  
Singapore — 1.0%            

AEM Holdings Ltd.(b)

    843,100       2,391,642  

 

 

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

  119


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Singapore (continued)

   

CapitaLand Ascendas REIT

    3,409,648     $ 7,210,125  

CapitaLand Ascott Trust

    3,267,765       2,752,354  

CapitaLand China Trust(b)

    2,713,641       2,124,280  

CapitaLand Integrated Commercial Trust

    5,983,428       9,186,262  

Capitaland Investment Ltd/Singapore

    2,774,700       7,101,788  

CDL Hospitality Trusts(b)

    2,322,181       2,078,477  

City Developments Ltd.

    733,700       4,082,518  

ComfortDelGro Corp. Ltd.

    2,167,500       2,055,747  

DBS Group Holdings Ltd.

    2,037,000       52,548,568  

ESR-LOGOS REIT(b)

    15,349,547       3,981,036  

First Resources Ltd.

    1,117,500       1,269,670  

Frasers Centrepoint Trust

    2,176,262       3,553,864  

Frasers Hospitality Trust

    1,831,900       660,375  

Frasers Logistics & Commercial Trust(b)

    2,984,913       2,741,132  

Genting Singapore Ltd.

    5,716,200       4,043,214  

Golden Agri-Resources Ltd.

    9,195,300       1,731,559  

Grab Holdings Ltd., Class A(a)

    2,067,364       7,918,004  

Hutchison Port Holdings Trust, Class U

    7,934,500       1,468,739  

Jardine Cycle & Carriage Ltd.

    110,800       2,859,729  

Keppel Corp. Ltd.

    1,587,300       8,814,648  

Keppel DC REIT(b)

    1,703,863       2,808,050  

Keppel Infrastructure Trust

    11,499,636       4,406,339  

Keppel REIT

    2,855,560       1,954,925  

Manulife US Real Estate Investment Trust

    2,431,218       255,181  

Mapletree Industrial Trust

    2,087,260       3,517,227  

Mapletree Logistics Trust

    3,869,756       4,919,559  

Mapletree Pan Asia Commercial Trust

    2,297,993       2,854,160  

Maxeon Solar Technologies Ltd.(a)

    52,198       1,288,769  

NetLink NBN Trust

    5,692,600       3,682,221  

OUE Commercial Real Estate Investment Trust(b)

    6,286,080       1,465,452  

Oversea-Chinese Banking Corp. Ltd.

    3,758,450       37,613,632  

Parkway Life REIT

    1,233,900       3,601,149  

Raffles Medical Group Ltd.

    1,560,000       1,643,795  

SATS Ltd.(a)(b)

    1,340,197       2,822,296  

Sea Ltd., ADR(a)

    412,765       27,457,128  

Seatrium Ltd.(a)

    51,809,697       5,491,068  

Sembcorp Industries Ltd.

    1,188,300       4,871,292  

Sheng Siong Group Ltd.

    2,062,900       2,544,603  

SIA Engineering Co. Ltd.(b)

    542,100       999,397  

Singapore Airlines Ltd.(b)

    1,531,700       8,677,115  

Singapore Exchange Ltd.

    547,000       3,998,456  

Singapore Post Ltd.(b)

    2,552,400       959,919  

Singapore Technologies Engineering Ltd.

    1,851,500       5,198,093  

Singapore Telecommunications Ltd.

    8,963,300       17,980,963  

Starhill Global REIT

    4,287,700       1,660,258  

StarHub Ltd.

    836,100       653,827  

Suntec REIT(b)

    1,742,700       1,691,067  

United Overseas Bank Ltd.

    1,405,400       31,879,365  

UOL Group Ltd.

    300,600       1,590,527  

Venture Corp. Ltd.

    229,700       2,589,618  

Wilmar International Ltd.

    1,937,800       5,630,729  

Yangzijiang Financial Holding Ltd.(b)

    2,579,500       640,364  

Yangzijiang Shipbuilding Holdings Ltd.

    2,654,000       3,074,560  

Yanlord Land Group Ltd.(a)

    925,900       564,479  
   

 

 

 
       331,559,314  
South Africa — 0.9%            

Absa Group Ltd.

    883,311       9,361,716  

Adcock Ingram Holdings Ltd.(b)

    117,088       361,731  

AECI Ltd.

    230,295       1,214,332  
Security   Shares     Value  

South Africa (continued)

   

African Rainbow Minerals Ltd.

    210,508     $ 2,376,037  

Anglo American Platinum Ltd.

    70,320       3,514,532  

Aspen Pharmacare Holdings Ltd.

    437,140       4,688,003  

AVI Ltd.

    454,895       1,812,087  

Barloworld Ltd.

    295,266       1,381,912  

Bid Corp. Ltd.

    417,203       9,881,998  

Bidvest Group Ltd. (The)

    301,695       4,681,365  

Capitec Bank Holdings Ltd.

    97,902       9,817,763  

Clicks Group Ltd.

    301,450       4,728,469  

Coronation Fund Managers Ltd.

    234,318       429,886  

Dis-Chem Pharmacies Ltd.(c)

    485,815       698,145  

Discovery Ltd.(a)

    594,548       5,252,402  

Exxaro Resources Ltd.

    301,940       2,735,462  

FirstRand Ltd.

    5,602,951       22,792,086  

Foschini Group Ltd. (The)

    401,698       2,434,131  

Gold Fields Ltd.

    1,015,842       15,754,871  

Grindrod Ltd.

    323,951       172,991  

Growthpoint Properties Ltd.

    3,225,624       2,285,240  

Harmony Gold Mining Co. Ltd.

    651,550       2,813,297  

Impala Platinum Holdings Ltd.

    963,456       6,959,110  

Investec Ltd.

    422,470       2,637,049  

JSE Ltd.

    183,206       937,556  

Kumba Iron Ore Ltd.

    78,979       2,166,479  

Life Healthcare Group Holdings Ltd.

    1,726,720       2,011,188  

Momentum Metropolitan Holdings

    1,592,204       1,688,023  

Motus Holdings Ltd.

    285,411       1,683,540  

Mr. Price Group Ltd.

    285,566       2,514,146  

MTN Group Ltd.

    1,954,027       15,302,243  

MultiChoice Group

    424,261       2,099,746  

Naspers Ltd., Class N

    229,007       44,996,845  

Nedbank Group Ltd.

    474,298       6,232,475  

Netcare Ltd.

    1,573,285       1,231,620  

Ninety One Ltd.

    254,780       555,612  

Northam Platinum Holdings Ltd.(a)

    425,971       3,599,034  

Oceana Group Ltd.

    81,738       319,114  

Old Mutual Ltd.

    4,414,235       3,211,250  

OUTsurance Group Ltd., NVS

    1,152,584       2,492,230  

Pepkor Holdings Ltd.(c)

    1,633,908       1,587,884  

Pick n Pay Stores Ltd.

    745,242       1,603,935  

PSG Konsult Ltd.

    837,952       671,439  

Redefine Properties Ltd.

    7,398,912       1,469,459  

Remgro Ltd.

    526,479       4,733,196  

Resilient REIT Ltd.

    496,250       1,199,297  

Reunert Ltd.

    334,233       1,123,595  

Sanlam Ltd.

    2,124,017       7,811,371  

Sappi Ltd.

    775,583       1,669,669  

Sasol Ltd.

    634,674       8,861,386  

Shoprite Holdings Ltd.

    593,371       8,573,541  

Sibanye Stillwater Ltd.

    3,144,571       5,975,975  

SPAR Group Ltd. (The)

    228,779       1,380,701  

Standard Bank Group Ltd.

    1,463,833        15,633,863  

Super Group Ltd./South Africa

    671,872       1,289,739  

Telkom SA SOC Ltd.(a)(b)

    561,522       924,513  

Thungela Resources Ltd.

    169,002       1,266,510  

Tiger Brands Ltd.

    176,074       1,573,803  

Truworths International Ltd.

    594,320       2,385,754  

Vodacom Group Ltd.

    708,173       4,676,082  

Vukile Property Fund Ltd.

    962,949       703,753  

Wilson Bayly Holmes-Ovcon Ltd.(a)

    62,512       379,258  

 

 

120  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Africa (continued)            

Woolworths Holdings Ltd.

    1,019,020     $   4,558,418  
   

 

 

 
       289,878,857  
South Korea — 3.5%            

ABLBio Inc.(a)(b)

    64,526       969,109  

Advanced Nano Products Co. Ltd.

    18,208       2,350,359  

AfreecaTV Co. Ltd.(b)

    22,179       1,270,750  

Ahnlab Inc.

    9,163       451,643  

Alteogen Inc.(a)(b)

    56,673       1,984,025  

Amorepacific Corp.(b)

    33,314       2,942,512  

Amorepacific Group

    36,835       790,529  

Asiana Airlines Inc.(a)

    56,186       492,030  

BGF retail Co. Ltd.

    10,242       1,343,817  

BH Co. Ltd.(b)

    46,296       870,746  

Bioneer Corp.(a)(b)

    26,576       969,511  

BNK Financial Group Inc.

    265,632       1,408,799  

Bukwang Pharmaceutical Co. Ltd.(a)

    72,368       378,970  

Celltrion Healthcare Co. Ltd.

    118,008       6,096,489  

Celltrion Inc.(b)

    124,290       14,299,226  

Celltrion Pharm Inc.(a)(b)

    24,565       1,710,419  

Chabiotech Co. Ltd.(a)

    117,876       1,161,589  

Cheil Worldwide Inc.

    90,450       1,287,261  

Chunbo Co. Ltd.(b)

    15,142       2,263,784  

CJ CGV Co. Ltd.(a)

    57,806       421,862  

CJ CheilJedang Corp.

    8,767       1,924,533  

CJ Corp.

    16,691       848,530  

CJ ENM Co. Ltd.(a)

    11,860       598,466  

CJ Logistics Corp.

    11,840       668,910  

Com2uSCorp

    16,150       690,564  

Cosmax Inc.(a)(b)

    32,300       2,598,154  

CosmoAM&T Co. Ltd.(a)

    30,164       4,301,118  

Cosmochemical Co. Ltd.(a)(b)

    40,718       1,775,047  

Coway Co. Ltd.

    61,767       1,984,956  

CS Wind Corp.(b)

    32,960       1,917,856  

Daejoo Electronic Materials Co. Ltd.(b)

    21,037       1,662,829  

Daesang Corp.

    39,383       525,328  

Daewoo Engineering & Construction Co.
Ltd.(a)

    241,803       857,760  

Daewoong Pharmaceutical Co. Ltd.(b)

    8,311       664,602  

Dawonsys Co. Ltd.(a)

    65,315       719,397  

DB HiTek Co. Ltd.(b)

    51,404       2,381,792  

DB Insurance Co. Ltd.

    53,673       3,173,704  

Dentium Co. Ltd.

    15,778       1,779,381  

DGB Financial Group Inc.

    236,368       1,355,513  

DL E&C Co. Ltd.

    37,656       904,136  

DL Holdings Co. Ltd.

    15,028       462,599  

Dong-A Socio Holdings Co. Ltd.

    11,625       751,975  

Dong-A ST Co. Ltd.

    19,580       808,031  

Dongjin Semichem Co. Ltd.(b)

    83,671       2,782,363  

Dongkuk CM Co. Ltd.(a)

    29,937       236,509  

Dongkuk Steel Mill Co. Ltd/New(a)

    49,672       503,481  

Doosan Bobcat Inc.

    55,080       2,526,602  

Doosan Enerbility Co. Ltd.(a)

    513,288       7,045,389  

Doosan Fuel Cell Co. Ltd.(a)(b)

    66,821       1,426,103  

DoubleUGames Co. Ltd.(b)

    16,238       510,732  

Douzone Bizon Co. Ltd.

    28,706       617,522  

Ecopro BM Co. Ltd.

    57,354       18,865,397  

Ecopro Co. Ltd.(b)

    23,516       22,275,920  

Ecopro HN Co. Ltd.(b)

    27,585       1,968,260  

E-MART Inc.

    21,983       1,304,853  

Eo Technics Co. Ltd.(b)

    18,249       2,292,301  

F&F Co. Ltd./New(b)

    22,855       1,855,560  
Security   Shares     Value  
South Korea (continued)            

Fila Holdings Corp.

    63,336     $ 1,970,118  

Foosung Co. Ltd.(b)

    110,780       1,177,549  

GC Cell Corp.(b)

    32,030       944,225  

GemVax & Kael Co. Ltd.(a)(b)

    80,273       821,636  

Geneone Life Science Inc.(a)

    107,780       363,852  

Genexine Inc.(a)

    104,959       799,597  

Grand Korea Leisure Co. Ltd.(a)

    73,764       799,734  

Green Cross Corp.

    11,204       977,091  

Green Cross Holdings Corp.(b)

    35,686       383,687  

GS Engineering & Construction Corp.

    163,213       1,872,409  

GS Holdings Corp.

    60,141       1,777,132  

GS Retail Co. Ltd.

    38,187       636,181  

Hana Financial Group Inc.

    355,190        10,945,357  

Hana Tour Service Inc.(a)

    35,995       1,372,884  

Hanall Biopharma Co. Ltd.(a)(b)

    60,443       1,135,807  

Handsome Co. Ltd.

    33,660       547,192  

Hankook Tire & Technology Co. Ltd.

    95,912       2,909,134  

Hanmi Pharm Co. Ltd.

    8,967       1,874,897  

Hanmi Semiconductor Co. Ltd.

    78,203       2,975,913  

Hanon Systems

    253,381       1,694,820  

Hansol Chemical Co. Ltd.(b)

    12,435       1,911,272  

Hanssem Co. Ltd.(a)

    12,601       458,332  

Hanwha Aerospace Co. Ltd.

    45,027       4,319,878  

Hanwha Corp.

    64,296       1,556,271  

Hanwha Galleria Co. Ltd.(a)

    212,906       220,042  

Hanwha Life Insurance Co. Ltd.(a)

    584,177       1,083,601  

Hanwha Solutions Corp.(a)

    116,289       3,451,367  

HD Hyundai Co. Ltd.

    53,018       2,560,299  

HD Hyundai Heavy Industries Co. Ltd.(a)

    21,864       2,396,875  

HD Hyundai Infracore Co. Ltd.

    152,407       1,474,079  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)

    42,498       4,113,685  

HDC Hyundai Development Co-Engineering & Construction, Class E

    63,396       515,609  

Helixmith Co. Ltd.(a)(b)

    73,846       339,084  

HL Mando Co. Ltd.

    50,369       1,824,151  

HLB Inc.(a)

    129,643       3,343,202  

HLB Life Science Co. Ltd.(a)(b)

    112,815       804,362  

HMM Co. Ltd.

    313,674       4,305,488  

Hotel Shilla Co. Ltd.

    37,972       2,243,222  

Hugel Inc.(a)

    14,018       1,185,991  

HYBE Co. Ltd.(a)

    21,301       4,386,673  

Hyosung Advanced Materials Corp.

    4,159       1,549,158  

Hyosung Corp.

    11,840       559,582  

Hyosung TNC Corp.

    3,715       988,537  

Hyundai Autoever Corp.

    11,417       1,370,748  

Hyundai Bioscience Co. Ltd.(a)(b)

    66,443       1,295,076  

Hyundai Department Store Co. Ltd.

    20,394       886,387  

Hyundai Elevator Co. Ltd.(b)

    58,813       1,927,653  

Hyundai Engineering & Construction Co. Ltd.

    80,513       2,363,003  

Hyundai Glovis Co. Ltd.

    21,179       2,895,976  

Hyundai Green Food, NVS

    56,626       514,883  

Hyundai Home Shopping Network Corp.

    15,833       527,397  

Hyundai Marine & Fire Insurance Co. Ltd.

    92,062       2,066,958  

Hyundai Mipo Dockyard Co. Ltd.(a)(b)

    33,412       2,448,502  

Hyundai Mobis Co. Ltd.

    71,986       13,153,016  

Hyundai Motor Co.

    159,720       24,557,493  

Hyundai Rotem Co. Ltd.(a)

    96,421       2,371,535  

Hyundai Steel Co.

    96,266       2,729,052  

Hyundai Wia Corp.

    17,876       885,659  

 

 

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

  121


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)            

Il Dong Pharmaceutical Co. Ltd.(a)

    27,477     $ 352,967  

Iljin Materials Co. Ltd.(b)

    34,126       1,468,164  

Industrial Bank of Korea

    155,764       1,269,879  

JB Financial Group Co. Ltd.

    383,174       2,570,988  

JW Pharmaceutical Corp.

    51,336       1,712,459  

JYP Entertainment Corp.

    44,957       4,813,224  

Kakao Corp.

    364,418       14,670,349  

Kakao Games Corp.(a)

    55,202       1,366,073  

Kakao Pay Corp.(a)

    47,929       1,886,378  

KakaoBank Corp.(b)

    182,332       3,719,353  

Kangwon Land Inc.

    105,160       1,287,115  

KB Financial Group Inc.

    459,517        18,404,297  

KCC Corp.

    7,961       1,324,796  

KEPCO Engineering & Construction Co. Inc.

    23,040       1,366,946  

KEPCO Plant Service & Engineering Co. Ltd.

    26,600       705,505  

Kia Corp.

    301,996       19,599,331  

KIWOOM Securities Co. Ltd.

    21,269       1,621,673  

KMW Co. Ltd.(a)

    74,974       695,864  

Koh Young Technology Inc.(b)

    89,948       975,973  

Kolmar Korea Co. Ltd.(b)

    47,237       1,790,695  

Kolon Industries Inc.

    24,923       1,011,160  

Komipharm International Co. Ltd.(a)(b)

    82,840       397,167  

Korea Aerospace Industries Ltd.

    82,998       3,204,430  

Korea Electric Power Corp.(a)

    280,993       4,233,922  

Korea Investment Holdings Co. Ltd.

    46,408       1,778,308  

Korea Zinc Co. Ltd.

    9,030       3,498,065  

Korean Air Lines Co. Ltd.

    186,950       3,608,549  

Korean Reinsurance Co.

    212,827       1,154,600  

Krafton Inc.(a)

    33,092       4,460,744  

KT Corp.

    51,081       1,182,909  

KT&G Corp.

    120,827       7,818,459  

Kum Yang Co. Ltd.(a)(b)

    43,205       5,406,846  

Kumho Petrochemical Co. Ltd.(b)

    22,087       2,079,904  

Kumho Tire Co. Inc.(a)

    186,618       663,100  

L&F Co. Ltd.(b)

    29,645       5,991,424  

LegoChem Biosciences Inc.(a)(b)

    36,948       1,021,958  

LF Corp.

    72,367       788,463  

LG Chem Ltd.

    56,468       28,725,599  

LG Corp.

    103,469       6,773,524  

LG Display Co. Ltd.(a)(b)

    235,699       2,492,083  

LG Electronics Inc.

    125,372       10,671,835  

LG Energy Solution(a)(b)

    39,618       17,405,434  

LG H&H Co. Ltd.

    10,162       3,409,581  

LG Innotek Co. Ltd.

    17,005       3,526,067  

LG Uplus Corp.

    195,032       1,530,796  

LIG Nex1 Co. Ltd.(b)

    20,839       1,253,909  

Lotte Chemical Corp.

    21,155       2,499,687  

Lotte Chilsung Beverage Co. Ltd.

    4,748       455,840  

Lotte Fine Chemical Co. Ltd.

    39,421       2,004,113  

Lotte Shopping Co. Ltd.

    11,836       649,994  

Lotte Wellfood Co. Ltd.(b)

    6,530       486,463  

LS Corp.(b)

    27,110       2,570,953  

LS Electric Co. Ltd.

    20,673       1,713,473  

LX Holdings Corp.

    131,130       853,935  

LX International Corp.

    40,808       1,231,000  

LX Semicon Co. Ltd.

    16,181       1,299,572  

Medytox Inc.(b)

    8,212       1,399,814  

Meritz Financial Group Inc.

    131,422       5,074,247  

Mirae Asset Securities Co. Ltd.

    306,184       1,664,479  

Naturecell Co. Ltd.(a)(b)

    78,308       481,896  
Security   Shares     Value  
South Korea (continued)            

NAVER Corp.

    150,229     $  26,765,903  

NCSoft Corp.

    18,400       3,991,809  

NEPES Corp.(a)(b)

    58,292       1,026,014  

Netmarble Corp.(a)(c)

    26,795       1,034,704  

Nexen Tire Corp.

    48,963       329,802  

Nexon Games Co. Ltd.(a)(b)

    56,420       952,232  

NH Investment & Securities Co. Ltd.

    219,618       1,705,536  

NHN Corp.(a)(b)

    34,976       689,036  

NHN KCP Corp.(b)

    65,630       468,111  

NongShim Co. Ltd.(b)

    5,458       1,698,197  

OCI Co. Ltd.(a)(b)

    9,349       998,967  

OCI Holdings Co. Ltd.

    18,150       1,557,719  

Orion Corp./Republic of Korea

    28,039       2,495,618  

Oscotec Inc.(a)

    56,282       1,530,043  

Pan Ocean Co. Ltd.

    354,924       1,330,885  

Paradise Co. Ltd.(a)

    57,062       643,004  

Pearl Abyss Corp.(a)(b)

    43,156       1,897,084  

Pharmicell Co. Ltd.(a)

    100,967       540,741  

PI Advanced Materials Co. Ltd.(b)

    26,582       640,921  

Poongsan Corp.

    24,389       717,564  

POSCO Future M Co. Ltd.(b)

    35,456       14,668,553  

POSCO Holdings Inc.

    82,267       41,452,797  

Posco International Corp.(b)

    60,934       4,311,871  

Rainbow Robotics(a)(b)

    18,359       1,643,394  

RFHIC Corp.(b)

    52,007       748,315  

S-1 Corp.

    19,725       791,618  

Sam Chun Dang Pharm Co. Ltd.(a)(b)

    30,841       1,543,137  

Samsung Biologics Co. Ltd.(a)(c)

    20,767       12,469,917  

Samsung C&T Corp.

    100,162       8,115,188  

Samsung Electro-Mechanics Co. Ltd.

    66,497       7,585,902  

Samsung Electronics Co. Ltd.

    5,387,144       294,960,292  

Samsung Engineering Co. Ltd.(a)

    177,545       5,150,052  

Samsung Fire & Marine Insurance Co. Ltd.

    36,250       6,929,063  

Samsung Heavy Industries Co. Ltd.(a)

    681,981       4,833,627  

Samsung Life Insurance Co. Ltd.

    79,033       4,323,755  

Samsung SDI Co. Ltd.

    62,286       32,513,574  

Samsung SDS Co. Ltd.

    41,099       4,137,576  

Samsung Securities Co. Ltd.

    78,002       2,196,596  

SD Biosensor Inc.(b)

    54,240       551,137  

Seah Besteel Holdings Corp.

    20,779       458,353  

Seegene Inc.

    54,100       988,994  

Seojin System Co. Ltd.(a)

    69,667       950,527  

Seoul Semiconductor Co. Ltd.

    115,141       1,057,249  

SFA Engineering Corp.

    38,771       1,119,787  

Shin Poong Pharmaceutical Co. Ltd.(a)

    53,841       753,582  

Shinhan Financial Group Co. Ltd.

    500,137       13,765,416  

Shinsegae Inc.(b)

    8,504       1,274,772  

Shinsegae International Inc.

    18,754       242,195  

SK Biopharmaceuticals Co. Ltd.(a)

    37,745       2,410,247  

SK Bioscience Co. Ltd.(a)

    36,668       2,111,512  

SK Chemicals Co. Ltd.

    20,006       995,911  

SK Hynix Inc.

    617,263       59,778,815  

SK IE Technology Co. Ltd.(a)(c)

    34,395       2,898,242  

SK Inc.

    43,948       5,267,791  

SK Innovation Co. Ltd.(a)

    61,647       10,456,509  

SK Networks Co. Ltd.(b)

    125,091       588,031  

SK Square Co. Ltd.(a)

    80,173       2,791,288  

SKC Co. Ltd.(b)

    29,667       2,309,480  

SM Entertainment Co. Ltd.(b)

    23,853       2,447,737  

S-Oil Corp.

    51,912       3,051,603  

 

 

122  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)            

Solus Advanced Materials Co. Ltd.

    27,827     $ 783,053  

Soulbrain Co. Ltd.

    9,318       1,993,531  

Taihan Electric Wire Co. Ltd.(a)(b)

    96,140       981,963  

TKG Huchems Co. Ltd.(b)

    39,610       690,515  

Tongyang Life Insurance Co. Ltd.(a)

    107,258       297,292  

Webzen Inc.

    34,492       397,387  

Wemade Co. Ltd.(b)

    29,222       839,091  

Woori Financial Group Inc.

    530,645       4,849,655  

Wysiwyg Studious Co. Ltd.(a)(b)

    225,700       521,019  

YG Entertainment Inc.

    18,444        1,102,102  

Youngone Corp.

    21,168       959,152  

Youngone Holdings Co. Ltd.

    23,270       1,407,040  

Yuhan Corp.

    69,359       3,968,440  

Yungjin Pharmaceutical Co. Ltd.(a)

    212,536       413,014  
   

 

 

 
       1,145,530,796  
Spain — 1.5%            

Acciona SA

    32,273       4,837,682  

Acerinox SA

    175,147       1,843,844  

ACS Actividades de Construccion y Servicios SA

    219,324       7,671,677  

Aena SME SA(c)

    81,698       13,046,528  

Almirall SA

    127,700       1,224,991  

Amadeus IT Group SA

    507,855       36,431,532  

Applus Services SA

    238,698       2,560,640  

Atresmedia Corp. de Medios de Comunicacion SA

    138,677       574,848  

Banco Bilbao Vizcaya Argentaria SA

    6,793,814       53,850,312  

Banco de Sabadell SA

    6,453,668       7,953,325  

Banco Santander SA

    18,472,479       74,855,680  

Bankinter SA

    780,974       5,052,935  

CaixaBank SA

    4,781,544       19,342,304  

Cellnex Telecom SA(c)

    661,926       27,032,448  

Cia. de Distribucion Integral Logista Holdings SA

    66,802       1,858,770  

Cie. Automotive SA

    106,698       3,343,977  

Construcciones y Auxiliar de Ferrocarriles SA

    42,483       1,448,703  

Corp. ACCIONA Energias Renovables SA

    64,869       2,041,801  

Ebro Foods SA

    82,303       1,517,186  

EDP Renovaveis SA

    313,367       5,985,591  

Enagas SA

    107,612       1,909,739  

Ence Energia y Celulosa SA

    277,571       845,320  

Endesa SA

    305,508       6,547,906  

Faes Farma SA

    755,938       2,619,405  

Fluidra SA

    137,007       3,029,937  

Gestamp Automocion SA(c)

    202,590       983,574  

Global Dominion Access SA(c)

    306,988       1,291,065  

Grifols SA(a)

    311,970       4,582,935  

Iberdrola SA

    6,806,866       84,960,105  

Indra Sistemas SA

    260,170       3,783,814  

Industria de Diseno Textil SA

    1,223,948       46,850,059  

Inmobiliaria Colonial SOCIMI SA

    352,472       2,275,298  

Lar Espana Real Estate SOCIMI SA

    82,120       531,814  

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros

    816,625       792,828  

Mapfre SA

    568,994       1,182,630  

Melia Hotels International SA(a)(b)

    184,510       1,354,551  

Merlin Properties SOCIMI SA

    413,612       3,854,438  

Naturgy Energy Group SA

    143,830       4,385,480  

Neinor Homes SA(c)

    57,545       569,437  

Pharma Mar SA

    26,483       995,694  

Prosegur Cia. de Seguridad SA

    404,455       743,847  

Redeia Corp. SA

    286,554       4,792,805  
Security   Shares     Value  
Spain (continued)            

Repsol SA

    1,527,434     $   23,319,977  

Sacyr SA

    706,056       2,413,800  

Solaria Energia y Medio Ambiente SA(a)

    121,450       1,899,630  

Talgo SA(c)

    227,294       939,420  

Talgo SA, NVS

    6,494       26,841  

Tecnicas Reunidas SA(a)

    97,592       940,411  

Telefonica SA

    5,717,696       24,361,748  

Unicaja Banco SA(c)

    1,789,443       2,088,585  

Viscofan SA

    46,331       3,007,854  
   

 

 

 
       510,355,721  
Sweden — 2.2%            

AAK AB

    183,675       3,530,468  

AddLife AB, Class B

    163,673       1,332,917  

AddTech AB, Class B

    313,892       5,847,749  

AFRY AB

    137,295       1,905,332  

Alfa Laval AB

    331,591       12,412,619  

Alimak Group AB(c)

    71,472       519,759  

Alleima AB, NVS

    273,516       1,188,123  

Arjo AB, Class B

    351,689       1,504,702  

Assa Abloy AB, Class B

    1,140,420       27,418,985  

Atlas Copco AB, Class A

    3,073,037       43,655,210  

Atlas Copco AB, Class B

    1,728,378       21,343,595  

Attendo AB(a)(c)

    121,070       368,050  

Avanza Bank Holding AB(b)

    153,460       3,475,157  

Axfood AB

    118,478       3,018,677  

Beijer Ref AB, Class B

    462,771       6,293,000  

Betsson AB

    265,586       3,213,570  

Bilia AB, Class A

    112,868       1,186,164  

Billerud AB

    278,760       2,377,163  

BioArctic AB, Class B(a)(b)(c)

    50,577       1,449,204  

BioGaia AB, Class B

    171,345       1,699,386  

Biotage AB

    111,508       1,376,416  

Boliden AB

    309,176       9,092,632  

Bravida Holding AB(c)

    267,192       2,147,450  

Bufab AB

    47,516       1,390,853  

Bure Equity AB

    60,437       1,285,815  

Castellum AB

    480,201       5,468,585  

Cellavision AB

    23,284       485,526  

Clas Ohlson AB, Class B

    67,662       551,111  

Cloetta AB, Class B

    539,566       965,916  

Corem Property Group AB, Class B

    949,626       640,532  

Dios Fastigheter AB

    134,762       918,914  

Dometic Group AB(c)

    391,984       2,920,760  

Dustin Group AB(a)(c)

    139,260       363,259  

Electrolux AB, Class B

    253,840       3,135,241  

Electrolux Professional AB, Class B

    425,614       2,397,821  

Elekta AB, Class B

    393,109       3,184,664  

Embracer Group AB, Class B(a)(b)

    780,695       2,240,823  

Epiroc AB, Class A

    735,213       14,678,989  

Epiroc AB, Class B

    471,529       8,010,841  

EQT AB

    441,808       10,553,505  

Essity AB, Class B

    734,999       18,225,242  

Evolution AB(c)

    211,957       26,136,966  

Fabege AB

    276,258       2,392,504  

Fastighets AB Balder, Class B(a)

    763,770       3,564,110  

Fortnox AB

    744,296       4,568,361  

Getinge AB, Class B

    259,272       4,831,020  

Granges AB

    131,232       1,340,390  

H & M Hennes & Mauritz AB, Class B

    743,795       12,510,458  

Hexagon AB, Class B

    2,536,468       24,593,104  

 

 

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

  123


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Sweden (continued)            

Hexatronic Group AB(b)

    273,823     $ 2,074,924  

Hexpol AB

    341,716       3,707,106  

HMS Networks AB

    61,268       2,474,058  

Holmen AB, Class B

    114,201       4,399,106  

Hufvudstaden AB, Class A

    148,269       1,815,112  

Husqvarna AB, Class B

    534,862       5,246,226  

Industrivarden AB, Class A

    152,641       4,334,540  

Industrivarden AB, Class C

    197,841       5,604,988  

Indutrade AB

    373,038       7,828,702  

Instalco AB

    354,930       1,396,492  

Intrum AB(b)

    108,277       843,608  

Investment AB Latour, Class B

    154,238       3,108,146  

Investor AB, Class A

    553,858        11,247,971  

Investor AB, Class B

    1,933,939       39,498,745  

INVISIO AB

    78,106       1,625,501  

JM AB(b)

    141,629       2,225,263  

Kambi Group PLC, Class B(a)

    41,748       790,598  

Kindred Group PLC

    274,501       3,301,834  

Kinnevik AB, Class B(a)

    270,040       3,685,695  

L E Lundbergforetagen AB, Class B

    70,542       3,108,745  

Lifco AB, Class B

    303,836       6,125,894  

Lindab International AB

    146,199       2,266,624  

Loomis AB, Class B

    84,805       2,473,978  

MEKO AB

    85,725       894,788  

Millicom International Cellular SA, SDR(a)

    196,352       3,048,794  

MIPS AB

    44,673       2,022,564  

Modern Times Group MTG AB, Class B(a)

    130,090       846,128  

Munters Group AB(c)

    176,235       2,236,844  

Mycronic AB

    107,156       2,305,970  

NCC AB, Class B

    143,189       1,541,984  

Nibe Industrier AB, Class B

    1,751,536       15,777,418  

Nobia AB(a)

    314,777       340,295  

Nolato AB, Class B

    340,422       1,407,054  

Nordea Bank Abp

    3,527,520       39,925,655  

Nordnet AB publ

    181,315       2,690,221  

Nyfosa AB

    309,134       1,961,102  

Pandox AB, Class B

    109,399       1,289,982  

Paradox Interactive AB

    52,148       1,497,105  

Peab AB, Class B

    216,354       957,074  

Platzer Fastigheter Holding AB, Class B

    92,863       705,753  

PowerCell Sweden AB(a)(b)

    96,488       888,636  

Ratos AB, Class B

    372,316       1,237,724  

Resurs Holding AB(c)

    195,574       474,028  

Saab AB, Class B

    90,338       4,761,636  

Sagax AB, Class B

    212,989       4,729,561  

Samhallsbyggnadsbolaget i Norden AB(b)

    1,578,878       682,684  

Sandvik AB

    1,181,868       24,006,721  

Scandic Hotels Group AB(a)(b)(c)

    407,531       1,607,088  

Sectra AB, NVS

    147,327       2,359,081  

Securitas AB, Class B

    522,097       4,443,971  

Sinch AB(a)(b)(c)

    981,493       2,543,869  

Skandinaviska Enskilda Banken AB, Class A

    1,795,109       21,760,724  

Skanska AB, Class B

    366,793       5,850,123  

SKF AB, Class B

    357,379       6,808,937  

SSAB AB, Class A

    159,823       1,014,148  

SSAB AB, Class B

    974,230       5,960,294  

Stillfront Group AB(a)

    641,682       1,187,511  

Storskogen Group AB

    1,792,178       1,844,741  

Svenska Cellulosa AB SCA, Class B

    727,996       9,673,223  

Svenska Handelsbanken AB, Class A

    1,578,915       13,862,806  
Security   Shares     Value  
Sweden (continued)            

Sweco AB, Class B

    229,543     $ 2,363,820  

Swedbank AB, Class A

    940,313       17,246,928  

Swedish Orphan Biovitrum AB(a)(b)

    184,991       3,620,842  

Tele2 AB, Class B

    525,176       3,951,715  

Telefonaktiebolaget LM Ericsson, Class B

    3,275,833       16,478,992  

Telia Co. AB

    2,491,977       5,355,212  

Thule Group AB(c)

    156,315       4,881,158  

Trelleborg AB, Class B

    257,886       6,865,607  

Truecaller AB(a)(b)

    275,041       1,089,516  

Viaplay Group AB, Class B(a)(b)

    91,750       398,334  

Vitrolife AB

    94,002       1,394,851  

Volvo AB, Class A

    233,531       5,295,538  

Volvo AB, Class B

    1,613,835       35,598,966  

Volvo Car AB, Class B(a)(b)

    631,330       3,120,663  

Wallenstam AB, Class B

    462,199       1,801,870  

Wihlborgs Fastigheter AB

    360,930       2,822,414  
   

 

 

 
       740,328,157  
Switzerland — 6.2%            

ABB Ltd., Registered

    1,776,150       71,272,487  

Accelleron Industries AG, NVS

    100,683       2,652,535  

Adecco Group AG, Registered

    169,495       6,907,655  

Alcon Inc.

    566,559       48,209,422  

Allreal Holding AG, Registered

    12,385       2,275,351  

ALSO Holding AG, Registered

    9,231       2,112,355  

Aryzta AG(a)

    2,328,441       3,979,518  

Autoneum Holding AG(a)(b)

    5,669       976,916  

Bachem Holding AG, Class A

    36,202       3,344,019  

Baloise Holding AG, Registered

    52,980       8,200,712  

Banque Cantonale Vaudoise, Registered

    32,937       3,696,894  

Barry Callebaut AG, Registered

    3,719       6,973,124  

Basilea Pharmaceutica AG, Registered(a)(b)

    28,598       1,441,797  

Belimo Holding AG, Registered

    11,536       6,217,324  

Bell Food Group AG, Registered

    2,275       672,402  

BKW AG

    28,837       5,160,215  

Bossard Holding AG, Class A, Registered

    8,266       1,931,830  

Bucher Industries AG, Registered

    6,825       3,041,308  

Burckhardt Compression Holding AG

    5,515       3,250,212  

Bystronic AG, Registered

    1,498       1,049,561  

Cembra Money Bank AG

    37,630       2,856,204  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    1,300       15,899,300  

Chocoladefabriken Lindt & Spruengli AG, Registered

    121       14,705,782  

Cie. Financiere Richemont SA, Class A, Registered

    597,083       96,149,948  

Clariant AG, Registered

    228,350       3,741,784  

Coca-Cola HBC AG, Class DI

    242,421       7,132,736  

Comet Holding AG, Registered

    11,342       2,983,790  

COSMO Pharmaceuticals NV

    18,080       928,827  

Daetwyler Holding AG, Bearer

    8,608       1,702,733  

DKSH Holding AG

    41,484       3,347,467  

DocMorris AG(a)

    16,325       999,067  

dormakaba Holding AG

    4,030       1,964,957  

DSM-Firmenich AG

    199,023       21,991,999  

Dufry AG, Registered(a)

    100,870       5,211,797  

EFG International AG

    216,100       2,695,916  

Emmi AG, Registered

    1,546       1,512,997  

EMS-Chemie Holding AG, Registered

    7,899       6,592,899  

Flughafen Zurich AG, Registered

    21,218       4,491,791  

Forbo Holding AG, Registered

    1,513       2,176,561  

 

 

124  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Switzerland (continued)            

Galenica AG(c)

    58,084     $ 4,674,604  

Geberit AG, Registered

    41,982       23,824,866  

Georg Fischer Ltd.

    87,344       5,965,265  

Givaudan SA, Registered

    10,559       35,641,592  

Helvetia Holding AG, Registered

    42,315       6,261,901  

Holcim Ltd.

    617,573       43,042,932  

Huber + Suhner AG, Registered

    33,507       2,894,115  

Idorsia Ltd.(a)(b)

    137,603       1,091,385  

Implenia AG, Registered

    18,572       904,602  

Inficon Holding AG, Registered

    2,350       3,012,777  

Interroll Holding AG, Registered

    775       2,479,001  

Julius Baer Group Ltd.

    246,859       17,484,414  

Kardex Holding AG, Registered

    9,955       2,490,914  

Komax Holding AG, Registered

    6,097       1,498,866  

Kuehne + Nagel International AG, Registered

    61,949       19,383,590  

Landis+Gyr Group AG

    32,835       2,851,042  

LEM Holding SA, Registered

    842       2,027,636  

Leonteq AG

    15,913       751,327  

Logitech International SA, Registered

    195,046       13,789,544  

Lonza Group AG, Registered

    84,506        49,101,020  

Medmix AG(c)

    35,043       978,081  

Meyer Burger Technology AG(a)(b)

    3,768,383       2,265,667  

Mobilezone Holding AG, Registered

    175,929       2,932,016  

Mobimo Holding AG, Registered

    11,513       3,404,591  

Nestle SA, Registered

    3,100,203       379,834,166  

Novartis AG, Registered

    2,304,670       241,292,342  

OC Oerlikon Corp. AG, Registered

    281,649       1,531,482  

Partners Group Holding AG

    25,839       29,007,731  

PSP Swiss Property AG, Registered

    53,790       6,338,614  

Roche Holding AG, Bearer

    34,654       11,490,263  

Roche Holding AG, NVS

    796,727       247,026,275  

Schindler Holding AG, Participation Certificates, NVS

    48,555       11,789,963  

Schindler Holding AG, Registered

    26,381       6,116,741  

Schweiter Technologies AG, NVS

    1,583       1,218,519  

Sensirion Holding AG(a)(b)(c)

    15,377       1,347,575  

SFS Group AG

    20,816       2,474,558  

SGS SA

    173,750       16,870,258  

Siegfried Holding AG, Registered

    5,139       4,540,453  

Siemens Energy AG(a)

    594,840       10,077,561  

SIG Group AG

    360,794       9,645,347  

Sika AG, Registered

    166,352       51,774,978  

Softwareone Holding AG

    129,956       2,781,390  

Sonova Holding AG, Registered

    60,012       16,728,045  

St. Galler Kantonalbank AG, Class A, Registered

    4,638       2,652,636  

Stadler Rail AG

    62,447       2,507,724  

STMicroelectronics NV

    780,214       41,730,803  

Straumann Holding AG

    128,655       21,288,915  

Sulzer AG, Registered

    28,310       2,779,238  

Swatch Group AG (The), Bearer

    31,096       9,951,978  

Swatch Group AG (The), Registered

    62,657       3,762,724  

Swiss Life Holding AG, Registered

    35,469       22,553,108  

Swiss Prime Site AG, Registered

    85,371       8,264,713  

Swiss Re AG

    333,175       34,763,245  

Swisscom AG, Registered

    28,869       18,564,371  

Swissquote Group Holding SA, Registered

    14,204       3,217,098  

Tecan Group AG, Registered

    14,482       5,762,840  

Temenos AG, Registered

    75,916       6,528,986  

UBS Group AG, Registered

    3,768,844       83,626,398  

Valiant Holding AG, Registered

    23,480       2,583,574  
Security   Shares     Value  
Switzerland (continued)            

VAT Group AG(c)

    33,515     $   14,245,448  

Vontobel Holding AG, Registered

    38,224       2,575,059  

Ypsomed Holding AG, Registered

    7,857       2,306,743  

Zurich Insurance Group AG

    168,021       81,237,901  
   

 

 

 
       2,051,993,703  
Taiwan — 4.4%            

Accton Technology Corp.

    584,000       7,125,009  

Acer Inc.

    2,305,148       2,574,249  

Advanced Ceramic X Corp.

    114,000       739,607  

Advanced Energy Solution Holding Co. Ltd.

    60,000       1,325,372  

Advanced Wireless Semiconductor Co.(a)

    527,631       1,553,951  

Advantech Co. Ltd.

    495,756       6,190,871  

Airtac International Group

    155,185       4,615,641  

Alchip Technologies Ltd.

    94,000       5,983,182  

Andes Technology Corp.

    58,000       849,911  

AP Memory Technology Corp.

    178,000       2,169,128  

ASE Technology Holding Co. Ltd.

    3,414,958       12,499,018  

Asia Cement Corp.

    2,001,329       2,567,576  

Asia Optical Co. Inc.

    590,000       1,204,161  

Asia Vital Components Co. Ltd.

    412,709       4,241,242  

ASMedia Technology Inc.

    51,000       1,600,225  

ASPEED Technology Inc.

    35,600       2,634,153  

Asustek Computer Inc.

    736,000       8,548,121  

AUO Corp.

    6,867,400       4,530,302  

AURAS Technology Co. Ltd.

    211,000       1,941,192  

BES Engineering Corp.

    7,237,000       2,315,204  

Bizlink Holding Inc.

    246,443       2,376,013  

Bora Pharmaceuticals Co. Ltd.

    58,000       1,666,519  

Brighton-Best International Taiwan Inc.

    950,000       1,003,902  

Capital Securities Corp.

    5,395,450       2,742,761  

Career Technology MFG. Co. Ltd.(a)

    1,081,752       848,015  

Catcher Technology Co. Ltd.

    548,000       3,030,288  

Cathay Financial Holding Co. Ltd.

    9,769,254       14,239,412  

Center Laboratories Inc.

    842,927       1,598,675  

Century Iron & Steel Industrial Co. Ltd.

    450,000       2,301,481  

Chailease Holding Co. Ltd.

    1,638,481       10,849,024  

Chang Hwa Commercial Bank Ltd.

    5,328,625       3,199,243  

Cheng Loong Corp.

    1,613,000       1,774,282  

Cheng Shin Rubber Industry Co. Ltd.

    1,492,500       1,829,404  

Cheng Uei Precision Industry Co. Ltd.

    622,000       771,753  

Chicony Electronics Co. Ltd.

    674,137       2,245,729  

China Airlines Ltd.

    2,923,000       2,324,431  

China Bills Finance Corp.

    5,086,000       2,387,644  

China Development Financial Holding
Corp.(a)

    19,276,340       7,707,176  

China Man-Made Fiber Corp.(a)

    6,670,135       1,710,480  

China Petrochemical Development Corp.(a)

    7,288,587       2,180,625  

China Steel Chemical Corp.

    475,000       1,642,219  

China Steel Corp.

    13,181,575       11,727,256  

Chin-Poon Industrial Co. Ltd.

    918,000       997,361  

Chipbond Technology Corp.

    1,061,000       2,345,521  

ChipMOS Technologies Inc.

    1,633,000       1,861,147  

Chlitina Holding Ltd.

    156,000       941,506  

Chroma ATE Inc.

    350,000       3,082,993  

Chung-Hsin Electric & Machinery Manufacturing Corp.

    663,000       2,472,915  

Chunghwa Precision Test Tech Co. Ltd.

    41,000       673,676  

Chunghwa Telecom Co. Ltd.

    4,059,000       14,973,473  

Compal Electronics Inc.

    3,329,000       3,231,885  

Compeq Manufacturing Co. Ltd.

    1,407,000       2,042,509  

Coretronic Corp.

    729,000       1,639,857  

 

 

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

  125


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Taiwan (continued)            

CTBC Financial Holding Co. Ltd.

    20,750,980     $ 17,359,602  

CTCI Corp.

    1,060,000       1,361,365  

Cub Elecparts Inc.(a)

    152,401       741,825  

Darfon Electronics Corp.

    1,353,000       1,893,450  

Delta Electronics Inc.

    2,166,000        25,285,244  

E Ink Holdings Inc.

    1,094,000       7,845,971  

E.Sun Financial Holding Co. Ltd.

    17,700,119       14,578,453  

Eclat Textile Co. Ltd.

    188,365       3,258,628  

EirGenix Inc.(a)

    286,000       956,703  

Elan Microelectronics Corp.

    581,000       2,158,667  

Elite Material Co. Ltd.

    411,000       5,438,907  

Elite Semiconductor Microelectronics Technology Inc.

    496,000       1,235,614  

eMemory Technology Inc.

    74,000       4,385,118  

Ennoconn Corp.

    139,273       1,344,922  

ENNOSTAR Inc.(a)

    882,500       1,391,384  

Episil Technologies Inc.

    529,350       1,338,827  

Eternal Materials Co. Ltd.

    1,755,253       1,736,047  

Eva Airways Corp.

    2,694,332       3,159,224  

Evergreen Marine Corp. Taiwan Ltd.

    1,157,590       3,838,826  

Everlight Electronics Co. Ltd.

    1,075,000       1,778,088  

Far Eastern Department Stores Ltd.

    1,094,702       761,688  

Far Eastern International Bank

    6,115,436       2,309,632  

Far Eastern New Century Corp.

    2,426,071       2,294,524  

Far EasTone Telecommunications Co. Ltd.

    1,512,000       3,413,890  

Faraday Technology Corp.

    377,400       3,931,043  

Feng Hsin Steel Co. Ltd.

    725,000       1,593,522  

Feng TAY Enterprise Co. Ltd.

    417,468       2,823,587  

First Financial Holding Co. Ltd.

    11,382,486       10,529,781  

Fitipower Integrated Technology Inc.

    225,000       1,012,687  

FLEXium Interconnect Inc.

    476,987       1,413,572  

Formosa Chemicals & Fibre Corp.

    4,548,660       9,469,133  

Formosa Petrochemical Corp.

    953,000       2,432,259  

Formosa Plastics Corp.

    4,348,040       11,512,265  

Fortune Electric Co. Ltd.

    242,000       1,846,092  

Foxconn Technology Co. Ltd.

    826,287       1,467,840  

Fubon Financial Holding Co. Ltd.

    8,052,828       16,807,983  

Fulgent Sun International Holding Co. Ltd.

    250,824       999,851  

General Interface Solution Holding Ltd.

    347,000       747,336  

Genius Electronic Optical Co. Ltd.

    123,281       1,543,333  

Giant Manufacturing Co. Ltd.

    345,189       2,560,619  

Gigabyte Technology Co. Ltd.

    599,000       6,004,376  

Global Unichip Corp.

    111,000       5,805,805  

Globalwafers Co. Ltd.

    228,000       3,736,522  

Gold Circuit Electronics Ltd.

    444,000       2,406,613  

Goldsun Building Materials Co. Ltd.

    1,522,056       1,277,449  

Gourmet Master Co. Ltd.

    129,000       507,743  

Grand Pacific Petrochemical

    1,947,000       1,141,178  

Grape King Bio Ltd.

    210,000       1,217,261  

Great Wall Enterprise Co. Ltd.

    1,836,195       3,500,106  

HannStar Display Corp.(a)

    3,434,000       1,521,434  

Highwealth Construction Corp.

    1,816,299       2,447,172  

Hiwin Technologies Corp.

    589,879       3,970,669  

Holy Stone Enterprise Co. Ltd.

    347,550       1,079,392  

Hon Hai Precision Industry Co. Ltd.

    14,319,769       49,551,134  

Hota Industrial Manufacturing Co. Ltd.

    367,194       782,001  

Hotai Motor Co. Ltd.

    330,000       7,967,922  

HTC Corp.(a)

    887,000       1,579,810  

Hua Nan Financial Holdings Co. Ltd.

    11,250,128       7,969,756  

Huaku Development Co. Ltd.

    568,000       1,637,541  
Security   Shares     Value  
Taiwan (continued)            

IBF Financial Holdings Co. Ltd.(a)

    6,701,221     $ 2,561,526  

Innolux Corp.

    9,273,524       4,924,474  

International CSRC Investment Holdings Co.

    1,872,921       1,239,972  

International Games System Co. Ltd.

    220,000       4,295,647  

Inventec Corp.

    3,083,000       6,271,414  

ITEQ Corp.

    460,101       1,162,979  

Jentech Precision Industrial Co. Ltd.

    186,993       3,170,064  

Kaori Heat Treatment Co. Ltd.

    200,000       2,174,449  

Kenda Rubber Industrial Co. Ltd.

    1,094,968       1,023,342  

King Yuan Electronics Co. Ltd.

    2,011,000       4,040,985  

King’s Town Bank Co. Ltd.

    1,352,000       1,549,410  

Kinsus Interconnect Technology Corp.

    389,000       1,284,541  

LandMark Optoelectronics Corp.

    126,000       470,097  

Largan Precision Co. Ltd.

    107,000       7,421,696  

Lite-On Technology Corp.

    2,072,074       9,963,142  

Lotes Co. Ltd.

    108,841       2,593,374  

Lotus Pharmaceutical Co. Ltd.

    178,000       1,626,512  

Macronix International Co. Ltd.

    1,561,525       1,554,056  

Makalot Industrial Co. Ltd.

    299,866       2,979,137  

MediaTek Inc.

    1,727,970        38,023,825  

Medigen Vaccine Biologics Corp.(a)

    384,595       697,674  

Mega Financial Holding Co. Ltd.

    12,076,464       15,485,765  

Merida Industry Co. Ltd.

    308,350       2,130,331  

Merry Electronics Co. Ltd.

    253,697       737,163  

Microbio Co. Ltd.

    676,803       1,132,917  

Micro-Star International Co. Ltd.

    585,000       3,628,487  

Mitac Holdings Corp.

    2,958,198       4,437,458  

momo.com Inc.

    86,400       1,650,172  

Nan Kang Rubber Tire Co. Ltd.(a)

    907,000       1,096,293  

Nan Ya Plastics Corp.

    5,407,300       12,049,734  

Nan Ya Printed Circuit Board Corp.

    282,000       2,232,912  

Nanya Technology Corp.

    1,140,000       2,630,633  

Nien Made Enterprise Co. Ltd.

    207,000       2,145,751  

Novatek Microelectronics Corp.

    640,000       8,655,060  

Nuvoton Technology Corp.

    362,000       1,619,564  

OBI Pharma Inc.(a)

    414,864       1,141,954  

Oneness Biotech Co. Ltd.

    352,703       2,182,238  

Oriental Union Chemical Corp.

    1,621,000       1,131,048  

Pan Jit International Inc.

    555,000       1,288,767  

Parade Technologies Ltd.

    85,000       2,495,413  

Pegatron Corp.

    1,892,000       4,607,223  

PharmaEssentia Corp.(a)

    273,000       2,978,344  

Phihong Technology Co. Ltd.(a)

    492,000       1,060,831  

Phison Electronics Corp.

    183,000       2,386,006  

Pixart Imaging Inc.

    302,000       1,111,000  

Polaris Group/Tw(a)

    346,000       947,397  

Pou Chen Corp.

    2,233,000       2,222,004  

Powerchip Semiconductor Manufacturing Corp.

    3,322,000       3,175,387  

Powertech Technology Inc.

    416,000       1,466,194  

President Chain Store Corp.

    572,000       5,081,720  

Primax Electronics Ltd.

    684,000       1,406,142  

Prince Housing & Development Corp.

    2,663,521       970,686  

Qisda Corp.

    3,235,000       5,137,681  

Quanta Computer Inc.

    2,980,000       22,671,420  

Radiant Opto-Electronics Corp.

    522,060       2,004,832  

Raydium Semiconductor Corp.

    101,000       1,063,989  

Realtek Semiconductor Corp.

    499,020       6,853,602  

RichWave Technology Corp.(a)

    159,668       821,069  

Ruentex Development Co. Ltd.

    2,542,744       2,885,299  

Ruentex Industries Ltd.

    855,044       1,688,985  

 

 

126  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Taiwan (continued)            

Sanyang Motor Co. Ltd.

    642,000     $ 1,615,221  

Sercomm Corp.

    521,000       2,029,801  

Shanghai Commercial & Savings Bank Ltd. (The)

    4,243,007       5,947,643  

Shihlin Electric & Engineering Corp.

    416,000       1,964,485  

Shin Kong Financial Holding Co. Ltd.(a)

    11,860,422       3,640,413  

Shin Zu Shing Co. Ltd.

    275,190       743,853  

Shinkong Synthetic Fibers Corp.

    4,266,000       2,329,278  

Silergy Corp.

    373,000       3,945,362  

Simplo Technology Co. Ltd.

    197,200       1,930,212  

Sinbon Electronics Co. Ltd.

    280,000       3,002,820  

Sino-American Silicon Products Inc.

    562,000       3,073,000  

SinoPac Financial Holdings Co. Ltd.

    12,131,760       7,204,344  

Sitronix Technology Corp.

    258,000       1,812,153  

St. Shine Optical Co. Ltd.

    71,000       488,857  

Standard Foods Corp.

    829,422       1,048,310  

Synnex Technology International Corp.

    1,338,600       2,522,903  

TA Chen Stainless Pipe

    1,978,561       2,489,665  

Taichung Commercial Bank Co. Ltd.

    4,436,737       2,106,136  

TaiDoc Technology Corp.

    155,000       912,199  

TaiMed Biologics Inc.(a)

    464,000       1,386,309  

Tainan Spinning Co. Ltd.

    2,527,816       1,251,971  

Taishin Financial Holding Co. Ltd.

    12,068,570       7,021,013  

Taiwan Business Bank

    7,709,015       3,539,350  

Taiwan Cement Corp.

    6,829,081       8,114,376  

Taiwan Cooperative Financial Holding Co. Ltd.

    11,129,365       10,418,125  

Taiwan Fertilizer Co. Ltd.

    1,320,000       2,698,136  

Taiwan High Speed Rail Corp.

    1,225,000       1,176,487  

Taiwan Hon Chuan Enterprise Co. Ltd.

    849,696       2,913,845  

Taiwan Mask Corp.

    371,000       900,149  

Taiwan Mobile Co. Ltd.

    1,551,000       4,660,494  

Taiwan Secom Co. Ltd.

    600,105       2,091,755  

Taiwan Semiconductor Co. Ltd.

    484,000       1,365,725  

Taiwan Semiconductor Manufacturing Co. Ltd.

    27,893,000        503,680,605  

Taiwan Surface Mounting Technology Corp.

    417,000       1,202,037  

Taiwan Union Technology Corp.

    417,000       1,660,886  

Tatung Co. Ltd.(a)

    1,738,000       2,742,420  

TCI Co. Ltd.

    156,896       858,536  

Teco Electric and Machinery Co. Ltd.

    1,924,000       3,298,729  

Tong Hsing Electronic Industries Ltd.

    468,409       2,356,119  

Transcend Information Inc.

    781,000       1,771,059  

Tripod Technology Corp.

    450,000       2,422,277  

TSRC Corp.

    1,792,100       1,432,697  

TTY Biopharm Co. Ltd.

    518,965       1,264,311  

Tung Ho Steel Enterprise Corp.

    979,540       1,744,106  

TXC Corp.

    651,000       1,834,392  

Unimicron Technology Corp.

    1,571,000       9,274,880  

Uni-President Enterprises Corp.

    6,166,292       14,793,347  

United Integrated Services Co. Ltd.

    279,000       1,962,601  

United Microelectronics Corp.

    13,132,000       19,733,442  

United Renewable Energy Co. Ltd.

    2,114,000       1,199,427  

UPI Semiconductor Corp.(a)

    234,000       1,840,032  

USI Corp.

    2,079,258       1,543,523  

Vanguard International Semiconductor Corp.

    883,000       2,177,084  

VisEra Technologies Co. Ltd.

    318,000       2,339,669  

Visual Photonics Epitaxy Co. Ltd.

    452,000       1,912,409  

Voltronic Power Technology Corp.

    67,788       3,782,607  

Wafer Works Corp.

    1,260,580       1,707,687  

Waffer Technology Corp.

    165,000       611,104  

Walsin Lihwa Corp.

    2,942,256       3,755,872  
Security   Shares     Value  
Taiwan (continued)            

Walsin Technology Corp.

    456,000     $ 1,378,430  

Wan Hai Lines Ltd.

    892,200       1,434,054  

Win Semiconductors Corp.

    363,953       1,900,563  

Winbond Electronics Corp.(a)

    3,163,502       2,965,237  

Wisdom Marine Lines Co. Ltd.

    506,000       735,147  

Wistron Corp.

    2,920,227        13,181,120  

Wistron NeWeb Corp.

    518,860       1,845,687  

Wiwynn Corp.

    91,000       5,167,810  

WPG Holdings Ltd.

    1,510,360       2,427,540  

XinTec Inc.

    350,000       1,397,484  

Yageo Corp.

    394,766       5,787,404  

Yang Ming Marine Transport Corp.

    1,942,000       2,880,774  

YFY Inc.

    2,046,000       2,401,679  

Yuanta Financial Holding Co. Ltd.

    11,227,464       8,730,785  

Yulon Motor Co. Ltd.

    976,274       2,553,380  

Zhen Ding Technology Holding Ltd.

    561,050       1,880,099  
   

 

 

 
      1,457,641,904  
Thailand — 0.6%            

Advanced Info Service PCL, NVDR

    1,332,400       8,803,388  

Airports of Thailand PCL, NVDR(a)

    5,337,700       11,152,240  

Amata Corp. PCL, NVDR

    4,075,100       2,799,701  

B Grimm Power PCL, NVDR

    2,267,400       2,569,451  

Bangchak Corp. PCL, NVDR

    2,753,900       3,081,698  

Bangkok Chain Hospital PCL, NVDR(b)

    3,612,100       1,878,737  

Bangkok Dusit Medical Services PCL, NVDR

    12,459,800       10,482,152  

Bangkok Expressway & Metro PCL, NVDR

    10,508,800       2,796,898  

Banpu PCL, NVDR

    11,037,800       3,146,283  

Berli Jucker PCL, NVDR(b)

    1,848,000       1,890,295  

Betagro PCL, NVS(b)

    517,800       337,346  

BTS Group Holdings PCL, NVDR

    13,615,600       3,224,055  

Bumrungrad Hospital PCL, NVDR

    701,700       4,432,433  

Central Pattana PCL, NVDR

    2,673,100       5,316,164  

Central Retail Corp. PCL, NVDR

    2,295,674       2,768,165  

CH Karnchang PCL, NVDR(b)

    2,249,100       1,413,076  

Charoen Pokphand Foods PCL, NVDR(b)

    4,289,600       2,545,623  

CK Power PCL, NVDR

    6,916,300       699,082  

CP ALL PCL, NVDR

    6,985,400       12,966,370  

CP Axtra PCL

    1,587,900       1,601,517  

Delta Electronics Thailand PCL, NVDR(b)

    3,596,000       11,889,977  

Electricity Generating PCL, NVDR(b)

    633,600       2,471,247  

Energy Absolute PCL, NVDR

    2,203,600       3,997,642  

Esso Thailand PCL, NVDR(b)

    5,330,700       1,472,280  

Global Power Synergy PCL, NVDR

    1,696,500       2,863,944  

Gulf Energy Development PCL, NVDR

    3,951,300       5,748,809  

Hana Microelectronics PCL, NVDR

    1,236,200       1,836,387  

Home Product Center PCL, NVDR

    6,111,200       2,537,159  

Indorama Ventures PCL, NVDR(b)

    2,702,600       2,706,731  

Intouch Holdings PCL, NVDR

    2,171,100       4,887,711  

IRPC PCL, NVDR

    20,822,500       1,485,799  

Jasmine International PCL, NVDR(a)(b)

    22,735,200       1,016,411  

KCE Electronics PCL, NVDR(b)

    1,393,900       1,764,389  

Kiatnakin Phatra Bank PCL, NVDR(b)

    1,202,600       1,951,448  

Krung Thai Bank PCL, NVDR

    5,132,000       3,076,089  

Land & Houses PCL, NVDR

    7,370,800       1,830,828  

MBK PCL, NVDR

    2,250,700       1,078,323  

Minor International PCL, NVDR

    3,811,300       3,677,369  

Muangthai Capital PCL, NVDR

    1,742,200       1,809,904  

Osotspa PCL, NVDR

    2,051,800       1,755,229  

PTT Exploration & Production PCL, NVDR

    1,755,661       8,198,508  

PTT Global Chemical PCL, NVDR

    2,769,500       3,201,042  

 

 

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

  127


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Thailand (continued)            

PTT Public Company Ltd., NVDR

    11,752,500     $  12,025,602  

SCB X PCL, NVS

    835,300       2,747,718  

Siam Cement PCL (The), NVDR

    918,600       8,728,639  

Sino-Thai Engineering & Construction PCL, NVDR

    2,229,600       710,410  

Sri Trang Agro-Industry PCL, NVDR

    1,579,400       752,661  

Srisawad Corp. PCL, NVDR

    1,447,410       2,000,907  

Thai Oil PCL, NVDR

    2,198,500       3,298,625  

Thai Union Group PCL, NVDR

    4,162,600       1,642,239  

Thanachart Capital PCL, NVDR

    1,045,900       1,528,075  

TPI Polene PCL, NVDR

    20,301,500       854,501  

True Corp. PCL

    14,265,585       3,024,229  

TTW PCL, NVDR(b)

    8,550,200       2,173,224  

WHA Corp. PCL, NVDR

    19,605,200       2,842,996  
   

 

 

 
      197,491,726  
Turkey — 0.2%            

Akbank TAS

    3,647,044       3,784,644  

Alarko Holding AS

    197,476       763,299  

Anadolu Efes Biracilik Ve Malt Sanayii AS

    271,607       907,750  

Aselsan Elektronik Sanayi Ve Ticaret AS

    1,270,439       3,517,434  

BIM Birlesik Magazalar AS

    499,384       4,010,161  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS

    3,106,708       1,002,709  

Eregli Demir ve Celik Fabrikalari TAS(a)

    1,658,048       2,564,862  

Ford Otomotiv Sanayi AS

    129,832       4,575,942  

Haci Omer Sabanci Holding AS

    1,706,759       3,650,611  

Hektas Ticaret TAS(a)

    1,214,636       1,376,080  

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D

    1,940,594       1,823,682  

KOC Holding AS

    839,970       4,210,525  

Kontrolmatik Enerji Ve Muhendislik AS, NVS

    95,132       741,135  

Koza Altin Isletmeleri AS

    1,369,175       1,423,040  

Koza Anadolu Metal Madencilik Isletmeleri AS(a)

    437,012       988,077  

ODAS Elektrik Uretim ve Sanayi Ticaret AS(a)

    1,246,463       552,383  

Pegasus Hava Tasimaciligi AS(a)

    97,543       3,049,388  

Petkim Petrokimya Holding AS(a)

    2,052,002       1,369,215  

Sasa Polyester Sanayi AS(a)

    1,193,218       2,699,303  

Sok Marketler Ticaret AS(a)

    401,556       677,538  

TAV Havalimanlari Holding AS(a)

    367,580       1,532,140  

Tekfen Holding AS

    283,600       471,776  

Tofas Turk Otomobil Fabrikasi AS

    195,266       2,188,800  

Turk Hava Yollari AO(a)

    804,444       6,995,662  

Turkcell Iletisim Hizmetleri AS

    1,336,622       2,564,204  

Turkiye Is Bankasi AS, Class C

    4,706,014       2,641,955  

Turkiye Petrol Rafinerileri AS

    1,090,187       4,184,557  

Turkiye Sise ve Cam Fabrikalari AS

    2,073,627       4,111,178  

Ulker Biskuvi Sanayi AS(a)

    414,100       600,952  

Yapi ve Kredi Bankasi AS

    3,309,677       1,749,284  
   

 

 

 
      70,728,286  
United Arab Emirates — 0.3%            

Abu Dhabi Commercial Bank PJSC

    3,719,696       8,891,865  

Abu Dhabi Islamic Bank PJSC

    2,082,980       6,374,444  

Abu Dhabi National Oil Co. for Distribution PJSC

    3,446,823       3,659,944  

Air Arabia PJSC

    2,140,544       1,567,716  

Aldar Properties PJSC

    5,372,966       7,561,360  

Americana Restaurants International PLC

    2,103,143       2,198,826  

Aramex PJSC

    955,816       780,704  

Dubai Financial Market PJSC

    1,818,464       822,167  

Dubai Investments PJSC

    3,120,698       2,064,662  

Dubai Islamic Bank PJSC

    2,785,541       4,362,295  
Security   Shares     Value  
United Arab Emirates (continued)            

Emaar Properties PJSC

    8,021,355     $ 14,759,673  

Emirates Central Cooling Systems Corp.

    3,381,065       1,767,444  

Emirates NBD Bank PJSC

    2,560,453       11,847,513  

Emirates Telecommunications Group Co. PJSC

    3,933,744       23,987,672  

First Abu Dhabi Bank PJSC

    5,064,408       20,183,797  

Multiply Group(a)

    4,338,671       3,815,030  

National Central Cooling Co. PJSC

    321,381       301,877  

Taaleem Holdings PJSC, NVS(a)

    379,465       434,955  
   

 

 

 
       115,381,944  
United Kingdom — 9.5%            

3i Group PLC

    1,100,414       27,918,777  

4imprint Group PLC

    33,667       1,916,209  

888 Holdings PLC(a)

    762,852       1,058,128  

abrdn PLC

    1,850,493       5,507,008  

Admiral Group PLC

    227,517       6,211,897  

AG Barr PLC

    182,140       1,102,128  

Airtel Africa PLC(c)

    1,485,461       2,222,822  

AJ Bell PLC

    453,593       1,908,184  

Anglo American PLC

    1,433,048       44,068,767  

Antofagasta PLC

    434,774       9,351,883  

Ascential PLC(a)

    553,776       1,486,760  

Ashmore Group PLC

    423,424       1,122,859  

Ashtead Group PLC

    499,844       36,980,353  

ASOS PLC(a)

    83,943       453,409  

Associated British Foods PLC

    398,551       10,488,668  

Assura PLC

    3,384,855       2,057,296  

Aston Martin Lagonda Global Holdings
PLC(a)(b)(c)

    544,593       2,767,959  

AstraZeneca PLC

    1,762,605       253,244,385  

Auto Trader Group PLC(c)

    1,071,832       8,889,314  

Aviva PLC

    2,973,986       14,816,878  

Avon Protection PLC

    68,122       717,368  

B&M European Value Retail SA

    1,043,387       7,411,084  

Babcock International Group PLC(a)

    352,629       1,697,610  

BAE Systems PLC

    3,471,426       41,514,938  

Balfour Beatty PLC

    782,042       3,506,694  

Bank of Georgia Group PLC

    48,681       2,033,553  

Barclays PLC

    18,282,999       36,279,157  

Barratt Developments PLC

    1,177,063       6,890,064  

Beazley PLC

    757,344       5,335,984  

Bellway PLC

    142,916       4,064,034  

Berkeley Group Holdings PLC

    131,470       7,330,463  

Big Yellow Group PLC

    222,201       3,057,966  

Bodycote PLC

    259,616       2,305,592  

boohoo Group PLC(a)(b)

    1,320,348       658,324  

BP PLC

    20,070,422       124,525,886  

Breedon Group PLC

    397,289       1,855,893  

British American Tobacco PLC

    2,395,487       80,555,678  

British Land Co. PLC (The)

    993,406       4,310,587  

Britvic PLC

    291,458       3,235,143  

BT Group PLC

    7,772,571       12,179,503  

Bunzl PLC

    382,194       14,167,134  

Burberry Group PLC

    448,886       12,813,556  

Burford Capital Ltd.

    241,850       3,268,616  

C&C Group PLC(b)

    679,763       1,204,012  

Capita PLC(a)

    2,392,224       847,950  

Capital & Counties Properties PLC

    1,850,310       2,844,764  

Capricorn Energy PLC

    252,880       575,073  

Carnival PLC(a)

    162,454       2,755,400  

Centamin PLC

    2,463,132       3,041,362  

 

 

128  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Centrica PLC

    6,355,394     $ 11,262,713  

Ceres Power Holdings PLC(a)(b)

    214,563       1,003,960  

Close Brothers Group PLC

    166,894       1,974,885  

CNH Industrial NV

    1,182,235       17,074,991  

Coats Group PLC

    2,067,799       1,857,596  

Coca-Cola Europacific Partners PLC

    237,538       15,057,534  

Compass Group PLC

    2,004,868        52,161,910  

Computacenter PLC

    95,834       2,703,657  

ConvaTec Group PLC(c)

    1,697,094       4,546,754  

Craneware PLC

    41,996       738,369  

Cranswick PLC

    55,455       2,379,141  

Crest Nicholson Holdings PLC

    485,597       1,329,889  

Croda International PLC

    163,071       12,346,623  

Currys PLC

    1,346,217       921,710  

CVS Group PLC

    125,231       3,308,876  

Darktrace PLC(a)

    396,899       1,882,316  

DCC PLC

    96,117       5,565,052  

Dechra Pharmaceuticals PLC

    128,490       6,125,429  

Deliveroo PLC, Class A(a)(c)

    1,221,712       2,060,199  

Derwent London PLC

    116,729       3,172,051  

Diageo PLC

    2,554,254       111,473,414  

Diploma PLC

    159,091       6,616,953  

Direct Line Insurance Group PLC

    1,475,796       2,849,839  

Diversified Energy Co. PLC

    1,510,434       1,837,617  

Domino’s Pizza Group PLC

    566,506       2,525,685  

Dowlais Group PLC(a)

    1,617,228       2,551,789  

Dr. Martens PLC

    767,014       1,500,426  

Drax Group PLC

    483,106       3,749,723  

DS Smith PLC

    1,583,342       6,295,126  

Dunelm Group PLC

    172,976       2,552,869  

easyJet PLC(a)

    430,444       2,500,090  

Elementis PLC(a)

    1,056,167       1,499,107  

EMIS Group PLC

    85,180       1,587,264  

Endeavour Mining PLC

    178,789       4,308,115  

Energean PLC

    227,120       3,375,273  

Entain PLC

    718,774       12,802,419  

Essentra PLC

    402,741       840,117  

Experian PLC

    1,049,697       40,566,132  

FD Technologies PLC(a)

    32,501       746,886  

Ferrexpo PLC

    403,356       475,200  

Fevertree Drinks PLC

    160,724       2,768,077  

Firstgroup PLC

    1,813,130       3,395,773  

Frasers Group PLC(a)

    318,032       3,314,764  

Future PLC

    154,666       1,660,929  

Games Workshop Group PLC

    41,838       6,255,039  

Gamma Communications PLC

    127,098       1,813,239  

GB Group PLC

    319,366       1,025,885  

Genuit Group PLC

    398,135       1,599,262  

Genus PLC

    83,207       2,631,979  

Glencore PLC

    11,875,593       72,220,631  

Grafton Group PLC

    284,975       3,203,363  

Grainger PLC

    867,773       2,804,186  

Great Portland Estates PLC

    315,821       1,733,100  

Greatland Gold PLC(a)

    7,230,194       649,521  

Greggs PLC

    115,237       4,086,734  

GSK PLC

    4,583,887       81,598,467  

Haleon PLC

    5,634,971       24,322,909  

Halfords Group PLC

    436,085       1,237,945  

Halma PLC

    447,209       12,842,892  

Hammerson PLC

    4,693,668       1,602,282  
Security   Shares     Value  
United Kingdom (continued)            

Harbour Energy PLC

    639,222     $ 2,188,354  

Hargreaves Lansdown PLC

    350,973       3,840,065  

Hays PLC

    1,627,291       2,238,968  

Hikma Pharmaceuticals PLC

    181,106       4,863,575  

Hill & Smith PLC

    113,297       2,295,563  

Hiscox Ltd.

    367,873       5,091,898  

Hochschild Mining PLC

    550,430       545,410  

Howden Joinery Group PLC

    706,268       6,687,619  

HSBC Holdings PLC

    22,488,359        186,797,587  

Hunting PLC

    268,188       908,632  

Ibstock PLC(c)

    658,526       1,271,320  

IG Group Holdings PLC

    430,545       3,912,184  

IMI PLC

    296,476       6,198,546  

Imperial Brands PLC

    1,022,772       24,163,435  

Inchcape PLC

    452,410       4,758,000  

Indivior PLC, NVS(a)

    197,916       4,452,539  

Informa PLC

    1,711,285       16,650,577  

IntegraFin Holdings PLC

    396,781       1,247,561  

InterContinental Hotels Group PLC

    196,690       14,536,806  

Intermediate Capital Group PLC

    345,660       6,238,481  

International Distributions Services PLC(a)

    772,030       2,637,078  

Intertek Group PLC

    185,133       10,370,862  

Investec PLC

    758,907       4,768,424  

IP Group PLC

    1,847,677       1,417,987  

ITM Power PLC(a)(b)

    802,182       952,330  

ITV PLC(b)

    4,094,091       3,802,113  

IWG PLC(a)

    927,558       1,820,093  

J D Wetherspoon PLC(a)

    128,679       1,116,347  

J Sainsbury PLC

    1,762,329       6,274,744  

JD Sports Fashion PLC

    3,237,843       6,558,679  

JET2 PLC

    196,698       2,835,259  

John Wood Group PLC(a)

    818,326       1,555,475  

Johnson Matthey PLC

    209,861       4,853,526  

Jupiter Fund Management PLC

    620,102       910,297  

Just Group PLC

    1,599,412       1,689,293  

Kainos Group PLC

    154,000       2,591,354  

Keller Group PLC

    121,931       1,339,469  

Keywords Studios PLC

    88,603       2,003,546  

Kingfisher PLC(b)

    2,365,601       7,459,613  

Lancashire Holdings Ltd.

    323,226       2,473,948  

Land Securities Group PLC

    768,571       6,382,820  

Learning Technologies Group PLC

    961,862       925,804  

Legal & General Group PLC

    6,693,796       20,060,401  

Liontrust Asset Management PLC

    136,731       1,134,163  

Lloyds Banking Group PLC

    76,787,460       44,363,743  

London Stock Exchange Group PLC

    453,220       49,217,312  

LondonMetric Property PLC

    971,361       2,304,435  

M&G PLC

    2,850,657       7,343,005  

Man Group PLC/Jersey

    1,570,649       4,814,967  

Marks & Spencer Group PLC(a)

    2,180,954       5,777,140  

Marshalls PLC

    344,952       1,188,274  

Melrose Industries PLC

    1,617,228       11,006,144  

Mitchells & Butlers PLC(a)

    457,167       1,348,038  

Mitie Group PLC

    2,165,499       2,824,891  

Mobico Group PLC

    645,044       773,371  

Mondi PLC

    526,450       9,234,244  

Moneysupermarket.com Group PLC

    702,417       2,473,569  

Morgan Advanced Materials PLC

    472,516       1,657,776  

National Grid PLC

    4,064,296       53,871,483  

NatWest Group PLC, NVS

    6,366,030       19,983,211  

 

 

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

  129


Schedule of Investments (continued)

July 31, 2023

  

iShares® Core MSCI Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

NCC Group PLC

    497,300     $ 615,872  

Network International Holdings PLC(a)(c)

    594,011       2,945,619  

Next PLC

    147,744       13,362,084  

Ninety One PLC

    573,935       1,269,828  

NMC Health PLC, NVS(d)

    74,553       1  

Ocado Group PLC(a)

    642,518       7,734,996  

OSB Group PLC

    565,536       2,672,841  

Oxford Biomedica PLC(a)

    149,398       846,620  

Oxford Nanopore Technologies PLC(a)

    652,899       2,210,374  

Pagegroup PLC

    413,862       2,369,851  

Paragon Banking Group PLC

    440,447       2,984,506  

Pearson PLC

    805,581       8,910,976  

Penno Group PLC

    301,063       2,718,763  

Persimmon PLC

    372,510       5,538,078  

Petrofac Ltd.(a)(b)

    640,169       645,747  

Pets at Home Group PLC

    608,820       3,059,440  

Phoenix Group Holdings PLC

    749,642       5,296,309  

Playtech PLC(a)

    344,290       2,478,747  

Plus500 Ltd.

    145,713       2,816,230  

Premier Foods PLC

    1,172,583       1,908,129  

Primary Health Properties PLC

    1,615,351       1,962,101  

Provident Financial PLC

    480,484       775,719  

Prudential PLC

    3,073,245       42,676,078  

QinetiQ Group PLC

    710,021       2,939,907  

Quilter PLC(c)

    1,415,648       1,420,995  

Rathbones Group PLC

    76,401       1,767,577  

Reckitt Benckiser Group PLC

    799,746        59,910,612  

Redde Northgate PLC

    516,158       2,278,694  

Redrow PLC

    358,707       2,384,644  

RELX PLC

    2,158,217       72,638,476  

Renishaw PLC

    47,124       2,358,586  

Rentokil Initial PLC

    2,928,882       23,882,568  

Restore PLC

    206,270       430,164  

RHI Magnesita NV(b)

    58,381       2,238,706  

Rightmove PLC

    993,411       7,278,711  

Rio Tinto PLC

    1,287,051       85,071,132  

Rolls-Royce Holdings PLC(a)

    9,375,037       22,229,497  

Rotork PLC

    932,322       3,692,949  

RS GROUP PLC

    552,433       5,564,644  

RWS Holdings PLC

    472,209       1,573,200  

S4 Capital PLC(a)

    482,349       652,870  

Safestore Holdings PLC

    268,891       3,056,712  

Sage Group PLC (The)

    1,159,097       13,942,287  

Savills PLC

    205,197       2,564,926  

Schroders PLC

    764,317       4,509,312  

Segro PLC

    1,411,254       13,829,659  

Serco Group PLC

    1,365,450       2,721,399  

Severn Trent PLC

    269,764       8,841,207  

Shell PLC

    7,777,149       235,707,906  

Smart Metering Systems PLC

    225,960       2,021,200  

Smith & Nephew PLC

    988,936       15,044,681  

Smiths Group PLC

    448,298       9,777,220  

Softcat PLC

    146,018       2,813,414  

SolGold PLC(a)(b)

    1,989,665       404,268  

Spectris PLC

    128,529       5,800,195  

Spirax-Sarco Engineering PLC

    89,665       12,805,932  

Spire Healthcare Group PLC(c)

    674,124       1,864,369  

Spirent Communications PLC

    806,055       1,751,849  

SSE PLC

    1,199,211       25,930,697  

SSP Group PLC(a)

    864,551       2,791,555  
Security   Shares     Value  
United Kingdom (continued)            

St. James’s Place PLC

    595,472     $ 7,188,014  

Standard Chartered PLC

    2,789,389       26,793,604  

Synthomer PLC(a)

    526,637       564,005  

Tate & Lyle PLC

    459,406       4,401,203  

Taylor Wimpey PLC

    4,227,430       6,205,272  

TBC Bank Group PLC

    49,790       1,591,059  

Team17 Group PLC(a)

    151,131       612,894  

Telecom Plus PLC

    98,945       2,112,964  

Tesco PLC

    8,043,972       26,642,205  

THG PLC, Class B(a)

    1,082,320       1,432,566  

TP ICAP Group PLC

    887,003       1,809,952  

Trainline PLC(a)(c)

    576,879       1,950,049  

Travis Perkins PLC

    190,866       2,134,865  

Tritax Big Box REIT PLC

    1,566,927       2,778,485  

TUI AG(a)

    461,855       3,741,261  

Unilever PLC

    2,834,846       152,324,483  

UNITE Group PLC (The)

    387,263       4,835,196  

United Utilities Group PLC

    748,912       9,603,706  

Vesuvius PLC

    331,654       1,877,878  

Victoria PLC(a)(b)

    163,615       1,377,437  

Victrex PLC

    103,013       2,045,346  

Virgin Money U.K. PLC

    1,492,934       3,386,583  

Vistry Group PLC

    455,217       4,617,158  

Vodafone Group PLC

    26,835,109       25,527,157  

Watches of Switzerland Group PLC(a)(c)

    261,092       2,524,770  

Weir Group PLC (The)

    299,623       7,056,638  

WH Smith PLC

    144,508       2,770,330  

Whitbread PLC

    225,629       10,135,503  

Wickes Group PLC

    313,221       549,094  

Wise PLC, Class A(a)

    715,309       7,134,401  

Workspace Group PLC

    253,150       1,613,354  

WPP PLC

    1,282,566       14,003,991  
   

 

 

 
      3,148,087,148  
   

 

 

 

Total Common Stocks — 98.6%
(Cost: $28,582,966,330)

 

     32,640,856,475  
   

 

 

 

Preferred Stocks

   
Brazil — 0.4%            

Alpargatas SA, Preference Shares, NVS

    313,910       639,271  

Azul SA, Preference Shares, NVS

    425,831       1,593,911  

Banco Bradesco SA, Preference Shares, NVS

    6,170,708       21,740,205  

Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS

    208,297       642,676  

Bradespar SA, Preference Shares, NVS

    335,191       1,665,057  

Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS

    329,521       3,040,339  

Cia. Energetica de Minas Gerais, Preference Shares, NVS

    1,436,093       3,847,803  

Gerdau SA, Preference Shares, NVS

    1,349,316       8,346,285  

Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS

    356,393       725,787  

Itau Unibanco Holding SA, Preference Shares, NVS

    5,556,331       33,652,301  

Itausa SA, Preference Shares, NVS

    5,962,815       12,382,732  

Marcopolo SA, Preference Shares, NVS

    800,504       885,358  

Metalurgica Gerdau SA, Preference Shares, NVS

    1,357,324       3,946,752  

Petroleo Brasileiro SA, Preference Shares, NVS

    5,250,340       34,541,491  

 

 

130  

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 Total International Stock ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Brazil (continued)            

Randon SA Implementos e Participacoes, Preference Shares, NVS

    481,405     $ 1,266,440  

Unipar Carbocloro SA, Class B, Preference Shares, NVS

    77,240       1,322,084  
   

 

 

 
       130,238,492  
Chile — 0.0%            

Embotelladora Andina SA, Class B, Preference Shares, NVS

    495,525       1,361,572  

Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares

    166,375       12,199,320  
   

 

 

 
      13,560,892  
Colombia — 0.0%            

Bancolombia SA, Preference Shares, NVS

    554,860       4,236,804  
   

 

 

 
Germany — 0.3%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    67,190       7,548,869  

Dr Ing hc F Porsche AG, Preference Shares, NVS(c)

    127,968       15,648,267  

Draegerwerk AG & Co. KGaA, Preference Shares, NVS

    12,147       610,135  

Fuchs Petrolub SE, Preference Shares, NVS

    85,161       3,525,131  

Henkel AG & Co. KGaA, Preference Shares, NVS

    193,499       14,931,608  

Jungheinrich AG, Preference Shares, NVS

    66,461       2,486,552  

Porsche Automobil Holding SE, Preference Shares, NVS

    176,937       10,440,325  

Sartorius AG, Preference Shares, NVS

    30,338       12,516,833  

Volkswagen AG, Preference Shares, NVS

    232,565       30,809,181  
   

 

 

 
      98,516,901  
Russia — 0.0%            

Surgutneftegas PJSC, Preference Shares, NVS(d)

    7,082,700       772  
   

 

 

 
South Korea — 0.2%            

Hyundai Motor Co.
Preference Shares, NVS

    25,303       2,128,344  

Series 2, Preference Shares, NVS

    38,992       3,316,529  

LG Chem Ltd., Preference Shares, NVS

    8,231       2,536,664  

Samsung Electronics Co. Ltd., Preference Shares, NVS

    946,347       42,624,179  
   

 

 

 
      50,605,716  
   

 

 

 

Total Preferred Stocks — 0.9%
(Cost: $281,165,055)

 

    297,159,577  
   

 

 

 

Rights

   
South Korea — 0.0%            

CJ CGV Co. Ltd.

    81,423       217,826  
   

 

 

 

Total Rights — 0.0%
(Cost: $539,085)

 

    217,826  
   

 

 

 
Security   Shares     Value  

Warrants

 

 
Australia — 0.0%        

Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)(a)

    16,323     $ 2,193  

PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)(a)

    20,102        
   

 

 

 
      2,193  
   

 

 

 

Total Warrants — 0.0%
(Cost: $—)

 

    2,193  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $28,864,670,470)

 

     32,938,236,071  
   

 

 

 

Short-Term Securities

 

 
Money Market Funds — 1.5%        

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h)

    424,377,167       424,504,480  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(f)(g)

    71,870,000       71,870,000  
   

 

 

 

Total Short-Term Securities — 1.5%
(Cost: $496,198,491)

 

    496,374,480  
   

 

 

 

Total Investments — 101.0%
(Cost: $29,360,868,961)

 

    33,434,610,551  

Liabilities in Excess of Other Assets — (1.0)%

 

    (342,971,485
   

 

 

 

Net Assets — 100.0%

    $ 33,091,639,066  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

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

  131


Schedule of Investments (continued)

July 31, 2023

   iShares® Core MSCI Total International Stock ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
  Affiliated Issuer   Value at
07/31/22
     Purchases
at Cost
    Proceeds
from Sale
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
07/31/23
    

Shares

Held at
07/31/23

     Income    

Capital

Gain
Distributions
from
Underlying
Funds

   
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 308,749,397      $ 115,547,379 (a)    $      $ 79,330      $ 128,374      $ 424,504,480        424,377,167      $ 9,355,849 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    41,960,000        29,910,000 (a)                           71,870,000        71,870,000        2,023,377          
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   
            $ 79,330      $ 128,374      $ 496,374,480         $ 11,379,226     $    
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   Number of
Contracts
     Expiration
Date
     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

 

 

Long Contracts

          

MSCI EAFE Index

    859        09/15/23      $ 94,739      $ 2,621,920  

MSCI Emerging Markets Index

    767        09/15/23        40,433        1,786,437  
          

 

 

 
           $ 4,408,357  
          

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Assets — Derivative Financial Instruments

                   

Futures contracts

                   

Unrealized appreciation on futures contracts(a)

  $      $      $ 4,408,357      $      $      $      $ 4,408,357  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
    Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                  

Futures contracts

  $      $      $ 12,872,340     $      $      $      $ 12,872,340  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                  

Futures contracts

  $      $      $ (2,412,695   $      $      $      $ (2,412,695
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

 

132  

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 Total International Stock ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 157,364,804  

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
    Level 1        Level 2        Level 3        Total  

 

 

Assets

                

Investments

                

Long-Term Investments

                

Common Stocks

  $ 4,180,729,205        $ 28,458,373,050        $ 1,754,220        $ 32,640,856,475  

Preferred Stocks

    148,036,188          149,122,617          772          297,159,577  

Rights

             217,826                   217,826  

Warrants

    2,193                            2,193  

Short-Term Securities

                

Money Market Funds

    496,374,480                            496,374,480  
 

 

 

      

 

 

      

 

 

      

 

 

 
  $  4,825,142,066        $ 28,607,713,493        $  1,754,992        $ 33,434,610,551  
 

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                

Assets

                

Equity Contracts

  $ 4,408,357        $        $        $ 4,408,357  
 

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

  133


 

Statements of Assets and Liabilities

July 31, 2023

 

   

iShares

Core MSCI EAFE

ETF

      

iShares

Core MSCI Europe
ETF

    

iShares

Core MSCI

International

Developed Markets
ETF

      

iShares

Core MSCI Pacific
ETF

 

 

 

ASSETS

              

Investments, at value — unaffiliated(a)(b)

  $ 101,523,912,557        $ 4,364,125,521      $ 11,330,225,764        $ 1,730,372,811  

Investments, at value — affiliated(c)

    730,431,207          37,242,231        105,375,638          7,996,262  

Cash

    5,336          9,339        1,838          48,278  

Foreign currency collateral pledged for futures contracts(d)

    28,241,176          1,604,762        2,145,175          324,451  

Foreign currency, at value(e)

    173,549,987          7,805,813        25,364,710          3,749,077  

Receivables:

              

Investments sold

    5,643,939                          249,522  

Securities lending income — affiliated

    1,548,361          59,866        156,162          19,378  

Capital shares sold

    1,762,538                 2,350,431           

Dividends — unaffiliated

    87,351,904          3,045,902        10,149,737          2,121,323  

Dividends — affiliated

    27,490          1,588        3,122          664  

Tax reclaims

    182,299,249          13,078,561        11,405,675          2,460  

Variation margin on futures contracts

    1,560,195          1,832        100,405          53,793  
 

 

 

      

 

 

    

 

 

      

 

 

 

Total assets

    102,736,333,939          4,426,975,415        11,487,278,657          1,744,938,019  
 

 

 

      

 

 

    

 

 

      

 

 

 

LIABILITIES

              

Collateral on securities loaned, at value

    721,960,336          36,812,151        104,756,199          7,871,536  

Payables:

              

Investments purchased

    1,762,538                 1,195,141           

Deferred foreign capital gain tax

    56,103                 1,757           

Investment advisory fees

    5,946,955          329,745        377,151          130,215  

Professional fees

    2,901,827                 161,249           
 

 

 

      

 

 

    

 

 

      

 

 

 

Total liabilities

    732,627,759          37,141,896        106,491,497          8,001,751  
 

 

 

      

 

 

    

 

 

      

 

 

 

Commitments and contingent liabilities

              

NET ASSETS

  $ 102,003,706,180        $ 4,389,833,519      $ 11,380,787,160        $ 1,736,936,268  
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSETS CONSIST OF

              

Paid-in capital

  $ 95,193,839,303        $ 4,683,821,167      $ 10,469,070,104        $ 1,742,634,689  

Accumulated earnings (loss)

    6,809,866,877          (293,987,648      911,717,056          (5,698,421
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSETS

  $ 102,003,706,180        $ 4,389,833,519      $ 11,380,787,160        $ 1,736,936,268  
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSET VALUE

              

Shares outstanding

    1,469,600,000          81,200,000        181,200,000          29,300,000  
 

 

 

      

 

 

    

 

 

      

 

 

 

Net asset value

  $ 69.41        $ 54.06      $ 62.81        $ 59.28  
 

 

 

      

 

 

    

 

 

      

 

 

 

Shares authorized

    Unlimited          Unlimited        Unlimited          Unlimited  
 

 

 

      

 

 

    

 

 

      

 

 

 

Par value

    None          None        None          None  
 

 

 

      

 

 

    

 

 

      

 

 

 

(a) Investments, at cost — unaffiliated

  $ 91,177,492,093        $ 4,441,938,643      $ 10,187,755,537        $ 1,664,181,882  

(b) Securities loaned, at value

  $ 669,823,927        $ 34,572,329      $ 99,315,464        $ 7,193,766  

(c)  Investments, at cost — affiliated

  $ 730,070,652        $ 37,222,952      $ 105,342,943        $ 7,995,376  

(d) Foreign currency collateral pledged, at cost

  $ 28,988,659        $ 1,638,926      $ 2,114,677        $ 331,728  

(e) Foreign currency, at cost

  $ 172,957,915        $ 7,780,326      $ 25,343,345        $ 3,710,779  

See notes to financial statements.

 

 

134  

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


 

Statements of Assets and Liabilities (continued)

July 31, 2023

 

   

iShares

Core MSCI Total

International Stock

ETF

 

 

 

ASSETS

   

Investments, at value — unaffiliated(a)(b)

    $ 32,938,236,071  

Investments, at value — affiliated(c)

      496,374,480  

Cash

      4,616,847  

Cash pledged for futures contracts

      4,515,000  

Foreign currency, at value(d)

      42,898,891  

Receivables:

   

Investments sold

      1,661,508  

Securities lending income — affiliated

      846,824  

Dividends — unaffiliated

      61,644,837  

Dividends — affiliated

      228,508  

Tax reclaims

      34,929,221  

Other assets

      295,467  
   

 

 

 

Total assets

      33,586,247,654  
   

 

 

 

LIABILITIES

   

Collateral on securities loaned, at value

      424,477,353  

Payables:

   

Investments purchased

      47,151,984  

Deferred foreign capital gain tax

      20,473,887  

Investment advisory fees

      1,920,898  

Professional fees

      493,770  

Variation margin on futures contracts

      90,696  
   

 

 

 

Total liabilities

      494,608,588  
   

 

 

 

Commitments and contingent liabilities

   

NET ASSETS

    $ 33,091,639,066  
   

 

 

 

NET ASSETS CONSIST OF

   

Paid-in capital

    $ 30,341,784,512  

Accumulated earnings

      2,749,854,554  
   

 

 

 

NET ASSETS

             $ 33,091,639,066  
   

 

 

 

NET ASSET VALUE

   

Shares outstanding

      509,500,000  
   

 

 

 

Net asset value

    $ 64.95  
   

 

 

 

Shares authorized

      Unlimited  
   

 

 

 

Par value

      None  
   

 

 

 

(a) Investments, at cost — unaffiliated

    $ 28,864,670,470  

(b) Securities loaned, at value

    $ 394,705,175  

(c)  Investments, at cost — affiliated

    $ 496,198,491  

(d) Foreign currency, at cost

    $ 42,868,445  

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  135


Statements of Operations

Year Ended July 31, 2023

 

   

iShares

Core MSCI EAFE
ETF

    

iShares

Core MSCI

Europe ETF

    

iShares

Core MSCI
International
Developed
Markets ETF

   

iShares

Core MSCI
Pacific ETF

 

 

 

INVESTMENT INCOME

         

Dividends — unaffiliated

  $ 3,178,296,831      $ 142,910,121      $ 326,449,248     $ 52,870,111  

Dividends — affiliated

    1,588,499        82,831        173,094       31,014  

Interest — unaffiliated

    885,240        50,502        77,184       1,072  

Securities lending income — affiliated — net

    23,055,751        877,786        1,905,110       277,360  

Other income — unaffiliated

    1,361,540        805,445        64,229        

Foreign taxes withheld

    (231,429,037      (15,855,303      (33,016,106     (2,977,773

Foreign withholding tax claims

    27,548,703        7,757,631        1,796,298        
 

 

 

    

 

 

    

 

 

   

 

 

 

Total investment income

    3,001,307,527        136,629,013        297,449,057       50,201,784  
 

 

 

    

 

 

    

 

 

   

 

 

 

EXPENSES

         

Investment advisory

    64,080,336        3,543,807        3,726,673       1,449,778  

Professional

    2,891,040        856,350        186,085        
 

 

 

    

 

 

    

 

 

   

 

 

 

Total expenses

    66,971,376        4,400,157        3,912,758       1,449,778  
 

 

 

    

 

 

    

 

 

   

 

 

 

Net investment income

    2,934,336,151        132,228,856        293,536,299       48,752,006  
 

 

 

    

 

 

    

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

         

Net realized gain (loss) from:

         

Investments — unaffiliated(a)

    (617,991,392      (75,860,730      (27,304,725     (29,384,602

Investments — affiliated

    159,704        10,585        10,690       7,583  

Capital gain distributions from underlying funds — affiliated

    13        1        2        

Foreign currency transactions

    (6,096,876      719,148        (526,670     (661,578

Futures contracts

    88,537,227        3,323,805        6,522,354       2,122,665  

In-kind redemptions — unaffiliated(b)

    (11,980      26,925,811              118,661,254  
 

 

 

    

 

 

    

 

 

   

 

 

 
    (535,403,304      (44,881,380      (21,298,349     90,745,322  
 

 

 

    

 

 

    

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

         

Investments — unaffiliated(c)

    10,846,155,938        543,784,996        1,135,042,660       30,763,592  

Investments — affiliated

    288,354        13,703        29,204       576  

Foreign currency translations

    11,421,225        890,432        625,427       (801

Futures contracts

    (3,860,739      (515,656      338,953       184,426  
 

 

 

    

 

 

    

 

 

   

 

 

 
    10,854,004,778        544,173,475        1,136,036,244       30,947,793  
 

 

 

    

 

 

    

 

 

   

 

 

 

Net realized and unrealized gain

    10,318,601,474        499,292,095        1,114,737,895       121,693,115  
 

 

 

    

 

 

    

 

 

   

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 13,252,937,625      $ 631,520,951      $ 1,408,274,194     $ 170,445,121  
 

 

 

    

 

 

    

 

 

   

 

 

 

(a) Net of foreign capital gain tax and capital gain tax refund, if applicable

  $ (64    $      $     $  

(b) See Note 2 of the Notes to Financial Statements.

         

(c)  Net of reduction in deferred foreign capital gain tax of

  $ 192,763      $      $ 14,676     $  

See notes to financial statements.

 

 

136  

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


Statements of Operations (continued)

Year Ended July 31, 2023

 

   

iShares

Core MSCI Total
International Stock

ETF

(Consolidated)

 

 

 

INVESTMENT INCOME

 

Dividends — unaffiliated

  $ 1,028,824,316  

Dividends — affiliated

    2,023,377  

Interest — unaffiliated

    254,365  

Securities lending income — affiliated — net

    9,355,849  

Other income — unaffiliated

    1,134,140  

Foreign taxes withheld

    (100,827,351

Foreign withholding tax claims

    11,010,083  

Other foreign taxes

    (446,768
 

 

 

 

Total investment income

    951,328,011  
 

 

 

 

EXPENSES

 

Investment advisory

    20,697,961  

Professional

    1,214,353  

Commitment costs

    49,961  
 

 

 

 

Total expenses

    21,962,275  
 

 

 

 

Net investment income

    929,365,736  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) from:

 

Investments — unaffiliated(a)

    (232,717,905

Investments — affiliated

    79,330  

Foreign currency transactions

    (6,211,829

Futures contracts

    12,872,340  
 

 

 

 
    (225,978,064
 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

Investments — unaffiliated(b)

    3,126,517,374  

Investments — affiliated

    128,374  

Foreign currency translations

    2,454,563  

Futures contracts

    (2,412,695
 

 

 

 
    3,126,687,616  
 

 

 

 

Net realized and unrealized gain

    2,900,709,552  
 

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 3,830,075,288  
 

 

 

 

(a) Net of foreign capital gain tax and capital gain tax refund, if applicable

  $ (103,665

(b) Net of increase in deferred foreign capital gain tax of

  $ (20,404,835

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  137


Statements of Changes in Net Assets

 

   

iShares

Core MSCI EAFE ETF

    

iShares

Core MSCI Europe ETF

 
 

 

 

    

 

 

 
    Year Ended
07/31/23
       Year Ended
07/31/22
     Year Ended
07/31/23
       Year Ended
07/31/22
 

 

 

INCREASE (DECREASE) IN NET ASSETS

              

OPERATIONS

              

Net investment income

  $ 2,934,336,151        $ 2,939,659,343      $ 132,228,856        $ 150,163,088  

Net realized gain (loss)

    (535,403,304        (1,254,230,749      (44,881,380        99,585,421  

Net change in unrealized appreciation (depreciation)

    10,854,004,778          (17,126,870,776      544,173,475          (1,196,565,855
 

 

 

      

 

 

    

 

 

      

 

 

 

Net increase (decrease) in net assets resulting from operations

    13,252,937,625          (15,441,442,182      631,520,951          (946,817,346
 

 

 

      

 

 

    

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

              

Decrease in net assets resulting from distributions to shareholders

    (2,335,829,412        (3,825,188,698      (123,397,635        (177,416,748
 

 

 

      

 

 

    

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

              

Net increase (decrease) in net assets derived from capital share transactions

    2,263,134,016          8,997,549,501        (45,011,400        (236,218,410
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSETS

              

Total increase (decrease) in net assets

    13,180,242,229          (10,269,081,379      463,111,916          (1,360,452,504

Beginning of year

    88,823,463,951          99,092,545,330        3,926,721,603          5,287,174,107  
 

 

 

      

 

 

    

 

 

      

 

 

 

End of year

  $ 102,003,706,180        $ 88,823,463,951      $ 4,389,833,519        $ 3,926,721,603  
 

 

 

      

 

 

    

 

 

      

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

138  

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


Statements of Changes in Net Assets (continued)

 

   

iShares

Core MSCI International Developed Markets ETF

    

iShares

Core MSCI Pacific ETF

 
 

 

 

    

 

 

 
    Year Ended
07/31/23
       Year Ended
07/31/22
     Year Ended
07/31/23
       Year Ended
07/31/22
 

 

 

INCREASE (DECREASE) IN NET ASSETS

              

OPERATIONS

              

Net investment income

  $ 293,536,299        $ 195,873,244      $ 48,752,006        $ 29,856,804  

Net realized gain (loss)

    (21,298,349        (80,842,037      90,745,322          (1,376,359

Net change in unrealized appreciation (depreciation)

    1,136,036,244          (1,108,328,507      30,947,793          (158,233,548
 

 

 

      

 

 

    

 

 

      

 

 

 

Net increase (decrease) in net assets resulting from operations

    1,408,274,194          (993,297,300      170,445,121          (129,753,103
 

 

 

      

 

 

    

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

              

Decrease in net assets resulting from distributions to shareholders

    (243,534,870        (254,945,585      (38,736,051        (45,541,866
 

 

 

      

 

 

    

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

              

Net increase in net assets derived from capital share transactions

    2,838,953,351          2,466,975,309        104,176,179          556,678,511  
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSETS

              

Total increase in net assets

    4,003,692,675          1,218,732,424        235,885,249          381,383,542  

Beginning of year

    7,377,094,485          6,158,362,061        1,501,051,019          1,119,667,477  
 

 

 

      

 

 

    

 

 

      

 

 

 

End of year

  $ 11,380,787,160        $ 7,377,094,485      $ 1,736,936,268        $ 1,501,051,019  
 

 

 

      

 

 

    

 

 

      

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  139


Statements of Changes in Net Assets (continued)

 

   

IShares

Core MSCI Total International Stock ETF
(Consolidated)

 
 

 

 

 
    Year Ended
07/31/23
       Year Ended
07/31/22
 

 

 

INCREASE (DECREASE) IN NET ASSETS

      

OPERATIONS

      

Net investment income

  $ 929,365,736        $ 868,178,367  

Net realized loss

    (225,978,064        (205,588,586

Net change in unrealized appreciation (depreciation)

    3,126,687,616          (5,692,811,775
 

 

 

      

 

 

 

Net increase (decrease) in net assets resulting from operations

    3,830,075,288          (5,030,221,994
 

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

      

Decrease in net assets resulting from distributions to shareholders

    (735,951,498        (1,047,059,037
 

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

      

Net increase in net assets derived from capital share transactions

    1,884,043,701          4,124,957,765  
 

 

 

      

 

 

 

NET ASSETS

      

Total increase (decrease) in net assets

    4,978,167,491          (1,952,323,266

Beginning of year

    28,113,471,575          30,065,794,841  
 

 

 

      

 

 

 

End of year

  $ 33,091,639,066        $ 28,113,471,575  
 

 

 

      

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

140  

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


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares Core MSCI EAFE ETF  
 

 

 

 
    Year Ended
07/31/23
   

Year Ended

07/31/22

    Year Ended
07/31/21
    Year Ended
07/31/20
    Year Ended
07/31/19
 

 

 

Net asset value, beginning of year

  $ 61.88     $ 75.40     $ 58.48     $ 60.80     $ 64.89  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    2.03 (b)       2.10 (b)       1.76       1.52       2.00  

Net realized and unrealized gain (loss)(c)

    7.12       (12.90     16.86       (2.26     (4.14
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    9.15       (10.80     18.62       (0.74     (2.14
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(d)

    (1.62     (2.72     (1.70     (1.58     (1.95
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 69.41     $ 61.88     $ 75.40     $ 58.48     $ 60.80  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

         

Based on net asset value

    14.94 %(b)       (14.58 )%(b)       31.95     (1.30 )%      (3.13 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(f)

         

Total expenses

    0.07     0.07     0.08     0.07     0.08
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses excluding professional fees for foreign withholding tax claims

    0.07     0.07     0.07     N/A       0.08
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    3.21 %(b)       3.00 %(b)       2.55     2.57     3.31
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 102,003,706     $ 88,823,464     $ 99,092,545     $ 66,212,280     $ 64,849,495  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(g)

    3     4     2     2     3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and July 31, 2022, respectively:

• Net investment income per share by $0.02 and $ $0.01.

• Total return by 0.03% and 0.02%.

• Ratio of net investment income to average net assets by 0.03% and 0.02%.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

  141


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Core MSCI Europe ETF  
 

 

 

 
    Year Ended
07/31/23
   

Year Ended

07/31/22

    Year Ended
07/31/21
    Year Ended
07/31/20
    Year Ended
07/31/19
 

 

 

Net asset value, beginning of year

  $ 47.25     $ 58.23     $ 44.41     $ 45.70     $ 49.27  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    1.65 (b)       1.61 (b)       1.28       1.09       1.64  

Net realized and unrealized gain (loss)(c)

    6.67       (10.68     13.91       (1.39     (3.65
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    8.32       (9.07     15.19       (0.30     (2.01
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(d)

    (1.51     (1.91     (1.37     (0.99     (1.56
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 54.06     $ 47.25     $ 58.23     $ 44.41     $ 45.70  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

         

Based on net asset value

    17.84 %(b)       (15.80 )%(b)      34.39     (0.66 )%      (3.96 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(f)

         

Total expenses

    0.11     0.09     0.09     0.09     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses excluding professional fees for foreign withholding tax claims

    0.09     0.09     0.09     N/A       0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    3.36 %(b)       2.98 %(b)       2.46     2.45     3.62
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 4,389,834     $ 3,926,722     $ 5,287,174     $ 3,463,613     $ 3,217,533  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(g)

    5     5     3     3     4
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and July 31, 2022, respectively:

• Net investment income per share by $0.09 and $ $0.01

• Total return by 0.18% and 0.02%.

• Ratio of net investment income to average net assets by 0.18% and 0.01%.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

142  

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Core MSCI International Developed Markets ETF  
 

 

 

 
    Year Ended
07/31/23
    Year Ended
07/31/22
    Year Ended
07/31/21
    Year Ended
07/31/20
    Year Ended
07/31/19
 

 

 

Net asset value, beginning of year

  $ 56.46     $ 67.86     $ 52.39     $ 54.31     $ 57.40  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    1.83 (b)       1.85       1.60       1.46       1.76  

Net realized and unrealized gain (loss)(c)

    5.94       (10.90     15.42       (2.04     (3.27
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    7.77       (9.05     17.02       (0.58     (1.51
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(d)

    (1.42     (2.35     (1.55     (1.34     (1.58
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 62.81     $ 56.46     $ 67.86     $ 52.39     $ 54.31  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

         

Based on net asset value

    13.91 %(b)       (13.57 )%      32.63     (1.14 )%      (2.48 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(f)

         

Total expenses

    0.04     0.05     0.05     0.05     0.05
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    0.04     0.05     0.05     0.05     0.05
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses excluding professional fees for foreign withholding tax claims

    0.04     N/A       N/A       N/A       N/A  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    3.15 %(b)       2.93     2.56     2.81     3.28
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 11,380,787     $ 7,377,094     $ 6,158,362     $ 2,844,598     $ 1,425,653  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(g)

    2     6     7     17     5
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.02%.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

  143


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Core MSCI Pacific ETF  
 

 

 

 
    Year Ended
07/31/23
    Year Ended
07/31/22
    Year Ended
07/31/21
    Year Ended
07/31/20
    Year Ended
07/31/19
 

 

 

Net asset value, beginning of year

  $ 54.78     $ 65.86     $ 52.60     $ 55.60     $ 58.23  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    1.66       1.66       1.42       1.45       1.64  

Net realized and unrealized gain (loss)(b)

    4.14       (10.02     13.15       (2.72     (2.67
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    5.80       (8.36     14.57       (1.27     (1.03
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(c)

    (1.30     (2.72     (1.31     (1.73     (1.60
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 59.28     $ 54.78     $ 65.86     $ 52.60     $ 55.60  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

         

Based on net asset value

    10.73     (13.01 )%      27.70     (2.45 )%      (1.61 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

         

Total expenses

    0.09     0.09     0.09     0.09     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    3.03     2.72     2.24     2.67     2.97
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 1,736,936     $ 1,501,051     $ 1,119,667     $ 904,692     $ 1,034,208  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(f)

    7     16     6     5     5
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

144  

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

   

iShares Core MSCI Total International Stock ETF

(Consolidated)

 
 

 

 

 
    Year Ended
07/31/23
    Year Ended
07/31/22
    Year Ended
07/31/21
    Year Ended
07/31/20
    Year Ended
07/31/19
 

 

 

Net asset value, beginning of year

  $ 59.02     $ 72.22     $ 56.92     $ 57.96     $ 61.36  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    1.87 (b)       1.93 (b)       1.58       1.53       1.77  

Net realized and unrealized gain (loss)(c)

    5.53       (12.82     15.28       (1.06     (3.55
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    7.40       (10.89     16.86       0.47       (1.78
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(d)

    (1.47     (2.31     (1.56     (1.51     (1.62
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 64.95     $ 59.02     $ 72.22     $ 56.92     $ 57.96  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

         

Based on net asset value

    12.72 %(b)       (15.36 )%(b)       29.71     0.77 %(f)       (2.73 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(g)

         

Total expenses

    0.07     0.09     0.09     0.09     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    0.07     0.09     0.09     0.09     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses excluding professional fees for foreign withholding tax claims

    0.07     0.09     0.09     N/A       0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    3.14 %(b)       2.87 %(b)       2.35     2.72     3.09
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 33,091,639     $ 28,113,472     $ 30,065,795     $ 19,546,312     $ 15,457,552  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(h)

    3     10     7     7     6
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and • July 31, 2022, respectively:

• Net investment income per share by $0.02 and $ $0.00.

• Total return by 0.04% and 0.01%.

• Ratio of net investment income to average net assets by 0.03% and 0.00%.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Includes payment received from an affiliate, which had no impact on the Fund’s total return.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

  145


Notes to Financial Statements

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF   Diversification 
Classification 
 

Core MSCI EAFE

    Diversified   

Core MSCI Europe

    Diversified   

Core MSCI International Developed Markets

    Diversified   

Core MSCI Pacific

    Diversified   

Core MSCI Total International Stock

    Diversified   

Basis of Consolidation: The accompanying consolidated financial statements for Core MSCI Total International Stock includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India.

Effective March 16, 2023, Core MSCI Total International Stock finalized the transfer of all the assets of Core MSCI Total International’s wholly owned Mauritius Subsidiary to Core MSCI Total International through on-exchange transactions in India. Core MSCI Total International Stock recognized a net realized loss of $2,420,716 as a result of this transaction. After the transfer, Core MSCI Total International Stock began making new investments in India directly. On April 26, 2023, Core MSCI Total International Stock filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

 

 

146  

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


Notes to Financial Statements(continued)

 

The iShares Core MSCI Total International Stock ETF has conducted its investment activities in India through its Subsidiary and, where applicable, expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

   

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

 

   

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  147


Notes to Financial Statements(continued)

 

techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

 

 

148  

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


Notes to Financial Statements(continued)

 

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 

iShares ETF and Counterparty

   
Securities Loaned
at Value
 
 
   
Cash Collateral
Received
 
(a)  
   
Non-Cash Collateral
Received, at Fair Value
 
(a) 
    Net Amount  

 

 

Core MSCI EAFE

       

Barclays Bank PLC

  $ 3,931,008     $ (3,931,008   $     $  

Barclays Capital, Inc.

    33,949,132       (33,949,132            

BNP Paribas SA

    11,533,438       (11,533,438            

BofA Securities, Inc.

    131,183,214       (131,183,214            

Citigroup Global Markets, Inc.

    45,977,165       (45,977,165            

Credit Suisse Securities (USA) LLC

    308       (308            

Goldman Sachs & Co. LLC

    160,162,528       (160,162,528            

HSBC Bank PLC

    22,326,947       (22,326,947            

J.P. Morgan Securities LLC

    56,940,506       (56,940,506            

Jefferies LLC

    1,721,173       (1,721,173            

Macquarie Bank Ltd.

    10,534,387       (10,534,387            

Morgan Stanley

    150,487,213       (150,487,213            

National Financial Services LLC

    178,755       (178,755            

Nomura Securities International, Inc.

    4,203,180       (4,203,180            

Scotia Capital (USA), Inc.

    1,750,654       (1,750,654            

SG Americas Securities LLC

    5,388,881       (5,388,881            

State Street Bank & Trust Co.

    15,881,363       (15,881,363            

UBS AG

    12,839,566       (12,839,566            

UBS Securities LLC

    832,849       (832,849            

Wells Fargo Bank N.A.

    1,660       (1,660            
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 669,823,927     $ (669,823,927   $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Core MSCI Europe

       

Barclays Capital, Inc.

  $ 1,307,119     $ (1,307,119   $     $  

BNP Paribas SA

    123,155       (123,155            

BofA Securities, Inc.

    1,497,282       (1,497,282            

Citigroup Global Markets, Inc.

    681,615       (681,615            

Goldman Sachs & Co. LLC

    4,822,812       (4,822,812            

HSBC Bank PLC

    14,859,845       (14,859,845            

J.P. Morgan Securities LLC

    4,021,607       (4,021,607            

Morgan Stanley

    6,092,051       (6,092,051            

SG Americas Securities LLC

    511,107       (511,107            

UBS AG

    655,736       (655,736            
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 34,572,329     $ (34,572,329   $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Core MSCI International Developed Markets

       

Barclays Bank PLC

  $ 424,470     $ (423,013   $     $ 1,457 (b)  

BMO Capital Markets Corp.

    351,228       (351,228            

BNP Paribas SA

    3,259,544       (3,259,544            

BofA Securities, Inc.

    8,215,146       (8,215,146            

Citigroup Global Markets, Inc.

    2,933,648       (2,933,648            

Credit Suisse Securities (USA) LLC

    1,832,181       (1,832,181            

Goldman Sachs & Co. LLC

    16,396,872       (16,396,872            

HSBC Bank PLC

    25,997,541       (25,997,541            

J.P. Morgan Securities LLC

    8,980,096       (8,980,096            

Macquarie Bank Ltd.

    246,729       (246,729            

Morgan Stanley

    10,066,017       (10,066,017            

National Financial Services LLC

    4,252,637       (4,252,637            

Scotia Capital (USA), Inc.

    733,963       (733,963            

SG Americas Securities LLC

    256,631       (256,631            

State Street Bank & Trust Co.

    950,663       (950,663            

Toronto-Dominion Bank

    11,849,075       (11,577,032           272,043 (b)  

UBS AG

    1,847,859       (1,847,859            

UBS Securities LLC

    249,246       (249,246            

Wells Fargo Bank N.A.

    436,578       (436,578            

Wells Fargo Securities LLC

    35,340       (35,340            
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 99,315,464     $ (99,041,964   $     $ 273,500  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  149


Notes to Financial Statements(continued)

 

 

 

iShares ETF and Counterparty

   
Securities Loaned
at Value
 
 
   
Cash Collateral
Received
 
(a)  
   
Non-Cash Collateral
Received, at Fair Value
 
(a) 
    Net Amount  

 

 

Core MSCI Pacific

       

Barclays Bank PLC

  $ 201,790     $ (200,960   $     $ 830 (b)  

BNP Paribas SA

    31,339       (31,339            

BofA Securities, Inc.

    1,750,169       (1,750,169            

Citigroup Global Markets, Inc.

    900,159       (900,159            

Goldman Sachs & Co. LLC

    398,958       (398,958            

HSBC Bank PLC

    787,730       (787,730            

J.P. Morgan Securities LLC

    1,175,617       (1,175,617            

Jefferies LLC

    134,865       (134,865            

Macquarie Bank Ltd.

    104,936       (104,936            

Morgan Stanley

    1,167,997       (1,167,997            

Nomura Securities International, Inc.

    210,732       (210,732            

SG Americas Securities LLC

    12,378       (12,378            

State Street Bank & Trust Co.

    309,811       (309,811            

UBS AG

    7,285       (7,285            
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 7,193,766     $ (7,192,936   $     $ 830  
 

 

 

   

 

 

   

 

 

   

 

 

 

Core MSCI Total International Stock

       

Barclays Bank PLC

  $ 5,397,179     $ (5,397,179   $     $  

Barclays Capital, Inc.

    18,002,852       (18,002,852            

BMO Capital Markets Corp.

    527,629       (527,629            

BNP Paribas SA

    10,355,585       (10,355,585            

BofA Securities, Inc.

    54,907,805       (54,907,805            

Citigroup Global Markets, Inc.

    19,127,468       (19,127,468            

Credit Suisse Securities (USA) LLC

    2,257,741       (2,257,741            

Goldman Sachs & Co. LLC

    74,158,033       (74,158,033            

HSBC Bank PLC

    35,166,362       (35,166,362            

ING Financial Markets LLC

    1,917,324       (1,917,324            

J.P. Morgan Securities LLC

    41,774,018       (41,774,018            

J.P. Morgan Securities PLC

    1,861,443       (1,861,443            

Jefferies LLC

    564,121       (564,121            

Macquarie Bank Ltd.

    1,303,733       (1,303,733            

Morgan Stanley

    99,572,052       (99,572,052            

Nomura Securities International, Inc.

    669,812       (669,812            

RBC Capital Markets LLC

    3,194,855       (3,194,855            

Scotia Capital (USA), Inc.

    1,007,998       (1,007,998            

SG Americas Securities LLC

    4,510,287       (4,510,287            

State Street Bank & Trust Co.

    5,184,940       (5,184,940            

UBS AG

    8,651,009       (8,651,009            

UBS Securities LLC

    3,990,401       (3,990,401            

Virtu Americas LLC

    602,528       (602,528            
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 394,705,175     $ (394,705,175   $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

 
  (b) 

The market value of the loaned securities is determined as of July 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities

 

 

150  

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


Notes to Financial Statements(continued)

 

in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

Core MSCI EAFE

    0.07

Core MSCI Europe

    0.09  

Core MSCI International Developed Markets

    0.04  

Core MSCI Pacific

    0.09  

Core MSCI Total International Stock

    0.07  

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Core MSCI Total International Stock ETF, BFA contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For year ended July 31, 2023, there were no fees waived by BFA pursuant to this arrangement.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  151


Notes to Financial Statements(continued)

 

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts   

Core MSCI EAFE

  $ 5,291,980   

Core MSCI Europe

    202,515   

Core MSCI International Developed Markets

    444,358   

Core MSCI Pacific

    66,342   

Core MSCI Total International Stock

    2,152,774   

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

           
iShares ETF   Purchases           Sales           Net Realized 
Gain (Loss) 
 

Core MSCI EAFE

  $ 470,647,267        $ 131,741,979        $ (28,940,972)   

Core MSCI Europe

    46,819,928          28,778,146          (12,729,726)   

Core MSCI International Developed Markets

    65,186,711          27,194,279          (4,471,302)   

Core MSCI Pacific

    14,111,975          20,035,870          (3,276,568)   

Core MSCI Total International Stock

    33,229,546            93,208,144            (30,357,735)   

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

7.

PURCHASES AND SALES

For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

 

     
iShares ETF   Purchases        Sales   

Core MSCI EAFE

  $ 4,998,100,355        $ 2,338,888,731   

Core MSCI Europe

    228,194,837          179,933,523   

Core MSCI International Developed Markets

    567,974,108          202,149,236   

Core MSCI Pacific

    155,755,151          109,615,497   

Core MSCI Total International Stock

    2,066,021,501          838,975,126   

For the year ended July 31, 2023, in-kind transactions were as follows:

 

     
iShares ETF   In-kind
Purchases
      

In-kind 

Sales 

 

Core MSCI EAFE

  $ 460,008,199        $ 27,440   

Core MSCI Europe

    271,758,744          344,643,213   

Core MSCI International Developed Markets

    2,524,807,860          —   

Core MSCI Pacific

    518,272,229          451,224,085   

Core MSCI Total International Stock

    904,059,752          —   

 

8.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

 

 

152  

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


Notes to Financial Statements(continued)

 

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

 

       
iShares ETF   Paid-in Capital       

Accumulated 

Earnings (Loss) 

 

Core MSCI EAFE

  $ (5,540      $ 5,540    

Core MSCI Europe

    24,026,592          (24,026,592)   

Core MSCI Pacific

    114,618,295            (114,618,295)   

The tax character of distributions paid was as follows:

 

 

 
iShares ETF   Year Ended
07/31/23
       Year Ended
07/31/22
 

 

 

Core MSCI EAFE

      

Ordinary income

  $ 2,335,829,412        $ 3,825,188,698  
 

 

 

      

 

 

 

Core MSCI Europe

      

Ordinary income

  $ 123,397,635        $ 177,416,748  
 

 

 

      

 

 

 

Core MSCI International Developed Markets

      

Ordinary income

  $ 243,534,870        $ 254,945,585  
 

 

 

      

 

 

 

Core MSCI Pacific

      

Ordinary income

  $ 38,736,051        $ 45,541,866  
 

 

 

      

 

 

 

Core MSCI Total International Stock

      

Ordinary income

  $ 735,951,498        $ 1,047,059,037  
 

 

 

      

 

 

 

As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

 

         

iShares ETF

    
Undistributed
Ordinary Income
 
 
    


Non-expiring
Capital Loss
Carryforwards
 
 
(a) 
 
   
Net Unrealized
Gains (Losses)
 
(b) 
    Total  

Core MSCI EAFE

   $ 631,730,432      $ (2,851,726,162   $ 9,029,862,607     $ 6,809,866,877   

Core MSCI Europe

     17,309,720        (198,685,591     (112,611,777     (293,987,648)  

Core MSCI International Developed Markets

     68,279,159        (210,120,034     1,053,557,931       911,717,056   

Core MSCI Pacific

     16,144,304        (65,751,545     43,908,820       (5,698,421)  

Core MSCI Total International Stock

     284,180,343        (1,399,588,738     3,865,262,949       2,749,854,554   

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.

 

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost        Gross Unrealized
Appreciation
       Gross Unrealized
Depreciation
     Net Unrealized
Appreciation
(Depreciation)
 

Core MSCI EAFE

  $ 93,234,723,415        $ 19,267,392,528        $ (10,240,669,878    $ 9,026,722,650   

Core MSCI Europe

    4,514,148,041          489,482,068          (602,262,357      (112,780,289)  

Core MSCI International Developed Markets

    10,382,994,551          1,602,139,789          (548,929,209      1,053,210,580   

Core MSCI Pacific

    1,694,784,488          166,282,496          (122,423,628      43,858,868   

Core MSCI Total International Stock

    29,549,994,042          6,813,666,589          (2,929,050,080      3,884,616,509   

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  153


Notes to Financial Statements(continued)

 

9.

LINE OF CREDIT

The iShares Core MSCI Total International Stock ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of

0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended July 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

Effective April 21, 2022, the iShares Core MSCI Total International Stock ETF, along with certain other iShares funds (“Mauritius Participating Funds”), was a party to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. The Uncommitted Liquidity Facility was terminated on December 7, 2022.

During the year ended July 31, 2023, the Fund did not borrow under the Uncommitted Liquidity Facility.

 

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

 

 

154  

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


Notes to Financial Statements(continued)

 

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

 

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Year Ended

07/31/23

      

Year Ended

07/31/22

 
 

 

 

      

 

 

 
iShares ETF   Shares        Amount        Shares      Amount  

 

 

Core MSCI EAFE

              

Shares sold

    34,200,000        $ 2,263,134,016          132,000,000      $  9,651,287,073  

Shares redeemed

                      (10,800,000      (653,737,572
 

 

 

      

 

 

      

 

 

    

 

 

 
    34,200,000        $ 2,263,134,016          121,200,000      $ 8,997,549,501  
 

 

 

      

 

 

      

 

 

    

 

 

 

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  155


Notes to Financial Statements(continued)

 

 

 
   

Year Ended

07/31/23

    

Year Ended

07/31/22

 
 

 

 

    

 

 

 
iShares ETF   Shares      Amount      Shares      Amount  

 

 

Core MSCI Europe

          

Shares sold

    5,900,000      $ 308,442,219        14,200,000      $ 800,524,413  

Shares redeemed

    (7,800,000      (353,453,619      (21,900,000      (1,036,742,823
 

 

 

    

 

 

    

 

 

    

 

 

 
    (1,900,000    $ (45,011,400      (7,700,000    $ (236,218,410
 

 

 

    

 

 

    

 

 

    

 

 

 

Core MSCI International Developed Markets

          

Shares sold

    50,550,000      $ 2,838,953,351        39,900,000      $ 2,466,975,309  
 

 

 

    

 

 

    

 

 

    

 

 

 

Core MSCI Pacific

          

Shares sold

    9,900,000      $ 555,909,181        11,600,000      $ 632,830,961  

Shares redeemed

    (8,000,000      (451,733,002      (1,200,000      (76,152,450
 

 

 

    

 

 

    

 

 

    

 

 

 
    1,900,000      $ 104,176,179        10,400,000      $ 556,678,511  
 

 

 

    

 

 

    

 

 

    

 

 

 

Core MSCI Total International Stock

          

Shares sold

    33,200,000      $  1,884,043,701        60,000,000      $ 4,124,957,765  
 

 

 

    

 

 

    

 

 

    

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF and iShares Core MSCI Total International Stock ETF is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

 

13.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Effective August 11, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was extended until August 2024 under the same terms.

 

 

156  

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


Report of Independent Registered Public Accounting Firm   

 

To the Board of Trustees of

iShares Trust and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

 

iShares Core MSCI EAFE ETF(1)

iShares Core MSCI Europe ETF(1)

iShares Core MSCI International Developed Markets ETF(1)

iShares Core MSCI Pacific ETF(1)

iShares Core MSCI Total International Stock ETF(2)

(1) Statement of operations for the year ended July 31, 2023, statement of changes in net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023.

(2) Consolidated statement of operations for the year ended July 31, 2023, consolidated statement of changes in net assets for each of the two years in the period ended July 31, 2023 and the consolidated financial highlights for each of the five years in the period ended July 31, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 22, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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

  157


Important Tax Information (unaudited)   

 

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:

 

   
iShares ETF  

Qualified Dividend 

Income 

 

Core MSCI EAFE

  $ 2,890,584,990   

Core MSCI Europe

    139,746,678   

Core MSCI International Developed Markets

    300,299,477   

Core MSCI Pacific

    41,242,002   

Core MSCI Total International Stock

    796,621,471   

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2023:

 

     
iShares ETF  

Foreign Source

Income Earned

      

Foreign 

Taxes Paid 

 

Core MSCI EAFE

  $ 3,176,249,720        $ 189,816,766   

Core MSCI Europe

    142,811,921          4,321,276   

Core MSCI International Developed Markets

    326,417,161          29,825,172   

Core MSCI Pacific

    52,798,916          2,914,500   

Core MSCI Total International Stock

    1,027,748,042          84,816,617   

 

 

158  

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


Board Review and Approval of Investment Advisory Contract

 

iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide.At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T

  159


Board Review and Approval of Investment Advisory Contract (continued)

 

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

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

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

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

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

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

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

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

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

 

 

160  

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


Board Review and Approval of Investment Advisory Contract (continued)

 

iShares Core MSCI Pacific ETF, iShares Core MSCI Total International Stock ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T

 

161


Board Review and Approval of Investment Advisory Contract (continued)

 

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

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

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

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

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

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

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

 

 

162  

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


Supplemental Information (unaudited)

 

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares Core MSCI EAFE ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.43 million. There was a total of 8 beneficiaries of the remuneration described above.

 

 

S U P P L E M E N T A L  I N F O R M A T I O N

  163


Supplemental Information (unaudited) (continued)

 

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares Core MSCI EAFE ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

 

 

164  

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


Trustee and Officer Information (unaudited)

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of July 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

Interested Trustees
       

   Name

  (Year of

   Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Robert S.

Kapito(a)

(1957)

  

Trustee

(since 2009).

   President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).    Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji(b)

(1970)

  

Trustee

(since 2019).

   Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).    Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

(a)   Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates.

(b)   Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
       

   Name

  (Year of

   Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

John E. Kerrigan

(1955)

   Trustee (since 2005); Independent Board Chair (since 2022).    Chief Investment Officer, Santa Clara University (since 2002).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin

(1956)

   Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).    Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L.

Fagnani

(1954)

   Trustee (since 2017); Audit Committee Chair (since 2019).    Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

 

 

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N

  165


Trustee and Officer Information (unaudited) (continued)

 

Independent Trustees (continued)
       

Name

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Cecilia H.

Herbert

(1949)

  

Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs

(since 2022).

   Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E.

Lawton

(1959)

   Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E.

Martinez

(1961)

  

Trustee (since 2003); Securities Lending Committee Chair

(since 2019).

   Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).    Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V.

Rajan

(1964)

  

Trustee (since 2011); Fixed-Income Plus Committee Chair

(since 2019).

   Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).    Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
          Officers     
     

Name

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

Dominik Rohé

(1973)

   President (since 2023).    Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).

Trent Walker

(1974)

   Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Aaron

Wasserman

(1974)

   Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).    Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).

Marisa

Rolland

(1980)

   Secretary (since 2022).    Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).

Rachel

Aguirre

(1982)

   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

 

 

166  

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


Trustee and Officer Information (unaudited) (continued)

 

Officers (continued)
     

Name

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

Jennifer Hsui

(1976)

   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro

(1970)

   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

 

 

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N

  167


General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

168  

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


Glossary of Terms Used in this Report

 

Portfolio Abbreviation
ADR   American Depositary Receipt
CPO   Certificates of Participation (Ordinary)
GDR   Global Depositary Receipt
JSC   Joint Stock Company
NVDR   Non-Voting Depositary Receipt
NVS   Non-Voting Shares
PJSC   Public Joint Stock Company
REIT   Real Estate Investment Trust
SDR   Swedish Depositary Receipt

 

 

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T

  169


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.


 

 

 

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

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

iS-AR-710-0723

 

 

LOGO

   LOGO