iShares Trust


		JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX | NYSE Arca

iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX

iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ | NYSE Arca

iShares MSCI ACWI ex U.S. ETF | ACWX | NASDAQ

iShares MSCI EAFE ETF | EFA | NYSE Arca

iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of January 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500^® Index)		(0.44	)%		(8.22	)%
U.S. small cap equities (Russell 2000^® Index)		3.25			(3.38	)
International equities (MSCI Europe, Australasia, Far East Index)		9.52			(2.83	)
Emerging market equities (MSCI Emerging Markets Index)		4.92			(12.12	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.58			1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(5.60	)		(11.62	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.37	)		(8.36	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.73			(3.25	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		1.46			(5.22	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		84
Statements of Operations		86
Statements of Changes in Net Assets		88
Financial Highlights		91
Notes to Financial Statements		97
Statement Regarding Liquidity Risk Management Program		108
Supplemental Information		109
General Information		110
Glossary of Terms Used in this Report		111


		3


Fund Summary as of January 31, 2023		iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Investment Objective

The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.59	%		0.49	%		5.27	%		6.32	%		0.49	%		29.26	%		59.24	%
Fund Market		6.59			0.45			5.24			6.32			0.45			29.10			59.28
Index		6.82			0.69			5.26			6.33			0.69			29.22			59.29

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,065.90	$ 0.16			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

PORTFOLIO COMPOSITION


Investment Type	Percent of Net Assets
Investment Companies		100.0	%
Forward foreign currency exchange contracts, net cumulative depreciation		(1.4	)
Other assets less liabilities		1.4

SECTOR ALLOCATION (of the UNDERLYING FUND)


Sector	Percent of Total Investment^(a)
Financials		21.0	%
Industrials		12.2
Consumer Discretionary		11.9
Information Technology		11.3
Health Care		9.3
Consumer Staples		8.6
Materials		8.5
Communication Services		6.0
Energy		5.8
Utilities		3.2
Real Estate		2.2

^(a)

Excludes money market funds.


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Fund Summary as of January 31, 2023		iShares^® Currency Hedged MSCI EAFE ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE^® 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.82	%		5.36	%		6.91	%		8.07	%		5.36	%		39.69	%		101.19	%
Fund Market		7.88			5.31			6.90			8.07			5.31			39.62			101.08
Index		7.94			5.47			6.87			8.08			5.47			39.41			101.27

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,078.20	$ 0.16			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%

^(a)

Portfolio Information

PORTFOLIO COMPOSITION


Investment Type	Percent of Net Assets
Investment Companies		100.0	%
Short-term Investments		33.4
Forward foreign currency exchange contracts, net cumulative depreciation		(1.4	)
Other assets less liabilities		(32.0	)

SECTOR ALLOCATION (of the UNDERLYING FUND)


Sector	Percent of Total Investment^(a)
Financials		19.0	%
Industrials		15.1
Health Care		12.8
Consumer Discretionary		11.7
Consumer Staples		10.1
Information Technology		8.2
Materials		8.0
Energy		4.7
Communication Services		4.5
Utilities		3.3
Real Estate		2.6

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5


Fund Summary as of January 31, 2023		iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		4.49	%		(0.08	)%		5.17	%		7.90	%		(0.08	)%		28.67	%		78.12	%
Fund Market		4.62			(0.14	)		5.17			7.89			(0.14	)		28.68			78.07
Index		4.64			0.21			5.27			7.96			0.21			29.27			78.75

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,044.90	$ 0.15			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%

^(a)

Portfolio Information

PORTFOLIO COMPOSITION


Investment Type	Percent of Net Assets
Investment Companies		100.0	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative depreciation		(1.5	)
Other assets less liabilities		1.4

SECTOR ALLOCATION (of the UNDERLYING FUND)


Sector	Percent of Total Investment^(a)
Industrials	23.0	%
Consumer Discretionary	12.4
Financials	11.9
Real Estate	10.9
Materials	9.8
Information Technology	9.3
Health Care	6.7
Consumer Staples	6.2
Communication Services	4.0
Utilities	3.0
Energy	2.8

^(a)

Excludes money market funds.


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of January 31, 2023		iShares^® MSCI ACWI ex U.S. ETF

Investment Objective

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.69	%		(6.31	)%		1.34	%		4.14	%		(6.31	)%		6.89	%		50.00	%
Fund Market		7.41			(6.15	)		1.41			4.14			(6.15	)		7.24			50.05
Index		7.63			(5.72	)		1.36			4.20			(5.72	)		7.00			50.84

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,076.90	$ 1.78			$ 1,000.00	$ 1,023.50	$ 1.73		0.34	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	21.0	%
Industrials	12.2
Consumer Discretionary	11.9
Information Technology	11.3
Health Care	9.3
Consumer Staples	8.6
Materials	8.5
Communication Services	6.0
Energy	5.8
Utilities	3.2
Real Estate	2.2

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	13.8	%
United Kingdom	9.7
China	9.4
Canada	7.8
France	7.7
Switzerland	6.6
Germany	5.4
Australia	5.2
Taiwan	4.1
India	3.7


F U N D S U M M A R Y		7


Fund Summary as of January 31, 2023		iShares^® MSCI EAFE ETF

Investment Objective

The iShares MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.37	%		(3.24	)%		2.26	%		4.97	%		(3.24	)%		11.81	%		62.36	%
Fund Market		9.30			(3.12	)		2.32			4.96			(3.12	)		12.16			62.30
Index		9.52			(2.83	)		2.13			4.95			(2.83	)		11.12			62.11

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,093.70	$ 1.69			$ 1,000.00	$ 1,023.60	$ 1.63		0.32	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	19.0	%
Industrials	15.1
Health Care	12.8
Consumer Discretionary	11.7
Consumer Staples	10.1
Information Technology	8.2
Materials	8.0
Energy	4.7
Communication Services	4.5
Utilities	3.3
Real Estate	2.6

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	21.5	%
United Kingdom	15.2
France	12.0
Switzerland	10.3
Germany	8.3
Australia	8.1
Netherlands	4.6
Sweden	3.3
Hong Kong	2.9
Denmark	2.8


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of January 31, 2023		iShares^® MSCI EAFE Small-Cap ETF

Investment Objective

The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.05	%		(9.15	)%		0.42	%		6.37	%		(9.15	)%		2.10	%		85.48	%
Fund Market		5.03			(9.22	)		0.47			6.37			(9.22	)		2.36			85.50
Index		5.25			(8.85	)		0.40			6.43			(8.85	)		2.00			86.52

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,050.50	$ 2.02			$ 1,000.00	$ 1,023.20	$ 1.99		0.39	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Industrials	23.0	%
Consumer Discretionary	12.4
Financials	11.9
Real Estate	10.9
Materials	9.8
Information Technology	9.3
Health Care	6.7
Consumer Staples	6.2
Communication Services	4.0
Utilities	3.0
Energy	2.8

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	30.8	%
United Kingdom	14.8
Australia	10.5
Sweden	5.6
Germany	4.8
Switzerland	4.6
France	3.6
Italy	3.3
Israel	2.7
Netherlands	2.3


F U N D S U M M A R Y		9

About Fund Performance

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

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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.


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2023

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

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.0%
iShares MSCI ACWI ex U.S. ETF^(a)		3,273,956		$ 162,257,259


Total Investments in Securities — 100.0% (Cost: $153,471,690)				162,257,259

Liabilities in Excess of Other Assets — 0.0%				(60,411	)


Net Assets — 100.0%				$ 162,196,848

^(a)	Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—	$	(23,270	)^(b)	$	23,270		$	—	$	—		—	$	39,072	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)		210,000		—		(210,000	)^(b)		—			—		—		—		8,109			—
iShares MSCI ACWI ex U.S. ETF		120,412,275		62,323,759		(33,942,861	)		(4,783,859	)		18,247,945		162,257,259		3,273,956		1,070,635			—

								$	(4,760,589	)	$	18,247,945	$	162,257,259			$	1,117,816		$	—

^(a) As of period end, the entity is no longer held. ^(b) Represents net amount purchased (sold). ^(c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


AUD	11,334,000	USD	7,986,322	BNP Paribas SA		02/03/23	$	14,125

AUD	44,000	USD	29,996	HSBC Bank PLC		02/03/23		1,063

AUD	396,000	USD	268,881	UBS AG		02/03/23		10,647

BRL	215,000	USD	40,721	Morgan Stanley & Co. International PLC		02/03/23		1,623

BRL	12,062,000	USD	2,368,232	State Street Bank and Trust Co.		02/03/23		7,379

CAD	15,995,000	USD	11,987,128	HSBC Bank PLC		02/03/23		34,343

CAD	1,109,000	USD	818,614	Morgan Stanley & Co. International PLC		02/03/23		14,885

CHF	451,000	USD	489,040	Bank of America N.A.		02/03/23		3,640

CHF	9,186,000	USD	9,998,367	State Street Bank and Trust Co.		02/03/23		36,574

CLP	246,967,000	USD	309,049	JPMorgan Chase Bank N.A.		02/03/23		1,109

CLP	37,945,000	USD	44,204	Morgan Stanley & Co. International PLC		02/03/23		3,450

CNH	310,000	USD	44,908	Barclays Bank PLC		02/03/23		986

CNH	15,265,000	USD	2,259,345	HSBC Bank PLC		02/03/23		584

DKK	9,000	USD	1,295	Bank of America N.A.		02/03/23		20

DKK	20,128,000	USD	2,938,704	Morgan Stanley & Co. International PLC		02/03/23		3,035

EUR	1,411,000	USD	1,509,214	Bank of America N.A.		02/03/23		24,866

EUR	30,074,000	USD	32,661,868	State Street Bank and Trust Co.		02/03/23		35,457

GBP	481,000	USD	579,077	Bank of America N.A.		02/03/23		13,937


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

January 31, 2023

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

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


GBP	12,417,000	USD	15,286,904	JPMorgan Chase Bank N.A.		02/03/23	$	21,717

ILS	1,647,000	USD	476,647	BNP Paribas SA		02/03/23		525

ILS	113,000	USD	32,071	Morgan Stanley & Co. International PLC		02/03/23		667

INR	15,768,000	USD	190,063	Morgan Stanley & Co. International PLC		02/03/23		2,440

JPY	1,688,000	USD	12,938	BNP Paribas SA		02/03/23		32

JPY	189,655,000	USD	1,442,966	Citibank N.A.		02/03/23		14,267

KRW	7,606,606,000	USD	6,162,688	JPMorgan Chase Bank N.A.		02/03/23		11,713

KRW	756,361,000	USD	601,427	Morgan Stanley & Co. International PLC		02/03/23		12,523

MXN	519,000	USD	26,490	State Street Bank and Trust Co.		02/03/23		1,067

NOK	7,465,000	USD	747,378	State Street Bank and Trust Co.		02/03/23		533

NZD	300,000	USD	193,877	Bank of America N.A.		02/03/23		46

SEK	34,272,000	USD	3,273,415	State Street Bank and Trust Co.		02/03/23		4,026

SGD	1,756,000	USD	1,336,072	Bank of America N.A.		02/03/23		533

SGD	37,000	USD	27,604	JPMorgan Chase Bank N.A.		02/03/23		559

THB	353,000	USD	10,288	Morgan Stanley & Co. International PLC		02/03/23		407

TWD	181,443,000	USD	6,038,037	JPMorgan Chase Bank N.A.		02/03/23		4,740

TWD	10,983,000	USD	358,232	Morgan Stanley & Co. International PLC		02/03/23		7,546

USD	14,212	AUD	20,000	JPMorgan Chase Bank N.A.		02/03/23		94

USD	4,991	DKK	34,000	Bank of America N.A.		02/03/23		22

USD	4,970	DKK	34,000	HSBC Bank PLC		02/03/23		1

USD	58,962	EUR	54,000	HSBC Bank PLC		02/03/23		252

USD	58,712	EUR	54,000	State Street Bank and Trust Co.		02/03/23		2

USD	26,042	GBP	21,000	BNP Paribas SA		02/03/23		152

USD	26,038	GBP	21,000	HSBC Bank PLC		02/03/23		148

USD	25,985	GBP	21,000	JPMorgan Chase Bank N.A.		02/03/23		95

USD	74,998	HKD	587,000	Bank of America N.A.		02/03/23		132

USD	923,715	HKD	7,205,000	HSBC Bank PLC		02/03/23		4,788

USD	12,398,608	HKD	96,711,000	State Street Bank and Trust Co.		02/03/23		64,077

USD	889	ILS	3,000	Barclays Bank PLC		02/03/23		20

USD	1,774	ILS	6,000	State Street Bank and Trust Co.		02/03/23		36

USD	31,533	INR	2,564,000	Morgan Stanley & Co. International PLC		02/03/23		231

USD	37,959	JPY	4,914,000	Citibank N.A.		02/03/23		201

USD	36,818	JPY	4,765,000	JPMorgan Chase Bank N.A.		02/03/23		206

USD	11,140	KRW	13,708,000	Morgan Stanley & Co. International PLC		02/03/23		13

USD	1,914	MXN	36,000	HSBC Bank PLC		02/03/23		2

USD	2,435	NOK	24,000	Barclays Bank PLC		02/03/23		30

USD	787,999	NOK	7,753,000	Citibank N.A.		02/03/23		11,234

USD	8,359	NOK	82,000	Morgan Stanley & Co. International PLC		02/03/23		143

USD	648	NZD	1,000	Barclays Bank PLC		02/03/23		2

USD	649	NZD	1,000	BNP Paribas SA		02/03/23		2

USD	647	NZD	1,000	State Street Bank and Trust Co.		02/03/23		1

USD	17,765	SEK	182,000	Barclays Bank PLC		02/03/23		360

USD	3,347,979	SEK	34,820,000	BNP Paribas SA		02/03/23		18,132

USD	60,777	SEK	633,000	Citibank N.A.		02/03/23		243

USD	2,285	SGD	3,000	State Street Bank and Trust Co.		02/03/23		1

USD	5,105	THB	167,000	UBS AG		02/03/23		45

USD	1,631,275	ZAR	27,832,000	Citibank N.A.		02/03/23		31,878

USD	2,841	ZAR	49,000	HSBC Bank PLC		02/03/23		25

USD	410	ZAR	7,000	JPMorgan Chase Bank N.A.		02/03/23		7

USD	5,722	ZAR	98,000	State Street Bank and Trust Co.		02/03/23		90

ZAR	27,427,000	USD	1,573,642	BNP Paribas SA		02/03/23		2,481

MYR	42,000	USD	9,609	Morgan Stanley & Co. International PLC		02/07/23		251

MYR	2,965,000	USD	696,009	State Street Bank and Trust Co.		02/07/23		64


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

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

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


USD	1,174	MYR	5,000	Morgan Stanley & Co. International PLC		02/07/23	$	1

AUD	116,000	USD	81,934	Citibank N.A.		03/03/23		40

BRL	96,000	USD	18,779	Morgan Stanley & Co. International PLC		03/03/23		34

CAD	246,000	USD	184,900	Citibank N.A.		03/03/23		24

CHF	35,000	USD	38,286	Citibank N.A.		03/03/23		64

CLP	2,349,000	USD	2,934	Morgan Stanley & Co. International PLC		03/03/23		3

DKK	411,000	USD	60,127	Morgan Stanley & Co. International PLC		03/03/23		61

EUR	370,000	USD	402,985	State Street Bank and Trust Co.		03/03/23		16

ILS	28,000	USD	8,118	Barclays Bank PLC		03/03/23		1

ILS	13,000	USD	3,765	BNP Paribas SA		03/03/23		4

KRW	264,227,000	USD	214,394	Morgan Stanley & Co. International PLC		03/03/23		76

MYR	9,000	USD	2,117	Morgan Stanley & Co. International PLC		03/03/23		1

NOK	90,000	USD	9,015	Morgan Stanley & Co. International PLC		03/03/23		14

NOK	250,000	USD	25,064	UBS AG		03/03/23		16

SGD	22,000	USD	16,754	Morgan Stanley & Co. International PLC		03/03/23		1

TRY	142,000	USD	7,440	JPMorgan Chase Bank N.A.		03/03/23		1

USD	8,641	DKK	59,000	HSBC Bank PLC		03/03/23		—

USD	13,334,449	HKD	104,361,000	State Street Bank and Trust Co.		03/03/23		3,584

USD	1,950,897	HKD	15,268,000	UBS AG		03/03/23		593

USD	6,321,690	INR	517,778,000	JPMorgan Chase Bank N.A.		03/03/23		480

USD	21,673,994	JPY	2,807,595,000	HSBC Bank PLC		03/03/23		19,399

USD	798,237	JPY	103,404,000	UBS AG		03/03/23		696

USD	1,142,713	MXN	21,595,000	JPMorgan Chase Bank N.A.		03/03/23		1,789

USD	1,003,038	THB	32,916,000	Citibank N.A.		03/03/23		2,864

USD	633,860	TWD	18,971,000	Morgan Stanley & Co. International PLC		03/03/23		84

ZAR	454,000	USD	25,988	JPMorgan Chase Bank N.A.		03/03/23		37


								456,408


HKD	104,503,000	USD	13,332,022	State Street Bank and Trust Co.		02/03/23		(3,699	)

INR	517,778,000	USD	6,332,282	JPMorgan Chase Bank N.A.		02/03/23		(11,011	)

JPY	2,807,595,000	USD	21,592,616	HSBC Bank PLC		02/03/23		(20,183	)

MXN	19,745,000	USD	1,050,095	JPMorgan Chase Bank N.A.		02/03/23		(1,712	)

NOK	394,000	USD	40,048	Bank of America N.A.		02/03/23		(574	)

SEK	1,363,000	USD	131,057	Bank of America N.A.		02/03/23		(713	)

THB	32,916,000	USD	1,001,055	Citibank N.A.		02/03/23		(3,794	)

TRY	5,514,000	USD	292,947	BNP Paribas SA		02/03/23		(4	)

USD	7,953,045	AUD	11,714,000	Bank of America N.A.		02/03/23		(315,636	)

USD	14,055	AUD	20,000	Citibank N.A.		02/03/23		(63	)

USD	13,945	AUD	20,000	HSBC Bank PLC		02/03/23		(173	)

USD	2,330,557	BRL	12,277,000	Morgan Stanley & Co. International PLC		02/03/23		(87,399	)

USD	20,916	CAD	28,000	Barclays Bank PLC		02/03/23		(128	)

USD	12,584,260	CAD	17,048,000	HSBC Bank PLC		02/03/23		(228,622	)

USD	20,934	CAD	28,000	State Street Bank and Trust Co.		02/03/23		(111	)

USD	115,144	CHF	106,000	Bank of America N.A.		02/03/23		(652	)

USD	17,364	CHF	16,000	Citibank N.A.		02/03/23		(115	)

USD	10,299,455	CHF	9,499,000	JPMorgan Chase Bank N.A.		02/03/23		(77,413	)

USD	17,407	CHF	16,000	State Street Bank and Trust Co.		02/03/23		(72	)

USD	332,010	CLP	284,912,000	Morgan Stanley & Co. International PLC		02/03/23		(25,802	)

USD	2,241,004	CNH	15,471,000	BNP Paribas SA		02/03/23		(49,423	)

USD	7,101	CNH	49,000	HSBC Bank PLC		02/03/23		(153	)

USD	8,112	CNH	55,000	JPMorgan Chase Bank N.A.		02/03/23		(30	)

USD	2,832,809	DKK	19,691,000	Barclays Bank PLC		02/03/23		(45,061	)

USD	49,618	DKK	344,000	Bank of America N.A.		02/03/23		(658	)


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

January 31, 2023

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

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


USD	4,964	DKK	34,000	HSBC Bank PLC		02/03/23	$	(5	)

USD	32,947,127	EUR	30,804,000	BNP Paribas SA		02/03/23		(543,875	)

USD	557,575	EUR	520,000	Bank of America N.A.		02/03/23		(7,784	)

USD	57,575	EUR	53,000	HSBC Bank PLC		02/03/23		(48	)

USD	15,451,696	GBP	12,835,000	Bank of America N.A.		02/03/23		(372,266	)

USD	490,650	ILS	1,729,000	Citibank N.A.		02/03/23		(10,279	)

USD	6,252	ILS	22,000	HSBC Bank PLC		02/03/23		(122	)

USD	6,400,412	INR	530,982,000	Morgan Stanley & Co. International PLC		02/03/23		(82,060	)

USD	22,704,408	JPY	2,984,449,000	BNP Paribas SA		02/03/23		(226,900	)

USD	36,849	JPY	4,810,000	JPMorgan Chase Bank N.A.		02/03/23		(109	)

USD	6,639,870	KRW	8,349,259,000	Morgan Stanley & Co. International PLC		02/03/23		(137,354	)

USD	1,030,693	MXN	20,193,000	Citibank N.A.		02/03/23		(41,478	)

USD	1,849	MXN	35,000	UBS AG		02/03/23		(9	)

USD	186,011	NZD	294,000	BNP Paribas SA		02/03/23		(4,033	)

USD	1,265	NZD	2,000	Bank of America N.A.		02/03/23		(28	)

USD	633	NZD	1,000	JPMorgan Chase Bank N.A.		02/03/23		(13	)

USD	747	SGD	1,000	Bank of America N.A.		02/03/23		(14	)

USD	2,275	SGD	3,000	HSBC Bank PLC		02/03/23		(8	)

USD	1,332,326	SGD	1,786,000	State Street Bank and Trust Co.		02/03/23		(27,115	)

USD	14,468	THB	498,000	Barclays Bank PLC		02/03/23		(620	)

USD	948,825	THB	32,604,000	Citibank N.A.		02/03/23		(38,984	)

USD	229,469	TRY	4,410,000	Citibank N.A.		02/03/23		(4,821	)

USD	478	TRY	9,000	JPMorgan Chase Bank N.A.		02/03/23		—

USD	56,952	TRY	1,095,000	Morgan Stanley & Co. International PLC		02/03/23		(1,222	)

USD	6,276,311	TWD	192,426,000	Morgan Stanley & Co. International PLC		02/03/23		(132,243	)

ZAR	559,000	USD	32,779	Morgan Stanley & Co. International PLC		02/03/23		(655	)

USD	686,785	MYR	3,002,000	Morgan Stanley & Co. International PLC		02/07/23		(17,975	)

CNH	58,000	USD	8,603	UBS AG		03/03/23		(2	)

GBP	61,000	USD	75,252	Citibank N.A.		03/03/23		—

HKD	5,040,000	USD	643,982	Bank of America N.A.		03/03/23		(182	)

IDR	120,366,000	USD	8,019	Morgan Stanley & Co. International PLC		03/03/23		—

INR	33,595,000	USD	410,289	Morgan Stanley & Co. International PLC		03/03/23		(150	)

JPY	23,525,000	USD	181,463	Deutsche Bank Securities Inc.		03/03/23		(17	)

MXN	235,000	USD	12,421	Citibank N.A.		03/03/23		(5	)

MYR	20,000	USD	4,707	Morgan Stanley & Co. International PLC		03/03/23		(1	)

NZD	2,000	USD	1,294	Deutsche Bank Securities Inc.		03/03/23		—

SEK	305,000	USD	29,215	Barclays Bank PLC		03/03/23		(2	)

THB	216,000	USD	6,585	BNP Paribas SA		03/03/23		(21	)

THB	300,000	USD	9,157	HSBC Bank PLC		03/03/23		(41	)

TRY	287,000	USD	15,057	BNP Paribas SA		03/03/23		(18	)

USD	8,425,523	AUD	11,944,000	BNP Paribas SA		03/03/23		(14,939	)

USD	8,594	BRL	44,000	Morgan Stanley & Co. International PLC		03/03/23		(29	)

USD	2,356,527	BRL	12,062,000	State Street Bank and Trust Co.		03/03/23		(7,275	)

USD	571,183	CAD	762,000	Citibank N.A.		03/03/23		(1,630	)

USD	11,989,356	CAD	15,995,000	HSBC Bank PLC		03/03/23		(34,448	)

USD	316,627	CHF	290,000	Morgan Stanley & Co. International PLC		03/03/23		(1,131	)

USD	10,028,494	CHF	9,186,000	State Street Bank and Trust Co.		03/03/23		(36,774	)

USD	307,732	CLP	246,967,000	JPMorgan Chase Bank N.A.		03/03/23		(1,101	)

USD	6,869	CLP	5,520,000	Morgan Stanley & Co. International PLC		03/03/23		(33	)

USD	2,408,409	CNH	16,245,000	HSBC Bank PLC		03/03/23		(810	)

USD	2,944,483	DKK	20,128,000	Morgan Stanley & Co. International PLC		03/03/23		(3,117	)

USD	2,277,358	EUR	2,093,000	Bank of America N.A.		03/03/23		(2,319	)

USD	32,720,753	EUR	30,074,000	State Street Bank and Trust Co.		03/03/23		(35,592	)


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

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

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	15,296,266	GBP	12,417,000	JPMorgan Chase Bank N.A.		03/03/23	$	(21,761	)

USD	229,127	GBP	186,000	UBS AG		03/03/23		(329	)

USD	843,226	IDR	12,684,990,000	Morgan Stanley & Co. International PLC		03/03/23		(1,873	)

USD	476,980	ILS	1,647,000	BNP Paribas SA		03/03/23		(581	)

USD	696,909	MYR	2,965,000	State Street Bank and Trust Co.		03/03/23		(656	)

USD	748,322	NOK	7,465,000	State Street Bank and Trust Co.		03/03/23		(551	)

USD	199,756	NZD	309,000	Bank of America N.A.		03/03/23		(45	)

USD	3,278,456	SEK	34,272,000	State Street Bank and Trust Co.		03/03/23		(4,095	)

USD	166,071	SEK	1,736,000	UBS AG		03/03/23		(202	)

USD	1,336,805	SGD	1,756,000	Bank of America N.A.		03/03/23		(597	)

USD	40,348	SGD	53,000	Morgan Stanley & Co. International PLC		03/03/23		(18	)

USD	288,586	TRY	5,514,000	BNP Paribas SA		03/03/23		(348	)

USD	6,060,625	TWD	181,443,000	JPMorgan Chase Bank N.A.		03/03/23		(955	)

USD	1,672,676	ZAR	29,225,000	BNP Paribas SA		03/03/23		(2,636	)

KRW	161,463,000	USD	131,152	Morgan Stanley & Co. International PLC		03/06/23		(81	)

USD	6,169,186	KRW	7,606,606,000	JPMorgan Chase Bank N.A.		03/06/23		(5,615	)


								(2,703,201	)


							$	(2,246,793	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	456,408	$	—	$	—	$	456,408


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,703,201	$	—	$	—	$	2,703,201

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



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

Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(882,428	)	$	—	$	—	$	(882,428	)

Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—		—	$	—	$	(2,410,689	)	$	—	$	—	$	(2,410,689	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	145,181,260
Average amounts sold — in USD	$	286,616,413

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


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

January 31, 2023

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities

Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	456,408	$	2,703,201


Total derivative assets and liabilities in the Statement of Assets and Liabilities		456,408		2,703,201

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


Total derivative assets and liabilities subject to an MNA		456,408		2,703,201

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)

Bank of America N.A	$	43,196	$	(43,196	)	$	—	$	—	$	—
Barclays Bank PLC		1,399		(1,399	)		—		—		—
BNP Paribas SA		35,453		(35,453	)		—		—		—
Citibank N.A.		60,815		(60,815	)		—		—		—
HSBC Bank PLC		60,605		(60,605	)		—		—		—
JPMorgan Chase Bank N.A.		42,547		(42,547	)		—		—		—
Morgan Stanley & Co. International PLC		47,489		(47,489	)		—		—		—
State Street Bank and Trust Co.		152,907		(115,940	)		—		—		36,967
UBS AG		11,997		(542	)		—		—		11,455

	$	456,408	$	(407,986	)	$	—	$	—	$	48,422



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	^(d)		Net Amount of Derivative Liabilities	^(c)(e)

Bank of America N.A.	$	701,468	$	(43,196	)	$	—	$	—		$	658,272
Barclays Bank PLC		45,811		(1,399	)		—		—			44,412
BNP Paribas SA		842,778		(35,453	)		—		—			807,325
Citibank N.A.		101,169		(60,815	)		—		—			40,354
Deutsche Bank Securities Inc.		17		—			—		—			17
HSBC Bank PLC		284,613		(60,605	)		—		—			224,008
JPMorgan Chase Bank N.A.		119,720		(42,547	)		—		—			77,173
Morgan Stanley & Co. International PLC		491,143		(47,489	)		—		(420,000	)		23,654
State Street Bank and Trust Co.		115,940		(115,940	)		—		—			—
UBS AG		542		(542	)		—		—			—

	$	2,703,201	$	(407,986	)	$	—	$	(420,000	)	$	1,875,215

^(a)

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

^(b)

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

^(c)

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

^(d)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(e)

Net amount represents the net amount payable due to the counterparty in the event of default.


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

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

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Investment Companies	$	162,257,259	$	—		$	—	$	162,257,259

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	456,408		$	—	$	456,408
Liabilities
Foreign Currency Exchange Contracts		—		(2,703,201	)		—		(2,703,201	)

	$	—	$	(2,246,793	)	$	—		(2,246,793	)

^(a)

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited)

January 31, 2023

iShares^® Currency Hedged MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.0%
iShares MSCI EAFE ETF^(a)(b)		43,236,379	$	3,093,562,918


Total Investment Companies (Cost: $2,896,943,732)				3,093,562,918


Short-Term Securities

Money Market Funds — 33.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(a)(c)(d)		1,031,261,480		1,031,880,236
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(a)(c)		1,290,000		1,290,000


Total Short-Term Securities — 33.4% (Cost: $1,032,971,677)				1,033,170,236


Total Investments in Securities — 133.4% (Cost: $3,929,915,409)				4,126,733,154


Liabilities in Excess of Other Assets — (33.4)%				(1,033,878,709	)


NetAssets — 100.0%			$	3,092,854,445

^(a)	Affiliate of the Fund.

^(b)	All or a portion of this security is on loan.

^(c)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,031,544,371	^(a)	$	—		$	137,306		$	198,559	$	1,031,880,236		1,031,261,480	$	415,867	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		2,640,000		—			(1,350,000	)^(a)		—			—		1,290,000		1,290,000		151,388			1

iShares MSCI EAFE ETF		3,669,453,789		734,555,195			(1,605,848,992	)		(95,901,930	)		391,304,856		3,093,562,918		43,236,379		11,774,467			—


									$	(95,764,624	)	$	391,503,415	$	4,126,733,154			$	12,341,722		$	1

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

AUD

337,646,000

USD

237,905,372

BNP Paribas SA

02/02/23

421,990

AUD

318,000

USD

216,845

Citibank N.A.

02/02/23

7,616


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


AUD	2,205,000	USD	1,503,120	Morgan Stanley & Co. International PLC	02/02/23	$	53,279

AUD	71,000	USD	49,391	State Street Bank and Trust Co.	02/02/23		724

AUD	13,955,000	USD	9,474,887	UBS AG	02/02/23		375,247

CHF	15,571,000	USD	16,882,500	BNP Paribas SA	02/02/23		125,692

CHF	315,000	USD	341,365	HSBC Bank PLC	02/02/23		2,709

CHF	273,778,000	USD	297,989,660	State Street Bank and Trust Co.	02/02/23		1,057,855

DKK	1,262,000	USD	181,752	BNP Paribas SA	02/02/23		2,678

DKK	564,000	USD	81,389	HSBC Bank PLC	02/02/23		1,035

DKK	599,219,000	USD	87,479,780	JPMorgan Chase Bank N.A.	02/02/23		90,769

EUR	47,419,000	USD	50,719,777	BNP Paribas SA	02/02/23		831,804

EUR	827,000	USD	887,115	Commonwealth Bank of Australia	02/02/23		11,958

EUR	880,189,000	USD	955,929,263	State Street Bank and Trust Co.	02/02/23		968,488

GBP	18,725,000	USD	22,542,822	BNP Paribas SA	02/02/23		542,286

GBP	426,000	USD	516,077	HSBC Bank PLC	02/02/23		9,117

GBP	369,985,000	USD	455,488,534	JPMorgan Chase Bank N.A.	02/02/23		647,297

ILS	49,015,000	USD	14,184,838	BNP Paribas SA	02/02/23		15,616

ILS	46,000	USD	13,111	HSBC Bank PLC	02/02/23		216

ILS	3,886,000	USD	1,102,889	Morgan Stanley & Co. International PLC	02/02/23		22,949

JPY	6,580,149,000	USD	50,053,201	Citibank N.A.	02/02/23		499,167

JPY	356,633,000	USD	2,731,819	HSBC Bank PLC	02/02/23		8,034

NOK	222,115,000	USD	22,237,629	Morgan Stanley & Co. International PLC	02/02/23		14,815

NZD	8,903,000	USD	5,753,564	Morgan Stanley & Co. International PLC	02/02/23		1,334

NZD	8,000	USD	5,082	Nomura Securities International Inc.	02/02/23		89

NZD	2,000	USD	1,273	State Street Bank and Trust Co.	02/02/23		20

SEK	1,021,864,000	USD	97,601,100	JPMorgan Chase Bank N.A.	02/02/23		113,863

SGD	153,000	USD	114,284	BNP Paribas SA	02/02/23		2,173

SGD	52,294,000	USD	39,786,967	Bank of America N.A.	02/02/23		16,656

SGD	11,000	USD	8,328	Morgan Stanley & Co. International PLC	02/02/23		44

SGD	1,430,000	USD	1,066,815	Toronto Dominion Bank	02/02/23		21,630

USD	117,886	AUD	167,000	Bank of New York	02/02/23		9

USD	473,215	AUD	666,000	HSBC Bank PLC	02/02/23		3,119

USD	163,942	DKK	1,117,000	BNP Paribas SA	02/02/23		702

USD	1,912,846	EUR	1,752,000	HSBC Bank PLC	02/02/23		8,158

USD	217,346	GBP	176,000	Bank of America N.A.	02/02/23		365

USD	870,390	GBP	702,000	HSBC Bank PLC	02/02/23		4,930

USD	7,584,411	HKD	59,172,000	HSBC Bank PLC	02/02/23		38,069

USD	76,713,651	HKD	598,401,000	State Street Bank and Trust Co.	02/02/23		398,187

USD	203,329	HKD	1,592,000	UBS AG	02/02/23		298

USD	40,788	ILS	139,000	Citibank N.A.	02/02/23		517

USD	27,315	ILS	92,000	State Street Bank and Trust Co.	02/02/23		661

USD	284,604	ILS	971,000	The Northern Trust Co.	02/02/23		3,290

USD	1,251,199	JPY	162,000,000	Citibank N.A.	02/02/23		6,625

USD	1,798,046	JPY	230,182,000	HSBC Bank PLC	02/02/23		29,660

USD	12,902,501	JPY	1,663,294,000	JPMorgan Chase Bank N.A.	02/02/23		124,150

USD	427,453	NOK	4,227,000	Bank of America N.A.	02/02/23		3,974

USD	23,391,841	NOK	230,161,000	Citibank N.A.	02/02/23		333,313


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


USD	182,969	NOK	1,795,000	Morgan Stanley & Co. International PLC	02/02/23	$	3,138

USD	2,588	NZD	4,000	Citibank N.A.	02/02/23		2

USD	11,016	NZD	17,000	State Street Bank and Trust Co.	02/02/23		28

USD	100,489,171	SEK	1,045,196,000	BNP Paribas SA	02/02/23		543,103

USD	48,353	SEK	503,000	Bank of New York	02/02/23		254

USD	197,880	SEK	2,021,000	Citibank N.A.	02/02/23		4,624

USD	1,505,392	SEK	15,676,000	Morgan Stanley & Co. International PLC	02/02/23		6,386

USD	74,637	SGD	98,000	State Street Bank and Trust Co.	02/02/23		44

AUD	2,594,000	USD	1,832,159	Citibank N.A.	03/02/23		872

AUD	166,000	USD	117,276	HSBC Bank PLC	03/02/23		27

CHF	345,000	USD	377,350	Citibank N.A.	03/02/23		632

CHF	133,000	USD	145,694	HSBC Bank PLC	03/02/23		21

DKK	12,173,000	USD	1,780,703	Morgan Stanley & Co. International PLC	03/02/23		1,820

DKK	278,000	USD	40,703	UBS AG	03/02/23		5

EUR	438,000	USD	476,943	Commonwealth Bank of Australia	03/02/23		93

GBP	176,000	USD	217,033	Citibank N.A.	03/02/23		82

HKD	321,000	USD	41,000	UBS AG	03/02/23		3

ILS	368,000	USD	106,579	BNP Paribas SA	03/02/23		120

ILS	713,000	USD	206,711	Citibank N.A.	03/02/23		19

NOK	2,267,000	USD	227,050	State Street Bank and Trust Co.	03/02/23		360

NOK	7,292,000	USD	731,022	UBS AG	03/02/23		461

NZD	4,000	USD	2,586	HSBC Bank PLC	03/02/23		1

SEK	501,000	USD	47,981	UBS AG	03/02/23		2

SGD	25,000	USD	19,040	BNP Paribas SA	03/02/23		—

SGD	529,000	USD	402,853	Morgan Stanley & Co. International PLC	03/02/23		35

USD	83,513,581	HKD	653,599,000	State Street Bank and Trust Co.	03/02/23		27,309

USD	4,222,316	HKD	33,046,000	UBS AG	03/02/23		1,246

USD	645,386,708	JPY	83,613,914,000	BNP Paribas SA	03/02/23		574,853

USD	23,653,684	JPY	3,064,569,000	UBS AG	03/02/23		20,412


							8,009,129


HKD	659,165,000	USD	84,096,254	State Street Bank and Trust Co.	02/02/23		(31,417	)

ILS	10,000	USD	2,931	State Street Bank and Trust Co.	02/02/23		(34	)

JPY	83,613,914,000	USD	642,961,390	BNP Paribas SA	02/02/23		(592,750	)

JPY	17,275,000	USD	135,405	Societe Generale	02/02/23		(2,689	)

NOK	14,835,000	USD	1,507,867	BNP Paribas SA	02/02/23		(21,632	)

NOK	253,000	USD	25,811	Citibank N.A.	02/02/23		(464	)

SEK	46,117,000	USD	4,433,878	BNP Paribas SA	02/02/23		(23,975	)

SEK	223,000	USD	21,430	Citibank N.A.	02/02/23		(106	)

USD	233,541,419	AUD	343,982,000	BNP Paribas SA	02/02/23		(9,258,207	)

USD	1,215,878	AUD	1,768,000	HSBC Bank PLC	02/02/23		(32,064	)

USD	4,752,981	AUD	6,815,000	State Street Bank and Trust Co.	02/02/23		(57,385	)

USD	538,439	AUD	797,000	UBS AG	02/02/23		(24,123	)

USD	7,634,433	CHF	7,073,000	BNP Paribas SA	02/02/23		(91,400	)

USD	670,954	CHF	626,000	HSBC Bank PLC	02/02/23		(12,825	)

USD	304,972,153	CHF	281,299,000	JPMorgan Chase Bank N.A.	02/02/23		(2,290,545	)

USD	581,935	CHF	534,000	NatWest Markets PLC	02/02/23		(1,353	)

USD	142,654	CHF	132,000	State Street Bank and Trust Co.	02/02/23		(1,530	)

USD	401,307	DKK	2,827,000	BNP Paribas SA	02/02/23		(11,834	)


20		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


USD	40,103	DKK	275,000	Bank of America N.A.	02/02/23	$	(86	)

USD	2,913,085	DKK	20,048,000	Morgan Stanley & Co. International PLC	02/02/23		(16,753	)

USD	82,722,288	DKK	575,087,000	State Street Bank and Trust Co.	02/02/23		(1,321,584	)

USD	245,562	DKK	1,691,000	UBS AG	02/02/23		(1,563	)

USD	13,376,639	EUR	12,477,000	BNP Paribas SA	02/02/23		(187,735	)

USD	478,372	EUR	441,000	Bank of New York	02/02/23		(1,061	)

USD	20,004,095	EUR	18,412,000	Citibank N.A.	02/02/23		(12,517	)

USD	955,319,930	EUR	893,313,000	State Street Bank and Trust Co.	02/02/23		(15,845,582	)

USD	2,157,023	EUR	2,040,000	UBS AG	02/02/23		(60,764	)

USD	452,544,830	GBP	375,924,000	Bank of America N.A.	02/02/23		(10,912,894	)

USD	1,017,100	GBP	849,000	HSBC Bank PLC	02/02/23		(29,589	)

USD	1,046,337	GBP	878,000	NatWest Markets PLC	02/02/23		(36,105	)

USD	9,162,251	GBP	7,497,000	Societe Generale	02/02/23		(80,422	)

USD	2,465,021	GBP	2,039,000	State Street Bank and Trust Co.	02/02/23		(48,759	)

USD	1,315,908	GBP	1,071,000	UBS AG	02/02/23		(4,474	)

USD	14,470,675	ILS	50,999,000	Citibank N.A.	02/02/23		(304,577	)

USD	143,618	ILS	505,000	HSBC Bank PLC	02/02/23		(2,689	)

USD	38,699	ILS	136,000	State Street Bank and Trust Co.	02/02/23		(702	)

USD	32,439	ILS	115,000	The Northern Trust Co.	02/02/23		(879	)

USD	673,060,078	JPY	88,471,833,000	BNP Paribas SA	02/02/23		(6,629,801	)

USD	311,716	JPY	40,662,000	JPMorgan Chase Bank N.A.	02/02/23		(673	)

USD	49,411	NOK	506,000	Citibank N.A.	02/02/23		(1,282	)

USD	51,046	NOK	514,000	NatWest Markets PLC	02/02/23		(449	)

USD	5,497,076	NZD	8,687,000	BNP Paribas SA	02/02/23		(118,199	)

USD	74,023	NZD	117,000	Bank of America N.A.	02/02/23		(1,606	)

USD	25,580	NZD	41,000	HSBC Bank PLC	02/02/23		(922	)

USD	13,937	NZD	22,000	JPMorgan Chase Bank N.A.	02/02/23		(284	)

USD	16,072	NZD	25,000	NatWest Markets PLC	02/02/23		(88	)

USD	229,255	SEK	2,447,000	BNP Paribas SA	02/02/23		(4,738	)

USD	223,823	SEK	2,361,000	Citibank N.A.	02/02/23		(1,946	)

USD	876,544	SGD	1,161,000	BNP Paribas SA	02/02/23		(7,152	)

USD	111,361	SGD	147,000	Citibank N.A.	02/02/23		(528	)

USD	39,148,924	SGD	52,482,000	State Street Bank and Trust Co.	02/02/23		(797,795	)

EUR	8,500,000	USD	9,257,614	Commonwealth Bank of Australia	03/02/23		(65	)

GBP	902,000	USD	1,112,814	BNP Paribas SA	03/02/23		(102	)

HKD	4,854,000	USD	620,197	UBS AG	03/02/23		(180	)

ILS	23,000	USD	6,676	HSBC Bank PLC	03/02/23		(8	)

JPY	491,290,000	USD	3,789,172	BNP Paribas SA	03/02/23		(453	)

JPY	40,541,000	USD	312,655	Citibank N.A.	03/02/23		(12	)

NZD	37,000	USD	23,931	NatWest Markets PLC	03/02/23		(7	)

SEK	6,507,000	USD	623,287	Morgan Stanley & Co. International PLC	03/02/23		(84	)

USD	250,842,394	AUD	355,607,000	BNP Paribas SA	03/02/23		(444,732	)

USD	9,130,964	CHF	8,364,000	Morgan Stanley & Co. International PLC	03/02/23		(32,623	)

USD	298,893,416	CHF	273,778,000	State Street Bank and Trust Co.	03/02/23		(1,057,392	)

USD	469,135	DKK	3,204,000	HSBC Bank PLC	03/02/23		(35	)

USD	87,654,070	DKK	599,219,000	JPMorgan Chase Bank N.A.	03/02/23		(91,093	)

USD	65,140,856	EUR	59,872,000	BNP Paribas SA	03/02/23		(67,136	)

USD	957,661,475	EUR	880,189,000	State Street Bank and Trust Co.	03/02/23		(972,889	)

USD	455,767,502	GBP	369,985,000	JPMorgan Chase Bank N.A.	03/02/23		(648,037	)


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)


USD	6,453,605	GBP	5,239,000	UBS AG	03/02/23	$	(9,255	)

USD	14,194,344	ILS	49,015,000	BNP Paribas SA	03/02/23		(17,228	)

USD	22,265,652	NOK	222,115,000	Morgan Stanley & Co. International PLC	03/02/23		(15,394	)

USD	189,412	NZD	293,000	Bank of America N.A.	03/02/23		(44	)

USD	5,755,398	NZD	8,903,000	Morgan Stanley & Co. International PLC	03/02/23		(1,325	)

USD	97,753,662	SEK	1,021,864,000	JPMorgan Chase Bank N.A.	03/02/23		(114,622	)

USD	4,803,958	SEK	50,220,000	UBS AG	03/02/23		(5,826	)

USD	39,810,289	SGD	52,294,000	Bank of America N.A.	03/02/23		(16,979	)

USD	1,184,537	SGD	1,556,000	Morgan Stanley & Co. International PLC	03/02/23		(517	)


							(52,384,569	)


						$	(44,375,440	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	8,009,129	$	—	$	—	$	8,009,129


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	52,384,569	$	—	$	—	$	52,384,569

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



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

Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(11,735,853	)	$	—	$	—	$	(11,735,853	)


Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(49,806,762	)	$	—	$	—	$	(49,806,762	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	3,331,299,798
Average amounts sold — in USD	$	6,607,405,390

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


22		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® Currency Hedged MSCI EAFE ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:


	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	8,009,129	$	52,384,569


Total derivative assets and liabilities in the Statement of Assets and Liabilities		8,009,129		52,384,569

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


Total derivative assets and liabilities subject to an MNA		8,009,129		52,384,569



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)

Bank of America N.A.	$	20,995	$	(20,995	)	$	—	$	—	$	—
Bank of New York		263		(263	)		—		—		—
BNP Paribas SA		3,061,017		(3,061,017	)		—		—		—
Citibank N.A.		853,469		(321,432	)		—		—		532,037
Commonwealth Bank of Australia		12,051		(65	)		—		—		11,986
HSBC Bank PLC		105,096		(78,132	)		—		—		26,964
JPMorgan Chase Bank N.A.		976,079		(976,079	)		—		—		—
Morgan Stanley & Co. International PLC		103,800		(66,696	)		—		—		37,104
Nomura Securities International Inc.		89		—			—		—		89
State Street Bank and Trust Co.		2,453,676		(2,453,676	)		—		—		—
The Northern Trust Co.		3,290		(879	)		—		—		2,411
Toronto Dominion Bank		21,630		—			—		—		21,630
UBS AG		397,674		(106,185	)		—		—		291,489

	$	8,009,129	$	(7,085,419	)	$	—	$	—	$	923,710



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty			Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)(d)

Bank of America N.A.	$	10,931,609		$	(20,995	)	$	—	$	—	$	10,910,614
Bank of New York		1,061	&nbs