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JULY 31, 2022 |
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2022 Annual Report
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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
Dear Shareholder,
The 12-month reporting period as of July 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. 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 weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.
The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we believe that we are likely to see a period of slowing growth paired with relatively high inflation.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of July 31, 2022 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities |
(7.81)% | (4.64)% | ||||||
U.S.
small cap equities |
(6.42) | (14.29) | ||||||
International
equities |
(11.27) | (14.32) | ||||||
Emerging
market equities |
(16.24) | (20.09) | ||||||
3-month
Treasury bills |
0.21 | 0.22 | ||||||
U.S.
Treasury securities |
(6.38) | (10.00) | ||||||
U.S.
investment grade bonds |
(6.14) | (9.12) | ||||||
Tax-exempt
municipal bonds |
(3.95) | (6.93) | ||||||
U.S.
high yield bonds |
(6.58) | (8.03) | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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iShares Trust
Global Market Overview
Global equity markets declined during the 12 months ended July 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -10.48% in U.S. dollar terms for the reporting period.
For the first five months of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022, which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.
The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to increase.
Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses.
Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially beginning in the fourth quarter of 2021. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.
Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.
4 |
2 0 2 2 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 |
Fund Summary as of July 31, 2022 | iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Investment Objective
The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
|||||||||||||||||||||||
Fund NAV |
(5.03 | )% | 5.89 | % | 5.83 | % | (5.03 | )% | 33.11 | % | 49.41 | % | ||||||||||||||||
Fund Market |
(5.04 | ) | 5.87 | 5.83 | (5.04 | ) | 33.03 | 49.44 | ||||||||||||||||||||
Index |
(5.54 | ) | 5.89 | 5.80 | (5.54 | ) | 33.11 | 49.12 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
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 | |||||||||||||||||||||||||||||
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Beginning Account Value (02/01/22) |
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Ending Account Value (07/31/22) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 942.80 | $ 0.14 | $ 1,000.00 | $ 1,024.60 | $ 0.15 | 0.03 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
F U N D S U M M A R Y |
5 |
Fund Summary as of July 31, 2022 (continued) | iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Portfolio Management Commentary
International stocks declined significantly in U.S. dollar terms during the reporting period, as global growth cooled in an environment of high inflation, rising interest rates, and volatility in commodities markets. China was the leading detractor from the Index’s return as strict lockdowns to prevent the spread of COVID-19 weighed on economic activity. In the second quarter of 2022, China’s economy contracted for the first time since the coronavirus pandemic began.
Among Chinese stocks, the consumer discretionary sector detracted the most from the Index’s return, particularly the internet and direct marketing retail industry. Strong domestic and international competition slowed revenue growth and diminished earnings. Heightened regulatory scrutiny from the Chinese government contributed to investor uncertainty surrounding the industry. The slowing economy further weighed on Chinese e-commerce platforms, as unemployment increased and consumer confidence declined. The communication services sector was another source of weakness, constrained by new regulations that dampened revenue growth.
Stocks in Japan, which experienced two separate quarters of economic contraction during the reporting period, also detracted from the Index’s performance. The Bank of Japan kept short-term interest rates negative even as the Fed and other central banks raised interest rates. The industrials sector led Japanese detraction amid a notable slowdown in industrial production.
German stocks also detracted from the Index’s return, as weakness in the automobiles industry weighed on the consumer discretionary sector. Supply chain problems, exacerbated by a global semiconductor shortage and Russia’s invasion of Ukraine, led to production difficulties that constrained automobile sales.
South Korean stocks detracted amid cooling demand for certain consumer electronics, such as televisions and smartphones. In addition, product delays due to manufacturing issues pressured industry revenues. French stocks also detracted, particularly in the consumer discretionary sector, as investors became concerned about the impact of Chinese lockdowns on demand for luxury products.
In terms of currency performance, the U.S. dollar gained significantly against most foreign currencies during the reporting period. Four interest rate increases by the Fed made U.S.-based investments relatively more attractive, and geopolitical instability led some investors to move into U.S. dollars. The Japanese yen, the euro, and the British pound depreciated by approximately 18%, 14%, and 12% respectively against the U.S. dollar.
The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.
Portfolio Information
PORTFOLIO COMPOSITION | ||||
Investment Type | Percent of Net Assets |
|||
Investment Companies | 100.1 | % | ||
Short-term Investments | 0.2 | |||
Forward foreign currency exchange contracts, net cumulative appreciation | 0.1 | |||
Other assets less liabilities | (0.4 | ) |
SECTOR ALLOCATION (of the UNDERLYING FUND) |
| |||
Sector | Percent of Total Investment(a) |
|||
Financials |
20.0 | % | ||
Industrials |
12.4 | |||
Consumer Discretionary |
11.5 | |||
Information Technology |
11.5 | |||
Health Care |
9.7 | |||
Consumer Staples |
9.1 | |||
Materials |
7.9 | |||
Communication Services |
6.1 | |||
Energy |
6.0 | |||
Utilities |
3.4 | |||
Real Estate |
2.4 |
(a) |
Excludes money market funds. |
6 |
2 0 2 2 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 |
Fund Summary as of July 31, 2022 | iShares® Currency Hedged MSCI EAFE ETF |
Investment Objective
The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE® 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(0.29 | )% | 7.02 | % | 7.62 | % | (0.29 | )% | 40.37 | % | 86.60 | % | ||||||||||||||||
Fund Market |
(0.34 | ) | 6.98 | 7.60 | (0.34 | ) | 40.13 | 86.40 | ||||||||||||||||||||
Index |
(0.78 | ) | 6.99 | 7.61 | (0.78 | ) | 40.16 | 86.47 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 977.20 | $ 0.15 | $ 1,000.00 | $ 1,024.60 | $ 0.15 | 0.03 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
F U N D S U M M A R Y |
7 |
Fund Summary as of July 31, 2022 (continued) | iShares® Currency Hedged MSCI EAFE ETF |
Portfolio Management Commentary
Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada declined in U.S. dollar terms during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine also increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies that had connections to Russia. The combination of resilient consumer demand and persistent supply chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.
Japanese stocks, particularly in the industrials sector, detracted the most from the Index’s return. Japan’s gross domestic product shrank in the first quarter as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s lockdown measures to limit the spread of the coronavirus, which idled factories and warehouses and slowed deliveries of goods.
European stocks, particularly in Germany, France, and the Netherlands also detracted from the Index’s return. The war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record-high inflation across the Eurozone as commodities and oil prices soared. The ECB raised interest rates in July 2022 for the first time in 11 years to fight growing inflation.
In terms of currency performance, the U.S. dollar gained significantly relative to most foreign currencies during the reporting period. Four interest rate increases by the Fed made U.S.-based investments relatively more attractive, and geopolitical instability led some investors to move into U.S. dollars. The Japanese yen, the euro, and the British pound depreciated by approximately 18%, 14%, and 12%, respectively, against the U.S. dollar.
The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.
Portfolio Information
PORTFOLIO COMPOSITION | ||||
Investment Type | Percent of Net Assets |
|||
Investment Companies | 100.1 | % | ||
Short-term Investments | 0.1 | |||
Forward foreign currency exchange contracts, net cumulative appreciation | 0.1 | |||
Other assets less liabilities | (0.3 | ) |
SECTOR ALLOCATION (of the UNDERLYING FUND) |
| |||
Sector | Percent of Total Investment(a) |
|||
Financials |
17.2 | % | ||
Industrials |
15.4 | |||
Health Care |
13.4 | |||
Consumer Discretionary |
11.6 | |||
Consumer Staples |
10.9 | |||
Information Technology |
8.2 | |||
Materials |
7.4 | |||
Communication Services |
4.9 | |||
Energy |
4.6 | |||
Utilities |
3.5 | |||
Real Estate |
2.9 |
(a) |
Excludes money market funds. |
8 |
2 0 2 2 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 |
Fund Summary as of July 31, 2022 | iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Investment Objective
The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(6.97 | )% | 6.60 | % | 7.81 | % | (6.97 | )% | 37.68 | % | 70.47 | % | ||||||||||||||||
Fund Market |
(7.11 | ) | 6.58 | 7.79 | (7.11 | ) | 37.51 | 70.21 | ||||||||||||||||||||
Index |
(7.45 | ) | 6.74 | 7.85 | (7.45 | ) | 38.53 | 70.83 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 956.30 | $ 0.15 | $ 1,000.00 | $ 1,024.60 | $ 0.15 | 0.03 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio. |
F U N D S U M M A R Y |
9 |
Fund Summary as of July 31, 2022 (continued) | iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Portfolio Management Commentary
Small-capitalization developed market stocks outside the U.S. and Canada declined in U.S. dollar terms during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine also increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies that had connections to Russia. The combination of resilient consumer demand and persistent supply chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.
Japanese stocks detracted the most from the Index’s return. Japan’s gross domestic product shrank in the first quarter as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s measures to limit the spread of the coronavirus, which idled factories and warehouses and slowed deliveries of goods.
Stocks in the U.K., particularly in the consumer discretionary sector, also detracted from the Index’s return. Stocks of several consumer discretionary companies dropped on diminished sales outlooks due to falling levels of consumer confidence, inflation rates at 40-year highs, and slowing economic growth. The Bank of England raised interest rates in December 2021 for the first time since the start of the coronavirus pandemic and continued to raise rates in 2022 to the highest levels in 13 years. Stocks in Sweden and Germany also detracted from the Index’s performance amid high inflation.
In terms of currency performance, the U.S. dollar gained significantly relative to most foreign currencies during the reporting period. Four interest rate increases by the Fed made U.S.-based investments relatively more attractive, and geopolitical instability led some investors to move into U.S. dollars. The Japanese yen, the euro, and the British pound depreciated by approximately 18%, 14%, and 12%, respectively, against the U.S. dollar.
The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.
Portfolio Information
PORTFOLIO COMPOSITION | ||||
Investment Type | Percent of Net Assets |
|||
Investment Companies | 100.1 | % | ||
Short-term Investments | 0.1 | |||
Forward foreign currency exchange contracts, net cumulative depreciation | (0.4 | ) | ||
Other assets less liabilities | 0.2 |
SECTOR ALLOCATION (of the UNDERLYING FUND) |
| |||
Sector | Percent of Total Investment(a) |
|||
Industrials |
22.6 | % | ||
Real Estate |
12.1 | |||
Consumer Discretionary |
11.9 | |||
Financials |
11.1 | |||
Information Technology |
9.5 | |||
Materials |
9.5 | |||
Health Care |
7.0 | |||
Consumer Staples |
6.2 | |||
Communication Services |
4.2 | |||
Utilities |
3.3 | |||
Energy |
2.6 |
(a) |
Excludes money market funds. |
10 |
2 0 2 2 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 |
Fund Summary as of July 31, 2022 | iShares® MSCI ACWI ex U.S. ETF |
Investment Objective
The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
(15.04 | )% | 2.40 | % | 4.96 | % | (15.04 | )% | 12.59 | % | 62.30 | % | ||||||||||||||||
Fund Market |
(14.92 | ) | 2.41 | 5.01 | (14.92 | ) | 12.66 | 63.04 | ||||||||||||||||||||
Index |
(15.26 | ) | 2.45 | 5.04 | (15.26 | ) | 12.84 | 63.49 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
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 (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 870.00 | $ 1.48 | $ 1,000.00 | $ 1,023.20 | $ 1.61 | 0.32 | % |
(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, 2022 (continued) | iShares® MSCI ACWI ex U.S. ETF |
Portfolio Management Commentary
International stocks declined significantly during the reporting period, as global growth cooled in an environment of high inflation, rising interest rates, and volatility in commodities markets. China was the leading detractor from the Index’s return as strict lockdowns to prevent the spread of COVID-19 weighed on economic activity. In the second quarter of 2022, China’s economy contracted for the first time since the coronavirus pandemic began.
Among Chinese stocks, the consumer discretionary sector detracted the most from the Index’s return, particularly the internet and direct marketing retail industry. Strong domestic and international competition slowed revenue growth and diminished earnings. Heightened regulatory scrutiny from the Chinese government contributed to investor uncertainty surrounding the industry. The slowing economy further weighed on Chinese e-commerce platforms, as unemployment increased and consumer confidence declined. The communication services sector was another source of weakness, constrained by new regulations that dampened revenue growth.
Stocks in Japan, which experienced two separate quarters of economic contraction during the reporting period, also detracted from the Index’s performance. The Bank of Japan kept short-term interest rates negative even as the Fed and other central banks raised interest rates. This difference led to a substantial decrease in the Japanese yen’s value relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars. The industrials sector led Japanese detraction amid a notable slowdown in industrial production. Although currency weakness has historically aided industrial exporters, recent increases in offshore production have limited the benefits.
German stocks also detracted from the Index’s return, as weakness in the automobiles industry weighed on the consumer discretionary sector. Supply chain problems, exacerbated by a global semiconductor shortage and Russia’s invasion of Ukraine, led to production difficulties that constrained automobile sales.
South Korean stocks detracted amid cooling demand for certain consumer electronics, such as televisions and smartphones. In addition, product delays due to manufacturing issues pressured industry revenues. French stocks also detracted, particularly in the consumer discretionary sector, as investors became concerned about the impact of Chinese lockdowns on demand for luxury products.
Portfolio Information
SECTOR ALLOCATION | ||||
Sector |
|
Percent of Total Investments |
(a) | |
Financials |
20.0 | % | ||
Industrials |
12.4 | |||
Consumer Discretionary |
11.5 | |||
Information Technology |
11.5 | |||
Health Care |
9.7 | |||
Consumer Staples |
9.1 | |||
Materials |
7.9 | |||
Communication Services |
6.1 | |||
Energy |
6.0 | |||
Utilities |
3.4 | |||
Real Estate |
2.4 |
GEOGRAPHIC ALLOCATION |
| |||
Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
Japan |
14.2 | % | ||
United Kingdom |
9.5 | |||
China |
9.0 | |||
Canada |
8.2 | |||
France |
7.0 | |||
Switzerland |
6.8 | |||
Australia |
5.5 | |||
Germany |
4.8 | |||
Taiwan |
4.2 | |||
India |
4.0 |
(a) |
Excludes money market funds. |
12 |
2 0 2 2 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 |
Fund Summary as of July 31, 2022 | iShares® MSCI EAFE ETF |
Investment Objective
The iShares MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
(13.84 | )% | 2.74 | % | 5.81 | % | (13.84 | )% | 14.49 | % | 75.88 | % | ||||||||||||||||
Fund Market |
(13.79 | ) | 2.72 | 5.88 | (13.79 | ) | 14.36 | 77.12 | ||||||||||||||||||||
Index |
(14.32 | ) | 2.61 | 5.79 | (14.32 | ) | 13.78 | 75.57 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
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 (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 884.70 | $ 1.54 | $ 1,000.00 | $ 1,023.20 | $ 1.66 | 0.33 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
13 |
Fund Summary as of July 31, 2022 (continued) | iShares® MSCI EAFE ETF |
Portfolio Management Commentary
Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine also increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies that had connections to Russia. The combination of resilient consumer demand and persistent supply chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.
Japanese stocks, particularly in the industrials sector, detracted the most from the Index’s return. Several companies in the industrials sector posted strong earnings during the reporting period, but they detracted from the Index’s performance due primarily to the weakness of the Japanese yen relative to the U.S. dollar. The Japanese yen hit a 24-year low in July 2022 against the U.S. dollar, weakening returns from the country as the Bank of Japan continued its low interest rate policy while other central banks raised interest rates. Japan’s gross domestic product shrank in the first quarter as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s lockdown measures to limit the spread of the coronavirus, which idled factories and warehouses and slowed deliveries of goods.
European stocks, particularly in Germany, France, and the Netherlands also detracted from the Index’s return. The weakening euro, which reached parity with the U.S. dollar for the first time in 20 years, devalued returns from the continent. In addition, the war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record-high inflation across the Eurozone as commodities and oil prices soared. The ECB raised interest rates in July 2022 for the first time in 11 years to fight growing inflation.
Portfolio Information
SECTOR ALLOCATION |
||||
Sector |
|
Percent of Total Investments |
(a) | |
Financials |
17.2 | % | ||
Industrials |
15.4 | |||
Health Care |
13.4 | |||
Consumer Discretionary |
11.6 | |||
Consumer Staples |
10.9 | |||
Information Technology |
8.2 | |||
Materials |
7.4 | |||
Communication Services |
4.9 | |||
Energy |
4.6 | |||
Utilities |
3.5 | |||
Real Estate |
2.9 |
GEOGRAPHIC ALLOCATION |
| |||
Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
Japan |
22.4 | % | ||
United Kingdom |
15.0 | |||
France |
11.1 | |||
Switzerland |
10.7 | |||
Australia |
8.7 | |||
Germany |
7.5 | |||
Netherlands |
4.5 | |||
Sweden |
3.4 | |||
Hong Kong |
3.1 | |||
Denmark |
2.8 |
(a) |
Excludes money market funds. |
14 |
2 0 2 2 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 |
Fund Summary as of July 31, 2022 | iShares® MSCI EAFE Small-Cap ETF |
Investment Objective
The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
(19.80 | )% | 2.33 | % | 7.81 | % | (19.80 | )% | 12.21 | % | 112.14 | % | ||||||||||||||||
Fund Market |
(19.75 | ) | 2.28 | 7.90 | (19.75 | ) | 11.95 | 113.90 | ||||||||||||||||||||
Index |
(20.31 | ) | 2.30 | 7.83 | (20.31 | ) | 12.03 | 112.51 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
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 (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (02/01/22) |
|
|
Ending Account Value (07/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 864.90 | $ 1.85 | $ 1,000.00 | $ 1,022.80 | $ 2.01 | 0.40 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
15 |
Fund Summary as of July 31, 2022 (continued) | iShares® MSCI EAFE Small-Cap ETF |
Portfolio Management Commentary
Small-capitalization developed market stocks outside the U.S. and Canada declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine also increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies that had connections to Russia. The combination of resilient consumer demand and persistent supply chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.
Japanese stocks detracted the most from the Index’s return, due primarily to the weakness of the Japanese yen relative to the U.S. dollar. The Japanese yen hit a 24-year low in July 2022 against the U.S. dollar, weakening performance from the country as the Bank of Japan continued its low interest rate policy while some other central banks raised interest rates. Japan’s gross domestic product shrank in the first quarter as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s measures to limit the spread of the coronavirus, which idled factories and warehouses and slowed deliveries of goods.
Stocks in the U.K., particularly in the consumer discretionary sector, also detracted from the Index’s return. Stocks of several consumer discretionary companies dropped on diminished sales outlooks due to falling levels of consumer confidence, inflation rates at 40-year highs, and slowing economic growth. The Bank of England raised interest rates in December 2021 for the first time since the start of the coronavirus pandemic and continued to raise rates in 2022 to the highest levels in 13 years. Additionally, the British pound weakened against the U.S. dollar, which diminished returns from the U.K. Stocks in Sweden and Germany also detracted from the Index’s performance amid high inflation and the depreciation of the Swedish krona and the euro relative to the U.S. dollar.
Portfolio Information
SECTOR ALLOCATION | ||||
Sector |
|
Percent of Total Investments |
(a) | |
Industrials |
22.6 | % | ||
Real Estate |
12.1 | |||
Consumer Discretionary |
11.9 | |||
Financials |
11.1 | |||
Materials |
9.5 | |||
Information Technology |
9.5 | |||
Health Care |
7.0 | |||
Consumer Staples |
6.2 | |||
Communication Services |
4.2 | |||
Utilities |
3.3 | |||
Energy |
2.6 |
GEOGRAPHIC ALLOCATION |
| |||
Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
Japan |
30.0 | % | ||
United Kingdom |
16.5 | |||
Australia |
10.4 | |||
Sweden |
5.9 | |||
Switzerland |
4.7 | |||
Germany |
4.4 | |||
France |
3.5 | |||
Israel |
3.2 | |||
Italy |
2.7 | |||
Norway |
2.3 |
(a) |
Excludes money market funds. |
16 |
2 0 2 2 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 |
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.
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 a 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 / S H A R E H O L D E R E X P E N S E S |
17 |
July 31, 2022 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 100.1% |
||||||||
iShares MSCI ACWI ex U.S. ETF(a) |
2,588,398 | $ | 120,412,275 | |||||
|
|
|||||||
Total
Investment Companies |
120,412,275 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.2% |
||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(a)(b) |
210,000 | 210,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.2% |
210,000 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.3% |
120,622,275 | |||||||
Liabilities in Excess of Other Assets — (0.3)% |
|
(321,837 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 120,300,438 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 70,000 | $ | 140,000 | (a) | $ | — | $ | — | $ | — | $ | 210,000 | 210,000 | $ | 1,219 | $ | — | ||||||||||||||||||
iShares MSCI ACWI ex U.S. ETF |
120,314,149 | 50,182,632 | (25,268,760 | ) | 1,325,971 | (26,141,717 | ) | 120,412,275 | 2,588,398 | 4,199,117 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 1,325,971 | $ | (26,141,717 | ) | $ | 120,622,275 | $ | 4,200,336 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||
AUD | 8,317,000 | USD | 5,803,636 | Bank of America N.A. | 08/03/22 | $ | 7,454 | |||||||||||||
AUD | 554,000 | USD | 381,048 | Deutsche Bank Securities Inc. | 08/03/22 | 6,032 | ||||||||||||||
AUD | 145,000 | USD | 98,565 | Morgan Stanley & Co. International PLC | 08/03/22 | 2,747 | ||||||||||||||
BRL | 9,623,000 | USD | 1,850,395 | Morgan Stanley & Co. International PLC | 08/03/22 | 8,894 | ||||||||||||||
CAD | 12,132,000 | USD | 9,468,139 | BNP Paribas SA | 08/03/22 | 5,889 | ||||||||||||||
CAD | 965,000 | USD | 748,067 | Bank of America N.A. | 08/03/22 | 5,514 | ||||||||||||||
CAD | 212,000 | USD | 162,607 | Morgan Stanley & Co. International PLC | 08/03/22 | 2,946 | ||||||||||||||
CHF | 7,202,000 | USD | 7,561,988 | Bank of America N.A. | 08/03/22 | 4,330 | ||||||||||||||
CHF | 635,000 | USD | 662,932 | Morgan Stanley & Co. International PLC | 08/03/22 | 4,190 | ||||||||||||||
CLP | 233,389,000 | USD | 257,087 | Morgan Stanley & Co. International PLC | 08/03/22 | 1,871 | ||||||||||||||
CNH | 13,072,000 | USD | 1,935,911 | Citibank N.A. | 08/03/22 | 331 | ||||||||||||||
DKK | 14,114,000 | USD | 1,933,095 | Bank of America N.A. | 08/03/22 | 4,816 | ||||||||||||||
EUR | 21,738,000 | USD | 22,166,978 | BNP Paribas SA | 08/03/22 | 51,850 |
18 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
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 | 9,569,000 | USD | 11,644,982 | Bank of America N.A. | 08/03/22 | $ | 8,430 | |||||||||||||
GBP | 285,000 | USD | 346,292 | Deutsche Bank Securities Inc. | 08/03/22 | 790 | ||||||||||||||
GBP | 167,000 | USD | 199,781 | Morgan Stanley & Co. International PLC | 08/03/22 | 3,597 | ||||||||||||||
ILS | 1,272,000 | USD | 373,086 | Bank of America N.A. | 08/03/22 | 1,144 | ||||||||||||||
ILS | 22,000 | USD | 6,274 | Morgan Stanley & Co. International PLC | 08/03/22 | 198 | ||||||||||||||
INR | 351,563,000 | USD | 4,431,743 | Morgan Stanley & Co. International PLC | 08/03/22 | 3,063 | ||||||||||||||
JPY | 38,227,000 | USD | 281,862 | Citibank N.A. | 08/03/22 | 4,825 | ||||||||||||||
JPY | 37,587,000 | USD | 277,212 | Morgan Stanley & Co. International PLC | 08/03/22 | 4,675 | ||||||||||||||
JPY | 2,187,414,000 | USD | 16,366,734 | State Street Bank and Trust Co. | 08/03/22 | 37,981 | ||||||||||||||
KRW | 6,335,953,000 | USD | 4,850,300 | Morgan Stanley & Co. International PLC | 08/03/22 | 24,549 | ||||||||||||||
MXN | 261,000 | USD | 12,645 | Morgan Stanley & Co. International PLC | 08/03/22 | 156 | ||||||||||||||
NOK | 6,069,000 | USD | 627,801 | Bank of America N.A. | 08/03/22 | 148 | ||||||||||||||
NOK | 107,000 | USD | 10,638 | Morgan Stanley & Co. International PLC | 08/03/22 | 434 | ||||||||||||||
NZD | 209,000 | USD | 131,055 | Bank of America N.A. | 08/03/22 | 386 | ||||||||||||||
NZD | 18,000 | USD | 11,189 | Citibank N.A. | 08/03/22 | 131 | ||||||||||||||
NZD | 4,000 | USD | 2,468 | Morgan Stanley & Co. International PLC | 08/03/22 | 48 | ||||||||||||||
SEK | 25,158,000 | USD | 2,467,794 | Bank of America N.A. | 08/03/22 | 7,973 | ||||||||||||||
SEK | 2,172,000 | USD | 211,129 | Morgan Stanley & Co. International PLC | 08/03/22 | 2,615 | ||||||||||||||
SGD | 1,269,000 | USD | 917,655 | Bank of America N.A. | 08/03/22 | 980 | ||||||||||||||
SGD | 19,000 | USD | 13,653 | Citibank N.A. | 08/03/22 | 101 | ||||||||||||||
SGD | 22,000 | USD | 15,654 | Morgan Stanley & Co. International PLC | 08/03/22 | 272 | ||||||||||||||
TWD | 151,758,000 | USD | 5,050,183 | Morgan Stanley & Co. International PLC | 08/03/22 | 17,019 | ||||||||||||||
USD | 14,682 | AUD | 21,000 | Deutsche Bank Securities Inc. | 08/03/22 | 9 | ||||||||||||||
USD | 256,031 | CNH | 1,717,000 | Bank of America N.A. | 08/03/22 | 1,706 | ||||||||||||||
USD | 1,736,257 | CNH | 11,645,000 | JPMorgan Chase Bank N.A. | 08/03/22 | 11,384 | ||||||||||||||
USD | 4,742 | CNH | 32,000 | Morgan Stanley & Co. International PLC | 08/03/22 | 2 | ||||||||||||||
USD | 29,360 | DKK | 209,000 | Bank of America N.A. | 08/03/22 | 663 | ||||||||||||||
USD | 2,048,975 | DKK | 14,547,000 | HSBC Bank PLC | 08/03/22 | 51,611 | ||||||||||||||
USD | 55,260 | EUR | 54,000 | Morgan Stanley & Co. International PLC | 08/03/22 | 66 | ||||||||||||||
USD | 24,660,692 | EUR | 23,544,000 | State Street Bank and Trust Co. | 08/03/22 | 595,916 | ||||||||||||||
USD | 101,111 | GBP | 83,000 | UBS AG | 08/03/22 | 31 | ||||||||||||||
USD | 1,534,075 | HKD | 12,027,000 | Bank of America N.A. | 08/03/22 | 1,900 | ||||||||||||||
USD | 26,628 | HKD | 209,000 | HSBC Bank PLC | 08/03/22 | 3 | ||||||||||||||
USD | 10,173,595 | HKD | 79,757,000 | JPMorgan Chase Bank N.A. | 08/03/22 | 12,984 | ||||||||||||||
USD | 28,302 | HKD | 222,000 | Morgan Stanley & Co. International PLC | 08/03/22 | 21 | ||||||||||||||
USD | 4,525,214 | INR | 358,555,000 | Morgan Stanley & Co. International PLC | 08/03/22 | 2,207 | ||||||||||||||
USD | 5,218,278 | KRW | 6,762,141,000 | Morgan Stanley & Co. International PLC | 08/03/22 | 15,522 | ||||||||||||||
USD | 805,294 | MXN | 16,333,000 | Deutsche Bank Securities Inc. | 08/03/22 | 4,232 | ||||||||||||||
USD | 1,830 | MXN | 37,000 | State Street Bank and Trust Co. | 08/03/22 | 15 | ||||||||||||||
USD | 533,219 | MYR | 2,350,000 | Morgan Stanley & Co. International PLC | 08/03/22 | 5,180 | ||||||||||||||
USD | 1,556 | THB | 57,000 | Barclays Bank PLC | 08/03/22 | 7 | ||||||||||||||
USD | 9,003 | THB | 323,000 | HSBC Bank PLC | 08/03/22 | 227 | ||||||||||||||
USD | 658,997 | THB | 23,285,000 | JPMorgan Chase Bank N.A. | 08/03/22 | 26,375 | ||||||||||||||
USD | 1,573 | THB | 57,000 | UBS AG | 08/03/22 | 25 | ||||||||||||||
USD | 451 | TRY | 8,000 | Citibank N.A. | 08/03/22 | 6 | ||||||||||||||
USD | 99,673 | TRY | 1,698,000 | Deutsche Bank Securities Inc. | 08/03/22 | 5,094 | ||||||||||||||
USD | 678 | TRY | 12,000 | HSBC Bank PLC | 08/03/22 | 10 | ||||||||||||||
USD | 5,496,743 | TWD | 163,101,000 | Morgan Stanley & Co. International PLC | 08/03/22 | 50,798 | ||||||||||||||
USD | 1,277,675 | ZAR | 20,998,000 | Bank of America N.A. | 08/03/22 | 14,416 | ||||||||||||||
USD | 1,899 | ZAR | 31,000 | UBS AG | 08/03/22 | 34 | ||||||||||||||
ZAR | 20,167,000 | USD | 1,210,394 | Citibank N.A. | 08/03/22 | 2,872 | ||||||||||||||
AUD | 70,000 | USD | 48,932 | Morgan Stanley & Co. International PLC | 09/06/22 | 4 | ||||||||||||||
BRL | 48,000 | USD | 9,163 | Morgan Stanley & Co. International PLC | 09/06/22 | 18 |
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 (continued) July 31, 2022 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||
CAD | 99,000 | USD | 77,222 | Barclays Bank PLC | 09/06/22 | $ | 84 | |||||||||||||
CHF | 83,000 | USD | 87,343 | Bank of America N.A. | 09/06/22 | 76 | ||||||||||||||
CNH | 215,000 | USD | 31,856 | Bank of America N.A. | 09/06/22 | 10 | ||||||||||||||
CNY | 128,000 | USD | 18,968 | State Street Bank and Trust Co. | 09/06/22 | 7 | ||||||||||||||
EUR | 114,000 | USD | 116,751 | JPMorgan Chase Bank N.A. | 09/06/22 | 45 | ||||||||||||||
GBP | 175,000 | USD | 213,180 | Bank of America N.A. | 09/06/22 | 105 | ||||||||||||||
ILS | 13,000 | USD | 3,828 | State Street Bank and Trust Co. | 09/06/22 | 4 | ||||||||||||||
INR | 751,000 | USD | 9,427 | Morgan Stanley & Co. International PLC | 09/06/22 | 11 | ||||||||||||||
JPY | 35,155,000 | USD | 264,302 | Barclays Bank PLC | 09/06/22 | 7 | ||||||||||||||
KRW | 55,961,000 | USD | 42,851 | Morgan Stanley & Co. International PLC | 09/06/22 | 97 | ||||||||||||||
MYR | 8,000 | USD | 1,794 | Morgan Stanley & Co. International PLC | 09/06/22 | 2 | ||||||||||||||
SGD | 16,000 | USD | 11,580 | Bank of America N.A. | 09/06/22 | 4 | ||||||||||||||
TRY | 52,000 | USD | 2,777 | UBS AG | 09/06/22 | 2 | ||||||||||||||
TWD | 2,637,000 | USD | 87,805 | Morgan Stanley & Co. International PLC | 09/06/22 | 173 | ||||||||||||||
USD | 7,852 | MXN | 161,000 | BNP Paribas SA | 09/06/22 | 4 | ||||||||||||||
USD | 722,370 | MXN | 14,802,000 | HSBC Bank PLC | 09/06/22 | 883 | ||||||||||||||
USD | 23,927 | THB | 869,000 | Bank of America N.A. | 09/06/22 | 261 | ||||||||||||||
USD | 639,273 | THB | 23,218,000 | Citibank N.A. | 09/06/22 | 6,977 | ||||||||||||||
|
|
|||||||||||||||||||
1,038,469 | ||||||||||||||||||||
|
|
|||||||||||||||||||
CNH | 234,000 | USD | 34,870 | Morgan Stanley & Co. International PLC | 08/03/22 | (210 | ) | |||||||||||||
CNH | 88,000 | USD | 13,143 | UBS AG | 08/03/22 | (108 | ) | |||||||||||||
DKK | 824,000 | USD | 115,409 | Morgan Stanley & Co. International PLC | 08/03/22 | (2,271 | ) | |||||||||||||
EUR | 2,094,000 | USD | 2,186,231 | Morgan Stanley & Co. International PLC | 08/03/22 | (45,913 | ) | |||||||||||||
EUR | 35,000 | USD | 36,732 | UBS AG | 08/03/22 | (958 | ) | |||||||||||||
HKD | 89,685,000 | USD | 11,425,491 | Bank of America N.A. | 08/03/22 | (106 | ) | |||||||||||||
HKD | 1,557,000 | USD | 198,583 | Morgan Stanley & Co. International PLC | 08/03/22 | (229 | ) | |||||||||||||
HKD | 973,000 | USD | 124,108 | State Street Bank and Trust Co. | 08/03/22 | (153 | ) | |||||||||||||
INR | 12,285,000 | USD | 155,045 | Morgan Stanley & Co. International PLC | 08/03/22 | (75 | ) | |||||||||||||
KRW | 472,917,000 | USD | 365,371 | Morgan Stanley & Co. International PLC | 08/03/22 | (1,511 | ) | |||||||||||||
MXN | 1,524,000 | USD | 75,140 | Deutsche Bank Securities Inc. | 08/03/22 | (395 | ) | |||||||||||||
MXN | 14,802,000 | USD | 726,877 | HSBC Bank PLC | 08/03/22 | (904 | ) | |||||||||||||
MYR | 2,361,000 | USD | 531,029 | Morgan Stanley & Co. International PLC | 08/03/22 | (518 | ) | |||||||||||||
THB | 23,320,000 | USD | 641,287 | Citibank N.A. | 08/03/22 | (7,714 | ) | |||||||||||||
THB | 402,000 | USD | 11,185 | Morgan Stanley & Co. International PLC | 08/03/22 | (263 | ) | |||||||||||||
TRY | 1,637,000 | USD | 91,258 | Citibank N.A. | 08/03/22 | (77 | ) | |||||||||||||
TRY | 57,000 | USD | 3,351 | Deutsche Bank Securities Inc. | 08/03/22 | (177 | ) | |||||||||||||
TRY | 28,000 | USD | 1,612 | Morgan Stanley & Co. International PLC | 08/03/22 | (52 | ) | |||||||||||||
TWD | 11,711,000 | USD | 394,343 | Morgan Stanley & Co. International PLC | 08/03/22 | (3,312 | ) | |||||||||||||
USD | 6,095,142 | AUD | 8,862,000 | Deutsche Bank Securities Inc. | 08/03/22 | (96,739 | ) | |||||||||||||
USD | 28,047 | AUD | 41,000 | HSBC Bank PLC | 08/03/22 | (600 | ) | |||||||||||||
USD | 20,027 | AUD | 29,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (235 | ) | |||||||||||||
USD | 28,637 | AUD | 42,000 | State Street Bank and Trust Co. | 08/03/22 | (708 | ) | |||||||||||||
USD | 14,393 | AUD | 21,000 | UBS AG | 08/03/22 | (280 | ) | |||||||||||||
USD | 1,823,111 | BRL | 9,623,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (36,177 | ) | |||||||||||||
USD | 23,398 | CAD | 30,000 | Bank of America N.A. | 08/03/22 | (29 | ) | |||||||||||||
USD | 46,237 | CAD | 60,000 | Citibank N.A. | 08/03/22 | (618 | ) | |||||||||||||
USD | 10,149,416 | CAD | 13,093,000 | HSBC Bank PLC | 08/03/22 | (75,069 | ) | |||||||||||||
USD | 22,527 | CAD | 29,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (120 | ) | |||||||||||||
USD | 46,233 | CAD | 60,000 | State Street Bank and Trust Co. | 08/03/22 | (622 | ) | |||||||||||||
USD | 28,744 | CAD | 37,000 | UBS AG | 08/03/22 | (150 | ) | |||||||||||||
USD | 18,349 | CHF | 18,000 | Barclays Bank PLC | 08/03/22 | (561 | ) | |||||||||||||
USD | 138,651 | CHF | 133,000 | Bank of America N.A. | 08/03/22 | (1,077 | ) |
20 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
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 | 8,004,721 | CHF | 7,650,000 | HSBC Bank PLC | 08/03/22 | $ | (32,259 | ) | ||||||||||||
USD | 18,454 | CHF | 18,000 | State Street Bank and Trust Co. | 08/03/22 | (457 | ) | |||||||||||||
USD | 18,590 | CHF | 18,000 | UBS AG | 08/03/22 | (321 | ) | |||||||||||||
USD | 247,325 | CLP | 233,389,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (11,633 | ) | |||||||||||||
USD | 24,851 | DKK | 182,000 | Bank of America N.A. | 08/03/22 | (138 | ) | |||||||||||||
USD | 54,301 | EUR | 54,000 | BNP Paribas SA | 08/03/22 | (893 | ) | |||||||||||||
USD | 111,161 | EUR | 109,000 | Bank of America N.A. | 08/03/22 | (250 | ) | |||||||||||||
USD | 107,878 | EUR | 106,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (467 | ) | |||||||||||||
USD | 56,529 | GBP | 47,000 | Barclays Bank PLC | 08/03/22 | (709 | ) | |||||||||||||
USD | 28,879 | GBP | 24,000 | Bank of America N.A. | 08/03/22 | (349 | ) | |||||||||||||
USD | 27,610 | GBP | 23,000 | Citibank N.A. | 08/03/22 | (400 | ) | |||||||||||||
USD | 29,180 | GBP | 24,000 | Societe Generale | 08/03/22 | (48 | ) | |||||||||||||
USD | 11,931,022 | GBP | 9,820,000 | State Street Bank and Trust Co. | 08/03/22 | (28,065 | ) | |||||||||||||
USD | 4,014 | ILS | 14,000 | Barclays Bank PLC | 08/03/22 | (105 | ) | |||||||||||||
USD | 362,521 | ILS | 1,268,000 | Bank of America N.A. | 08/03/22 | (10,533 | ) | |||||||||||||
USD | 878 | ILS | 3,000 | Citibank N.A. | 08/03/22 | (4 | ) | |||||||||||||
USD | 1,729 | ILS | 6,000 | HSBC Bank PLC | 08/03/22 | (36 | ) | |||||||||||||
USD | 866 | ILS | 3,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (17 | ) | |||||||||||||
USD | 66,457 | INR | 5,293,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (311 | ) | |||||||||||||
USD | 39,627 | JPY | 5,438,000 | Barclays Bank PLC | 08/03/22 | (1,156 | ) | |||||||||||||
USD | 67,054 | JPY | 9,187,000 | Bank of America N.A. | 08/03/22 | (1,845 | ) | |||||||||||||
USD | 40,093 | JPY | 5,449,000 | HSBC Bank PLC | 08/03/22 | (772 | ) | |||||||||||||
USD | 16,538,998 | JPY | 2,243,154,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (283,745 | ) | |||||||||||||
USD | 35,697 | KRW | 46,729,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (256 | ) | |||||||||||||
USD | 3,466 | MXN | 71,000 | Deutsche Bank Securities Inc. | 08/03/22 | (17 | ) | |||||||||||||
USD | 5,325 | MXN | 110,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (70 | ) | |||||||||||||
USD | 1,753 | MXN | 36,000 | State Street Bank and Trust Co. | 08/03/22 | (12 | ) | |||||||||||||
USD | 2,466 | MYR | 11,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (6 | ) | |||||||||||||
USD | 9,323 | NOK | 93,000 | Barclays Bank PLC | 08/03/22 | (300 | ) | |||||||||||||
USD | 1,487 | NOK | 15,000 | Citibank N.A. | 08/03/22 | (65 | ) | |||||||||||||
USD | 577,523 | NOK | 5,703,000 | HSBC Bank PLC | 08/03/22 | (12,556 | ) | |||||||||||||
USD | 36,984 | NOK | 365,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (782 | ) | |||||||||||||
USD | 1,864 | NZD | 3,000 | Bank of America N.A. | 08/03/22 | (23 | ) | |||||||||||||
USD | 140,486 | NZD | 226,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (1,646 | ) | |||||||||||||
USD | 611 | NZD | 1,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (18 | ) | |||||||||||||
USD | 618 | NZD | 1,000 | UBS AG | 08/03/22 | (11 | ) | |||||||||||||
USD | 36,983 | SEK | 386,000 | Citibank N.A. | 08/03/22 | (1,003 | ) | |||||||||||||
USD | 2,631,834 | SEK | 26,944,000 | HSBC Bank PLC | 08/03/22 | (19,692 | ) | |||||||||||||
USD | 2,155 | SGD | 3,000 | BNP Paribas SA | 08/03/22 | (17 | ) | |||||||||||||
USD | 4,280 | SGD | 6,000 | HSBC Bank PLC | 08/03/22 | (64 | ) | |||||||||||||
USD | 926,192 | SGD | 1,289,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (6,920 | ) | |||||||||||||
USD | 8,646 | SGD | 12,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (41 | ) | |||||||||||||
USD | 221 | TRY | 4,000 | JPMorgan Chase Bank N.A. | 08/03/22 | (2 | ) | |||||||||||||
USD | 12,287 | TWD | 368,000 | Morgan Stanley & Co. International PLC | 08/03/22 | — | ||||||||||||||
USD | 8,942 | ZAR | 151,000 | Deutsche Bank Securities Inc. | 08/03/22 | (142 | ) | |||||||||||||
USD | 2,922 | ZAR | 50,000 | Morgan Stanley & Co. International PLC | 08/03/22 | (86 | ) | |||||||||||||
USD | 2,989 | ZAR | 50,000 | State Street Bank and Trust Co. | 08/03/22 | (19 | ) | |||||||||||||
USD | 3,015 | ZAR | 51,000 | UBS AG | 08/03/22 | (53 | ) | |||||||||||||
ZAR | 807,000 | USD | 49,104 | Bank of America N.A. | 08/03/22 | (554 | ) | |||||||||||||
ZAR | 357,000 | USD | 21,525 | Morgan Stanley & Co. International PLC | 08/03/22 | (47 | ) | |||||||||||||
CLP | 3,330,000 | USD | 3,678 | Morgan Stanley & Co. International PLC | 09/06/22 | (6 | ) | |||||||||||||
HKD | 4,029,000 | USD | 513,892 | BNP Paribas SA | 09/06/22 | (33 | ) | |||||||||||||
HKD | 1,478,000 | USD | 188,505 | Bank of America N.A. | 09/06/22 | — |
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 (continued) July 31, 2022 |
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) |
||||||||||||||||
MXN | 25,000 | USD | 1,220 | HSBC Bank PLC | 09/06/22 | $ | (1 | ) | ||||||||||||
NOK | 84,000 | USD | 8,698 | Citibank N.A. | 09/06/22 | — | ||||||||||||||
NZD | 1,000 | USD | 629 | Bank of America N.A. | 09/06/22 | — | ||||||||||||||
THB | 646,000 | USD | 17,840 | HSBC Bank PLC | 09/06/22 | (247 | ) | |||||||||||||
USD | 6,052,470 | AUD | 8,669,000 | Bank of America N.A. | 09/06/22 | (7,969 | ) | |||||||||||||
USD | 1,779,207 | BRL | 9,327,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (4,843 | ) | |||||||||||||
USD | 9,467,607 | CAD | 12,132,000 | BNP Paribas SA | 09/06/22 | (5,824 | ) | |||||||||||||
USD | 336,338 | CAD | 431,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (214 | ) | |||||||||||||
USD | 7,996,824 | CHF | 7,597,000 | Bank of America N.A. | 09/06/22 | (4,642 | ) | |||||||||||||
USD | 253,825 | CLP | 230,897,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (769 | ) | |||||||||||||
USD | 1,936,906 | CNH | 13,072,000 | Citibank N.A. | 09/06/22 | (524 | ) | |||||||||||||
USD | 1,940,887 | DKK | 14,137,000 | Bank of America N.A. | 09/06/22 | (4,901 | ) | |||||||||||||
USD | 184,105 | DKK | 1,341,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (468 | ) | |||||||||||||
USD | 23,421,857 | EUR | 22,915,000 | BNP Paribas SA | 09/06/22 | (55,134 | ) | |||||||||||||
USD | 378,750 | GBP | 311,000 | BNP Paribas SA | 09/06/22 | (286 | ) | |||||||||||||
USD | 11,653,636 | GBP | 9,569,000 | Bank of America N.A. | 09/06/22 | (8,745 | ) | |||||||||||||
USD | 11,438,169 | HKD | 89,685,000 | Bank of America N.A. | 09/06/22 | (264 | ) | |||||||||||||
USD | 389,930 | ILS | 1,327,000 | Bank of America N.A. | 09/06/22 | (1,230 | ) | |||||||||||||
USD | 4,727,948 | INR | 376,457,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (3,358 | ) | |||||||||||||
USD | 936,531 | JPY | 124,854,000 | Citibank N.A. | 09/06/22 | (2,170 | ) | |||||||||||||
USD | 16,406,877 | JPY | 2,187,414,000 | State Street Bank and Trust Co. | 09/06/22 | (38,953 | ) | |||||||||||||
USD | 5,031,346 | KRW | 6,570,247,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (11,150 | ) | |||||||||||||
USD | 518,460 | MYR | 2,309,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (68 | ) | |||||||||||||
USD | 628,265 | NOK | 6,069,000 | Bank of America N.A. | 09/06/22 | (197 | ) | |||||||||||||
USD | 9,006 | NOK | 87,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (3 | ) | |||||||||||||
USD | 137,931 | NZD | 220,000 | Bank of America N.A. | 09/06/22 | (414 | ) | |||||||||||||
USD | 2,471,562 | SEK | 25,158,000 | Bank of America N.A. | 09/06/22 | (8,038 | ) | |||||||||||||
USD | 185,198 | SEK | 1,885,000 | Citibank N.A. | 09/06/22 | (590 | ) | |||||||||||||
USD | 917,685 | SGD | 1,269,000 | Bank of America N.A. | 09/06/22 | (1,011 | ) | |||||||||||||
USD | 53,510 | SGD | 74,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (62 | ) | |||||||||||||
USD | 9,447 | TRY | 177,000 | Bank of America N.A. | 09/06/22 | (14 | ) | |||||||||||||
USD | 87,280 | TRY | 1,637,000 | Citibank N.A. | 09/06/22 | (222 | ) | |||||||||||||
USD | 5,129,479 | TWD | 154,118,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (12,380 | ) | |||||||||||||
USD | 42,684 | ZAR | 714,000 | Bank of America N.A. | 09/06/22 | (104 | ) | |||||||||||||
USD | 1,205,669 | ZAR | 20,167,000 | Citibank N.A. | 09/06/22 | (2,885 | ) | |||||||||||||
ZAR | 325,000 | USD | 19,484 | Deutsche Bank Securities Inc. | 09/06/22 | (8 | ) | |||||||||||||
|
|
|||||||||||||||||||
(874,573 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||
$163,896 | ||||||||||||||||||||
|
|
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 |
$ | — | $ | — | $ | — | $ | 1,038,469 | $ | — | $ | — | $ | 1,038,469 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 874,573 | $ | — | $ | — | $ | 874,573 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
For the period ended July 31, 2022, 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 |
$ | — | $ | — | $ | — | $ | 13,067,092 | $ | — | $ | — | $ | 13,067,092 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 124,302 | $ | — | $ | — | $ | 124,302 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts |
||||
Average amounts purchased — in USD |
$ | 124,655,878 | ||
Average amounts sold — in USD |
$ | 244,278,352 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
||||||||
Assets | Liabilities | |||||||
|
||||||||
Derivative Financial Instruments: |
||||||||
Forward foreign currency exchange contracts |
$ | 1,038,469 | $ | 874,573 | ||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
1,038,469 | 874,573 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | — | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
1,038,469 | 874,573 | ||||||
|
|
|
|
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
|
||||||||||||||||||||
Counterparty |
|
Derivative Assets Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
(a) |
|
Non-Cash Collateral Received |
|
|
Cash Collateral Received |
(b) |
|
Net Amount of Derivative Assets |
(c)(d) | |||||
|
||||||||||||||||||||
Bank of America N.A. |
$ | 60,316 | $ | (52,433 | ) | $ | — | $ | — | $ | 7,883 | |||||||||
Barclays Bank PLC |
98 | (98 | ) | — | — | — | ||||||||||||||
BNP Paribas SA |
57,743 | (57,743 | ) | — | — | — | ||||||||||||||
Citibank N.A. |
15,243 | (15,243 | ) | — | — | — | ||||||||||||||
Deutsche Bank Securities Inc. |
16,157 | (16,157 | ) | — | — | — | ||||||||||||||
HSBC Bank PLC |
52,734 | (52,734 | ) | — | — | — | ||||||||||||||
JPMorgan Chase Bank N.A. |
50,788 | (50,788 | ) | — | — | — | ||||||||||||||
Morgan Stanley & Co. International PLC |
151,375 | (137,152 | ) | — | (14,223 | ) | — | |||||||||||||
State Street Bank and Trust Co. |
633,923 | (68,989 | ) | — | — | 564,934 | ||||||||||||||
UBS AG |
92 | (92 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 1,038,469 | $ | (451,429 | ) | $ | — | $ | (14,223 | ) | $ | 572,817 | |||||||||
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI ACWI ex U.S. ETF |
Derivative Financial Instruments - Offsetting as of Period End (continued)
|
||||||||||||||||||||
Counterparty |
|
Derivative Liabilities Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
(a) |
|
Non-Cash Collateral Pledged |
|
|
Cash Collateral Pledged |
|
|
Net Amount of Derivative Liabilities |
(d)(e) | |||||
|
||||||||||||||||||||
Bank of America N.A. |
$ | 52,433 | $ | (52,433 | ) | $ | — | $ | — | $ | — | |||||||||
Barclays Bank PLC |
2,831 | (98 | ) | — | — | 2,733 | ||||||||||||||
BNP Paribas SA |
62,187 | (57,743 | ) | — | — | 4,444 | ||||||||||||||
Citibank N.A. |
16,272 | (15,243 | ) | — | — | 1,029 | ||||||||||||||
Deutsche Bank Securities Inc. |
97,478 | (16,157 | ) | — | — | 81,321 | ||||||||||||||
HSBC Bank PLC |
142,200 | (52,734 | ) | — | — | 89,466 | ||||||||||||||
JPMorgan Chase Bank N.A. |
293,102 | (50,788 | ) | — | — | 242,314 | ||||||||||||||
Morgan Stanley & Co. International PLC |
137,152 | (137,152 | ) | — | — | — | ||||||||||||||
Societe Generale |
48 | — | — | — | 48 | |||||||||||||||
State Street Bank and Trust Co. |
68,989 | (68,989 | ) | — | — | — | ||||||||||||||
UBS AG |
1,881 | (92 | ) | — | — | 1,789 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 874,573 | $ | (451,429 | ) | $ | — | $ | — | $ | 423,144 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Investment Companies |
$ | 120,412,275 | $ | — | $ | — | $ | 120,412,275 | ||||||||
Money Market Funds |
210,000 | — | — | 210,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 120,622,275 | $ | — | $ | — | $ | 120,622,275 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | — | $ | 1,038,469 | $ | — | $ | 1,038,469 | ||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
— | (874,573 | ) | — | (874,573 | ) | ||||||||||
$ | — | $ | 163,896 | $ | — | $ | 163,896 | |||||||||
|
|
|
|
|
|
|
|
(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.
24 |
2 0 2 2 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 |
Schedule of Investments July 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 100.1% |
||||||||
iShares MSCI EAFE ETF(a) |
55,834,659 | $ | 3,669,453,789 | |||||
|
|
|||||||
Total
Investment Companies |
3,669,453,789 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.1% |
||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(a)(b) |
2,640,000 | 2,640,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
|
2,640,000 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.2% |
|
3,672,093,789 | ||||||
|
|
|||||||
Liabilities in Excess of Other Assets — (0.2)% |
|
(8,454,435 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 3,663,639,354 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | — | $ | 2,640,000 | (a) | $ | — | $ | — | $ | — | $ | 2,640,000 | 2,640,000 | $ | 28,659 | $ | — | |||||||||||||||||||||||
iShares MSCI EAFE ETF |
2,837,556,835 | 2,226,928,817 | (774,600,727 | ) | 4,268,415 | (624,699,551 | ) | 3,669,453,789 | 55,834,659 | 142,857,369 | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 4,268,415 | $ | (624,699,551 | ) | $ | 3,672,093,789 | $ | 142,886,028 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased |
Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
AUD | 399,916,000 | USD | 279,073,782 | BNP Paribas SA | 08/04/22 | $ | 352,009 | |||||||||||||
AUD | 26,100,000 | USD | 17,952,854 | Bank of America N.A. | 08/04/22 | 283,509 | ||||||||||||||
AUD | 1,086,000 | USD | 740,606 | HSBC Bank PLC | 08/04/22 | 18,194 | ||||||||||||||
AUD | 9,892,000 | USD | 6,724,443 | Morgan Stanley & Co. International PLC | 08/04/22 | 187,208 | ||||||||||||||
AUD | 544,000 | USD | 374,641 | State Street Bank and Trust Co. | 08/04/22 | 5,458 | ||||||||||||||
AUD | 362,000 | USD | 243,911 | Toronto Dominion Bank | 08/04/22 | 9,023 | ||||||||||||||
AUD | 921,000 | USD | 637,471 | UBS AG | 08/04/22 | 6,042 | ||||||||||||||
CHF | 381,884,000 | USD | 400,718,942 | Morgan Stanley & Co. International PLC | 08/04/22 | 512,736 | ||||||||||||||
DKK | 637,000 | USD | 86,105 | Bank of America N.A. | 08/04/22 | 1,364 | ||||||||||||||
DKK | 2,643,000 | USD | 362,315 | HSBC Bank PLC | 08/04/22 | 605 | ||||||||||||||
DKK | 678,573,000 | USD | 92,945,707 | State Street Bank and Trust Co. | 08/04/22 | 231,625 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||
EUR | 940,000 | USD | 945,302 | Imperial Bank of Canada | 08/04/22 | $ | 15,556 | |||||||||||||
EUR | 1,026,233,000 | USD | 1,046,398,478 | State Street Bank and Trust Co. | 08/04/22 | 2,605,397 | ||||||||||||||
EUR | 3,845,000 | USD | 3,923,510 | UBS AG | 08/04/22 | 6,806 | ||||||||||||||
GBP | 413,000 | USD | 491,347 | HSBC Bank PLC | 08/04/22 | 11,629 | ||||||||||||||
GBP | 13,716,000 | USD | 16,430,144 | Morgan Stanley & Co. International PLC | 08/04/22 | 274,017 | ||||||||||||||
GBP | 473,066,000 | USD | 575,650,652 | State Street Bank and Trust Co. | 08/04/22 | 477,297 | ||||||||||||||
GBP | 630,000 | USD | 754,742 | UBS AG | 08/04/22 | 12,509 | ||||||||||||||
HKD | 863,605,000 | USD | 110,014,777 | Citibank N.A. | 08/04/22 | 7,689 | ||||||||||||||
ILS | 203,000 | USD | 58,833 | Bank of America N.A. | 08/04/22 | 894 | ||||||||||||||
ILS | 252,000 | USD | 72,224 | HSBC Bank PLC | 08/04/22 | 1,919 | ||||||||||||||
ILS | 1,507,000 | USD | 429,826 | Morgan Stanley & Co. International PLC | 08/04/22 | 13,565 | ||||||||||||||
ILS | 61,210,000 | USD | 17,953,990 | State Street Bank and Trust Co. | 08/04/22 | 55,266 | ||||||||||||||
JPY | 95,848,000 | USD | 698,490 | BNP Paribas SA | 08/04/22 | 20,382 | ||||||||||||||
JPY | 145,625,000 | USD | 1,054,028 | Bank of New York | 08/04/22 | 38,178 | ||||||||||||||
JPY | 248,479,000 | USD | 1,828,068 | Banco Santander Central Hispano | 08/04/22 | 35,556 | ||||||||||||||
JPY | 1,604,105,000 | USD | 11,828,528 | Citibank N.A. | 08/04/22 | 202,459 | ||||||||||||||
JPY | 2,566,453,000 | USD | 18,929,784 | Morgan Stanley & Co. International PLC | 08/04/22 | 318,932 | ||||||||||||||
JPY | 287,965,000 | USD | 2,131,819 | Royal Bank of Scotland PLC | 08/04/22 | 27,955 | ||||||||||||||
JPY | 105,198,023,000 | USD | 787,115,772 | State Street Bank and Trust Co. | 08/04/22 | 1,882,447 | ||||||||||||||
NOK | 291,822,000 | USD | 30,185,880 | BNP Paribas SA | 08/04/22 | 9,371 | ||||||||||||||
NOK | 637,000 | USD | 64,159 | Citibank N.A. | 08/04/22 | 1,752 | ||||||||||||||
NOK | 789,000 | USD | 79,515 | HSBC Bank PLC | 08/04/22 | 2,124 | ||||||||||||||
NOK | 7,977,000 | USD | 793,093 | Morgan Stanley & Co. International PLC | 08/04/22 | 32,299 | ||||||||||||||
NZD | 33,000 | USD | 20,490 | Bank of America N.A. | 08/04/22 | 264 | ||||||||||||||
NZD | 814,000 | USD | 506,008 | Citibank N.A. | 08/04/22 | 5,923 | ||||||||||||||
NZD | 264,000 | USD | 162,950 | Morgan Stanley & Co. International PLC | 08/04/22 | 3,081 | ||||||||||||||
NZD | 28,000 | USD | 17,378 | State Street Bank and Trust Co. | 08/04/22 | 231 | ||||||||||||||
NZD | 9,997,000 | USD | 6,268,779 | UBS AG | 08/04/22 | 18,403 | ||||||||||||||
SEK | 1,145,000 | USD | 107,751 | Citibank N.A. | 08/04/22 | 4,932 | ||||||||||||||
SEK | 114,379,000 | USD | 11,100,588 | Morgan Stanley & Co. International PLC | 08/04/22 | 155,866 | ||||||||||||||
SEK | 4,630,000 | USD | 452,564 | Royal Bank of Scotland PLC | 08/04/22 | 3,091 | ||||||||||||||
SEK | 1,209,693,000 | USD | 118,653,772 | State Street Bank and Trust Co. | 08/04/22 | 396,523 | ||||||||||||||
SGD | 824,000 | USD | 592,117 | Citibank N.A. | 08/04/22 | 4,381 | ||||||||||||||
SGD | 141,000 | USD | 101,592 | HSBC Bank PLC | 08/04/22 | 479 | ||||||||||||||
SGD | 56,000 | USD | 39,827 | Imperial Bank of Canada | 08/04/22 | 712 | ||||||||||||||
SGD | 1,597,000 | USD | 1,136,877 | Morgan Stanley & Co. International PLC | 08/04/22 | 19,200 | ||||||||||||||
SGD | 61,256,000 | USD | 44,294,619 | State Street Bank and Trust Co. | 08/04/22 | 48,937 | ||||||||||||||
USD | 180,517 | DKK | 1,313,000 | Bank of America N.A. | 08/04/22 | 225 | ||||||||||||||
USD | 99,358,383 | DKK | 705,370,000 | Morgan Stanley & Co. International PLC | 08/04/22 | 2,501,457 | ||||||||||||||
USD | 1,164,046 | DKK | 8,243,000 | Royal Bank of Scotland PLC | 08/04/22 | 32,170 | ||||||||||||||
USD | 1,913,775 | EUR | 1,870,000 | Morgan Stanley & Co. International PLC | 08/04/22 | 2,282 | ||||||||||||||
USD | 1,175,708,464 | EUR | 1,122,384,000 | State Street Bank and Trust Co. | 08/04/22 | 28,420,114 | ||||||||||||||
USD | 4,824,579 | GBP | 3,960,000 | UBS AG | 08/04/22 | 1,855 |
26 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||
USD | 195,514 | HKD | 1,534,000 | Bank of America N.A. | 08/04/22 | $ | 84 | |||||||||||||
USD | 99,971 | HKD | 784,000 | HSBC Bank PLC | 08/04/22 | 90 | ||||||||||||||
USD | 107,449,054 | HKD | 842,320,000 | JPMorgan Chase Bank N.A. | 08/04/22 | 138,278 | ||||||||||||||
USD | 415,208 | HKD | 3,257,000 | Morgan Stanley & Co. International PLC | 08/04/22 | 269 | ||||||||||||||
USD | 3,847,351 | HKD | 30,161,000 | Royal Bank of Scotland PLC | 08/04/22 | 4,868 | ||||||||||||||
USD | 1,344,118 | HKD | 10,539,000 | State Street Bank and Trust Co. | 08/04/22 | 1,459 | ||||||||||||||
USD | 316,858 | HKD | 2,484,000 | UBS AG | 08/04/22 | 399 | ||||||||||||||
AUD | 5,375,000 | USD | 3,757,173 | Royal Bank of Scotland PLC | 09/02/22 | 201 | ||||||||||||||
CHF | 5,736,000 | USD | 6,034,712 | Royal Bank of Scotland PLC | 09/02/22 | 4,879 | ||||||||||||||
DKK | 2,446,000 | USD | 336,421 | Imperial Bank of Canada | 09/02/22 | 145 | ||||||||||||||
EUR | 10,922,000 | USD | 11,183,299 | JPMorgan Chase Bank N.A. | 09/02/22 | 3,371 | ||||||||||||||
GBP | 10,708,000 | USD | 13,043,601 | JPMorgan Chase Bank N.A. | 09/02/22 | 5,744 | ||||||||||||||
HKD | 17,472,000 | USD | 2,228,201 | State Street Bank and Trust Co. | 09/02/22 | 3 | ||||||||||||||
ILS | 932,000 | USD | 274,286 | State Street Bank and Trust Co. | 09/02/22 | 364 | ||||||||||||||
SGD | 1,101,000 | USD | 796,828 | Morgan Stanley & Co. International PLC | 09/02/22 | 242 | ||||||||||||||
USD | 389,564 | AUD | 557,000 | UBS AG | 09/02/22 | 195 | ||||||||||||||
USD | 512,874 | CHF | 487,000 | State Street Bank and Trust Co. | 09/02/22 | 99 | ||||||||||||||
USD | 765,431 | GBP | 628,000 | State Street Bank and Trust Co. | 09/02/22 | 117 | ||||||||||||||
USD | 25,050 | ILS | 85,000 | State Street Bank and Trust Co. | 09/02/22 | 2 | ||||||||||||||
USD | 1,109,060 | JPY | 147,476,000 | State Street Bank and Trust Co. | 09/02/22 | 649 | ||||||||||||||
USD | 8,808 | NZD | 14,000 | State Street Bank and Trust Co. | 09/02/22 | 4 | ||||||||||||||
USD | 172,623 | SEK | 1,751,000 | Citibank N.A. | 09/02/22 | 71 | ||||||||||||||
USD | 62,266 | SGD | 86,000 | HSBC Bank PLC | 09/02/22 | 6 | ||||||||||||||
|
|
|||||||||||||||||||
39,443,437 | ||||||||||||||||||||
|
|
|||||||||||||||||||
DKK | 43,730,000 | USD | 6,115,138 | Morgan Stanley & Co. International PLC | 08/04/22 | (110,412 | ) | |||||||||||||
DKK | 1,867,000 | USD | 262,242 | Royal Bank of Scotland PLC | 08/04/22 | (5,878 | ) | |||||||||||||
EUR | 27,256,000 | USD | 28,078,889 | Morgan Stanley & Co. International PLC | 08/04/22 | (218,112 | ) | |||||||||||||
EUR | 81,351,000 | USD | 85,216,922 | Toronto Dominion Bank | 08/04/22 | (2,060,841 | ) | |||||||||||||
EUR | 2,798,000 | USD | 2,923,387 | UBS AG | 08/04/22 | (63,303 | ) | |||||||||||||
HKD | 1,149,000 | USD | 146,438 | HSBC Bank PLC | 08/04/22 | (56 | ) | |||||||||||||
HKD | 23,657,000 | USD | 3,017,434 | Morgan Stanley & Co. International PLC | 08/04/22 | (3,554 | ) | |||||||||||||
HKD | 785,000 | USD | 100,080 | State Street Bank and Trust Co. | 08/04/22 | (72 | ) | |||||||||||||
HKD | 1,883,000 | USD | 239,987 | The Northern Trust Co. | 08/04/22 | (94 | ) | |||||||||||||
USD | 245,718 | AUD | 362,000 | BNP Paribas SA | 08/04/22 | (7,216 | ) | |||||||||||||
USD | 414,418 | AUD | 612,000 | Citibank N.A. | 08/04/22 | (13,193 | ) | |||||||||||||
USD | 3,076,102 | AUD | 4,497,000 | HSBC Bank PLC | 08/04/22 | (66,002 | ) | |||||||||||||
USD | 911,215 | AUD | 1,318,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (9,687 | ) | |||||||||||||
USD | 296,402,638 | AUD | 430,944,000 | State Street Bank and Trust Co. | 08/04/22 | (4,702,764 | ) | |||||||||||||
USD | 738,127 | AUD | 1,088,000 | UBS AG | 08/04/22 | (22,070 | ) | |||||||||||||
USD | 399,489,693 | CHF | 381,884,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (1,741,985 | ) | |||||||||||||
USD | 130,589 | DKK | 967,000 | BNP Paribas SA | 08/04/22 | (2,193 | ) | |||||||||||||
USD | 85,702 | DKK | 625,000 | Bank of America N.A. | 08/04/22 | (119 | ) | |||||||||||||
USD | 1,300,994 | DKK | 9,520,000 | HSBC Bank PLC | 08/04/22 | (6,232 | ) |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
USD | 173,538 | DKK | 1,288,000 | Morgan Stanley & Co. International PLC | 08/04/22 | $ | (3,322 | ) | ||||||||||||
USD | 16,989 | DKK | 124,000 | Royal Bank of Scotland PLC | 08/04/22 | (38 | ) | |||||||||||||
USD | 2,333,025 | EUR | 2,308,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (26,187 | ) | |||||||||||||
USD | 472,284 | EUR | 469,000 | Royal Bank of Scotland PLC | 08/04/22 | (7,122 | ) | |||||||||||||
USD | 12,635,665 | EUR | 12,417,000 | State Street Bank and Trust Co. | 08/04/22 | (56,854 | ) | |||||||||||||
USD | 2,992,367 | EUR | 2,975,000 | UBS AG | 08/04/22 | (48,645 | ) | |||||||||||||
USD | 484,228 | GBP | 406,000 | Bank of America N.A. | 08/04/22 | (10,223 | ) | |||||||||||||
USD | 742,054 | GBP | 624,000 | Banco Santander Central Hispano | 08/04/22 | (17,890 | ) | |||||||||||||
USD | 6,670,580 | GBP | 5,546,000 | HSBC Bank PLC | 08/04/22 | (83,669 | ) | |||||||||||||
USD | 1,227,205 | GBP | 1,036,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (34,498 | ) | |||||||||||||
USD | 578,568,181 | GBP | 476,172,000 | State Street Bank and Trust Co. | 08/04/22 | (1,342,439 | ) | |||||||||||||
USD | 97,500 | GBP | 81,000 | UBS AG | 08/04/22 | (1,146 | ) | |||||||||||||
USD | 17,605,548 | ILS | 61,576,000 | Bank of America N.A. | 08/04/22 | (511,393 | ) | |||||||||||||
USD | 32,404 | ILS | 113,000 | Citibank N.A. | 08/04/22 | (843 | ) | |||||||||||||
USD | 369,737 | ILS | 1,285,000 | HSBC Bank PLC | 08/04/22 | (8,336 | ) | |||||||||||||
USD | 16,157 | ILS | 56,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (320 | ) | |||||||||||||
USD | 16,451 | ILS | 57,000 | State Street Bank and Trust Co. | 08/04/22 | (320 | ) | |||||||||||||
USD | 24,397 | ILS | 85,000 | UBS AG | 08/04/22 | (611 | ) | |||||||||||||
USD | 1,738,597 | JPY | 239,798,000 | BNP Paribas SA | 08/04/22 | (59,918 | ) | |||||||||||||
USD | 137,743 | JPY | 18,724,000 | Citibank N.A. | 08/04/22 | (2,689 | ) | |||||||||||||
USD | 2,804,599 | JPY | 385,004,000 | HSBC Bank PLC | 08/04/22 | (82,979 | ) | |||||||||||||
USD | 797,513,798 | JPY | 108,157,093,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (13,677,813 | ) | |||||||||||||
USD | 8,707,647 | JPY | 1,182,570,000 | Toronto Dominion Bank | 08/04/22 | (161,775 | ) | |||||||||||||
USD | 1,205,877 | JPY | 163,309,000 | UBS AG | 08/04/22 | (18,961 | ) | |||||||||||||
USD | 52,370 | NOK | 519,000 | Bank of New York | 08/04/22 | (1,332 | ) | |||||||||||||
USD | 172,098 | NOK | 1,753,000 | Citibank N.A. | 08/04/22 | (9,288 | ) | |||||||||||||
USD | 317,567 | NOK | 3,202,000 | HSBC Bank PLC | 08/04/22 | (13,749 | ) | |||||||||||||
USD | 1,787,305 | NOK | 17,649,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (38,863 | ) | |||||||||||||
USD | 237,780 | NOK | 2,338,000 | Royal Bank of Scotland PLC | 08/04/22 | (4,137 | ) | |||||||||||||
USD | 27,926,603 | NOK | 275,764,000 | State Street Bank and Trust Co. | 08/04/22 | (607,103 | ) | |||||||||||||
USD | 11,825 | NZD | 19,000 | Bank of America N.A. | 08/04/22 | (125 | ) | |||||||||||||
USD | 1,240 | NZD | 2,000 | Citibank N.A. | 08/04/22 | (18 | ) | |||||||||||||
USD | 8,576 | NZD | 14,000 | HSBC Bank PLC | 08/04/22 | (229 | ) | |||||||||||||
USD | 6,754,884 | NZD | 10,867,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (79,447 | ) | |||||||||||||
USD | 3,065 | NZD | 5,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (80 | ) | |||||||||||||
USD | 112,783 | NZD | 182,000 | Royal Bank of Scotland PLC | 08/04/22 | (1,678 | ) | |||||||||||||
USD | 11,631 | NZD | 19,000 | State Street Bank & Trust Company | 08/04/22 | (318 | ) | |||||||||||||
USD | 6,155 | NZD | 10,000 | Toronto Dominion Bank | 08/04/22 | (134 | ) | |||||||||||||
USD | 11,100 | NZD | 18,000 | UBS AG | 08/04/22 | (221 | ) | |||||||||||||
USD | 913,484 | SEK | 9,560,000 | Citibank N.A. | 08/04/22 | (27,351 | ) | |||||||||||||
USD | 546,570 | SEK | 5,584,000 | HSBC Bank PLC | 08/04/22 | (2,971 | ) | |||||||||||||
USD | 1,326,419 | SEK | 13,965,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (47,927 | ) | |||||||||||||
USD | 127,008,361 | SEK | 1,300,163,000 | State Street Bank and Trust Co. | 08/04/22 | (945,416 | ) | |||||||||||||
USD | 54,540 | SEK | 575,000 | UBS AG | 08/04/22 | (2,048 | ) | |||||||||||||
USD | 139,390 | SGD | 195,000 | Bank of America N.A. | 08/04/22 | (1,772 | ) | |||||||||||||
USD | 19,921 | SGD | 28,000 | Citibank N.A. | 08/04/22 | (348 | ) | |||||||||||||
USD | 47,931 | SGD | 67,000 | HSBC Bank PLC | 08/04/22 | (571 | ) |
28 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
USD | 44,739,922 | SGD | 62,264,000 | JPMorgan Chase Bank N.A. | 08/04/22 | $ | (333,331 | ) | ||||||||||||
USD | 825,040 | SGD | 1,152,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (8,899 | ) | |||||||||||||
USD | 119,829 | SGD | 168,000 | State Street Bank and Trust Co. | 08/04/22 | (1,787 | ) | |||||||||||||
JPY | 2,225,847,000 | USD | 16,730,558 | State Street Bank and Trust Co. | 09/02/22 | (1,369 | ) | |||||||||||||
NOK | 5,457,000 | USD | 565,057 | State Street Bank and Trust Co. | 09/02/22 | (6 | ) | |||||||||||||
NZD | 74,000 | USD | 46,565 | Bank of America N.A. | 09/02/22 | (29 | ) | |||||||||||||
SEK | 3,054,000 | USD | 300,956 | State Street Bank and Trust Co. | 09/02/22 | (1 | ) | |||||||||||||
USD | 279,208,554 | AUD | 399,916,000 | BNP Paribas SA | 09/02/22 | (351,276 | ) | |||||||||||||
USD | 13,468,363 | AUD | 19,292,000 | State Street Bank and Trust Co. | 09/02/22 | (17,640 | ) | |||||||||||||
USD | 22,206,728 | CHF | 21,103,000 | Bank of America N.A. | 09/02/22 | (13,200 | ) | |||||||||||||
USD | 364,460,462 | CHF | 346,365,000 | Morgan Stanley & Co. International PLC | 09/02/22 | (236,746 | ) | |||||||||||||
USD | 9,606,258 | DKK | 69,991,000 | BNP Paribas SA | 09/02/22 | (24,421 | ) | |||||||||||||
USD | 93,131,326 | DKK | 678,573,000 | State Street Bank and Trust Co. | 09/02/22 | (239,521 | ) | |||||||||||||
USD | 66,055,834 | EUR | 64,641,000 | BNP Paribas SA | 09/02/22 | (151,592 | ) | |||||||||||||
USD | 1,048,486,863 | EUR | 1,026,233,000 | State Street Bank and Trust Co. | 09/02/22 | (2,614,534 | ) | |||||||||||||
USD | 21,477,245 | GBP | 17,637,000 | BNP Paribas SA | 09/02/22 | (16,153 | ) | |||||||||||||
USD | 560,326,114 | GBP | 460,158,000 | State Street Bank and Trust Co. | 09/02/22 | (447,204 | ) | |||||||||||||
USD | 335,392 | HKD | 2,630,000 | BNP Paribas SA | 09/02/22 | (12 | ) | |||||||||||||
USD | 110,124,904 | HKD | 863,605,000 | Citibank N.A. | 09/02/22 | (10,674 | ) | |||||||||||||
USD | 145,639 | HKD | 1,142,000 | State Street Bank and Trust Co. | 09/02/22 | — | ||||||||||||||
USD | 870,416 | ILS | 2,963,000 | Bank of America N.A. | 09/02/22 | (2,747 | ) | |||||||||||||
USD | 17,983,265 | ILS | 61,210,000 | State Street Bank and Trust Co. | 09/02/22 | (54,643 | ) | |||||||||||||
USD | 49,873,648 | JPY | 6,650,858,000 | Citibank N.A. | 09/02/22 | (113,372 | ) | |||||||||||||
USD | 788,768,853 | JPY | 105,198,023,000 | State Street Bank and Trust Co. | 09/02/22 | (1,886,381 | ) | |||||||||||||
USD | 30,207,284 | NOK | 291,822,000 | BNP Paribas SA | 09/02/22 | (9,756 | ) | |||||||||||||
USD | 40,681 | NOK | 393,000 | Citibank N.A. | 09/02/22 | (12 | ) | |||||||||||||
USD | 608,569 | NOK | 5,879,000 | Morgan Stanley & Co. International PLC | 09/02/22 | (179 | ) | |||||||||||||
USD | 399,386 | NZD | 637,000 | State Street Bank and Trust Co. | 09/02/22 | (1,198 | ) | |||||||||||||
USD | 6,268,379 | NZD | 9,997,000 | UBS AG | 09/02/22 | (18,334 | ) | |||||||||||||
USD | 9,332,619 | SEK | 95,013,000 | BNP Paribas SA | 09/02/22 | (30,407 | ) | |||||||||||||
USD | 118,810,746 | SEK | 1,209,693,000 | State Street Bank and Trust Co. | 09/02/22 | (398,078 | ) | |||||||||||||
USD | 2,797,703 | SGD | 3,869,000 | Morgan Stanley & Co. International PLC | 09/02/22 | (3,261 | ) | |||||||||||||
USD | 44,176,233 | SGD | 61,088,000 | State Street Bank and Trust Co. | 09/02/22 | (48,452 | ) | |||||||||||||
|
|
|||||||||||||||||||
(34,012,115 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||
$5,431,322 | ||||||||||||||||||||
|
|
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 |
$ | — | $ | — | $ | — | $ | 39,443,437 | $ | — | $ | — | $ | 39,443,437 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 34,012,115 | $ | — | $ | — | $ | 34,012,115 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended July 31, 2022, 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 |
$ | — | $ | — | $ | — | $ | 450,660,942 | $ | — | $ | — | $ | 450,660,942 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 14,492,019 | $ | — | $ | — | $ | 14,492,019 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Forward foreign currency exchange contracts |
||||
Average amounts purchased — in USD |
$ | 3,359,007,327 | ||
Average amounts sold — in USD |
$ | 6,659,199,387 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
||||||||
Assets | Liabilities | |||||||
|
||||||||
Derivative Financial Instruments: |
||||||||
Forward foreign currency exchange contracts |
$ | 39,443,437 | $ | 34,012,115 | ||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
39,443,437 | 34,012,115 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | — | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
39,443,437 | 34,012,115 | ||||||
|
|
|
|
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
|
||||||||||||||||||||
Counterparty |
|
Derivative Assets Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
(a) |
|
Non-Cash Collateral Received |
|
|
Cash Collateral Received |
(b) |
|
Net Amount of Derivative Assets |
(c)(d) | |||||
|
||||||||||||||||||||
Banco Santander Central Hispano |
$ | 35,556 | $ | (17,890 | ) | $ | — | $ | — | $ | 17,666 | |||||||||
Bank of America N.A. |
286,340 | (286,340 | ) | — | — | — | ||||||||||||||
Bank of New York |
38,178 | (1,332 | ) | — | — | 36,846 | ||||||||||||||
BNP Paribas SA |
381,762 | (381,762 | ) | — | — | — | ||||||||||||||
Citibank N.A. |
227,207 | (177,788 | ) | — | — | 49,419 | ||||||||||||||
HSBC Bank PLC |
35,046 | (35,046 | ) | — | — | — | ||||||||||||||
Imperial Bank of Canada |
16,413 | — | — | — | 16,413 | |||||||||||||||
JPMorgan Chase Bank N.A. |
147,393 | (147,393 | ) | — | — | — | ||||||||||||||
Morgan Stanley & Co. International PLC |
4,021,154 | (2,457,525 | ) | — | (620,000 | ) | 943,629 | |||||||||||||
Royal Bank of Scotland PLC |
73,164 | (18,853 | ) | — | — | 54,311 | ||||||||||||||
State Street Bank and Trust Co. |
34,125,992 | (13,365,782 | ) | — | — | 20,760,210 | ||||||||||||||
Toronto Dominion Bank |
9,023 | (9,023 | ) | — | — | — | ||||||||||||||
UBS AG |
46,209 | (46,209 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 39,443,437 | $ | (16,944,943 | ) | $ | — | $ | (620,000 | ) | $ | 21,878,494 | |||||||||
|
|
|
|
|
|
|
|
|
|
30 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF |
Derivative Financial Instruments - Offsetting as of Period End (continued)
|
||||||||||||||||||||
Counterparty |
|
Derivative Liabilities Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
(a) |
|
Non-Cash Collateral Pledged |
|
|
Cash Collateral Pledged |
|
|
Net Amount of Derivative Liabilities |
(d)(e) | |||||
|
||||||||||||||||||||
Banco Santander Central Hispano |
$ | 17,890 | $ | (17,890 | ) | $ | — | $ | — | $ | — | |||||||||
Bank of America N.A. |
539,608 | (286,340 | ) | — | — | 253,268 | ||||||||||||||
Bank of New York |
1,332 | (1,332 | ) | — | — | — | ||||||||||||||
BNP Paribas SA |
652,944 | (381,762 | ) | — | — | 271,182 | ||||||||||||||
Citibank N.A. |
177,788 | (177,788 | ) | — | — | — | ||||||||||||||
HSBC Bank PLC |
264,794 | (35,046 | ) | — | — | 229,748 | ||||||||||||||
JPMorgan Chase Bank N.A. |
14,117,098 | (147,393 | ) | — | — | 13,969,705 | ||||||||||||||
Morgan Stanley & Co. International PLC |
2,457,525 | (2,457,525 | ) | — | — | — | ||||||||||||||
Royal Bank of Scotland PLC |
18,853 | (18,853 | ) | — | — | — | ||||||||||||||
State Street Bank & Trust Company |
318 | — | — | — | 318 | |||||||||||||||
State Street Bank and Trust Co. |
13,365,782 | (13,365,782 | ) | — | — | — | ||||||||||||||
The Northern Trust Co. |
94 | — | — | — | 94 | |||||||||||||||
Toronto Dominion Bank |
2,222,750 | (9,023 | ) | — | — | 2,213,727 | ||||||||||||||
UBS AG |
175,339 | (46,209 | ) | — | — | 129,130 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 34,012,115 | $ | (16,944,943 | ) | $ | — | $ | — | $ | 17,067,172 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Investment Companies |
$ | 3,669,453,789 | $ | — | $ | — | $ | 3,669,453,789 | ||||||||
Money Market Funds |
2,640,000 | — | — | 2,640,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,672,093,789 | $ | — | $ | — | $ | 3,672,093,789 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | — | $ | 39,443,437 | $ | — | $ | 39,443,437 | ||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
— | (34,012,115 | ) | — | (34,012,115 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | 5,431,322 | $ | — | $ | 5,431,322 | |||||||||
|
|
|
|
|
|
|
|
(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 |
31 |
Schedule of Investments July 31, 2022 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 100.1% |
||||||||
iShares MSCI EAFE Small-Cap ETF(a) |
1,853,855 | $ | 107,912,900 | |||||
|
|
|||||||
Total
Investment Companies |
107,912,900 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.1% |
||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(a)(b) |
70,000 | 70,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
70,000 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.2% |
|
107,982,900 | ||||||
Liabilities in Excess of Other Assets — (0.2)% |
|
(215,352 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 107,767,548 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 60,000 | $ | 10,000 | (a) | $ | — | $ | — | $ | — | $ | 70,000 | 70,000 | $ | 989 | $ | — | ||||||||||||||||||
iShares MSCI EAFE Small-Cap ETF |
98,122,469 | 49,516,169 | (11,865,199 | ) | (444,703 | ) | (27,415,836 | ) | 107,912,900 | 1,853,855 | 4,257,158 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (444,703 | ) | $ | (27,415,836 | ) | $ | 107,982,900 | $ | 4,258,147 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||
AUD | 16,160,000 | USD | 11,261,774 | Morgan Stanley & Co. International PLC | 08/04/22 | $ | 29,399 | |||||||||||||
CHF | 4,569,000 | USD | 4,797,737 | Bank of America N.A. | 08/04/22 | 2,746 | ||||||||||||||
CHF | 469,000 | USD | 490,803 | Citibank N.A. | 08/04/22 | 1,958 | ||||||||||||||
CHF | 87,000 | USD | 89,995 | Morgan Stanley & Co. International PLC | 08/04/22 | 1,413 | ||||||||||||||
DKK | 13,428,000 | USD | 1,839,269 | Bank of America N.A. | 08/04/22 | 4,578 | ||||||||||||||
EUR | 19,632,000 | USD | 20,020,773 | BNP Paribas SA | 08/04/22 | 46,838 | ||||||||||||||
GBP | 14,052,000 | USD | 17,101,115 | Bank of America N.A. | 08/04/22 | 12,247 | ||||||||||||||
GBP | 620,000 | USD | 753,361 | Deutsche Bank Securities Inc. | 08/04/22 | 1,712 | ||||||||||||||
GBP | 266,000 | USD | 318,227 | Morgan Stanley & Co. International PLC | 08/04/22 | 5,723 | ||||||||||||||
ILS | 10,396,000 | USD | 3,044,383 | Bank of America N.A. | 08/04/22 | 14,337 | ||||||||||||||
ILS | 187,000 | USD | 53,336 | Morgan Stanley & Co. International PLC | 08/04/22 | 1,683 | ||||||||||||||
JPY | 79,160,000 | USD | 583,873 | Morgan Stanley & Co. International PLC | 08/04/22 | 9,837 | ||||||||||||||
JPY | 4,167,630,000 | USD | 31,183,165 | State Street Bank and Trust Co. | 08/04/22 | 74,577 |
32 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||||
NOK | 190,000 | USD | 19,324 | Barclays Bank PLC | 08/04/22 | $ | 335 | |||||||||||||||
NOK | 22,800,000 | USD | 2,358,602 | Bank of America N.A. | 08/04/22 | 548 | ||||||||||||||||
NOK | 4,082,000 | USD | 412,568 | Morgan Stanley & Co. International PLC | 08/04/22 | 9,802 | ||||||||||||||||
NZD | 1,788,000 | USD | 1,121,196 | Bank of America N.A. | 08/04/22 | 3,290 | ||||||||||||||||
NZD | 34,000 | USD | 20,975 | Morgan Stanley & Co. International PLC | 08/04/22 | 407 | ||||||||||||||||
SEK | 58,054,000 | USD | 5,694,901 | Bank of America N.A. | 08/04/22 | 18,404 | ||||||||||||||||
SEK | 11,805,000 | USD | 1,150,596 | Morgan Stanley & Co. International PLC | 08/04/22 | 11,177 | ||||||||||||||||
SEK | 19,000 | USD | 1,862 | State Street Bank and Trust Co. | 08/04/22 | 8 | ||||||||||||||||
SGD | 2,981,000 | USD | 2,155,627 | Bank of America N.A. | 08/04/22 | 2,335 | ||||||||||||||||
SGD | 87,000 | USD | 62,517 | Citibank N.A. | 08/04/22 | 463 | ||||||||||||||||
SGD | 57,000 | USD | 40,558 | Morgan Stanley & Co. International PLC | 08/04/22 | 704 | ||||||||||||||||
USD | 7,484 | DKK | 53,000 | Barclays Bank PLC | 08/04/22 | 206 | ||||||||||||||||
USD | 5,775 | DKK | 42,000 | Bank of America N.A. | 08/04/22 | 7 | ||||||||||||||||
USD | 1,956,967 | DKK | 13,893,000 | Morgan Stanley & Co. International PLC | 08/04/22 | 49,269 | ||||||||||||||||
USD | 64,060 | EUR | 61,000 | Bank of America N.A. | 08/04/22 | 1,706 | ||||||||||||||||
USD | 61,405 | EUR | 60,000 | Morgan Stanley & Co. International PLC | 08/04/22 | 73 | ||||||||||||||||
USD | 23,350,981 | EUR | 22,292,000 | UBS AG | 08/04/22 | 564,349 | ||||||||||||||||
USD | 6,498 | HKD | 51,000 | BNP Paribas SA | 08/04/22 | 1 | ||||||||||||||||
USD | 19,764 | HKD | 155,000 | Bank of America N.A. | 08/04/22 | 18 | ||||||||||||||||
USD | 2,192,174 | HKD | 17,185,000 | JPMorgan Chase Bank N.A. | 08/04/22 | 2,821 | ||||||||||||||||
USD | 6,757 | HKD | 53,000 | Morgan Stanley & Co. International PLC | 08/04/22 | 5 | ||||||||||||||||
USD | 13,267 | HKD | 104,000 | UBS AG | 08/04/22 | 17 | ||||||||||||||||
CHF | 71,000 | USD | 74,715 | Bank of America N.A. | 09/06/22 | 65 | ||||||||||||||||
DKK | 184,000 | USD | 25,314 | JPMorgan Chase Bank N.A. | 09/06/22 | 11 | ||||||||||||||||
EUR | 314,000 | USD | 321,577 | JPMorgan Chase Bank N.A. | 09/06/22 | 124 | ||||||||||||||||
GBP | 150,000 | USD | 182,725 | Bank of America N.A. | 09/06/22 | 90 | ||||||||||||||||
ILS | 205,000 | USD | 60,363 | State Street Bank and Trust Co. | 09/06/22 | 65 | ||||||||||||||||
JPY | 93,458,000 | USD | 702,636 | Barclays Bank PLC | 09/06/22 | 18 | ||||||||||||||||
SGD | 44,000 | USD | 31,844 | Bank of America N.A. | 09/06/22 | 10 | ||||||||||||||||
|
|
|||||||||||||||||||||
873,376 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||
DKK | 772,000 | USD | 108,067 | Morgan Stanley & Co. International PLC | 08/04/22 | (2,060 | ) | |||||||||||||||
EUR | 164,000 | USD | 172,249 | Bank of America N.A. | 08/04/22 | (4,610 | ) | |||||||||||||||
EUR | 370,000 | USD | 380,563 | Morgan Stanley & Co. International PLC | 08/04/22 | (2,353 | ) | |||||||||||||||
EUR | 2,548,000 | USD | 2,669,132 | UBS AG | 08/04/22 | (64,595 | ) | |||||||||||||||
GBP | 76,000 | USD | 92,618 | Bank of America N.A. | 08/04/22 | (60 | ) | |||||||||||||||
HKD | 17,065,000 | USD | 2,174,099 | Bank of America N.A. | 08/04/22 | (34 | ) | |||||||||||||||
HKD | 323,000 | USD | 41,198 | Morgan Stanley & Co. International PLC | 08/04/22 | (48 | ) | |||||||||||||||
HKD | 160,000 | USD | 20,409 | State Street Bank and Trust Co. | 08/04/22 | (25 | ) | |||||||||||||||
USD | 11,113,142 | AUD | 16,160,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (178,031 | ) | |||||||||||||||
USD | 5,271,671 | CHF | 5,038,000 | BNP Paribas SA | 08/04/22 | (21,573 | ) | |||||||||||||||
USD | 58,654 | CHF | 57,000 | Bank of America N.A. | 08/04/22 | (1,234 | ) | |||||||||||||||
USD | 1,020 | CHF | 1,000 | Citibank N.A. | 08/04/22 | (31 | ) | |||||||||||||||
USD | 14,690 | CHF | 14,000 | Deutsche Bank Securities Inc. | 08/04/22 | (19 | ) | |||||||||||||||
USD | 15,589 | CHF | 15,000 | State Street Bank and Trust Co. | 08/04/22 | (171 | ) | |||||||||||||||
USD | 271 | DKK | 2,000 | Barclays Bank PLC | 08/04/22 | (4 | ) | |||||||||||||||
USD | 28,579 | DKK | 210,000 | Bank of America N.A. | 08/04/22 | (257 | ) | |||||||||||||||
USD | 61,345 | EUR | 61,000 | BNP Paribas SA | 08/04/22 | (1,009 | ) | |||||||||||||||
USD | 240,403 | EUR | 237,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (1,856 | ) | |||||||||||||||
USD | 3,023 | EUR | 3,000 | State Street Bank and Trust Co. | 08/04/22 | (43 | ) | |||||||||||||||
USD | 156,151 | GBP | 130,000 | Bank of America N.A. | 08/04/22 | (2,171 | ) | |||||||||||||||
USD | 51,135 | GBP | 43,000 | Banco Santander Central Hispano | 08/04/22 | (1,233 | ) | |||||||||||||||
USD | 51,160 | GBP | 43,000 | Citibank N.A. | 08/04/22 | (1,208 | ) |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||||||
USD | 54,128 | GBP | 45,000 | Morgan Stanley & Co. International PLC | 08/04/22 | $ | (676 | ) | ||||||||||||||
USD | 17,925,594 | GBP | 14,753,000 | State Street Bank and Trust Co. | 08/04/22 | (41,488 | ) | |||||||||||||||
USD | 72,296 | ILS | 252,000 | Barclays Bank PLC | 08/04/22 | (1,847 | ) | |||||||||||||||
USD | 2,944,990 | ILS | 10,300,000 | Bank of America N.A. | 08/04/22 | (85,484 | ) | |||||||||||||||
USD | 8,991 | ILS | 31,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (130 | ) | |||||||||||||||
USD | 93,069 | JPY | 12,771,000 | Barclays Bank PLC | 08/04/22 | (2,715 | ) | |||||||||||||||
USD | 1,941,599 | JPY | 263,532,000 | Bank of America N.A. | 08/04/22 | (34,924 | ) | |||||||||||||||
USD | 29,271,930 | JPY | 3,969,852,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (502,453 | ) | |||||||||||||||
USD | 4,651 | JPY | 635,000 | State Street Bank and Trust Co. | 08/04/22 | (112 | ) | |||||||||||||||
USD | 49,576 | NOK | 498,000 | Barclays Bank PLC | 08/04/22 | (1,953 | ) | |||||||||||||||
USD | 294 | NOK | 3,000 | Citibank N.A. | 08/04/22 | (17 | ) | |||||||||||||||
USD | 2,690,851 | NOK | 26,571,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (58,489 | ) | |||||||||||||||
USD | 108,128 | NZD | 174,000 | Bank of America N.A. | 08/04/22 | (1,302 | ) | |||||||||||||||
USD | 1,006,364 | NZD | 1,619,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (11,836 | ) | |||||||||||||||
USD | 3,666 | NZD | 6,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (107 | ) | |||||||||||||||
USD | 14,260 | NZD | 23,000 | State Street Bank and Trust Co. | 08/04/22 | (205 | ) | |||||||||||||||
USD | 70,586 | SEK | 741,000 | Barclays Bank PLC | 08/04/22 | (2,338 | ) | |||||||||||||||
USD | 35,599 | SEK | 370,000 | Citibank N.A. | 08/04/22 | (814 | ) | |||||||||||||||
USD | 17,616 | SEK | 180,000 | Morgan Stanley & Co. International PLC | 08/04/22 | (98 | ) | |||||||||||||||
USD | 6,699,912 | SEK | 68,587,000 | State Street Bank and Trust Co. | 08/04/22 | (49,984 | ) | |||||||||||||||
USD | 6,475 | SGD | 9,000 | Barclays Bank PLC | 08/04/22 | (40 | ) | |||||||||||||||
USD | 12,857 | SGD | 18,000 | Bank of America N.A. | 08/04/22 | (174 | ) | |||||||||||||||
USD | 2,201,541 | SGD | 3,064,000 | JPMorgan Chase Bank N.A. | 08/04/22 | (16,506 | ) | |||||||||||||||
USD | 24,396 | SGD | 34,000 | State Street Bank and Trust Co. | 08/04/22 | (217 | ) | |||||||||||||||
AUD | 72,000 | USD | 50,345 | Morgan Stanley & Co. International PLC | 09/06/22 | (10 | ) | |||||||||||||||
HKD | 217,000 | USD | 27,678 | BNP Paribas SA | 09/06/22 | (2 | ) | |||||||||||||||
HKD | 381,000 | USD | 48,593 | Bank of America N.A. | 09/06/22 | — | ||||||||||||||||
NOK | 326,000 | USD | 33,758 | Citibank N.A. | 09/06/22 | — | ||||||||||||||||
NZD | 12,000 | USD | 7,551 | Bank of America N.A. | 09/06/22 | (4 | ) | |||||||||||||||
USD | 11,066,442 | AUD | 15,851,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (14,884 | ) | |||||||||||||||
USD | 5,186,303 | CHF | 4,927,000 | Bank of America N.A. | 09/06/22 | (3,011 | ) | |||||||||||||||
USD | 1,843,541 | DKK | 13,428,000 | Bank of America N.A. | 09/06/22 | (4,662 | ) | |||||||||||||||
USD | 182,869 | DKK | 1,332,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (465 | ) | |||||||||||||||
USD | 20,792,967 | EUR | 20,343,000 | BNP Paribas SA | 09/06/22 | (48,946 | ) | |||||||||||||||
USD | 975,495 | GBP | 801,000 | BNP Paribas SA | 09/06/22 | (738 | ) | |||||||||||||||
USD | 17,113,272 | GBP | 14,052,000 | Bank of America N.A. | 09/06/22 | (12,841 | ) | |||||||||||||||
USD | 2,176,421 | HKD | 17,065,000 | Bank of America N.A. | 09/06/22 | (50 | ) | |||||||||||||||
USD | 3,033,930 | ILS | 10,325,000 | Bank of America N.A. | 09/06/22 | (9,573 | ) | |||||||||||||||
USD | 1,800,106 | JPY | 239,982,000 | Citibank N.A. | 09/06/22 | (4,172 | ) | |||||||||||||||
USD | 31,257,538 | JPY | 4,167,630,000 | State Street Bank and Trust Co. | 09/06/22 | (76,326 | ) | |||||||||||||||
USD | 2,360,263 | NOK | 22,800,000 | Bank of America N.A. | 09/06/22 | (740 | ) | |||||||||||||||
USD | 217,705 | NOK | 2,103,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (66 | ) | |||||||||||||||
USD | 1,163,005 | NZD | 1,855,000 | Bank of America N.A. | 09/06/22 | (3,490 | ) | |||||||||||||||
USD | 5,703,317 | SEK | 58,054,000 | Bank of America N.A. | 09/06/22 | (18,549 | ) | |||||||||||||||
USD | 552,224 | SEK | 5,621,000 | Citibank N.A. | 09/06/22 | (1,788 | ) | |||||||||||||||
USD | 2,155,729 | SGD | 2,981,000 | Bank of America N.A. | 09/06/22 | (2,375 | ) | |||||||||||||||
USD | 58,572 | SGD | 81,000 | Morgan Stanley & Co. International PLC | 09/06/22 | (68 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
(1,299,294 | ) | |||||||||||||||||||||
|
|
|||||||||||||||||||||
$(425,918 | ) | |||||||||||||||||||||
|
|
34 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 873,376 | $ | — | $ | — | $ | 873,376 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 1,299,294 | $ | — | $ | — | $ | 1,299,294 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended July 31, 2022, 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 |
$ | — | $ | — | $ | — | $ | 15,548,856 | $ | — | $ | — | $ | 15,548,856 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | (225,345 | ) | $ | — | $ | — | $ | (225,345 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts |
||||
Average amounts purchased — in USD |
$ | 110,345,064 | ||
Average amounts sold — in USD |
$ | 217,243,261 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
||||||||
Assets | Liabilities | |||||||
|
||||||||
Derivative Financial Instruments: |
||||||||
Forward foreign currency exchange contracts |
$ | 873,376 | $ | 1,299,294 | ||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
873,376 | 1,299,294 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | — | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
873,376 | 1,299,294 | ||||||
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Derivative Financial Instruments - Offsetting as of Period End (continued)
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. |
$ | 60,381 | $ | (60,381 | ) | $ | — | $ | — | $ | — | |||||||||
Barclays Bank PLC |
559 | (559 | ) | — | — | — | ||||||||||||||
BNP Paribas SA |
46,839 | (46,839 | ) | — | — | — | ||||||||||||||
Citibank N.A. |
2,421 | (2,421 | ) | — | — | — | ||||||||||||||
Deutsche Bank Securities Inc. |
1,712 | (19 | ) | — | — | 1,693 | ||||||||||||||
JPMorgan Chase Bank N.A. |
2,956 | (2,956 | ) | — | — | — | ||||||||||||||
Morgan Stanley & Co. International PLC |
119,492 | (119,492 | ) | — | — | — | ||||||||||||||
State Street Bank and Trust Co. |
74,650 | (74,650 | ) | — | — | — | ||||||||||||||
UBS AG |
564,366 | (64,595 | ) | — | — | 499,771 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 873,376 | $ | (371,912 | ) | $ | — | $ | — | $ | 501,464 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
||||||||||||||||||||
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) | |||||
|
||||||||||||||||||||
Banco Santander Central Hispano |
$ | 1,233 | $ | — | $ | — | $ | — | $ | 1,233 | ||||||||||
Bank of America N.A. |
185,545 | (60,381 | ) | — | — | 125,164 | ||||||||||||||
Barclays Bank PLC |
8,897 | (559 | ) | — | — | 8,338 | ||||||||||||||
BNP Paribas SA |
72,268 | (46,839 | ) | — | — | 25,429 | ||||||||||||||
Citibank N.A. |
8,030 | (2,421 | ) | — | — | 5,609 | ||||||||||||||
Deutsche Bank Securities Inc. |
19 | (19 | ) | — | — | — | ||||||||||||||
JPMorgan Chase Bank N.A. |
532,781 | (2,956 | ) | — | — | 529,825 | ||||||||||||||
Morgan Stanley & Co. International PLC |
257,355 | (119,492 | ) | — | — | 137,863 | ||||||||||||||
State Street Bank and Trust Co. |
168,571 | (74,650 | ) | — | — | 93,921 | ||||||||||||||
UBS AG |
64,595 | (64,595 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 1,299,294 | $ | (371,912 | ) | $ | — | $ | — | $ | 927,382 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
36 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Investment Companies |
$ | 107,912,900 | $ | — | $ | — | $ | 107,912,900 | ||||||||
Money Market Funds |
70,000 | — | — | 70,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 107,982,900 | $ | — | $ | — | $ | 107,982,900 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | — | $ | 873,376 | $ | — | $ | 873,376 | ||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
— | (1,299,294 | ) | — | (1,299,294 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (425,918 | ) | $ | — | $ | (425,918 | ) | |||||||
|
|
|
|
|
|
|
|
(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 |
37 |
Schedule of Investments July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 5.5% | ||||||||
Ampol Ltd. |
49,126 | $ | 1,163,869 | |||||
APA Group |
219,899 | 1,803,029 | ||||||
Aristocrat Leisure Ltd. |
110,246 | 2,750,423 | ||||||
ASX Ltd. |
36,916 | 2,294,505 | ||||||
Aurizon Holdings Ltd. |
316,453 | 895,655 | ||||||
Australia & New Zealand Banking Group Ltd. |
503,326 | 8,134,383 | ||||||
Australia & New Zealand Banking Group Ltd., New |
33,555 | 536,888 | ||||||
BHP Group Ltd. |
917,716 | 25,113,625 | ||||||
BlueScope Steel Ltd. |
93,239 | 1,095,221 | ||||||
Brambles Ltd. |
255,805 | 2,058,898 | ||||||
Cochlear Ltd. |
12,439 | 1,874,892 | ||||||
Coles Group Ltd. |
242,218 | 3,190,093 | ||||||
Commonwealth Bank of Australia |
309,771 | 21,999,131 | ||||||
Computershare Ltd. |
100,182 | 1,769,914 | ||||||
CSL Ltd. |
86,779 | 17,669,678 | ||||||
Dexus |
197,495 | 1,327,167 | ||||||
Domino’s Pizza Enterprises Ltd. |
11,526 | 589,323 | ||||||
Endeavour Group Ltd./Australia |
237,101 | 1,320,993 | ||||||
Evolution Mining Ltd. |
306,753 | 566,658 | ||||||
Fortescue Metals Group Ltd. |
308,976 | 3,976,075 | ||||||
Glencore PLC |
1,805,404 | 10,232,486 | ||||||
Goodman Group |
308,488 | 4,514,741 | ||||||
GPT Group (The) |
303,894 | 977,688 | ||||||
IDP Education Ltd.(a) |
40,094 | 806,686 | ||||||
Insurance Australia Group Ltd. |
451,576 | 1,420,913 | ||||||
Lendlease Corp. Ltd. |
123,414 | 894,090 | ||||||
Lottery Corp. Ltd. (The)(b) |
417,041 | 1,322,895 | ||||||
Macquarie Group Ltd. |
63,380 | 8,111,586 | ||||||
Medibank Pvt Ltd. |
542,801 | 1,305,182 | ||||||
Mineral Resources Ltd. |
31,036 | 1,182,598 | ||||||
Mirvac Group |
752,339 | 1,139,783 | ||||||
National Australia Bank Ltd. |
588,985 | 12,720,019 | ||||||
Newcrest Mining Ltd. |
151,493 | 2,041,559 | ||||||
Northern Star Resources Ltd. |
200,772 | 1,103,368 | ||||||
Orica Ltd. |
84,952 | 1,006,871 | ||||||
Origin Energy Ltd. |
312,370 | 1,311,443 | ||||||
Qantas Airways Ltd.(b) |
192,127 | 619,100 | ||||||
QBE Insurance Group Ltd. |
276,898 | 2,238,921 | ||||||
Ramsay Health Care Ltd. |
32,572 | 1,609,114 | ||||||
REA Group Ltd. |
8,220 | 725,204 | ||||||
Reece Ltd. |
52,505 | 567,071 | ||||||
Rio Tinto Ltd. |
66,278 | 4,592,041 | ||||||
Rio Tinto PLC |
203,542 | 12,287,724 | ||||||
Santos Ltd. |
616,330 | 3,203,917 | ||||||
Scentre Group |
965,982 | 1,979,531 | ||||||
SEEK Ltd. |
61,921 | 1,002,943 | ||||||
Sonic Healthcare Ltd. |
82,441 | 1,985,304 | ||||||
South32 Ltd. |
873,525 | 2,380,892 | ||||||
Stockland |
443,506 | 1,201,762 | ||||||
Suncorp Group Ltd. |
227,102 | 1,793,490 | ||||||
Telstra Corp. Ltd. |
730,995 | 1,997,816 | ||||||
Transurban Group |
547,923 | 5,600,698 | ||||||
Treasury Wine Estates Ltd. |
143,798 | 1,239,544 | ||||||
Vicinity Centres |
620,333 | 907,668 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
40,504 | 733,311 | ||||||
Wesfarmers Ltd. |
205,205 | 6,723,647 | ||||||
Westpac Banking Corp. |
636,934 | 9,645,182 | ||||||
WiseTech Global Ltd. |
28,494 | 1,009,104 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Woodside Energy Group Ltd. |
342,985 | $ | 7,744,765 | |||||
Woolworths Group Ltd. |
218,469 | 5,747,719 | ||||||
|
|
|||||||
227,758,796 | ||||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG |
58,555 | 1,484,526 | ||||||
OMV AG |
26,889 | 1,145,200 | ||||||
Verbund AG |
11,514 | 1,266,143 | ||||||
voestalpine AG |
21,946 | 494,150 | ||||||
|
|
|||||||
4,390,019 | ||||||||
Belgium — 0.5% | ||||||||
Ageas SA/NV |
30,353 | 1,324,766 | ||||||
Anheuser-Busch InBev SA/NV |
154,591 | 8,281,099 | ||||||
D’ieteren Group |
4,446 | 729,705 | ||||||
Elia Group SA/NV |
6,947 | 1,054,636 | ||||||
Groupe Bruxelles Lambert SA |
19,427 | 1,719,582 | ||||||
KBC Group NV |
45,228 | 2,368,905 | ||||||
Proximus SADP |
23,952 | 331,903 | ||||||
Sofina SA |
2,663 | 623,646 | ||||||
Solvay SA |
13,715 | 1,204,628 | ||||||
UCB SA |
22,352 | 1,746,557 | ||||||
Umicore SA |
37,566 | 1,360,729 | ||||||
Warehouses De Pauw CVA |
27,217 | 925,220 | ||||||
|
|
|||||||
21,671,376 | ||||||||
Brazil — 1.1% | ||||||||
Ambev SA |
832,251 | 2,401,482 | ||||||
Americanas SA |
109,718 | 296,873 | ||||||
Atacadao SA |
77,155 | 277,806 | ||||||
B3 SA - Brasil, Bolsa, Balcao |
1,121,757 | 2,404,338 | ||||||
Banco Bradesco SA |
156,418 | 437,442 | ||||||
Banco BTG Pactual SA |
182,651 | 795,332 | ||||||
Banco do Brasil SA |
151,404 | 1,052,551 | ||||||
Banco Santander Brasil SA |
57,106 | 312,234 | ||||||
BB Seguridade Participacoes SA |
127,926 | 716,757 | ||||||
BRF SA(b) |
126,508 | 390,226 | ||||||
CCR SA |
254,266 | 638,356 | ||||||
Centrais Eletricas Brasileiras SA |
189,943 | 1,681,701 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
68,887 | 594,728 | ||||||
Cia. Siderurgica Nacional SA |
134,438 | 382,208 | ||||||
Cosan SA |
186,239 | 672,017 | ||||||
Energisa SA |
22,565 | 192,065 | ||||||
Engie Brasil Energia SA |
54,812 | 469,505 | ||||||
Equatorial Energia SA |
154,292 | 739,836 | ||||||
Hapvida Participacoes e Investimentos SA(c) |
810,997 | 965,529 | ||||||
Hypera SA |
88,077 | 724,996 | ||||||
JBS SA |
157,008 | 969,219 | ||||||
Klabin SA |
137,734 | 530,534 | ||||||
Localiza Rent a Car SA |
119,592 | 1,331,574 | ||||||
Lojas Renner SA |
181,424 | 886,765 | ||||||
Magazine Luiza SA(b) |
567,122 | 282,788 | ||||||
Natura & Co. Holding SA |
172,891 | 520,601 | ||||||
Petro Rio SA(b) |
99,918 | 467,717 | ||||||
Petroleo Brasileiro SA |
713,097 | 5,093,845 | ||||||
Raia Drogasil SA |
222,027 | 900,278 | ||||||
Rede D’Or Sao Luiz SA(c) |
77,590 | 485,715 | ||||||
Rumo SA |
239,489 | 811,858 | ||||||
Suzano SA |
138,072 | 1,288,629 | ||||||
Telefonica Brasil SA |
89,242 | 769,253 | ||||||
Tim SA |
203,501 | 495,174 | ||||||
TOTVS SA |
97,190 | 495,333 |
38 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Ultrapar Participacoes SA |
137,952 | $ | 338,341 | |||||
Vale SA |
729,323 | 9,831,715 | ||||||
Vibra Energia SA |
213,340 | 686,518 | ||||||
WEG SA |
279,608 | 1,515,280 | ||||||
|
|
|||||||
43,847,119 | ||||||||
Canada — 8.1% | ||||||||
Agnico Eagle Mines Ltd. |
83,132 | 3,574,439 | ||||||
Air Canada(a)(b) |
31,852 | 432,553 | ||||||
Algonquin Power & Utilities Corp. |
115,689 | 1,618,047 | ||||||
Alimentation Couche-Tard Inc. |
154,687 | 6,910,814 | ||||||
AltaGas Ltd. |
52,541 | 1,170,587 | ||||||
ARC Resources Ltd. |
118,402 | 1,660,613 | ||||||
Bank of Montreal |
117,921 | 11,755,726 | ||||||
Bank of Nova Scotia (The) |
220,745 | 13,447,595 | ||||||
Barrick Gold Corp. |
315,568 | 4,972,990 | ||||||
Bausch Health Companies Inc.(b) |
49,453 | 227,850 | ||||||
BCE Inc. |
13,354 | 674,713 | ||||||
BlackBerry Ltd.(a)(b) |
102,138 | 627,719 | ||||||
Brookfield Asset Management Inc., Class A |
254,412 | 12,623,746 | ||||||
Brookfield Renewable Corp., Class A |
25,006 | 978,330 | ||||||
CAE Inc.(b) |
57,085 | 1,510,320 | ||||||
Cameco Corp. |
73,691 | 1,897,879 | ||||||
Canadian Apartment Properties REIT |
17,556 | 665,059 | ||||||
Canadian Imperial Bank of Commerce |
162,375 | 8,214,168 | ||||||
Canadian National Railway Co. |
107,821 | 13,659,600 | ||||||
Canadian Natural Resources Ltd. |
212,131 | 11,713,547 | ||||||
Canadian Pacific Railway Ltd. |
167,379 | 13,197,655 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS |
10,171 | 1,306,650 | ||||||
Canadian Utilities Ltd., Class A, NVS |
23,079 | 747,042 | ||||||
CCL Industries Inc., Class B, NVS |
27,956 | 1,404,404 | ||||||
Cenovus Energy Inc. |
255,543 | 4,869,196 | ||||||
CGI Inc.(b) |
40,058 | 3,434,749 | ||||||
Constellation Software Inc. |
3,629 | 6,173,338 | ||||||
Dollarama Inc. |
52,631 | 3,189,795 | ||||||
Emera Inc. |
45,578 | 2,160,822 | ||||||
Empire Co. Ltd., Class A, NVS |
30,309 | 919,767 | ||||||
Enbridge Inc. |
367,203 | 16,491,230 | ||||||
Fairfax Financial Holdings Ltd. |
4,504 | 2,426,191 | ||||||
First Quantum Minerals Ltd. |
105,898 | 1,935,116 | ||||||
FirstService Corp. |
6,827 | 913,306 | ||||||
Fortis Inc. |
87,287 | 4,123,221 | ||||||
Franco-Nevada Corp. |
35,001 | 4,481,757 | ||||||
George Weston Ltd. |
13,236 | 1,579,782 | ||||||
GFL Environmental Inc. |
33,364 | 923,369 | ||||||
Gildan Activewear Inc. |
37,972 | 1,112,873 | ||||||
Great-West Lifeco Inc. |
49,123 | 1,193,790 | ||||||
Hydro One Ltd.(c) |
55,291 | 1,543,597 | ||||||
iA Financial Corp. Inc. |
16,158 | 889,065 | ||||||
IGM Financial Inc. |
12,983 | 376,954 | ||||||
Imperial Oil Ltd. |
42,216 | 2,023,190 | ||||||
Intact Financial Corp. |
31,910 | 4,749,558 | ||||||
Ivanhoe Mines Ltd., Class A(b) |
109,628 | 681,456 | ||||||
Keyera Corp. |
37,400 | 969,354 | ||||||
Kinross Gold Corp. |
235,876 | 808,634 | ||||||
Lightspeed Commerce Inc.(b) |
23,113 | 495,994 | ||||||
Loblaw Companies Ltd. |
30,339 | 2,761,796 | ||||||
Lundin Mining Corp. |
127,463 | 718,662 | ||||||
Magna International Inc. |
51,767 | 3,305,601 | ||||||
Manulife Financial Corp. |
342,585 | 6,270,893 | ||||||
Metro Inc. |
43,427 | 2,404,755 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
National Bank of Canada(a) |
62,571 | $ | 4,390,304 | |||||
Northland Power Inc. |
38,691 | 1,268,399 | ||||||
Nutrien Ltd. |
99,982 | 8,558,843 | ||||||
Nuvei Corp.(b)(c) |
13,139 | 459,257 | ||||||
Onex Corp. |
13,829 | 739,102 | ||||||
Open Text Corp. |
49,272 | 2,015,437 | ||||||
Pan American Silver Corp. |
40,834 | 830,998 | ||||||
Parkland Corp. |
28,660 | 804,150 | ||||||
Pembina Pipeline Corp. |
101,483 | 3,874,510 | ||||||
Power Corp. of Canada |
101,440 | 2,756,715 | ||||||
Quebecor Inc., Class B |
23,801 | 528,787 | ||||||
Restaurant Brands International Inc. |
49,246 | 2,640,067 | ||||||
RioCan REIT |
31,932 | 512,438 | ||||||
Ritchie Bros Auctioneers Inc. |
21,118 | 1,522,152 | ||||||
Rogers Communications Inc., Class B, NVS |
65,261 | 3,000,207 | ||||||
Royal Bank of Canada |
254,466 | 24,811,702 | ||||||
Saputo Inc. |
46,606 | 1,151,183 | ||||||
Shaw Communications Inc., Class B, NVS |
85,984 | 2,325,943 | ||||||
Shopify Inc., Class A(b) |
206,880 | 7,206,995 | ||||||
Sun Life Financial Inc. |
105,858 | 4,915,323 | ||||||
Suncor Energy Inc. |
260,331 | 8,835,255 | ||||||
TC Energy Corp. |
177,845 | 9,481,456 | ||||||
Teck Resources Ltd., Class B |
86,659 | 2,547,898 | ||||||
TELUS Corp. |
86,008 | 1,980,021 | ||||||
TFI International Inc. |
14,752 | 1,473,414 | ||||||
Thomson Reuters Corp. |
30,719 | 3,449,366 | ||||||
TMX Group Ltd. |
10,372 | 1,064,212 | ||||||
Toromont Industries Ltd. |
14,391 | 1,212,033 | ||||||
Toronto-Dominion Bank (The) |
328,430 | 21,333,652 | ||||||
Tourmaline Oil Corp. |
57,149 | 3,580,543 | ||||||
West Fraser Timber Co. Ltd.(a) |
11,370 | 1,064,503 | ||||||
Wheaton Precious Metals Corp. |
82,926 | 2,845,471 | ||||||
WSP Global Inc. |
20,878 | 2,518,958 | ||||||
|
|
|||||||
334,619,151 | ||||||||
Chile — 0.1% | ||||||||
Banco de Chile |
6,463,268 | 613,261 | ||||||
Banco de Credito e Inversiones SA |
16,538 | 498,985 | ||||||
Banco Santander Chile |
12,131,025 | 480,475 | ||||||
Cencosud SA |
268,978 | 367,453 | ||||||
Cia. Cervecerias Unidas SA |
23,202 | 133,892 | ||||||
Empresas CMPC SA |
211,677 | 359,647 | ||||||
Empresas COPEC SA |
80,636 | 660,408 | ||||||
Enel Americas SA |
3,901,916 | 394,912 | ||||||
Enel Chile SA |
7,925,924 | 226,932 | ||||||
Falabella SA |
153,638 | 342,706 | ||||||
|
|
|||||||
4,078,671 | ||||||||
China — 9.0% | ||||||||
360 DigiTech Inc. |
17,553 | 254,870 | ||||||
3SBio Inc.(c) |
271,000 | 180,385 | ||||||
AAC Technologies Holdings Inc. |
125,000 | 242,354 | ||||||
Agricultural Bank of China Ltd., Class A |
1,825,400 | 771,022 | ||||||
Agricultural Bank of China Ltd., Class H |
5,261,000 | 1,735,194 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A |
105,874 | 477,503 | ||||||
Air China Ltd., Class H(b) |
450,000 | 353,198 | ||||||
Alibaba Group Holding Ltd.(b) |
2,743,964 | 30,851,673 | ||||||
Alibaba Health Information Technology Ltd.(b) |
982,000 | 589,689 | ||||||
A-Living
Smart City Services Co. Ltd., |
99,000 | 120,757 | ||||||
Aluminum Corp. of China Ltd., Class H |
906,000 | 331,824 | ||||||
Anhui Conch Cement Co. Ltd., Class A |
118,098 | 568,953 |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Anhui Conch Cement Co. Ltd., Class H |
155,000 | $ | 613,285 | |||||
Anhui Gujing Distillery Co. Ltd., Class B |
42,700 | 652,915 | ||||||
ANTA Sports Products Ltd. |
205,800 | 2,266,034 | ||||||
Autohome Inc., ADR |
14,073 | 502,265 | ||||||
AviChina Industry & Technology Co. Ltd., Class H |
565,000 | 301,453 | ||||||
Baidu Inc.(b) |
81,336 | 1,405,844 | ||||||
Baidu Inc., ADR(b) |
38,869 | 5,308,339 | ||||||
Bank of Beijing Co. Ltd., Class A |
1,004,498 | 620,913 | ||||||
Bank of China Ltd., Class A |
1,241,800 | 563,136 | ||||||
Bank of China Ltd., Class H |
13,418,000 | 4,771,242 | ||||||
Bank of Communications Co. Ltd., Class A |
1,085,800 | 743,540 | ||||||
Bank of Communications Co. Ltd., Class H |
1,033,800 | 615,331 | ||||||
Bank of Ningbo Co. Ltd., Class A |
140,177 | 649,057 | ||||||
Bank of Shanghai Co. Ltd., Class A |
523,499 | 462,558 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
439,796 | 370,210 | ||||||
BeiGene Ltd., ADR(a)(b) |
8,352 | 1,403,804 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(b) |
386,000 | 226,912 | ||||||
Beijing Enterprises Holdings Ltd. |
90,000 | 288,448 | ||||||
Beijing Enterprises Water Group Ltd. |
810,000 | 245,576 | ||||||
Beijing Kingsoft Office Software Inc., Class A |
10,200 | 264,896 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A |
1,356,000 | 933,955 | ||||||
Bilibili Inc., ADR(b) |
28,786 | 703,530 | ||||||
Bilibili Inc., Class Z(b) |
2,208 | 53,971 | ||||||
BOE Technology Group Co. Ltd., Class A |
799,900 | 461,282 | ||||||
Bosideng International Holdings Ltd. |
632,000 | 368,866 | ||||||
BYD Co. Ltd., Class A |
27,700 | 1,321,160 | ||||||
BYD Co. Ltd., Class H |
148,500 | 5,433,017 | ||||||
BYD Electronic International Co. Ltd. |
142,000 | 364,826 | ||||||
CanSino Biologics Inc., Class H(c) |
22,400 | 187,494 | ||||||
CGN Power Co. Ltd., Class H(c) |
2,380,000 | 548,789 | ||||||
Changchun High & New Technology Industry Group Inc., Class A |
9,400 | 270,498 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
1,574,000 | 216,821 | ||||||
China CITIC Bank Corp. Ltd., Class H |
1,623,000 | 678,382 | ||||||
China Coal Energy Co. Ltd., Class H |
390,000 | 303,391 | ||||||
China Communications Services Corp. Ltd., Class H |
534,000 | 217,106 | ||||||
China Conch Venture Holdings Ltd. |
328,000 | 635,889 | ||||||
China Construction Bank Corp., Class H |
17,597,050 | 11,237,655 | ||||||
China Everbright Bank Co. Ltd., Class A |
623,000 | 267,868 | ||||||
China Everbright Bank Co. Ltd., Class H |
566,000 | 171,659 | ||||||
China Everbright Environment Group Ltd. |
892,037 | 474,779 | ||||||
China Evergrande Group(a)(d) |
288,000 | 41,934 | ||||||
China Feihe Ltd.(c) |
712,000 | 625,189 | ||||||
China Galaxy Securities Co. Ltd., Class H |
797,000 | 394,139 | ||||||
China Gas Holdings Ltd. |
575,400 | 884,473 | ||||||
China Hongqiao Group Ltd.(a) |
465,000 | 484,565 | ||||||
China
International Capital Corp. Ltd., |
332,800 | 611,928 | ||||||
China Jinmao Holdings Group Ltd.(b) |
976,000 | 226,497 | ||||||
China Lesso Group Holdings Ltd. |
228,000 | 279,428 | ||||||
China Life Insurance Co. Ltd., Class A |
94,000 | 388,572 | ||||||
China Life Insurance Co. Ltd., Class H |
1,141,000 | 1,699,428 | ||||||
China Literature Ltd.(b)(c) |
71,800 | 282,970 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
634,000 | 1,018,559 | ||||||
China Medical System Holdings Ltd. |
286,000 | 454,656 | ||||||
China Meidong Auto Holdings Ltd. |
116,000 | 281,908 | ||||||
China Mengniu Dairy Co. Ltd. |
560,000 | 2,601,756 | ||||||
China Merchants Bank Co. Ltd., Class A |
284,400 | 1,479,472 | ||||||
China Merchants Bank Co. Ltd., Class H |
684,093 | 3,696,358 | ||||||
China Merchants Port Holdings Co. Ltd. |
240,000 | 387,084 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Merchants Securities Co. Ltd., Class A |
224,860 | $ | 463,549 | |||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
202,177 | 410,525 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
972,295 | 524,504 | ||||||
China Minsheng Banking Corp. Ltd., Class H |
693,240 | 226,097 | ||||||
China
National Building Material Co. Ltd., |
712,000 | 714,651 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
67,000 | 312,070 | ||||||
China Oilfield Services Ltd., Class H |
356,000 | 327,939 | ||||||
China Overseas Land & Investment Ltd. |
687,000 | 1,898,469 | ||||||
China Overseas Property Holdings Ltd. |
240,000 | 250,834 | ||||||
China Pacific Insurance Group Co. Ltd., Class A |
183,297 | 549,194 | ||||||
China Pacific Insurance Group Co. Ltd., Class H |
409,800 | 875,343 | ||||||
China Petroleum & Chemical Corp., Class A |
1,067,298 | 651,442 | ||||||
China Petroleum & Chemical Corp., Class H |
4,599,000 | 2,168,227 | ||||||
China Power International Development Ltd. |
1,077,000 | 610,097 | ||||||
China Railway Group Ltd., Class A |
439,896 | 376,785 | ||||||
China Railway Group Ltd., Class H |
562,000 | 334,556 | ||||||
China Renewable Energy Investment Ltd.(d) |
7,401 | — | ||||||
China Resources Beer Holdings Co. Ltd. |
268,000 | 1,848,587 | ||||||
China Resources Cement Holdings Ltd. |
380,000 | 233,738 | ||||||
China Resources Gas Group Ltd. |
168,000 | 705,000 | ||||||
China Resources Land Ltd. |
544,000 | 2,271,896 | ||||||
China Resources Mixc Lifestyle Services Ltd.(c) |
123,200 | 521,972 | ||||||
China Resources Power Holdings Co. Ltd. |
356,000 | 670,256 | ||||||
China Ruyi Holdings Ltd.(a)(b) |
912,000 | 263,975 | ||||||
China Shenhua Energy Co. Ltd., Class A |
141,200 | 587,857 | ||||||
China Shenhua Energy Co. Ltd., Class H |
565,000 | 1,596,882 | ||||||
China Southern Airlines Co. Ltd., Class H(b) |
332,000 | 179,802 | ||||||
China State Construction Engineering Corp. Ltd., Class A |
949,998 | 709,272 | ||||||
China State Construction International Holdings Ltd. |
356,000 | 369,141 | ||||||
China
Suntien Green Energy Corp. Ltd., |
494,000 | 242,307 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
307,600 | 324,357 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
561,100 | 522,483 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
25,898 | 807,223 | ||||||
China Tower Corp. Ltd., Class H(c) |
8,554,000 | 1,100,494 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. |
534,000 | 226,693 | ||||||
China Vanke Co. Ltd., Class A |
214,800 | 547,185 | ||||||
China Vanke Co. Ltd., Class H |
195,700 | 372,236 | ||||||
China Yangtze Power Co. Ltd., Class A |
323,649 | 1,145,981 | ||||||
Chinasoft International Ltd. |
550,000 | 470,862 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
26,200 | 386,340 | ||||||
CIFI Ever Sunshine Services Group Ltd.(a) |
146,000 | 105,269 | ||||||
CIFI Holdings Group Co. Ltd. |
662,688 | 179,981 | ||||||
CITIC Ltd. |
1,053,000 | 1,138,907 | ||||||
CITIC Securities Co. Ltd., Class A |
314,700 | 915,803 | ||||||
CITIC Securities Co. Ltd., Class H |
279,825 | 575,372 | ||||||
CMOC Group Ltd., Class H |
951,000 | 466,882 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A(b) |
27,200 | 2,062,368 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A |
220,330 | 448,512 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
531,749 | 797,773 | ||||||
COSCO SHIPPING Ports Ltd. |
314,000 | 234,408 | ||||||
Country Garden Holdings Co. Ltd.(a) |
1,400,828 | 541,727 | ||||||
Country Garden Services Holdings Co. Ltd. |
351,000 | 782,746 | ||||||
CRRC Corp. Ltd., Class A |
583,000 | 445,328 | ||||||
CRRC Corp. Ltd., Class H |
794,000 | 295,310 | ||||||
CSC Financial Co. Ltd., Class A |
129,300 | 499,306 |
40 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CSPC Pharmaceutical Group Ltd. |
1,612,960 | $ | 1,766,118 | |||||
Dali Foods Group Co. Ltd.(c) |
296,500 | 141,174 | ||||||
Daqo New Energy Corp., ADR(b) |
11,535 | 746,314 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
448,000 | 309,566 | ||||||
Dongyue Group Ltd. |
325,000 | 353,482 | ||||||
East Money Information Co. Ltd., Class A |
232,652 | 768,963 | ||||||
ENN Energy Holdings Ltd. |
146,600 | 2,391,426 | ||||||
Eve Energy Co. Ltd., Class A |
36,900 | 517,348 | ||||||
Far East Horizon Ltd.(a) |
274,000 | 225,841 | ||||||
Flat Glass Group Co. Ltd., Class H(b) |
119,000 | 431,334 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
508,450 | 445,820 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
52,980 | 649,628 | ||||||
Fosun International Ltd. |
474,500 | 373,841 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(c) |
146,400 | 710,182 | ||||||
Ganfeng Lithium Co. Ltd., Class A |
36,400 | 481,758 | ||||||
Ganfeng Lithium Co. Ltd., Class H(c) |
50,960 | 460,794 | ||||||
GDS Holdings Ltd., ADR(b) |
15,468 | 428,154 | ||||||
GDS Holdings Ltd., Class A(b) |
6,900 | 23,634 | ||||||
Geely Automobile Holdings Ltd. |
1,104,000 | 2,189,115 | ||||||
Genscript Biotech Corp.(b) |
230,000 | 832,747 | ||||||
GF Securities Co. Ltd., Class H |
304,400 | 402,960 | ||||||
GoerTek Inc., Class A |
70,800 | 334,082 | ||||||
Great Wall Motor Co. Ltd., Class H |
631,000 | 1,000,333 | ||||||
Greentown China Holdings Ltd. |
149,000 | 294,522 | ||||||
Greentown Service Group Co. Ltd. |
260,000 | 232,715 | ||||||
Guangdong Investment Ltd. |
564,000 | 549,407 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H |
686,028 | 643,941 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
264,300 | 566,894 | ||||||
H World Group Ltd., ADR |
32,900 | 1,261,715 | ||||||
Haidilao International Holding Ltd.(a)(b)(c) |
206,000 | 411,584 | ||||||
Haier Smart Home Co. Ltd., Class A |
153,000 | 562,570 | ||||||
Haier Smart Home Co. Ltd., Class H |
347,000 | 1,110,576 | ||||||
Haitian International Holdings Ltd. |
123,000 | 294,354 | ||||||
Haitong Securities Co. Ltd., Class A |
413,092 | 572,562 | ||||||
Haitong Securities Co. Ltd., Class H |
462,800 | 309,961 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A |
30,900 | 467,638 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(c) |
234,000 | 456,088 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
81,200 | 322,986 | ||||||
Hengan International Group Co. Ltd. |
111,500 | 539,684 | ||||||
Hengli Petrochemical Co. Ltd., Class A |
134,200 | 401,821 | ||||||
Hopson Development Holdings Ltd. |
146,927 | 194,193 | ||||||
Hua Hong Semiconductor Ltd.(b)(c) |
127,000 | 380,390 | ||||||
Huaneng Power International Inc., Class H(b) |
952,000 | 455,162 | ||||||
Huatai Securities Co. Ltd., Class A |
322,100 | 633,997 | ||||||
Huatai Securities Co. Ltd., Class H(c) |
191,800 | 253,005 | ||||||
Huaxia Bank Co. Ltd., Class A |
790,000 | 599,537 | ||||||
Hutchmed China Ltd., ADR(a)(b) |
20,773 | 271,503 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(c) |
72,600 | 417,488 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
1,197,710 | 777,399 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
9,758,285 | 5,159,085 | ||||||
Industrial Bank Co. Ltd., Class A |
345,142 | 909,846 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
124,199 | 659,356 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
255,600 | 403,023 | ||||||
Innovent Biologics Inc.(b)(c) |
196,500 | 821,380 | ||||||
iQIYI Inc., ADR(a)(b) |
62,193 | 237,577 | ||||||
JA Solar Technology Co. Ltd., Class A |
41,260 | 475,541 | ||||||
JD Health International Inc.(a)(b)(c) |
196,150 | 1,487,803 | ||||||
JD.com Inc., Class A |
366,658 | 10,938,341 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
218,000 | 190,240 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
38,600 | $ | 298,228 | |||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
110,156 | 576,593 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
26,300 | 644,241 | ||||||
Jiangxi Copper Co. Ltd., Class H |
226,000 | 276,850 | ||||||
Jinxin Fertility Group Ltd.(c) |
367,000 | 285,157 | ||||||
Jiumaojiu International Holdings Ltd.(a)(c) |
157,000 | 341,613 | ||||||
JOYY Inc., ADR |
11,427 | 295,845 | ||||||
Kanzhun Ltd., ADR(b) |
18,315 | 430,586 | ||||||
KE Holdings Inc., ADR(b) |
60,133 | 848,477 | ||||||
Kingboard Holdings Ltd. |
126,000 | 368,639 | ||||||
Kingdee
International Software Group Co. |
480,000 | 1,036,378 | ||||||
Kingsoft Corp. Ltd. |
179,000 | 597,674 | ||||||
Kuaishou Technology(b)(c) |
321,600 | 3,233,509 | ||||||
Kunlun Energy Co. Ltd. |
702,000 | 516,789 | ||||||
Kweichow Moutai Co. Ltd., Class A |
14,300 | 4,020,568 | ||||||
Legend Biotech Corp., ADR(b) |
10,529 | 497,390 | ||||||
Lenovo Group Ltd. |
1,326,000 | 1,285,948 | ||||||
Lens Technology Co. Ltd., Class A |
158,925 | 257,019 | ||||||
Li Auto Inc., ADR(a)(b) |
101,559 | 3,335,198 | ||||||
Li Ning Co. Ltd. |
422,500 | 3,427,164 | ||||||
Logan Group Co. Ltd.(a)(d) |
182,000 | 34,777 | ||||||
Longfor Group Holdings Ltd.(c) |
316,000 | 1,055,872 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
106,696 | 975,524 | ||||||
Lufax Holding Ltd., ADR |
144,890 | 663,596 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
116,188 | 584,790 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
20,000 | 658,903 | ||||||
Mango Excellent Media Co. Ltd., Class A |
49,200 | 229,097 | ||||||
Meituan, Class B(b)(c) |
744,200 | 16,694,898 | ||||||
Microport Scientific Corp.(a)(b) |
140,000 | 330,097 | ||||||
Ming Yuan Cloud Group Holdings Ltd. |
162,000 | 148,728 | ||||||
Minth Group Ltd. |
152,000 | 406,332 | ||||||
MMG Ltd.(b) |
500,000 | 147,901 | ||||||
Muyuan Foods Co. Ltd., Class A |
74,058 | 655,539 | ||||||
NARI Technology Co. Ltd., Class A |
167,304 | 724,433 | ||||||
NAURA Technology Group Co. Ltd., Class A |
10,200 | 384,561 | ||||||
NetEase Inc. |
380,685 | 7,121,383 | ||||||
New China Life Insurance Co. Ltd., Class A |
56,800 | 244,385 | ||||||
New China Life Insurance Co. Ltd., Class H |
159,200 | 379,378 | ||||||
New Hope Liuhe Co. Ltd., Class A(b) |
139,807 | 329,958 | ||||||
New Oriental Education & Technology Group Inc.(b) |
275,010 | 753,898 | ||||||
Ningbo Deye Technology Co. Ltd., Class A, NVS |
7,952 | 395,072 | ||||||
NIO Inc., ADR(b) |
241,623 | 4,767,222 | ||||||
Nongfu Spring Co. Ltd., Class H(c) |
321,000 | 1,923,813 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
1,422,000 | 425,756 | ||||||
PetroChina Co. Ltd., Class A |
207,100 | 160,196 | ||||||
PetroChina Co. Ltd., Class H |
4,016,000 | 1,875,309 | ||||||
Pharmaron Beijing Co. Ltd., Class H(c) |
55,200 | 449,083 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
1,260,285 | 1,293,672 | ||||||
Pinduoduo Inc., ADR(b) |
80,058 | 3,923,643 | ||||||
Ping An Bank Co. Ltd., Class A |
295,800 | 556,550 | ||||||
Ping
An Healthcare and Technology Co. |
101,700 | 265,619 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A |
167,106 | 1,043,795 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
1,111,500 | 6,532,328 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A |
259,100 | 639,509 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
618,700 | 430,312 | ||||||
Postal
Savings Bank of China Co. Ltd., |
1,254,000 | 829,677 | ||||||
RLX Technology Inc., ADR(b) |
101,724 | 164,793 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
198,150 | 420,162 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
SAIC Motor Corp. Ltd., Class A |
151,500 | $ | 364,137 | |||||
Sany Heavy Equipment International Holdings Co. Ltd. |
321,000 | 349,312 | ||||||
Sany Heavy Industry Co. Ltd., Class A |
167,627 | 423,330 | ||||||
Seazen Group Ltd.(b) |
344,000 | 117,890 | ||||||
SF Holding Co. Ltd., Class A |
78,400 | 579,548 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
232,800 | 658,946 | ||||||
Shandong Gold Mining Co. Ltd., Class A |
184,200 | 499,240 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
450,000 | 562,887 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
207,962 | 697,619 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
122,500 | 443,933 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
321,712 | 282,920 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
214,700 | 323,320 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
566,500 | 609,644 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
17,880 | 726,148 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
855,206 | 524,077 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A |
63,500 | 622,386 | ||||||
Shenzhen International Holdings Ltd. |
226,500 | 208,627 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A |
32,480 | 160,701 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
17,600 | 755,997 | ||||||
Shenzhou International Group Holdings Ltd. |
149,800 | 1,575,620 | ||||||
Shimao Group Holdings Ltd.(d) |
217,500 | 62,342 | ||||||
Sino Biopharmaceutical Ltd. |
2,050,000 | 1,188,473 | ||||||
Sinopharm Group Co. Ltd., Class H |
256,800 | 588,377 | ||||||
Sinotruk Hong Kong Ltd. |
149,000 | 176,061 | ||||||
Smoore International Holdings Ltd.(a)(c) |
311,000 | 718,231 | ||||||
Sunac China Holdings Ltd.(d) |
520,000 | 132,486 | ||||||
Sungrow Power Supply Co. Ltd., Class A |
25,800 | 474,466 | ||||||
Sunny Optical Technology Group Co. Ltd. |
134,900 | 1,825,008 | ||||||
TAL Education Group, ADR(b) |
75,684 | 372,365 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
74,100 | 559,080 | ||||||
Tencent Holdings Ltd. |
1,126,300 | 43,530,156 | ||||||
Tencent Music Entertainment Group, ADR(b) |
121,420 | 511,178 | ||||||
Tingyi Cayman Islands Holding Corp. |
358,000 | 589,335 | ||||||
Tongcheng Travel Holdings Ltd.(a)(b) |
268,400 | 513,076 | ||||||
Tongwei Co. Ltd., Class A |
69,700 | 556,236 | ||||||
Topsports International Holdings Ltd.(c) |
318,000 | 265,247 | ||||||
TravelSky Technology Ltd., Class H |
142,000 | 235,341 | ||||||
Trina Solar Co. Ltd., Class A |
42,787 | 527,843 | ||||||
Trip.com Group Ltd., ADR(b) |
93,208 | 2,402,902 | ||||||
Tsingtao Brewery Co. Ltd., Class H |
108,000 | 1,054,953 | ||||||
Uni-President China Holdings Ltd. |
226,000 | 206,736 | ||||||
Vipshop Holdings Ltd., ADR(b) |
88,300 | 808,828 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
56,031 | 695,784 | ||||||
Want Want China Holdings Ltd. |
1,021,000 | 830,930 | ||||||
Weibo Corp., ADR(b) |
11,421 | 219,512 | ||||||
Weichai Power Co. Ltd., Class H |
427,000 | 610,477 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A(b) |
201,660 | 718,979 | ||||||
Wharf Holdings Ltd. (The)(a) |
247,000 | 903,253 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A |
25,785 | 402,904 | ||||||
Wingtech Technology Co. Ltd., Class A |
35,500 | 361,643 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
47,700 | 1,262,271 | ||||||
WuXi AppTec Co. Ltd., Class A |
47,814 | 661,488 | ||||||
WuXi AppTec Co. Ltd., Class H(c) |
45,836 | 555,265 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Wuxi Biologics Cayman Inc., New(b)(c) |
644,500 | $ | 6,169,227 | |||||
Xiaomi Corp., Class B(b)(c) |
2,673,200 | 4,204,370 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |
194,600 | 347,652 | ||||||
Xinyi Solar Holdings Ltd. |
870,000 | 1,477,965 | ||||||
XPeng Inc., ADR(a)(b) |
76,829 | 1,876,932 | ||||||
Xtep International Holdings Ltd. |
275,500 | 448,038 | ||||||
Yadea Group Holdings Ltd.(c) |
272,000 | 586,604 | ||||||
Yankuang Energy Group Co. Ltd., Class H |
318,000 | 993,690 | ||||||
Yihai International Holding Ltd.(a) |
98,000 | 287,068 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
73,800 | 228,505 | ||||||
Yuexiu Property Co. Ltd. |
253,200 | 316,326 | ||||||
Yum China Holdings Inc. |
78,019 | 3,800,305 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
42,198 | 345,037 | ||||||
Yunnan Energy New Material Co. Ltd., Class A |
17,400 | 551,968 | ||||||
Zai Lab Ltd., ADR(b) |
16,292 | 660,315 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
10,400 | 456,157 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(b) |
209,000 | 199,629 | ||||||
Zhejiang Expressway Co. Ltd., Class H |
168,000 | 135,218 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A |
32,500 | 406,216 | ||||||
ZhongAn
Online P&C Insurance Co. Ltd., |
124,700 | 316,640 | ||||||
Zhongsheng Group Holdings Ltd. |
118,000 | 675,542 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. |
118,600 | 509,310 | ||||||
Zijin Mining Group Co. Ltd., Class A |
468,700 | 620,875 | ||||||
Zijin Mining Group Co. Ltd., Class H |
844,000 | 989,009 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
324,400 | 168,657 | ||||||
ZTE Corp., Class A |
43,200 | 156,532 | ||||||
ZTE Corp., Class H |
130,800 | 281,474 | ||||||
ZTO Express Cayman Inc., ADR |
79,098 | 2,024,118 | ||||||
|
|
|||||||
371,415,359 | ||||||||
Colombia — 0.0% | ||||||||
Bancolombia SA |
35,968 | 301,957 | ||||||
Ecopetrol SA |
1,076,244 | 572,390 | ||||||
Interconexion Electrica SA ESP |
75,843 | 364,442 | ||||||
|
|
|||||||
1,238,789 | ||||||||
Czech Republic — 0.1% | ||||||||
CEZ AS |
36,185 | 1,644,362 | ||||||
Komercni Banka AS |
14,430 | 364,594 | ||||||
Moneta Money Bank AS(c) |
63,542 | 211,596 | ||||||
|
|
|||||||
2,220,552 | ||||||||
Denmark — 1.8% | ||||||||
AP Moller - Maersk A/S, Class A |
611 | 1,636,854 | ||||||
AP Moller - Maersk A/S, Class B, NVS |
953 | 2,602,007 | ||||||
Carlsberg A/S, Class B |
18,122 | 2,343,934 | ||||||
Chr Hansen Holding A/S |
20,117 | 1,316,714 | ||||||
Coloplast A/S, Class B |
21,476 | 2,513,528 | ||||||
Danske Bank A/S |
117,120 | 1,637,841 | ||||||
Demant A/S(b) |
20,272 | 772,276 | ||||||
DSV A/S |
35,615 | 6,001,160 | ||||||
Genmab A/S(b) |
11,752 | 4,181,595 | ||||||
GN Store Nord A/S |
24,619 | 857,335 | ||||||
Novo Nordisk A/S, Class B |
304,931 | 35,516,458 | ||||||
Novozymes A/S, Class B |
37,939 | 2,423,553 | ||||||
Orsted A/S(c) |
34,909 | 4,063,988 | ||||||
Pandora A/S |
17,846 | 1,325,810 | ||||||
Rockwool A/S, Class B |
1,719 | 425,966 |
42 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Denmark (continued) | ||||||||
Tryg A/S |
61,920 | $ | 1,411,859 | |||||
Vestas Wind Systems A/S |
184,977 | 4,861,885 | ||||||
|
|
|||||||
73,892,763 | ||||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE |
307,664 | 617,071 | ||||||
Eastern Co. SAE |
149,094 | 77,618 | ||||||
|
|
|||||||
694,689 | ||||||||
Finland — 0.8% | ||||||||
Elisa OYJ |
23,621 | 1,306,361 | ||||||
Fortum OYJ |
82,120 | 921,739 | ||||||
Kesko OYJ, Class B |
53,570 | 1,324,956 | ||||||
Kone OYJ, Class B |
61,200 | 2,796,928 | ||||||
Neste OYJ |
76,733 | 3,945,709 | ||||||
Nokia OYJ |
983,927 | 5,124,862 | ||||||
Nordea Bank Abp |
584,295 | 5,761,128 | ||||||
Orion OYJ, Class B |
21,304 | 1,017,000 | ||||||
Sampo OYJ, Class A |
87,725 | 3,789,960 | ||||||
Stora Enso OYJ, Class R |
97,960 | 1,515,019 | ||||||
UPM-Kymmene OYJ |
97,105 | 3,077,234 | ||||||
Wartsila OYJ Abp |
90,752 | 797,395 | ||||||
|
|
|||||||
31,378,291 | ||||||||
France — 7.0% | ||||||||
Accor SA(b) |
33,094 | 858,753 | ||||||
Aeroports de Paris(b) |
5,661 | 782,191 | ||||||
Air Liquide SA |
94,176 | 12,947,540 | ||||||
Airbus SE |
106,192 | 11,449,800 | ||||||
Alstom SA(a) |
53,338 | 1,267,614 | ||||||
Amundi SA(c) |
11,406 | 619,287 | ||||||
ArcelorMittal SA |
109,797 | 2,709,124 | ||||||
Arkema SA |
11,144 | 1,055,733 | ||||||
AXA SA |
347,604 | 8,009,668 | ||||||
BioMerieux |
6,739 | 729,411 | ||||||
BNP Paribas SA |
200,095 | 9,453,946 | ||||||
Bollore SE |
143,472 | 724,370 | ||||||
Bouygues SA(a) |
36,809 | 1,112,726 | ||||||
Bureau Veritas SA |
55,365 | 1,527,000 | ||||||
Capgemini SE |
29,889 | 5,700,933 | ||||||
Carrefour SA |
111,815 | 1,905,556 | ||||||
Cie Generale des Etablissements Michelin SCA |
122,196 | 3,419,602 | ||||||
Cie. de Saint-Gobain |
89,667 | 4,181,156 | ||||||
Covivio |
8,518 | 538,709 | ||||||
Credit Agricole SA |
223,929 | 2,063,244 | ||||||
Danone SA |
115,437 | 6,365,099 | ||||||
Dassault Aviation SA |
4,851 | 693,803 | ||||||
Dassault Systemes SE |
121,399 | 5,207,006 | ||||||
Edenred |
44,913 | 2,305,407 | ||||||
Eiffage SA(a) |
14,963 | 1,404,113 | ||||||
Electricite de France SA |
102,636 | 1,246,437 | ||||||
Engie SA |
332,044 | 4,108,160 | ||||||
EssilorLuxottica SA |
52,204 | 8,184,665 | ||||||
Eurazeo SE |
6,301 | 450,065 | ||||||
Eurofins Scientific SE |
24,821 | 1,935,005 | ||||||
Gecina SA |
8,275 | 848,441 | ||||||
Getlink SE |
79,253 | 1,586,195 | ||||||
Hermes International |
5,746 | 7,883,189 | ||||||
Ipsen SA |
7,330 | 741,482 | ||||||
Kering SA |
13,646 | 7,812,212 | ||||||
Klepierre SA |
35,116 | 780,279 | ||||||
La Francaise des Jeux SAEM(c) |
17,586 | 628,137 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Legrand SA |
48,173 | $ | 3,943,857 | |||||
L’Oreal SA |
43,461 | 16,430,749 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
49,996 | 34,714,922 | ||||||
Orange SA |
359,088 | 3,669,316 | ||||||
Pernod Ricard SA |
37,587 | 7,383,753 | ||||||
Publicis Groupe SA |
41,447 | 2,205,616 | ||||||
Remy Cointreau SA |
4,361 | 861,547 | ||||||
Renault SA(b) |
34,771 | 1,027,983 | ||||||
Safran SA |
61,564 | 6,766,840 | ||||||
Sanofi |
204,592 | 20,331,027 | ||||||
Sartorius Stedim Biotech |
5,232 | 2,093,006 | ||||||
Schneider Electric SE |
97,369 | 13,466,505 | ||||||
SEB SA |
4,730 | 398,221 | ||||||
Societe Generale SA |
143,243 | 3,209,559 | ||||||
Sodexo SA |
16,111 | 1,309,076 | ||||||
Teleperformance |
10,848 | 3,627,581 | ||||||
Thales SA |
19,220 | 2,390,192 | ||||||
TotalEnergies SE |
446,566 | 22,809,410 | ||||||
Ubisoft Entertainment SA(b) |
16,729 | 712,227 | ||||||
Unibail-Rodamco-Westfield(a)(b) |
21,572 | 1,224,960 | ||||||
Valeo |
37,139 | 797,747 | ||||||
Veolia Environnement SA |
122,604 | 3,066,429 | ||||||
Vinci SA |
96,556 | 9,255,737 | ||||||
Vivendi SE |
132,893 | 1,261,597 | ||||||
Wendel SE |
5,639 | 519,011 | ||||||
Worldline SA/France(b)(c) |
43,889 | 1,937,178 | ||||||
|
|
|||||||
288,650,104 | ||||||||
Germany — 4.5% | ||||||||
adidas AG |
31,167 | 5,391,625 | ||||||
Allianz SE, Registered |
72,865 | 13,232,727 | ||||||
Aroundtown SA(a) |
161,348 | 517,449 | ||||||
BASF SE |
166,216 | 7,407,445 | ||||||
Bayer AG, Registered |
178,633 | 10,419,705 | ||||||
Bayerische Motoren Werke AG |
60,482 | 4,942,185 | ||||||
Bechtle AG |
15,345 | 709,765 | ||||||
Beiersdorf AG |
18,471 | 1,904,817 | ||||||
Brenntag SE |
28,514 | 2,002,968 | ||||||
Carl Zeiss Meditec AG, Bearer |
7,753 | 1,131,471 | ||||||
Commerzbank AG(b) |
191,505 | 1,312,025 | ||||||
Continental AG |
20,436 | 1,455,884 | ||||||
Covestro AG(c) |
33,277 | 1,122,279 | ||||||
Daimler Truck Holding AG(b) |
74,910 | 2,046,912 | ||||||
Delivery Hero SE(b)(c) |
30,021 | 1,448,404 | ||||||
Deutsche Bank AG, Registered |
378,163 | 3,307,774 | ||||||
Deutsche Boerse AG |
34,865 | 6,086,219 | ||||||
Deutsche Lufthansa AG, Registered(a)(b) |
116,460 | 716,911 | ||||||
Deutsche Post AG, Registered |
178,526 | 7,130,304 | ||||||
Deutsche Telekom AG, Registered |
598,205 | 11,365,282 | ||||||
E.ON SE |
414,258 | 3,723,807 | ||||||
Evonik Industries AG |
37,226 | 794,019 | ||||||
Fresenius Medical Care AG & Co. KGaA |
35,128 | 1,302,317 | ||||||
Fresenius SE & Co. KGaA |
73,295 | 1,875,543 | ||||||
GEA Group AG |
30,999 | 1,157,118 | ||||||
Hannover Rueck SE |
10,328 | 1,464,996 | ||||||
HeidelbergCement AG |
26,414 | 1,345,450 | ||||||
HelloFresh SE(b) |
30,244 | 835,936 | ||||||
Henkel AG & Co. KGaA |
20,162 | 1,271,311 | ||||||
Infineon Technologies AG |
237,266 | 6,506,893 | ||||||
KION Group AG |
14,427 | 658,053 | ||||||
Knorr-Bremse AG |
12,877 | 767,154 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
LEG Immobilien SE |
12,639 | $ | 1,148,193 | |||||
Mercedes-Benz Group AG |
146,815 | 8,658,265 | ||||||
Merck KGaA |
23,889 | 4,549,914 | ||||||
MTU Aero Engines AG |
9,938 | 1,921,148 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
24,630 | 5,583,769 | ||||||
Nemetschek SE |
11,760 | 787,292 | ||||||
Puma SE |
18,179 | 1,227,514 | ||||||
QIAGEN NV(b) |
42,684 | 2,139,184 | ||||||
Rational AG |
944 | 658,011 | ||||||
Rheinmetall AG |
7,340 | 1,345,988 | ||||||
RWE AG |
118,242 | 4,864,233 | ||||||
SAP SE |
188,027 | 17,537,787 | ||||||
Scout24 SE(c) |
15,551 | 889,027 | ||||||
Siemens AG, Registered |
138,896 | 15,493,010 | ||||||
Siemens Healthineers AG(c) |
51,290 | 2,628,286 | ||||||
Symrise AG |
23,574 | 2,750,746 | ||||||
Telefonica Deutschland Holding AG |
180,310 | 479,377 | ||||||
Uniper SE(a) |
17,609 | 117,653 | ||||||
United Internet AG, Registered |
20,462 | 538,993 | ||||||
Volkswagen AG |
5,735 | 1,135,918 | ||||||
Vonovia SE |
128,336 | 4,276,129 | ||||||
Zalando SE(b)(c) |
40,745 | 1,147,099 | ||||||
|
|
|||||||
185,232,284 | ||||||||
Greece — 0.1% | ||||||||
Alpha Services and Holdings SA(b) |
382,734 | 340,187 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(b) |
430,381 | 396,455 | ||||||
Hellenic Telecommunications Organization SA |
34,927 | 601,371 | ||||||
JUMBO SA |
23,107 | 358,269 | ||||||
OPAP SA |
39,345 | 545,098 | ||||||
Public Power Corp. SA(b) |
35,447 | 210,275 | ||||||
|
|
|||||||
2,451,655 | ||||||||
Hong Kong — 1.9% | ||||||||
AIA Group Ltd. |
2,203,200 | 22,134,765 | ||||||
Alibaba Pictures Group Ltd.(b) |
2,830,000 | 241,476 | ||||||
BOC Hong Kong Holdings Ltd. |
687,500 | 2,486,904 | ||||||
Budweiser Brewing Co. APAC Ltd.(a)(c) |
300,800 | 832,896 | ||||||
Chow Tai Fook Jewellery Group Ltd.(a) |
416,800 | 824,329 | ||||||
CK Asset Holdings Ltd. |
348,060 | 2,464,170 | ||||||
CK Hutchison Holdings Ltd. |
472,560 | 3,134,621 | ||||||
CK Infrastructure Holdings Ltd. |
130,500 | 818,336 | ||||||
CLP Holdings Ltd. |
299,500 | 2,539,631 | ||||||
ESR Group Ltd.(b)(c) |
386,000 | 1,003,764 | ||||||
Futu Holdings Ltd., ADR(b) |
11,813 | 491,421 | ||||||
Galaxy Entertainment Group Ltd. |
373,000 | 2,219,004 | ||||||
Hang Lung Properties Ltd. |
361,000 | 658,642 | ||||||
Hang Seng Bank Ltd. |
142,700 | 2,301,839 | ||||||
Henderson Land Development Co. Ltd. |
204,617 | 712,302 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS |
605,000 | 547,204 | ||||||
HKT Trust & HKT Ltd., Class SS |
658,000 | 921,934 | ||||||
Hong Kong & China Gas Co. Ltd. |
2,066,748 | 2,182,759 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
209,300 | 9,604,868 | ||||||
Hongkong Land Holdings Ltd. |
198,400 | 1,031,295 | ||||||
Jardine Matheson Holdings Ltd. |
37,200 | 1,964,748 | ||||||
Kingboard Laminates Holdings Ltd. |
218,000 | 199,793 | ||||||
Link REIT |
390,400 | 3,269,338 | ||||||
MTR Corp. Ltd. |
263,000 | 1,392,718 |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
New World Development Co. Ltd. |
255,750 | $ | 855,202 | |||||
Nine Dragons Paper Holdings Ltd. |
299,000 | 246,598 | ||||||
Orient Overseas International Ltd. |
25,500 | 888,693 | ||||||
Power Assets Holdings Ltd. |
252,500 | 1,653,306 | ||||||
Sands China Ltd.(b) |
423,200 | 992,633 | ||||||
Sino Land Co. Ltd. |
594,000 | 882,587 | ||||||
SITC International Holdings Co. Ltd. |
241,000 | 820,587 | ||||||
Sun Hung Kai Properties Ltd. |
237,000 | 2,829,100 | ||||||
Swire Pacific Ltd., Class A |
94,500 | 538,189 | ||||||
Swire Properties Ltd. |
208,800 | 497,514 | ||||||
Techtronic Industries Co. Ltd. |
257,500 | 2,857,380 | ||||||
Vinda International Holdings Ltd. |
73,000 | 193,894 | ||||||
WH Group Ltd.(c) |
1,505,500 | 1,140,171 | ||||||
Wharf Real Estate Investment Co. Ltd. |
275,000 | 1,224,082 | ||||||
Xinyi Glass Holdings Ltd. |
316,000 | 623,257 | ||||||
|
|
|||||||
80,221,950 | ||||||||
Hungary — 0.0% | ||||||||
MOL Hungarian Oil & Gas PLC |
86,035 | 633,426 | ||||||
OTP Bank Nyrt |
39,032 | 805,792 | ||||||
Richter Gedeon Nyrt |
16,628 | 340,130 | ||||||
|
|
|||||||
1,779,348 | ||||||||
India — 4.0% | ||||||||
ACC Ltd. |
19,160 | 540,411 | ||||||
Adani Enterprises Ltd. |
51,422 | 1,673,103 | ||||||
Adani Green Energy Ltd.(b) |
59,802 | 1,648,294 | ||||||
Adani Ports & Special Economic Zone Ltd. |
107,650 | 1,040,516 | ||||||
Adani Power Ltd.(b) |
137,775 | 549,556 | ||||||
Adani Total Gas Ltd. |
50,331 | 1,991,025 | ||||||
Adani Transmission Ltd.(b) |
49,414 | 1,947,517 | ||||||
Ambuja Cements Ltd. |
131,318 | 622,881 | ||||||
Apollo Hospitals Enterprise Ltd. |
20,335 | 1,085,308 | ||||||
Asian Paints Ltd. |
73,676 | 3,112,430 | ||||||
Aurobindo Pharma Ltd. |
56,816 | 392,979 | ||||||
Avenue Supermarts Ltd.(b)(c) |
30,097 | 1,618,791 | ||||||
Axis Bank Ltd. |
379,293 | 3,484,866 | ||||||
Bajaj Auto Ltd. |
14,941 | 739,778 | ||||||
Bajaj Finance Ltd. |
50,215 | 4,595,952 | ||||||
Bajaj Finserv Ltd. |
7,799 | 1,489,286 | ||||||
Bandhan Bank Ltd.(c) |
125,976 | 441,314 | ||||||
Bharat Electronics Ltd. |
189,419 | 658,920 | ||||||
Bharat Petroleum Corp. Ltd. |
159,895 | 668,104 | ||||||
Bharti Airtel Ltd.(b) |
420,839 | 3,608,795 | ||||||
Biocon Ltd. |
88,234 | 342,917 | ||||||
Britannia Industries Ltd. |
22,850 | 1,127,116 | ||||||
Cholamandalam Investment and Finance Co. Ltd. |
75,953 | 674,759 | ||||||
Cipla Ltd. |
90,474 | 1,118,416 | ||||||
Coal India Ltd. |
276,742 | 739,281 | ||||||
Colgate-Palmolive India Ltd. |
25,199 | 505,364 | ||||||
Dabur India Ltd. |
113,819 | 840,774 | ||||||
Divi’s Laboratories Ltd. |
25,252 | 1,224,969 | ||||||
DLF Ltd. |
81,109 | 396,911 | ||||||
Dr. Reddy’s Laboratories Ltd. |
22,681 | 1,173,608 | ||||||
Eicher Motors Ltd. |
26,345 | 1,032,117 | ||||||
GAIL India Ltd. |
346,112 | 641,652 | ||||||
Godrej Consumer Products Ltd.(b) |
79,156 | 854,818 | ||||||
Godrej Properties Ltd.(b) |
19,545 | 373,386 | ||||||
Grasim Industries Ltd. |
60,803 | 1,212,174 | ||||||
Havells India Ltd. |
45,111 | 713,803 | ||||||
HCL Technologies Ltd. |
198,539 | 2,387,631 |
44 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
HDFC Life Insurance Co. Ltd.(c) |
171,647 | $ | 1,206,471 | |||||
Hero MotoCorp Ltd. |
23,711 | 846,552 | ||||||
Hindalco Industries Ltd. |
266,366 | 1,401,945 | ||||||
Hindustan Unilever Ltd. |
150,775 | 5,036,916 | ||||||
Housing Development Finance Corp. Ltd. |
311,969 | 9,414,542 | ||||||
ICICI Bank Ltd. |
879,276 | 9,145,134 | ||||||
ICICI Lombard General Insurance Co. Ltd.(c) |
39,035 | 602,603 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(c) |
82,337 | 577,314 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
44,952 | 363,615 | ||||||
Indraprastha Gas Ltd. |
74,045 | 324,528 | ||||||
Indus Towers Ltd. |
142,911 | 402,579 | ||||||
Info Edge India Ltd. |
16,256 | 893,201 | ||||||
Infosys Ltd. |
611,873 | 12,002,636 | ||||||
InterGlobe Aviation Ltd.(b)(c) |
24,829 | 588,752 | ||||||
ITC Ltd. |
524,817 | 2,012,626 | ||||||
JSW Steel Ltd. |
146,892 | 1,170,031 | ||||||
Jubilant Foodworks Ltd. |
85,370 | 595,967 | ||||||
Kotak Mahindra Bank Ltd. |
102,174 | 2,346,517 | ||||||
Larsen & Toubro Infotech Ltd.(c) |
10,059 | 603,774 | ||||||
Larsen & Toubro Ltd. |
127,269 | 2,916,850 | ||||||
Lupin Ltd. |
44,642 | 363,635 | ||||||
Mahindra & Mahindra Ltd. |
163,238 | 2,408,578 | ||||||
Marico Ltd. |
112,493 | 737,381 | ||||||
Maruti Suzuki India Ltd. |
24,141 | 2,686,391 | ||||||
Mindtree Ltd. |
11,640 | 504,260 | ||||||
Mphasis Ltd. |
13,628 | 397,479 | ||||||
MRF Ltd. |
465 | 492,882 | ||||||
Nestle India Ltd. |
6,284 | 1,538,924 | ||||||
NTPC Ltd. |
823,530 | 1,592,686 | ||||||
Oil & Natural Gas Corp. Ltd. |
486,717 | 826,245 | ||||||
Page Industries Ltd. |
1,162 | 718,620 | ||||||
Petronet LNG Ltd. |
177,845 | 494,975 | ||||||
PI Industries Ltd. |
3,995 | 156,219 | ||||||
Pidilite Industries Ltd. |
33,580 | 1,041,730 | ||||||
Piramal Enterprises Ltd. |
25,331 | 568,467 | ||||||
Power Grid Corp. of India Ltd. |
537,624 | 1,455,918 | ||||||
Reliance Industries Ltd. |
535,529 | 17,032,137 | ||||||
Samvardhana Motherson International Ltd. |
264,815 | 427,421 | ||||||
SBI Cards & Payment Services Ltd. |
28,034 | 333,447 | ||||||
SBI Life Insurance Co. Ltd.(c) |
85,608 | 1,402,397 | ||||||
Shree Cement Ltd. |
2,152 | 558,550 | ||||||
Shriram Transport Finance Co. Ltd. |
41,434 | 725,267 | ||||||
Siemens Ltd. |
13,171 | 448,930 | ||||||
SRF Ltd. |
25,948 | 798,845 | ||||||
State Bank of India |
340,185 | 2,279,605 | ||||||
Sun Pharmaceutical Industries Ltd. |
168,079 | 2,004,714 | ||||||
Tata Consultancy Services Ltd. |
163,597 | 6,843,063 | ||||||
Tata Consumer Products Ltd. |
129,082 | 1,325,450 | ||||||
Tata Elxsi Ltd. |
6,516 | 718,267 | ||||||
Tata Motors Ltd.(b) |
309,281 | 1,764,663 | ||||||
Tata Power Co. Ltd. (The) |
268,595 | 756,143 | ||||||
Tata Steel Ltd. |
1,309,830 | 1,782,766 | ||||||
Tech Mahindra Ltd. |
109,126 | 1,451,094 | ||||||
Titan Co. Ltd. |
68,456 | 2,038,735 | ||||||
Trent Ltd. |
28,354 | 455,632 | ||||||
UltraTech Cement Ltd. |
19,308 | 1,600,405 | ||||||
United Spirits Ltd.(b) |
71,598 | 705,587 | ||||||
UPL Ltd. |
102,582 | 962,377 | ||||||
Vedanta Ltd. |
166,637 | 536,713 | ||||||
Wipro Ltd. |
238,126 | 1,270,595 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Yes Bank Ltd.(b) |
1,694,931 | $ | 320,603 | |||||
Zomato Ltd.(b) |
257,457 | 153,030 | ||||||
|
|
|||||||
164,402,901 | ||||||||
Indonesia — 0.5% | ||||||||
Adaro Energy Indonesia Tbk PT |
2,815,600 | 618,244 | ||||||
Adaro Minerals Indonesia Tbk PT(b) |
1,567,600 | 195,460 | ||||||
Aneka Tambang Tbk |
1,652,400 | 218,284 | ||||||
Astra International Tbk PT |
3,613,000 | 1,543,105 | ||||||
Bank Central Asia Tbk PT |
9,551,600 | 4,749,628 | ||||||
Bank Jago Tbk PT(b) |
726,800 | 519,377 | ||||||
Bank Mandiri Persero Tbk PT |
3,520,084 | 1,970,396 | ||||||
Bank Negara Indonesia Persero Tbk PT |
1,226,600 | 650,976 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
12,645,816 | 3,732,954 | ||||||
Barito Pacific Tbk PT |
6,016,400 | 365,471 | ||||||
Charoen Pokphand Indonesia Tbk PT |
1,556,800 | 587,769 | ||||||
Gudang Garam Tbk PT |
95,100 | 178,568 | ||||||
Indah Kiat Pulp & Paper Tbk PT |
607,900 | 311,732 | ||||||
Indofood CBP Sukses Makmur Tbk PT |
324,000 | 192,853 | ||||||
Indofood Sukses Makmur Tbk PT |
591,300 | 271,200 | ||||||
Kalbe Farma Tbk PT |
4,872,200 | 532,398 | ||||||
Merdeka Copper Gold Tbk PT(b) |
2,686,607 | 737,335 | ||||||
Sarana Menara Nusantara Tbk PT |
3,412,000 | 270,365 | ||||||
Semen Indonesia Persero Tbk PT |
677,400 | 298,493 | ||||||
Sumber Alfaria Trijaya Tbk PT |
3,015,500 | 381,751 | ||||||
Telkom Indonesia Persero Tbk PT |
9,195,700 | 2,626,476 | ||||||
Tower Bersama Infrastructure Tbk PT |
1,590,900 | 329,833 | ||||||
Unilever Indonesia Tbk PT |
1,468,200 | 447,065 | ||||||
United Tractors Tbk PT |
344,945 | 753,847 | ||||||
|
|
|||||||
22,483,580 | ||||||||
Ireland — 0.4% | ||||||||
CRH PLC |
147,896 | 5,675,382 | ||||||
Flutter Entertainment PLC, Class DI(b) |
30,051 | 3,017,103 | ||||||
James Hardie Industries PLC |
81,291 | 2,007,620 | ||||||
Kerry Group PLC, Class A |
28,541 | 3,012,534 | ||||||
Kingspan Group PLC |
30,163 | 1,952,393 | ||||||
Smurfit Kappa Group PLC |
41,732 | 1,512,676 | ||||||
|
|
|||||||
17,177,708 | ||||||||
Israel — 0.5% | ||||||||
Azrieli Group Ltd. |
8,603 | 689,590 | ||||||
Bank Hapoalim BM |
198,035 | 1,845,687 | ||||||
Bank Leumi Le-Israel BM |
264,677 | 2,573,616 | ||||||
Check Point Software Technologies Ltd.(b) |
18,948 | 2,360,921 | ||||||
CyberArk Software Ltd.(a)(b) |
7,779 | 1,012,281 | ||||||
Elbit Systems Ltd. |
6,030 | 1,391,322 | ||||||
ICL Group Ltd. |
145,052 | 1,321,774 | ||||||
Isracard Ltd. |
1 | 3 | ||||||
Israel Discount Bank Ltd., Class A |
192,499 | 1,094,522 | ||||||
Kornit Digital Ltd.(b) |
9,838 | 267,692 | ||||||
Mizrahi Tefahot Bank Ltd. |
24,252 | 901,593 | ||||||
Nice Ltd.(b) |
11,911 | 2,542,967 | ||||||
Teva
Pharmaceutical Industries Ltd., |
201,497 | 1,890,042 | ||||||
Tower Semiconductor Ltd.(b) |
20,222 | 963,941 | ||||||
Wix.com Ltd.(b) |
10,380 | 615,845 | ||||||
ZIM Integrated Shipping Services Ltd. |
15,480 | 771,214 | ||||||
|
|
|||||||
20,243,010 | ||||||||
Italy — 1.3% | ||||||||
Amplifon SpA |
23,251 | 768,867 | ||||||
Assicurazioni Generali SpA |
196,767 | 2,941,597 | ||||||
Atlantia SpA |
89,527 | 2,069,026 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
DiaSorin SpA |
4,656 | $ | 647,381 | |||||
Enel SpA |
1,442,551 | 7,272,281 | ||||||
Eni SpA |
457,190 | 5,495,688 | ||||||
Ferrari NV |
23,229 | 4,932,962 | ||||||
FinecoBank Banca Fineco SpA |
98,828 | 1,228,231 | ||||||
Infrastrutture Wireless Italiane SpA(c) |
73,960 | 777,199 | ||||||
Intesa Sanpaolo SpA |
2,996,985 | 5,322,071 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
118,332 | 1,014,899 | ||||||
Moncler SpA |
37,581 | 1,883,893 | ||||||
Nexi SpA(a)(b)(c) |
89,952 | 816,948 | ||||||
Poste Italiane SpA(c) |
82,333 | 691,623 | ||||||
Prysmian SpA |
47,336 | 1,505,138 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
16,877 | 748,483 | ||||||
Snam SpA |
381,969 | 1,916,542 | ||||||
Stellantis NV |
376,115 | 5,401,106 | ||||||
Telecom Italia SpA/Milano(b) |
1,782,422 | 395,447 | ||||||
Tenaris SA |
93,343 | 1,306,245 | ||||||
Terna - Rete Elettrica Nazionale |
261,276 | 2,000,278 | ||||||
UniCredit SpA |
387,141 | 3,828,703 | ||||||
|
|
|||||||
52,964,608 | ||||||||
Japan — 14.1% | ||||||||
Advantest Corp. |
34,000 | 2,022,217 | ||||||
Aeon Co. Ltd. |
116,300 | 2,345,412 | ||||||
AGC Inc. |
32,500 | 1,184,730 | ||||||
Aisin Corp. |
26,300 | 781,073 | ||||||
Ajinomoto Co. Inc. |
84,800 | 2,231,595 | ||||||
ANA Holdings Inc.(b) |
27,900 | 520,856 | ||||||
Asahi Group Holdings Ltd. |
79,300 | 2,756,971 | ||||||
Asahi Intecc Co. Ltd. |
41,300 | 764,051 | ||||||
Asahi Kasei Corp. |
228,200 | 1,830,713 | ||||||
Astellas Pharma Inc. |
337,900 | 5,291,982 | ||||||
Azbil Corp. |
24,500 | 737,527 | ||||||
Bandai Namco Holdings Inc. |
35,900 | 2,804,594 | ||||||
Bridgestone Corp. |
103,200 | 4,025,404 | ||||||
Brother Industries Ltd. |
50,300 | 942,191 | ||||||
Canon Inc. |
182,300 | 4,312,820 | ||||||
Capcom Co. Ltd. |
33,300 | 925,658 | ||||||
Central Japan Railway Co. |
25,100 | 2,939,131 | ||||||
Chiba Bank Ltd. (The) |
107,200 | 594,623 | ||||||
Chubu Electric Power Co. Inc. |
113,600 | 1,211,818 | ||||||
Chugai Pharmaceutical Co. Ltd. |
118,200 | 3,320,567 | ||||||
Concordia Financial Group Ltd. |
211,100 | 718,162 | ||||||
CyberAgent Inc. |
74,400 | 742,393 | ||||||
Dai Nippon Printing Co. Ltd. |
40,800 | 900,347 | ||||||
Daifuku Co. Ltd. |
17,300 | 1,103,161 | ||||||
Dai-ichi Life Holdings Inc. |
184,400 | 3,207,615 | ||||||
Daiichi Sankyo Co. Ltd. |
317,800 | 8,426,373 | ||||||
Daikin Industries Ltd. |
45,100 | 7,909,558 | ||||||
Daito Trust Construction Co. Ltd. |
10,600 | 1,004,907 | ||||||
Daiwa House Industry Co. Ltd. |
107,900 | 2,666,001 | ||||||
Daiwa House REIT Investment Corp. |
379 | 912,175 | ||||||
Daiwa Securities Group Inc. |
254,300 | 1,173,906 | ||||||
Denso Corp. |
77,600 | 4,244,337 | ||||||
Dentsu Group Inc. |
37,600 | 1,313,426 | ||||||
Disco Corp. |
5,300 | 1,294,947 | ||||||
East Japan Railway Co. |
54,500 | 2,845,279 | ||||||
Eisai Co. Ltd. |
45,400 | 2,079,085 | ||||||
ENEOS Holdings Inc. |
560,500 | 2,168,239 | ||||||
FANUC Corp. |
34,500 | 5,949,886 | ||||||
Fast Retailing Co. Ltd. |
10,500 | 6,358,698 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Fuji Electric Co. Ltd. |
22,900 | $ | 1,034,299 | |||||
FUJIFILM Holdings Corp. |
63,600 | 3,632,961 | ||||||
Fujitsu Ltd. |
35,400 | 4,745,807 | ||||||
GLP J-Reit |
800 | 1,052,123 | ||||||
GMO Payment Gateway Inc. |
8,200 | 681,444 | ||||||
Hakuhodo DY Holdings Inc. |
43,300 | 445,369 | ||||||
Hamamatsu Photonics KK |
25,400 | 1,154,198 | ||||||
Hankyu Hanshin Holdings Inc. |
41,200 | 1,195,077 | ||||||
Hikari Tsushin Inc. |
3,700 | 407,696 | ||||||
Hirose Electric Co. Ltd. |
7,300 | 1,048,758 | ||||||
Hitachi Construction Machinery Co. Ltd. |
20,100 | 443,443 | ||||||
Hitachi Ltd. |
172,700 | 8,743,463 | ||||||
Hitachi Metals Ltd.(b) |
43,400 | 667,355 | ||||||
Honda Motor Co. Ltd. |
289,600 | 7,421,631 | ||||||
Hoshizaki Corp. |
21,300 | 635,422 | ||||||
Hoya Corp. |
66,400 | 6,652,725 | ||||||
Hulic Co. Ltd. |
68,200 | 546,970 | ||||||
Ibiden Co. Ltd. |
20,500 | 604,987 | ||||||
Idemitsu Kosan Co. Ltd. |
34,872 | 906,839 | ||||||
Iida Group Holdings Co. Ltd. |
25,700 | 420,771 | ||||||
Inpex Corp. |
187,900 | 2,153,667 | ||||||
Isuzu Motors Ltd. |
105,300 | 1,154,994 | ||||||
Ito En Ltd. |
11,200 | 527,759 | ||||||
ITOCHU Corp. |
214,300 | 6,238,200 | ||||||
Itochu Techno-Solutions Corp. |
16,400 | 439,515 | ||||||
Japan Airlines Co. Ltd.(b) |
26,200 | 453,868 | ||||||
Japan Exchange Group Inc. |
94,300 | 1,499,439 | ||||||
Japan Metropolitan Fund Invest |
1,299 | 1,058,543 | ||||||
Japan Post Bank Co. Ltd.(a) |
72,200 | 577,575 | ||||||
Japan Post Holdings Co. Ltd. |
442,700 | 3,187,365 | ||||||
Japan Post Insurance Co. Ltd. |
34,400 | 556,174 | ||||||
Japan Real Estate Investment Corp. |
222 | 1,072,029 | ||||||
Japan Tobacco Inc. |
211,500 | 3,797,612 | ||||||
JFE Holdings Inc. |
85,200 | 960,617 | ||||||
JSR Corp. |
36,300 | 1,005,435 | ||||||
Kajima Corp. |
72,600 | 828,780 | ||||||
Kakaku.com Inc. |
25,600 | 501,418 | ||||||
Kansai Electric Power Co. Inc. (The) |
124,100 | 1,258,216 | ||||||
Kao Corp. |
82,700 | 3,596,986 | ||||||
KDDI Corp. |
292,000 | 9,362,197 | ||||||
Keio Corp. |
18,700 | 716,025 | ||||||
Keisei Electric Railway Co. Ltd. |
25,400 | 696,387 | ||||||
Keyence Corp. |
35,000 | 13,871,973 | ||||||
Kikkoman Corp. |
26,200 | 1,553,521 | ||||||
Kintetsu Group Holdings Co. Ltd. |
30,200 | 998,018 | ||||||
Kirin Holdings Co. Ltd. |
148,100 | 2,436,001 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
9,700 | 646,213 | ||||||
Kobe Bussan Co. Ltd. |
30,500 | 869,407 | ||||||
Koei Tecmo Holdings Co. Ltd. |
13,700 | 478,272 | ||||||
Koito Manufacturing Co. Ltd. |
19,500 | 640,998 | ||||||
Komatsu Ltd. |
166,600 | 3,851,521 | ||||||
Konami Group Corp. |
16,400 | 969,329 | ||||||
Kose Corp. |
6,300 | 562,350 | ||||||
Kubota Corp.(a) |
185,900 | 3,086,561 | ||||||
Kurita Water Industries Ltd. |
23,100 | 936,926 | ||||||
Kyocera Corp. |
57,400 | 3,190,801 | ||||||
Kyowa Kirin Co. Ltd. |
50,100 | 1,181,119 | ||||||
Lasertec Corp. |
13,500 | 1,932,796 | ||||||
Lixil Corp. |
53,600 | 1,109,265 | ||||||
M3 Inc. |
77,000 | 2,682,673 |
46 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Makita Corp. |
38,800 | $ | 948,212 | |||||
Marubeni Corp. |
283,300 | 2,635,332 | ||||||
Mazda Motor Corp. |
104,400 | 880,047 | ||||||
McDonald’s Holdings Co. Japan Ltd. |
17,600 | 660,624 | ||||||
MEIJI Holdings Co. Ltd. |
20,590 | 1,075,004 | ||||||
MINEBEA MITSUMI Inc. |
64,200 | 1,154,838 | ||||||
MISUMI Group Inc. |
51,900 | 1,291,184 | ||||||
Mitsubishi Chemical Group Corp. |
225,700 | 1,269,230 | ||||||
Mitsubishi Corp. |
228,900 | 6,802,742 | ||||||
Mitsubishi Electric Corp. |
347,900 | 3,671,815 | ||||||
Mitsubishi Estate Co. Ltd. |
209,400 | 3,109,926 | ||||||
Mitsubishi HC Capital Inc. |
128,100 | 620,760 | ||||||
Mitsubishi Heavy Industries Ltd. |
58,400 | 2,168,536 | ||||||
Mitsubishi UFJ Financial Group Inc. |
2,171,700 | 12,236,426 | ||||||
Mitsui & Co. Ltd. |
258,800 | 5,709,714 | ||||||
Mitsui Chemicals Inc. |
30,900 | 650,885 | ||||||
Mitsui Fudosan Co. Ltd. |
164,000 | 3,665,304 | ||||||
Mitsui OSK Lines Ltd. |
63,100 | 1,730,259 | ||||||
Mizuho Financial Group Inc. |
434,760 | 5,185,110 | ||||||
MonotaRO Co. Ltd. |
51,800 | 924,906 | ||||||
MS&AD Insurance Group Holdings Inc. |
79,200 | 2,568,562 | ||||||
Murata Manufacturing Co. Ltd. |
102,700 | 5,998,778 | ||||||
NEC Corp. |
41,500 | 1,531,949 | ||||||
Nexon Co. Ltd. |
89,100 | 2,022,757 | ||||||
NGK Insulators Ltd. |
45,800 | 669,881 | ||||||
Nidec Corp. |
80,500 | 5,594,271 | ||||||
Nihon M&A Center Holdings Inc. |
59,100 | 790,878 | ||||||
Nintendo Co. Ltd. |
19,900 | 8,898,744 | ||||||
Nippon Building Fund Inc. |
263 | 1,395,148 | ||||||
Nippon Express Holdings Inc. |
13,800 | 824,624 | ||||||
Nippon Paint Holdings Co. Ltd. |
151,700 | 1,159,621 | ||||||
Nippon Prologis REIT Inc. |
387 | 1,006,396 | ||||||
Nippon Sanso Holdings Corp. |
35,300 | 595,252 | ||||||
Nippon Shinyaku Co. Ltd. |
9,300 | 575,592 | ||||||
Nippon Steel Corp. |
154,386 | 2,297,299 | ||||||
Nippon Telegraph & Telephone Corp. |
216,400 | 6,181,535 | ||||||
Nippon Yusen KK |
29,100 | 2,285,843 | ||||||
Nissan Chemical Corp. |
22,300 | 1,140,269 | ||||||
Nissan Motor Co. Ltd. |
419,400 | 1,594,920 | ||||||
Nisshin Seifun Group Inc. |
38,625 | 475,452 | ||||||
Nissin Foods Holdings Co. Ltd. |
14,000 | 1,013,965 | ||||||
Nitori Holdings Co. Ltd. |
14,400 | 1,523,499 | ||||||
Nitto Denko Corp. |
24,900 | 1,603,442 | ||||||
Nomura Holdings Inc. |
529,500 | 2,020,313 | ||||||
Nomura Real Estate Holdings Inc. |
23,200 | 562,817 | ||||||
Nomura Real Estate Master Fund Inc. |
733 | 918,295 | ||||||
Nomura Research Institute Ltd. |
58,600 | 1,760,596 | ||||||
NTT Data Corp. |
108,900 | 1,648,201 | ||||||
Obayashi Corp. |
116,900 | 859,734 | ||||||
Obic Co. Ltd. |
12,100 | 1,934,423 | ||||||
Odakyu Electric Railway Co. Ltd. |
52,600 | 754,411 | ||||||
Oji Holdings Corp. |
142,400 | 593,688 | ||||||
Olympus Corp. |
226,600 | 4,849,728 | ||||||
Omron Corp. |
32,100 | 1,795,289 | ||||||
Ono Pharmaceutical Co. Ltd. |
67,600 | 1,900,837 | ||||||
Open House Group Co. Ltd. |
14,600 | 636,928 | ||||||
Oracle Corp. Japan |
7,200 | 449,051 | ||||||
Oriental Land Co. Ltd./Japan |
36,000 | 5,465,833 | ||||||
ORIX Corp. |
220,800 | 3,935,058 | ||||||
Osaka Gas Co. Ltd. |
71,100 | 1,278,243 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Otsuka Corp. |
18,400 | $ | 573,817 | |||||
Otsuka Holdings Co. Ltd. |
67,300 | 2,404,155 | ||||||
Pan Pacific International Holdings Corp. |
71,200 | 1,108,617 | ||||||
Panasonic Holdings Corp. |
406,100 | 3,352,817 | ||||||
Persol Holdings Co. Ltd. |
34,400 | 712,141 | ||||||
Rakuten Group Inc. |
156,100 | 773,872 | ||||||
Recruit Holdings Co. Ltd. |
259,800 | 9,709,514 | ||||||
Renesas Electronics Corp.(b) |
228,100 | 2,172,618 | ||||||
Resona Holdings Inc. |
380,100 | 1,477,162 | ||||||
Ricoh Co. Ltd. |
112,100 | 901,627 | ||||||
Rohm Co. Ltd. |
15,300 | 1,135,422 | ||||||
SBI Holdings Inc/Japan |
42,700 | 866,273 | ||||||
SCSK Corp. |
26,900 | 473,716 | ||||||
Secom Co. Ltd. |
36,100 | 2,411,121 | ||||||
Seiko Epson Corp. |
52,500 | 788,690 | ||||||
Sekisui Chemical Co. Ltd. |
70,700 | 994,711 | ||||||
Sekisui House Ltd. |
110,200 | 1,951,796 | ||||||
Seven & i Holdings Co. Ltd. |
136,000 | 5,543,388 | ||||||
SG Holdings Co. Ltd. |
55,000 | 1,049,649 | ||||||
Sharp Corp./Japan(a) |
34,000 | 273,666 | ||||||
Shimadzu Corp. |
42,200 | 1,501,431 | ||||||
Shimano Inc. |
13,300 | 2,221,715 | ||||||
Shimizu Corp. |
98,000 | 555,527 | ||||||
Shin-Etsu Chemical Co. Ltd. |
67,500 | 8,646,361 | ||||||
Shionogi & Co. Ltd. |
47,600 | 2,441,473 | ||||||
Shiseido Co. Ltd. |
70,600 | 2,904,005 | ||||||
Shizuoka Bank Ltd. (The) |
88,300 | 534,340 | ||||||
SMC Corp. |
10,300 | 5,076,214 | ||||||
SoftBank Corp. |
512,300 | 5,923,341 | ||||||
SoftBank Group Corp. |
217,600 | 9,140,674 | ||||||
Sompo Holdings Inc. |
56,400 | 2,517,200 | ||||||
Sony Group Corp. |
230,000 | 19,510,419 | ||||||
Square Enix Holdings Co. Ltd. |
16,700 | 774,876 | ||||||
Subaru Corp. |
109,800 | 1,910,619 | ||||||
SUMCO Corp. |
61,400 | 859,153 | ||||||
Sumitomo Chemical Co. Ltd. |
254,200 | 998,988 | ||||||
Sumitomo Corp. |
202,900 | 2,852,764 | ||||||
Sumitomo Electric Industries Ltd. |
137,800 | 1,536,303 | ||||||
Sumitomo Metal Mining Co. Ltd. |
45,000 | 1,414,971 | ||||||
Sumitomo Mitsui Financial Group Inc. |
232,600 | 7,297,148 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
60,900 | 2,000,519 | ||||||
Sumitomo Realty & Development Co. Ltd. |
55,200 | 1,524,241 | ||||||
Suntory Beverage & Food Ltd. |
23,300 | 919,358 | ||||||
Suzuki Motor Corp. |
66,300 | 2,173,270 | ||||||
Sysmex Corp. |
29,100 | 2,037,344 | ||||||
T&D Holdings Inc. |
97,000 | 1,097,850 | ||||||
Taisei Corp. |
31,600 | 1,008,255 | ||||||
Takeda Pharmaceutical Co. Ltd. |
270,213 | 7,928,101 | ||||||
TDK Corp. |
70,100 | 2,207,775 | ||||||
Terumo Corp. |
116,400 | 3,974,314 | ||||||
TIS Inc. |
41,400 | 1,173,861 | ||||||
Tobu Railway Co. Ltd. |
36,900 | 876,186 | ||||||
Toho Co. Ltd./Tokyo |
22,500 | 893,492 | ||||||
Tokio Marine Holdings Inc. |
112,900 | 6,609,157 | ||||||
Tokyo Electric Power Co. Holdings Inc.(b) |
277,400 | 1,091,670 | ||||||
Tokyo Electron Ltd. |
26,900 | 9,258,804 | ||||||
Tokyo Gas Co. Ltd. |
72,100 | 1,416,109 | ||||||
Tokyu Corp. |
95,600 | 1,172,207 | ||||||
Toppan Inc. |
49,400 | 840,563 | ||||||
Toray Industries Inc. |
252,000 | 1,380,289 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Toshiba Corp. |
70,200 | $ | 2,847,840 | |||||
Tosoh Corp. |
47,300 | 616,565 | ||||||
TOTO Ltd. |
23,800 | 810,672 | ||||||
Toyota Industries Corp. |
26,400 | 1,607,481 | ||||||
Toyota Motor Corp. |
1,911,300 | 31,022,356 | ||||||
Toyota Tsusho Corp. |
36,300 | 1,238,899 | ||||||
Trend Micro Inc/Japan |
22,200 | 1,290,135 | ||||||
Unicharm Corp. |
73,300 | 2,655,090 | ||||||
USS Co. Ltd. |
50,300 | 987,013 | ||||||
Welcia Holdings Co. Ltd. |
20,200 | 451,165 | ||||||
West Japan Railway Co. |
39,600 | 1,454,536 | ||||||
Yakult Honsha Co. Ltd. |
23,700 | 1,443,318 | ||||||
Yamaha Corp. |
23,100 | 985,309 | ||||||
Yamaha Motor Co. Ltd. |
50,100 | 967,788 | ||||||
Yamato Holdings Co. Ltd. |
47,200 | 825,953 | ||||||
Yaskawa Electric Corp. |
45,100 | 1,579,578 | ||||||
Yokogawa Electric Corp. |
49,300 | 874,250 | ||||||
Z Holdings Corp. |
477,700 | 1,688,306 | ||||||
ZOZO Inc. |
24,100 | 520,601 | ||||||
|
|
|||||||
581,889,801 | ||||||||
Kuwait — 0.3% | ||||||||
Agility Public Warehousing Co. KSC |
316,215 | 923,150 | ||||||
Boubyan Bank KSCP |
306,425 | 827,662 | ||||||
Kuwait Finance House KSCP |
984,368 | 2,859,127 | ||||||
Mabanee Co. KPSC |
113,325 | 302,776 | ||||||
Mobile Telecommunications Co. KSCP |
485,784 | 962,417 | ||||||
National Bank of Kuwait SAKP |
1,319,141 | 4,606,739 | ||||||
|
|
|||||||
10,481,871 | ||||||||
Malaysia — 0.4% | ||||||||
Axiata Group Bhd |
594,300 | 383,252 | ||||||
CIMB Group Holdings Bhd |
902,700 | 1,057,571 | ||||||
Dialog Group Bhd |
820,900 | 408,123 | ||||||
DiGi.Com Bhd |
731,500 | 597,368 | ||||||
Genting Bhd |
425,600 | 453,044 | ||||||
Genting Malaysia Bhd |
563,200 | 370,288 | ||||||
Hartalega Holdings Bhd |
322,400 | 198,489 | ||||||
Hong Leong Bank Bhd |
149,100 | 703,527 | ||||||
Hong Leong Financial Group Bhd |
100,800 | 441,710 | ||||||
IHH Healthcare Bhd |
555,800 | 799,170 | ||||||
Inari Amertron Bhd |
586,000 | 378,620 | ||||||
IOI Corp. Bhd |
632,700 | 572,920 | ||||||
Kuala Lumpur Kepong Bhd |
85,300 | 420,127 | ||||||
Malayan Banking Bhd |
705,900 | 1,405,952 | ||||||
Malaysia Airports Holdings Bhd(b) |
211,200 | 296,723 | ||||||
Maxis Bhd(a) |
612,100 | 505,220 | ||||||
MISC Bhd |
168,200 | 272,775 | ||||||
Petronas Chemicals Group Bhd |
488,100 | 975,051 | ||||||
Petronas Dagangan Bhd |
61,800 | 311,048 | ||||||
Petronas Gas Bhd |
183,500 | 707,214 | ||||||
PPB Group Bhd |
215,300 | 787,571 | ||||||
Press Metal Aluminium Holdings Bhd |
617,600 | 675,887 | ||||||
Public Bank Bhd |
2,650,000 | 2,764,758 | ||||||
RHB Bank Bhd |
393,595 | 520,543 | ||||||
Sime Darby Bhd |
511,200 | 269,338 | ||||||
Sime Darby Plantation Bhd |
422,700 | 414,213 | ||||||
Telekom Malaysia Bhd |
131,500 | 168,071 | ||||||
Tenaga Nasional Bhd |
418,100 | 775,982 | ||||||
Top Glove Corp. Bhd(b) |
851,300 | 184,778 | ||||||
|
|
|||||||
17,819,333 |
Security | Shares | Value | ||||||
Mexico — 0.6% | ||||||||
America Movil SAB de CV, Series L, NVS |
5,353,500 | $ | 5,094,695 | |||||
Arca Continental SAB de CV |
51,300 | 355,354 | ||||||
Cemex SAB de CV, NVS(b) |
3,000,408 | 1,211,320 | ||||||
Coca-Cola Femsa SAB de CV |
40,100 | 242,778 | ||||||
Fibra Uno Administracion SA de CV |
636,500 | 649,754 | ||||||
Fomento Economico Mexicano SAB de CV |
360,600 | 2,247,039 | ||||||
Gruma SAB de CV, Class B |
25,395 | 315,782 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
56,900 | 771,488 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
42,730 | 804,902 | ||||||
Grupo Bimbo SAB de CV, Series A |
279,200 | 986,660 | ||||||
Grupo Carso SAB de CV, Series A1 |
70,900 | 276,533 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
475,700 | 2,706,651 | ||||||
Grupo
Financiero Inbursa SAB de CV, |
525,300 | 967,343 | ||||||
Grupo Mexico SAB de CV, Series B |
601,029 | 2,376,343 | ||||||
Grupo Televisa SAB, CPO |
465,400 | 733,755 | ||||||
Industrias Penoles SAB de CV |
30,590 | 307,738 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
388,100 | 571,522 | ||||||
Operadora De Sites Mexicanos SAB de CV |
161,000 | 188,441 | ||||||
Orbia Advance Corp. SAB de CV |
168,400 | 371,404 | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
17,130 | 123,558 | ||||||
Wal-Mart de Mexico SAB de CV |
988,100 | 3,579,078 | ||||||
|
|
|||||||
24,882,138 | ||||||||
Netherlands — 2.9% | ||||||||
ABN AMRO Bank NV, CVA(c) |
76,945 | 784,677 | ||||||
Adyen NV(b)(c) |
3,751 | 6,747,193 | ||||||
Aegon NV |
322,396 | 1,416,029 | ||||||
AerCap Holdings NV(b) |
24,416 | 1,095,302 | ||||||
Akzo Nobel NV |
34,037 | 2,290,707 | ||||||
Argenx SE(b) |
8,738 | 3,192,004 | ||||||
ASM International NV |
8,792 | 2,700,653 | ||||||
ASML Holding NV |
73,438 | 42,209,069 | ||||||
Davide Campari-Milano NV |
93,835 | 1,041,743 | ||||||
Euronext NV(c) |
15,514 | 1,264,058 | ||||||
EXOR NV |
20,275 | 1,425,990 | ||||||
Heineken Holding NV |
21,565 | 1,704,039 | ||||||
Heineken NV |
46,732 | 4,607,159 | ||||||
IMCD NV |
10,335 | 1,655,139 | ||||||
ING Groep NV |
715,175 | 6,947,084 | ||||||
Just Eat Takeaway.com NV(b)(c) |
34,363 | 629,848 | ||||||
Koninklijke Ahold Delhaize NV |
187,894 | 5,174,361 | ||||||
Koninklijke DSM NV |
31,948 | 5,116,442 | ||||||
Koninklijke KPN NV |
644,773 | 2,127,100 | ||||||
Koninklijke Philips NV |
159,154 | 3,293,891 | ||||||
NN Group NV |
48,007 | 2,252,603 | ||||||
OCI NV |
19,065 | 661,873 | ||||||
Prosus NV, Class N |
151,236 | 9,865,879 | ||||||
Randstad NV |
21,274 | 1,075,251 | ||||||
Universal Music Group NV |
131,386 | 2,974,119 | ||||||
Wolters Kluwer NV |
48,290 | 5,244,403 | ||||||
|
|
|||||||
117,496,616 | ||||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd.(b) |
228,695 | 1,073,882 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
95,334 | 1,274,866 | ||||||
Mercury NZ Ltd. |
112,036 | 428,528 | ||||||
Meridian Energy Ltd. |
213,089 | 668,725 | ||||||
Spark New Zealand Ltd. |
411,841 | 1,324,306 | ||||||
Xero Ltd.(b) |
24,000 | 1,581,088 | ||||||
|
|
|||||||
6,351,395 |
48 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Norway — 0.5% | ||||||||
Adevinta ASA(b) |
55,356 | $ | 420,947 | |||||
Aker BP ASA |
52,970 | 1,840,514 | ||||||
DNB Bank ASA |
174,282 | 3,437,846 | ||||||
Equinor ASA |
179,461 | 6,909,945 | ||||||
Gjensidige Forsikring ASA |
46,724 | 977,268 | ||||||
Mowi ASA |
77,549 | 1,789,450 | ||||||
Norsk Hydro ASA |
252,678 | 1,711,952 | ||||||
Orkla ASA |
138,902 | 1,199,040 | ||||||
Salmar ASA |
11,394 | 816,137 | ||||||
Telenor ASA |
116,567 | 1,415,607 | ||||||
Yara International ASA |
33,390 | 1,422,993 | ||||||
|
|
|||||||
21,941,699 | ||||||||
Peru — 0.1% | ||||||||
Cia. de Minas Buenaventura SAA, ADR |
32,820 | 178,541 | ||||||
Credicorp Ltd. |
12,713 | 1,645,062 | ||||||
Southern Copper Corp. |
14,677 | 730,915 | ||||||
|
|
|||||||
2,554,518 | ||||||||
Philippines — 0.2% | ||||||||
Aboitiz Equity Ventures Inc. |
288,830 | 298,887 | ||||||
ACEN Corp. |
1,977,470 | 300,708 | ||||||
Ayala Corp. |
36,090 | 406,459 | ||||||
Ayala Land Inc. |
1,600,620 | 734,581 | ||||||
Bank of the Philippine Islands |
303,616 | 512,472 | ||||||
BDO Unibank Inc. |
372,090 | 807,697 | ||||||
Globe Telecom Inc. |
3,265 | 122,163 | ||||||
GT Capital Holdings Inc. |
13,910 | 114,502 | ||||||
International Container Terminal Services Inc. |
223,620 | 787,806 | ||||||
JG Summit Holdings Inc. |
751,120 | 701,633 | ||||||
Jollibee Foods Corp. |
115,970 | 423,438 | ||||||
Metro Pacific Investments Corp. |
1,820,000 | 121,867 | ||||||
Metropolitan Bank & Trust Co. |
636,198 | 561,172 | ||||||
Monde Nissin Corp.(b)(c) |
1,364,100 | 352,660 | ||||||
PLDT Inc. |
17,210 | 519,319 | ||||||
SM Investments Corp. |
36,055 | 507,700 | ||||||
SM Prime Holdings Inc. |
2,027,000 | 1,347,092 | ||||||
Universal Robina Corp. |
111,110 | 223,752 | ||||||
|
|
|||||||
8,843,908 | ||||||||
Poland — 0.2% | ||||||||
Allegro.eu SA (b)(c) |
63,047 | 342,907 | ||||||
Bank Polska Kasa Opieki SA |
31,365 | 496,762 | ||||||
CD Projekt SA |
12,477 | 245,362 | ||||||
Cyfrowy Polsat SA |
79,245 | 341,567 | ||||||
Dino Polska SA(b)(c) |
7,565 | 591,505 | ||||||
KGHM Polska Miedz SA |
26,758 | 670,762 | ||||||
LPP SA |
188 | 402,782 | ||||||
mBank SA(b) |
2,587 | 123,749 | ||||||
Orange Polska SA |
74,090 | 96,143 | ||||||
PGE Polska Grupa Energetyczna SA(b) |
134,195 | 300,023 | ||||||
Polski Koncern Naftowy ORLEN SA |
53,558 | 874,866 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA(b) |
340,999 | 509,555 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(b) |
150,959 | 854,351 | ||||||
Powszechny Zaklad Ubezpieczen SA |
97,952 | 641,666 | ||||||
Santander Bank Polska SA |
8,296 | 421,253 | ||||||
|
|
|||||||
6,913,253 | ||||||||
Portugal — 0.1% | ||||||||
EDP - Energias de Portugal SA |
529,735 | 2,679,878 | ||||||
Galp Energia SGPS SA |
95,083 | 1,003,656 | ||||||
Jeronimo Martins SGPS SA |
47,623 | 1,102,327 | ||||||
|
|
|||||||
4,785,861 |
Security | Shares | Value | ||||||
Qatar — 0.3% | ||||||||
Barwa Real Estate Co. |
298,500 | $ | 292,735 | |||||
Commercial Bank PSQC (The) |
485,260 | 967,217 | ||||||
Industries Qatar QSC |
290,072 | 1,351,100 | ||||||
Masraf Al Rayan QSC |
1,046,959 | 1,253,862 | ||||||
Mesaieed Petrochemical Holding Co. |
791,706 | 588,937 | ||||||
Ooredoo QPSC |
223,574 | 567,405 | ||||||
Qatar Electricity & Water Co. QSC |
128,076 | 644,007 | ||||||
Qatar Fuel QSC |
91,366 | 442,043 | ||||||
Qatar International Islamic Bank QSC |
91,702 | 295,919 | ||||||
Qatar Islamic Bank SAQ |
256,454 | 1,791,134 | ||||||
Qatar National Bank QPSC |
815,639 | 4,469,426 | ||||||
|
|
|||||||
12,663,785 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(d) |
504,040 | 81 | ||||||
Gazprom PJSC(b)(d) |
2,086,234 | 334 | ||||||
Inter RAO UES PJSC(d) |
5,597,000 | 897 | ||||||
LUKOIL PJSC(b)(d) |
71,534 | 11 | ||||||
Magnit PJSC(d) |
10,825 | 2 | ||||||
Magnit PJSC, GDR(d) |
4 | — | ||||||
MMC Norilsk Nickel PJSC(d) |
11,400 | 2 | ||||||
Mobile TeleSystems PJSC(d) |
193,438 | 31 | ||||||
Moscow Exchange MICEX-Rates PJSC(b)(d) |
287,200 | 46 | ||||||
Novatek PJSC, GDR(d) |
16,226 | 162 | ||||||
Novolipetsk Steel PJSC(d) |
223,890 | 36 | ||||||
Ozon Holdings PLC, GDR(b)(d) |
8,288 | 1 | ||||||
PhosAgro PJSC(b)(d) |
187 | 2 | ||||||
PhosAgro PJSC, GDR(d) |
28,993 | 290 | ||||||
Polymetal International PLC(d) |
52,614 | 8 | ||||||
Polyus PJSC(d) |
5,198 | 1 | ||||||
Rosneft Oil Co. PJSC(d) |
165,180 | 27 | ||||||
Sberbank of Russia PJSC(b)(d) |
1,882,550 | 302 | ||||||
Severstal PAO(b)(d) |
30,098 | 5 | ||||||
Surgutneftegas PJSC(d) |
1,575,550 | 253 | ||||||
Tatneft PJSC(d) |
206,881 | 33 | ||||||
TCS Group Holding PLC, GDR(b)(d) |
20,990 | 3 | ||||||
United Co. RUSAL International PJSC(b)(d) |
563,790 | 90 | ||||||
VK Co. Ltd.(b)(d) |
21,979 | 4 | ||||||
VTB Bank PJSC(d) |
493,800,000 | 79 | ||||||
X5 Retail Group NV, GDR(d)(e) |
16,185 | 3 | ||||||
Yandex NV(b)(d) |
54,504 | 9 | ||||||
|
|
|||||||
2,712 | ||||||||
Saudi Arabia — 1.3% | ||||||||
ACWA Power Co. |
13,781 | 644,400 | ||||||
Advanced Petrochemical Co. |
32,146 | 421,575 | ||||||
Al Rajhi Bank |
367,660 | 8,858,813 | ||||||
Alinma Bank |
183,671 | 1,873,862 | ||||||
Almarai Co. JSC |
22,336 | 311,559 | ||||||
Arab National Bank |
115,727 | 957,119 | ||||||
Bank AlBilad(b) |
117,666 | 1,558,445 | ||||||
Bank Al-Jazira |
92,522 | 651,914 | ||||||
Banque Saudi Fransi |
126,997 | 1,740,870 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
9,260 | 397,638 | ||||||
Dar Al Arkan Real Estate Development Co.(b) |
80,350 | 271,374 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
14,192 | 778,676 | ||||||
Elm Co. |
6,833 | 543,991 | ||||||
Emaar Economic City(b) |
44,738 | 121,272 | ||||||
Etihad Etisalat Co. |
70,959 | 716,481 | ||||||
Jarir Marketing Co. |
20,507 | 893,527 | ||||||
Mouwasat Medical Services Co. |
8,065 | 531,032 |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
National Industrialization Co.(b) |
52,344 | $ | 232,207 | |||||
Rabigh Refining & Petrochemical Co.(b) |
79,475 | 394,823 | ||||||
Riyad Bank |
246,230 | 2,397,651 | ||||||
SABIC Agri-Nutrients Co. |
41,688 | 1,487,672 | ||||||
Sahara International Petrochemical Co. |
84,124 | 1,073,674 | ||||||
Saudi Arabian Mining Co.(b) |
172,845 | 2,628,269 | ||||||
Saudi Arabian Oil Co.(c) |
406,425 | 4,343,634 | ||||||
Saudi Basic Industries Corp. |
157,791 | 4,204,078 | ||||||
Saudi British Bank (The) |
145,659 | 1,639,787 | ||||||
Saudi Electricity Co. |
195,999 | 1,297,091 | ||||||
Saudi Industrial Investment Group |
52,301 | 390,445 | ||||||
Saudi Investment Bank (The) |
82,254 | 461,077 | ||||||
Saudi Kayan Petrochemical Co.(b) |
120,189 | 488,527 | ||||||
Saudi National Bank (The) |
390,102 | 7,322,893 | ||||||
Saudi Research & Media Group(b) |
6,344 | 328,131 | ||||||
Saudi Telecom Co. |
102,643 | 2,759,926 | ||||||
Savola Group (The) |
35,892 | 319,282 | ||||||
Yanbu National Petrochemical Co. |
43,229 | 574,782 | ||||||
|
|
|||||||
53,616,497 | ||||||||
Singapore — 0.9% | ||||||||
Ascendas Real Estate Investment Trust |
598,777 | 1,288,843 | ||||||
BOC Aviation Ltd.(c) |
32,300 | 274,893 | ||||||
CapitaLand Integrated Commercial Trust |
977,821 | 1,544,683 | ||||||
Capitaland Investment Ltd/Singapore |
420,000 | 1,195,038 | ||||||
City Developments Ltd. |
62,800 | 352,825 | ||||||
DBS Group Holdings Ltd. |
326,900 | 7,459,317 | ||||||
Genting Singapore Ltd. |
1,157,200 | 675,849 | ||||||
Grab Holdings Ltd., Class A(a)(b) |
198,225 | 584,764 | ||||||
Keppel Corp. Ltd. |
278,600 | 1,391,936 | ||||||
Mapletree Commercial Trust |
381,300 | 525,230 | ||||||
Mapletree Logistics Trust |
529,097 | 675,283 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
606,675 | 5,141,387 | ||||||
Sea Ltd., ADR(a)(b) |
64,756 | 4,942,178 | ||||||
Singapore Airlines Ltd.(b) |
258,950 | 1,024,445 | ||||||
Singapore Exchange Ltd. |
121,400 | 870,267 | ||||||
Singapore Technologies Engineering Ltd. |
283,200 | 825,743 | ||||||
Singapore Telecommunications Ltd. |
1,492,100 | 2,821,670 | ||||||
United Overseas Bank Ltd. |
216,400 | 4,317,468 | ||||||
UOL Group Ltd. |
70,400 | 380,363 | ||||||
Venture Corp. Ltd. |
57,300 | 730,014 | ||||||
Wilmar International Ltd. |
349,600 | 1,018,702 | ||||||
|
|
|||||||
38,040,898 | ||||||||
South Africa — 1.0% | ||||||||
Absa Group Ltd. |
136,311 | 1,396,846 | ||||||
Anglo American Platinum Ltd. |
10,598 | 812,978 | ||||||
AngloGold Ashanti Ltd. |
80,226 | 1,182,462 | ||||||
Aspen Pharmacare Holdings Ltd. |
80,140 | 702,365 | ||||||
Bid Corp. Ltd. |
69,815 | 1,285,403 | ||||||
Bidvest Group Ltd. (The) |
66,772 | 858,876 | ||||||
Capitec Bank Holdings Ltd. |
14,562 | 1,749,999 | ||||||
Clicks Group Ltd. |
52,513 | 884,095 | ||||||
Discovery Ltd.(b) |
90,010 | 695,556 | ||||||
Exxaro Resources Ltd. |
59,355 | 721,473 | ||||||
FirstRand Ltd. |
926,803 | 3,666,222 | ||||||
Gold Fields Ltd. |
167,267 | 1,547,036 | ||||||
Growthpoint Properties Ltd. |
809,370 | 659,866 | ||||||
Harmony Gold Mining Co. Ltd. |
117,215 | 374,434 | ||||||
Impala Platinum Holdings Ltd. |
151,690 | 1,681,865 | ||||||
Kumba Iron Ore Ltd. |
11,489 | 342,380 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Mr. Price Group Ltd. |
56,655 | $ | 616,862 | |||||
MTN Group Ltd. |
317,366 | 2,663,584 | ||||||
MultiChoice Group |
72,415 | 518,582 | ||||||
Naspers Ltd., Class N |
39,805 | 5,623,906 | ||||||
Nedbank Group Ltd. |
71,530 | 935,022 | ||||||
NEPI Rockcastle S.A. |
89,182 | 491,948 | ||||||
Northam Platinum Holdings Ltd.(b) |
72,418 | 768,711 | ||||||
Old Mutual Ltd. |
914,207 | 623,568 | ||||||
Reinet Investments SCA |
24,680 | 429,108 | ||||||
Remgro Ltd. |
95,286 | 784,642 | ||||||
Sanlam Ltd. |
281,916 | 925,858 | ||||||
Sasol Ltd.(b) |
107,534 | 2,258,942 | ||||||
Shoprite Holdings Ltd. |
89,565 | 1,211,814 | ||||||
Sibanye Stillwater Ltd. |
478,793 | 1,176,173 | ||||||
SPAR Group Ltd. (The) |
22,459 | 181,429 | ||||||
Standard Bank Group Ltd. |
227,409 | 2,190,893 | ||||||
Vodacom Group Ltd. |
103,992 | 864,029 | ||||||
Woolworths Holdings Ltd. |
225,047 | 717,783 | ||||||
|
|
|||||||
41,544,710 | ||||||||
South Korea — 3.2% | ||||||||
Alteogen Inc.(b) |
6,929 | 349,400 | ||||||
Amorepacific Corp. |
5,595 | 556,811 | ||||||
AMOREPACIFIC Group |
7,503 | 213,509 | ||||||
BGF retail Co. Ltd.(a) |
1,851 | 257,868 | ||||||
Celltrion Healthcare Co. Ltd. |
17,435 | 973,613 | ||||||
Celltrion Inc. |
18,134 | 2,654,916 | ||||||
Celltrion Pharm Inc.(b) |
3,855 | 251,740 | ||||||
Cheil Worldwide Inc. |
6,115 | 107,379 | ||||||
CJ CheilJedang Corp. |
2,015 | 607,349 | ||||||
CJ Corp. |
3,698 | 227,237 | ||||||
CJ ENM Co. Ltd. |
2,229 | 174,842 | ||||||
CJ Logistics Corp.(b) |
888 | 79,696 | ||||||
Coway Co. Ltd. |
10,797 | 532,630 | ||||||
DB Insurance Co. Ltd. |
10,790 | 502,169 | ||||||
Doosan Bobcat Inc. |
7,784 | 186,969 | ||||||
Doosan Enerbility Co. Ltd. |
70,956 | 1,029,426 | ||||||
Ecopro BM Co. Ltd.(a) |
9,780 | 904,382 | ||||||
E-MART Inc. |
3,768 | 328,381 | ||||||
F&F Co. Ltd./New |
3,305 | 381,488 | ||||||
Green Cross Corp. |
1,109 | 147,866 | ||||||
GS Engineering & Construction Corp. |
9,380 | 215,640 | ||||||
GS Holdings Corp. |
8,060 | 258,359 | ||||||
Hana Financial Group Inc. |
51,061 | 1,463,229 | ||||||
Hankook Tire & Technology Co. Ltd. |
17,177 | 460,440 | ||||||
Hanmi Pharm Co. Ltd. |
1,536 | 366,070 | ||||||
Hanon Systems |
28,015 | 229,951 | ||||||
Hanwha Solutions Corp.(b) |
20,157 | 681,011 | ||||||
HD Hyundai Co. Ltd. |
11,406 | 500,147 | ||||||
HLB Inc.(b) |
21,199 | 687,355 | ||||||
HMM Co. Ltd. |
50,063 | 961,228 | ||||||
Hotel Shilla Co. Ltd. |
6,877 | 380,909 | ||||||
HYBE Co. Ltd.(b) |
3,260 | 442,682 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
15,436 | 501,923 | ||||||
Hyundai Glovis Co. Ltd. |
3,753 | 526,743 | ||||||
Hyundai Mobis Co. Ltd. |
11,662 | 2,052,595 | ||||||
Hyundai Motor Co. |
25,141 | 3,801,650 | ||||||
Hyundai Steel Co. |
18,071 | 475,341 | ||||||
Iljin Materials Co. Ltd. |
4,764 | 270,773 | ||||||
Industrial Bank of Korea |
55,268 | 399,992 | ||||||
Kakao Corp. |
57,535 | 3,322,432 |
50 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Kakao Games Corp.(b) |
6,862 | $ | 268,990 | |||||
KakaoBank Corp.(b) |
19,668 | 469,102 | ||||||
Kangwon Land Inc.(b) |
22,242 | 444,590 | ||||||
KB Financial Group Inc. |
73,198 | 2,722,375 | ||||||
Kia Corp. |
47,986 | 3,004,278 | ||||||
Korea Aerospace Industries Ltd. |
17,223 | 757,457 | ||||||
Korea Electric Power Corp.(b) |
46,119 | 794,303 | ||||||
Korea Investment Holdings Co. Ltd. |
7,896 | 384,208 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) |
7,960 | 520,167 | ||||||
Korea Zinc Co. Ltd. |
1,608 | 591,156 | ||||||
Korean Air Lines Co. Ltd.(b) |
29,434 | 575,116 | ||||||
Krafton Inc.(b) |
4,203 | 758,501 | ||||||
KT&G Corp. |
17,745 | 1,118,450 | ||||||
Kumho Petrochemical Co. Ltd. |
2,949 | 294,588 | ||||||
L&F Co. Ltd.(b) |
4,603 | 814,525 | ||||||
LG Chem Ltd. |
8,776 | 4,087,461 | ||||||
LG Corp. |
17,600 | 1,098,517 | ||||||
LG Display Co. Ltd. |
45,706 | 540,351 | ||||||
LG Electronics Inc. |
20,020 | 1,460,305 | ||||||
LG Energy Solution(a)(b) |
3,837 | 1,251,181 | ||||||
LG H&H Co. Ltd. |
1,607 | 965,854 | ||||||
LG Innotek Co. Ltd. |
2,572 | 721,136 | ||||||
LG Uplus Corp. |
22,753 | 219,250 | ||||||
Lotte Chemical Corp. |
2,944 | 400,553 | ||||||
Lotte Shopping Co. Ltd. |
1,736 | 127,716 | ||||||
Meritz Securities Co. Ltd. |
64,729 | 241,593 | ||||||
Mirae Asset Securities Co. Ltd. |
51,832 | 263,403 | ||||||
NAVER Corp.(a) |
22,911 | 4,583,145 | ||||||
NCSoft Corp. |
3,075 | 883,414 | ||||||
Netmarble Corp.(c) |
4,617 | 256,772 | ||||||
NH Investment & Securities Co. Ltd. |
3,839 | 29,430 | ||||||
Orion Corp./Republic of Korea |
5,639 | 436,551 | ||||||
Pan Ocean Co. Ltd. |
58,690 | 255,474 | ||||||
Pearl Abyss Corp.(b) |
6,796 | 279,981 | ||||||
POSCO Chemical Co. Ltd. |
5,310 | 538,920 | ||||||
POSCO Holdings Inc. |
12,843 | 2,398,531 | ||||||
S-1 Corp. |
2,714 | 133,192 | ||||||
Samsung Biologics Co. Ltd.(b)(c) |
3,224 | 2,147,399 | ||||||
Samsung C&T Corp. |
14,186 | 1,316,939 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
10,264 | 1,130,265 | ||||||
Samsung Electronics Co. Ltd. |
860,715 | 40,742,066 | ||||||
Samsung Engineering Co. Ltd.(b) |
29,559 | 447,418 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
5,745 | 872,791 | ||||||
Samsung Heavy Industries Co. Ltd.(b) |
120,787 | 523,637 | ||||||
Samsung Life Insurance Co. Ltd. |
13,674 | 639,216 | ||||||
Samsung SDI Co. Ltd. |
10,076 | 4,428,901 | ||||||
Samsung SDS Co. Ltd. |
6,856 | 719,109 | ||||||
Samsung Securities Co. Ltd. |
11,784 | 317,850 | ||||||
Seegene Inc. |
7,748 | 237,643 | ||||||
Shinhan Financial Group Co. Ltd. |
75,805 | 2,087,610 | ||||||
SK Biopharmaceuticals Co. Ltd.(b) |
7,192 | 432,389 | ||||||
SK Bioscience Co. Ltd.(a)(b) |
4,492 | 422,801 | ||||||
SK Chemicals Co. Ltd. |
2,238 | 181,436 | ||||||
SK Hynix Inc. |
98,845 | 7,472,365 | ||||||
SK IE Technology Co. Ltd.(b)(c) |
4,780 | 302,595 | ||||||
SK Inc. |
6,811 | 1,155,292 | ||||||
SK Innovation Co. Ltd.(b) |
9,638 | 1,396,288 | ||||||
SK Square Co. Ltd.(b) |
18,085 | 595,501 | ||||||
SK Telecom Co. Ltd. |
6,071 | 250,583 | ||||||
SKC Co. Ltd. |
4,391 | 461,530 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
S-Oil Corp. |
9,294 | $ | 662,433 | |||||
Woori Financial Group Inc. |
87,509 | 803,043 | ||||||
Yuhan Corp. |
13,146 | 585,259 | ||||||
|
|
|||||||
133,489,036 | ||||||||
Spain — 1.5% | ||||||||
Acciona SA |
3,492 | 718,551 | ||||||
ACS Actividades de Construccion y Servicios SA |
49,736 | 1,195,537 | ||||||
Aena SME SA(b)(c) |
12,406 | 1,569,230 | ||||||
Amadeus IT Group SA(b) |
82,749 | 4,825,111 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
1,208,679 | 5,477,333 | ||||||
Banco Santander SA |
3,135,807 | 7,845,383 | ||||||
CaixaBank SA |
821,678 | 2,467,280 | ||||||
Cellnex Telecom SA(c) |
93,359 | 4,175,862 | ||||||
EDP Renovaveis SA |
51,602 | 1,342,131 | ||||||
Enagas SA |
22,741 | 448,877 | ||||||
Endesa SA |
59,820 | 1,096,466 | ||||||
Ferrovial SA |
99,843 | 2,673,608 | ||||||
Grifols SA(a) |
54,138 | 789,961 | ||||||
Iberdrola SA |
1,063,507 | 11,356,631 | ||||||
Iberdrola SA, NVS |
29,542 | 314,916 | ||||||
Industria de Diseno Textil SA |
202,056 | 4,907,325 | ||||||
Naturgy Energy Group SA(a) |
31,771 | 931,910 | ||||||
Red Electrica Corp. SA |
64,486 | 1,267,819 | ||||||
Repsol SA |
263,587 | 3,283,834 | ||||||
Siemens Gamesa Renewable Energy SA(b) |
48,079 | 884,618 | ||||||
Telefonica SA |
971,008 | 4,334,279 | ||||||
|
|
|||||||
61,906,662 | ||||||||
Sweden — 2.1% | ||||||||
Alfa Laval AB |
55,369 | 1,655,633 | ||||||
Assa Abloy AB, Class B |
186,907 | 4,415,869 | ||||||
Atlas Copco AB, Class A |
482,489 | 5,639,987 | ||||||
Atlas Copco AB, Class B |
293,725 | 3,051,124 | ||||||
Boliden AB |
48,482 | 1,620,213 | ||||||
Electrolux AB, Class B |
43,223 | 623,441 | ||||||
Embracer Group AB(a)(b) |
111,957 | 853,171 | ||||||
Epiroc AB, Class A |
127,292 | 2,250,737 | ||||||
Epiroc AB, Class B |
66,808 | 1,061,150 | ||||||
EQT AB |
55,331 | 1,501,866 | ||||||
Essity AB, Class B |
112,449 | 2,862,398 | ||||||
Evolution AB(c) |
32,545 | 3,157,867 | ||||||
Fastighets AB Balder, Class B(b) |
121,680 | 777,301 | ||||||
Getinge AB, Class B |
44,368 | 1,001,205 | ||||||
H & M Hennes & Mauritz AB, Class B |
133,664 | 1,710,169 | ||||||
Hexagon AB, Class B |
357,988 | 4,215,145 | ||||||
Holmen AB, Class B |
14,938 | 613,831 | ||||||
Husqvarna AB, Class B |
94,503 | 753,164 | ||||||
Industrivarden AB, Class A |
24,643 | 642,986 | ||||||
Industrivarden AB, Class C |
26,210 | 676,224 | ||||||
Indutrade AB |
49,982 | 1,174,755 | ||||||
Investment AB Latour, Class B |
29,344 | 730,118 | ||||||
Investor AB, Class A |
58,596 | 1,204,750 | ||||||
Investor AB, Class B |
369,356 | 6,892,818 | ||||||
Kinnevik AB, Class B(b) |
45,383 | 817,433 | ||||||
L E Lundbergforetagen AB, Class B |
12,793 | 607,149 | ||||||
Lifco AB, Class B |
45,561 | 886,890 | ||||||
Nibe Industrier AB, Class B |
265,830 | 2,677,999 | ||||||
Sagax AB, Class B |
35,858 | 924,136 | ||||||
Sandvik AB |
202,840 | 3,737,566 | ||||||
Securitas AB, Class B |
51,896 | 524,789 |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Sinch AB(a)(b)(c) |
104,009 | $ | 263,703 | |||||
Skandinaviska Enskilda Banken AB, Class A |
294,210 | 3,187,302 | ||||||
Skanska AB, Class B |
61,903 | 1,056,062 | ||||||
SKF AB, Class B |
58,821 | 989,924 | ||||||
Svenska Cellulosa AB SCA, Class B |
113,978 | 1,666,310 | ||||||
Svenska Handelsbanken AB, Class A |
260,093 | 2,338,733 | ||||||
Swedbank AB, Class A |
161,419 | 2,235,678 | ||||||
Swedish Match AB |
293,123 | 3,068,564 | ||||||
Swedish Orphan Biovitrum AB(b) |
29,676 | 651,714 | ||||||
Tele2 AB, Class B |
99,596 | 1,137,748 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
533,365 | 4,056,904 | ||||||
Telia Co. AB |
455,052 | 1,681,120 | ||||||
Volvo AB, Class B |
285,338 | 5,122,965 | ||||||
Volvo Car AB, Class B(a)(b) |
101,801 | 757,987 | ||||||
|
|
|||||||
87,476,598 | ||||||||
Switzerland — 6.7% | ||||||||
ABB Ltd., Registered |
298,264 | 9,067,106 | ||||||
Adecco Group AG, Registered |
28,850 | 1,016,299 | ||||||
Alcon Inc. |
93,959 | 7,394,957 | ||||||
Bachem Holding AG, Class A |
6,250 | 421,459 | ||||||
Baloise Holding AG, Registered |
7,963 | 1,268,737 | ||||||
Barry Callebaut AG, Registered |
585 | 1,296,162 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
191 | 2,112,204 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered |
19 | 2,191,120 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
95,406 | 11,503,817 | ||||||
Clariant AG, Registered |
37,067 | 694,470 | ||||||
Coca-Cola HBC AG, Class DI |
36,352 | 894,681 | ||||||
Credit Suisse Group AG, Registered |
489,066 | 2,844,685 | ||||||
EMS-Chemie Holding AG, Registered |
1,198 | 951,313 | ||||||
Geberit AG, Registered |
6,755 | 3,557,701 | ||||||
Givaudan SA, Registered |
1,661 | 5,806,120 | ||||||
Holcim AG |
94,936 | 4,451,420 | ||||||
Julius Baer Group Ltd. |
40,135 | 2,075,383 | ||||||
Kuehne + Nagel International AG, Registered |
10,001 | 2,693,483 | ||||||
Logitech International SA, Registered |
31,923 | 1,796,057 | ||||||
Lonza Group AG, Registered |
13,599 | 8,264,810 | ||||||
Nestle SA, Registered |
504,738 | 61,844,170 | ||||||
Novartis AG, Registered |
394,533 | 33,902,075 | ||||||
Partners Group Holding AG |
4,202 | 4,587,516 | ||||||
Roche Holding AG, Bearer |
5,918 | 2,412,559 | ||||||
Roche Holding AG, NVS |
125,315 | 41,605,146 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
7,604 | 1,486,269 | ||||||
Schindler Holding AG, Registered |
3,869 | 734,672 | ||||||
SGS SA, Registered |
1,053 | 2,569,812 | ||||||
Siemens Energy AG(b) |
71,901 | 1,194,814 | ||||||
Sika AG, Registered |
26,110 | 6,451,453 | ||||||
Sonova Holding AG, Registered |
10,121 | 3,645,400 | ||||||
STMicroelectronics NV |
124,499 | 4,711,481 | ||||||
Straumann Holding AG |
20,139 | 2,723,810 | ||||||
Swatch Group AG (The), Bearer |
5,589 | 1,487,886 | ||||||
Swatch Group AG (The), Registered |
8,721 | 435,515 | ||||||
Swiss Life Holding AG, Registered |
6,003 | 3,180,007 | ||||||
Swiss Prime Site AG, Registered |
14,747 | 1,342,915 | ||||||
Swiss Re AG |
54,363 | 4,079,225 | ||||||
Swisscom AG, Registered |
4,693 | 2,537,211 | ||||||
Temenos AG, Registered |
12,072 | 958,185 | ||||||
UBS Group AG, Registered |
637,665 | 10,419,652 | ||||||
VAT Group AG(c) |
5,049 | 1,470,124 | ||||||
Vifor Pharma AG (b) |
8,881 | 1,551,621 |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Zurich Insurance Group AG |
27,087 | $ | 11,824,243 | |||||
|
|
|||||||
277,457,745 | ||||||||
Taiwan — 4.2% | ||||||||
Accton Technology Corp. |
109,000 | 909,700 | ||||||
Acer Inc. |
598,792 | 454,320 | ||||||
Advantech Co. Ltd. |
65,793 | 756,901 | ||||||
Airtac International Group |
26,928 | 738,143 | ||||||
ASE Technology Holding Co. Ltd. |
585,762 | 1,706,935 | ||||||
Asia Cement Corp. |
362,440 | 502,924 | ||||||
ASMedia Technology Inc. |
8,000 | 262,325 | ||||||
Asustek Computer Inc. |
116,000 | 1,094,301 | ||||||
AUO Corp. |
1,530,000 | 687,030 | ||||||
Catcher Technology Co. Ltd. |
120,000 | 685,371 | ||||||
Cathay Financial Holding Co. Ltd. |
1,414,281 | 2,157,565 | ||||||
Chailease Holding Co. Ltd. |
242,827 | 1,726,928 | ||||||
Chang Hwa Commercial Bank Ltd. |
827,808 | 492,907 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
371,000 | 440,283 | ||||||
China Development Financial Holding Corp. |
2,947,358 | 1,275,884 | ||||||
China Steel Corp. |
2,128,288 | 1,981,577 | ||||||
Chunghwa Telecom Co. Ltd. |
685,000 | 2,779,469 | ||||||
Compal Electronics Inc. |
734,000 | 560,540 | ||||||
CTBC Financial Holding Co. Ltd. |
3,016,036 | 2,317,129 | ||||||
Delta Electronics Inc. |
348,000 | 3,026,597 | ||||||
E Ink Holdings Inc. |
169,000 | 1,111,815 | ||||||
E.Sun Financial Holding Co. Ltd. |
2,296,113 | 2,116,529 | ||||||
Eclat Textile Co. Ltd. |
35,000 | 478,539 | ||||||
eMemory Technology Inc. |
14,000 | 556,535 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
470,000 | 1,510,288 | ||||||
Far Eastern New Century Corp. |
535,000 | 544,331 | ||||||
Far EasTone Telecommunications Co. Ltd. |
283,000 | 713,520 | ||||||
Feng TAY Enterprise Co. Ltd. |
82,600 | 462,735 | ||||||
First Financial Holding Co. Ltd. |
1,905,817 | 1,721,492 | ||||||
Formosa Chemicals & Fibre Corp. |
633,340 | 1,484,749 | ||||||
Formosa Petrochemical Corp. |
229,000 | 647,589 | ||||||
Formosa Plastics Corp. |
678,960 | 2,094,137 | ||||||
Fubon Financial Holding Co. Ltd. |
1,269,330 | 2,384,325 | ||||||
Giant Manufacturing Co. Ltd. |
61,000 | 499,089 | ||||||
Globalwafers Co. Ltd. |
43,000 | 651,378 | ||||||
Hon Hai Precision Industry Co. Ltd. |
2,280,377 | 8,334,198 | ||||||
Hotai Motor Co. Ltd. |
50,000 | 1,012,647 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
1,567,243 | 1,212,444 | ||||||
Innolux Corp. |
1,737,688 | 601,816 | ||||||
Inventec Corp. |
534,000 | 424,125 | ||||||
Largan Precision Co. Ltd. |
17,000 | 1,192,426 | ||||||
Lite-On Technology Corp. |
385,000 | 844,764 | ||||||
MediaTek Inc. |
271,000 | 6,243,861 | ||||||
Mega Financial Holding Co. Ltd. |
1,971,195 | 2,335,103 | ||||||
Micro-Star International Co. Ltd. |
136,000 | 538,410 | ||||||
momo.com Inc. |
13,200 | 361,827 | ||||||
Nan Ya Plastics Corp. |
919,840 | 2,072,964 | ||||||
Nan Ya Printed Circuit Board Corp. |
50,000 | 405,088 | ||||||
Nanya Technology Corp. |
248,000 | 435,696 | ||||||
Nien Made Enterprise Co. Ltd. |
45,000 | 432,266 | ||||||
Novatek Microelectronics Corp. |
102,000 | 908,697 | ||||||
Parade Technologies Ltd. |
16,000 | 602,534 | ||||||
Pegatron Corp. |
348,000 | 724,461 | ||||||
Pou Chen Corp. |
391,000 | 351,074 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
511,000 | 605,714 | ||||||
President Chain Store Corp. |
76,000 | 718,610 | ||||||
Quanta Computer Inc. |
506,000 | 1,436,502 |
52 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Realtek Semiconductor Corp. |
81,000 | $ | 931,479 | |||||
Ruentex Development Co. Ltd. |
298,000 | 547,516 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
555,000 | 931,685 | ||||||
Shin Kong Financial Holding Co. Ltd. |
2,368,983 | 677,172 | ||||||
Silergy Corp. |
58,000 | 1,085,433 | ||||||
SinoPac Financial Holdings Co. Ltd. |
2,005,600 | 1,135,933 | ||||||
Synnex Technology International Corp. |
281,750 | 522,694 | ||||||
Taishin Financial Holding Co. Ltd. |
1,928,723 | 1,015,283 | ||||||
Taiwan Cement Corp. |
953,553 | 1,237,396 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
1,877,167 | 1,721,055 | ||||||
Taiwan High Speed Rail Corp. |
378,000 | 369,420 | ||||||
Taiwan Mobile Co. Ltd. |
234,000 | 794,076 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
4,438,000 | 76,109,770 | ||||||
Unimicron Technology Corp. |
224,000 | 1,194,972 | ||||||
Uni-President Enterprises Corp. |
789,972 | 1,859,700 | ||||||
United Microelectronics Corp. |
2,177,000 | 2,928,629 | ||||||
Vanguard International Semiconductor Corp. |
179,000 | 431,128 | ||||||
Voltronic Power Technology Corp. |
16,000 | 785,875 | ||||||
Walsin Lihwa Corp. |
482,000 | 548,340 | ||||||
Wan Hai Lines Ltd. |
134,435 | 483,055 | ||||||
Win Semiconductors Corp. |
77,000 | 409,031 | ||||||
Winbond Electronics Corp. |
680,000 | 529,395 | ||||||
Wiwynn Corp. |
20,000 | 494,730 | ||||||
WPG Holdings Ltd. |
368,000 | 618,301 | ||||||
Yageo Corp. |
74,000 | 854,408 | ||||||
Yang Ming Marine Transport Corp. |
316,000 | 952,988 | ||||||
Yuanta Financial Holding Co. Ltd. |
1,736,829 | 1,164,193 | ||||||
Zhen Ding Technology Holding Ltd. |
141,000 | 534,059 | ||||||
|
|
|||||||
174,196,823 | ||||||||
Thailand — 0.5% | ||||||||
Advanced Info Service PCL, NVDR(a) |
239,600 | 1,316,992 | ||||||
Airports of Thailand PCL, NVDR(b) |
860,400 | 1,657,811 | ||||||
Asset World Corp. PCL, NVDR |
1,736,000 | 238,704 | ||||||
B Grimm Power PCL, NVDR(a) |
276,400 | 287,193 | ||||||
Bangkok Commercial Asset Management PCL, NVDR(a) |
541,900 | 250,870 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
1,802,600 | 1,318,315 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
2,720,700 | 646,330 | ||||||
Berli Jucker PCL, NVDR |
355,100 | 315,050 | ||||||
BTS Group Holdings PCL, NVDR |
3,075,000 | 724,444 | ||||||
Central Pattana PCL, NVDR |
519,300 | 904,541 | ||||||
Charoen Pokphand Foods PCL, NVDR(a) |
1,115,700 | 766,837 | ||||||
CP ALL PCL, NVDR |
1,118,200 | 1,870,901 | ||||||
Delta Electronics Thailand PCL, NVDR |
62,600 | 812,484 | ||||||
Global Power Synergy PCL, NVDR(a) |
182,300 | 338,164 | ||||||
Indorama Ventures PCL, NVDR |
468,988 | 561,365 | ||||||
Intouch Holdings PCL, NVDR |
260,700 | 500,818 | ||||||
Krungthai Card PCL, NVDR(a) |
242,100 | 381,033 | ||||||
Land & Houses PCL, NVDR |
1,592,700 | 369,462 | ||||||
Minor International PCL, NVDR(b) |
730,520 | 671,907 | ||||||
Osotspa PCL, NVDR |
340,300 | 290,602 | ||||||
PTT Exploration & Production PCL, NVDR |
264,399 | 1,188,750 | ||||||
PTT Global Chemical PCL, NVDR |
436,701 | 530,344 | ||||||
PTT Public Company Ltd., NVDR |
2,052,800 | 1,956,213 | ||||||
SCB X PCL, NVS |
235,200 | 648,541 | ||||||
Siam Cement PCL (The), NVDR |
138,000 | 1,404,196 | ||||||
Srisawad Corp. PCL, NVDR(a) |
230,000 | 316,388 | ||||||
Thai Oil PCL, NVDR |
462,800 | 654,164 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
True Corp. PCL, NVDR |
3,126,534 | $ | 405,608 | |||||
|
|
|||||||
21,328,027 | ||||||||
Turkey — 0.1% | ||||||||
Akbank TAS |
445,571 | 214,622 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS |
121,957 | 151,276 | ||||||
BIM Birlesik Magazalar AS |
85,634 | 440,203 | ||||||
Eregli Demir ve Celik Fabrikalari TAS |
297,963 | 461,551 | ||||||
Ford Otomotiv Sanayi AS |
14,621 | 248,730 | ||||||
KOC Holding AS |
178,018 | 367,961 | ||||||
Turkcell Iletisim Hizmetleri AS |
216,428 | 205,639 | ||||||
Turkiye Is Bankasi AS, Class C |
470,939 | 138,035 | ||||||
Turkiye Petrol Rafinerileri AS(b) |
24,861 | 372,400 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
378,112 | 460,492 | ||||||
|
|
|||||||
3,060,909 | ||||||||
United Arab Emirates — 0.4% | ||||||||
Abu Dhabi Commercial Bank PJSC |
587,583 | 1,460,473 | ||||||
Abu Dhabi Islamic Bank PJSC |
250,949 | 621,908 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
513,268 | 598,516 | ||||||
Aldar Properties PJSC |
830,179 | 1,109,049 | ||||||
Emaar Properties PJSC |
845,686 | 1,269,115 | ||||||
Emirates NBD Bank PJSC |
401,915 | 1,512,648 | ||||||
Emirates Telecommunications Group Co. PJSC |
627,769 | 4,768,385 | ||||||
First Abu Dhabi Bank PJSC |
778,833 | 4,121,970 | ||||||
|
|
|||||||
15,462,064 | ||||||||
United Kingdom — 9.4% | ||||||||
3i Group PLC |
173,576 | 2,696,980 | ||||||
abrdn PLC |
416,796 | 845,022 | ||||||
Admiral Group PLC |
32,707 | 764,414 | ||||||
Anglo American PLC |
228,056 | 8,243,050 | ||||||
Antofagasta PLC |
68,197 | 970,353 | ||||||
Ashtead Group PLC |
81,546 | 4,590,201 | ||||||
Associated British Foods PLC |
65,476 | 1,337,371 | ||||||
AstraZeneca PLC |
279,484 | 36,763,663 | ||||||
Auto Trader Group PLC(c) |
179,820 | 1,386,325 | ||||||
AVEVA Group PLC |
21,596 | 624,783 | ||||||
Aviva PLC |
524,419 | 2,539,669 | ||||||
BAE Systems PLC |
582,364 | 5,473,487 | ||||||
Barclays PLC |
3,075,088 | 5,890,524 | ||||||
Barratt Developments PLC |
192,124 | 1,178,046 | ||||||
Berkeley Group Holdings PLC |
20,567 | 1,065,853 | ||||||
BP PLC |
3,520,627 | 17,230,863 | ||||||
British American Tobacco PLC |
393,878 | 15,433,571 | ||||||
British Land Co. PLC (The) |
176,599 | 1,061,843 | ||||||
BT Group PLC |
1,296,770 | 2,560,242 | ||||||
Bunzl PLC |
62,977 | 2,363,568 | ||||||
Burberry Group PLC |
76,058 | 1,672,025 | ||||||
CNH Industrial NV |
195,104 | 2,513,458 | ||||||
Coca-Cola Europacific Partners PLC |
38,419 | 2,079,236 | ||||||
Compass Group PLC |
321,368 | 7,531,720 | ||||||
Croda International PLC |
25,404 | 2,323,196 | ||||||
DCC PLC |
18,595 | 1,214,055 | ||||||
Diageo PLC |
415,670 | 19,691,060 | ||||||
Entain PLC(b) |
107,621 | 1,583,649 | ||||||
Experian PLC |
167,826 | 5,875,966 | ||||||
Ferguson PLC |
39,656 | 4,988,673 | ||||||
GSK PLC |
730,752 | 15,353,248 | ||||||
Haleon PLC(b) |
913,440 | 3,245,945 | ||||||
Halma PLC |
68,889 | 1,940,112 | ||||||
Hargreaves Lansdown PLC |
63,114 | 653,404 |
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United Kingdom (continued) | ||||||||
Hikma Pharmaceuticals PLC |
27,631 | $ | 584,036 | |||||
HSBC Holdings PLC |
3,664,377 | 22,953,500 | ||||||
Imperial Brands PLC |
168,607 | 3,701,991 | ||||||
Informa PLC(b) |
264,986 | 1,927,149 | ||||||
InterContinental Hotels Group PLC |
32,947 | 1,952,936 | ||||||
Intertek Group PLC |
29,353 | 1,568,777 | ||||||
J Sainsbury PLC |
332,034 | 895,685 | ||||||
JD Sports Fashion PLC |
466,413 | 740,833 | ||||||
Johnson Matthey PLC |
34,349 | 898,037 | ||||||
Kingfisher PLC |
390,380 | 1,235,112 | ||||||
Land Securities Group PLC |
114,427 | 1,022,523 | ||||||
Legal & General Group PLC |
1,023,496 | 3,268,552 | ||||||
Lloyds Banking Group PLC |
12,792,395 | 7,082,613 | ||||||
London Stock Exchange Group PLC |
59,139 | 5,771,533 | ||||||
M&G PLC |
476,604 | 1,242,364 | ||||||
Melrose Industries PLC |
805,346 | 1,585,291 | ||||||
Mondi PLC |
89,041 | 1,689,750 | ||||||
National Grid PLC |
646,356 | 8,900,059 | ||||||
NatWest Group PLC |
957,429 | 2,907,957 | ||||||
Next PLC |
24,514 | 2,040,834 | ||||||
NMC Health PLC, NVS(d) |
14,180 | — | ||||||
Ocado Group PLC(a)(b) |
95,880 | 985,671 | ||||||
Pearson PLC |
131,963 | 1,221,351 | ||||||
Persimmon PLC |
60,234 | 1,389,370 | ||||||
Phoenix Group Holdings PLC |
84,781 | 667,957 | ||||||
Prudential PLC |
488,404 | 6,024,163 | ||||||
Reckitt Benckiser Group PLC |
128,701 | 10,439,547 | ||||||
RELX PLC |
349,395 | 10,345,390 | ||||||
Rentokil Initial PLC |
348,845 | 2,303,409 | ||||||
Rolls-Royce Holdings PLC(b) |
1,537,239 | 1,680,108 | ||||||
Sage Group PLC (The) |
188,731 | 1,626,505 | ||||||
Schroders PLC |
22,474 | 815,170 | ||||||
Segro PLC |
213,647 | 2,858,165 | ||||||
Severn Trent PLC |
38,530 | 1,385,224 | ||||||
Shell PLC |
1,376,798 | 36,727,894 | ||||||
Smith & Nephew PLC |
159,989 | 2,051,244 | ||||||
Smiths Group PLC |
63,228 | 1,193,251 | ||||||
Spirax-Sarco Engineering PLC |
12,496 | 1,823,278 | ||||||
SSE PLC |
191,741 | 4,141,297 | ||||||
St. James’s Place PLC |
91,844 | 1,379,595 | ||||||
Standard Chartered PLC |
477,001 | 3,287,819 | ||||||
Taylor Wimpey PLC |
643,164 | 1,001,071 | ||||||
Tesco PLC |
1,371,515 | 4,398,635 | ||||||
Unilever PLC |
460,356 | 22,420,666 | ||||||
United Utilities Group PLC |
131,443 | 1,746,422 | ||||||
Vodafone Group PLC |
4,880,043 | 7,191,510 | ||||||
Whitbread PLC |
36,578 | 1,164,271 | ||||||
WPP PLC |
208,487 | 2,250,072 | ||||||
|
|
|||||||
388,174,162 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.5% |
|
4,065,193,744 | ||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 0.4% | ||||||||
Banco Bradesco SA, Preference Shares, NVS |
1,032,436 | 3,477,969 | ||||||
Braskem SA, Class A, Preference Shares, NVS |
34,792 | 246,713 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS |
120,655 | 1,103,690 |
Security | Shares | Value | ||||||
|
||||||||
Brazil (continued) | ||||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS |
320,650 | $ | 696,568 | |||||
Gerdau SA, Preference Shares, NVS |
216,109 | 1,021,632 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
862,182 | 3,935,900 | ||||||
Itausa SA, Preference Shares, NVS |
815,021 | 1,359,392 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
830,776 | 5,483,272 | ||||||
|
|
|||||||
17,325,136 | ||||||||
Chile — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
27,268 | 2,708,311 | ||||||
|
|
|||||||
Colombia — 0.0% | ||||||||
Bancolombia SA, Preference Shares, NVS |
109,361 | 806,623 | ||||||
|
|
|||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS |
10,064 | 764,110 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
32,056 | 2,047,843 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
28,578 | 2,068,525 | ||||||
Sartorius AG, Preference Shares, NVS |
4,937 | 2,208,316 | ||||||
Volkswagen AG, Preference Shares, NVS |
33,652 | 4,758,051 | ||||||
|
|
|||||||
11,846,845 | ||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) |
1,151,800 | 185 | ||||||
|
|
|||||||
South Korea — 0.2% | ||||||||
Hyundai Motor Co. |
||||||||
Preference Shares, NVS |
4,535 | 329,363 | ||||||
Series 2, Preference Shares, NVS |
6,468 | 470,465 | ||||||
LG Chem Ltd., Preference Shares, NVS |
1,241 | 278,598 | ||||||
LG H&H Co. Ltd., Preference Shares, NVS |
229 | 66,846 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
149,237 | 6,558,911 | ||||||
|
|
|||||||
7,704,183 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 1.0% |
|
40,391,283 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
|
4,105,585,027 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(f)(g)(h) |
37,487,026 | 37,483,277 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(f)(g) |
4,160,000 | 4,160,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.0% |
|
41,643,277 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.5% |
|
4,147,228,304 | ||||||
Liabilities in Excess of Other Assets — (0.5)% |
|
(21,372,505 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 4,125,855,799 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
54 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 20,141,919 | $ | 17,363,016 | (a) | $ | — | $ | (15,063 | ) | $ | (6,595 | ) | $ | 37,483,277 | 37,487,026 | $ | 384,856 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
4,700,000 | — | (540,000 | )(a) | — | — | 4,160,000 | 4,160,000 | 14,252 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (15,063 | ) | $ | (6,595 | ) | $ | 41,643,277 | $ | 399,108 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
138 | 09/16/22 | $ | 13,470 | $ | 708,006 | ||||||||||
MSCI Emerging Markets Index |
114 | 09/16/22 | 5,691 | 19,199 | ||||||||||||
|
|
|||||||||||||||
$ | 727,205 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 727,205 | $ | — | $ | — | $ | — | $ | 727,205 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
S C H E D U L E O F I N V E S T M E N T S |
55 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI ACWI ex U.S. ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
For the period ended July 31, 2022, 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 |
$ | — | $ | — | $ | (3,678,003 | ) | $ | — | $ | — | $ | — | $ | (3,678,003 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 1,131,957 | $ | — | $ | — | $ | — | $ | 1,131,957 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 18,508,821 |
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 | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 493,261,724 | $ | 3,571,657,769 | $ | 274,251 | $ | 4,065,193,744 | ||||||||
Preferred Stocks |
20,840,070 | 19,551,028 | 185 | 40,391,283 | ||||||||||||
Money Market Funds |
41,643,277 | — | — | 41,643,277 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 555,745,071 | $ | 3,591,208,797 | $ | 274,436 | $ | 4,147,228,304 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 727,205 | $ | — | $ | — | $ | 727,205 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
56 |
2 0 2 2 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 |
Schedule of Investments July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 8.7% | ||||||||
Ampol Ltd. |
788,834 | $ | 18,688,661 | |||||
APA Group |
3,897,139 | 31,954,011 | ||||||
Aristocrat Leisure Ltd. |
1,989,508 | 49,634,346 | ||||||
ASX Ltd. |
639,118 | 39,724,226 | ||||||
Aurizon Holdings Ltd. |
6,101,671 | 17,269,532 | ||||||
Australia & New Zealand Banking Group Ltd. |
9,255,423 | 149,579,304 | ||||||
Australia & New Zealand Banking Group Ltd., New |
617,028 | 9,872,593 | ||||||
BHP Group Ltd. |
16,711,772 | 457,323,589 | ||||||
BlueScope Steel Ltd. |
1,613,861 | 18,957,023 | ||||||
Brambles Ltd. |
4,736,383 | 38,121,733 | ||||||
Cochlear Ltd. |
216,543 | 32,638,851 | ||||||
Coles Group Ltd. |
4,415,155 | 58,149,078 | ||||||
Commonwealth Bank of Australia |
5,633,150 | 400,051,673 | ||||||
Computershare Ltd. |
1,794,735 | 31,707,561 | ||||||
CSL Ltd. |
1,590,212 | 323,794,164 | ||||||
Dexus |
3,540,947 | 23,795,179 | ||||||
Domino’s Pizza Enterprises Ltd. |
202,156 | 10,336,206 | ||||||
Endeavour Group Ltd./Australia |
4,422,163 | 24,637,790 | ||||||
Evolution Mining Ltd. |
6,073,735 | 11,219,878 | ||||||
Fortescue Metals Group Ltd. |
5,592,480 | 71,967,152 | ||||||
Glencore PLC |
32,644,692 | 185,020,287 | ||||||
Goodman Group |
5,552,242 | 81,257,398 | ||||||
GPT Group (The) |
6,306,413 | 20,288,988 | ||||||
IDP Education Ltd.(a) |
694,781 | 13,978,906 | ||||||
Insurance Australia Group Ltd. |
8,115,538 | 25,536,056 | ||||||
Lendlease Corp. Ltd. |
2,267,673 | 16,428,468 | ||||||
Lottery Corp. Ltd. (The)(b) |
7,327,627 | 23,243,958 | ||||||
Macquarie Group Ltd. |
1,203,175 | 153,986,389 | ||||||
Medibank Pvt Ltd. |
9,111,518 | 21,908,937 | ||||||
Mineral Resources Ltd. |
559,555 | 21,321,332 | ||||||
Mirvac Group |
12,979,948 | 19,664,440 | ||||||
National Australia Bank Ltd. |
10,675,374 | 230,550,803 | ||||||
Newcrest Mining Ltd. |
2,937,518 | 39,586,746 | ||||||
Northern Star Resources Ltd. |
3,841,914 | 21,113,732 | ||||||
Orica Ltd. |
1,352,856 | 16,034,359 | ||||||
Origin Energy Ltd. |
5,798,213 | 24,343,007 | ||||||
Qantas Airways Ltd.(b) |
3,042,501 | 9,804,001 | ||||||
QBE Insurance Group Ltd. |
4,884,405 | 39,493,948 | ||||||
Ramsay Health Care Ltd. |
604,857 | 29,880,999 | ||||||
REA Group Ltd. |
175,374 | 15,472,252 | ||||||
Reece Ltd.(a) |
744,342 | 8,039,133 | ||||||
Rio Tinto Ltd. |
1,225,522 | 84,909,737 | ||||||
Rio Tinto PLC |
3,708,575 | 223,884,733 | ||||||
Santos Ltd. |
10,632,070 | 55,269,538 | ||||||
Scentre Group |
17,143,959 | 35,132,126 | ||||||
SEEK Ltd. |
1,106,908 | 17,928,739 | ||||||
Sonic Healthcare Ltd. |
1,504,789 | 36,237,597 | ||||||
South32 Ltd. |
15,344,038 | 41,821,927 | ||||||
Stockland |
7,858,983 | 21,295,381 | ||||||
Suncorp Group Ltd. |
4,170,369 | 32,934,606 | ||||||
Telstra Corp. Ltd. |
13,575,104 | 37,100,884 | ||||||
Transurban Group |
10,136,840 | 103,615,614 | ||||||
Treasury Wine Estates Ltd. |
2,376,449 | 20,485,073 | ||||||
Vicinity Centres |
12,832,059 | 18,775,804 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
712,819 | 12,905,343 | ||||||
Wesfarmers Ltd. |
3,744,045 | 122,675,551 | ||||||
Westpac Banking Corp. |
11,557,944 | 175,023,579 | ||||||
WiseTech Global Ltd. |
485,233 | 17,184,339 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Woodside Energy Group Ltd. |
6,220,790 | $ | 140,468,416 | |||||
Woolworths Group Ltd. |
4,000,980 | 105,262,111 | ||||||
|
|
|||||||
4,139,287,787 | ||||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG |
1,143,083 | 28,980,211 | ||||||
OMV AG |
484,847 | 20,649,597 | ||||||
Verbund AG |
224,176 | 24,651,624 | ||||||
voestalpine AG |
384,077 | 8,648,118 | ||||||
|
|
|||||||
82,929,550 | ||||||||
Belgium — 0.8% | ||||||||
Ageas SA/NV |
534,577 | 23,331,770 | ||||||
Anheuser-Busch InBev SA/NV |
2,867,398 | 153,600,184 | ||||||
D’ieteren Group |
82,924 | 13,609,992 | ||||||
Elia Group SA/NV |
109,647 | 16,645,700 | ||||||
Groupe Bruxelles Lambert SA |
334,586 | 29,615,904 | ||||||
KBC Group NV |
831,284 | 43,540,131 | ||||||
Proximus SADP |
507,604 | 7,033,865 | ||||||
Sofina SA |
51,137 | 11,975,734 | ||||||
Solvay SA |
246,099 | 21,615,595 | ||||||
UCB SA |
416,225 | 32,523,300 | ||||||
Umicore SA |
691,405 | 25,044,324 | ||||||
Warehouses De Pauw CVA |
489,694 | 16,646,754 | ||||||
|
|
|||||||
395,183,253 | ||||||||
Denmark — 2.8% | ||||||||
AP Moller - Maersk A/S, Class A |
10,339 | 27,697,922 | ||||||
AP Moller - Maersk A/S, Class B, NVS |
17,637 | 48,154,885 | ||||||
Carlsberg A/S, Class B |
331,447 | 42,869,981 | ||||||
Chr Hansen Holding A/S |
351,386 | 22,999,201 | ||||||
Coloplast A/S, Class B |
392,183 | 45,900,673 | ||||||
Danske Bank A/S |
2,278,282 | 31,860,174 | ||||||
Demant A/S(b) |
316,217 | 12,046,515 | ||||||
DSV A/S |
633,845 | 106,803,454 | ||||||
Genmab A/S(b) |
217,055 | 77,232,489 | ||||||
GN Store Nord A/S |
432,843 | 15,073,369 | ||||||
Novo Nordisk A/S, Class B |
5,559,019 | 647,479,807 | ||||||
Novozymes A/S, Class B |
678,169 | 43,321,614 | ||||||
Orsted A/S(c) |
624,494 | 72,701,487 | ||||||
Pandora A/S |
312,756 | 23,235,177 | ||||||
Rockwool A/S, Class B |
29,332 | 7,268,441 | ||||||
Tryg A/S |
1,197,416 | 27,302,693 | ||||||
Vestas Wind Systems A/S |
3,329,960 | 87,523,752 | ||||||
|
|
|||||||
1,339,471,634 | ||||||||
Finland — 1.2% | ||||||||
Elisa OYJ |
470,054 | 25,996,373 | ||||||
Fortum OYJ |
1,462,210 | 16,412,270 | ||||||
Kesko OYJ, Class B |
899,195 | 22,239,938 | ||||||
Kone OYJ, Class B |
1,123,199 | 51,331,802 | ||||||
Neste OYJ |
1,397,278 | 71,849,827 | ||||||
Nokia OYJ |
17,866,250 | 93,057,791 | ||||||
Nordea Bank Abp |
10,923,808 | 107,708,367 | ||||||
Orion OYJ, Class B |
350,055 | 16,710,747 | ||||||
Sampo OYJ, Class A |
1,646,934 | 71,152,048 | ||||||
Stora Enso OYJ, Class R |
1,814,449 | 28,061,702 | ||||||
UPM-Kymmene OYJ |
1,763,674 | 55,890,404 | ||||||
Wartsila OYJ Abp |
1,558,445 | 13,693,326 | ||||||
|
|
|||||||
574,104,595 | ||||||||
France — 11.1% | ||||||||
Accor SA(b) |
564,138 | 14,638,763 | ||||||
Aeroports de Paris(b) |
98,692 | 13,636,453 |
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Air Liquide SA |
1,726,050 | $ | 237,301,442 | |||||
Airbus SE |
1,946,268 | 209,849,895 | ||||||
Alstom SA(a) |
1,044,630 | 24,826,355 | ||||||
Amundi SA(c) |
202,819 | 11,012,018 | ||||||
ArcelorMittal SA |
2,012,337 | 49,652,269 | ||||||
Arkema SA |
195,650 | 18,535,010 | ||||||
AXA SA |
6,395,278 | 147,363,252 | ||||||
BioMerieux |
137,815 | 14,916,729 | ||||||
BNP Paribas SA |
3,667,305 | 173,270,219 | ||||||
Bollore SE |
2,938,416 | 14,835,648 | ||||||
Bouygues SA |
762,346 | 23,045,515 | ||||||
Bureau Veritas SA |
978,210 | 26,979,626 | ||||||
Capgemini SE |
540,025 | 103,002,655 | ||||||
Carrefour SA |
2,049,393 | 34,925,844 | ||||||
Cie Generale des Etablissements Michelin SCA |
2,237,019 | 62,602,001 | ||||||
Cie. de Saint-Gobain |
1,641,512 | 76,543,407 | ||||||
Covivio |
155,686 | 9,846,138 | ||||||
Credit Agricole SA |
4,111,755 | 37,885,008 | ||||||
Danone SA |
2,156,672 | 118,917,072 | ||||||
Dassault Aviation SA |
83,243 | 11,905,632 | ||||||
Dassault Systemes SE |
2,202,046 | 94,449,430 | ||||||
Edenred |
823,160 | 42,253,214 | ||||||
Eiffage SA |
277,060 | 25,999,028 | ||||||
Electricite de France SA(a) |
1,850,459 | 22,472,435 | ||||||
Engie SA |
6,022,624 | 74,513,939 | ||||||
EssilorLuxottica SA |
949,269 | 148,828,612 | ||||||
Eurazeo SE |
143,845 | 10,274,490 | ||||||
Eurofins Scientific SE |
443,049 | 34,539,376 | ||||||
Gecina SA |
151,255 | 15,508,265 | ||||||
Getlink SE |
1,448,556 | 28,991,869 | ||||||
Hermes International |
104,552 | 143,439,470 | ||||||
Ipsen SA |
125,475 | 12,692,692 | ||||||
Kering SA |
246,982 | 141,394,963 | ||||||
Klepierre SA |
709,427 | 15,763,500 | ||||||
La Francaise des Jeux SAEM(c) |
346,792 | 12,386,724 | ||||||
Legrand SA |
881,888 | 72,198,952 | ||||||
L’Oreal SA |
795,378 | 300,698,476 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
916,469 | 636,353,910 | ||||||
Orange SA |
6,587,262 | 67,311,485 | ||||||
Pernod Ricard SA |
691,607 | 135,862,282 | ||||||
Publicis Groupe SA |
757,952 | 40,334,674 | ||||||
Remy Cointreau SA |
76,131 | 15,040,227 | ||||||
Renault SA(b) |
636,924 | 18,830,260 | ||||||
Safran SA |
1,128,332 | 124,021,209 | ||||||
Sanofi |
3,754,147 | 373,062,803 | ||||||
Sartorius Stedim Biotech |
91,042 | 36,420,384 | ||||||
Schneider Electric SE |
1,784,572 | 246,813,140 | ||||||
SEB SA |
81,982 | 6,902,099 | ||||||
Societe Generale SA |
2,625,344 | 58,824,483 | ||||||
Sodexo SA |
291,268 | 23,666,569 | ||||||
Teleperformance |
193,905 | 64,842,011 | ||||||
Thales SA |
352,257 | 43,806,543 | ||||||
TotalEnergies SE |
8,184,599 | 418,047,659 | ||||||
Ubisoft Entertainment SA(b) |
309,070 | 13,158,472 | ||||||
Unibail-Rodamco-Westfield(b) |
387,862 | 22,024,641 | ||||||
Valeo |
678,809 | 14,580,834 | ||||||
Veolia Environnement SA |
2,194,440 | 54,884,790 | ||||||
Vinci SA |
1,761,500 | 168,855,173 | ||||||
Vivendi SE |
2,372,224 | 22,520,310 | ||||||
Wendel SE |
88,948 | 8,186,741 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Worldline SA/France(b)(c) |
784,842 | $ | 34,641,454 | |||||
|
|
|||||||
5,280,888,539 | ||||||||
Germany — 7.1% | ||||||||
adidas AG |
570,746 | 98,734,192 | ||||||
Allianz SE, Registered |
1,348,404 | 244,878,372 | ||||||
Aroundtown SA(a) |
3,312,332 | 10,622,763 | ||||||
BASF SE |
3,032,087 | 135,125,485 | ||||||
Bayer AG, Registered |
3,243,184 | 189,175,690 | ||||||
Bayerische Motoren Werke AG |
1,093,134 | 89,323,614 | ||||||
Bechtle AG |
269,629 | 12,471,382 | ||||||
Beiersdorf AG |
332,840 | 34,324,034 | ||||||
Brenntag SE |
510,169 | 35,836,867 | ||||||
Carl Zeiss Meditec AG, Bearer |
132,504 | 19,337,610 | ||||||
Commerzbank AG(b) |
3,504,532 | 24,009,998 | ||||||
Continental AG |
363,712 | 25,911,261 | ||||||
Covestro AG(c) |
636,048 | 21,450,960 | ||||||
Daimler Truck Holding AG(b) |
1,493,732 | 40,816,161 | ||||||
Delivery Hero SE(b)(c) |
539,819 | 26,044,298 | ||||||
Deutsche Bank AG, Registered |
6,827,604 | 59,720,723 | ||||||
Deutsche Boerse AG |
627,229 | 109,492,418 | ||||||
Deutsche
Lufthansa AG, |
1,967,873 | 12,113,936 | ||||||
Deutsche Post AG, Registered |
3,272,311 | 130,695,652 | ||||||
Deutsche Telekom AG, Registered |
10,699,863 | 203,286,428 | ||||||
E.ON SE |
7,415,449 | 66,658,211 | ||||||
Evonik Industries AG |
690,369 | 14,725,354 | ||||||
Fresenius Medical Care AG & Co. KGaA |
677,214 | 25,106,675 | ||||||
Fresenius SE & Co. KGaA |
1,382,299 | 35,371,588 | ||||||
GEA Group AG |
505,080 | 18,853,417 | ||||||
Hannover Rueck SE |
199,205 | 28,256,636 | ||||||
HeidelbergCement AG |
476,769 | 24,285,182 | ||||||
HelloFresh SE(b) |
547,151 | 15,123,104 | ||||||
Henkel AG & Co. KGaA |
343,694 | 21,671,554 | ||||||
Infineon Technologies AG |
4,311,115 | 118,230,024 | ||||||
KION Group AG |
239,472 | 10,922,943 | ||||||
Knorr-Bremse AG |
238,814 | 14,227,475 | ||||||
LEG Immobilien SE |
241,051 | 21,898,338 | ||||||
Mercedes-Benz Group AG |
2,648,815 | 156,211,167 | ||||||
Merck KGaA |
426,748 | 81,278,688 | ||||||
MTU Aero Engines AG |
176,531 | 34,125,802 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
462,495 | 104,850,388 | ||||||
Nemetschek SE |
190,123 | 12,728,081 | ||||||
Puma SE |
347,579 | 23,469,841 | ||||||
QIAGEN NV(b) |
762,045 | 38,191,236 | ||||||
Rational AG |
16,844 | 11,741,030 | ||||||
Rheinmetall AG |
143,404 | 26,297,005 | ||||||
RWE AG |
2,121,047 | 87,255,515 | ||||||
SAP SE |
3,447,214 | 321,530,983 | ||||||
Scout24 SE(c) |
264,032 | 15,094,308 | ||||||
Siemens AG, Registered |
2,525,423 | 281,695,686 | ||||||
Siemens Healthineers AG(c) |
930,366 | 47,675,328 | ||||||
Symrise AG |
438,035 | 51,112,378 | ||||||
Telefonica Deutschland Holding AG |
3,445,818 | 9,161,153 | ||||||
Uniper SE |
303,766 | 2,029,581 | ||||||
United Internet AG, Registered |
319,341 | 8,411,815 | ||||||
Volkswagen AG |
97,737 | 19,358,533 | ||||||
Vonovia SE |
2,308,201 | 76,908,778 | ||||||
Zalando SE(a)(b)(c) |
733,248 | 20,643,218 | ||||||
|
|
|||||||
3,368,472,859 |
58 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hong Kong — 3.0% | ||||||||
AIA Group Ltd. |
39,935,800 | $ | 401,220,746 | |||||
BOC Hong Kong Holdings Ltd. |
12,216,000 | 44,189,115 | ||||||
Budweiser Brewing Co. APAC Ltd.(c) |
5,720,000 | 15,838,308 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
6,584,400 | 13,022,347 | ||||||
CK Asset Holdings Ltd. |
6,611,684 | 46,808,919 | ||||||
CK Hutchison Holdings Ltd. |
8,866,684 | 58,815,169 | ||||||
CK Infrastructure Holdings Ltd. |
2,073,792 | 13,004,280 | ||||||
CLP Holdings Ltd. |
5,421,000 | 45,967,747 | ||||||
ESR Group Ltd.(b)(c) |
6,635,200 | 17,254,347 | ||||||
Futu Holdings Ltd., ADR(b) |
198,254 | 8,247,366 | ||||||
Galaxy Entertainment Group Ltd. |
7,196,000 | 42,809,527 | ||||||
Hang Lung Properties Ltd. |
6,740,000 | 12,297,091 | ||||||
Hang Seng Bank Ltd. |
2,524,600 | 40,723,351 | ||||||
Henderson Land Development Co. Ltd. |
4,781,764 | 16,646,016 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS |
8,727,000 | 7,893,311 | ||||||
HKT Trust & HKT Ltd., Class SS |
12,545,440 | 17,577,606 | ||||||
Hong Kong & China Gas Co. Ltd.(a) |
36,952,513 | 39,026,738 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
3,971,500 | 182,253,859 | ||||||
Hongkong Land Holdings Ltd.(a) |
3,778,500 | 19,640,870 | ||||||
Jardine Matheson Holdings Ltd. |
707,200 | 37,351,344 | ||||||
Link REIT |
6,971,758 | 58,383,796 | ||||||
MTR Corp. Ltd. |
5,097,500 | 26,993,834 | ||||||
New World Development Co. Ltd. |
4,971,033 | 16,622,622 | ||||||
Power Assets Holdings Ltd. |
4,567,000 | 29,903,550 | ||||||
Sands China Ltd.(b) |
8,036,800 | 18,850,635 | ||||||
Sino Land Co. Ltd. |
11,300,000 | 16,789,958 | ||||||
SITC International Holdings Co. Ltd. |
4,415,000 | 15,032,746 | ||||||
Sun Hung Kai Properties Ltd. |
4,787,000 | 57,143,044 | ||||||
Swire Pacific Ltd., Class A |
1,639,000 | 9,334,302 | ||||||
Swire Properties Ltd. |
3,851,855 | 9,177,929 | ||||||
Techtronic Industries Co. Ltd. |
4,539,033 | 50,367,929 | ||||||
WH Group Ltd.(c) |
27,455,500 | 20,793,063 | ||||||
Wharf Real Estate Investment Co. Ltd. |
5,519,912 | 24,570,272 | ||||||
Xinyi Glass Holdings Ltd. |
5,954,000 | 11,743,271 | ||||||
|
|
|||||||
1,446,295,008 | ||||||||
Ireland — 0.7% | ||||||||
CRH PLC |
2,529,019 | 97,048,931 | ||||||
Flutter Entertainment PLC, Class DI(b) |
551,310 | 55,351,198 | ||||||
James Hardie Industries PLC |
1,470,559 | 36,317,964 | ||||||
Kerry Group PLC, Class A |
526,033 | 55,523,369 | ||||||
Kingspan Group PLC |
507,560 | 32,853,382 | ||||||
Smurfit Kappa Group PLC |
810,145 | 29,365,648 | ||||||
|
|
|||||||
306,460,492 | ||||||||
Israel — 0.8% | ||||||||
Azrieli Group Ltd. |
140,257 | 11,242,572 | ||||||
Bank Hapoalim BM |
4,065,466 | 37,890,159 | ||||||
Bank Leumi Le-Israel BM |
5,096,418 | 49,555,575 | ||||||
Check Point Software Technologies Ltd.(b) |
340,796 | 42,463,182 | ||||||
CyberArk Software Ltd.(a)(b) |
132,328 | 17,219,843 | ||||||
Elbit Systems Ltd. |
88,303 | 20,374,449 | ||||||
ICL Group Ltd. |
2,350,918 | 21,422,544 | ||||||
Isracard Ltd. |
1 | 3 | ||||||
Israel Discount Bank Ltd., Class A |
4,072,456 | 23,155,409 | ||||||
Kornit Digital Ltd.(b) |
162,362 | 4,417,870 | ||||||
Mizrahi Tefahot Bank Ltd. |
512,795 | 19,063,687 | ||||||
Nice Ltd.(b) |
208,377 | 44,487,928 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b) |
3,660,591 | 34,336,344 | ||||||
Tower Semiconductor Ltd.(b) |
363,462 | 17,325,483 |
Security | Shares | Value | ||||||
Israel (continued) | ||||||||
Wix.com Ltd.(b) |
189,584 | $ | 11,248,019 | |||||
ZIM Integrated Shipping Services Ltd. |
276,106 | 13,755,601 | ||||||
|
|
|||||||
367,958,668 | ||||||||
Italy — 2.0% | ||||||||
Amplifon SpA |
409,921 | 13,555,321 | ||||||
Assicurazioni Generali SpA |
3,656,399 | 54,661,866 | ||||||
Atlantia SpA |
1,635,650 | 37,800,912 | ||||||
DiaSorin SpA |
84,012 | 11,681,233 | ||||||
Enel SpA |
26,819,078 | 135,202,059 | ||||||
Eni SpA |
8,331,968 | 100,155,079 | ||||||
Ferrari NV |
416,177 | 88,380,277 | ||||||
FinecoBank Banca Fineco SpA |
2,021,994 | 25,129,268 | ||||||
Infrastrutture Wireless Italiane SpA(c) |
1,106,401 | 11,626,475 | ||||||
Intesa Sanpaolo SpA |
54,522,368 | 96,821,273 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
2,004,903 | 17,195,471 | ||||||
Moncler SpA |
678,223 | 33,998,551 | ||||||
Nexi SpA(b)(c) |
1,725,351 | 15,669,707 | ||||||
Poste Italiane SpA(c) |
1,719,976 | 14,448,337 | ||||||
Prysmian SpA |
842,455 | 26,787,453 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
344,238 | 15,266,712 | ||||||
Snam SpA |
6,658,189 | 33,407,678 | ||||||
Stellantis NV |
7,239,461 | 103,960,485 | ||||||
Telecom Italia SpA/Milano(a)(b) |
32,803,722 | 7,277,814 | ||||||
Tenaris SA |
1,554,613 | 21,755,306 | ||||||
Terna - Rete Elettrica Nazionale |
4,644,982 | 35,561,069 | ||||||
UniCredit SpA |
6,984,527 | 69,074,779 | ||||||
|
|
|||||||
969,417,125 | ||||||||
Japan — 22.3% | ||||||||
Advantest Corp. |
625,900 | 37,226,642 | ||||||
Aeon Co. Ltd. |
2,158,800 | 43,536,333 | ||||||
AGC Inc.(a) |
636,500 | 23,202,478 | ||||||
Aisin Corp. |
485,100 | 14,406,782 | ||||||
Ajinomoto Co. Inc. |
1,540,900 | 40,550,289 | ||||||
ANA Holdings Inc.(b) |
528,700 | 9,870,128 | ||||||
Asahi Group Holdings Ltd. |
1,505,300 | 52,333,772 | ||||||
Asahi Intecc Co. Ltd. |
721,300 | 13,344,067 | ||||||
Asahi Kasei Corp. |
4,143,300 | 33,239,226 | ||||||
Astellas Pharma Inc. |
6,146,150 | 96,257,219 | ||||||
Azbil Corp. |
382,400 | 11,511,441 | ||||||
Bandai Namco Holdings Inc. |
659,300 | 51,506,100 | ||||||
Bridgestone Corp. |
1,885,600 | 73,549,439 | ||||||
Brother Industries Ltd. |
776,900 | 14,552,449 | ||||||
Canon Inc. |
3,302,900 | 78,139,410 | ||||||
Capcom Co. Ltd. |
579,700 | 16,114,228 | ||||||
Central Japan Railway Co. |
475,600 | 55,691,273 | ||||||
Chiba Bank Ltd. (The) |
1,754,200 | 9,730,293 | ||||||
Chubu Electric Power Co. Inc. |
2,121,100 | 22,626,645 | ||||||
Chugai Pharmaceutical Co. Ltd. |
2,214,900 | 62,222,709 | ||||||
Concordia Financial Group Ltd. |
3,624,100 | 12,329,180 | ||||||
CyberAgent Inc. |
1,417,400 | 14,143,383 | ||||||
Dai Nippon Printing Co. Ltd. |
736,000 | 16,241,553 | ||||||
Daifuku Co. Ltd. |
335,300 | 21,380,916 | ||||||
Dai-ichi Life Holdings Inc. |
3,320,252 | 57,755,377 | ||||||
Daiichi Sankyo Co. Ltd. |
5,784,785 | 153,381,856 | ||||||
Daikin Industries Ltd.(a) |
822,500 | 144,248,593 | ||||||
Daito Trust Construction Co. Ltd. |
204,200 | 19,358,682 | ||||||
Daiwa House Industry Co. Ltd. |
1,978,400 | 48,882,444 | ||||||
Daiwa House REIT Investment Corp. |
7,256 | 17,463,706 | ||||||
Daiwa Securities Group Inc. |
4,497,800 | 20,762,855 |
S C H E D U L E O F I N V E S T M E N T S |
59 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Denso Corp. |
1,431,000 | $ | 78,268,633 | |||||
Dentsu Group Inc. |
712,100 | 24,874,759 | ||||||
Disco Corp. |
95,100 | 23,235,754 | ||||||
East Japan Railway Co. |
997,400 | 52,071,225 | ||||||
Eisai Co. Ltd. |
832,400 | 38,119,618 | ||||||
ENEOS Holdings Inc. |
10,129,650 | 39,185,560 | ||||||
FANUC Corp. |
633,200 | 109,201,965 | ||||||
Fast Retailing Co. Ltd. |
192,600 | 116,636,690 | ||||||
Fuji Electric Co. Ltd. |
420,400 | 18,987,737 | ||||||
FUJIFILM Holdings Corp. |
1,189,800 | 67,963,782 | ||||||
Fujitsu Ltd. |
649,200 | 87,033,275 | ||||||
GLP J-Reit |
14,044 | 18,470,022 | ||||||
GMO Payment Gateway Inc. |
139,400 | 11,584,546 | ||||||
Hakuhodo DY Holdings Inc. |
775,420 | 7,975,697 | ||||||
Hamamatsu Photonics KK |
461,900 | 20,989,139 | ||||||
Hankyu Hanshin Holdings Inc. |
757,200 | 21,963,893 | ||||||
Hikari Tsushin Inc. |
67,500 | 7,437,704 | ||||||
Hirose Electric Co. Ltd. |
100,548 | 14,445,273 | ||||||
Hitachi Construction Machinery Co. Ltd. |
356,800 | 7,871,673 | ||||||
Hitachi Ltd. |
3,196,300 | 161,822,420 | ||||||
Hitachi Metals Ltd.(b) |
706,000 | 10,856,058 | ||||||
Honda Motor Co. Ltd. |
5,381,900 | 137,922,907 | ||||||
Hoshizaki Corp. |
360,200 | 10,745,491 | ||||||
Hoya Corp. |
1,220,500 | 122,283,890 | ||||||
Hulic Co. Ltd. |
1,272,800 | 10,207,970 | ||||||
Ibiden Co. Ltd. |
371,000 | 10,948,781 | ||||||
Idemitsu Kosan Co. Ltd. |
690,583 | 17,958,474 | ||||||
Iida Group Holdings Co. Ltd. |
489,180 | 8,009,057 | ||||||
Inpex Corp. |
3,432,943 | 39,347,612 | ||||||
Isuzu Motors Ltd. |
1,928,900 | 21,157,334 | ||||||
Ito En Ltd. |
178,300 | 8,401,728 | ||||||
ITOCHU Corp. |
3,924,000 | 114,226,309 | ||||||
Itochu Techno-Solutions Corp. |
318,800 | 8,543,742 | ||||||
Japan Airlines Co. Ltd.(b) |
476,700 | 8,257,974 | ||||||
Japan Exchange Group Inc. |
1,659,700 | 26,390,443 | ||||||
Japan Metropolitan Fund Invest |
23,168 | 18,879,390 | ||||||
Japan Post Bank Co. Ltd.(a) |
1,367,600 | 10,940,334 | ||||||
Japan Post Holdings Co. Ltd. |
8,090,900 | 58,253,113 | ||||||
Japan Post Insurance Co. Ltd. |
661,600 | 10,696,652 | ||||||
Japan Real Estate Investment Corp. |
4,126 | 19,924,295 | ||||||
Japan Tobacco Inc. |
3,962,700 | 71,152,701 | ||||||
JFE Holdings Inc. |
1,618,275 | 18,245,804 | ||||||
JSR Corp. |
595,600 | 16,496,896 | ||||||
Kajima Corp. |
1,392,300 | 15,894,081 | ||||||
Kakaku.com Inc. |
439,300 | 8,604,410 | ||||||
Kansai Electric Power Co. Inc. (The) |
2,317,900 | 23,500,557 | ||||||
Kao Corp. |
1,568,800 | 68,234,004 | ||||||
KDDI Corp. |
5,324,600 | 170,719,020 | ||||||
Keio Corp. |
338,600 | 12,965,026 | ||||||
Keisei Electric Railway Co. Ltd. |
454,800 | 12,469,175 | ||||||
Keyence Corp. |
642,292 | 254,567,359 | ||||||
Kikkoman Corp. |
480,600 | 28,497,038 | ||||||
Kintetsu Group Holdings Co. Ltd. |
564,900 | 18,668,216 | ||||||
Kirin Holdings Co. Ltd. |
2,714,400 | 44,647,401 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
176,700 | 11,771,735 | ||||||
Kobe Bussan Co. Ltd. |
495,400 | 14,121,452 | ||||||
Koei Tecmo Holdings Co. Ltd. |
194,300 | 6,783,079 | ||||||
Koito Manufacturing Co. Ltd. |
344,100 | 11,311,149 | ||||||
Komatsu Ltd. |
3,053,000 | 70,580,388 | ||||||
Konami Group Corp. |
307,100 | 18,151,277 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Kose Corp. |
109,700 | $ | 9,792,029 | |||||
Kubota Corp. |
3,365,200 | 55,873,557 | ||||||
Kurita Water Industries Ltd. |
344,300 | 13,964,654 | ||||||
Kyocera Corp. |
1,058,600 | 58,846,374 | ||||||
Kyowa Kirin Co. Ltd. |
893,300 | 21,059,749 | ||||||
Lasertec Corp. |
249,200 | 35,677,978 | ||||||
Lixil Corp. |
985,180 | 20,388,532 | ||||||
M3 Inc. |
1,456,000 | 50,726,909 | ||||||
Makita Corp. |
741,600 | 18,123,557 | ||||||
Marubeni Corp. |
5,162,000 | 48,018,298 | ||||||
Mazda Motor Corp. |
1,872,000 | 15,780,155 | ||||||
McDonald’s Holdings Co. Japan Ltd. |
288,000 | 10,810,205 | ||||||
MEIJI Holdings Co. Ltd. |
379,004 | 19,787,801 | ||||||
MINEBEA MITSUMI Inc. |
1,201,100 | 21,605,535 | ||||||
MISUMI Group Inc. |
940,900 | 23,407,993 | ||||||
Mitsubishi Chemical Group Corp. |
4,215,100 | 23,703,727 | ||||||
Mitsubishi Corp. |
4,169,000 | 123,899,665 | ||||||
Mitsubishi Electric Corp. |
6,381,500 | 67,351,796 | ||||||
Mitsubishi Estate Co. Ltd. |
3,900,800 | 57,933,149 | ||||||
Mitsubishi HC Capital Inc. |
2,185,800 | 10,592,170 | ||||||
Mitsubishi Heavy Industries Ltd. |
1,058,000 | 39,286,143 | ||||||
Mitsubishi UFJ Financial Group Inc. |
39,461,980 | 222,348,200 | ||||||
Mitsui & Co. Ltd. |
4,608,500 | 101,673,938 | ||||||
Mitsui Chemicals Inc. |
606,400 | 12,773,351 | ||||||
Mitsui Fudosan Co. Ltd. |
3,010,400 | 67,280,673 | ||||||
Mitsui OSK Lines Ltd. |
1,136,400 | 31,161,114 | ||||||
Mizuho Financial Group Inc. |
7,963,416 | 94,974,673 | ||||||
MonotaRO Co. Ltd. |
825,200 | 14,734,221 | ||||||
MS&AD Insurance Group Holdings Inc. |
1,469,088 | 47,644,488 | ||||||
Murata Manufacturing Co. Ltd. |
1,896,400 | 110,770,042 | ||||||
NEC Corp. |
811,000 | 29,937,603 | ||||||
Nexon Co. Ltd. |
1,632,400 | 37,058,912 | ||||||
NGK Insulators Ltd. |
783,200 | 11,455,259 | ||||||
Nidec Corp. |
1,476,300 | 102,594,060 | ||||||
Nihon M&A Center Holdings Inc. |
997,200 | 13,344,566 | ||||||
Nintendo Co. Ltd.(a) |
364,400 | 162,949,859 | ||||||
Nippon Building Fund Inc. |
5,048 | 26,778,362 | ||||||
Nippon Express Holdings Inc. |
255,000 | 15,237,627 | ||||||
Nippon Paint Holdings Co. Ltd. |
2,731,400 | 20,879,296 | ||||||
Nippon Prologis REIT Inc. |
7,033 | 18,289,358 | ||||||
Nippon Sanso Holdings Corp. |
570,300 | 9,616,785 | ||||||
Nippon Shinyaku Co. Ltd. |
162,800 | 10,075,949 | ||||||
Nippon Steel Corp. |
2,666,435 | 39,677,164 | ||||||
Nippon Telegraph & Telephone Corp. |
3,945,800 | 112,713,034 | ||||||
Nippon Yusen KK |
533,400 | 41,899,270 | ||||||
Nissan Chemical Corp. |
425,800 | 21,772,485 | ||||||
Nissan Motor Co. Ltd. |
7,668,900 | 29,163,760 | ||||||
Nisshin Seifun Group Inc. |
653,897 | 8,049,108 | ||||||
Nissin Foods Holdings Co. Ltd. |
205,900 | 14,912,529 | ||||||
Nitori Holdings Co. Ltd. |
264,800 | 28,015,462 | ||||||
Nitto Denko Corp. |
470,000 | 30,265,774 | ||||||
Nomura Holdings Inc. |
9,607,600 | 36,657,907 | ||||||
Nomura Real Estate Holdings Inc. |
390,600 | 9,475,707 | ||||||
Nomura Real Estate Master Fund Inc. |
14,068 | 17,624,252 | ||||||
Nomura Research Institute Ltd. |
1,109,471 | 33,333,280 | ||||||
NTT Data Corp. |
2,084,855 | 31,554,280 | ||||||
Obayashi Corp. |
2,137,800 | 15,722,314 | ||||||
Obic Co. Ltd. |
230,200 | 36,801,989 | ||||||
Odakyu Electric Railway Co. Ltd. |
978,900 | 14,039,789 | ||||||
Oji Holdings Corp. |
2,671,600 | 11,138,313 |
60 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Olympus Corp. |
4,075,200 | $ | 87,218,063 | |||||
Omron Corp. |
613,100 | 34,289,453 | ||||||
Ono Pharmaceutical Co. Ltd. |
1,221,600 | 34,350,046 | ||||||
Open House Group Co. Ltd. |
271,300 | 11,835,519 | ||||||
Oracle Corp. Japan |
127,800 | 7,970,656 | ||||||
Oriental Land Co. Ltd./Japan |
660,400 | 100,267,674 | ||||||
ORIX Corp. |
3,947,500 | 70,351,632 | ||||||
Osaka Gas Co. Ltd. |
1,234,600 | 22,195,758 | ||||||
Otsuka Corp. |
375,300 | 11,703,987 | ||||||
Otsuka Holdings Co. Ltd. |
1,288,400 | 46,025,449 | ||||||
Pan Pacific International Holdings Corp. |
1,253,000 | 19,509,799 | ||||||
Panasonic Holdings Corp. |
7,295,268 | 60,230,720 | ||||||
Persol Holdings Co. Ltd. |
584,500 | 12,100,189 | ||||||
Rakuten Group Inc. |
2,864,600 | 14,201,361 | ||||||
Recruit Holdings Co. Ltd. |
4,758,900 | 177,854,519 | ||||||
Renesas Electronics Corp.(b) |
3,849,900 | 36,669,711 | ||||||
Resona Holdings Inc. |
7,140,500 | 27,749,746 | ||||||
Ricoh Co. Ltd. |
1,888,800 | 15,191,732 | ||||||
Rohm Co. Ltd. |
289,700 | 21,498,813 | ||||||
SBI Holdings Inc/Japan |
812,080 | 16,475,014 | ||||||
SCSK Corp. |
517,700 | 9,116,824 | ||||||
Secom Co. Ltd. |
693,000 | 46,285,516 | ||||||
Seiko Epson Corp. |
921,000 | 13,835,882 | ||||||
Sekisui Chemical Co. Ltd. |
1,241,800 | 17,471,456 | ||||||
Sekisui House Ltd. |
2,034,500 | 36,033,834 | ||||||
Seven & i Holdings Co. Ltd. |
2,487,380 | 101,386,125 | ||||||
SG Holdings Co. Ltd. |
948,700 | 18,105,496 | ||||||
Sharp Corp./Japan(a) |
804,600 | 6,476,225 | ||||||
Shimadzu Corp. |
783,000 | 27,858,300 | ||||||
Shimano Inc. |
243,500 | 40,675,752 | ||||||
Shimizu Corp. |
1,826,800 | 10,355,474 | ||||||
Shin-Etsu Chemical Co. Ltd. |
1,237,900 | 158,567,849 | ||||||
Shionogi & Co. Ltd. |
874,000 | 44,828,723 | ||||||
Shiseido Co. Ltd. |
1,319,500 | 54,275,279 | ||||||
Shizuoka Bank Ltd. (The) |
1,488,400 | 9,006,928 | ||||||
SMC Corp. |
189,100 | 93,195,338 | ||||||
SoftBank Corp. |
9,482,000 | 109,633,269 | ||||||
SoftBank Group Corp. |
3,981,500 | 167,249,972 | ||||||
Sompo Holdings Inc. |
1,032,550 | 46,083,952 | ||||||
Sony Group Corp. |
4,163,100 | 353,147,067 | ||||||
Square Enix Holdings Co. Ltd. |
282,400 | 13,103,301 | ||||||
Subaru Corp. |
2,031,400 | 35,348,198 | ||||||
SUMCO Corp. |
1,152,800 | 16,130,808 | ||||||
Sumitomo Chemical Co. Ltd. |
4,905,000 | 19,276,306 | ||||||
Sumitomo Corp. |
3,722,600 | 52,339,577 | ||||||
Sumitomo Electric Industries Ltd. |
2,361,800 | 26,331,206 | ||||||
Sumitomo Metal Mining Co. Ltd. |
817,100 | 25,692,732 | ||||||
Sumitomo Mitsui Financial Group Inc. |
4,310,200 | 135,219,983 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
1,115,160 | 36,632,165 | ||||||
Sumitomo Realty & Development Co. Ltd. |
1,022,700 | 28,239,878 | ||||||
Suntory Beverage & Food Ltd. |
457,800 | 18,063,616 | ||||||
Suzuki Motor Corp. |
1,215,900 | 39,856,387 | ||||||
Sysmex Corp. |
553,900 | 38,779,550 | ||||||
T&D Holdings Inc. |
1,745,200 | 19,752,241 | ||||||
Taisei Corp. |
628,300 | 20,047,044 | ||||||
Takeda Pharmaceutical Co. Ltd. |
4,962,210 | 145,592,193 | ||||||
TDK Corp. |
1,283,100 | 40,410,782 | ||||||
Terumo Corp.(a) |
2,132,200 | 72,800,965 | ||||||
TIS Inc. |
748,100 | 21,211,719 | ||||||
Tobu Railway Co. Ltd. |
621,700 | 14,762,193 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Toho Co. Ltd./Tokyo |
368,400 | $ | 14,629,438 | |||||
Tokio Marine Holdings Inc. |
2,072,300 | 121,312,275 | ||||||
Tokyo Electric Power Co. Holdings Inc.(b) |
5,026,100 | 19,779,534 | ||||||
Tokyo Electron Ltd. |
493,000 | 169,687,368 | ||||||
Tokyo Gas Co. Ltd. |
1,312,100 | 25,770,834 | ||||||
Tokyu Corp. |
1,757,200 | 21,546,042 | ||||||
Toppan Inc. |
863,500 | 14,692,842 | ||||||
Toray Industries Inc. |
4,583,400 | 25,104,828 | ||||||
Toshiba Corp. |
1,285,400 | 52,145,495 | ||||||
Tosoh Corp. |
856,200 | 11,160,736 | ||||||
TOTO Ltd. |
469,600 | 15,995,447 | ||||||
Toyota Industries Corp. |
484,400 | 29,494,850 | ||||||
Toyota Motor Corp. |
35,008,420 | 568,222,499 | ||||||
Toyota Tsusho Corp. |
699,400 | 23,870,129 | ||||||
Trend Micro Inc/Japan |
440,200 | 25,581,873 | ||||||
Unicharm Corp. |
1,331,500 | 48,229,909 | ||||||
USS Co. Ltd. |
721,880 | 14,165,102 | ||||||
Welcia Holdings Co. Ltd. |
313,600 | 7,004,225 | ||||||
West Japan Railway Co. |
725,900 | 26,662,826 | ||||||
Yakult Honsha Co. Ltd. |
424,100 | 25,827,472 | ||||||
Yamaha Corp. |
462,500 | 19,727,498 | ||||||
Yamaha Motor Co. Ltd. |
980,000 | 18,930,787 | ||||||
Yamato Holdings Co. Ltd. |
959,400 | 16,788,540 | ||||||
Yaskawa Electric Corp. |
793,400 | 27,787,956 | ||||||
Yokogawa Electric Corp. |
751,700 | 13,330,099 | ||||||
Z Holdings Corp. |
8,786,222 | 31,052,604 | ||||||
ZOZO Inc. |
413,100 | 8,923,656 | ||||||
|
|
|||||||
10,634,350,694 | ||||||||
Malta — 0.0% | ||||||||
BGP Holdings PLC, NVS(b)(d) |
33,026,812 | 338 | ||||||
|
|
|||||||
Netherlands — 4.5% | ||||||||
ABN AMRO Bank NV, CVA(c) |
1,392,589 | 14,201,474 | ||||||
Adyen NV(b)(c) |
71,537 | 128,678,740 | ||||||
Aegon NV |
5,919,361 | 25,999,044 | ||||||
AerCap Holdings NV(b) |
443,401 | 19,890,969 | ||||||
Akzo Nobel NV |
599,530 | 40,348,658 | ||||||
Argenx SE(b) |
159,742 | 58,353,977 | ||||||
ASM International NV |
154,673 | 47,511,159 | ||||||
ASML Holding NV |
1,341,856 | 771,242,306 | ||||||
Davide Campari-Milano NV |
1,720,885 | 19,105,025 | ||||||
Euronext NV(c) |
283,392 | 23,090,373 | ||||||
EXOR NV |
357,036 | 25,111,207 | ||||||
Heineken Holding NV |
331,886 | 26,225,219 | ||||||
Heineken NV |
855,815 | 84,372,067 | ||||||
IMCD NV |
188,358 | 30,165,322 | ||||||
ING Groep NV |
12,888,124 | 125,192,969 | ||||||
JDE Peet’s NV |
332,455 | 9,641,992 | ||||||
Just Eat Takeaway.com NV(b)(c) |
601,578 | 11,026,477 | ||||||
Koninklijke Ahold Delhaize NV |
3,452,153 | 95,067,890 | ||||||
Koninklijke DSM NV |
577,041 | 92,412,570 | ||||||
Koninklijke KPN NV |
10,902,900 | 35,968,563 | ||||||
Koninklijke Philips NV |
2,914,589 | 60,321,059 | ||||||
NN Group NV |
944,059 | 44,297,508 | ||||||
OCI NV |
351,059 | 12,187,588 | ||||||
Prosus NV, Class N |
2,738,210 | 178,627,098 | ||||||
Randstad NV |
393,657 | 19,896,598 | ||||||
Universal Music Group NV |
2,397,609 | 54,273,471 | ||||||
Wolters Kluwer NV |
866,673 | 94,122,648 | ||||||
|
|
|||||||
2,147,331,971 |
S C H E D U L E O F I N V E S T M E N T S |
61 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd.(b) |
4,121,087 | $ | 19,351,364 | |||||
Fisher & Paykel Healthcare Corp. Ltd. |
1,899,986 | 25,407,798 | ||||||
Mercury NZ Ltd. |
2,283,144 | 8,732,834 | ||||||
Meridian Energy Ltd. |
4,238,831 | 13,302,487 | ||||||
Spark New Zealand Ltd. |
6,154,466 | 19,790,147 | ||||||
Xero Ltd.(b) |
444,920 | 29,310,746 | ||||||
|
|
|||||||
115,895,376 | ||||||||
Norway — 0.8% | ||||||||
Adevinta ASA(b) |
969,025 | 7,368,811 | ||||||
Aker BP ASA |
1,041,563 | 36,190,511 | ||||||
DNB Bank ASA |
3,070,845 | 60,574,776 | ||||||
Equinor ASA |
3,226,289 | 124,224,654 | ||||||
Gjensidige Forsikring ASA |
658,435 | 13,771,663 | ||||||
Kongsberg Gruppen ASA |
294,375 | 10,847,345 | ||||||
Mowi ASA |
1,361,936 | 31,426,792 | ||||||
Norsk Hydro ASA |
4,427,476 | 29,997,170 | ||||||
Orkla ASA |
2,472,663 | 21,344,698 | ||||||
Salmar ASA |
193,909 | 13,889,452 | ||||||
Telenor ASA |
2,311,212 | 28,067,700 | ||||||
Yara International ASA |
550,457 | 23,459,017 | ||||||
|
|
|||||||
401,162,589 | ||||||||
Portugal — 0.2% | ||||||||
EDP - Energias de Portugal SA |
9,164,070 | 46,360,139 | ||||||
Galp Energia SGPS SA |
1,650,239 | 17,419,228 | ||||||
Jeronimo Martins SGPS SA |
932,284 | 21,579,527 | ||||||
|
|
|||||||
85,358,894 | ||||||||
Singapore — 1.5% | ||||||||
Ascendas Real Estate Investment Trust |
11,105,700 | 23,904,557 | ||||||
CapitaLand Integrated Commercial Trust |
17,616,525 | 27,829,174 | ||||||
Capitaland Investment Ltd/Singapore |
8,602,200 | 24,476,080 | ||||||
City Developments Ltd. |
1,350,400 | 7,586,863 | ||||||
DBS Group Holdings Ltd. |
5,979,600 | 136,444,585 | ||||||
Genting Singapore Ltd. |
20,137,200 | 11,760,889 | ||||||
Grab Holdings Ltd., Class A(a)(b) |
3,623,843 | 10,690,337 | ||||||
Keppel Corp. Ltd. |
4,816,000 | 24,061,617 | ||||||
Mapletree Commercial Trust |
7,470,800 | 10,290,819 | ||||||
Mapletree Logistics Trust |
10,925,928 | 13,944,684 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
11,178,098 | 94,730,998 | ||||||
Sea Ltd., ADR(a)(b) |
1,183,638 | 90,335,252 | ||||||
Singapore Airlines Ltd.(b) |
4,438,900 | 17,560,952 | ||||||
Singapore Exchange Ltd. |
2,654,800 | 19,031,176 | ||||||
Singapore Technologies Engineering Ltd. |
5,185,800 | 15,120,545 | ||||||
Singapore Telecommunications Ltd. |
27,259,085 | 51,548,915 | ||||||
United Overseas Bank Ltd. |
3,891,400 | 77,638,619 | ||||||
UOL Group Ltd. |
1,540,900 | 8,325,295 | ||||||
Venture Corp. Ltd. |
921,800 | 11,743,933 | ||||||
Wilmar International Ltd. |
6,359,300 | 18,530,404 | ||||||
|
|
|||||||
695,555,694 | ||||||||
Spain — 2.4% | ||||||||
Acciona SA |
81,269 | 16,722,761 | ||||||
ACS Actividades de Construccion y Servicios SA |
776,069 | 18,654,879 | ||||||
Aena SME SA(b)(c) |
246,913 | 31,231,937 | ||||||
Amadeus IT Group SA(b) |
1,485,487 | 86,619,046 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
22,012,067 | 99,751,407 | ||||||
Banco Santander SA |
57,245,029 | 143,219,641 | ||||||
CaixaBank SA |
14,635,421 | 43,946,276 | ||||||
Cellnex Telecom SA(c) |
1,792,025 | 80,155,635 | ||||||
EDP Renovaveis SA |
948,698 | 24,674,952 | ||||||
Enagas SA |
820,886 | 16,203,186 |
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Endesa SA |
1,045,679 | $ | 19,166,690 | |||||
Ferrovial SA |
1,592,246 | 42,637,358 | ||||||
Grifols SA(a) |
982,025 | 14,329,338 | ||||||
Iberdrola SA |
19,126,549 | 204,242,345 | ||||||
Iberdrola SA, NVS |
531,293 | 5,663,571 | ||||||
Industria de Diseno Textil SA |
3,596,920 | 87,358,233 | ||||||
Naturgy Energy Group SA |
478,821 | 14,044,819 | ||||||
Red Electrica Corp. SA |
1,403,443 | 27,592,227 | ||||||
Repsol SA |
4,784,648 | 59,608,362 | ||||||
Siemens Gamesa Renewable Energy SA(b) |
784,855 | 14,440,749 | ||||||
Telefonica SA |
17,723,918 | 79,114,087 | ||||||
|
|
|||||||
1,129,377,499 | ||||||||
Sweden — 3.4% | ||||||||
Alfa Laval AB |
966,646 | 28,904,465 | ||||||
Assa Abloy AB, Class B |
3,309,829 | 78,198,089 | ||||||
Atlas Copco AB, Class A |
8,868,342 | 103,665,237 | ||||||
Atlas Copco AB, Class B |
5,150,019 | 53,496,791 | ||||||
Boliden AB |
903,945 | 30,208,818 | ||||||
Electrolux AB, Class B(a) |
742,536 | 10,710,206 | ||||||
Embracer Group AB(a)(b) |
2,103,035 | 16,026,228 | ||||||
Epiroc AB, Class A |
2,175,756 | 38,471,031 | ||||||
Epiroc AB, Class B |
1,283,858 | 20,392,262 | ||||||
EQT AB |
978,472 | 26,558,953 | ||||||
Essity AB, Class B |
2,008,758 | 51,133,087 | ||||||
Evolution AB(c) |
602,985 | 58,508,105 | ||||||
Fastighets AB Balder, Class B(b) |
2,092,716 | 13,368,425 | ||||||
Getinge AB, Class B |
753,041 | 16,993,061 | ||||||
H & M Hennes & Mauritz AB, Class B |
2,412,866 | 30,871,506 | ||||||
Hexagon AB, Class B |
6,428,315 | 75,690,467 | ||||||
Holmen AB, Class B |
308,848 | 12,691,160 | ||||||
Husqvarna AB, Class B |
1,392,315 | 11,096,377 | ||||||
Industrivarden AB, Class A |
434,827 | 11,345,521 | ||||||
Industrivarden AB, Class C |
506,975 | 13,080,081 | ||||||
Indutrade AB |
899,228 | 21,135,053 | ||||||
Investment AB Latour, Class B |
487,415 | 12,127,531 | ||||||
Investor AB, Class A |
1,647,502 | 33,873,090 | ||||||
Investor AB, Class B |
6,014,586 | 112,242,516 | ||||||
Kinnevik AB, Class B(b) |
797,212 | 14,359,280 | ||||||
L E Lundbergforetagen AB, Class B |
250,205 | 11,874,600 | ||||||
Lifco AB, Class B |
773,529 | 15,057,512 | ||||||
Nibe Industrier AB, Class B |
5,002,964 | 50,400,384 | ||||||
Sagax AB, Class B |
626,611 | 16,149,078 | ||||||
Sandvik AB |
3,515,957 | 64,785,654 | ||||||
Securitas AB, Class B |
1,030,861 | 10,424,394 | ||||||
Sinch AB(a)(b)(c) |
1,838,999 | 4,662,566 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
5,378,277 | 58,265,170 | ||||||
Skanska AB, Class B |
1,120,015 | 19,107,402 | ||||||
SKF AB, Class B |
1,262,063 | 21,239,810 | ||||||
Svenska Cellulosa AB SCA, Class B |
2,001,783 | 29,265,222 | ||||||
Svenska Handelsbanken AB, Class A |
4,815,083 | 43,296,797 | ||||||
Swedbank AB, Class A |
2,989,587 | 41,406,242 | ||||||
Swedish Match AB |
5,211,564 | 54,557,363 | ||||||
Swedish Orphan Biovitrum AB(b) |
556,091 | 12,212,305 | ||||||
Tele2 AB, Class B |
1,877,621 | 21,449,255 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
9,638,165 | 73,310,229 | ||||||
Telia Co. AB |
8,776,894 | 32,424,890 | ||||||
Volvo AB, Class A |
662,910 | 12,352,351 | ||||||
Volvo AB, Class B |
4,982,745 | 89,460,316 |
62 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Volvo Car AB, Class B(a)(b) |
1,985,625 | $ | 14,784,520 | |||||
|
|
|||||||
1,591,633,400 | ||||||||
Switzerland — 10.7% | ||||||||
ABB Ltd., Registered |
5,422,292 | 164,835,506 | ||||||
Adecco Group AG, Registered |
531,777 | 18,732,911 | ||||||
Alcon Inc. |
1,649,613 | 129,831,276 | ||||||
Bachem Holding AG, Class A |
102,445 | 6,908,222 | ||||||
Baloise Holding AG, Registered |
150,782 | 24,023,955 | ||||||
Barry Callebaut AG, Registered |
11,791 | 26,124,873 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS |
3,526 | 38,992,841 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered |
358 | 41,285,308 | ||||||
Cie. Financiere Richemont SA, Class A, Registered |
1,723,230 | 207,782,765 | ||||||
Clariant AG, Registered |
710,321 | 13,308,248 | ||||||
Coca-Cola HBC AG, Class DI |
662,549 | 16,306,396 | ||||||
Credit Suisse Group AG, Registered |
8,761,668 | 50,962,817 | ||||||
EMS-Chemie Holding AG, Registered |
23,100 | 18,343,356 | ||||||
Geberit AG, Registered |
118,516 | 62,419,610 | ||||||
Givaudan SA, Registered |
30,482 | 106,551,558 | ||||||
Holcim AG |
1,830,342 | 85,822,255 | ||||||
Julius Baer Group Ltd. |
730,396 | 37,768,810 | ||||||
Kuehne + Nagel International AG, Registered |
179,309 | 48,291,738 | ||||||
Logitech International SA, Registered |
571,893 | 32,175,937 | ||||||
Lonza Group AG, Registered |
245,837 | 149,407,760 | ||||||
Nestle SA, Registered |
9,292,895 | 1,138,633,075 | ||||||
Novartis AG, Registered |
7,232,872 | 621,518,012 | ||||||
Partners Group Holding AG |
74,950 | 81,826,358 | ||||||
Roche Holding AG, Bearer |
88,071 | 35,903,432 | ||||||
Roche Holding AG, NVS |
2,319,304 | 770,019,403 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
134,597 | 26,308,170 | ||||||
Schindler Holding AG, Registered |
77,291 | 14,676,536 | ||||||
SGS SA, Registered |
21,018 | 51,293,746 | ||||||
Siemens Energy AG(b) |
1,442,648 | 23,973,184 | ||||||
Sika AG, Registered |
480,229 | 118,658,560 | ||||||
Sonova Holding AG, Registered |
177,401 | 63,896,605 | ||||||
STMicroelectronics NV |
2,253,649 | 85,286,020 | ||||||
Straumann Holding AG |
367,918 | 49,761,090 | ||||||
Swatch Group AG (The), Bearer |
95,262 | 25,360,346 | ||||||
Swatch Group AG (The), Registered |
173,896 | 8,684,138 | ||||||
Swiss Life Holding AG, Registered |
104,219 | 55,208,583 | ||||||
Swiss Prime Site AG, Registered |
253,004 | 23,039,451 | ||||||
Swiss Re AG |
995,933 | 74,731,623 | ||||||
Swisscom AG, Registered |
85,454 | 46,199,622 | ||||||
Temenos AG, Registered |
209,155 | 16,601,158 | ||||||
UBS Group AG, Registered |
11,611,338 | 189,733,008 | ||||||
VAT Group AG(c) |
89,346 | 26,014,997 | ||||||
Vifor Pharma AG (b) |
149,794 | 26,170,870 | ||||||
Zurich Insurance Group AG |
496,700 | 216,823,620 | ||||||
|
|
|||||||
5,070,197,749 | ||||||||
United Kingdom — 14.9% | ||||||||
3i Group PLC |
3,212,848 | 49,920,421 | ||||||
abrdn PLC |
7,186,863 | 14,570,807 | ||||||
Admiral Group PLC |
591,712 | 13,829,244 | ||||||
Anglo American PLC |
4,196,273 | 151,673,653 | ||||||
Antofagasta PLC |
1,312,284 | 18,672,070 | ||||||
Ashtead Group PLC |
1,469,145 | 82,697,744 | ||||||
Associated British Foods PLC |
1,177,785 | 24,056,689 | ||||||
AstraZeneca PLC |
5,114,955 | 672,827,356 | ||||||
Auto Trader Group PLC(c) |
3,126,386 | 24,102,914 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
AVEVA Group PLC |
397,066 | $ | 11,487,318 | |||||
Aviva PLC |
9,333,925 | 45,202,551 | ||||||
BAE Systems PLC |
10,387,104 | 97,625,670 | ||||||
Barclays PLC |
55,316,798 | 105,962,791 | ||||||
Barratt Developments PLC |
3,385,132 | 20,756,598 | ||||||
Berkeley Group Holdings PLC |
368,981 | 19,121,871 | ||||||
BP PLC |
64,283,503 | 314,620,155 | ||||||
British American Tobacco PLC |
7,187,030 | 281,613,939 | ||||||
British Land Co. PLC (The) |
2,898,750 | 17,429,421 | ||||||
BT Group PLC |
22,963,997 | 45,338,340 | ||||||
Bunzl PLC |
1,113,827 | 41,802,651 | ||||||
Burberry Group PLC |
1,320,982 | 29,039,885 | ||||||
CNH Industrial NV |
3,376,996 | 43,504,683 | ||||||
Coca-Cola Europacific Partners PLC |
677,974 | 36,691,953 | ||||||
Compass Group PLC |
5,890,193 | 138,045,119 | ||||||
Croda International PLC |
460,580 | 42,120,039 | ||||||
DCC PLC |
324,681 | 21,198,197 | ||||||
Diageo PLC |
7,643,740 | 362,098,154 | ||||||
Entain PLC(b) |
1,931,368 | 28,420,180 | ||||||
Experian PLC |
3,044,139 | 106,582,166 | ||||||
Ferguson PLC |
722,103 | 90,839,612 | ||||||
GSK PLC |
13,425,583 | 282,074,221 | ||||||
Haleon PLC(b) |
16,781,979 | 59,635,433 | ||||||
Halma PLC |
1,253,851 | 35,312,052 | ||||||
Hargreaves Lansdown PLC |
1,182,153 | 12,238,551 | ||||||
Hikma Pharmaceuticals PLC |
571,599 | 12,081,887 | ||||||
HSBC Holdings PLC |
66,856,769 | 418,787,919 | ||||||
Imperial Brands PLC |
2,981,924 | 65,472,106 | ||||||
Informa PLC(b) |
4,938,653 | 35,917,062 | ||||||
InterContinental Hotels Group PLC |
607,640 | 36,017,912 | ||||||
Intertek Group PLC |
533,328 | 28,503,821 | ||||||
J Sainsbury PLC |
5,760,261 | 15,538,709 | ||||||
JD Sports Fashion PLC |
8,490,739 | 13,486,365 | ||||||
Johnson Matthey PLC |
616,853 | 16,127,304 | ||||||
Kingfisher PLC |
6,782,653 | 21,459,438 | ||||||
Land Securities Group PLC |
2,319,039 | 20,723,000 | ||||||
Legal & General Group PLC |
19,709,666 | 62,943,152 | ||||||
Lloyds Banking Group PLC |
234,359,766 | 129,755,180 | ||||||
London Stock Exchange Group PLC |
1,086,274 | 106,012,388 | ||||||
M&G PLC |
8,604,973 | 22,430,599 | ||||||
Melrose Industries PLC |
14,447,767 | 28,439,837 | ||||||
Mondi PLC |
1,603,972 | 30,438,921 | ||||||
National Grid PLC |
12,032,600 | 165,684,011 | ||||||
NatWest Group PLC |
18,575,888 | 56,419,730 | ||||||
Next PLC |
436,806 | 36,364,882 | ||||||
NMC Health PLC, NVS(d) |
473,933 | 6 | ||||||
Ocado Group PLC(b) |
1,910,043 | 19,635,726 | ||||||
Pearson PLC |
2,243,664 | 20,765,676 | ||||||
Persimmon PLC |
1,050,922 | 24,240,788 | ||||||
Phoenix Group Holdings PLC |
2,468,002 | 19,444,449 | ||||||
Prudential PLC |
9,066,476 | 111,829,414 | ||||||
Reckitt Benckiser Group PLC |
2,359,799 | 191,414,468 | ||||||
RELX PLC |
6,383,091 | 188,999,754 | ||||||
Rentokil Initial PLC |
6,121,247 | 40,418,339 | ||||||
Rolls-Royce Holdings PLC(b) |
27,547,582 | 30,107,822 | ||||||
Sage Group PLC (The) |
3,351,211 | 28,881,114 | ||||||
Schroders PLC |
412,203 | 14,951,303 | ||||||
Segro PLC |
3,966,553 | 53,064,465 | ||||||
Severn Trent PLC |
826,839 | 29,726,370 | ||||||
Shell PLC |
25,117,174 | 670,033,582 |
S C H E D U L E O F I N V E S T M E N T S |
63 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United Kingdom (continued) | ||||||||
Smith & Nephew PLC |
2,902,618 | $ | 37,214,912 | |||||
Smiths Group PLC |
1,280,664 | 24,168,937 | ||||||
Spirax-Sarco Engineering PLC |
243,176 | 35,481,550 | ||||||
SSE PLC |
3,514,588 | 75,909,452 | ||||||
St. James’s Place PLC |
1,796,450 | 26,984,597 | ||||||
Standard Chartered PLC |
8,611,556 | 59,356,775 | ||||||
Taylor Wimpey PLC |
12,012,463 | 18,697,140 | ||||||
Tesco PLC |
25,200,935 | 80,822,815 | ||||||
Unilever PLC |
8,454,278 | 411,747,748 | ||||||
United Utilities Group PLC |
2,253,092 | 29,935,785 | ||||||
Vodafone Group PLC |
88,933,067 | 131,056,851 | ||||||
Whitbread PLC |
665,019 | 21,167,436 | ||||||
WPP PLC |
3,771,409 | 40,702,492 | ||||||
|
|
|||||||
7,100,476,437 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.3% |
47,241,810,151 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS |
189,923 | 14,419,922 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
588,093 | 37,569,320 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS |
505,768 | 36,608,353 | ||||||
Sartorius AG, Preference Shares, NVS |
80,394 | 35,960,174 | ||||||
Volkswagen AG, Preference Shares, NVS |
612,761 | 86,638,181 | ||||||
|
|
|||||||
211,195,950 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.4% |
211,195,950 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
47,453,006,101 | |||||||
|
|
Security | Shares | Value | ||||||
|
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(e)(f)(g) |
182,144,004 | $ | 182,125,789 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(e)(f) |
41,190,000 | 41,190,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.5% |
|
223,315,789 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.2% |
|
47,676,321,890 | ||||||
Liabilities in Excess of Other Assets — (0.2)% |
|
(82,110,317 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 47,594,211,573 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 97,946,692 | $ | 84,223,782 | (a) | $ | — | $ | (14,048 | ) | $ | (30,637 | ) | $ | 182,125,789 | 182,144,004 | $ | 2,394,150 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
32,940,000 | 8,250,000 | (a) | — | — | — | 41,190,000 | 41,190,000 | 192,914 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (14,048 | ) | $ | (30,637 | ) | $ | 223,315,789 | $ | 2,587,064 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
64 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
TOPIX Index |
274 | 09/08/22 | $ | 39,961 | $ | 248,248 | ||||||||||
SPI 200 Index |
157 | 09/15/22 | 18,984 | 1,051,594 | ||||||||||||
Euro STOXX 50 Index |
1,354 | 09/16/22 | 51,506 | 3,163,573 | ||||||||||||
FTSE 100 Index |
374 | 09/16/22 | 33,684 | 1,033,422 | ||||||||||||
|
|
|||||||||||||||
$ | 5,496,837 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 5,496,837 | $ | — | $ | — | $ | — | $ | 5,496,837 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(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, 2022, 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 |
$ | — | $ | — | $ | (3,717,437 | ) | $ | — | $ | — | $ | — | $ | (3,717,437 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 7,685,933 | $ | — | $ | — | $ | — | $ | 7,685,933 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 251,416,682 | ||
|
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.
S C H E D U L E O F I N V E S T M E N T S |
65 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 406,240,308 | $ | 46,835,569,499 | $ | 344 | $ | 47,241,810,151 | ||||||||
Preferred Stocks |
— | 211,195,950 | — | 211,195,950 | ||||||||||||
Money Market Funds |
223,315,789 | — | — | 223,315,789 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 629,556,097 | $ | 47,046,765,449 | $ | 344 | $ | 47,676,321,890 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | — | $ | 5,496,837 | $ | — | $ | 5,496,837 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
66 |
2 0 2 2 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 |
Schedule of Investments July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 10.3% | ||||||||
29Metals Ltd.(a) |
1,100,145 | $ | 1,168,997 | |||||
5E Advanced Materials Inc.(a) |
1,040,652 | 1,700,072 | ||||||
Abacus Property Group |
1,569,538 | 3,242,237 | ||||||
Accent Group Ltd. |
1,467,608 | 1,353,556 | ||||||
Adbri Ltd. |
1,501,126 | 2,676,977 | ||||||
AET&D Holdings No. 1 Pty Ltd.(b) |
169,200 | 1 | ||||||
AGL Energy Ltd. |
2,803,938 | 16,514,335 | ||||||
Alkane Resources Ltd.(a) |
1,922,986 | 1,066,294 | ||||||
Allkem Ltd.(a) |
2,432,229 | 19,619,312 | ||||||
ALS Ltd. |
1,955,961 | 16,065,157 | ||||||
Altium Ltd. |
500,769 | 11,058,390 | ||||||
Alumina Ltd. |
10,471,872 | 11,374,892 | ||||||
AMP Ltd.(a) |
13,097,717 | 10,030,358 | ||||||
Ansell Ltd. |
541,609 | 9,943,754 | ||||||
APM Human Services International Ltd.(a) |
1,151,844 | 2,677,758 | ||||||
Appen Ltd. |
470,877 | 1,930,682 | ||||||
ARB Corp. Ltd. |
328,566 | 7,715,387 | ||||||
Arena REIT |
1,470,949 | 4,993,368 | ||||||
Atlas Arteria Ltd. |
4,057,776 | 22,079,740 | ||||||
AUB Group Ltd. |
371,503 | 5,095,478 | ||||||
Aussie Broadband Ltd.(a) |
755,420 | 1,930,337 | ||||||
Austal Ltd. |
1,409,956 | 2,648,693 | ||||||
Australian Agricultural Co. Ltd.(a) |
1,387,360 | 1,799,292 | ||||||
Australian Clinical Labs Ltd. |
298,284 | 1,107,377 | ||||||
Australian Ethical Investment Ltd. |
349,755 | 1,605,735 | ||||||
Australian Strategic Materials Ltd.(a) |
382,872 | 964,537 | ||||||
AVZ Minerals Ltd.(a)(b)(c) |
10,717,468 | 5,330,469 | ||||||
Bank of Queensland Ltd. |
2,742,522 | 14,524,933 | ||||||
Bapcor Ltd. |
1,429,586 | 6,702,838 | ||||||
Beach Energy Ltd. |
6,658,874 | 8,581,422 | ||||||
Bega Cheese Ltd. |
1,249,241 | 3,056,333 | ||||||
Bellevue Gold Ltd.(a) |
4,348,937 | 2,586,587 | ||||||
Bendigo & Adelaide Bank Ltd. |
2,359,882 | 17,124,795 | ||||||
Betmakers Technology Group Ltd.(a)(c) |
2,651,306 | 941,621 | ||||||
Blackmores Ltd. |
68,606 | 3,746,342 | ||||||
Boral Ltd. |
1,601,568 | 3,263,775 | ||||||
Boss Energy Ltd. (a) |
1,363,562 | 2,195,034 | ||||||
BrainChip Holdings Ltd.(a)(c) |
6,131,059 | 4,709,318 | ||||||
Breville Group Ltd. |
415,364 | 6,140,792 | ||||||
Brickworks Ltd. |
322,232 | 4,764,300 | ||||||
BWP Trust |
2,094,284 | 6,310,815 | ||||||
Calix Ltd.(a) |
546,057 | 2,432,153 | ||||||
Capricorn Metals Ltd.(a) |
1,172,134 | 3,216,626 | ||||||
carsales.com Ltd. |
1,416,742 | 20,653,565 | ||||||
Centuria Capital Group |
2,075,946 | 3,053,768 | ||||||
Centuria Industrial REIT |
2,446,030 | 5,457,438 | ||||||
Centuria Office REIT |
1,629,158 | 2,134,725 | ||||||
Chalice Mining Ltd.(a) |
1,345,773 | 4,610,176 | ||||||
Challenger Ltd. |
2,441,079 | 12,058,348 | ||||||
Champion Iron Ltd. |
1,443,791 | 4,926,053 | ||||||
Charter Hall Group |
2,009,706 | 18,161,910 | ||||||
Charter Hall Long Wale REIT |
2,690,167 | 8,628,344 | ||||||
Charter Hall Retail REIT |
2,247,798 | 6,653,555 | ||||||
Charter Hall Social Infrastructure REIT |
1,424,482 | 3,784,072 | ||||||
City Chic Collective Ltd.(a)(c) |
958,792 | 1,568,883 | ||||||
Cleanaway Waste Management Ltd. |
8,706,472 | 16,772,929 | ||||||
Clinuvel Pharmaceuticals Ltd.(c) |
161,332 | 2,137,801 | ||||||
Codan Ltd./Australia |
426,754 | 2,614,774 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Collins Foods Ltd.(c) |
461,854 | $ | 3,366,595 | |||||
Core Lithium Ltd.(a)(c) |
6,172,358 | 5,116,622 | ||||||
Coronado Global Resources Inc.(d) |
3,249,271 | 3,232,466 | ||||||
Corporate Travel Management Ltd.(a)(c) |
508,779 | 6,784,822 | ||||||
Costa Group Holdings Ltd. |
2,012,343 | 3,648,207 | ||||||
Credit Corp. Group Ltd. |
284,297 | 4,833,271 | ||||||
Cromwell Property Group |
5,981,688 | 3,536,129 | ||||||
CSR Ltd. |
2,071,806 | 6,649,060 | ||||||
Data#3 Ltd. |
611,820 | 2,664,760 | ||||||
De Grey Mining Ltd.(a) |
5,152,445 | 3,249,290 | ||||||
Deterra Royalties Ltd. |
1,770,772 | 5,404,755 | ||||||
Dexus Industria REIT |
895,060 | 1,891,250 | ||||||
DGL Group Ltd./Au(a) |
471,253 | 826,778 | ||||||
Dicker Data Ltd. |
257,498 | 2,040,005 | ||||||
Domain Holdings Australia Ltd. |
1,092,362 | 2,734,925 | ||||||
Downer EDI Ltd. |
2,890,196 | 11,251,984 | ||||||
Eagers Automotive Ltd. |
656,709 | 5,805,596 | ||||||
Eclipx Group Ltd.(a)(c) |
1,205,962 | 2,233,122 | ||||||
Elders Ltd. |
664,454 | 5,279,885 | ||||||
EML Payments Ltd.(a)(c) |
1,495,335 | 1,110,964 | ||||||
EVENT Hospitality and Entertainment Ltd.(a) |
477,258 | 4,773,727 | ||||||
Firefinch Ltd.(a)(b)(c) |
4,681,624 | 654,210 | ||||||
Flight Centre Travel Group Ltd.(a) |
685,232 | 8,333,258 | ||||||
G8 Education Ltd. |
3,181,921 | 2,375,472 | ||||||
GDI Property Group Partnership |
3,273,283 | 2,250,531 | ||||||
Genworth Mortgage Insurance Australia Ltd. |
1,733,587 | 3,435,090 | ||||||
Gold Road Resources Ltd. |
4,118,726 | 4,025,918 | ||||||
Goulamina Holdings Pty. Ltd.(a) |
3,407,276 | 1,035,589 | ||||||
GrainCorp Ltd., Class A |
965,462 | 5,828,234 | ||||||
Grange Resources Ltd. |
2,181,171 | 1,724,660 | ||||||
Growthpoint Properties Australia Ltd. |
1,123,466 | 2,985,711 | ||||||
GUD Holdings Ltd. |
610,854 | 3,779,220 | ||||||
GWA Group Ltd. |
952,711 | 1,389,477 | ||||||
Hansen Technologies Ltd. |
675,396 | 2,706,794 | ||||||
Harvey Norman Holdings Ltd. |
2,382,870 | 6,953,542 | ||||||
Healius Ltd. |
2,671,130 | 7,277,864 | ||||||
Home Consortium Ltd. |
451,000 | 1,698,373 | ||||||
HomeCo Daily Needs REIT |
6,120,065 | 5,941,102 | ||||||
HUB24 Ltd. |
322,233 | 5,566,672 | ||||||
IGO Ltd. |
2,906,760 | 22,776,889 | ||||||
Iluka Resources Ltd. |
1,788,805 | 12,140,660 | ||||||
Imdex Ltd. |
1,490,470 | 1,897,653 | ||||||
Imugene Ltd.(a)(c) |
21,110,812 | 3,674,818 | ||||||
Incitec Pivot Ltd. |
8,289,103 | 21,119,340 | ||||||
Ingenia Communities Group |
1,550,151 | 5,082,947 | ||||||
Inghams Group Ltd. |
1,571,574 | 3,258,366 | ||||||
Insignia Financial Ltd. |
2,598,960 | 5,654,352 | ||||||
Integral Diagnostics Ltd. |
797,567 | 1,729,037 | ||||||
InvoCare Ltd. |
578,545 | 4,488,130 | ||||||
ionner Ltd.(a) |
6,191,770 | 2,456,675 | ||||||
IPH Ltd. |
882,433 | 5,447,497 | ||||||
IRESS Ltd. |
763,891 | 6,125,668 | ||||||
JB Hi-Fi Ltd. |
490,658 | 14,528,587 | ||||||
Jervois Global Ltd.(a) |
5,460,692 | 1,539,783 | ||||||
Johns Lyng Group Ltd. |
716,376 | 3,808,438 | ||||||
Judo Capital Holdings Ltd.(a) |
2,243,098 | 2,072,391 | ||||||
Jumbo Interactive Ltd. |
224,823 | 2,278,419 | ||||||
Karoon Energy Ltd.(a) |
2,258,857 | 2,984,697 | ||||||
Kelsian Group Ltd. |
555,477 | 2,392,395 | ||||||
Kogan.com Ltd.(a)(c) |
372,745 | 1,206,506 |
S C H E D U L E O F I N V E S T M E N T S |
67 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Lake Resources NL(a)(c) |
4,881,710 | $ | 2,816,903 | |||||
Lifestyle Communities Ltd. |
399,222 | 4,755,964 | ||||||
Link Administration Holdings Ltd. |
2,162,419 | 6,666,980 | ||||||
Liontown Resources Ltd.(a) |
6,927,645 | 6,507,513 | ||||||
Lovisa Holdings Ltd.(c) |
247,582 | 3,110,154 | ||||||
Lynas Rare Earths Ltd.(a)(c) |
3,823,500 | 23,512,005 | ||||||
MA Financial Group Ltd. |
402,886 | 1,745,481 | ||||||
Maas Group Holdings Ltd.(c) |
382,811 | 1,118,328 | ||||||
Magellan Financial Group Ltd. |
589,943 | 6,061,228 | ||||||
Mayne Pharma Group Ltd.(a) |
6,701,556 | 1,599,145 | ||||||
McMillan Shakespeare Ltd. |
281,779 | 2,429,700 | ||||||
Megaport Ltd.(a)(c) |
644,303 | 4,423,742 | ||||||
Mesoblast Ltd.(a)(c) |
2,432,549 | 1,596,316 | ||||||
Metcash Ltd. |
4,093,401 | 11,932,011 | ||||||
Mincor Resources NL(a) |
1,521,569 | 2,063,697 | ||||||
Monadelphous Group Ltd. |
382,504 | 2,776,870 | ||||||
Mount Gibson Iron Ltd.(c) |
2,610,143 | 962,476 | ||||||
Nanosonics Ltd.(a)(c) |
1,100,403 | 3,660,996 | ||||||
National Storage REIT |
4,494,494 | 7,859,144 | ||||||
Nearmap Ltd.(a)(c) |
2,055,747 | 2,013,178 | ||||||
Neometals Ltd.(a)(c) |
1,958,213 | 1,542,383 | ||||||
Netwealth Group Ltd. |
515,630 | 4,684,459 | ||||||
New Hope Corp. Ltd.(c) |
2,112,531 | 6,544,790 | ||||||
NEXTDC Ltd.(a) |
1,933,683 | 16,097,027 | ||||||
nib holdings Ltd. |
1,929,314 | 9,866,630 | ||||||
Nick Scali Ltd.(c) |
275,571 | 1,870,995 | ||||||
Nickel Mines Ltd. |
4,505,416 | 3,460,021 | ||||||
Nine Entertainment Co. Holdings Ltd. |
6,160,378 | 8,987,802 | ||||||
Novonix Ltd.(a) |
1,225,526 | 2,477,772 | ||||||
NRW Holdings Ltd. |
1,852,983 | 2,536,693 | ||||||
Nufarm Ltd./Australia |
1,600,621 | 5,829,234 | ||||||
Objective Corp. Ltd. |
109,613 | 1,177,046 | ||||||
Omni Bridgeway Ltd.(a) |
1,104,433 | 3,204,509 | ||||||
oOh!media Ltd.(c) |
1,986,824 | 1,748,098 | ||||||
Orora Ltd. |
3,663,596 | 9,170,495 | ||||||
OZ Minerals Ltd. |
1,418,921 | 18,950,037 | ||||||
Pact Group Holdings Ltd. |
893,647 | 1,271,205 | ||||||
Paladin Energy Ltd.(a)(c) |
11,406,053 | 5,965,591 | ||||||
Pendal Group Ltd. |
1,461,491 | 4,949,667 | ||||||
Pepper Money Ltd./Australia |
736,299 | 845,277 | ||||||
Perenti Global Ltd. |
2,552,949 | 1,029,908 | ||||||
Perpetual Ltd. |
240,106 | 5,124,838 | ||||||
Perseus Mining Ltd.(c) |
5,466,994 | 6,488,345 | ||||||
PEXA Group Ltd.(a)(c) |
414,638 | 4,238,441 | ||||||
Pilbara Minerals Ltd.(a) |
10,112,783 | 19,939,684 | ||||||
Pinnacle Investment Management Group Ltd. |
498,995 | 3,543,233 | ||||||
Platinum Asset Management Ltd. |
2,224,143 | 2,855,753 | ||||||
PointsBet Holdings Ltd.(a)(c) |
841,351 | 1,906,684 | ||||||
PolyNovo Ltd.(a)(c) |
2,507,369 | 2,897,601 | ||||||
Premier Investments Ltd. |
370,298 | 5,507,688 | ||||||
Pro Medicus Ltd.(c) |
197,851 | 6,930,496 | ||||||
PWR Holdings Ltd. |
317,851 | 1,867,923 | ||||||
Qube Holdings Ltd. |
7,816,198 | 15,203,535 | ||||||
Ramelius Resources Ltd. |
3,744,485 | 2,837,094 | ||||||
Red 5 Ltd.(a) |
10,175,449 | 1,887,304 | ||||||
Regis Resources Ltd. |
3,277,512 | 4,060,705 | ||||||
Reliance Worldwide Corp. Ltd. |
3,330,416 | 10,405,440 | ||||||
Rural Funds Group |
1,528,867 | 2,945,474 | ||||||
Sandfire Resources Ltd. |
1,738,715 | 5,611,096 | ||||||
Sayona Mining Ltd.(a)(c) |
27,910,101 | 3,896,493 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Select Harvests Ltd.(c) |
509,075 | $ | 1,645,104 | |||||
Seven Group Holdings Ltd. |
695,822 | 8,621,122 | ||||||
Seven West Media Ltd.(a) |
4,029,326 | 1,346,658 | ||||||
SG Fleet Group Ltd. |
545,750 | 1,002,586 | ||||||
Shopping Centres Australasia Property Group |
4,748,506 | 9,910,010 | ||||||
Sierra Rutile Holdings Ltd.(a) |
1,788,805 | 399,948 | ||||||
Sigma Healthcare Ltd. |
4,858,241 | 2,110,139 | ||||||
Silver Lake Resources Ltd.(a) |
3,854,183 | 3,896,987 | ||||||
Sims Ltd. |
707,644 | 7,358,789 | ||||||
SiteMinder Ltd.(a)(c) |
919,239 | 2,744,972 | ||||||
SmartGroup Corp. Ltd. |
529,924 | 2,567,448 | ||||||
Southern Cross Media Group Ltd.(c) |
1,065,556 | 894,551 | ||||||
St. Barbara Ltd. |
3,491,934 | 2,753,253 | ||||||
Star Entertainment Grp Ltd. (The)(a) |
3,801,992 | 8,237,596 | ||||||
Steadfast Group Ltd. |
4,124,409 | 15,462,578 | ||||||
Super Retail Group Ltd. |
662,231 | 4,622,905 | ||||||
Syrah Resources Ltd.(a) |
2,687,511 | 2,800,177 | ||||||
Tabcorp Holdings Ltd. |
9,517,857 | 6,639,455 | ||||||
Tassal Group Ltd. |
989,530 | 3,407,695 | ||||||
Technology One Ltd. |
1,226,896 | 10,179,884 | ||||||
Telix Pharmaceuticals Ltd.(a) |
916,956 | 4,789,470 | ||||||
Temple & Webster Group Ltd.(a) |
387,188 | 1,439,302 | ||||||
Tyro Payments Ltd.(a)(c) |
1,693,800 | 991,111 | ||||||
United Malt Grp Ltd. |
1,070,628 | 2,764,927 | ||||||
Ventia Services Group Pty Ltd. |
1,071,459 | 2,008,022 | ||||||
Viva Energy Group Ltd.(d) |
3,612,931 | 6,787,144 | ||||||
Vulcan Energy Resources Ltd.(a)(c) |
366,810 | 2,025,629 | ||||||
Waypoint REIT Ltd. |
3,042,903 | 5,605,313 | ||||||
Webjet Ltd.(a)(c) |
1,607,219 | 5,856,065 | ||||||
West African Resources Ltd.(a) |
4,146,463 | 3,860,272 | ||||||
Westgold Resources Ltd. |
2,025,083 | 1,848,212 | ||||||
Whitehaven Coal Ltd. |
3,953,573 | 17,407,106 | ||||||
Worley Ltd. |
1,319,009 | 13,311,828 | ||||||
Zip Co. Ltd.(a)(c) |
2,445,145 | 1,975,653 | ||||||
|
|
|||||||
1,135,507,596 | ||||||||
Austria — 1.0% | ||||||||
Agrana Beteiligungs AG |
12,995 | 215,161 | ||||||
ams-OSRAM AG(a)(c) |
1,182,435 | 9,760,473 | ||||||
ANDRITZ AG |
290,813 | 13,607,083 | ||||||
AT&S Austria Technologie & Systemtechnik AG |
106,944 | 5,343,375 | ||||||
BAWAG Group AG(d) |
362,032 | 16,714,928 | ||||||
CA Immobilien Anlagen AG |
185,064 | 6,040,467 | ||||||
DO & CO AG(a)(c) |
28,339 | 2,367,757 | ||||||
EVN AG |
168,110 | 3,964,929 | ||||||
FACC AG(a)(c) |
109,182 | 829,552 | ||||||
IMMOFINANZ AG(c) |
151,311 | 2,311,978 | ||||||
Kontron AG(c) |
184,341 | 2,746,763 | ||||||
Lenzing AG |
56,258 | 4,539,930 | ||||||
Oesterreichische Post AG(c) |
149,636 | 4,312,033 | ||||||
Palfinger AG(c) |
54,113 | 1,341,175 | ||||||
Porr AG |
56,282 | 699,196 | ||||||
Raiffeisen Bank International AG |
634,005 | 7,680,814 | ||||||
S IMMO AG |
160,415 | 3,741,678 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG |
44,015 | 2,516,741 | ||||||
Semperit AG Holding |
43,521 | 882,488 | ||||||
Strabag SE |
65,088 | 2,690,862 | ||||||
Telekom Austria AG |
708,991 | 4,383,975 | ||||||
UNIQA Insurance Group AG |
557,980 | 3,822,774 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe |
153,644 | 3,527,407 |
68 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Austria (continued) | ||||||||
Wienerberger AG |
497,082 | $ | 11,441,584 | |||||
|
|
|||||||
115,483,123 | ||||||||
Belgium — 1.5% | ||||||||
Ackermans & van Haaren NV |
99,867 | 14,680,609 | ||||||
Aedifica SA |
158,402 | 16,446,149 | ||||||
AGFA-Gevaert NV(a) |
608,690 | 2,202,321 | ||||||
Barco NV |
290,348 | 7,607,509 | ||||||
Bekaert SA |
151,792 | 5,376,087 | ||||||
bpost SA(c) |
427,496 | 2,682,931 | ||||||
Cofinimmo SA |
129,639 | 14,589,441 | ||||||
Dredging Environmental & Marine Engineering NV(a) |
32,635 | 3,773,071 | ||||||
Econocom Group SA/NV |
482,794 | 1,642,480 | ||||||
Etablissements Franz Colruyt NV |
235,924 | 6,517,637 | ||||||
Euronav NV |
742,630 | 10,139,705 | ||||||
Fagron |
283,732 | 4,327,707 | ||||||
Galapagos NV(a)(c) |
194,458 | 9,865,638 | ||||||
Gimv NV |
86,470 | 4,668,470 | ||||||
Immobel SA(c) |
19,097 | 1,147,318 | ||||||
Intervest Offices & Warehouses NV |
108,202 | 3,063,283 | ||||||
Ion Beam Applications |
103,910 | 1,813,916 | ||||||
KBC Ancora |
148,225 | 5,191,582 | ||||||
Kinepolis Group NV(a)(c) |
56,622 | 2,788,789 | ||||||
Melexis NV |
84,305 | 7,233,607 | ||||||
Mithra Pharmaceuticals SA(a)(c) |
84,918 | 574,037 | ||||||
Montea NV |
47,589 | 4,812,557 | ||||||
Ontex Group NV(a) |
287,957 | 1,882,692 | ||||||
Orange Belgium SA(a)(c) |
65,773 | 1,266,491 | ||||||
Recticel SA |
174,135 | 2,673,177 | ||||||
Retail Estates NV |
40,978 | 2,893,220 | ||||||
Shurgard Self Storage SA |
111,347 | 5,743,397 | ||||||
Telenet Group Holding NV |
198,107 | 3,168,381 | ||||||
Tessenderlo Group SA(a) |
109,839 | 3,442,432 | ||||||
Van de Velde NV |
20,133 | 757,454 | ||||||
VGP NV |
41,549 | 7,297,501 | ||||||
X-Fab Silicon Foundries SE(a)(c)(d) |
246,410 | 1,645,575 | ||||||
Xior Student Housing NV |
101,278 | 4,430,208 | ||||||
|
|
|||||||
166,345,372 | ||||||||
Denmark — 1.9% | ||||||||
ALK-Abello A/S(a) |
561,174 | 11,204,248 | ||||||
Alm Brand A/S |
3,622,457 | 5,451,433 | ||||||
Amagerbanken A/S(b) |
130,550 | — | ||||||
Ambu A/S, Class B(c) |
714,426 | 8,122,474 | ||||||
Bavarian Nordic A/S(a)(c) |
299,775 | 14,864,781 | ||||||
Better Collective A/S(a) |
128,922 | 2,047,780 | ||||||
cBrain A/S |
44,478 | 1,275,416 | ||||||
Chemometec A/S |
69,716 | 8,327,740 | ||||||
D/S Norden A/S |
100,312 | 4,377,377 | ||||||
Dfds A/S |
148,504 | 5,322,171 | ||||||
Drilling Co. of 1972 A/S (The)(a) |
86,807 | 4,119,685 | ||||||
FLSmidth & Co. A/S |
222,183 | 6,102,756 | ||||||
H Lundbeck A/S |
1,170,518 | 5,785,415 | ||||||
H Lundbeck A/S, Class A(a)(c) |
292,319 | 1,393,648 | ||||||
ISS A/S(a) |
673,547 | 11,771,268 | ||||||
Jyske Bank A/S, Registered(a) |
218,566 | 11,438,984 | ||||||
Matas A/S |
146,396 | 1,570,696 | ||||||
Netcompany Group A/S(a)(d) |
170,329 | 9,551,588 | ||||||
Nilfisk Holding A/S(a) |
53,562 | 1,265,918 | ||||||
NKT A/S(a) |
172,017 | 8,813,318 | ||||||
NTG Nordic Transport Group A/S, Class A(a)(c) |
33,439 | 1,474,282 |
Security | Shares | Value | ||||||
Denmark (continued) | ||||||||
Per Aarsleff Holding A/S |
75,543 | $ | 2,323,251 | |||||
Ringkjoebing Landbobank A/S |
116,712 | 13,105,926 | ||||||
Royal Unibrew A/S |
207,765 | 17,718,944 | ||||||
Scandinavian Tobacco Group A/S, Class A(d) |
246,764 | 4,726,091 | ||||||
Schouw & Co. A/S |
52,956 | 3,942,891 | ||||||
SimCorp A/S |
171,470 | 12,798,222 | ||||||
Solar A/S, Class B |
22,365 | 2,103,320 | ||||||
Spar Nord Bank A/S |
356,731 | 4,087,433 | ||||||
Sydbank A/S |
250,748 | 7,700,236 | ||||||
Topdanmark A/S |
191,022 | 9,310,342 | ||||||
Zealand Pharma A/S(a)(c) |
150,652 | 2,717,077 | ||||||
|
|
|||||||
204,814,711 | ||||||||
Finland — 1.5% | ||||||||
Aktia Bank OYJ |
215,378 | 2,062,590 | ||||||
Anora Group OYJ |
142,020 | 1,206,818 | ||||||
Cargotec OYJ, Class B |
162,995 | 5,764,618 | ||||||
Caverion OYJ |
436,622 | 2,177,527 | ||||||
Citycon OYJ |
360,065 | 2,561,812 | ||||||
Finnair OYJ(a)(c) |
2,691,595 | 1,106,551 | ||||||
F-Secure OYJ(a) |
473,469 | 1,468,663 | ||||||
Harvia OYJ(c) |
64,874 | 1,384,295 | ||||||
Huhtamaki OYJ |
411,688 | 16,047,006 | ||||||
Kamux Corp. |
131,053 | 1,080,629 | ||||||
Kemira OYJ |
461,527 | 5,860,102 | ||||||
Kempower OYJ(a)(c) |
70,349 | 989,559 | ||||||
Kojamo OYJ |
582,706 | 10,395,101 | ||||||
Konecranes OYJ |
250,450 | 6,724,290 | ||||||
Marimekko OYJ |
111,661 | 1,552,282 | ||||||
Metsa Board OYJ, Class B |
755,996 | 6,739,535 | ||||||
Metso Outotec OYJ |
2,827,485 | 23,373,946 | ||||||
Musti Group OYJ |
132,446 | 2,745,125 | ||||||
Nokian Renkaat OYJ |
562,643 | 6,654,815 | ||||||
Oriola OYJ, Class B |
758,192 | 1,538,971 | ||||||
Outokumpu OYJ |
1,561,585 | 6,875,351 | ||||||
Puuilo OYJ |
215,141 | 1,095,264 | ||||||
QT Group OYJ(a) |
69,329 | 5,605,988 | ||||||
Remedy Entertainment OYJ(c) |
33,231 | 898,960 | ||||||
Revenio Group OYJ |
100,999 | 5,202,404 | ||||||
Rovio Entertainment OYJ(d) |
166,745 | 1,130,950 | ||||||
Sanoma OYJ |
314,556 | 4,443,300 | ||||||
Spinnova OYJ(a)(c) |
63,443 | 486,565 | ||||||
Talenom OYJ(c) |
119,200 | 1,365,839 | ||||||
TietoEVRY Oyj |
368,211 | 10,015,307 | ||||||
TietoEVRY OYJ, New |
12,844 | 348,828 | ||||||
Tokmanni Group Corp. |
207,233 | 2,725,994 | ||||||
Uponor OYJ |
235,393 | 3,543,895 | ||||||
Valmet OYJ |
705,511 | 19,632,512 | ||||||
WithSecure OYJ(a) |
473,389 | 859,277 | ||||||
YIT OYJ |
611,229 | 2,079,172 | ||||||
|
|
|||||||
167,743,841 | ||||||||
France — 3.5% | ||||||||
AB Science SA(a)(c) |
106,471 | 816,185 | ||||||
ABC arbitrage |
83,506 | 597,431 | ||||||
Air France-KLM(a)(c) |
4,977,110 | 6,862,608 | ||||||
AKWEL(c) |
36,551 | 658,229 | ||||||
Albioma SA |
109,083 | 5,558,804 | ||||||
ALD SA(d) |
430,931 | 5,104,820 | ||||||
Altarea SCA |
16,803 | 2,491,915 | ||||||
Alten SA |
123,591 | 16,739,168 |
S C H E D U L E O F I N V E S T M E N T S |
69 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Antin Infrastructure Partners SA |
147,670 | $ | 4,434,208 | |||||
APERAM SA |
202,123 | 6,590,073 | ||||||
Aramis Group SAS(a)(c)(d) |
85,520 | 350,450 | ||||||
Atos SE(a) |
430,266 | 5,304,537 | ||||||
Aubay |
30,099 | 1,600,450 | ||||||
Believe SA(a)(c) |
80,243 | 742,814 | ||||||
Beneteau SA |
167,082 | 1,921,367 | ||||||
Boiron SA |
34,035 | 1,591,435 | ||||||
Bonduelle SCA(c) |
59,486 | 799,976 | ||||||
Carmila SA |
241,155 | 3,816,933 | ||||||
Casino Guichard Perrachon SA(a)(c) |
190,836 | 2,246,905 | ||||||
CGG SA(a) |
2,997,208 | 2,676,989 | ||||||
Chargeurs SA |
70,207 | 1,203,609 | ||||||
Cie. des Alpes(a) |
81,763 | 1,435,507 | ||||||
Cie. Plastic Omnium SA |
249,360 | 4,663,878 | ||||||
Coface SA(a) |
444,033 | 4,650,286 | ||||||
Derichebourg SA |
404,563 | 2,578,610 | ||||||
Elior Group SA(a)(c)(d) |
561,062 | 1,823,278 | ||||||
Elis SA |
804,332 | 12,005,339 | ||||||
Equasens |
19,115 | 1,665,217 | ||||||
Eramet SA |
39,571 | 4,188,844 | ||||||
Esker SA |
22,517 | 3,382,308 | ||||||
Etablissements Maurel et Prom SA |
250,302 | 1,322,781 | ||||||
Euroapi SA(a) |
215,793 | 3,640,418 | ||||||
Eutelsat Communications SA |
731,054 | 5,563,118 | ||||||
Faurecia SE(a)(c) |
672,615 | 12,157,512 | ||||||
Fnac Darty SA(c) |
68,181 | 2,734,923 | ||||||
Gaztransport Et Technigaz SA |
108,934 | 15,024,613 | ||||||
Groupe Guillin |
21,316 | 457,506 | ||||||
ICADE |
147,236 | 7,371,611 | ||||||
ID Logistics Group(a) |
12,297 | 3,981,622 | ||||||
Imerys SA |
144,240 | 4,887,777 | ||||||
Interparfums SA |
80,334 | 4,030,221 | ||||||
IPSOS |
169,952 | 8,711,007 | ||||||
JCDecaux SA(a) |
272,914 | 4,401,148 | ||||||
Kaufman & Broad SA(c) |
51,964 | 1,442,714 | ||||||
Korian SA |
319,183 | 4,722,723 | ||||||
LISI |
82,869 | 1,952,515 | ||||||
LNA Sante SA |
17,779 | 608,729 | ||||||
Maisons du Monde SA(d) |
130,443 | 1,394,235 | ||||||
Manitou BF SA(c) |
54,046 | 1,027,421 | ||||||
McPhy Energy SA(a)(c) |
89,945 | 1,383,989 | ||||||
Mercialys SA |
328,792 | 2,914,496 | ||||||
Mersen SA |
71,525 | 2,516,351 | ||||||
Metropole Television SA |
109,900 | 1,447,655 | ||||||
Neoen SA(d) |
203,821 | 8,964,265 | ||||||
Nexans SA |
102,216 | 9,817,294 | ||||||
Nexity SA |
165,573 | 4,068,904 | ||||||
Orpea SA(a)(c) |
232,415 | 5,786,946 | ||||||
Peugeot Invest |
22,362 | 2,269,568 | ||||||
Quadient SA |
144,735 | 2,817,937 | ||||||
Rexel SA |
1,034,092 | 18,378,341 | ||||||
Rubis SCA |
396,637 | 9,694,291 | ||||||
SCOR SE |
677,755 | 11,926,804 | ||||||
SES SA |
1,622,955 | 12,248,035 | ||||||
SES-Imagotag SA(a) |
20,023 | 1,945,023 | ||||||
SMCP SA(a)(d) |
165,692 | 902,167 | ||||||
Societe BIC SA(c) |
105,044 | 5,935,320 | ||||||
SOITEC(a) |
110,552 | 17,695,702 | ||||||
Solutions 30 SE(a)(c) |
360,123 | 1,225,506 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Somfy SA |
31,299 | $ | 3,957,703 | |||||
Sopra Steria Group SACA |
65,111 | 10,849,514 | ||||||
SPIE SA |
546,661 | 13,128,024 | ||||||
Technicolor SA(a) |
838,172 | 2,679,612 | ||||||
Television Francaise 1 |
173,170 | 1,192,913 | ||||||
Trigano SA |
36,792 | 3,599,938 | ||||||
Vallourec SA(a) |
382,830 | 3,547,311 | ||||||
Valneva SE(a)(c) |
355,196 | 3,532,629 | ||||||
Verallia SA(d) |
320,536 | 8,204,651 | ||||||
Vicat SA |
74,955 | 1,954,210 | ||||||
Vilmorin & Cie SA |
26,104 | 1,079,189 | ||||||
Virbac SA(c) |
17,995 | 6,646,553 | ||||||
Voltalia SA(a)(c) |
116,910 | 2,479,109 | ||||||
Waga Energy SA(a) |
20,844 | 743,496 | ||||||
Wavestone |
34,143 | 1,782,870 | ||||||
|
|
|||||||
381,251,083 | ||||||||
Germany — 4.1% | ||||||||
1&1 AG |
185,102 | 3,207,318 | ||||||
Aareal Bank AG(a) |
253,246 | 8,230,794 | ||||||
About You Holding SE(a)(c) |
162,185 | 1,464,575 | ||||||
Adesso SE |
13,396 | 2,320,928 | ||||||
ADLER Group SA(a)(c)(d) |
289,771 | 1,027,750 | ||||||
AIXTRON SE |
481,607 | 12,450,915 | ||||||
Amadeus Fire AG |
24,543 | 2,742,180 | ||||||
Atoss Software AG |
17,291 | 2,728,401 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA |
122,396 | 2,919,700 | ||||||
Aurubis AG |
132,807 | 9,588,277 | ||||||
Auto1 Group SE(a)(c)(d) |
364,393 | 3,143,026 | ||||||
Basler AG(c) |
49,158 | 1,872,984 | ||||||
BayWa AG |
59,886 | 2,577,731 | ||||||
Bertrandt AG |
31,692 | 1,183,639 | ||||||
Bike24 Holding AG(a)(c) |
82,393 | 244,812 | ||||||
Bilfinger SE |
128,425 | 3,880,690 | ||||||
Borussia Dortmund GmbH & Co. KGaA(a)(c) |
338,853 | 1,321,789 | ||||||
CANCOM SE |
165,777 | 5,667,059 | ||||||
Ceconomy AG |
687,209 | 1,385,984 | ||||||
Cewe Stiftung & Co. KGaA(c) |
21,856 | 1,876,938 | ||||||
CompuGroup Medical SE & Co. KgaA |
114,059 | 4,944,263 | ||||||
CropEnergies AG |
105,856 | 1,560,002 | ||||||
CTS Eventim AG & Co. KGaA(a) |
245,236 | 13,508,402 | ||||||
Datagroup SE |
20,729 | 1,580,180 | ||||||
Dermapharm Holding SE |
78,787 | 4,438,740 | ||||||
Deutsche Beteiligungs AG |
51,306 | 1,480,806 | ||||||
Deutsche Euroshop(b) |
211,517 | 4,647,889 | ||||||
Deutsche Pfandbriefbank AG(d) |
566,781 | 5,238,947 | ||||||
Deutz AG |
464,440 | 1,938,988 | ||||||
DIC Asset AG |
177,862 | 2,023,089 | ||||||
Draegerwerk AG & Co. KGaA |
13,057 | 593,848 | ||||||
Duerr AG |
218,772 | 5,439,260 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG |
63,688 | 2,824,107 | ||||||
Elmos Semiconductor SE |
35,702 | 1,729,164 | ||||||
ElringKlinger AG |
125,518 | 1,004,619 | ||||||
Encavis AG |
513,664 | 11,240,392 | ||||||
Energiekontor AG |
26,936 | 2,643,636 | ||||||
Evotec SE(a) |
600,870 | 15,611,323 | ||||||
Fielmann AG |
110,678 | 4,473,852 | ||||||
flatexDEGIRO AG(a)(c) |
287,740 | 2,926,666 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(a) |
157,515 | 7,203,575 | ||||||
Freenet AG |
514,844 | 12,122,847 | ||||||
Gerresheimer AG(c) |
133,961 | 8,046,423 |
70 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
GFT Technologies SE |
72,572 | $ | 3,279,880 | |||||
Global Fashion Group SA(a)(c) |
415,182 | 616,055 | ||||||
Grand City Properties SA |
406,743 | 5,547,435 | ||||||
GRENKE AG(c) |
117,109 | 3,075,055 | ||||||
Hamborner REIT AG |
276,549 | 2,433,188 | ||||||
Hamburger Hafen und Logistik AG |
112,423 | 1,566,869 | ||||||
Heidelberger Druckmaschinen AG(a)(c) |
1,111,984 | 1,706,657 | ||||||
Hensoldt AG |
154,686 | 3,966,067 | ||||||
HOCHTIEF AG |
106,678 | 5,725,897 | ||||||
Hornbach Holding AG & Co. KGaA |
37,114 | 2,913,080 | ||||||
Hugo Boss AG |
240,885 | 14,234,466 | ||||||
Hypoport SE(a) |
16,337 | 3,395,673 | ||||||
Indus Holding AG |
74,573 | 1,788,188 | ||||||
Instone Real Estate Group SE(d) |
202,922 | 2,223,222 | ||||||
Jenoptik AG |
216,651 | 5,247,360 | ||||||
JOST Werke AG(d) |
56,255 | 2,338,697 | ||||||
K+S AG, Registered |
813,079 | 17,144,766 | ||||||
Kloeckner & Co. SE |
312,667 | 3,064,329 | ||||||
Krones AG |
59,660 | 5,198,183 | ||||||
KWS Saat SE & Co. KGaA |
54,400 | 3,323,778 | ||||||
LANXESS AG |
348,116 | 12,802,239 | ||||||
MBB SE(c) |
8,158 | 901,393 | ||||||
Media and Games Invest SE(a)(c) |
474,599 | 1,158,308 | ||||||
Medios AG(a) |
60,199 | 1,750,120 | ||||||
METRO AG(a) |
532,578 | 4,328,314 | ||||||
MLP SE |
277,973 | 1,625,065 | ||||||
MorphoSys AG(a)(c) |
150,222 | 3,339,964 | ||||||
Nagarro SE(a) |
34,642 | 4,062,728 | ||||||
Nordex SE(a)(c) |
538,774 | 5,235,107 | ||||||
Norma Group SE |
137,354 | 2,562,472 | ||||||
Northern Data AG(a)(c) |
20,907 | 511,200 | ||||||
OHB SE |
14,662 | 503,222 | ||||||
PATRIZIA AG |
198,339 | 2,558,229 | ||||||
Pfeiffer Vacuum Technology AG |
15,734 | 2,487,714 | ||||||
PNE AG |
152,034 | 2,420,103 | ||||||
ProSiebenSat.1 Media SE |
751,101 | 6,423,955 | ||||||
PVA TePla AG(a) |
83,791 | 1,830,311 | ||||||
Salzgitter AG(c) |
126,081 | 3,210,104 | ||||||
Secunet Security Networks AG |
6,829 | 1,975,373 | ||||||
SGL Carbon SE(a) |
267,578 | 2,026,704 | ||||||
Siltronic AG |
62,743 | 5,094,002 | ||||||
Sirius Real Estate Ltd. |
4,959,986 | 5,773,381 | ||||||
Sixt SE |
56,964 | 6,954,261 | ||||||
SMA Solar Technology AG(a)(c) |
44,230 | 2,413,293 | ||||||
Software AG(c) |
219,447 | 5,928,687 | ||||||
Stabilus SE |
104,597 | 5,894,875 | ||||||
Steico SE |
23,519 | 1,922,099 | ||||||
Stratec SE |
34,014 | 3,137,572 | ||||||
Stroeer SE & Co. KGaA |
144,456 | 6,318,183 | ||||||
Suedzucker AG |
299,253 | 4,221,669 | ||||||
Synlab AG |
474,248 | 8,979,938 | ||||||
TAG Immobilien AG |
756,199 | 8,374,348 | ||||||
Takkt AG |
146,568 | 1,998,619 | ||||||
TeamViewer AG(a)(d) |
645,389 | 6,719,580 | ||||||
thyssenkrupp AG(a) |
1,979,548 | 12,225,840 | ||||||
Tonies SE, Class A(a)(c) |
169,595 | 866,673 | ||||||
TUI AG(a)(c) |
4,476,865 | 7,233,893 | ||||||
Varta AG(c) |
77,278 | 6,290,770 | ||||||
VERBIO Vereinigte BioEnergie AG |
95,143 | 5,904,418 | ||||||
Vitesco Technologies Group AG(a) |
84,188 | 4,578,909 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Vossloh AG |
51,843 | $ | 1,850,271 | |||||
Wacker Neuson SE |
119,977 | 2,308,459 | ||||||
Wuestenrot & Wuerttembergische AG |
68,041 | 1,168,449 | ||||||
Zeal Network SE(c) |
57,252 | 1,831,500 | ||||||
|
|
|||||||
455,547,667 | ||||||||
Hong Kong — 2.0% | ||||||||
Apollo Future Mobility Group Ltd.(a)(c) |
17,656,000 | 708,894 | ||||||
ASMPT Ltd. |
1,327,000 | 10,573,049 | ||||||
Atlas Corp. |
360,903 | 4,215,347 | ||||||
Bank of East Asia Ltd. (The) |
5,451,800 | 6,929,032 | ||||||
Brightoil Petroleum Holdings Ltd.(b) |
12,938,512 | 16 | ||||||
Cafe de Coral Holdings Ltd. |
1,520,000 | 2,319,473 | ||||||
Champion REIT |
11,252,000 | 4,962,638 | ||||||
Chinese Estates Holdings Ltd.(a) |
1,810,500 | 498,318 | ||||||
Chow Sang Sang Holdings International Ltd. |
1,570,000 | 1,622,979 | ||||||
CITIC Telecom International Holdings Ltd. |
6,837,000 | 2,280,068 | ||||||
Citychamp Watch & Jewellery Group Ltd.(a) |
5,546,000 | 840,742 | ||||||
CK
Life Sciences International Holdings |
14,480,000 | 1,478,405 | ||||||
C-Mer Eye Care Holdings Ltd.(a)(c) |
2,236,000 | 1,139,388 | ||||||
Comba Telecom Systems Holdings Ltd.(a) |
8,152,000 | 1,473,695 | ||||||
Cowell e Holdings Inc.(a) |
1,238,000 | 2,174,647 | ||||||
Crystal International Group Ltd.(c)(d) |
2,155,500 | 680,690 | ||||||
Dah Sing Banking Group Ltd. |
2,191,200 | 1,671,282 | ||||||
Dah Sing Financial Holdings Ltd. |
629,600 | 1,653,361 | ||||||
EC Healthcare |
1,997,000 | 1,716,675 | ||||||
E-Commodities Holdings Ltd. |
5,458,000 | 1,247,268 | ||||||
Far East Consortium International Ltd. |
4,415,000 | 1,424,256 | ||||||
First Pacific Co. Ltd. |
9,704,000 | 3,872,285 | ||||||
Fortune REIT |
6,105,000 | 5,213,309 | ||||||
Fosun Tourism Group(a)(c)(d) |
1,060,000 | 1,514,567 | ||||||
Guotai Junan International Holdings Ltd. |
12,402,000 | 1,249,480 | ||||||
Haitong International Securities Group Ltd.(c) |
9,198,899 | 1,101,174 | ||||||
Hang Lung Group Ltd. |
3,312,000 | 5,973,610 | ||||||
Health and Happiness H&H International Holdings Ltd. |
964,000 | 1,159,226 | ||||||
HKBN Ltd. |
3,567,500 | 3,962,929 | ||||||
Hong Kong Technology Venture Co. Ltd.(c) |
2,356,000 | 1,468,716 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. |
10,256,000 | 1,854,024 | ||||||
Hysan Development Co. Ltd. |
2,565,000 | 7,863,230 | ||||||
IGG Inc. |
3,323,000 | 1,332,687 | ||||||
Johnson Electric Holdings Ltd. |
1,440,250 | 1,841,680 | ||||||
K Wah International Holdings Ltd. |
4,281,000 | 1,591,706 | ||||||
Kerry Logistics Network Ltd. |
1,577,888 | 3,167,342 | ||||||
Kerry Properties Ltd. |
2,351,500 | 5,655,677 | ||||||
Lifestyle International Holdings Ltd.(a) |
1,606,000 | 551,321 | ||||||
LK Technology Holdings Ltd. |
2,332,500 | 4,074,987 | ||||||
Luk Fook Holdings International Ltd. |
1,526,000 | 3,725,928 | ||||||
Man Wah Holdings Ltd. |
7,429,200 | 5,815,588 | ||||||
MECOM Power and Construction Ltd. |
4,589,000 | 1,332,874 | ||||||
Melco International Development Ltd.(a)(c) |
2,884,000 | 1,955,924 | ||||||
Melco Resorts & Entertainment Ltd., ADR(a)(c) |
903,126 | 4,651,099 | ||||||
MGM China Holdings Ltd.(a) |
3,988,800 | 2,141,432 | ||||||
Nissin Foods Co. Ltd.(c) |
1,343,000 | 976,401 | ||||||
NWS Holdings Ltd. |
6,596,000 | 6,541,978 | ||||||
Pacific Basin Shipping Ltd. |
20,531,000 | 9,818,659 | ||||||
Pacific Textiles Holdings Ltd. |
3,789,000 | 1,506,703 | ||||||
PAX Global Technology Ltd. |
2,954,000 | 2,763,805 | ||||||
PCCW Ltd. |
17,664,000 | 9,453,909 | ||||||
Perfect Medical Health Management Ltd. |
1,872,000 | 879,757 |
S C H E D U L E O F I N V E S T M E N T S |
71 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Prosperity REIT |
9,176,000 | $ | 2,805,437 | |||||
Realord Group Holdings Ltd.(a)(c) |
1,798,000 | 2,256,179 | ||||||
Sa Sa International Holdings Ltd.(a) |
5,154,000 | 853,285 | ||||||
Shangri-La Asia Ltd.(a) |
4,674,000 | 3,812,305 | ||||||
Shun Tak Holdings Ltd.(a)(c) |
6,116,000 | 1,146,532 | ||||||
SJM Holdings Ltd.(a)(c) |
8,288,000 | 3,381,405 | ||||||
SmarTone Telecommunications Holdings Ltd. |
2,607,500 | 1,361,264 | ||||||
Stella International Holdings Ltd. |
2,141,000 | 2,086,479 | ||||||
Sun Hung Kai & Co. Ltd. |
2,447,000 | 1,128,274 | ||||||
SUNeVision Holdings Ltd. |
2,799,000 | 1,830,591 | ||||||
Sunlight REIT |
4,117,000 | 1,966,745 | ||||||
Texhong Textile Group Ltd. |
1,167,500 | 1,086,543 | ||||||
Theme International Holdings Ltd.(a)(c) |
19,970,000 | 2,624,679 | ||||||
United Energy Group Ltd. |
33,326,000 | 3,829,346 | ||||||
United Laboratories International Holdings Ltd. (The) |
4,400,000 | 2,321,175 | ||||||
Value Partners Group Ltd.(c) |
3,715,000 | 1,233,704 | ||||||
Vesync Co. Ltd. |
1,218,000 | 780,651 | ||||||
Vitasoy International Holdings Ltd. |
3,660,000 | 5,515,239 | ||||||
Viva China Holdings Ltd.(a) |
16,552,000 | 2,384,571 | ||||||
Vobile Group Ltd.(a)(c) |
6,217,000 | 3,178,526 | ||||||
VSTECS Holdings Ltd. |
3,784,000 | 2,890,100 | ||||||
VTech Holdings Ltd. |
681,700 | 4,647,178 | ||||||
Wynn Macau Ltd.(a) |
6,539,600 | 4,300,596 | ||||||
Xinyi Electric Storage Holdings Ltd.(a) |
1 | 1 | ||||||
Yue Yuen Industrial Holdings Ltd. |
3,399,500 | 4,521,176 | ||||||
Zensun Enterprises Ltd.(c) |
2,357,000 | 720,621 | ||||||
|
|
|||||||
217,284,832 | ||||||||
Ireland — 0.7% | ||||||||
AIB Group PLC |
3,465,280 | 7,882,290 | ||||||
Bank of Ireland Group PLC |
4,336,505 | 24,838,454 | ||||||
C&C Group PLC(a)(c) |
1,659,686 | 4,011,334 | ||||||
Cairn Homes PLC(a) |
3,102,986 | 3,444,147 | ||||||
Dalata Hotel Group PLC(a) |
854,382 | 3,148,125 | ||||||
Glanbia PLC |
844,038 | 9,920,461 | ||||||
Glenveagh Properties PLC(a)(d) |
2,815,635 | 3,125,105 | ||||||
Grafton Group PLC |
954,499 | 9,872,825 | ||||||
Greencore Group PLC(a) |
2,288,758 | 2,803,973 | ||||||
Irish Residential Properties REIT PLC |
1,958,702 | 2,710,560 | ||||||
Origin Enterprises PLC |
552,320 | 2,242,234 | ||||||
Uniphar PLC(a) |
970,074 | 3,207,385 | ||||||
|
|
|||||||
77,206,893 | ||||||||
Israel — 3.1% | ||||||||
AFI Properties Ltd. |
42,807 | 2,239,197 | ||||||
Africa Israel Residences Ltd. |
26,721 | 1,540,681 | ||||||
Airport City Ltd.(a) |
300,329 | 5,806,130 | ||||||
Alony Hetz Properties & Investments Ltd.(c) |
608,975 | 8,886,902 | ||||||
Altshuler Shaham Penn Ltd.(c) |
266,250 | 771,878 | ||||||
Amot Investments Ltd. |
943,876 | 6,471,096 | ||||||
Arad Investment & Industrial Development Ltd. |
14,087 | 1,724,063 | ||||||
Ashtrom Group Ltd. |
164,072 | 3,823,759 | ||||||
AudioCodes Ltd. |
110,657 | 2,712,977 | ||||||
Azorim-Investment Development & Construction Co. Ltd.(c) |
389,599 | 1,488,072 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. |
8,754,730 | 14,989,363 | ||||||
Big Shopping Centers Ltd. |
48,545 | 6,466,196 | ||||||
Blue Square Real Estate Ltd. |
19,925 | 1,553,762 | ||||||
Camtek Ltd./Israel(a)(c) |
119,932 | 3,539,438 | ||||||
Cellcom Israel Ltd.(a)(c) |
402,937 | 2,209,990 | ||||||
Cellebrite DI Ltd.(a)(c) |
156,404 | 789,840 |
Security | Shares | Value | ||||||
Israel (continued) | ||||||||
Clal Insurance Enterprises Holdings Ltd.(a) |
260,337 | $ | 5,092,638 | |||||
Cognyte Software Ltd.(a)(c) |
281,755 | 1,270,715 | ||||||
Danel Adir Yeoshua Ltd. |
22,943 | 2,909,860 | ||||||
Danya Cebus Ltd. |
32,887 | 846,487 | ||||||
Delek Automotive Systems Ltd. |
220,035 | 2,769,005 | ||||||
Delek Group Ltd.(a) |
38,660 | 5,870,022 | ||||||
Delta Galil Industries Ltd. |
49,668 | 2,426,981 | ||||||
Doral
Group Renewable Energy Resources |
291,917 | 1,021,005 | ||||||
Elco Ltd. |
40,556 | 2,814,132 | ||||||
Electra Consumer Products 1970 Ltd.(c) |
50,821 | 2,391,552 | ||||||
Electra Ltd./Israel |
8,872 | 5,317,011 | ||||||
Electra Real Estate Ltd. |
106,628 | 1,760,267 | ||||||
Electreon Wireless Ltd.(a)(c) |
16,346 | 395,886 | ||||||
Energix-Renewable Energies Ltd. |
984,143 | 3,988,927 | ||||||
Enlight Renewable Energy Ltd.(a) |
3,945,683 | 8,988,776 | ||||||
Equital Ltd.(a)(c) |
140,477 | 4,981,230 | ||||||
Fattal Holdings 1998 Ltd.(a) |
25,583 | 2,991,949 | ||||||
FIBI Holdings Ltd. |
71,296 | 3,315,354 | ||||||
First International Bank Of Israel Ltd. (The) |
229,570 | 9,706,234 | ||||||
Fiverr International Ltd.(a) |
132,303 | 4,244,280 | ||||||
Formula Systems 1985 Ltd. |
40,289 | 4,191,391 | ||||||
Fox Wizel Ltd.(c) |
35,009 | 4,451,208 | ||||||
G City Ltd. |
336,965 | 2,080,143 | ||||||
Gav-Yam Lands Corp. Ltd. |
1 | 5 | ||||||
Gilat Satellite Networks Ltd.(a)(c) |
173,419 | 1,170,985 | ||||||
Harel Insurance Investments & Financial Services Ltd. |
481,899 | 4,927,476 | ||||||
Hilan Ltd. |
59,958 | 3,493,539 | ||||||
IDI Insurance Co. Ltd.(c) |
42,662 | 1,112,430 | ||||||
Inmode Ltd.(a)(c) |
300,839 | 9,999,888 | ||||||
Isracard Ltd. |
848,020 | 2,650,996 | ||||||
Israel Canada T.R Ltd. |
547,891 | 2,116,171 | ||||||
Israel Corp. Ltd.(a) |
16,303 | 7,260,947 | ||||||
Israel
Land Development - Urban Renewal |
68,158 | 1,089,246 | ||||||
Isras Investment Co. Ltd. |
7,574 | 1,498,949 | ||||||
Ituran Location and Control Ltd. |
66,095 | 1,678,813 | ||||||
M Yochananof & Sons Ltd. |
21,572 | 1,243,128 | ||||||
Magic Software Enterprises Ltd. |
112,441 | 2,250,140 | ||||||
Malam - Team Ltd.(c) |
36,107 | 809,741 | ||||||
Matrix IT Ltd. |
160,673 | 4,083,182 | ||||||
Maytronics Ltd.(c) |
203,592 | 2,682,789 | ||||||
Mega Or Holdings Ltd. |
97,898 | 3,280,398 | ||||||
Mehadrin Ltd.(a) |
— | 1 | ||||||
Melisron Ltd.(a) |
98,386 | 7,444,389 | ||||||
Menora Mivtachim Holdings Ltd.(a) |
139,991 | 2,801,990 | ||||||
Migdal Insurance & Financial Holdings Ltd. |
1,712,989 | 2,675,471 | ||||||
Mivne Real Estate KD Ltd. |
2,493,417 | 8,468,499 | ||||||
Nano Dimension Ltd., ADR(a)(c) |
1,095,893 | 3,605,488 | ||||||
Nano-X Imaging Ltd.(a)(c) |
153,303 | 1,845,768 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(a)(c) |
330,779 | 2,069,240 | ||||||
Nayax Ltd.(a) |
341,844 | 920,435 | ||||||
Neto Malinda Trading Ltd.(a)(c) |
47,961 | 1,809,856 | ||||||
Nova Ltd.(a) |
120,859 | 12,835,634 | ||||||
Oil Refineries Ltd. |
8,736,116 | 3,292,191 | ||||||
One Software Technologies Ltd.(c) |
165,054 | 2,710,845 | ||||||
OPC Energy Ltd.(a)(c) |
385,511 | 4,458,586 | ||||||
OY Nofar Energy Ltd.(a)(c) |
63,082 | 1,854,351 | ||||||
Partner Communications Co. Ltd.(a)(c) |
579,420 | 4,624,525 | ||||||
Paz Oil Co. Ltd.(a)(c) |
42,273 | 5,213,654 | ||||||
Perion Network Ltd.(a)(c) |
157,882 | 3,045,577 |
72 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Israel (continued) | ||||||||
Phoenix Holdings Ltd. (The) |
651,175 | $ | 6,958,204 | |||||
Plus500 Ltd. |
421,114 | 8,546,704 | ||||||
Prashkovsky Investments and Construction Ltd. |
32,077 | 1,038,418 | ||||||
Property & Building Corp. Ltd.(a)(c) |
11,854 | 1,137,813 | ||||||
RADA Electronic Industries Ltd.(a)(c) |
178,216 | 1,803,546 | ||||||
Radware Ltd.(a) |
173,980 | 4,024,157 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(c) |
37,851 | 2,961,340 | ||||||
Reit 1 Ltd. |
760,362 | 4,406,020 | ||||||
Retailors Ltd.(c) |
50,921 | 1,151,178 | ||||||
Sapiens International Corp. NV(c) |
135,449 | 3,552,580 | ||||||
Sella Capital Real Estate Ltd. |
820,472 | 2,433,496 | ||||||
Shapir Engineering and Industry Ltd. |
589,847 | 5,252,364 | ||||||
Shikun & Binui Ltd.(a) |
1,020,736 | 4,811,315 | ||||||
Shufersal Ltd. |
1,112,099 | 7,266,674 | ||||||
SimilarWeb Ltd.(a)(c) |
78,932 | 657,504 | ||||||
Sisram Medical Ltd.(d) |
578,800 | 823,002 | ||||||
Strauss Group Ltd.(c) |
214,855 | 5,708,984 | ||||||
Summit Real Estate Holdings Ltd.(c) |
155,048 | 2,825,220 | ||||||
Taboola.com Ltd.(a) |
239,114 | 626,479 | ||||||
Tadiran Group Ltd. |
14,522 | 2,246,807 | ||||||
Taro Pharmaceutical Industries Ltd.(a) |
39,732 | 1,418,035 | ||||||
Tower Semiconductor Ltd.(a) |
1 | 37 | ||||||
Tremor International Ltd.(a)(c) |
395,084 | 2,075,580 | ||||||
YH Dimri Construction & Development Ltd.(c) |
32,952 | 2,749,143 | ||||||
|
|
|||||||
344,338,320 | ||||||||
Italy — 2.7% | ||||||||
A2A SpA |
6,839,589 | 8,815,530 | ||||||
ACEA SpA |
175,654 | 2,536,554 | ||||||
Anima Holding SpA(d) |
1,033,892 | 3,629,828 | ||||||
Antares Vision SpA(a) |
116,754 | 1,249,176 | ||||||
Arnoldo Mondadori Editore SpA |
490,976 | 851,430 | ||||||
Ascopiave SpA |
272,720 | 775,018 | ||||||
Autogrill SpA(a) |
815,322 | 5,319,348 | ||||||
Azimut Holding SpA |
453,612 | 7,935,091 | ||||||
Banca Generali SpA(c) |
247,296 | 7,194,728 | ||||||
Banca IFIS SpA |
110,697 | 1,489,390 | ||||||
Banca Mediolanum SpA |
943,851 | 6,250,559 | ||||||
Banca Monte dei Paschi di Siena SpA(a)(c) |
1,060,237 | 449,634 | ||||||
Banca Popolare di Sondrio SPA |
1,912,459 | 6,346,631 | ||||||
Banco BPM SpA |
6,138,701 | 15,899,685 | ||||||
BFF Bank SpA(d) |
680,775 | 4,783,076 | ||||||
Biesse SpA(c) |
59,204 | 844,276 | ||||||
Bio On SpA(b)(c) |
19,879 | — | ||||||
BPER Banca |
4,513,257 | 6,264,930 | ||||||
Brembo SpA |
640,263 | 6,763,379 | ||||||
Brunello Cucinelli SpA |
145,366 | 8,448,500 | ||||||
Buzzi Unicem SpA |
413,863 | 7,566,696 | ||||||
Carel Industries SpA(d) |
168,765 | 3,845,016 | ||||||
CIR SpA-Compagnie Industriali(a) |
5,540,507 | 2,347,178 | ||||||
Credito Emiliano SpA |
384,616 | 2,176,982 | ||||||
Danieli & C Officine Meccaniche SpA |
32,342 | 665,235 | ||||||
Datalogic SpA(c) |
77,130 | 601,092 | ||||||
De’ Longhi SpA(c) |
323,379 | 6,150,542 | ||||||
Digital Bros. SpA |
20,654 | 560,331 | ||||||
Digital Value SpA(a) |
14,714 | 964,374 | ||||||
doValue SpA(d) |
254,652 | 1,554,982 | ||||||
El.En. SpA |
190,398 | 2,859,244 | ||||||
Enav SpA(a)(d) |
1,150,769 | 5,031,264 | ||||||
ERG SpA |
253,836 | 8,279,428 |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
Esprinet SpA |
126,048 | $ | 912,334 | |||||
Fila SpA |
100,984 | 821,764 | ||||||
Fincantieri SpA(a)(c) |
2,127,104 | 1,118,274 | ||||||
Gruppo MutuiOnline SpA |
110,899 | 2,971,632 | ||||||
GVS SpA(d) |
299,865 | 2,913,594 | ||||||
Hera SpA |
3,544,354 | 10,183,908 | ||||||
Illimity Bank SpA(a) |
224,174 | 2,308,044 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA |
224,983 | 836,339 | ||||||
Interpump Group SpA |
300,747 | 12,853,261 | ||||||
Iren SpA |
3,032,354 | 5,714,537 | ||||||
Italgas SpA |
2,058,358 | 11,775,435 | ||||||
Italmobiliare SpA |
59,964 | 1,670,687 | ||||||
Juventus Football Club SpA(a)(c) |
4,254,567 | 1,567,534 | ||||||
Leonardo SpA |
1,714,153 | 16,055,780 | ||||||
Maire Tecnimont SpA(c) |
617,813 | 1,715,717 | ||||||
MARR SpA |
147,158 | 2,036,663 | ||||||
OVS SpA(c)(d) |
921,380 | 1,481,926 | ||||||
Pharmanutra SpA |
14,257 | 981,268 | ||||||
Piaggio & C SpA |
727,856 | 1,917,554 | ||||||
Pirelli & C SpA(d) |
1,481,269 | 6,413,334 | ||||||
RAI Way SpA(d) |
419,559 | 2,088,146 | ||||||
Reply SpA |
94,979 | 12,503,645 | ||||||
Safilo Group SpA(a)(c) |
960,753 | 1,312,801 | ||||||
Saipem SpA(a)(c) |
4,901,520 | 4,077,542 | ||||||
Salcef SpA |
107,075 | 2,066,733 | ||||||
Salvatore Ferragamo SpA(c) |
216,050 | 3,832,255 | ||||||
Sanlorenzo SpA/Ameglia(c) |
52,394 | 1,824,039 | ||||||
Saras SpA(a) |
2,397,905 | 3,041,793 | ||||||
Seco SpA(a)(c) |
134,441 | 873,514 | ||||||
Sesa SpA |
32,865 | 4,664,758 | ||||||
SOL SpA |
153,789 | 2,852,331 | ||||||
Tamburi Investment Partners SpA |
447,918 | 3,721,529 | ||||||
Technogym SpA(c)(d) |
596,028 | 4,199,017 | ||||||
Technoprobe SpA(a) |
528,649 | 4,259,031 | ||||||
Tinexta SpA |
86,331 | 2,149,812 | ||||||
Tod’s SpA(a)(c) |
40,300 | 1,431,360 | ||||||
Unipol Gruppo SpA |
1,664,623 | 6,982,600 | ||||||
Webuild SpA(c) |
1,672,075 | 2,580,534 | ||||||
Wiit SpA |
43,387 | 889,099 | ||||||
Zignago Vetro SpA |
117,732 | 1,493,471 | ||||||
|
|
|||||||
291,542,722 | ||||||||
Japan — 29.8% | ||||||||
77 Bank Ltd. (The) |
221,800 | 2,964,425 | ||||||
ABC-Mart Inc. |
141,700 | 6,000,848 | ||||||
Activia Properties Inc. |
2,974 | 9,324,898 | ||||||
Adastria Co. Ltd. |
95,680 | 1,436,909 | ||||||
ADEKA Corp. |
328,300 | 5,938,383 | ||||||
Advance Logistics Investment Corp. |
2,338 | 2,695,563 | ||||||
Advance Residence Investment Corp. |
5,548 | 15,286,933 | ||||||
Aeon Delight Co. Ltd. |
93,500 | 2,023,598 | ||||||
AEON Financial Service Co. Ltd. |
464,100 | 5,080,959 | ||||||
Aeon Hokkaido Corp. |
101,200 | 804,169 | ||||||
Aeon Mall Co. Ltd. |
435,600 | 5,557,952 | ||||||
AEON REIT Investment Corp. |
6,910 | 8,104,677 | ||||||
Ai Holdings Corp. |
147,800 | 1,871,014 | ||||||
Aica Kogyo Co. Ltd. |
226,200 | 5,241,256 | ||||||
Aichi Corp. |
124,700 | 803,163 | ||||||
Aida Engineering Ltd. |
300,500 | 2,068,335 | ||||||
Aiful Corp. |
1,308,700 | 3,837,499 | ||||||
Ain Holdings Inc. |
105,300 | 6,069,089 |
S C H E D U L E O F I N V E S T M E N T S |
73 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Air Water Inc. |
784,100 | $ | 10,556,251 | |||||
Airtrip Corp.(c) |
61,400 | 1,140,006 | ||||||
Alfresa Holdings Corp. |
797,200 | 10,639,344 | ||||||
Alpen Co. Ltd.(c) |
71,700 | 1,120,078 | ||||||
Alpha Systems Inc. |
25,500 | 941,544 | ||||||
Alps Alpine Co. Ltd. |
844,700 | 8,791,195 | ||||||
Amada Co. Ltd. |
1,436,700 | 11,596,619 | ||||||
Amano Corp. |
228,700 | 4,400,228 | ||||||
Amvis Holdings Inc.(c) |
54,900 | 1,935,954 | ||||||
AnGes Inc.(a)(c) |
633,000 | 1,761,803 | ||||||
Anicom Holdings Inc. |
317,800 | 1,631,802 | ||||||
Anritsu Corp. |
600,400 | 7,338,424 | ||||||
AOKI Holdings Inc. |
112,600 | 554,347 | ||||||
Aozora Bank Ltd. |
493,800 | 10,322,612 | ||||||
Appier Group Inc.(a)(c) |
235,400 | 1,548,223 | ||||||
Arata Corp. |
53,900 | 1,666,201 | ||||||
Arcland Sakamoto Co. Ltd. |
129,500 | 1,505,232 | ||||||
Arcland Service Holdings Co. Ltd. |
61,600 | 985,350 | ||||||
Arcs Co. Ltd. |
173,600 | 2,766,538 | ||||||
Argo Graphics Inc. |
65,600 | 1,702,988 | ||||||
Ariake Japan Co. Ltd. |
79,200 | 3,156,791 | ||||||
ARTERIA Networks Corp. |
106,300 | 1,015,178 | ||||||
As One Corp. |
124,200 | 5,892,926 | ||||||
Asahi Holdings Inc. |
321,300 | 4,903,782 | ||||||
Asics Corp. |
688,900 | 13,125,947 | ||||||
ASKUL Corp. |
177,600 | 2,342,950 | ||||||
Atom Corp.(a) |
476,800 | 2,927,288 | ||||||
Autobacs Seven Co. Ltd. |
280,400 | 2,955,844 | ||||||
Avex Inc. |
142,900 | 1,638,167 | ||||||
Awa Bank Ltd. (The) |
164,000 | 2,480,426 | ||||||
Axial Retailing Inc.(c) |
46,700 | 1,198,311 | ||||||
Bank of Kyoto Ltd. (The) |
240,600 | 10,236,432 | ||||||
BayCurrent Consulting Inc.(c) |
56,400 | 17,645,555 | ||||||
Belc Co. Ltd. |
41,000 | 1,695,491 | ||||||
Bell System24 Holdings Inc. |
139,500 | 1,617,690 | ||||||
Belluna Co. Ltd. |
228,000 | 1,332,604 | ||||||
Benefit One Inc.(c) |
336,000 | 5,457,445 | ||||||
Benesse Holdings Inc. |
310,400 | 5,594,040 | ||||||
BeNext-Yumeshin Group Co. |
246,531 | 2,958,418 | ||||||
Bengo4.com Inc.(a)(c) |
33,600 | 969,056 | ||||||
Bic Camera Inc. |
395,500 | 3,438,767 | ||||||
BIPROGY Inc. |
305,500 | 6,519,183 | ||||||
BML Inc. |
94,100 | 2,783,103 | ||||||
Bunka Shutter Co. Ltd. |
309,100 | 2,399,321 | ||||||
Bushiroad Inc.(a) |
62,400 | 716,566 | ||||||
C Uyemura & Co. Ltd. |
46,900 | 2,186,204 | ||||||
C.I. Takiron Corp. |
177,700 | 745,486 | ||||||
Calbee Inc. |
374,100 | 8,028,155 | ||||||
Canon Electronics Inc. |
47,400 | 593,315 | ||||||
Canon Marketing Japan Inc. |
195,200 | 4,584,076 | ||||||
Casio Computer Co. Ltd. |
836,600 | 8,183,580 | ||||||
Cawachi Ltd. |
59,100 | 955,288 | ||||||
CellSource Co. Ltd.(a)(c) |
30,200 | 1,054,888 | ||||||
Central Glass Co. Ltd. |
129,800 | 3,196,504 | ||||||
Change Inc.(c) |
154,000 | 2,332,688 | ||||||
Chiyoda Corp.(a) |
659,600 | 2,029,762 | ||||||
Chofu Seisakusho Co. Ltd. |
37,300 | 521,289 | ||||||
Chudenko Corp. |
77,000 | 1,236,530 | ||||||
Chugoku Bank Ltd. (The) |
607,200 | 4,415,561 | ||||||
Chugoku Electric Power Co. Inc. (The) |
1,163,600 | 7,603,278 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Chugoku Marine Paints Ltd. |
151,500 | $ | 1,001,381 | |||||
Citizen Watch Co. Ltd. |
1,074,000 | 4,708,424 | ||||||
CKD Corp. |
218,200 | 3,098,809 | ||||||
Coca-Cola Bottlers Japan Holdings Inc. |
566,600 | 6,459,805 | ||||||
COLOPL Inc. |
246,000 | 1,240,020 | ||||||
Colowide Co. Ltd. |
314,700 | 4,615,449 | ||||||
Comforia Residential REIT Inc. |
2,671 | 6,746,349 | ||||||
COMSYS Holdings Corp. |
483,000 | 9,703,591 | ||||||
Comture Corp. |
98,300 | 2,219,804 | ||||||
CONEXIO Corp. |
38,500 | 382,172 | ||||||
Cosmo Energy Holdings Co. Ltd. |
322,700 | 9,787,604 | ||||||
Cosmos Pharmaceutical Corp. |
85,500 | 9,192,307 | ||||||
CRE Logistics REIT Inc. |
2,340 | 3,580,926 | ||||||
Create Restaurants Holdings Inc. |
502,100 | 3,824,010 | ||||||
Create SD Holdings Co. Ltd. |
114,600 | 2,654,601 | ||||||
Credit Saison Co. Ltd. |
628,200 | 8,021,821 | ||||||
Curves Holdings Co. Ltd. |
224,200 | 1,220,231 | ||||||
CYBERDYNE Inc.(a)(c) |
450,400 | 1,189,039 | ||||||
Cybozu Inc. |
104,400 | 902,139 | ||||||
Daicel Corp. |
1,096,200 | 6,973,274 | ||||||
Daido Steel Co. Ltd. |
108,200 | 3,229,383 | ||||||
Daihen Corp. |
81,800 | 2,576,795 | ||||||
Daiho Corp. |
27,500 | 883,718 | ||||||
Daiichikosho Co. Ltd. |
159,000 | 4,510,054 | ||||||
Daiken Corp. |
43,200 | 633,085 | ||||||
Daiki Aluminium Industry Co. Ltd. |
102,000 | 950,992 | ||||||
Daikokutenbussan Co. Ltd. |
24,000 | 985,376 | ||||||
Daio Paper Corp. |
353,700 | 3,787,231 | ||||||
Daiseki Co. Ltd. |
184,560 | 5,486,415 | ||||||
Daishi Hokuetsu Financial Group Inc. |
144,900 | 2,796,189 | ||||||
Daiwa Industries Ltd. |
129,600 | 1,103,954 | ||||||
Daiwa Office Investment Corp. |
1,355 | 6,874,263 | ||||||
Daiwa Securities Living Investments Corp. |
7,966 | 7,523,661 | ||||||
Daiwabo Holdings Co. Ltd. |
348,300 | 5,000,060 | ||||||
DCM Holdings Co. Ltd. |
502,600 | 3,933,195 | ||||||
Demae-Can Co. Ltd.(a)(c) |
150,600 | 723,163 | ||||||
DeNA Co. Ltd.(c) |
357,000 | 5,273,294 | ||||||
Denka Co. Ltd. |
317,000 | 8,219,365 | ||||||
Descente Ltd. |
116,000 | 2,474,811 | ||||||
Dexerials Corp.(c) |
232,000 | 6,262,425 | ||||||
DIC Corp. |
316,900 | 5,860,566 | ||||||
Digital Arts Inc. |
47,200 | 2,336,485 | ||||||
Digital Garage Inc. |
140,500 | 4,082,364 | ||||||
Dip Corp. |
151,600 | 4,072,293 | ||||||
Direct Marketing MiX Inc. |
83,900 | 1,306,160 | ||||||
DMG Mori Co. Ltd. |
482,800 | 6,484,105 | ||||||
Doshisha Co. Ltd. |
96,100 | 1,141,922 | ||||||
Doutor Nichires Holdings Co. Ltd. |
113,600 | 1,419,785 | ||||||
Dowa Holdings Co. Ltd. |
223,600 | 8,109,235 | ||||||
DTS Corp. |
161,100 | 4,092,383 | ||||||
Duskin Co. Ltd. |
189,200 | 4,268,641 | ||||||
DyDo Group Holdings Inc. |
36,100 | 1,379,045 | ||||||
Earth Corp. |
65,700 | 2,636,964 | ||||||
Ebara Corp. |
392,300 | 15,367,995 | ||||||
EDION Corp. |
339,300 | 3,198,943 | ||||||
eGuarantee Inc. |
145,000 | 2,544,766 | ||||||
Eiken Chemical Co. Ltd. |
137,400 | 2,032,442 | ||||||
Eizo Corp. |
61,200 | 1,711,768 | ||||||
Elan Corp. |
138,600 | 1,228,174 | ||||||
Elecom Co. Ltd.(c) |
212,500 | 2,719,546 |
74 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Electric Power Development Co. Ltd. |
620,200 | $ | 10,464,460 | |||||
EM Systems Co. Ltd. |
182,900 | 1,517,926 | ||||||
en Japan Inc. |
141,400 | 2,222,254 | ||||||
eRex Co. Ltd. |
128,700 | 2,328,351 | ||||||
ES-Con Japan Ltd. |
142,600 | 903,445 | ||||||
Euglena Co. Ltd.(a)(c) |
406,800 | 2,858,317 | ||||||
Exedy Corp. |
123,000 | 1,601,646 | ||||||
EXEO Group Inc. |
435,900 | 7,303,897 | ||||||
Ezaki Glico Co. Ltd. |
205,100 | 5,992,569 | ||||||
Fancl Corp. |
334,600 | 6,377,670 | ||||||
FCC Co. Ltd. |
145,800 | 1,552,449 | ||||||
Ferrotec Holdings Corp. |
183,400 | 3,436,708 | ||||||
Financial Products Group Co. Ltd. |
268,000 | 2,092,178 | ||||||
Food & Life Companies Ltd. |
471,300 | 9,184,401 | ||||||
FP Corp. |
196,800 | 4,430,942 | ||||||
Freee KK(a)(c) |
165,600 | 4,033,893 | ||||||
Frontier Real Estate Investment Corp. |
2,044 | 8,331,240 | ||||||
Fuji Co. Ltd./Ehime |
116,100 | 1,898,388 | ||||||
Fuji Corp./Aichi |
314,100 | 4,867,647 | ||||||
Fuji Kyuko Co. Ltd. |
94,400 | 2,896,863 | ||||||
Fuji Media Holdings Inc. |
183,900 | 1,600,722 | ||||||
Fuji Oil Holdings Inc. |
191,000 | 3,259,585 | ||||||
Fuji Seal International Inc. |
184,500 | 2,137,882 | ||||||
Fuji Soft Inc. |
106,800 | 6,499,198 | ||||||
Fujicco Co. Ltd. |
43,200 | 626,346 | ||||||
Fujikura Ltd. |
999,400 | 6,041,583 | ||||||
Fujimi Inc. |
66,800 | 2,975,559 | ||||||
Fujimori Kogyo Co. Ltd. |
57,000 | 1,522,285 | ||||||
Fujio Food Group Inc. |
79,600 | 816,839 | ||||||
Fujitec Co. Ltd. |
271,200 | 5,821,541 | ||||||
Fujitsu General Ltd. |
250,800 | 5,347,441 | ||||||
Fujiya Co. Ltd. |
33,400 | 600,368 | ||||||
Fukui Computer Holdings Inc. |
46,900 | 1,239,788 | ||||||
Fukuoka Financial Group Inc. |
724,900 | 12,848,642 | ||||||
Fukuoka REIT Corp. |
2,703 | 3,507,666 | ||||||
Fukushima Galilei Co. Ltd. |
44,100 | 1,212,526 | ||||||
Fukuyama Transporting Co. Ltd. |
101,100 | 2,361,179 | ||||||
Fullcast Holdings Co. Ltd. |
81,900 | 1,449,570 | ||||||
Funai Soken Holdings Inc. |
162,060 | 2,856,929 | ||||||
Furukawa Co. Ltd. |
171,000 | 1,589,353 | ||||||
Furukawa Electric Co. Ltd. |
285,800 | 4,995,679 | ||||||
Fuso Chemical Co. Ltd. |
73,500 | 1,884,138 | ||||||
Future Corp. |
184,100 | 2,230,327 | ||||||
Fuyo General Lease Co. Ltd. |
70,000 | 4,309,058 | ||||||
G-7 Holdings Inc. |
86,300 | 964,056 | ||||||
Genky DrugStores Co. Ltd. |
33,200 | 809,099 | ||||||
Geo Holdings Corp.(c) |
99,700 | 1,053,207 | ||||||
Giken Ltd. |
73,000 | 1,812,844 | ||||||
Global One Real Estate Investment Corp. |
4,206 | 3,471,787 | ||||||
GLOBERIDE Inc. |
69,800 | 1,196,523 | ||||||
Glory Ltd. |
204,900 | 3,402,310 | ||||||
GMO Financial Gate Inc.(c) |
7,500 | 800,979 | ||||||
GMO Financial Holdings Inc. |
149,900 | 884,728 | ||||||
GMO GlobalSign Holdings KK |
19,900 | 893,936 | ||||||
GMO internet Inc. |
284,600 | 5,590,215 | ||||||
GNI Group Ltd.(a)(c) |
185,397 | 2,612,142 | ||||||
Goldcrest Co. Ltd. |
66,400 | 903,122 | ||||||
Goldwin Inc. |
100,800 | 6,289,009 | ||||||
Gree Inc. |
276,500 | 1,762,997 | ||||||
GS Yuasa Corp. |
272,700 | 4,978,982 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
G-Tekt Corp. |
50,700 | $ | 510,727 | |||||
GungHo Online Entertainment Inc.(c) |
191,630 | 3,739,127 | ||||||
Gunma Bank Ltd. (The) |
1,399,700 | 4,016,243 | ||||||
Gunze Ltd. |
68,600 | 1,999,108 | ||||||
H.U. Group Holdings Inc. |
221,200 | 5,301,033 | ||||||
H2O Retailing Corp. |
338,000 | 2,541,908 | ||||||
Hachijuni Bank Ltd. (The) |
1,468,900 | 5,468,481 | ||||||
Halows Co. Ltd. |
28,500 | 671,393 | ||||||
Hamakyorex Co. Ltd. |
42,800 | 1,027,333 | ||||||
Hankyu Hanshin REIT Inc. |
2,490 | 2,870,559 | ||||||
Hanwa Co. Ltd. |
144,300 | 3,155,954 | ||||||
Harmonic Drive Systems Inc. |
204,300 | 7,789,312 | ||||||
Haseko Corp. |
1,031,300 | 12,555,471 | ||||||
Hazama Ando Corp. |
674,700 | 4,541,916 | ||||||
Heiwa Corp. |
227,100 | 3,545,057 | ||||||
Heiwa Real Estate Co. Ltd. |
135,700 | 4,085,515 | ||||||
Heiwa Real Estate REIT Inc. |
3,734 | 4,179,817 | ||||||
Heiwado Co. Ltd. |
120,600 | 1,814,005 | ||||||
Hiday Hidaka Corp. |
107,900 | 1,751,486 | ||||||
Hino Motors Ltd. |
1,230,900 | 6,397,249 | ||||||
Hioki E.E. Corp. |
39,300 | 1,975,417 | ||||||
Hirata Corp. |
39,300 | 1,409,042 | ||||||
Hirogin Holdings Inc. |
1,028,500 | 4,751,890 | ||||||
HIS Co. Ltd.(a)(c) |
220,200 | 3,340,919 | ||||||
Hisamitsu Pharmaceutical Co. Inc. |
200,400 | 5,226,535 | ||||||
Hitachi Transport System Ltd. |
178,800 | 11,645,811 | ||||||
Hitachi Zosen Corp. |
676,500 | 4,233,592 | ||||||
Hogy Medical Co. Ltd. |
109,800 | 2,894,731 | ||||||
Hokkaido Electric Power Co. Inc. |
730,800 | 2,807,022 | ||||||
Hokkoku Financial Holdings Inc. |
101,800 | 3,544,287 | ||||||
Hokuetsu Corp. |
509,500 | 2,686,597 | ||||||
Hokuhoku Financial Group Inc. |
501,100 | 3,238,024 | ||||||
Hokuriku Electric Power Co. |
704,600 | 2,871,344 | ||||||
Hokuto Corp. |
88,700 | 1,287,109 | ||||||
Horiba Ltd. |
145,600 | 7,176,783 | ||||||
Hoshino Resorts REIT Inc. |
970 | 4,751,083 | ||||||
Hosiden Corp. |
193,900 | 2,158,672 | ||||||
House Foods Group Inc. |
266,600 | 5,732,295 | ||||||
Hulic Reit Inc. |
5,473 | 6,852,265 | ||||||
Hyakugo Bank Ltd. (The) |
1,155,700 | 2,838,112 | ||||||
Ichibanya Co. Ltd. |
58,700 | 2,094,833 | ||||||
Ichigo Inc. |
1,029,300 | 2,324,759 | ||||||
Ichigo Office REIT Investment Corp. |
5,037 | 3,239,131 | ||||||
Idec Corp./Japan |
120,000 | 2,677,786 | ||||||
IDOM Inc. |
234,300 | 1,424,240 | ||||||
IHI Corp. |
592,600 | 15,625,500 | ||||||
Iino Kaiun Kaisha Ltd. |
352,900 | 1,882,183 | ||||||
Inaba Denki Sangyo Co. Ltd. |
203,100 | 4,234,685 | ||||||
Inabata & Co. Ltd. |
178,800 | 3,244,791 | ||||||
Inageya Co. Ltd. |
99,000 | 947,230 | ||||||
Industrial & Infrastructure Fund Investment Corp. |
8,318 | 11,565,464 | ||||||
Infocom Corp. |
102,100 | 1,640,866 | ||||||
Infomart Corp. |
856,700 | 3,023,949 | ||||||
Information Services International-Dentsu Ltd. |
109,500 | 3,682,060 | ||||||
INFRONEER Holdings Inc. |
1,107,128 | 8,126,914 | ||||||
Insource Co. Ltd. |
96,700 | 2,046,181 | ||||||
Internet Initiative Japan Inc. |
218,500 | 8,871,931 | ||||||
Invincible Investment Corp. |
25,933 | 8,158,065 | ||||||
IR Japan Holdings Ltd.(c) |
41,800 | 703,734 | ||||||
Iriso Electronics Co. Ltd. |
83,100 | 1,870,396 |
S C H E D U L E O F I N V E S T M E N T S |
75 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Isetan Mitsukoshi Holdings Ltd. |
1,428,400 | $ | 11,435,831 | |||||
Itochu Enex Co. Ltd. |
196,400 | 1,580,991 | ||||||
Itochu-Shokuhin Co. Ltd. |
23,200 | 870,404 | ||||||
Itoham Yonekyu Holdings Inc. |
634,400 | 3,179,344 | ||||||
Iwatani Corp. |
185,000 | 7,754,595 | ||||||
Iyo Bank Ltd. (The) |
931,400 | 4,518,524 | ||||||
Izumi Co. Ltd. |
140,800 | 3,300,359 | ||||||
J Front Retailing Co. Ltd. |
1,030,300 | 8,673,594 | ||||||
JAC Recruitment Co. Ltd. |
69,200 | 1,021,469 | ||||||
Jaccs Co. Ltd. |
97,200 | 2,780,021 | ||||||
JAFCO Group Co. Ltd. |
308,700 | 4,198,231 | ||||||
Japan Airport Terminal Co. Ltd.(a) |
255,200 | 10,003,447 | ||||||
Japan Aviation Electronics Industry Ltd. |
196,700 | 3,359,931 | ||||||
Japan Display Inc.(a) |
2,544,500 | 1,221,957 | ||||||
Japan Elevator Service Holdings Co. Ltd. |
262,400 | 3,140,297 | ||||||
Japan Excellent Inc. |
5,068 | 4,821,328 | ||||||
Japan Hotel REIT Investment Corp. |
18,774 | 9,742,862 | ||||||
Japan Lifeline Co. Ltd. |
246,300 | 1,837,673 | ||||||
Japan Logistics Fund Inc. |
3,493 | 8,393,929 | ||||||
Japan Material Co. Ltd. |
284,900 | 4,227,301 | ||||||
Japan Petroleum Exploration Co. Ltd. |
132,000 | 3,482,995 | ||||||
Japan Prime Realty Investment Corp. |
3,541 | 10,813,111 | ||||||
Japan Pulp & Paper Co. Ltd. |
45,100 | 1,410,854 | ||||||
Japan Securities Finance Co. Ltd. |
380,900 | 2,362,944 | ||||||
Japan Steel Works Ltd. (The) |
254,200 | 5,888,709 | ||||||
Japan Wool Textile Co. Ltd. (The) |
148,300 | 1,156,516 | ||||||
JCR Pharmaceuticals Co. Ltd. |
274,600 | 5,101,799 | ||||||
JCU Corp. |
80,900 | 2,168,993 | ||||||
JDC Corp. |
162,300 | 742,445 | ||||||
Jeol Ltd. |
187,300 | 8,515,632 | ||||||
JGC Holdings Corp. |
940,500 | 11,566,651 | ||||||
JINS Holdings Inc.(c) |
60,000 | 1,718,062 | ||||||
JMDC Inc.(c) |
109,400 | 5,443,928 | ||||||
J-Oil Mills Inc. |
34,100 | 414,941 | ||||||
Joshin Denki Co. Ltd. |
57,700 | 869,502 | ||||||
Joyful Honda Co. Ltd. |
213,100 | 2,521,273 | ||||||
JTEKT Corp. |
867,700 | 6,433,934 | ||||||
JTOWER Inc.(a)(c) |
37,600 | 1,868,987 | ||||||
Juroku Financial Group Inc. |
157,400 | 2,954,369 | ||||||
Justsystems Corp. |
152,200 | 4,698,910 | ||||||
Kadokawa Corp. |
390,234 | 9,476,533 | ||||||
Kaga Electronics Co. Ltd. |
61,900 | 1,508,283 | ||||||
Kagome Co. Ltd. |
323,800 | 7,658,740 | ||||||
Kaken Pharmaceutical Co. Ltd. |
124,900 | 3,646,775 | ||||||
Kameda Seika Co. Ltd. |
51,600 | 1,831,246 | ||||||
Kamigumi Co. Ltd. |
441,200 | 8,971,542 | ||||||
Kanamoto Co. Ltd. |
121,300 | 1,867,647 | ||||||
Kandenko Co. Ltd. |
423,700 | 2,630,404 | ||||||
Kaneka Corp. |
198,500 | 5,378,376 | ||||||
Kanematsu Corp. |
311,700 | 3,249,249 | ||||||
Kanematsu Electronics Ltd. |
30,900 | 970,561 | ||||||
Kansai Paint Co. Ltd. |
748,300 | 10,760,651 | ||||||
Kanto Denka Kogyo Co. Ltd. |
161,900 | 1,110,383 | ||||||
Kappa Create Co. Ltd.(a)(c) |
112,900 | 1,251,558 | ||||||
Katakura Industries Co. Ltd.(c) |
69,000 | 1,059,072 | ||||||
Katitas Co. Ltd. |
219,200 | 5,518,409 | ||||||
Kato Sangyo Co. Ltd. |
77,700 | 1,925,207 | ||||||
Kawasaki Heavy Industries Ltd. |
644,600 | 12,660,280 | ||||||
Kawasaki Kisen Kaisha Ltd. |
221,500 | 16,333,317 | ||||||
KeePer Technical Laboratory Co. Ltd. |
54,000 | 1,450,583 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Keihan Holdings Co. Ltd. |
412,900 | $ | 10,301,877 | |||||
Keihanshin Building Co. Ltd. |
122,000 | 1,200,366 | ||||||
Keikyu Corp. |
938,300 | 10,421,406 | ||||||
Keiyo Bank Ltd. (The) |
679,300 | 2,423,146 | ||||||
Keiyo Co. Ltd. |
118,000 | 874,619 | ||||||
Kenedix Office Investment Corp. |
1,792 | 9,632,180 | ||||||
Kenedix Residential Next Investment Corp. |
4,222 | 7,097,590 | ||||||
Kenedix Retail REIT Corp. |
2,452 | 5,256,520 | ||||||
Kewpie Corp. |
395,600 | 6,872,012 | ||||||
KFC Holdings Japan Ltd. |
60,900 | 1,346,147 | ||||||
KH Neochem Co. Ltd. |
141,300 | 2,698,278 | ||||||
Kinden Corp. |
543,800 | 6,420,262 | ||||||
Kintetsu Department Store Co. Ltd.(a)(c) |
29,700 | 520,057 | ||||||
Kisoji Co. Ltd.(c) |
91,400 | 1,564,547 | ||||||
Kissei Pharmaceutical Co. Ltd. |
105,400 | 2,234,609 | ||||||
Ki-Star Real Estate Co. Ltd. |
37,800 | 1,383,277 | ||||||
Kitz Corp. |
246,500 | 1,301,833 | ||||||
Kiyo Bank Ltd. (The) |
242,500 | 2,663,479 | ||||||
Koa Corp. |
129,600 | 2,088,831 | ||||||
Kobe Steel Ltd. |
1,434,100 | 6,666,919 | ||||||
Kohnan Shoji Co. Ltd. |
100,900 | 2,829,418 | ||||||
Kokuyo Co. Ltd. |
351,300 | 4,684,305 | ||||||
KOMEDA Holdings Co. Ltd. |
201,100 | 3,446,680 | ||||||
Komeri Co. Ltd. |
125,900 | 2,533,195 | ||||||
Konica Minolta Inc. |
1,913,100 | 6,785,557 | ||||||
Konishi Co. Ltd. |
182,300 | 2,228,640 | ||||||
Konoike Transport Co. Ltd. |
89,700 | 870,742 | ||||||
Koshidaka Holdings Co. Ltd. |
188,900 | 1,061,926 | ||||||
Kotobuki Spirits Co. Ltd.(c) |
78,500 | 4,290,874 | ||||||
K’s Holdings Corp. |
674,140 | 6,807,234 | ||||||
Kumagai Gumi Co. Ltd. |
148,800 | 3,165,960 | ||||||
Kumiai Chemical Industry Co. Ltd. |
312,500 | 2,337,533 | ||||||
Kura Sushi Inc.(c) |
88,500 | 2,148,330 | ||||||
Kuraray Co. Ltd. |
1,357,800 | 10,928,993 | ||||||
Kureha Corp. |
65,800 | 5,004,347 | ||||||
Kusuri no Aoki Holdings Co. Ltd. |
67,600 | 2,812,672 | ||||||
KYB Corp. |
68,500 | 1,592,852 | ||||||
Kyoei Steel Ltd. |
85,500 | 948,099 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
100,100 | 1,093,214 | ||||||
KYORIN Holdings Inc. |
151,500 | 2,058,065 | ||||||
Kyoritsu Maintenance Co. Ltd. |
124,100 | 4,779,977 | ||||||
Kyudenko Corp. |
177,300 | 3,859,198 | ||||||
Kyushu Electric Power Co. Inc. |
1,709,300 | 11,172,910 | ||||||
Kyushu Financial Group Inc. |
1,435,800 | 4,243,377 | ||||||
Kyushu Railway Co. |
575,000 | 12,055,291 | ||||||
LaSalle Logiport REIT |
7,568 | 9,974,042 | ||||||
Lawson Inc. |
194,400 | 6,893,709 | ||||||
Leopalace21 Corp.(a) |
703,700 | 1,475,449 | ||||||
Life Corp. |
73,000 | 1,415,018 | ||||||
Link And Motivation Inc. |
172,800 | 756,467 | ||||||
Lintec Corp. |
159,400 | 2,802,345 | ||||||
Lion Corp. |
998,400 | 11,495,004 | ||||||
LITALICO Inc. |
81,100 | 1,537,580 | ||||||
M&A Capital Partners Co. Ltd.(a) |
60,700 | 1,701,220 | ||||||
Mabuchi Motor Co. Ltd. |
200,100 | 5,734,925 | ||||||
Macnica Holdings Inc. |
202,750 | 4,138,330 | ||||||
Maeda Kosen Co. Ltd. |
79,600 | 1,859,912 | ||||||
Makino Milling Machine Co. Ltd. |
99,200 | 3,377,265 | ||||||
Management Solutions Co. Ltd.(a)(c) |
43,400 | 1,011,249 | ||||||
Mandom Corp. |
157,800 | 1,926,514 |
76 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Mani Inc. |
315,600 | $ | 3,737,203 | |||||
Maruha Nichiro Corp. |
181,400 | 3,385,126 | ||||||
Marui Group Co. Ltd. |
754,600 | 13,774,527 | ||||||
Maruichi Steel Tube Ltd. |
244,900 | 5,420,667 | ||||||
MARUKA FURUSATO Corp.(c) |
80,900 | 1,760,680 | ||||||
Maruwa Co. Ltd./Aichi |
38,300 | 4,921,797 | ||||||
Maruwa Unyu Kikan Co. Ltd. |
169,200 | 1,942,034 | ||||||
Maruzen Showa Unyu Co. Ltd. |
39,900 | 983,224 | ||||||
Matsuda Sangyo Co. Ltd.(c) |
51,100 | 778,467 | ||||||
Matsui Securities Co. Ltd. |
495,300 | 2,993,309 | ||||||
MatsukiyoCocokara & Co. |
458,140 | 17,297,400 | ||||||
Matsuyafoods Holdings Co. Ltd. |
38,400 | 1,170,398 | ||||||
Max Co. Ltd. |
100,400 | 1,284,747 | ||||||
Maxell Ltd. |
195,500 | 2,044,872 | ||||||
Maxvalu Tokai Co. Ltd. |
43,100 | 876,667 | ||||||
MCJ Co. Ltd.(c) |
269,700 | 1,913,190 | ||||||
Mebuki Financial Group Inc. |
4,089,300 | 8,250,329 | ||||||
Medipal Holdings Corp. |
782,100 | 11,799,858 | ||||||
Medley Inc.(a)(c) |
89,000 | 2,217,648 | ||||||
MedPeer Inc.(a)(c) |
54,300 | 899,099 | ||||||
Megachips Corp. |
59,000 | 1,478,090 | ||||||
Megmilk Snow Brand Co. Ltd. |
202,300 | 2,816,632 | ||||||
Meidensha Corp. |
136,000 | 2,104,937 | ||||||
Meiko Electronics Co. Ltd. |
85,300 | 2,056,309 | ||||||
Meitec Corp. |
314,100 | 5,921,268 | ||||||
Melco Holdings Inc. |
24,000 | 643,355 | ||||||
Menicon Co. Ltd. |
256,800 | 6,475,491 | ||||||
Mercari Inc.(a)(c) |
445,900 | 7,688,617 | ||||||
METAWATER Co. Ltd. |
105,200 | 1,572,552 | ||||||
Micronics Japan Co. Ltd. |
126,100 | 1,211,126 | ||||||
Midac Holdings Co. Ltd. |
37,200 | 825,088 | ||||||
Mie Kotsu Group Holdings Inc. |
71,800 | 261,180 | ||||||
Milbon Co. Ltd. |
112,400 | 4,533,107 | ||||||
Mimasu Semiconductor Industry Co. Ltd.(c) |
74,000 | 1,186,649 | ||||||
Mirai Corp. |
6,894 | 2,621,866 | ||||||
MIRAIT One Corp. |
403,700 | 5,042,308 | ||||||
Mitani Sekisan Co. Ltd. |
47,500 | 1,409,440 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. |
1,791 | 6,420,932 | ||||||
Mitsubishi Gas Chemical Co. Inc. |
669,500 | 9,731,604 | ||||||
Mitsubishi Logisnext Co. Ltd. |
121,400 | 807,962 | ||||||
Mitsubishi Logistics Corp. |
221,000 | 5,929,913 | ||||||
Mitsubishi Materials Corp. |
497,100 | 7,520,772 | ||||||
Mitsubishi Motors Corp.(a) |
2,860,600 | 9,967,176 | ||||||
Mitsubishi Pencil Co. Ltd. |
126,100 | 1,343,573 | ||||||
Mitsubishi Research Institute Inc. |
33,700 | 1,113,357 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
55,400 | 1,440,556 | ||||||
Mitsuboshi Belting Ltd. |
91,100 | 2,210,765 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
25,200 | 359,638 | ||||||
Mitsui Fudosan Logistics Park Inc. |
2,324 | 9,127,584 | ||||||
Mitsui High-Tec Inc. |
84,700 | 5,689,446 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
227,400 | 5,445,859 | ||||||
Mitsui-Soko Holdings Co. Ltd. |
75,600 | 1,763,156 | ||||||
Mitsuuroko Group Holdings Co. Ltd. |
118,300 | 845,417 | ||||||
Miura Co. Ltd. |
369,800 | 8,915,352 | ||||||
Mixi Inc. |
162,800 | 2,865,834 | ||||||
Mizuho Leasing Co. Ltd. |
113,200 | 2,818,264 | ||||||
Mizuno Corp. |
126,400 | 2,373,655 | ||||||
Mochida Pharmaceutical Co. Ltd. |
92,000 | 2,258,594 | ||||||
Modec Inc. |
87,500 | 815,500 | ||||||
Monex Group Inc. |
761,370 | 2,686,397 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Money Forward Inc.(a)(c) |
182,900 | $ | 4,742,090 | |||||
Monogatari Corp. (The) |
42,700 | 1,880,534 | ||||||
Mori Hills REIT Investment Corp. |
6,451 | 7,413,647 | ||||||
Mori Trust Hotel Reit Inc. |
1,197 | 1,151,547 | ||||||
Mori Trust Sogo REIT Inc. |
4,186 | 4,628,044 | ||||||
Morinaga & Co. Ltd./Japan |
160,000 | 5,028,388 | ||||||
Morinaga Milk Industry Co. Ltd. |
158,200 | 5,833,289 | ||||||
Morita Holdings Corp. |
82,100 | 832,071 | ||||||
MOS Food Services Inc. |
120,100 | 3,088,749 | ||||||
Musashi Seimitsu Industry Co. Ltd. |
192,500 | 2,070,621 | ||||||
Musashino Bank Ltd. (The) |
150,600 | 2,005,054 | ||||||
Nabtesco Corp. |
460,000 | 11,024,429 | ||||||
Nachi-Fujikoshi Corp. |
59,100 | 1,646,355 | ||||||
Nafco Co. Ltd. |
71,800 | 863,382 | ||||||
Nagaileben Co. Ltd. |
60,500 | 921,956 | ||||||
Nagase & Co. Ltd. |
424,500 | 6,385,158 | ||||||
Nagawa Co. Ltd.(c) |
33,300 | 2,059,939 | ||||||
Nagoya Railroad Co. Ltd. |
798,800 | 12,876,708 | ||||||
Nakanishi Inc. |
302,600 | 5,694,958 | ||||||
Nankai Electric Railway Co. Ltd. |
435,200 | 8,597,534 | ||||||
Nanto Bank Ltd. (The) |
131,000 | 1,994,030 | ||||||
NEC Networks & System Integration Corp. |
291,300 | 4,020,899 | ||||||
NET One Systems Co. Ltd. |
344,300 | 8,018,587 | ||||||
Nextage Co. Ltd. |
189,300 | 4,187,140 | ||||||
NGK Spark Plug Co. Ltd. |
655,000 | 12,826,501 | ||||||
NH Foods Ltd. |
354,600 | 10,743,201 | ||||||
NHK Spring Co. Ltd. |
826,400 | 5,631,698 | ||||||
Nichias Corp. |
230,400 | 4,111,447 | ||||||
Nichicon Corp.(c) |
183,500 | 1,760,476 | ||||||
Nichiden Corp. |
23,000 | 342,095 | ||||||
Nichiha Corp. |
108,700 | 2,245,614 | ||||||
Nichi-Iko Pharmaceutical Co. Ltd.(a)(c) |
218,100 | 589,375 | ||||||
Nichirei Corp. |
466,000 | 8,315,022 | ||||||
Nifco Inc./Japan |
340,600 | 8,265,774 | ||||||
Nihon Kohden Corp. |
345,200 | 7,723,566 | ||||||
Nihon Parkerizing Co. Ltd. |
437,800 | 3,154,332 | ||||||
Nikkiso Co. Ltd. |
198,700 | 1,233,635 | ||||||
Nikkon Holdings Co. Ltd. |
252,900 | 4,650,911 | ||||||
Nikon Corp. |
1,288,900 | 14,843,677 | ||||||
Nippn Corp., New |
183,900 | 2,217,652 | ||||||
Nippon Accommodations Fund Inc. |
2,131 | 11,135,221 | ||||||
Nippon Carbon Co. Ltd. |
39,300 | 1,207,497 | ||||||
Nippon Ceramic Co. Ltd. |
79,100 | 1,244,561 | ||||||
Nippon Densetsu Kogyo Co. Ltd. |
107,700 | 1,467,803 | ||||||
Nippon Electric Glass Co. Ltd.(c) |
357,700 | 7,121,763 | ||||||
Nippon Gas Co. Ltd. |
452,500 | 6,794,054 | ||||||
Nippon Kanzai Co. Ltd. |
78,000 | 1,586,563 | ||||||
Nippon Kayaku Co. Ltd. |
542,800 | 4,569,251 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
232,090 | 2,775,646 | ||||||
Nippon Paper Industries Co. Ltd. |
427,700 | 3,101,740 | ||||||
Nippon Parking Development Co. Ltd. |
1,382,600 | 1,757,806 | ||||||
NIPPON REIT Investment Corp. |
1,888 | 5,320,412 | ||||||
Nippon Road Co. Ltd. (The)(c) |
17,600 | 896,164 | ||||||
Nippon Seiki Co. Ltd. |
195,300 | 1,253,602 | ||||||
Nippon Shokubai Co. Ltd. |
119,800 | 4,689,102 | ||||||
Nippon Signal Company Ltd. |
186,800 | 1,379,079 | ||||||
Nippon Soda Co. Ltd. |
90,200 | 2,851,674 | ||||||
Nippon Steel Trading Corp. |
63,500 | 2,468,689 | ||||||
Nippon Suisan Kaisha Ltd. |
1,172,700 | 5,279,533 | ||||||
Nippon Television Holdings Inc. |
213,800 | 1,991,412 |
S C H E D U L E O F I N V E S T M E N T S |
77 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nipro Corp. |
620,500 | $ | 5,441,579 | |||||
Nishimatsu Construction Co. Ltd. |
142,500 | 4,268,294 | ||||||
Nishimatsuya Chain Co. Ltd. |
162,400 | 2,004,844 | ||||||
Nishi-Nippon Financial Holdings Inc. |
507,300 | 2,830,365 | ||||||
Nishi-Nippon Railroad Co. Ltd. |
255,900 | 5,647,405 | ||||||
Nishio Rent All Co. Ltd. |
101,300 | 2,190,384 | ||||||
Nissan Shatai Co. Ltd. |
336,400 | 1,648,367 | ||||||
Nissha Co. Ltd. |
169,700 | 1,997,920 | ||||||
Nisshin Oillio Group Ltd. (The) |
126,700 | 3,085,389 | ||||||
Nisshinbo Holdings Inc. |
561,000 | 4,468,530 | ||||||
Nissin Electric Co. Ltd. |
214,300 | 2,462,419 | ||||||
Nitta Corp. |
64,900 | 1,427,880 | ||||||
Nittetsu Mining Co. Ltd. |
22,700 | 922,342 | ||||||
Nitto Boseki Co. Ltd. |
102,100 | 1,857,510 | ||||||
Nitto Kogyo Corp. |
119,200 | 2,321,223 | ||||||
Noevir Holdings Co. Ltd. |
68,200 | 3,029,220 | ||||||
NOF Corp. |
281,600 | 11,142,070 | ||||||
Nohmi Bosai Ltd. |
86,900 | 1,206,658 | ||||||
Nojima Corp. |
133,000 | 2,917,365 | ||||||
NOK Corp. |
362,700 | 3,256,883 | ||||||
Nomura Co. Ltd. |
333,200 | 2,211,534 | ||||||
Noritake Co. Ltd./Nagoya Japan |
33,800 | 1,081,769 | ||||||
Noritsu Koki Co. Ltd. |
78,500 | 1,406,080 | ||||||
Noritz Corp. |
106,900 | 1,197,390 | ||||||
North Pacific Bank Ltd. |
1,214,100 | 2,088,909 | ||||||
NS Solutions Corp. |
140,800 | 4,143,047 | ||||||
NS United Kaiun Kaisha Ltd. |
41,700 | 1,255,411 | ||||||
NSD Co. Ltd. |
274,280 | 5,152,216 | ||||||
NSK Ltd. |
1,657,300 | 9,281,045 | ||||||
NTN Corp.(a) |
1,678,900 | 3,116,432 | ||||||
NTT UD REIT Investment Corp. |
5,928 | 6,791,641 | ||||||
Obara Group Inc. |
50,700 | 1,144,334 | ||||||
OBIC Business Consultants Co. Ltd. |
130,600 | 4,455,390 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) |
161,800 | 2,119,860 | ||||||
Ohsho Food Service Corp. |
45,300 | 2,373,693 | ||||||
Oiles Corp. |
41,300 | 496,451 | ||||||
Oisix ra daichi Inc.(a)(c) |
118,800 | 1,596,887 | ||||||
Okamoto Industries Inc. |
33,100 | 982,242 | ||||||
Okamura Corp. |
232,200 | 2,317,352 | ||||||
Okasan Securities Group Inc. |
708,600 | 1,810,666 | ||||||
Oki Electric Industry Co. Ltd. |
360,400 | 2,082,274 | ||||||
Okinawa Cellular Telephone Co. |
50,000 | 2,035,715 | ||||||
Okinawa Electric Power Co. Inc. (The) |
190,977 | 1,936,840 | ||||||
Okinawa Financial Group Inc. |
76,600 | 1,285,758 | ||||||
OKUMA Corp. |
100,600 | 3,952,728 | ||||||
Okumura Corp. |
125,000 | 2,778,790 | ||||||
One REIT Inc. |
962 | 1,999,744 | ||||||
Open Door Inc.(a)(c) |
54,300 | 712,528 | ||||||
Optex Group Co. Ltd. |
140,100 | 2,180,002 | ||||||
Optorun Co. Ltd.(c) |
132,200 | 1,875,898 | ||||||
Organo Corp. |
28,300 | 1,980,014 | ||||||
Orient Corp. |
2,011,400 | 2,044,686 | ||||||
Orix JREIT Inc. |
11,145 | 15,989,351 | ||||||
Osaka Organic Chemical Industry Ltd. |
63,800 | 1,198,871 | ||||||
Osaka Soda Co. Ltd. |
57,200 | 1,461,903 | ||||||
OSG Corp. |
353,300 | 4,848,906 | ||||||
Outsourcing Inc. |
479,800 | 4,316,139 | ||||||
Pacific Industrial Co. Ltd. |
150,300 | 1,159,948 | ||||||
Pacific Metals Co. Ltd. |
70,000 | 1,307,789 | ||||||
PAL GROUP Holdings Co. Ltd. |
87,200 | 1,491,290 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Paltac Corp. |
133,300 | $ | 4,178,758 | |||||
Paramount Bed Holdings Co. Ltd. |
166,500 | 3,086,537 | ||||||
Park24 Co. Ltd.(a) |
549,300 | 7,718,603 | ||||||
Pasona Group Inc.(c) |
89,200 | 1,371,681 | ||||||
Penta-Ocean Construction Co. Ltd. |
1,155,000 | 6,348,415 | ||||||
PeptiDream Inc.(a) |
419,000 | 5,246,755 | ||||||
Pharma Foods International Co. Ltd.(c) |
91,100 | 1,008,005 | ||||||
PHC Holdings Corp. |
116,400 | 1,427,784 | ||||||
Pigeon Corp.(c) |
496,000 | 7,225,687 | ||||||
Pilot Corp. |
123,800 | 4,731,613 | ||||||
Piolax Inc. |
106,300 | 1,589,437 | ||||||
PKSHA Technology Inc.(a) |
73,300 | 1,262,406 | ||||||
Plaid Inc.(a)(c) |
71,700 | 203,621 | ||||||
Plenus Co. Ltd. |
92,500 | 1,383,501 | ||||||
Plus Alpha Consulting Co. Ltd.(c) |
50,400 | 1,020,880 | ||||||
Pola Orbis Holdings Inc. |
403,100 | 4,941,015 | ||||||
Pressance Corp. |
94,000 | 1,108,961 | ||||||
Prestige International Inc. |
415,000 | 2,160,011 | ||||||
Prima Meat Packers Ltd. |
106,900 | 1,821,852 | ||||||
Raito Kogyo Co. Ltd. |
187,300 | 2,763,165 | ||||||
Raiznext Corp. |
199,200 | 1,832,466 | ||||||
Raksul Inc.(a) |
103,200 | 1,713,416 | ||||||
Rakus Co. Ltd.(c) |
389,400 | 5,508,863 | ||||||
Relia Inc. |
190,200 | 1,586,459 | ||||||
Relo Group Inc. |
449,600 | 7,465,599 | ||||||
Rengo Co. Ltd. |
809,000 | 4,731,152 | ||||||
RENOVA Inc.(a)(c) |
155,500 | 2,940,087 | ||||||
Resorttrust Inc. |
345,600 | 5,681,835 | ||||||
Restar Holdings Corp. |
77,800 | 1,139,011 | ||||||
Retail Partners Co. Ltd.(c) |
92,100 | 842,596 | ||||||
Ricoh Leasing Co. Ltd. |
60,800 | 1,633,861 | ||||||
Riken Keiki Co. Ltd.(c) |
57,300 | 1,786,843 | ||||||
Riken Vitamin Co. Ltd. |
76,600 | 994,750 | ||||||
Ringer Hut Co. Ltd. |
144,300 | 2,529,858 | ||||||
Rinnai Corp. |
160,800 | 12,225,374 | ||||||
Riso Kagaku Corp. |
89,300 | 1,635,617 | ||||||
Riso Kyoiku Co. Ltd. |
470,600 | 1,102,529 | ||||||
Rohto Pharmaceutical Co. Ltd. |
400,200 | 11,995,504 | ||||||
Roland Corp. |
56,700 | 1,837,532 | ||||||
Rorze Corp. |
45,200 | 2,908,318 | ||||||
Round One Corp. |
287,900 | 3,244,723 | ||||||
Royal Holdings Co. Ltd. |
117,700 | 1,907,988 | ||||||
RS Technologies Co. Ltd. |
34,800 | 1,636,686 | ||||||
Ryohin Keikaku Co. Ltd. |
1,078,900 | 10,708,904 | ||||||
Ryosan Co. Ltd. |
97,600 | 1,644,000 | ||||||
Ryoyo Electro Corp. |
58,300 | 981,563 | ||||||
S Foods Inc. |
81,400 | 1,870,427 | ||||||
Saibu Gas Holdings Co. Ltd. |
86,800 | 1,206,359 | ||||||
Saizeriya Co. Ltd. |
120,700 | 2,453,720 | ||||||
Sakai Moving Service Co. Ltd. |
40,300 | 1,497,559 | ||||||
Sakata INX Corp. |
110,600 | 821,399 | ||||||
Sakata Seed Corp. |
125,500 | 4,562,156 | ||||||
SAMTY Co. Ltd. |
89,800 | 1,391,790 | ||||||
Samty Residential Investment Corp. |
1,311 | 1,250,519 | ||||||
San-A Co. Ltd. |
77,100 | 2,422,343 | ||||||
San-Ai Obbli Co. Ltd. |
234,000 | 1,883,463 | ||||||
SanBio Co. Ltd.(a)(c) |
153,900 | 1,240,531 | ||||||
Sangetsu Corp. |
197,800 | 2,382,992 | ||||||
San-in Godo Bank Ltd. (The) |
596,200 | 3,029,542 | ||||||
Sanken Electric Co. Ltd. |
97,500 | 3,758,646 |
78 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Sanki Engineering Co. Ltd. |
213,800 | $ | 2,664,242 | |||||
Sankyo Co. Ltd. |
175,600 | 5,522,720 | ||||||
Sankyu Inc. |
225,500 | 7,477,758 | ||||||
Sanrio Co. Ltd. |
225,500 | 5,198,644 | ||||||
Sansan Inc.(a)(c) |
298,700 | 3,004,051 | ||||||
Santen Pharmaceutical Co. Ltd. |
1,535,200 | 12,435,345 | ||||||
Sanwa Holdings Corp. |
782,100 | 8,448,736 | ||||||
Sanyo Chemical Industries Ltd. |
49,000 | 1,770,387 | ||||||
Sanyo Denki Co. Ltd. |
36,000 | 1,495,174 | ||||||
Sanyo Special Steel Co. Ltd. |
88,400 | 1,349,072 | ||||||
Sapporo Holdings Ltd. |
262,600 | 5,880,182 | ||||||
Sato Holdings Corp. |
106,600 | 1,595,603 | ||||||
Sawai Group Holdings Co. Ltd. |
157,500 | 5,109,315 | ||||||
SB Technology Corp. |
40,500 | 788,309 | ||||||
SBS Holdings Inc. |
78,300 | 1,643,836 | ||||||
SCREEN Holdings Co. Ltd. |
162,100 | 11,731,053 | ||||||
Sega Sammy Holdings Inc. |
733,200 | 12,591,479 | ||||||
Seibu Holdings Inc. |
967,400 | 9,778,978 | ||||||
Seiko Holdings Corp.(c) |
113,700 | 2,509,806 | ||||||
Seino Holdings Co. Ltd. |
533,400 | 4,424,292 | ||||||
Seiren Co. Ltd. |
183,400 | 2,801,349 | ||||||
Sekisui House Reit Inc. |
17,802 | 11,150,916 | ||||||
Sekisui Jushi Corp. |
77,000 | 1,006,297 | ||||||
Senko Group Holdings Co. Ltd. |
430,100 | 2,977,144 | ||||||
Septeni Holdings Co. Ltd.(c) |
277,900 | 1,134,218 | ||||||
Seria Co. Ltd. |
197,800 | 3,939,954 | ||||||
Seven Bank Ltd. |
2,379,500 | 4,721,943 | ||||||
Shibaura Machine Co. Ltd. |
89,100 | 1,907,214 | ||||||
Shibuya Corp. |
79,000 | 1,479,204 | ||||||
SHIFT Inc.(a) |
52,800 | 8,298,266 | ||||||
Shiga Bank Ltd. (The) |
166,200 | 3,383,242 | ||||||
Shikoku Chemicals Corp. |
89,200 | 844,665 | ||||||
Shikoku Electric Power Co. Inc. |
669,700 | 3,956,357 | ||||||
Shima Seiki Manufacturing Ltd. |
112,900 | 1,892,365 | ||||||
Shimamura Co. Ltd. |
94,600 | 9,071,523 | ||||||
Shin-Etsu Polymer Co. Ltd. |
189,200 | 1,961,086 | ||||||
Shinko Electric Industries Co. Ltd. |
288,900 | 7,440,230 | ||||||
Shinmaywa Industries Ltd. |
226,900 | 1,815,676 | ||||||
Shinsei Bank Ltd. |
276,500 | 4,182,418 | ||||||
Ship Healthcare Holdings Inc. |
321,900 | 6,151,831 | ||||||
Shizuoka Gas Co. Ltd. |
164,800 | 1,169,353 | ||||||
SHO-BOND Holdings Co. Ltd. |
168,600 | 7,459,622 | ||||||
Shochiku Co. Ltd.(a) |
39,400 | 3,791,223 | ||||||
Shoei Co. Ltd. |
101,800 | 4,371,677 | ||||||
Shoei Foods Corp. |
38,300 | 1,137,975 | ||||||
Showa Denko KK |
750,000 | 12,577,906 | ||||||
Showa Sangyo Co. Ltd. |
42,700 | 812,734 | ||||||
Siix Corp. |
114,400 | 834,334 | ||||||
Simplex Holdings Inc. |
105,000 | 1,567,716 | ||||||
SKY Perfect JSAT Holdings Inc. |
682,300 | 2,858,587 | ||||||
Skylark Holdings Co. Ltd.(a)(c) |
974,400 | 11,626,078 | ||||||
SMS Co. Ltd. |
296,900 | 7,137,370 | ||||||
Snow Peak Inc.(c) |
116,100 | 2,331,864 | ||||||
Sohgo Security Services Co. Ltd. |
327,500 | 9,177,833 | ||||||
Sojitz Corp. |
1,005,320 | 15,277,424 | ||||||
Solasto Corp. |
223,600 | 1,435,580 | ||||||
Sosei Group Corp.(a) |
313,100 | 3,380,164 | ||||||
SOSiLA Logistics REIT Inc. |
2,622 | 3,028,082 | ||||||
Sotetsu Holdings Inc. |
331,700 | 5,864,699 | ||||||
SPARX Group Co. Ltd. |
701,000 | 1,590,114 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
S-Pool Inc. |
294,300 | $ | 2,436,492 | |||||
SRE Holdings Corp.(a)(c) |
42,900 | 889,168 | ||||||
Stanley Electric Co. Ltd. |
559,300 | 9,828,205 | ||||||
Star Asia Investment Corp. |
6,714 | 2,995,748 | ||||||
Star Micronics Co. Ltd. |
158,900 | 2,059,092 | ||||||
Starts Corp. Inc. |
126,500 | 2,745,803 | ||||||
Starts Proceed Investment Corp. |
963 | 1,864,469 | ||||||
Strike Co. Ltd. |
34,900 | 1,024,936 | ||||||
Sugi Holdings Co. Ltd. |
149,000 | 6,721,975 | ||||||
Sumitomo Bakelite Co. Ltd. |
145,600 | 4,712,533 | ||||||
Sumitomo Densetsu Co. Ltd. |
76,400 | 1,533,316 | ||||||
Sumitomo Forestry Co. Ltd. |
607,400 | 9,430,806 | ||||||
Sumitomo Heavy Industries Ltd. |
467,300 | 10,691,751 | ||||||
Sumitomo Mitsui Construction Co. Ltd. |
586,380 | 1,992,964 | ||||||
Sumitomo Osaka Cement Co. Ltd. |
142,800 | 3,773,245 | ||||||
Sumitomo Pharma Co., Ltd. |
769,000 | 6,022,397 | ||||||
Sumitomo Riko Co. Ltd. |
126,600 | 589,316 | ||||||
Sumitomo Rubber Industries Ltd. |
731,300 | 6,593,678 | ||||||
Sumitomo Warehouse Co. Ltd. (The) |
266,600 | 4,207,470 | ||||||
Sun Frontier Fudousan Co. Ltd. |
122,200 | 1,024,420 | ||||||
Sundrug Co. Ltd. |
308,700 | 7,241,239 | ||||||
Suruga Bank Ltd.(c) |
677,600 | 1,899,171 | ||||||
Suzuken Co. Ltd. |
284,000 | 7,849,459 | ||||||
Systena Corp. |
1,144,500 | 3,924,809 | ||||||
T Hasegawa Co. Ltd. |
126,800 | 2,907,398 | ||||||
Tadano Ltd. |
413,700 | 3,006,453 | ||||||
Taihei Dengyo Kaisha Ltd. |
46,600 | 1,067,006 | ||||||
Taiheiyo Cement Corp. |
494,000 | 7,411,513 | ||||||
Taikisha Ltd. |
97,300 | 2,408,396 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. |
163,900 | 6,526,146 | ||||||
Taiyo Holdings Co. Ltd. |
146,600 | 3,161,494 | ||||||
Taiyo Yuden Co. Ltd. |
498,900 | 17,730,924 | ||||||
Takamatsu Construction Group Co. Ltd. |
32,600 | 521,140 | ||||||
Takara Bio Inc. |
208,700 | 3,372,810 | ||||||
Takara Holdings Inc. |
593,500 | 4,801,407 | ||||||
Takara Leben Real Estate Investment Corp. |
2,356 | 2,050,962 | ||||||
Takara Standard Co. Ltd. |
101,400 | 1,015,330 | ||||||
Takasago International Corp.(c) |
25,100 | 486,862 | ||||||
Takasago Thermal Engineering Co. Ltd. |
196,500 | 2,499,318 | ||||||
Takashimaya Co. Ltd. |
598,800 | 6,432,764 | ||||||
Takeuchi Manufacturing Co. Ltd. |
148,100 | 2,862,024 | ||||||
Takuma Co. Ltd. |
262,100 | 2,772,940 | ||||||
Tama Home Co. Ltd. |
66,400 | 1,235,034 | ||||||
Tamron Co. Ltd. |
62,300 | 1,346,599 | ||||||
TBS Holdings Inc. |
141,100 | 1,806,914 | ||||||
TechMatrix Corp. |
163,800 | 2,280,423 | ||||||
TechnoPro Holdings Inc. |
461,100 | 10,715,385 | ||||||
Teijin Ltd. |
748,600 | 7,932,118 | ||||||
Tenma Corp. |
46,900 | 820,264 | ||||||
T-Gaia Corp. |
87,800 | 1,077,912 | ||||||
THK Co. Ltd. |
494,800 | 10,497,448 | ||||||
TKC Corp. |
114,500 | 3,008,581 | ||||||
TKP Corp.(a) |
72,000 | 1,307,932 | ||||||
Toa Corp./Tokyo |
52,800 | 1,030,671 | ||||||
Toagosei Co. Ltd. |
430,200 | 3,340,086 | ||||||
TOC Co. Ltd. |
334,100 | 1,994,706 | ||||||
Tocalo Co. Ltd. |
233,600 | 2,246,250 | ||||||
Toda Corp. |
903,800 | 4,847,844 | ||||||
Toei Animation Co. Ltd. |
35,900 | 2,976,005 | ||||||
Toei Co. Ltd. |
25,700 | 3,686,404 |
S C H E D U L E O F I N V E S T M E N T S |
79 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Toenec Corp. |
13,500 | $ | 378,857 | |||||
Toho Bank Ltd. (The) |
821,300 | 1,321,708 | ||||||
Toho Gas Co. Ltd. |
314,600 | 7,573,623 | ||||||
Toho Holdings Co. Ltd. |
232,900 | 3,566,584 | ||||||
Toho Titanium Co. Ltd. |
136,300 | 2,297,035 | ||||||
Tohoku Electric Power Co. Inc. |
1,943,200 | 10,758,662 | ||||||
Tokai Carbon Co. Ltd. |
864,400 | 6,988,387 | ||||||
Tokai Corp./Gifu |
47,200 | 632,398 | ||||||
TOKAI Holdings Corp. |
384,800 | 2,566,399 | ||||||
Tokai Rika Co. Ltd. |
221,700 | 2,439,891 | ||||||
Tokai Tokyo Financial Holdings Inc. |
800,100 | 2,265,906 | ||||||
Token Corp. |
28,300 | 1,889,991 | ||||||
Tokushu Tokai Paper Co. Ltd. |
36,000 | 857,378 | ||||||
Tokuyama Corp. |
258,800 | 3,498,813 | ||||||
Tokyo Century Corp. |
155,600 | 5,502,808 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
137,000 | 7,103,453 | ||||||
Tokyo Seimitsu Co. Ltd. |
158,600 | 5,510,080 | ||||||
Tokyo Steel Manufacturing Co. Ltd. |
267,000 | 2,746,481 | ||||||
Tokyo Tatemono Co. Ltd. |
800,200 | 11,784,761 | ||||||
Tokyotokeiba Co. Ltd. |
59,500 | 1,843,053 | ||||||
Tokyu Construction Co. Ltd. |
350,240 | 1,661,304 | ||||||
Tokyu Fudosan Holdings Corp. |
2,596,700 | 14,071,383 | ||||||
Tokyu REIT Inc. |
3,709 | 5,422,449 | ||||||
TOMONY Holdings Inc. |
1,025,300 | 2,426,486 | ||||||
Tomy Co. Ltd. |
337,700 | 3,742,400 | ||||||
Topcon Corp. |
440,500 | 6,225,914 | ||||||
Topre Corp. |
153,800 | 1,191,507 | ||||||
Toridoll Holdings Corp. |
189,800 | 3,686,979 | ||||||
Torii Pharmaceutical Co. Ltd. |
46,000 | 1,139,021 | ||||||
Tosei Corp. |
132,700 | 1,274,412 | ||||||
Toshiba TEC Corp. |
109,100 | 3,601,721 | ||||||
Tosho Co. Ltd.(c) |
63,600 | 661,168 | ||||||
Totetsu Kogyo Co. Ltd. |
118,400 | 2,118,957 | ||||||
Towa Pharmaceutical Co. Ltd. |
104,700 | 1,991,973 | ||||||
Toyo Construction Co. Ltd. |
289,600 | 1,889,162 | ||||||
Toyo Gosei Co. Ltd. |
20,100 | 1,235,692 | ||||||
Toyo Ink SC Holdings Co. Ltd. |
152,900 | 2,228,499 | ||||||
Toyo Seikan Group Holdings Ltd. |
557,100 | 6,415,338 | ||||||
Toyo Suisan Kaisha Ltd. |
377,900 | 16,056,167 | ||||||
Toyo Tanso Co. Ltd. |
59,700 | 1,358,755 | ||||||
Toyo Tire Corp. |
459,500 | 6,175,722 | ||||||
Toyobo Co. Ltd.(c) |
330,900 | 2,571,919 | ||||||
Toyoda Gosei Co. Ltd. |
285,200 | 4,500,796 | ||||||
Toyota Boshoku Corp. |
315,400 | 4,663,939 | ||||||
Trancom Co. Ltd. |
29,700 | 1,641,448 | ||||||
Transcosmos Inc. |
103,500 | 2,936,566 | ||||||
TRE Holdings Corp. |
195,000 | 2,283,399 | ||||||
Tri Chemical Laboratories Inc. |
104,200 | 1,774,626 | ||||||
Trusco Nakayama Corp. |
192,900 | 2,745,226 | ||||||
TS Tech Co. Ltd. |
377,500 | 4,304,597 | ||||||
Tsubakimoto Chain Co. |
109,200 | 2,599,119 | ||||||
Tsugami Corp. |
165,500 | 1,522,911 | ||||||
Tsumura & Co. |
241,100 | 5,656,888 | ||||||
Tsuruha Holdings Inc. |
168,900 | 9,622,818 | ||||||
TV Asahi Holdings Corp. |
89,600 | 1,006,445 | ||||||
UACJ Corp.(c) |
132,394 | 2,246,201 | ||||||
UBE Corp. |
401,700 | 6,289,602 | ||||||
Ulvac Inc. |
198,700 | 7,503,291 | ||||||
Union Tool Co. |
23,000 | 584,935 | ||||||
United Arrows Ltd. |
83,800 | 1,110,001 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
United Super Markets Holdings Inc. |
239,200 | $ | 1,937,712 | |||||
United Urban Investment Corp. |
12,576 | 13,709,151 | ||||||
Universal Entertainment Corp.(a) |
106,400 | 1,157,874 | ||||||
Usen-Next Holdings Co. Ltd. |
62,000 | 970,947 | ||||||
Ushio Inc. |
400,300 | 5,534,608 | ||||||
UT Group Co. Ltd. |
115,700 | 2,253,190 | ||||||
Valor Holdings Co. Ltd. |
154,300 | 2,175,708 | ||||||
ValueCommerce Co. Ltd. |
66,000 | 1,373,390 | ||||||
Vector Inc. |
122,400 | 1,117,191 | ||||||
Vision Inc./Tokyo Japan(a)(c) |
158,400 | 1,389,551 | ||||||
Visional Inc.(a) |
69,800 | 3,822,815 | ||||||
VT Holdings Co. Ltd. |
352,700 | 1,285,434 | ||||||
Wacoal Holdings Corp. |
178,700 | 2,898,239 | ||||||
Wacom Co. Ltd. |
634,300 | 4,161,559 | ||||||
Wakita & Co. Ltd. |
95,500 | 791,593 | ||||||
WDB Holdings Co. Ltd.(c) |
31,100 | 596,240 | ||||||
WealthNavi Inc.(a)(c) |
118,700 | 1,890,480 | ||||||
Weathernews Inc. |
25,600 | 1,495,254 | ||||||
West Holdings Corp.(c) |
97,330 | 2,997,958 | ||||||
Workman Co. Ltd. |
88,100 | 4,232,576 | ||||||
YAMABIKO Corp. |
141,900 | 1,288,727 | ||||||
Yamada Holdings Co. Ltd. |
3,106,500 | 11,215,649 | ||||||
Yamaguchi Financial Group Inc. |
805,300 | 4,558,701 | ||||||
YA-MAN Ltd. |
126,300 | 1,474,884 | ||||||
Yamato Kogyo Co. Ltd. |
171,900 | 5,878,271 | ||||||
Yamazaki Baking Co. Ltd. |
515,700 | 6,226,325 | ||||||
Yamazen Corp. |
155,900 | 1,178,742 | ||||||
Yaoko Co. Ltd. |
77,800 | 3,783,550 | ||||||
Yellow Hat Ltd. |
136,000 | 1,779,256 | ||||||
Yodogawa Steel Works Ltd. |
123,300 | 2,211,897 | ||||||
Yokogawa Bridge Holdings Corp. |
141,100 | 2,039,134 | ||||||
Yokohama Rubber Co. Ltd. (The) |
500,400 | 7,329,571 | ||||||
Yokorei Co. Ltd. |
323,600 | 2,207,192 | ||||||
Yokowo Co. Ltd. |
76,200 | 1,127,299 | ||||||
Yonex Co. Ltd.(c) |
254,900 | 2,283,342 | ||||||
Yoshinoya Holdings Co. Ltd. |
275,300 | 5,336,837 | ||||||
Yuasa Trading Co. Ltd. |
52,700 | 1,431,072 | ||||||
Yurtec Corp. |
91,900 | 502,830 | ||||||
Zenkoku Hosho Co. Ltd. |
222,300 | 7,562,866 | ||||||
Zenrin Co. Ltd. |
168,600 | 1,172,546 | ||||||
Zensho Holdings Co. Ltd. |
391,700 | 10,370,268 | ||||||
Zeon Corp. |
551,300 | 5,598,009 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
147,500 | 2,426,570 | ||||||
Zojirushi Corp. |
145,800 | 1,618,603 | ||||||
Zuken Inc. |
64,400 | 1,643,945 | ||||||
|
|
|||||||
3,270,452,956 | ||||||||
Netherlands — 2.2% | ||||||||
Aalberts NV |
423,603 | 18,153,898 | ||||||
Alfen Beheer BV(a)(d) |
92,704 | 10,822,101 | ||||||
AMG Advanced Metallurgical Group NV |
117,256 | 3,291,556 | ||||||
Arcadis NV |
306,750 | 11,342,274 | ||||||
Ariston Holding NV |
356,612 | 2,952,249 | ||||||
ASR Nederland NV |
589,083 | 24,622,151 | ||||||
B&S Group Sarl(d) |
156,862 | 818,520 | ||||||
Basic-Fit NV(a)(d) |
221,375 | 8,978,457 | ||||||
BE Semiconductor Industries NV |
302,510 | 16,239,262 | ||||||
Boskalis Westminster |
330,649 | 10,849,428 | ||||||
Brunel International NV |
114,402 | 1,295,864 | ||||||
Cementir Holding NV |
186,415 | 1,211,595 | ||||||
CM.Com NV(a)(c) |
50,939 | 617,432 |
80 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Netherlands (continued) | ||||||||
Corbion NV |
251,606 | $ | 8,768,582 | |||||
COSMO Pharmaceuticals NV |
36,367 | 1,951,392 | ||||||
CureVac NV(a)(c) |
237,043 | 3,164,043 | ||||||
Ebusco Holding NV(a)(c) |
62,360 | 1,498,772 | ||||||
Eurocommercial Properties NV |
177,859 | 4,027,154 | ||||||
Fastned BV(a)(c) |
20,611 | 597,106 | ||||||
Flow Traders(d) |
145,967 | 3,172,056 | ||||||
Fugro NV(a) |
405,237 | 4,823,255 | ||||||
InPost SA(a) |
951,757 | 6,284,687 | ||||||
Intertrust NV(a)(d) |
383,250 | 7,559,821 | ||||||
Iveco Group NV(a) |
852,832 | 5,221,547 | ||||||
Koninklijke BAM Groep NV(a) |
1,110,987 | 2,708,939 | ||||||
Koninklijke Vopak NV |
297,615 | 6,907,357 | ||||||
Meltwater Holding BV(a)(c) |
602,346 | 782,636 | ||||||
MFE-MediaForEurope NV(a) |
1,699,014 | 764,772 | ||||||
MFE-MediaForEurope NV, Class B(a) |
1,714,102 | 1,103,112 | ||||||
NSI NV |
87,202 | 2,829,369 | ||||||
Pharming Group NV(a)(c) |
2,720,488 | 2,128,806 | ||||||
PostNL NV(c) |
1,564,101 | 4,114,055 | ||||||
RHI Magnesita NV |
111,746 | 3,080,541 | ||||||
SBM Offshore NV |
562,177 | 7,846,141 | ||||||
Shop Apotheke Europe NV(a)(c)(d) |
61,237 | 5,946,614 | ||||||
Signify NV(d) |
543,756 | 17,660,120 | ||||||
Sligro Food Group NV(a) |
94,094 | 1,865,674 | ||||||
SNS Real NV(b)(c) |
287,474 | 3 | ||||||
Technip Energies NV |
562,610 | 6,644,572 | ||||||
TKH Group NV |
169,928 | 6,975,700 | ||||||
TomTom NV(a)(c) |
310,075 | 2,802,984 | ||||||
Van Lanschot Kempen NV |
125,463 | 2,873,015 | ||||||
Vastned Retail NV |
52,420 | 1,270,212 | ||||||
Wereldhave NV |
136,437 | 2,066,885 | ||||||
|
|
|||||||
238,634,709 | ||||||||
New Zealand — 1.1% | ||||||||
a2 Milk Co. Ltd. (The)(a) |
3,130,123 | 9,835,470 | ||||||
Air New Zealand Ltd.(a)(c) |
6,956,849 | 2,678,794 | ||||||
Argosy Property Ltd. |
3,516,911 | 2,894,331 | ||||||
Chorus Ltd. |
1,905,022 | 9,587,805 | ||||||
Contact Energy Ltd. |
3,296,366 | 15,902,152 | ||||||
Fletcher Building Ltd. |
3,397,283 | 11,053,223 | ||||||
Genesis Energy Ltd. |
2,062,638 | 3,740,477 | ||||||
Goodman Property Trust |
4,231,511 | 5,811,706 | ||||||
Infratil Ltd. |
3,047,748 | 16,092,783 | ||||||
Kiwi Property Group Ltd. |
8,752,850 | 5,619,731 | ||||||
Oceania Healthcare Ltd. |
2,559,276 | 1,518,252 | ||||||
Precinct Properties New Zealand Ltd. |
5,771,884 | 5,165,808 | ||||||
Pushpay Holdings Ltd.(a) |
4,539,792 | 3,699,920 | ||||||
Ryman Healthcare Ltd. |
1,795,509 | 10,502,260 | ||||||
SKYCITY Entertainment Group Ltd. |
3,338,463 | 5,831,358 | ||||||
Summerset Group Holdings Ltd. |
939,997 | 6,336,759 | ||||||
Synlait Milk Ltd.(a)(c) |
361,935 | 730,268 | ||||||
Vulcan Steel Ltd. |
202,142 | 1,240,652 | ||||||
Warehouse Group Ltd. (The) |
512,639 | 1,049,420 | ||||||
|
|
|||||||
119,291,169 | ||||||||
Norway — 2.3% | ||||||||
Aker ASA, Class A |
94,343 | 7,326,786 | ||||||
Aker Carbon Capture ASA(a) |
1,405,060 | 3,166,946 | ||||||
Aker Horizons Holding AS(a) |
732,019 | 1,359,571 | ||||||
Aker Solutions ASA |
1,053,081 | 3,264,151 | ||||||
Atea ASA |
359,889 | 4,394,336 |
Security | Shares | Value | ||||||
Norway (continued) | ||||||||
Austevoll Seafood ASA |
381,352 | $ | 4,697,799 | |||||
Bakkafrost P/F |
214,048 | 14,922,508 | ||||||
Bewi ASA |
198,993 | 1,417,630 | ||||||
Bonheur ASA |
89,160 | 3,570,288 | ||||||
Borregaard ASA |
382,775 | 6,871,099 | ||||||
BW Energy Ltd.(a) |
366,726 | 1,044,880 | ||||||
BW LPG Ltd.(d) |
352,777 | 2,901,815 | ||||||
BW Offshore Ltd. |
414,057 | 1,165,446 | ||||||
Crayon Group Holding ASA(a)(d) |
295,797 | 4,741,979 | ||||||
DNO ASA |
1,794,747 | 2,582,337 | ||||||
Elkem ASA(d) |
1,351,514 | 5,537,647 | ||||||
Elopak ASA(c) |
505,264 | 959,122 | ||||||
Entra ASA(d) |
266,078 | 3,747,040 | ||||||
Europris ASA(d) |
658,218 | 3,891,969 | ||||||
Flex LNG Ltd.(c) |
127,550 | 4,045,011 | ||||||
Frontline Ltd./Bermuda(a) |
526,607 | 5,016,086 | ||||||
Golden Ocean Group Ltd. |
555,409 | 6,132,334 | ||||||
Grieg Seafood ASA |
190,240 | 2,921,184 | ||||||
Hafnia Ltd.(c) |
481,795 | 1,712,311 | ||||||
Hexagon Composites ASA(a)(c) |
476,775 | 1,601,150 | ||||||
Hexagon Purus ASA(a) |
345,186 | 1,000,685 | ||||||
Kahoot! ASA(a)(c) |
1,170,411 | 2,806,331 | ||||||
Leroy Seafood Group ASA |
1,139,637 | 8,952,681 | ||||||
LINK Mobility Group Holding ASA(a) |
727,278 | 953,936 | ||||||
MPC Container Ships AS |
1,155,420 | 2,817,839 | ||||||
NEL ASA(a)(c) |
6,238,391 | 10,761,913 | ||||||
Nordic Semiconductor ASA(a) |
691,217 | 12,147,129 | ||||||
Norway Royal Salmon ASA(a) |
58,127 | 1,494,507 | ||||||
Norwegian Air Shuttle ASA(a)(c) |
2,736,989 | 2,670,391 | ||||||
Nykode Therapeutics AS(a)(c) |
439,486 | 1,490,036 | ||||||
Odfjell Drilling Ltd.(a) |
355,902 | 854,047 | ||||||
Protector Forsikring ASA |
303,058 | 3,574,574 | ||||||
REC Silicon ASA(a)(c) |
1,194,375 | 2,254,652 | ||||||
Scatec ASA(c)(d) |
506,634 | 6,049,690 | ||||||
Schibsted ASA, Class A |
309,319 | 5,813,797 | ||||||
Schibsted ASA, Class B |
411,828 | 7,408,217 | ||||||
Selvaag Bolig ASA |
289,115 | 1,227,913 | ||||||
SpareBank 1 Nord Norge |
330,642 | 3,198,625 | ||||||
SpareBank 1 Oestlandet |
117,166 | 1,447,583 | ||||||
SpareBank 1 SMN |
608,822 | 7,806,385 | ||||||
SpareBank 1 SR-Bank ASA |
760,357 | 8,990,725 | ||||||
Stolt-Nielsen Ltd. |
75,087 | 1,599,965 | ||||||
Storebrand ASA |
2,016,946 | 16,964,621 | ||||||
TGS ASA |
489,629 | 7,267,605 | ||||||
TOMRA Systems ASA |
1,007,670 | 23,589,164 | ||||||
Veidekke ASA |
464,709 | 4,804,759 | ||||||
Volue ASA(a)(c) |
235,690 | 599,806 | ||||||
Wallenius Wilhelmsen ASA |
451,882 | 3,029,278 | ||||||
|
|
|||||||
250,568,279 | ||||||||
Portugal — 0.3% | ||||||||
Altri SGPS SA |
309,058 | 1,823,587 | ||||||
Banco Comercial Portugues SA, Class R |
35,462,851 | 5,262,273 | ||||||
Corticeira Amorim SGPS SA |
118,007 | 1,254,334 | ||||||
CTT-Correios de Portugal SA |
438,528 | 1,499,735 | ||||||
Greenvolt Energias Renovaveis SA(a)(c) |
237,714 | 2,146,984 | ||||||
Navigator Co. SA (The) |
894,432 | 3,691,259 | ||||||
NOS SGPS SA |
874,287 | 3,300,828 | ||||||
REN - Redes Energeticas Nacionais SGPS SA |
1,661,518 | 4,697,418 | ||||||
Semapa-Sociedade de Investimento e Gestao |
77,927 | 1,140,375 |
S C H E D U L E O F I N V E S T M E N T S |
81 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Portugal (continued) | ||||||||
Sonae SGPS SA |
3,924,815 | $ | 4,465,546 | |||||
|
|
|||||||
29,282,339 | ||||||||
Singapore — 2.2% | ||||||||
AEM Holdings Ltd.(c) |
1,141,700 | 3,615,872 | ||||||
AIMS APAC REIT(c) |
2,254,400 | 2,270,364 | ||||||
Ascendas India Trust |
3,893,000 | 3,275,511 | ||||||
Ascott Residence Trust |
8,327,496 | 7,071,807 | ||||||
Best World International Ltd.(a)(b)(c) |
463,194 | 456,018 | ||||||
Bumitama Agri Ltd.(c) |
1,484,200 | 644,645 | ||||||
CapitaLand China Trust(c) |
4,984,334 | 4,263,929 | ||||||
CDL Hospitality Trusts |
3,738,700 | 3,579,184 | ||||||
China Aviation Oil Singapore Corp. Ltd. |
568,100 | 353,723 | ||||||
ComfortDelGro Corp. Ltd. |
9,142,700 | 9,406,464 | ||||||
Cromwell European Real Estate Investment Trust |
1,287,960 | 2,632,718 | ||||||
Digital Core REIT Management Pte Ltd.(a) |
3,329,400 | 2,900,979 | ||||||
Eagle Hospitality Trust(a)(b)(c) |
2,020,200 | 20 | ||||||
ESR-LOGOS REIT |
21,084,273 | 6,416,234 | ||||||
Far East Hospitality Trust |
3,985,700 | 1,848,324 | ||||||
First Resources Ltd. |
2,393,500 | 2,396,338 | ||||||
Frasers Centrepoint Trust |
4,373,438 | 7,390,610 | ||||||
Frasers Hospitality Trust |
3,159,800 | 1,589,736 | ||||||
Frasers Logistics & Commercial Trust |
12,458,436 | 13,005,321 | ||||||
Frencken Group Ltd. |
1,261,100 | 1,119,595 | ||||||
Golden Agri-Resources Ltd. |
27,114,600 | 5,105,392 | ||||||
Haw Par Corp. Ltd. |
517,300 | 4,123,569 | ||||||
Hour Glass Ltd. (The)(c) |
1,042,500 | 1,678,483 | ||||||
Hutchison Port Holdings Trust, Class U |
22,325,400 | 5,257,386 | ||||||
iFAST Corp. Ltd.(c) |
600,700 | 1,835,873 | ||||||
Japfa Ltd.(c) |
2,059,820 | 872,030 | ||||||
Kenon Holdings Ltd./Singapore |
81,159 | 3,513,234 | ||||||
Keppel DC REIT(c) |
5,871,100 | 8,802,889 | ||||||
Keppel Infrastructure Trust |
14,681,900 | 6,231,964 | ||||||
Keppel Pacific Oak US REIT |
3,516,000 | 2,462,976 | ||||||
Keppel REIT |
7,921,000 | 6,368,223 | ||||||
Lendlease Global Commercial REIT |
7,066,629 | 4,277,792 | ||||||
Manulife US Real Estate Investment Trust(c) |
6,800,131 | 3,946,844 | ||||||
Mapletree Industrial Trust |
8,613,593 | 16,919,213 | ||||||
Maxeon Solar Technologies Ltd.(a)(c) |
103,133 | 1,779,044 | ||||||
Nanofilm Technologies International Ltd.(c) |
1,120,100 | 1,634,315 | ||||||
NetLink NBN Trust |
11,120,100 | 7,727,882 | ||||||
Olam Group Ltd. |
4,014,300 | 4,727,938 | ||||||
OUE Commercial Real Estate Investment Trust |
9,093,879 | 2,534,410 | ||||||
OUE Ltd. |
1,352,600 | 1,282,689 | ||||||
Parkway Life REIT |
1,669,800 | 5,792,411 | ||||||
Prime U.S. REIT |
2,680,194 | 1,877,280 | ||||||
Raffles Medical Group Ltd. |
3,576,800 | 2,979,316 | ||||||
Riverstone Holdings Ltd./Singapore |
1,937,600 | 1,094,055 | ||||||
Sasseur Real Estate Investment Trust |
2,357,900 | 1,349,508 | ||||||
SATS Ltd.(a)(c) |
2,896,500 | 8,350,160 | ||||||
Sembcorp Industries Ltd. |
4,159,900 | 8,776,898 | ||||||
Sembcorp Marine Ltd.(a)(c) |
74,023,833 | 5,847,047 | ||||||
Sheng Siong Group Ltd. |
2,960,600 | 3,429,440 | ||||||
SIA Engineering Co. Ltd.(a)(c) |
1,100,200 | 1,930,850 | ||||||
Silverlake Axis Ltd. |
4,476,340 | 1,301,230 | ||||||
Singapore Post Ltd.(c) |
6,205,500 | 2,857,764 | ||||||
SPH REIT |
4,929,036 | 3,373,767 | ||||||
Starhill Global REIT |
6,342,100 | 2,736,515 | ||||||
StarHub Ltd. |
2,662,400 | 2,410,694 | ||||||
Straits Trading Co. Ltd. |
549,100 | 1,169,065 | ||||||
Suntec REIT |
9,722,600 | 11,355,876 |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
TDCX Inc., ADR(a)(c) |
93,967 | $ | 738,581 | |||||
Yangzijiang Financial Holding Ltd.(a) |
10,271,000 | 2,936,908 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
10,842,000 | 7,309,732 | ||||||
Yanlord Land Group Ltd. |
2,323,600 | 1,736,328 | ||||||
|
|
|||||||
244,672,963 | ||||||||
Spain — 1.8% | ||||||||
Acerinox SA |
848,518 | 8,278,433 | ||||||
Almirall SA |
300,048 | 2,896,939 | ||||||
Applus Services SA |
602,902 | 4,378,071 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA(c) |
385,549 | 1,184,762 | ||||||
Audax Renovables SA(c) |
516,559 | 566,832 | ||||||
Banco de Sabadell SA |
23,930,059 | 15,321,532 | ||||||
Bankinter SA |
2,837,074 | 13,968,437 | ||||||
Befesa SA(d) |
170,767 | 7,910,022 | ||||||
Cia. de Distribucion Integral Logista Holdings SA |
276,372 | 5,696,896 | ||||||
Cie. Automotive SA |
206,090 | 5,421,289 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA |
86,530 | 2,562,078 | ||||||
Corp Financiera Alba SA |
66,575 | 3,511,988 | ||||||
Distribuidora Internacional de Alimentacion SA(a) |
65,957,017 | 886,999 | ||||||
Ebro Foods SA |
297,123 | 4,944,423 | ||||||
eDreams ODIGEO SA(a) |
245,471 | 1,299,928 | ||||||
Ence Energia y Celulosa SA |
554,090 | 1,835,485 | ||||||
Faes Farma SA |
1,315,278 | 5,605,645 | ||||||
Fluidra SA |
413,294 | 7,725,346 | ||||||
Gestamp Automocion SA(d) |
731,472 | 2,813,951 | ||||||
Global Dominion Access SA(d) |
358,553 | 1,438,351 | ||||||
Grenergy Renovables SA(a)(c) |
47,378 | 1,875,531 | ||||||
Grupo Catalana Occidente SA |
183,858 | 5,482,754 | ||||||
Indra Sistemas SA |
597,041 | 5,461,552 | ||||||
Inmobiliaria Colonial Socimi SA |
1,263,191 | 8,369,235 | ||||||
Laboratorios Farmaceuticos Rovi SA |
81,702 | 4,277,834 | ||||||
Lar Espana Real Estate Socimi SA |
295,740 | 1,446,319 | ||||||
Let’s Gowex SA.(a)(b)(c) |
51,450 | — | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros |
2,784,331 | 3,090,059 | ||||||
Mapfre SA |
3,817,488 | 6,165,801 | ||||||
Mediaset Espana Comunicacion SA(a) |
650,526 | 2,263,475 | ||||||
Melia Hotels International SA(a) |
505,501 | 3,188,306 | ||||||
Merlin Properties Socimi SA |
1,394,151 | 14,953,390 | ||||||
Miquel y Costas & Miquel SA |
108,856 | 1,403,308 | ||||||
Neinor Homes SA(c)(d) |
117,140 | 1,259,955 | ||||||
Pharma Mar SA |
61,665 | 3,798,536 | ||||||
Prosegur Cash SA(d) |
1,428,221 | 1,037,856 | ||||||
Prosegur Cia. de Seguridad SA |
815,127 | 1,453,683 | ||||||
Sacyr SA |
1,647,459 | 3,767,681 | ||||||
Solaria Energia y Medio Ambiente SA(a) |
316,594 | 7,299,889 | ||||||
Soltec Power Holdings SA(a)(c) |
178,366 | 890,031 | ||||||
Talgo SA(c)(d) |
415,973 | 1,236,932 | ||||||
Tecnicas Reunidas SA(a)(c) |
131,664 | 874,104 | ||||||
Unicaja Banco SA(d) |
6,100,214 | 5,276,732 | ||||||
Viscofan SA |
167,163 | 9,735,310 | ||||||
|
|
|||||||
192,855,680 | ||||||||
Sweden — 5.9% | ||||||||
AAK AB |
769,181 | 13,445,226 | ||||||
AcadeMedia AB(d) |
357,357 | 1,761,782 | ||||||
AddLife AB |
480,592 | 8,280,114 | ||||||
AddTech AB, Class B |
1,105,516 | 18,924,954 | ||||||
AFRY AB |
392,825 | 5,998,367 | ||||||
Alimak Group AB(d) |
183,875 | 1,638,110 |
82 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Ambea AB(d) |
301,123 | $ | 1,484,406 | |||||
Arjo AB, Class B |
910,195 | 4,999,967 | ||||||
Atrium Ljungberg AB, Class B |
186,478 | 2,772,891 | ||||||
Attendo AB(a)(d) |
462,715 | 1,126,407 | ||||||
Avanza Bank Holding AB |
532,344 | 10,271,861 | ||||||
Axfood AB(c) |
461,504 | 14,641,405 | ||||||
Beijer Alma AB |
195,146 | 3,918,973 | ||||||
Beijer Ref AB |
1,049,333 | 16,645,371 | ||||||
Betsson AB |
483,008 | 3,334,220 | ||||||
BHG Group AB(a) |
425,195 | 1,453,264 | ||||||
BICO Group AB, Class B(a)(c) |
171,247 | 680,092 | ||||||
Bilia AB, Class A |
303,092 | 4,282,529 | ||||||
BillerudKorsnas AB(c) |
961,868 | 12,406,706 | ||||||
BioArctic AB(a)(d) |
146,874 | 1,594,793 | ||||||
BioGaia AB |
366,802 | 3,450,657 | ||||||
Biotage AB |
277,798 | 6,111,094 | ||||||
Bonava AB, Class B |
321,434 | 1,204,180 | ||||||
Boozt AB(a)(c)(d) |
219,831 | 1,548,574 | ||||||
Bravida Holding AB(d) |
849,081 | 8,598,897 | ||||||
Bufab AB |
110,732 | 3,340,798 | ||||||
Bure Equity AB |
233,180 | 6,207,479 | ||||||
Calliditas Therapeutics AB, Class B(a)(c) |
135,307 | 1,279,188 | ||||||
Camurus AB(a) |
123,421 | 2,804,876 | ||||||
Cary Group AB(a)(c) |
334,372 | 2,084,437 | ||||||
Castellum AB |
1,112,982 | 17,843,354 | ||||||
Catena AB |
128,456 | 5,886,300 | ||||||
Cellavision AB |
65,069 | 2,343,998 | ||||||
Cibus Nordic Real Estate AB |
187,812 | 3,366,367 | ||||||
Cint Group AB(a) |
624,278 | 4,406,234 | ||||||
Clas Ohlson AB, Class B |
162,065 | 1,838,328 | ||||||
Cloetta AB, Class B |
841,336 | 1,683,980 | ||||||
Collector AB(a) |
276,619 | 961,175 | ||||||
Coor Service Management Holding AB(d) |
394,899 | 3,269,613 | ||||||
Corem Property Group AB, Class B |
2,454,389 | 3,300,582 | ||||||
Creades AB, Class A |
235,346 | 2,168,143 | ||||||
Dios Fastigheter AB |
354,647 | 2,803,302 | ||||||
Dometic Group AB(d) |
1,365,784 | 9,262,361 | ||||||
Duni AB(a) |
149,089 | 1,423,081 | ||||||
Dustin Group AB(c)(d) |
314,135 | 2,145,043 | ||||||
Electrolux Professional AB, Class B |
1,001,416 | 6,119,535 | ||||||
Elekta AB, Class B |
1,590,123 | 11,484,678 | ||||||
Fabege AB |
1,122,973 | 11,527,106 | ||||||
Fagerhult AB |
374,735 | 2,038,493 | ||||||
Fingerprint Cards AB, Class B(a)(c) |
1,172,743 | 1,039,209 | ||||||
Fortnox AB |
2,066,271 | 11,782,674 | ||||||
GARO AB |
137,375 | 2,400,356 | ||||||
Granges AB |
450,068 | 4,173,149 | ||||||
Hemnet Group AB |
162,786 | 2,467,344 | ||||||
Hexatronic Group AB |
676,229 | 8,203,187 | ||||||
Hexpol AB |
1,119,081 | 11,672,083 | ||||||
HMS Networks AB(c) |
117,673 | 5,609,355 | ||||||
Hufvudstaden AB, Class A |
479,386 | 6,617,113 | ||||||
Humble Group AB(a)(c) |
585,881 | 946,673 | ||||||
Implantica AG, SDR(a) |
138,757 | 546,169 | ||||||
Instalco AB |
775,036 | 3,836,483 | ||||||
Intrum AB |
311,282 | 6,648,972 | ||||||
Investment AB Oresund |
182,157 | 1,998,065 | ||||||
INVISIO AB |
171,637 | 2,800,320 | ||||||
Inwido AB |
237,318 | 2,879,649 | ||||||
JM AB |
221,724 | 4,114,651 |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Kambi Group PLC, Class B(a) |
107,187 | $ | 1,934,917 | |||||
Karo Pharma AB(a) |
232,403 | 1,161,763 | ||||||
K-Fast Holding AB(a)(c) |
259,215 | 744,635 | ||||||
Kindred Group PLC |
988,040 | 8,701,726 | ||||||
KNOW IT AB |
108,217 | 3,198,545 | ||||||
LeoVegas AB(d) |
335,087 | 2,005,598 | ||||||
Lime Technologies AB |
42,271 | 1,212,116 | ||||||
Lindab International AB |
319,344 | 5,589,600 | ||||||
Loomis AB |
315,136 | 8,886,289 | ||||||
MEKO AB |
160,316 | 1,884,540 | ||||||
Millicom International Cellular SA, SDR(a)(c) |
734,690 | 11,552,316 | ||||||
MIPS AB(c) |
111,356 | 5,957,513 | ||||||
Modern Times Group MTG AB, Class B |
417,225 | 4,318,523 | ||||||
Munters Group AB(d) |
541,094 | 4,035,507 | ||||||
Mycronic AB |
311,635 | 4,583,514 | ||||||
NCC AB, Class B |
354,510 | 3,681,656 | ||||||
New Wave Group AB, Class B |
178,319 | 2,733,110 | ||||||
Nobia AB |
528,693 | 1,535,659 | ||||||
Nolato AB, Class B |
866,537 | 5,214,573 | ||||||
Nordnet AB publ |
581,344 | 7,808,917 | ||||||
Note AB(a) |
73,487 | 1,508,911 | ||||||
Nyfosa AB |
698,456 | 6,521,133 | ||||||
Orron Energy AB |
— | — | ||||||
OX2 AB(a) |
348,544 | 3,427,806 | ||||||
Pandox AB(a) |
384,783 | 5,642,909 | ||||||
Paradox Interactive AB(c) |
138,100 | 2,449,497 | ||||||
Peab AB, Class B |
779,458 | 5,317,800 | ||||||
Platzer Fastigheter Holding AB, Class B |
262,824 | 2,253,195 | ||||||
PowerCell Sweden AB(a) |
197,859 | 3,556,632 | ||||||
Ratos AB, Class B |
853,393 | 4,275,226 | ||||||
Re:NewCell AB(a)(c) |
82,149 | 859,517 | ||||||
Resurs Holding AB(d) |
535,163 | 1,250,180 | ||||||
Rvrc Holding AB |
166,083 | 752,420 | ||||||
Saab AB, Class B |
311,615 | 11,272,237 | ||||||
Samhallsbyggnadsbolaget i Norden AB(c) |
4,504,143 | 8,357,267 | ||||||
Samhallsbyggnadsbolaget i Norden AB, Class D(c) |
716,116 | 1,373,774 | ||||||
Scandic Hotels Group AB(a)(c)(d) |
678,283 | 2,777,644 | ||||||
Sdiptech AB, Class B(a) |
126,106 | 3,516,314 | ||||||
Sectra AB |
573,284 | 10,524,854 | ||||||
Sedana Medical AB(a)(c) |
278,678 | 760,572 | ||||||
SkiStar AB |
172,877 | 2,683,710 | ||||||
SSAB AB, Class A |
1,009,084 | 4,883,337 | ||||||
SSAB AB, Class B |
2,736,338 | 12,554,838 | ||||||
Stillfront Group AB(a)(c) |
1,932,384 | 5,063,630 | ||||||
Storskogen Group AB |
5,821,606 | 7,744,221 | ||||||
Storytel AB(a)(c) |
176,625 | 999,502 | ||||||
Surgical Science Sweden AB(a) |
140,005 | 2,183,360 | ||||||
Svolder AB |
380,798 | 2,474,652 | ||||||
Sweco AB, Class B |
914,788 | 10,202,894 | ||||||
SwedenCare AB |
369,191 | 2,595,311 | ||||||
Synsam AB |
190,060 | 1,173,340 | ||||||
Thule Group AB(d) |
450,802 | 13,087,592 | ||||||
Trelleborg AB, Class B |
1,030,545 | 25,321,046 | ||||||
Troax Group AB |
167,139 | 3,553,325 | ||||||
Truecaller AB(a)(c) |
276,482 | 2,168,220 | ||||||
Vestum AB(a) |
593,443 | 937,149 | ||||||
Viaplay Group AB, Class B(a) |
312,766 | 9,286,262 | ||||||
Vimian Group AB(a)(c) |
540,929 | 2,110,018 | ||||||
Vitec Software Group AB, Class B |
123,090 | 5,675,305 | ||||||
Vitrolife AB |
260,102 | 8,485,878 |
S C H E D U L E O F I N V E S T M E N T S |
83 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
VNV Global AB(a) |
386,543 | $ | 1,091,589 | |||||
Volati AB |
100,231 | 1,417,847 | ||||||
Wallenstam AB, Class B(c) |
1,495,128 | 7,621,148 | ||||||
Wihlborgs Fastigheter AB |
1,186,377 | 10,116,421 | ||||||
XANO Industri AB, Class B |
64,884 | 796,828 | ||||||
Xvivo Perfusion AB(a) |
95,246 | 2,151,006 | ||||||
|
|
|||||||
647,416,077 | ||||||||
Switzerland — 4.7% | ||||||||
Allreal Holding AG, Registered |
63,413 | 10,491,522 | ||||||
ALSO Holding AG, Registered |
27,045 | 5,014,315 | ||||||
APG SGA SA |
3,623 | 690,838 | ||||||
Arbonia AG |
221,140 | 3,144,896 | ||||||
Aryzta AG(a) |
4,024,557 | 4,599,466 | ||||||
Autoneum Holding AG |
12,275 | 1,422,870 | ||||||
Banque Cantonale Vaudoise, Registered |
128,003 | 11,918,403 | ||||||
Basilea Pharmaceutica AG, Registered(a)(c) |
49,262 | 2,282,817 | ||||||
Belimo Holding AG, Registered |
41,611 | 17,081,886 | ||||||
Bell Food Group AG, Registered |
6,219 | 1,664,531 | ||||||
BKW AG |
90,109 | 10,251,512 | ||||||
Bobst Group SA, Registered |
36,140 | 2,980,711 | ||||||
Bossard Holding AG, Class A, Registered |
23,762 | 5,296,157 | ||||||
Bucher Industries AG, Registered |
28,443 | 10,920,318 | ||||||
Burckhardt Compression Holding AG |
13,064 | 5,901,971 | ||||||
Burkhalter Holding AG(c) |
14,209 | 1,116,597 | ||||||
Bystronic AG, Registered |
5,827 | 4,311,131 | ||||||
Cembra Money Bank AG |
127,513 | 9,269,350 | ||||||
Coltene Holding AG, Registered |
12,231 | 1,192,920 | ||||||
Comet Holding AG, Registered |
32,849 | 6,058,394 | ||||||
Daetwyler Holding AG, Bearer |
32,030 | 7,807,482 | ||||||
DKSH Holding AG |
151,282 | 12,435,152 | ||||||
dormakaba Holding AG |
12,571 | 5,988,597 | ||||||
Dottikon Es Holding AG(a)(c) |
11,840 | 2,909,117 | ||||||
Dufry AG, Registered(a) |
311,887 | 11,743,110 | ||||||
EFG International AG |
391,744 | 3,050,945 | ||||||
Emmi AG, Registered |
9,064 | 9,018,280 | ||||||
Flughafen Zurich AG, Registered(a) |
85,667 | 14,246,094 | ||||||
Forbo Holding AG, Registered |
4,238 | 5,691,063 | ||||||
Galenica AG(d) |
212,939 | 16,858,469 | ||||||
Georg Fischer Ltd. |
348,575 | 21,304,527 | ||||||
Gurit Holding AG(c) |
14,122 | 1,720,507 | ||||||
Helvetia Holding AG, Registered |
159,215 | 18,202,834 | ||||||
Huber + Suhner AG, Registered |
67,209 | 6,051,691 | ||||||
Idorsia Ltd.(a)(c) |
490,751 | 6,001,446 | ||||||
Implenia AG, Registered(a)(c) |
63,488 | 1,679,077 | ||||||
Inficon Holding AG, Registered |
7,208 | 6,015,515 | ||||||
Interroll Holding AG, Registered |
2,703 | 7,133,329 | ||||||
Intershop Holding AG |
6,164 | 4,144,519 | ||||||
Kardex Holding AG, Registered(c) |
26,203 | 5,254,516 | ||||||
Komax Holding AG, Registered |
15,234 | 4,132,610 | ||||||
Landis+Gyr Group AG(c) |
91,952 | 6,069,242 | ||||||
LEM Holding SA, Registered |
2,358 | 4,682,061 | ||||||
Leonteq AG |
42,016 | 2,505,097 | ||||||
Medacta Group SA(d) |
32,131 | 3,176,474 | ||||||
Medartis Holding AG(a)(d) |
18,285 | 1,625,163 | ||||||
Medmix AG(d) |
106,486 | 2,413,070 | ||||||
Metall Zug AG, Class B, Registered |
863 | 1,745,312 | ||||||
Meyer Burger Technology AG(a) |
10,121,643 | 6,018,137 | ||||||
Mobilezone Holding AG, Registered |
182,501 | 3,257,248 | ||||||
Mobimo Holding AG, Registered |
30,015 | 7,728,310 | ||||||
Molecular Partners AG(a) |
85,547 | 547,335 |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Montana Aerospace AG(a)(d) |
85,509 | $ | 1,703,468 | |||||
OC Oerlikon Corp. AG, Registered |
794,313 | 6,147,253 | ||||||
Orior AG |
25,349 | 2,169,192 | ||||||
Peach Property Group AG(c) |
35,034 | 1,271,655 | ||||||
PolyPeptide Group AG(d) |
64,269 | 3,049,926 | ||||||
PSP Swiss Property AG, Registered |
195,885 | 23,426,308 | ||||||
Rieter Holding AG, Registered |
11,510 | 1,306,189 | ||||||
Schweiter Technologies AG, Bearer |
4,334 | 4,916,893 | ||||||
Sensirion Holding AG(a)(d) |
39,385 | 4,570,831 | ||||||
SFS Group AG |
79,115 | 8,696,436 | ||||||
Siegfried Holding AG, Registered(c) |
16,685 | 12,347,778 | ||||||
SIG Group AG |
1,221,015 | 31,854,215 | ||||||
Softwareone Holding AG |
400,714 | 5,454,007 | ||||||
St. Galler Kantonalbank AG, Class A, Registered |
12,607 | 6,005,492 | ||||||
Stadler Rail AG(c) |
212,397 | 6,878,774 | ||||||
Sulzer AG, Registered(c) |
80,175 | 5,374,473 | ||||||
Swiss Steel Holding AG, Registered(a) |
3,172,629 | 893,276 | ||||||
Swissquote Group Holding SA, Registered |
42,567 | 5,175,047 | ||||||
Tecan Group AG, Registered |
54,072 | 19,202,936 | ||||||
Trifork Holding AG(c) |
36,971 | 999,596 | ||||||
TX Group AG |
11,677 | 1,529,420 | ||||||
u-blox Holding AG |
28,415 | 3,326,277 | ||||||
Valiant Holding AG, Registered |
64,348 | 5,796,784 | ||||||
Valora Holding AG, Registered |
15,880 | 4,340,682 | ||||||
Vetropack Holding AG, Registered(c) |
49,050 | 1,949,002 | ||||||
Vontobel Holding AG, Registered |
121,022 | 7,960,397 | ||||||
V-ZUG Holding AG(a)(c) |
10,254 | 839,191 | ||||||
Ypsomed Holding AG, Registered |
15,346 | 2,178,087 | ||||||
Zehnder Group AG, Registered |
44,606 | 2,880,139 | ||||||
Zur Rose Group AG(a)(c) |
42,198 | 3,012,990 | ||||||
|
|
|||||||
512,023,648 | ||||||||
United Kingdom — 16.4% | ||||||||
888 Holdings PLC |
1,589,875 | 2,848,076 | ||||||
Abcam PLC(a) |
922,918 | 13,792,918 | ||||||
Advanced Medical Solutions Group PLC |
998,453 | 3,417,345 | ||||||
AG Barr PLC |
382,575 | 2,522,010 | ||||||
Airtel Africa PLC(d) |
3,961,793 | 7,658,195 | ||||||
AJ Bell PLC |
1,317,601 | 5,069,739 | ||||||
Alliance Pharma PLC |
2,168,614 | 2,569,632 | ||||||
Alpha FX Group PLC |
126,905 | 2,812,717 | ||||||
Alphawave IP Group PLC(a) |
1,155,495 | 1,894,040 | ||||||
AO World PLC(a)(c) |
1,780,466 | 941,455 | ||||||
Argo Blockchain PLC(a) |
1,973,845 | 899,557 | ||||||
Ascential PLC(a) |
1,862,368 | 6,658,388 | ||||||
Ashmore Group PLC |
1,999,906 | 5,270,565 | ||||||
ASOS PLC(a)(c) |
295,634 | 3,762,550 | ||||||
Assura PLC |
12,641,155 | 10,593,916 | ||||||
Aston
Martin Lagonda Global Holdings |
298,897 | 1,757,905 | ||||||
Atalaya Mining PLC |
472,962 | 1,612,725 | ||||||
Auction Technology Group PLC(a) |
381,535 | 4,618,455 | ||||||
Avacta Group PLC(a)(c) |
1,080,742 | 1,447,740 | ||||||
Avast PLC(d) |
2,880,386 | 16,310,961 | ||||||
Avon Protection PLC |
133,466 | 1,726,121 | ||||||
B&M European Value Retail SA |
4,046,258 | 20,950,902 | ||||||
Babcock International Group PLC(a) |
1,085,622 | 4,540,181 | ||||||
Bakkavor Group PLC(d) |
742,603 | 790,395 | ||||||
Balanced Commercial Property Trust Ltd. |
3,156,929 | 4,612,321 | ||||||
Balfour Beatty PLC |
2,685,657 | 9,177,283 | ||||||
Bank of Georgia Group PLC |
156,509 | 2,870,385 | ||||||
Beazley PLC |
2,577,539 | 17,071,385 |
84 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Bellway PLC |
526,849 | $ | 15,744,375 | |||||
Biffa PLC(d) |
1,298,175 | 5,745,054 | ||||||
Big Yellow Group PLC |
741,409 | 12,860,953 | ||||||
Bodycote PLC |
805,742 | 5,894,482 | ||||||
boohoo Group PLC(a)(c) |
4,269,260 | 3,488,531 | ||||||
Borr Drilling Ltd.(a)(c) |
574,596 | 2,096,627 | ||||||
Breedon Group PLC |
6,617,327 | 5,733,172 | ||||||
Brewin Dolphin Holdings PLC |
1,165,803 | 7,268,939 | ||||||
Bridgepoint Group PLC(d) |
2,781,615 | 8,637,998 | ||||||
Britvic PLC |
1,138,611 | 11,931,696 | ||||||
Burford Capital Ltd. |
790,092 | 8,471,941 | ||||||
Bytes Technology Group PLC |
933,707 | 5,153,441 | ||||||
Capita PLC(a) |
7,226,944 | 2,537,654 | ||||||
Capital & Counties Properties PLC |
3,054,305 | 5,533,310 | ||||||
Capricorn Energy PLC(a) |
1,340,078 | 3,593,331 | ||||||
Carnival PLC(a) |
640,773 | 5,166,872 | ||||||
Centamin PLC |
4,886,666 | 4,940,772 | ||||||
Central Asia Metals PLC |
753,350 | 2,288,987 | ||||||
Centrica PLC(a) |
24,936,967 | 26,719,916 | ||||||
Ceres Power Holdings PLC(a)(c) |
524,602 | 3,897,030 | ||||||
Chemring Group PLC |
1,203,737 | 5,094,352 | ||||||
Cineworld Group PLC(a)(c) |
4,198,791 | 1,184,902 | ||||||
Civitas Social Housing PLC |
2,584,267 | 2,605,815 | ||||||
Clarkson PLC |
116,480 | 4,898,266 | ||||||
Close Brothers Group PLC |
631,393 | 8,534,947 | ||||||
CLS Holdings PLC |
782,376 | 1,933,130 | ||||||
CMC Markets PLC(d) |
558,016 | 1,749,846 | ||||||
Coats Group PLC |
6,198,758 | 5,606,234 | ||||||
Computacenter PLC |
335,094 | 10,593,690 | ||||||
ContourGlobal PLC(d) |
831,312 | 2,604,469 | ||||||
ConvaTec Group PLC(d) |
6,844,404 | 19,085,528 | ||||||
Countryside Partnerships PLC(a)(d) |
2,095,518 | 7,427,551 | ||||||
Craneware PLC |
112,178 | 2,568,275 | ||||||
Cranswick PLC |
227,259 | 9,243,650 | ||||||
Crest Nicholson Holdings PLC |
1,093,280 | 3,675,858 | ||||||
Currys PLC |
4,685,123 | 3,830,855 | ||||||
Custodian Reit PLC |
1,776,864 | 2,354,285 | ||||||
CVS Group PLC |
295,634 | 6,206,799 | ||||||
Darktrace PLC(a) |
887,899 | 4,076,897 | ||||||
Dechra Pharmaceuticals PLC |
458,942 | 20,653,603 | ||||||
Deliveroo PLC(a)(d) |
3,714,025 | 4,099,592 | ||||||
Derwent London PLC |
432,491 | 15,099,173 | ||||||
Diploma PLC |
528,129 | 17,735,893 | ||||||
Direct Line Insurance Group PLC |
5,745,421 | 14,418,411 | ||||||
Diversified Energy Co. PLC |
3,518,990 | 5,301,071 | ||||||
Domino’s Pizza Group PLC |
1,728,103 | 6,022,413 | ||||||
Dr. Martens PLC |
2,562,808 | 8,136,329 | ||||||
Drax Group PLC |
1,435,354 | 13,768,941 | ||||||
DS Smith PLC |
5,880,396 | 20,961,210 | ||||||
Dunelm Group PLC |
474,520 | 4,933,812 | ||||||
easyJet PLC(a) |
1,298,027 | 6,339,846 | ||||||
Elementis PLC(a) |
2,480,493 | 3,303,135 | ||||||
EMIS Group PLC |
248,476 | 5,548,806 | ||||||
Empiric Student Property PLC |
2,580,623 | 2,830,152 | ||||||
Energean PLC(a) |
518,506 | 7,248,891 | ||||||
EnQuest PLC(a) |
6,384,220 | 2,243,033 | ||||||
Ergomed PLC(a) |
161,731 | 2,375,888 | ||||||
Essentra PLC |
1,294,403 | 3,907,355 | ||||||
Euromoney Institutional Investor PLC |
459,609 | 8,137,522 | ||||||
FD Technologies PLC(a) |
98,521 | 2,353,045 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Ferrexpo PLC |
1,251,533 | $ | 2,270,053 | |||||
Fevertree Drinks PLC |
453,800 | 5,945,762 | ||||||
Finablr PLC(a)(b)(d) |
1,080,679 | 13 | ||||||
Firstgroup PLC |
3,142,675 | 5,132,628 | ||||||
Forterra PLC(d) |
947,817 | 3,399,270 | ||||||
Frasers Group PLC(a) |
728,291 | 7,968,752 | ||||||
Frontier Developments PLC(a)(c) |
98,032 | 1,862,044 | ||||||
Future PLC |
483,811 | 10,839,931 | ||||||
Games Workshop Group PLC |
139,157 | 13,170,204 | ||||||
Gamma Communications PLC |
348,842 | 4,731,658 | ||||||
GB Group PLC |
1,031,169 | 6,380,908 | ||||||
Genel Energy PLC |
647,695 | 1,148,709 | ||||||
Genuit Group PLC |
1,047,644 | 5,425,518 | ||||||
Genus PLC |
283,053 | 9,782,640 | ||||||
Go-Ahead Group PLC (The)(a) |
175,305 | 3,167,339 | ||||||
Grainger PLC |
3,104,634 | 11,198,797 | ||||||
Great Portland Estates PLC |
910,208 | 6,889,872 | ||||||
Greatland Gold PLC(a) |
17,431,284 | 2,695,933 | ||||||
Greggs PLC |
430,901 | 10,743,248 | ||||||
Gulf Keystone Petroleum Ltd. |
892,000 | 2,567,550 | ||||||
Gym Group PLC (The)(a)(d) |
682,168 | 1,482,157 | ||||||
Halfords Group PLC |
910,244 | 1,904,424 | ||||||
Hammerson PLC(c) |
14,934,687 | 4,559,596 | ||||||
Harbour Energy PLC |
1,949,126 | 8,715,871 | ||||||
Hays PLC |
7,057,960 | 11,011,606 | ||||||
Helical PLC |
585,777 | 2,782,101 | ||||||
Helios Towers PLC(a)(c) |
3,113,286 | 5,473,589 | ||||||
Hill & Smith Holdings PLC |
337,929 | 5,431,856 | ||||||
Hiscox Ltd. |
1,465,965 | 15,962,488 | ||||||
Hochschild Mining PLC |
1,279,743 | 1,263,490 | ||||||
Home Reit PLC |
3,349,512 | 4,854,052 | ||||||
HomeServe PLC |
1,290,994 | 18,504,468 | ||||||
Hotel Chocolat Group PLC(a) |
230,339 | 387,099 | ||||||
Howden Joinery Group PLC |
2,536,406 | 20,936,898 | ||||||
Hunting PLC |
591,330 | 1,555,463 | ||||||
Ibstock PLC(d) |
1,697,916 | 4,255,878 | ||||||
IG Group Holdings PLC |
1,746,118 | 16,941,266 | ||||||
IMI PLC |
1,099,627 | 17,955,825 | ||||||
Impact Healthcare Reit PLC |
1,243,316 | 1,780,593 | ||||||
Impax Asset Management Group PLC |
367,758 | 3,229,075 | ||||||
Inchcape PLC |
1,614,290 | 16,522,543 | ||||||
Indivior PLC(a) |
2,963,715 | 11,606,337 | ||||||
IntegraFin Holdings PLC |
1,261,789 | 4,204,155 | ||||||
Intermediate Capital Group PLC |
1,231,311 | 22,953,435 | ||||||
Investec PLC |
2,946,230 | 15,938,093 | ||||||
IP Group PLC |
4,330,035 | 4,561,324 | ||||||
ITM Power PLC(a)(c) |
1,815,419 | 4,739,921 | ||||||
ITV PLC |
15,428,181 | 13,876,388 | ||||||
IWG PLC(a) |
3,198,647 | 7,501,424 | ||||||
J D Wetherspoon PLC(a) |
409,885 | 2,799,111 | ||||||
JET2 PLC(a) |
681,379 | 7,637,137 | ||||||
John Menzies PLC(a) |
291,668 | 2,152,471 | ||||||
John Wood Group PLC(a) |
2,911,838 | 5,581,429 | ||||||
Johnson Service Group PLC(a) |
1,867,417 | 2,573,769 | ||||||
JTC PLC(d) |
577,449 | 5,251,023 | ||||||
Judges Scientific PLC |
22,281 | 2,311,800 | ||||||
Jupiter Fund Management PLC |
1,882,184 | 2,889,964 | ||||||
Just Group PLC |
4,418,747 | 3,849,190 | ||||||
Kainos Group PLC |
340,462 | 5,659,489 | ||||||
Kape Technologies PLC(a)(c) |
653,482 | 2,379,473 |
S C H E D U L E O F I N V E S T M E N T S |
85 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Keller Group PLC |
315,392 | $ | 3,066,454 | |||||
Keywords Studios PLC |
307,295 | 9,447,443 | ||||||
Kier Group PLC(a) |
1,903,597 | 1,774,981 | ||||||
Lancashire Holdings Ltd. |
1,036,684 | 5,647,499 | ||||||
Learning Technologies Group PLC |
2,505,669 | 4,058,366 | ||||||
Liontrust Asset Management PLC |
262,419 | 3,333,900 | ||||||
LondonMetric Property PLC |
3,972,575 | 12,113,854 | ||||||
Luceco PLC(d) |
342,997 | 455,858 | ||||||
LXI REIT PLC |
8,047,969 | 14,577,752 | ||||||
Man Group PLC/Jersey |
5,786,829 | 19,251,279 | ||||||
Marks & Spencer Group PLC(a) |
8,337,354 | 14,454,288 | ||||||
Marlowe PLC(a) |
344,690 | 3,349,712 | ||||||
Marshalls PLC |
903,843 | 5,457,007 | ||||||
Marston’s PLC(a) |
2,771,114 | 1,611,064 | ||||||
Mediclinic International PLC(a) |
1,751,963 | 10,366,305 | ||||||
Meggitt PLC(a) |
3,323,594 | 32,015,125 | ||||||
Micro Focus International PLC |
1,423,085 | 4,957,482 | ||||||
Mitchells & Butlers PLC(a) |
1,149,884 | 2,428,933 | ||||||
Mitie Group PLC |
6,196,982 | 5,921,468 | ||||||
Moneysupermarket.com Group PLC |
2,266,641 | 5,642,608 | ||||||
Moonpig Group PLC(a)(c) |
981,905 | 2,501,688 | ||||||
Morgan Advanced Materials PLC |
1,199,501 | 4,652,496 | ||||||
Morgan Sindall Group PLC |
175,203 | 4,343,712 | ||||||
National Express Group PLC(a) |
2,207,064 | 4,944,714 | ||||||
NCC Group PLC |
1,338,648 | 3,656,536 | ||||||
Network International Holdings PLC(a)(d) |
2,136,868 | 5,225,373 | ||||||
Next Fifteen Communications Group PLC |
350,244 | 4,385,409 | ||||||
Ninety One PLC |
2,007,209 | 5,015,865 | ||||||
Numis Corp. PLC(c) |
299,737 | 944,626 | ||||||
On the Beach Group PLC(a)(d) |
694,613 | 942,116 | ||||||
OSB Group PLC |
1,904,661 | 12,235,067 | ||||||
Oxford Biomedica PLC(a) |
277,687 | 1,633,348 | ||||||
Oxford Nanopore Technologies PLC(a)(c) |
1,392,424 | 5,438,449 | ||||||
Pagegroup PLC |
1,382,145 | 7,692,973 | ||||||
Pan African Resources PLC |
8,504,354 | 2,090,936 | ||||||
Pantheon Resources PLC(a)(c) |
2,950,808 | 4,210,748 | ||||||
Paragon Banking Group PLC |
1,042,951 | 6,809,524 | ||||||
Penno Group PLC |
1,120,472 | 13,715,084 | ||||||
Petrofac Ltd.(a) |
1,857,616 | 2,606,060 | ||||||
Pets at Home Group PLC |
2,133,738 | 8,561,225 | ||||||
Picton Property Income Ltd. (The) |
2,364,994 | 2,661,203 | ||||||
Playtech PLC(a) |
969,504 | 5,809,397 | ||||||
Polar Capital Holdings PLC |
310,642 | 1,851,050 | ||||||
Premier Foods PLC |
2,683,129 | 3,803,386 | ||||||
Primary Health Properties PLC |
5,607,889 | 10,089,390 | ||||||
Provident Financial PLC |
1,016,807 | 2,402,873 | ||||||
PRS REIT PLC (The) |
2,172,748 | 2,910,569 | ||||||
PZ Cussons PLC |
962,298 | 2,468,998 | ||||||
QinetiQ Group PLC |
2,454,489 | 11,431,322 | ||||||
Quilter PLC(d) |
5,859,923 | 7,493,024 | ||||||
Rank Group PLC(a) |
935,411 | 1,025,229 | ||||||
Rathbones Group PLC |
250,552 | 5,522,712 | ||||||
Reach PLC |
1,265,118 | 1,489,048 | ||||||
Redde Northgate PLC |
983,019 | 4,393,432 | ||||||
Redrow PLC |
1,256,856 | 8,886,762 | ||||||
Regional REIT Ltd.(d) |
1,661,778 | 1,494,953 | ||||||
Renewi PLC(a) |
338,512 | 3,129,839 | ||||||
Renishaw PLC |
153,805 | 8,165,227 | ||||||
Restaurant Group PLC (The)(a) |
3,274,380 | 2,029,985 | ||||||
Restore PLC |
553,243 | 3,023,744 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Rightmove PLC |
3,601,427 | $ | 28,155,140 | |||||
Rotork PLC |
3,619,185 | 11,484,642 | ||||||
Royal Mail PLC |
3,301,509 | 11,409,337 | ||||||
RS GROUP PLC |
1,996,082 | 25,199,875 | ||||||
RWS Holdings PLC |
1,341,135 | 6,261,819 | ||||||
S4 Capital PLC(a) |
1,173,042 | 1,814,064 | ||||||
Sabre Insurance Group PLC(d) |
1,063,816 | 1,417,293 | ||||||
Safestore Holdings PLC |
895,322 | 12,467,008 | ||||||
Saga PLC(a) |
448,511 | 862,991 | ||||||
Sanne Group PLC(a) |
660,977 | 7,405,427 | ||||||
Savills PLC |
605,228 | 8,823,900 | ||||||
Senior PLC(a) |
1,878,156 | 3,321,041 | ||||||
Serco Group PLC |
5,183,880 | 11,926,517 | ||||||
Serica Energy PLC |
860,902 | 3,984,674 | ||||||
Shaftesbury PLC |
818,264 | 5,021,122 | ||||||
SIG PLC(a)(c) |
3,025,394 | 1,346,348 | ||||||
Smart Metering Systems PLC |
549,220 | 6,305,096 | ||||||
Softcat PLC |
548,213 | 9,352,624 | ||||||
SolGold PLC(a)(c) |
4,778,467 | 1,478,081 | ||||||
Spectris PLC |
469,466 | 17,856,438 | ||||||
Spire Healthcare Group PLC(a)(d) |
1,197,466 | 3,475,030 | ||||||
Spirent Communications PLC |
2,607,731 | 8,969,758 | ||||||
SSP Group PLC(a) |
3,368,753 | 10,475,875 | ||||||
SThree PLC |
531,819 | 2,442,653 | ||||||
Strix Group PLC(c) |
863,654 | 1,680,709 | ||||||
Subsea 7 SA(c) |
1,010,690 | 9,108,922 | ||||||
Supermarket Income Reit PLC |
4,170,335 | 6,556,094 | ||||||
Synthomer PLC |
1,587,193 | 4,527,499 | ||||||
Target Healthcare REIT PLC |
2,646,191 | 3,705,911 | ||||||
Tate & Lyle PLC |
1,708,234 | 16,734,479 | ||||||
TBC Bank Group PLC |
174,387 | 2,930,685 | ||||||
Team17 Group PLC(a) |
435,400 | 2,328,227 | ||||||
Telecom Plus PLC |
271,281 | 7,456,976 | ||||||
THG PLC(a) |
3,100,114 | 2,585,006 | ||||||
TI Fluid Systems PLC(d) |
1,424,223 | 3,031,663 | ||||||
TORM PLC, Class A(a) |
120,135 | 1,963,282 | ||||||
TP ICAP Group PLC |
3,351,810 | 4,857,382 | ||||||
Trainline PLC(a)(d) |
2,036,068 | 9,823,871 | ||||||
Travis Perkins PLC |
913,564 | 11,725,265 | ||||||
Tritax Big Box REIT PLC |
8,011,299 | 19,274,521 | ||||||
Trustpilot Group PLC(a)(d) |
895,382 | 842,037 | ||||||
Tullow Oil PLC(a) |
4,778,096 | 2,998,991 | ||||||
Tyman PLC |
811,185 | 2,622,364 | ||||||
UK Commercial Property REIT Ltd. |
3,291,139 | 3,089,647 | ||||||
Ultra Electronics Holdings PLC |
302,857 | 12,933,392 | ||||||
UNITE Group PLC (The) |
1,442,597 | 20,567,534 | ||||||
Urban Logistics REIT PLC |
2,003,624 | 4,329,315 | ||||||
Vesuvius PLC |
945,487 | 4,142,787 | ||||||
Victoria PLC(a)(c) |
269,616 | 1,227,130 | ||||||
Victrex PLC |
368,585 | 8,681,282 | ||||||
Virgin Money UK PLC |
5,459,085 | 9,521,510 | ||||||
Vistry Group PLC |
942,978 | 10,630,124 | ||||||
Volex PLC |
502,708 | 1,931,388 | ||||||
Volution Group PLC |
844,432 | 4,319,300 | ||||||
Warehouse REIT PLC |
1,693,539 | 3,114,211 | ||||||
Watkin Jones PLC |
963,892 | 2,582,421 | ||||||
Weir Group PLC (The) |
1,109,074 | 22,679,217 | ||||||
WH Smith PLC(a) |
557,341 | 9,837,340 | ||||||
Wickes Group PLC |
1,101,734 | 1,828,726 | ||||||
Wincanton PLC |
527,003 | 2,419,682 |
86 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Workspace Group PLC |
608,708 | $ | 4,375,101 | |||||
Yellow Cake PLC(a)(d) |
742,868 | 3,404,891 | ||||||
YouGov PLC |
458,462 | 6,113,549 | ||||||
Young & Co’s Brewery PLC, Series A |
95,465 | 1,441,590 | ||||||
|
|
|||||||
1,800,693,757 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.0% |
10,862,957,737 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.3% | ||||||||
Draegerwerk AG & Co. KGaA, Preference Shares, NVS |
37,084 | 1,945,787 | ||||||
Einhell Germany AG, Preference Shares, NVS(c) |
7,132 | 994,136 | ||||||
Fuchs Petrolub SE, Preference Shares, NVS |
294,930 | 8,836,997 | ||||||
Jungheinrich AG, Preference Shares, NVS |
202,207 | 5,503,971 | ||||||
Schaeffler AG, Preference Shares, NVS(c) |
536,873 | 3,162,446 | ||||||
Sixt SE, Preference Shares, NVS |
70,591 | 4,980,092 | ||||||
STO SE & Co. KGaA, Preference Shares, NVS |
10,085 | 1,564,824 | ||||||
|
|
|||||||
26,988,253 | ||||||||
Italy — 0.0% | ||||||||
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS |
214,377 | 3,041,144 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.3% |
30,029,397 | |||||||
|
|
|||||||
Warrants |
||||||||
Australia — 0.0% | ||||||||
PointsBet
Holdings Ltd. |
42,123 | — | ||||||
|
|
|||||||
Italy — 0.0% | ||||||||
Webuild SpA (Expires 08/02/30)(a)(c) |
97,516 | 1 | ||||||
|
|
|||||||
Singapore — 0.0% | ||||||||
Ezion
Holdings Ltd. |
3,963,747 | 29 | ||||||
|
|
Security | Shares | Value | ||||||
|
||||||||
Spain — 0.0% | ||||||||
Abengoa SA (Expires 03/31/25)(a)(c) |
3,096,556 | $ | 18,989 | |||||
|
|
|||||||
Total
Warrants — 0.0% |
19,019 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.3% |
10,893,006,153 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 4.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(e)(f)(g) |
488,967,372 | 488,918,475 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(e)(f) |
3,220,000 | 3,220,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 4.5% |
|
492,138,475 | ||||||
|
|
|||||||
Total
Investments in Securities — 103.8% |
|
11,385,144,628 | ||||||
Liabilities in Excess of Other Assets — (3.8)% |
|
(418,654,478 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 10,966,490,150 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) |
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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 459,960,734 | $ | 29,192,809 | (a) | $ | — | $ | (257,892 | ) | $ | 22,824 | $ | 488,918,475 | 488,967,372 | $ | 16,043,310 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
7,290,000 | — | (4,070,000 | )(a) | — | — | 3,220,000 | 3,220,000 | 18,333 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (257,892 | ) | $ | 22,824 | $ | 492,138,475 | $ | 16,061,643 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
S C H E D U L E O F I N V E S T M E N T S |
87 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
TOPIX Index |
196 | 09/08/22 | $ | 28,585 | $ | 554,339 | ||||||||||
Euro STOXX 50 Index |
868 | 09/16/22 | 33,019 | 1,894,659 | ||||||||||||
FTSE 100 Index |
274 | 09/16/22 | 24,678 | 704,429 | ||||||||||||
|
|
|||||||||||||||
$ | 3,153,427 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 3,153,427 | $ | — | $ | — | $ | — | $ | 3,153,427 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2022, 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 |
$ | — | $ | — | $ | (6,438,345 | ) | $ | — | $ | — | $ | — | $ | (6,438,345 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 3,693,576 | $ | — | $ | — | $ | — | $ | 3,693,576 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 90,596,502 | ||
|
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.
88 |
2 0 2 2 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 |
Schedule of Investments (continued) July 31, 2022 |
iShares® MSCI EAFE Small-Cap ETF |
Fair Value Hierarchy as of Period End (continued)
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 | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 659,266,074 | $ | 10,192,603,024 | $ | 11,088,639 | $ | 10,862,957,737 | ||||||||
Preferred Stocks |
— | 30,029,397 | — | 30,029,397 | ||||||||||||
Warrants |
— | 18,990 | 29 | 19,019 | ||||||||||||
Money Market Funds |
492,138,475 | — | — | 492,138,475 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,151,404,549 | $ | 10,222,651,411 | $ | 11,088,668 | $ | 11,385,144,628 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | — | $ | 3,153,427 | $ | — | $ | 3,153,427 | ||||||||
|
|
|
|
|
|
|
|
(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 E O F I N V E S T M E N T S |
89 |
Statements of Assets and Liabilities
July 31, 2022
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
|
iShares Currency Hedged MSCI EAFE ETF |
|
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
|
iShares MSCI ACWI ex U.S. ETF |
||||||||||||||||||||||
|
||||||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | — | $ | — | $ | — | $ | 4,105,585,027 | ||||||||||||||||||||
Investments, at value — affiliated(c) |
120,622,275 | 3,672,093,789 | 107,982,900 | 41,643,277 | ||||||||||||||||||||||||
Cash |
7,345 | 762 | 3,509 | 26,310 | ||||||||||||||||||||||||
Foreign currency, at value(d) |
— | — | — | 6,095,230 | ||||||||||||||||||||||||
Cash pledged for futures contracts |
— | — | — | 930,000 | ||||||||||||||||||||||||
Receivables: |
||||||||||||||||||||||||||||
Investments sold |
— | — | 219,106 | — | ||||||||||||||||||||||||
Securities lending income — affiliated |
— | — | — | 27,742 | ||||||||||||||||||||||||
Variation margin on futures contracts |
— | — | — | 158,851 | ||||||||||||||||||||||||
Capital shares sold |
— | 10,630 | — | — | ||||||||||||||||||||||||
Dividends — unaffiliated |
— | — | — | 7,537,256 | ||||||||||||||||||||||||
Dividends — affiliated |
680 | 17,743 | 565 | 4,785 | ||||||||||||||||||||||||
Tax reclaims |
— | — | — | 4,746,998 | ||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
1,038,469 | 39,443,437 | 873,376 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total assets |
121,668,769 | 3,711,566,361 | 109,079,456 | 4,166,755,476 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||||||
Foreign bank overdraft(e) |
— | 83 | — | — | ||||||||||||||||||||||||
Cash received as collateral for OTC derivatives |
140,000 | 620,000 | 10,000 | — | ||||||||||||||||||||||||
Collateral on securities loaned, at value |
— | — | — | 37,507,069 | ||||||||||||||||||||||||
Deferred foreign capital gain tax |
— | — | — | 2,299,274 | ||||||||||||||||||||||||
Payables: |
||||||||||||||||||||||||||||
Investments purchased |
350,790 | 13,215,419 | — | — | ||||||||||||||||||||||||
Investment advisory fees |
2,968 | 79,390 | 2,614 | 1,092,165 | ||||||||||||||||||||||||
Foreign taxes |
— | — | — | 1,169 | ||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
874,573 | 34,012,115 | 1,299,294 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total liabilities |
1,368,331 | 47,927,007 | 1,311,908 | 40,899,677 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NET ASSETS |
$ | 120,300,438 | $ | 3,663,639,354 | $ | 107,767,548 | $ | 4,125,855,799 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NET ASSETS CONSIST OF |
||||||||||||||||||||||||||||
Paid-in capital |
$ | 120,695,123 | $ | 3,548,224,384 | $ | 108,003,999 | $ | 4,831,569,196 | ||||||||||||||||||||
Accumulated earnings (loss) |
(394,685 | ) | 115,414,970 | (236,451 | ) | (705,713,397 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NET ASSETS |
$ | 120,300,438 | $ | 3,663,639,354 | $ | 107,767,548 | $ | 4,125,855,799 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NET ASSET VALUE |
||||||||||||||||||||||||||||
Shares outstanding |
4,080,000 | 111,800,000 | 3,290,000 | 89,000,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value |
$ | 29.49 | $ | 32.77 | $ | 32.76 | $ | 46.36 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Par value |
None | None | None | None | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(a) Investments, at cost — unaffiliated |
$ | — | $ | — | $ | — | $ | 4,265,347,754 | ||||||||||||||||||||
(b) Securities loaned, at value |
$ | — | $ | — | $ | — | $ | 35,162,376 | ||||||||||||||||||||
(c) Investments, at cost — affiliated |
$ | 130,084,651 | $ | 3,866,779,459 | $ | 120,108,457 | $ | 41,635,645 | ||||||||||||||||||||
(d) Foreign currency, at cost |
$ | — | $ | — | $ | — | $ | 6,116,800 | ||||||||||||||||||||
(e) Foreign bank overdraft, at cost |
$ | — | $ | 82 | $ | — | $ | — |
See notes to financial statements.
90 |
2 0 2 2 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 |
Statements of Assets and Liabilities (continued)
July 31, 2022
iShares MSCI EAFE ETF |
iShares Small-Cap ETF |
|||||||||||
|
||||||||||||
ASSETS |
| |||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 47,453,006,101 | $ | 10,893,006,153 | ||||||||
Investments, at value — affiliated(c) |
223,315,789 | 492,138,475 | ||||||||||
Cash |
6,341 | 790,886 | ||||||||||
Foreign currency, at value(d) |
48,591,874 | 27,712,959 | ||||||||||
Foreign currency collateral pledged for futures contracts(e) |
10,816,561 | 5,082,550 | ||||||||||
Receivables: |
||||||||||||
Investments sold |
— | 12,308,561 | ||||||||||
Securities lending income — affiliated |
135,257 | 1,243,491 | ||||||||||
Variation margin on futures contracts |
1,987,019 | 852,795 | ||||||||||
Dividends — unaffiliated |
40,963,062 | 15,582,948 | ||||||||||
Dividends — affiliated |
56,225 | 3,023 | ||||||||||
Tax reclaims |
86,127,013 | 11,075,439 | ||||||||||
Foreign withholding tax claims |
33,436,983 | — | ||||||||||
|
|
|
|
|||||||||
Total assets |
47,898,442,225 | 11,459,797,280 | ||||||||||
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||
Collateral on securities loaned, at value |
181,854,462 | 489,027,809 | ||||||||||
Deferred foreign capital gain tax |
— | 170,399 | ||||||||||
Payables: |
||||||||||||
Investments purchased |
— | 13 | ||||||||||
Investment advisory fees |
12,464,132 | 3,481,261 | ||||||||||
Professional fees |
7,331,412 | 627,648 | ||||||||||
IRS compliance fee for foreign withholding tax claims |
102,580,646 | — | ||||||||||
|
|
|
|
|||||||||
Total liabilities |
304,230,652 | 493,307,130 | ||||||||||
|
|
|
|
|||||||||
NET ASSETS |
$ | 47,594,211,573 | $ | 10,966,490,150 | ||||||||
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||
Paid-in capital |
$ | 54,970,569,596 | $ | 13,074,838,297 | ||||||||
Accumulated loss |
(7,376,358,023 | ) | (2,108,348,147 | ) | ||||||||
|
|
|
|
|||||||||
NET ASSETS |
$ | 47,594,211,573 | $ | 10,966,490,150 | ||||||||
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||
Shares outstanding |
725,400,000 | 188,600,000 | ||||||||||
|
|
|
|
|||||||||
Net asset value |
$ | 65.61 | $ | 58.15 | ||||||||
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | ||||||||||
|
|
|
|
|||||||||
Par value |
None | None | ||||||||||
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 45,827,662,682 | $ | 12,412,262,036 | ||||||||
(b) Securities loaned, at value |
$ | 177,650,397 | $ | 444,490,895 | ||||||||
(c) Investments, at cost — affiliated |
$ | 223,280,764 | $ | 492,141,086 | ||||||||
(d) Foreign currency, at cost |
$ | 47,016,281 | $ | 27,349,424 | ||||||||
(e) Foreign currency collateral pledged, at cost |
$ | 11,922,876 | $ | 5,210,817 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
91 |
Year Ended July 31, 2022
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI EAFE ETF |
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
iShares MSCI ACWI ex U.S. ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
|
|||||||||||||||
Dividends — unaffiliated |
$ | — | $ | — | $ | — | $ | 142,348,663 | ||||||||
Dividends — affiliated |
4,200,336 | 142,886,028 | 4,258,147 | 16,570 | ||||||||||||
Securities lending income — affiliated — net |
— | — | — | 382,538 | ||||||||||||
Other income — unaffiliated |
— | — | — | 14,272 | ||||||||||||
Foreign taxes withheld |
— | — | — | (14,016,210 | ) | |||||||||||
Foreign withholding tax claims |
— | — | — | 1,172,965 | ||||||||||||
Other foreign taxes |
— | — | — | (14,591 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
4,200,336 | 142,886,028 | 4,258,147 | 129,904,207 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory fees |
475,155 | 12,494,520 | 464,006 | 14,026,304 | ||||||||||||
Commitment fees |
— | 36,010 | — | 45,192 | ||||||||||||
Professional fees |
217 | 217 | 217 | 118,519 | ||||||||||||
Interest expense |
— | 4,652 | — | 64 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
475,372 | 12,535,399 | 464,223 | 14,190,079 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
(437,860 | ) | (11,548,989 | ) | (431,850 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
37,512 | 986,410 | 32,373 | 14,190,079 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
4,162,824 | 141,899,618 | 4,225,774 | 115,714,128 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
— | — | — | (90,295,593 | ) | |||||||||||
Investments — affiliated |
(916,666 | ) | (37,019,928 | ) | (1,382,182 | ) | (15,063 | ) | ||||||||
In-kind redemptions — unaffiliated(b) |
— | — | — | 111,972,897 | ||||||||||||
In-kind redemptions — affiliated(b) |
2,242,637 | 41,288,343 | 937,479 | — | ||||||||||||
Futures contracts |
— | — | — | (3,678,003 | ) | |||||||||||
Forward foreign currency exchange contracts |
13,067,092 | 450,660,942 | 15,548,856 | — | ||||||||||||
Foreign currency transactions |
3,431 | 2 | 40 | (1,475,950 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
14,396,494 | 454,929,359 | 15,104,193 | 16,508,288 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
— | — | — | (849,626,165 | ) | |||||||||||
Investments — affiliated |
(26,141,717 | ) | (624,699,551 | ) | (27,415,836 | ) | (6,595 | ) | ||||||||
Futures contracts |
— | — | — | 1,131,957 | ||||||||||||
Forward foreign currency exchange contracts |
124,302 | 14,492,019 | (225,345 | ) | — | |||||||||||
Foreign currency translations |
— | (2 | ) | — | (490,696 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
(26,017,415 | ) | (610,207,534 | ) | (27,641,181 | ) | (848,991,499 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized loss |
(11,620,921 | ) | (155,278,175 | ) | (12,536,988 | ) | (832,483,211 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (7,458,097 | ) | $ | (13,378,557 | ) | $ | (8,311,214 | ) | $ | (716,769,083 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | — | $ | — | $ | — | $ | (785,694 | ) | |||||||
(b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
(c) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | — | $ | — | $ | (368,596 | ) |
See notes to financial statements.
92 |
2 0 2 2 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 |
Statements of Operations (continued)
Year Ended July 31, 2022
iShares MSCI EAFE ETF |
|
iShares MSCI EAFE |
||||||||||
|
||||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — unaffiliated |
$ | 1,765,721,874 | $ | 401,496,291 | ||||||||
Dividends — affiliated |
198,618 | 53,016 | ||||||||||
Securities lending income — affiliated — net |
2,388,446 | 16,008,627 | ||||||||||
Other income — unaffiliated |
13,143,307 | 622,444 | ||||||||||
Foreign taxes withheld |
(131,267,177 | ) | (32,898,424 | ) | ||||||||
Foreign withholding tax claims |
58,133,227 | 6,286,660 | ||||||||||
IRS Compliance fee for foreign withholding tax claims |
(20,215,104 | ) | — | |||||||||
|
|
|
|
|||||||||
Total investment income |
1,688,103,191 | 391,568,614 | ||||||||||
|
|
|
|
|||||||||
EXPENSES |
||||||||||||
Investment advisory fees |
170,044,238 | 52,747,904 | ||||||||||
Professional fees |
7,171,741 | 691,149 | ||||||||||
|
|
|
|
|||||||||
Total expenses |
177,215,979 | 53,439,053 | ||||||||||
|
|
|
|
|||||||||
Net investment income |
1,510,887,212 | 338,129,561 | ||||||||||
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — unaffiliated |
(974,553,254 | ) | 7,746,951 | |||||||||
Investments — affiliated |
(14,048 | ) | (257,892 | ) | ||||||||
In-kind redemptions — unaffiliated(a) |
135,879,413 | 284,168,925 | ||||||||||
Futures contracts |
(3,717,437 | ) | (6,438,345 | ) | ||||||||
Foreign currency transactions |
(27,777,775 | ) | (12,620,830 | ) | ||||||||
|
|
|
|
|||||||||
(870,183,101 | ) | 272,598,809 | ||||||||||
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — unaffiliated(b) |
(8,428,953,441 | ) | (3,609,124,181 | ) | ||||||||
Investments — affiliated |
(30,637 | ) | 22,824 | |||||||||
Futures contracts |
7,685,933 | 3,693,576 | ||||||||||
Foreign currency translations |
(12,538,290 | ) | (567,204 | ) | ||||||||
|
|
|
|
|||||||||
(8,433,836,435 | ) | (3,605,974,985 | ) | |||||||||
|
|
|
|
|||||||||
Net realized and unrealized loss |
(9,304,019,536 | ) | (3,333,376,176 | ) | ||||||||
|
|
|
|
|||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (7,793,132,324 | ) | $ | (2,995,246,615 | ) | ||||||
|
|
|
|
|||||||||
(a) See Note 2 of the Notes to Financial Statements. |
||||||||||||
(b) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | (73,265 | ) |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
93 |
Statements of Changes in Net Assets
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI EAFE ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 4,162,824 | $ | 2,020,551 | $ | 141,899,618 | $ | 59,874,869 | ||||||||||||||||||||||||
Net realized gain (loss) |
14,396,494 | (2,623,995 | ) | 454,929,359 | (43,119,761 | ) | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(26,017,415 | ) | 21,289,948 | (610,207,534 | ) | 641,434,777 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(7,458,097 | ) | 20,686,504 | (13,378,557 | ) | 658,189,885 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(4,165,494 | ) | (2,023,586 | ) | (141,979,136 | ) | (59,947,087 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
11,518,504 | 30,716,026 | 980,377,582 | (19,982,523 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase (decrease) in net assets |
(105,087 | ) | 49,378,944 | 825,019,889 | 578,260,275 | |||||||||||||||||||||||||||
Beginning of year |
120,405,525 | 71,026,581 | 2,838,619,465 | 2,260,359,190 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of year |
$ | 120,300,438 | $ | 120,405,525 | $ | 3,663,639,354 | $ | 2,838,619,465 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
94 |
2 0 2 2 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 |
Statements of Changes in Net Assets (continued)
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
iShares MSCI ACWI ex U.S. ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 4,225,774 | $ | 1,267,382 | $ | 115,714,128 | $ | 80,553,526 | ||||||||||||||||||||||||
Net realized gain (loss) |
15,104,193 | (1,270,534 | ) | 16,508,288 | 19,372,336 | |||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(27,641,181 | ) | 20,392,298 | (848,991,499 | ) | 777,211,965 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(8,311,214 | ) | 20,389,146 | (716,769,083 | ) | 877,137,827 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(4,228,131 | ) | (1,269,822 | ) | (146,381,679 | ) | (80,474,155 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
22,129,008 | 34,871,646 | 698,625,909 | 498,176,395 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase (decrease) in net assets |
9,589,663 | 53,990,970 | (164,524,853 | ) | 1,294,840,067 | |||||||||||||||||||||||||||
Beginning of year |
98,177,885 | 44,186,915 | 4,290,380,652 | 2,995,540,585 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of year |
$ | 107,767,548 | $ | 98,177,885 | $ | 4,125,855,799 | $ | 4,290,380,652 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
95 |
Statements of Changes in Net Assets (continued)
iShares MSCI EAFE ETF |
iShares MSCI EAFE Small-Cap ETF |
|||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
|||||||||||||
|
||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 1,510,887,212 | $ | 1,374,898,914 | $ | 338,129,561 | $ | 240,338,528 | ||||||||
Net realized gain (loss) |
(870,183,101 | ) | (78,063,540 | ) | 272,598,809 | 710,032,940 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(8,433,836,435 | ) | 12,458,094,047 | (3,605,974,985 | ) | 2,594,292,663 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(7,793,132,324 | ) | 13,754,929,421 | (2,995,246,615 | ) | 3,544,664,131 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(2,172,623,282 | ) | (1,290,595,029 | ) | (511,706,356 | ) | (215,301,526 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
289,976,397 | (1,599,597,936 | ) | 1,337,832,639 | 1,278,387,826 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase (decrease) in net assets |
(9,675,779,209 | ) | 10,864,736,456 | (2,169,120,332 | ) | 4,607,750,431 | ||||||||||
Beginning of year |
57,269,990,782 | 46,405,254,326 | 13,135,610,482 | 8,527,860,051 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 47,594,211,573 | $ | 57,269,990,782 | $ | 10,966,490,150 | $ | 13,135,610,482 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
96 |
2 0 2 2 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 |
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI ACWI ex U.S. ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 32.11 | $ | 25.83 | $ | 26.66 | $ | 26.88 | $ | 25.28 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net investment income(a) |
1.04 | 0.64 | 0.76 | 0.88 | 0.44 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(2.63 | ) | 6.25 | (0.82 | ) | (0.43 | ) | 1.83 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(1.59 | ) | 6.89 | (0.06 | ) | 0.45 | 2.27 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Distributions from net investment income(c) |
(1.03 | ) | (0.61 | ) | (0.77 | ) | (0.67 | ) | (0.67 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 29.49 | $ | 32.11 | $ | 25.83 | $ | 26.66 | $ | 26.88 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(5.03 | )% | 26.76 | % | (0.36 | )% | 1.75 | % | 9.05 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total expenses after fees waived |
0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net investment income |
3.33 | % | 2.12 | % | 2.90 | % | 3.37 | % | 1.66 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 120,300 | $ | 120,406 | $ | 71,027 | $ | 70,650 | $ | 43,008 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
5 | % | 10 | % | 9 | % | 7 | % | 10 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
97 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI EAFE ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 34.28 | $ | 26.72 | $ | 29.40 | $ | 29.96 | $ | 28.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.47 | 0.75 | 0.70 | 0.86 | 0.83 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(1.59 | ) | 7.55 | (1.98 | ) | (0.20 | ) | 1.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
(0.12 | ) | 8.30 | (1.28 | ) | 0.66 | 2.76 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions(c) |
||||||||||||||||||||
From net investment income |
(1.39 | ) | (0.74 | ) | (0.73 | ) | (0.91 | ) | (0.89 | ) | ||||||||||
From net realized gain |
— | — | (0.67 | ) | (0.31 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.39 | ) | (0.74 | ) | (1.40 | ) | (1.22 | ) | (0.89 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 32.77 | $ | 34.28 | $ | 26.72 | $ | 29.40 | $ | 29.96 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
(0.29 | )% | 31.22 | % | (4.74 | )% | 2.45 | % | 9.94 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenses after fees waived |
0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
4.32 | % | 2.42 | % | 2.47 | % | 3.01 | % | 2.82 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 3,663,639 | $ | 2,838,619 | $ | 2,260,359 | $ | 2,891,083 | $ | 3,458,983 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
7 | % | 12 | % | 8 | % | 7 | % | 12 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
98 |
2 0 2 2 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI EAFE Small-Cap ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 36.63 | $ | 26.78 | $ | 28.62 | $ | 31.37 | $ | 28.48 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net investment income(a) |
1.37 | 0.62 | 0.87 | 0.84 | 0.77 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(3.91 | ) | 9.78 | (1.51 | ) | (1.93 | ) | 2.86 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(2.54 | ) | 10.40 | (0.64 | ) | (1.09 | ) | 3.63 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||||||
From net investment income |
(1.33 | ) | (0.55 | ) | (0.88 | ) | (0.80 | ) | (0.74 | ) | ||||||||||||||||||||||||||||||
From net realized gain |
— | — | (0.32 | ) | (0.86 | ) | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total distributions |
(1.33 | ) | (0.55 | ) | (1.20 | ) | (1.66 | ) | (0.74 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 32.76 | $ | 36.63 | $ | 26.78 | $ | 28.62 | $ | 31.37 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(6.97 | )% | 38.96 | % | (2.62 | )% | (3.05 | )% | 12.81 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total expenses after fees waived |
0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net investment income |
3.92 | % | 1.85 | % | 3.16 | % | 2.94 | % | 2.50 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 107,768 | $ | 98,178 | $ | 44,187 | $ | 25,759 | $ | 21,961 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
7 | % | 11 | % | 9 | % | 10 | % | 10 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
99 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI ACWI ex U.S. ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
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Net asset value, beginning of year |
$ | 56.45 | $ | 45.11 | $ | 46.26 | $ | 48.60 | $ | 47.08 | ||||||||||
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Net investment income(a) |
1.38 | (b) | 1.14 | 1.12 | 1.32 | 1.33 | ||||||||||||||
Net realized and unrealized gain (loss)(c) |
(9.73 | ) | 11.31 | (0.97 | ) | (2.49 | ) | 1.45 | ||||||||||||
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Net increase (decrease) from investment operations |
(8.35 | ) | 12.45 | 0.15 | (1.17 | ) | 2.78 | |||||||||||||
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Distributions from net investment income(d) |
(1.74 | ) | (1.11 | ) | (1.30 | ) | (1.17 | ) | (1.26 | ) | ||||||||||
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Net asset value, end of year |
$ | 46.36 | $ | 56.45 | $ | 45.11 | $ | 46.26 | $ | 48.60 | ||||||||||
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Total Return(e) |
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Based on net asset value |
(15.04 | )%(b) | 27.66 | % | 0.29 | % | (2.27 | )% | 5.92 | % | ||||||||||
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Ratios to Average Net Assets(f) |
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Total expenses |
0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.31 | % | ||||||||||
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Total expenses after fees waived |
0.32 | % | 0.31 | % | 0.30 | % | 0.30 | % | 0.31 | % | ||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims |
0.32 | % | 0.32 | % | N/A | 0.32 | % | N/A | ||||||||||||
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Net investment income |
2.62 | %(b) | 2.14 | % | 2.50 | % | 2.91 | % | 2.69 | % | ||||||||||
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Supplemental Data |
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Net assets, end of year (000) |
$ | 4,125,856 | $ | 4,290,381 | $ | 2,995,541 | $ | 3,867,472 | $ | 3,158,687 | ||||||||||
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Portfolio turnover rate(g) |
8 | % | 10 | % | 17 | % | 15 | % | 6 | % | ||||||||||
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(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, 2022: |
• 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.
100 |
2 0 2 2 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI EAFE ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
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|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 79.41 | $ | 62.17 | $ | 64.94 | $ | 68.87 | $ | 66.78 | ||||||||||
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Net investment income(a) |
2.09 | (b) | 1.90 | 1.48 | 1.95 | 1.93 | ||||||||||||||
Net realized and unrealized gain (loss)(c) |
(12.88 | ) | 17.14 | (2.62 | ) | (3.87 | ) | 2.26 | ||||||||||||
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Net increase (decrease) from investment operations |
(10.79 | ) | 19.04 | (1.14 | ) | (1.92 | ) | 4.19 | ||||||||||||
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Distributions from net investment income(d) |
(3.01 | ) | (1.80 | ) | (1.63 | ) | (2.01 | ) | (2.10 | ) | ||||||||||
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Net asset value, end of year |
$ | 65.61 | $ | 79.41 | $ | 62.17 | $ | 64.94 | $ | 68.87 | ||||||||||
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Total Return(e) |
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Based on net asset value |
(13.84 | )%(b) | 30.73 | % | (1.80 | )% | (2.64 | )% | 6.32 | % | ||||||||||
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Ratios to Average Net Assets(f) |
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Total expenses |
0.33 | % | 0.37 | % | 0.32 | % | 0.32 | % | 0.31 | % | ||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims |
0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | N/A | |||||||||||
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Net investment income |
2.82 | %(b) | 2.60 | % | 2.34 | % | 3.03 | % | 2.77 | % | ||||||||||
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Supplemental Data |
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Net assets, end of year (000) |
$ | 47,594,212 | $ | 57,269,991 | $ | 46,405,254 | $ | 60,080,634 | $ | 72,770,477 | ||||||||||
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Portfolio turnover rate(g) |
5 | % | 5 | % | 4 | % | 4 | % | 4 | % | ||||||||||
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(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, 2022: |
• Net investment income per share by $0.07. |
• Total return by 0.10%. |
• Ratio of net investment income to average net assets by 0.09%. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
101 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI EAFE Small-Cap ETF | ||||||||||||||||||||
Year Ended 07/31/22 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||
|
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Net asset value, beginning of year |
$ | 75.41 | $ | 55.23 | $ | 57.03 | $ | 63.44 | $ | 59.60 | ||||||||||
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Net investment income(a) |
1.70 | (b) | 1.39 | 1.12 | 1.43 | 1.46 | ||||||||||||||
Net realized and unrealized gain (loss)(c) |
(16.38 | ) | 20.00 | (1.12 | ) | (6.23 | ) | 3.90 | ||||||||||||
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Net increase (decrease) from investment operations |
(14.68 | ) | 21.39 | — | (4.80 | ) | 5.36 | |||||||||||||
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Distributions from net investment income(d) |
(2.58 | ) | (1.21 | ) | (1.80 | ) | (1.61 | ) | (1.52 | ) | ||||||||||
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Net asset value, end of year |
$ | 58.15 | $ | 75.41 | $ | 55.23 | $ | 57.03 | $ | 63.44 | ||||||||||
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Total Return(e) |
||||||||||||||||||||
Based on net asset value |
(19.80 | )%(b) | 38.84 | % | (0.16 | )% | (7.41 | )%(f) | 9.01 | % | ||||||||||
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Ratios to Average Net Assets(g) |
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Total expenses |
0.39 | % | 0.39 | % | 0.40 | % | 0.40 | % | 0.39 | % | ||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims |
0.39 | % | 0.39 | % | N/A | 0.40 | % | N/A | ||||||||||||
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Net investment income |
2.50 | %(b) | 2.03 | % | 2.01 | % | 2.47 | % | 2.28 | % | ||||||||||
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Supplemental Data |
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Net assets, end of year (000) |
$ | 10,966,490 | $ | 13,135,610 | $ | 8,527,860 | $ | 9,455,843 | $ | 11,178,397 | ||||||||||
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Portfolio turnover rate(h) |
15 | % | 17 | % | 20 | % | 10 | % | 8 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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, 2022: |
• Net investment income per share by $0.03. |
• Total return by 0.04%. |
• Ratio of net investment income to average net assets by 0.04%. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
102 |
2 0 2 2 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 |
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification | |
Currency Hedged MSCI ACWI ex U.S. |
Diversified | |
Currency Hedged MSCI EAFE |
Diversified | |
Currency Hedged MSCI EAFE Small-Cap |
Diversified | |
MSCI ACWI ex U.S. |
Diversified | |
MSCI EAFE |
Diversified | |
MSCI EAFE Small-Cap |
Diversified |
Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and Schedules of Investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the Funds.
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, each of the currency hedged funds has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
103 |
Notes to Financial Statements (continued)
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• |
Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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 Global 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 Global 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.
104 |
2 0 2 2 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 |
Notes to Financial Statements (continued)
4. |
SECURITIES AND OTHER INVESTMENTS |
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||||||
|
||||||||||||||||||||
MSCI ACWI ex U.S. |
||||||||||||||||||||
Barclays Bank PLC |
$ | 3,854 | $ | (3,854 | ) | $ | — | $ | — | |||||||||||
Barclays Capital, Inc. |
96,596 | (96,596 | ) | — | — | |||||||||||||||
BNP Paribas SA |
6,281,293 | (6,281,293 | ) | — | — | |||||||||||||||
BofA Securities, Inc. |
2,590,858 | (2,590,858 | ) | — | — | |||||||||||||||
Citigroup Global Markets, Inc. |
2,593,163 | (2,593,163 | ) | — | — | |||||||||||||||
Goldman Sachs & Co. LLC |
8,588,794 | (8,588,794 | ) | — | — | |||||||||||||||
J.P. Morgan Securities LLC |
2,457,876 | (2,457,876 | ) | — | — | |||||||||||||||
Macquarie Bank Ltd. |
410,920 | (410,920 | ) | — | — | |||||||||||||||
Morgan Stanley |
10,009,211 | (10,009,211 | ) | — | — | |||||||||||||||
Nomura Securities International, Inc. |
416,905 | (416,905 | ) | — | — | |||||||||||||||
Scotia Capital (USA), Inc. |
228,960 | (228,960 | ) | — | — | |||||||||||||||
State Street Bank & Trust Co. |
235,984 | (235,984 | ) | — | — | |||||||||||||||
UBS AG |
252,610 | (252,610 | ) | — | — | |||||||||||||||
Wells Fargo Bank N.A. |
995,352 | (995,352 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 35,162,376 | $ | (35,162,376 | ) | $ | — | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
105 |
Notes to Financial Statements (continued)
|
||||||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||||||
|
||||||||||||||||||||
MSCI EAFE |
||||||||||||||||||||
Barclays Capital, Inc. |
$ | 135,409 | $ | (135,409 | ) | $ | — | $ | — | |||||||||||
BNP Paribas SA |
691,841 | (691,841 | ) | — | — | |||||||||||||||
BofA Securities, Inc. |
9,322,915 | (9,322,915 | ) | — | — | |||||||||||||||
Citigroup Global Markets, Inc. |
96,083,197 | (96,083,197 | ) | — | — | |||||||||||||||
Goldman Sachs & Co. LLC |
5,281,878 | (5,094,317 | ) | — | 187,561 | (b) | ||||||||||||||
HSBC Bank PLC |
12,345 | (12,345 | ) | — | — | |||||||||||||||
J.P. Morgan Securities LLC |
8,195,000 | (8,195,000 | ) | — | — | |||||||||||||||
Macquarie Bank Ltd. |
57,195 | (57,195 | ) | — | — | |||||||||||||||
Morgan Stanley |
56,185,663 | (56,051,002 | ) | — | 134,661 | (b) | ||||||||||||||
Scotia Capital (USA), Inc. |
21,574 | (21,574 | ) | — | — | |||||||||||||||
State Street Bank & Trust Co. |
153,872 | (149,270 | ) | — | 4,602 | (b) | ||||||||||||||
UBS AG |
1,340,339 | (1,334,560 | ) | — | 5,779 | (b) | ||||||||||||||
Wells Fargo Bank N.A. |
169,169 | (168,504 | ) | — | 665 | (b) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 177,650,397 | $ | (177,317,129 | ) | $ | — | $ | 333,268 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
MSCI EAFE Small-Cap |
||||||||||||||||||||
Barclays Bank PLC |
$ | 347,850 | $ | (347,850 | ) | $ | — | $ | — | |||||||||||
Barclays Capital, Inc. |
21,093,264 | (21,093,264 | ) | — | — | |||||||||||||||
BMO Capital Markets Corp. |
4,627,850 | (122,247 | ) | — | 4,505,603 | (b) | ||||||||||||||
BNP Paribas SA |
20,064,261 | (20,064,261 | ) | — | — | |||||||||||||||
BofA Securities, Inc. |
51,006,539 | (51,006,539 | ) | — | — | |||||||||||||||
Citigroup Global Markets, Inc. |
67,440,498 | (67,440,498 | ) | — | — | |||||||||||||||
Credit Suisse Securities (USA) LLC |
3,648,232 | (3,648,232 | ) | — | — | |||||||||||||||
Deutsche Bank Securities, Inc. |
1,906 | (1,906 | ) | — | — | |||||||||||||||
Goldman Sachs & Co. LLC |
80,189,139 | (80,189,139 | ) | — | — | |||||||||||||||
HSBC Bank PLC |
5,327,086 | (5,327,086 | ) | — | — | |||||||||||||||
J.P. Morgan Securities LLC |
44,356,591 | (44,356,591 | ) | — | — | |||||||||||||||
Jefferies LLC |
3,671,838 | (3,513,915 | ) | — | 157,923 | (b) | ||||||||||||||
Macquarie Bank Ltd. |
3,589,387 | (3,589,387 | ) | — | — | |||||||||||||||
Morgan Stanley |
114,217,633 | (114,217,633 | ) | — | — | |||||||||||||||
Nomura Securities International, Inc. |
6,059,895 | (6,059,895 | ) | — | — | |||||||||||||||
Scotia Capital (USA), Inc. |
326,313 | (326,313 | ) | — | — | |||||||||||||||
SG Americas Securities LLC |
1,839,749 | (1,839,749 | ) | — | — | |||||||||||||||
State Street Bank & Trust Co. |
2,773,491 | (2,773,491 | ) | — | — | |||||||||||||||
UBS AG |
13,115,937 | (13,115,937 | ) | — | — | |||||||||||||||
UBS Securities LLC |
10,661 | (10,661 | ) | — | — | |||||||||||||||
Wells Fargo Securities LLC |
782,775 | (692,089 | ) | — | 90,686 | (b) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 444,490,895 | $ | (439,736,683 | ) | $ | — | $ | 4,754,212 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
(b) |
The market value of the loaned securities is determined as of July 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market
106 |
2 0 2 2 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 |
Notes to Financial Statements (continued)
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.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
Currency Hedged MSCI ACWI ex U.S. |
0.38 | % | ||
Currency Hedged MSCI EAFE |
0.38 | |||
Currency Hedged MSCI EAFE Small-Cap |
0.43 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
107 |
Notes to Financial Statements (continued)
For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $30 billion |
0.350 | % | ||
Over $30 billion, up to and including $60 billion |
0.320 | |||
Over $60 billion, up to and including $90 billion |
0.280 | |||
Over $90 billion, up to and including $120 billion |
0.252 | |||
Over $120 billion, up to and including $150 billion |
0.227 | |||
Over $150 billion |
0.204 |
For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $12 billion |
0.4000 | % | ||
Over $12 billion, up to and including $18 billion |
0.3800 | |||
Over $18 billion, up to and including $24 billion |
0.3610 | |||
Over $24 billion, up to and including $30 billion |
0.3430 | |||
Over $30 billion |
0.3259 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For the iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.
For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.
For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.
For ACWX, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Currency Hedged MSCI ACWI ex U.S. |
$ | 437,860 | ||
Currency Hedged MSCI EAFE |
11,548,989 | |||
Currency Hedged MSCI EAFE Small-Cap |
431,850 |
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.
108 |
2 0 2 2 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 |
Notes to Financial Statements (continued)
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF |
Fees Paid to BTC |
|||
MSCI ACWI ex U.S. |
$ | 95,354 | ||
MSCI EAFE |
572,825 | |||
MSCI EAFE Small-Cap |
3,686,387 |
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, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales |
Net Realized Gain (Loss) | |||||||||||||||||
MSCI ACWI ex U.S. |
$ | 23,093,403 | $ | 25,079,987 | $ | (17,491,180 | ) | |||||||||||||
MSCI EAFE |
312,034,125 | 330,054,787 | (199,035,160 | ) | ||||||||||||||||
MSCI EAFE Small-Cap |
678,664,807 | 815,590,005 | 325,024,434 |
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, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 19,780,494 | $ | 6,551,050 | ||||
Currency Hedged MSCI EAFE |
712,749,358 | 234,145,056 | ||||||
Currency Hedged MSCI EAFE Small-Cap |
22,705,126 | 7,059,766 | ||||||
MSCI ACWI ex U.S. |
572,672,586 | 331,297,560 | ||||||
MSCI EAFE |
3,050,056,449 | 2,862,550,833 | ||||||
MSCI EAFE Small-Cap |
2,335,318,897 | 1,971,267,775 |
For the year ended July 31, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales | ||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 30,402,139 | $ | 18,717,710 | ||||
Currency Hedged MSCI EAFE |
1,514,179,459 | 540,455,671 | ||||||
Currency Hedged MSCI EAFE Small-Cap |
26,811,043 | 4,805,432 | ||||||
MSCI ACWI ex U.S. |
799,597,678 | 368,796,759 | ||||||
MSCI EAFE |
44,898,024 | 348,630,106 | ||||||
MSCI EAFE Small-Cap |
2,305,732,474 | 1,405,812,525 |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2022, 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.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
109 |
Notes to Financial Statements (continued)
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, 2022, permanent differences attributable to distributions paid in excess of taxable income, undistributed capital gains, certain deemed distributions, and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital | |
Accumulated Earnings (Loss) |
| ||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 2,242,223 | $ | (2,242,223 | ) | |||
Currency Hedged MSCI EAFE |
55,251,736 | (55,251,736 | ) | |||||
Currency Hedged MSCI EAFE Small-Cap |
1,008,502 | (1,008,502 | ) | |||||
MSCI ACWI ex U.S. |
107,459,842 | (107,459,842 | ) | |||||
MSCI EAFE |
68,159,145 | (68,159,145 | ) | |||||
MSCI EAFE Small-Cap |
219,851,532 | (219,851,532 | ) |
The tax character of distributions paid was as follows:
iShares ETF |
Year Ended 07/31/22 |
Year Ended 07/31/21 |
||||||||||
Currency Hedged MSCI ACWI ex U.S. |
||||||||||||
Ordinary income |
$ | 4,165,494 | $ | 2,023,586 | ||||||||
|
|
|
|
|||||||||
Currency Hedged MSCI EAFE |
||||||||||||
Ordinary income |
$ | 141,979,136 | $ | 59,947,087 | ||||||||
|
|
|
|
|||||||||
Currency Hedged MSCI EAFE Small-Cap |
||||||||||||
Ordinary income |
$ | 4,228,131 | $ | 1,269,822 | ||||||||
|
|
|
|
|||||||||
MSCI ACWI ex U.S. |
||||||||||||
Ordinary income |
$ | 146,381,679 | $ | 80,474,155 | ||||||||
|
|
|
|
|||||||||
MSCI EAFE |
||||||||||||
Ordinary income |
$ | 2,172,623,282 | $ | 1,290,595,029 | ||||||||
|
|
|
|
|||||||||
MSCI EAFE Small-Cap |
||||||||||||
Ordinary income |
$ | 511,706,356 | $ | 215,301,526 | ||||||||
|
|
|
|
As of July 31, 2022, the tax components of accumulated net earnings (losses) were as follows:
|
iShares ETF |
|
Undistributed Ordinary Income |
|
|
|
|
|
Undistributed Long-Term Capital Gains |
|
|
|
|
|
Non-expiring Capital Loss Carryforwards |
(a) |
|
Net Unrealized Gains (Losses) |
(b) |
|
Qualified Late-Year Losses |
(c) |
Total | |||||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 4,364,617 | $ | 5,942,388 | $ | — | $ | (10,701,690 | ) | $ | — | $ | (394,685 | ) | ||||||||||||||||||||||||
Currency Hedged MSCI EAFE |
141,958,527 | 216,755,699 | — | (243,299,256 | ) | — | 115,414,970 | |||||||||||||||||||||||||||||||
Currency Hedged MSCI EAFE Small-Cap |
5,646,005 | 7,955,572 | — | (13,838,028 | ) | — | (236,451 | ) | ||||||||||||||||||||||||||||||
MSCI ACWI ex U.S. |
— | — | (484,653,672 | ) | (219,668,450 | ) | (1,391,275 | ) | (705,713,397 | ) | ||||||||||||||||||||||||||||
MSCI EAFE |
— | — | (7,357,340,852 | ) | 150,884,859 | (169,902,030 | ) | (7,376,358,023 | ) | |||||||||||||||||||||||||||||
MSCI EAFE Small-Cap |
— | — | (369,112,567 | ) | (1,647,984,932 | ) | (91,250,648 | ) | (2,108,348,147 | ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. |
(c) |
The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |
For the year ended July 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:
iShares ETF | Utilized | |||
Currency Hedged MSCI ACWI ex U.S. |
$ | 2,730,331 | ||
Currency Hedged MSCI EAFE |
87,806,992 | |||
Currency Hedged MSCI EAFE Small-Cap |
1,576,716 | |||
MSCI EAFE Small-Cap |
13,144,452 |
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.
110 |
2 0 2 2 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 |
Notes to Financial Statements (continued)
As of July 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 131,433,269 | $ | 1,038,469 | $ | (11,759,565 | ) | $ | (10,721,096 | ) | ||||||
Currency Hedged MSCI EAFE |
3,915,424,532 | 39,443,437 | (282,959,966 | ) | (243,516,529 | ) | ||||||||||
Currency Hedged MSCI EAFE Small-Cap |
121,808,358 | 873,376 | (14,712,000 | ) | (13,838,624 | ) | ||||||||||
MSCI ACWI ex U.S. |
4,364,234,140 | 496,080,693 | (713,086,529 | ) | (217,005,836 | ) | ||||||||||
MSCI EAFE |
47,519,192,813 | 10,813,558,953 | (10,655,130,034 | ) | 158,428,919 | |||||||||||
MSCI EAFE Small-Cap |
13,033,070,034 | 852,490,396 | (2,499,861,463 | ) | (1,647,371,067 | ) |
9. |
LINE OF CREDIT |
The iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.
Effective August 13, 2021, the iShares Currency Hedged MSCI EAFE ETF and iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the year ended July 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:
iShares ETF |
Maximum Amount Borrowed |
|
Average Borrowing |
Weighted Average Interest Rates |
||||||||||||||||
Currency Hedged MSCI EAFE |
$ | 45,390,000 | $ | 248,712 | 1.85 | % | ||||||||||||||
MSCI ACWI ex U.S. |
347,000 | 5,704 | 1.10 |
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.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
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
N O T E S T O F I N A N C I A L S T A T E M E N T S |
111 |
Notes to Financial Statements (continued)
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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration 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. 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 could 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.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
112 |
2 0 2 2 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 |
Notes to Financial Statements (continued)
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 07/31/22 |
|
|
Year Ended 07/31/21 |
| |||||||||||||||||||||||
iShares ETF |
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
||||||||||||||||||||||||||||
Shares sold |
960,000 | $ | 30,429,750 | 1,100,000 | $ | 33,347,320 | ||||||||||||||||||||||
Shares redeemed |
(630,000 | ) | (18,911,246 | ) | (100,000 | ) | (2,631,294 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
330,000 | $ | 11,518,504 | 1,000,000 | $ | 30,716,026 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Currency Hedged MSCI EAFE |
||||||||||||||||||||||||||||
Shares sold |
45,450,000 | $ | 1,527,051,805 | 14,950,000 | $ | 474,171,183 | ||||||||||||||||||||||
Shares redeemed |
(16,450,000 | ) | (546,674,223 | ) | (16,750,000 | ) | (494,153,706 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
29,000,000 | $ | 980,377,582 | (1,800,000 | ) | $ | (19,982,523 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Currency Hedged MSCI EAFE Small-Cap |
||||||||||||||||||||||||||||
Shares sold |
750,000 | $ | 26,965,344 | 1,030,000 | $ | 34,871,646 | ||||||||||||||||||||||
Shares redeemed |
(140,000 | ) | (4,836,336 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
610,000 | $ | 22,129,008 | 1,030,000 | $ | 34,871,646 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
MSCI ACWI ex U.S. |
||||||||||||||||||||||||||||
Shares sold |
21,200,000 | $ | 1,143,730,242 | 13,000,000 | $ | 680,182,994 | ||||||||||||||||||||||
Shares redeemed |
(8,200,000 | ) | (445,104,333 | ) | (3,400,000 | ) | (182,006,599 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
13,000,000 | $ | 698,625,909 | 9,600,000 | $ | 498,176,395 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
MSCI EAFE |
||||||||||||||||||||||||||||
Shares sold |
9,000,000 | $ | 641,126,982 | 4,200,000 | $ | 317,216,783 | ||||||||||||||||||||||
Shares redeemed |
(4,800,000 | ) | (351,150,585 | ) | (29,400,000 | ) | (1,916,814,719 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
4,200,000 | $ | 289,976,397 | (25,200,000 | ) | $ | (1,599,597,936 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
MSCI EAFE Small-Cap |
||||||||||||||||||||||||||||
Shares sold |
36,800,000 | $ | 2,756,004,483 | 49,800,000 | $ | 3,412,035,853 | ||||||||||||||||||||||
Shares redeemed |
(22,400,000 | ) | (1,418,171,844 | ) | (30,000,000 | ) | (2,133,648,027 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
14,400,000 | $ | 1,337,832,639 | 19,800,000 | $ | 1,278,387,826 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The iShares MSCI EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of July 31, 2022, is $26,105,571 or $0.04 per share.
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE Small-Cap ETFs is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.
The iShares MSCI EAFE ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf
N O T E S T O F I N A N C I A L S T A T E M E N T S |
113 |
Notes to Financial Statements (continued)
of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
13. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
Effective August 12, 2022, the Syndicated Credit Agreement to which the Participating Funds are party was amended to (i) update the interest terms 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 and (ii) extend the termination date to August 11, 2023.
114 |
2 0 2 2 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 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
iShares Trust and Shareholders of each of the six funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2022 (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, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
iShares Currency Hedged MSCI ACWI ex U.S. ETF
iShares Currency Hedged MSCI EAFE ETF
iShares Currency Hedged MSCI EAFE Small-Cap ETF
iShares MSCI ACWI ex U.S. ETF
iShares MSCI EAFE ETF
iShares MSCI EAFE Small-Cap ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 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 23, 2022
We have served as the auditor of one or more BlackRock investment companies since 2000.
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Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2022:
iShares ETF |
Qualified Dividend Income |
|||
Currency Hedged MSCI ACWI ex U.S. |
$ | 3,234,646 | ||
Currency Hedged MSCI EAFE |
120,193,760 | |||
Currency Hedged MSCI EAFE Small-Cap |
2,524,199 | |||
MSCI ACWI ex U.S. |
122,480,966 | |||
MSCI EAFE |
1,817,488,322 | |||
MSCI EAFE Small-Cap |
321,488,116 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2022:
iShares ETF |
20% Rate Long-Term Capital Gain Dividends |
|||
Currency Hedged MSCI ACWI ex U.S. |
$ | 80,282 | ||
Currency Hedged MSCI EAFE |
11,687,560 | |||
Currency Hedged MSCI EAFE Small-Cap |
102,986 |
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, 2022:
iShares ETF |
Foreign Source Income Earned |
Foreign Taxes Paid |
||||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 3,742,501 | $ | 337,657 | ||||||||
Currency Hedged MSCI EAFE |
111,061,345 | — | ||||||||||
Currency Hedged MSCI EAFE Small-Cap |
3,006,280 | 180,645 | ||||||||||
MSCI ACWI ex U.S. |
153,316,238 | 12,811,410 | ||||||||||
MSCI EAFE |
1,948,097,859 | — | ||||||||||
MSCI EAFE Small-Cap |
400,083,277 | 23,190,637 |
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2022 qualified for the dividends-received deduction for corporate shareholders:
iShares ETF |
Dividends-Received Deduction |
|||
Currency Hedged MSCI ACWI ex U.S. |
0.03 | % | ||
Currency Hedged MSCI EAFE Small-Cap |
0.05 | % | ||
MSCI ACWI ex U.S. |
0.07 | % | ||
MSCI EAFE Small-Cap |
0.15 | % |
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Board Review and Approval of Investment Advisory Contract
iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve 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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of 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, 2021, 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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, 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 (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 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.
iShares Currency Hedged MSCI EAFE ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the
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Board Review and Approval of Investment Advisory Contract (continued)
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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of 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, 2021, 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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,
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Board Review and Approval of Investment Advisory Contract (continued)
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, 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 (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 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.
iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve 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
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Board Review and Approval of Investment Advisory Contract (continued)
Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of 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, 2021, 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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,
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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, 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 (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 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.
iShares MSCI ACWI ex U.S. ETF, iShares MSCI EAFE ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve 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
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Board Review and Approval of Investment Advisory Contract (continued)
Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of 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, 2021, 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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,
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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, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund and have investment advisory fee rates and overall expenses (net of waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (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 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.
iShares MSCI EAFE Small-Cap ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the
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Board Review and Approval of Investment Advisory Contract (continued)
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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of 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, 2021, 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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,
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Board Review and Approval of Investment Advisory Contract (continued)
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, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (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 also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
July 31, 2022
Total Cumulative Distributions for the Fiscal Year |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year |
|||||||||||||||||||||||||||||||||||
iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
|
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
|||||||||||||||||||||||||||
Currency Hedged MSCI ACWI ex U.S. |
$ | 1.028378 | $ | — | $ | — | $ | 1.028378 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||||||
Currency Hedged MSCI EAFE |
1.385546 | — | — | 1.385546 | 100 | — | — | 100 | ||||||||||||||||||||||||||||
Currency Hedged MSCI EAFE Small-Cap |
1.331419 | — | — | 1.331419 | 100 | — | — | 100 | ||||||||||||||||||||||||||||
MSCI ACWI ex U.S.(a) |
1.588662 | — | 0.152584 | 1.741246 | 91 | — | 9 | 100 | ||||||||||||||||||||||||||||
MSCI EAFE(a) |
2.739935 | — | 0.273008 | 3.012943 | 91 | — | 9 | 100 | ||||||||||||||||||||||||||||
MSCI EAFE Small-Cap(a) |
2.175093 | — | 0.403518 | 2.578611 | 84 | — | 16 | 100 |
(a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
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 (applicable to iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF only)
The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) 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, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.
The Company has registered the iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF (each a “Fund”, collectively the “Funds) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.
Report on Remuneration
The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.
BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes 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, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.
S U P P L E M E N T A L I N F O R M A T I O N |
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Supplemental Information (unaudited) (continued)
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 organisational structures which are independent of the business units. 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. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:
iShares ETF |
Total Remuneration |
Fixed Remuneration |
Variable Remuneration |
No. of Beneficiaries |
Senior Management Remuneration |
Risk Taker Remuneration |
||||||||||||||||||
MSCI EAFE |
$5,084,779 | $2,377,467 | $2,707,312 | 661 | $622,387 | $64,323 | ||||||||||||||||||
MSCI EAFE Small-Cap |
1,360,383 | 636,068 | 724,315 | 661 | 166,514 | 17,209 |
Disclosures Under the EU Sustainable Finance Disclosure Regulation (applicable to iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF only)
Each 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”).
Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.
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Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 384 funds as of July 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, 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. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. 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 (Age) | Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S.
Kapito(a) (65) |
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) (52) |
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 (Age) | Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
John E.
Kerrigan (67) |
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 (66) |
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 (67) |
Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | 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 |
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Trustee and Officer Information (unaudited) (continued)
Independent Trustees (continued) | ||||||
Name (Age) | Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H.
Herbert (73) |
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) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Drew E.
Lawton (63) |
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). | |||
John E.
Martinez (61) |
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 (57) |
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 (Age) | Position(s) |
Principal Occupation(s) During Past 5 Years | ||
Armando
Senra (51) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent
Walker (48) |
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. | ||
Charles
Park (54) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Marisa
Rolland (41) |
Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel
Aguirre (40) |
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). | ||
Jennifer
Hsui (46) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James
Mauro (51) |
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). |
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Trustee and Officer Information (unaudited) (continued)
Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.
Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.
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 |
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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.
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Glossary of Terms Used in this Report
Portfolio Abbreviations | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt |
Currency Abbreviations | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
CNY | Chinese Yuan | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | New Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand |
Portfolio Abbreviations (continued) | ||
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 |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-703-0722
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