Table of Contents

 

LOGO

  AUGUST 31, 2022

 

 

   

 

2022 Annual Report

 

 

iShares Trust

·  iShares Emergent Food and AgTech Multisector ETF | IVEG | NASDAQ

·  iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ

·  iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ

·  iShares MSCI Global Sustainable Development Goals ETF | SDG | NASDAQ


Table of Contents

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. 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. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

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 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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2022

 

     
     6-Month   12-Month 
     

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

      (8.84)%   (11.23)%
     

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

    (9.31)   (17.88)   
     

International equities
(MSCI Europe, Australasia, Far East Index)

  (13.97)   (19.80)   
     

Emerging market equities
(MSCI Emerging Markets Index)

  (13.30)   (21.80)   
     

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)

    0.36   0.39 
     

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

    (9.71)   (13.27)   
     

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)

    (7.76)   (11.52)   
     

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

    (5.72)   (8.63) 
     

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

    (7.78)   (10.61)   
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

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


Table of Contents

Table of Contents

 

 

      Page

The Markets in Review

   2

Annual Report:

  

Market Overview

   4

Fund Summary

   5

About Fund Performance

   12

Disclosure of Expenses

   12

Schedules of Investments

   13

Financial Statements

  

Statements of Assets and Liabilities

   34

Statements of Operations

   35

Statements of Changes in Net Assets

   36

Financial Highlights

   38

Notes to Financial Statements

   42

Report of Independent Registered Public Accounting Firm

   52

Important Tax Information

   53

Board Review and Approval of Investment Advisory Contract

   54

Supplemental Information

   60

Trustee and Officer Information

   62

General Information

   65

Glossary of Terms Used in this Report

   66

 

 

 


Table of Contents

Market Overview

 

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third 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 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

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. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. 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 in U.S. dollar terms. 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  

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Table of Contents
Fund Summary  as of August 31, 2022    iShares® Emergent Food and AgTech Multisector ETF

 

Investment Objective

The iShares Emergent Food and AgTech Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of companies from U.S. and non-U.S. markets that are expected to benefit from creating or using agricultural technologies or innovative food products or services as representd by the Morningstar Global Food Innovation 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

 

     Cumulative Total Returns  
    

Since

Inception

 

Fund NAV

    (12.00)

Fund Market

    (11.54)  

Index

    (11.74)  

For the fiscal period ended August 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

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
(04/25/22)
 
 
(a) 
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(b) 
     

Beginning
Account Value
(03/01/22
 
 
)  
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(b) 
      

Annualized
Expense
Ratio
 
 
 
                 
        $        1,000.00          $        880.00          $        1.55           $      1,000.00          $      1,022.80          $        2.40          0.47

 

  (a) 

Commencement of operations.

 
  (b) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 128/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector  

Percent of   

Total Investments(a)

Materials

  50.7%

Consumer Staples

  23.6   

Industrials

  16.2   

Health Care

  6.3   

Information Technology

  3.2   

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region   Percent of   
Total Investments(a)

United States

  63.5%

Germany

  9.1   

United Kingdom

  6.2   

Norway

  5.6   

Canada

  5.5   

France

  3.7   

Japan

  3.0   

Denmark

  1.9   

Other (each representing less than 1%)

  1.5   
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Table of Contents
Fund Summary  as of August 31, 2022    iShares® ESG Aware MSCI EAFE ETF

 

Investment Objective

The iShares ESG Aware 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 that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus 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      Since
Inception
         1 Year      5 Years      Since
Inception
 

Fund NAV

    (20.54 )%       1.89      5.75       (20.54 )%       9.82      41.25

Fund Market

    (20.60      1.77        5.75         (20.60      9.18        41.23  

Index

    (20.18      2.03        5.92           (20.18      10.56        42.63  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

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
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/22
 
 
)  
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
                 
        $        1,000.00          $        857.90          $        0.94           $      1,000.00          $      1,024.20          $        1.02          0.20

 

  (a) 

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

 

 

 

6  

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Table of Contents
Fund Summary  as of August 31, 2022 (continued)    iShares® ESG Aware MSCI EAFE ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Countries around the world continued to advance measures to address ESG-related issues, including Japan, which published a draft code of conduct for ESG evaluation and data provision in July 2022. The U.K. Parliament passed laws requiring companies to provide a sustainability statement on climate-related disclosures in their annual reports. Similarly, French regulators issued a new decree that added biodiversity-related requirements to the climate disclosures for financial institutions.

With a negative global macro backdrop, the Index, which includes developed market stocks outside of North America, declined significantly for the reporting period. Japanese stocks detracted the most from the Index’s return. The country’s recovery from the COVID-19 pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen, which dropped to a two-decade low against the U.S. dollar. High costs for energy and certain commodities strained Japan’s import-dependent energy system, widening a trade deficit as imports surged. In the industrials sector, capital goods stocks declined as factory output slowed and costs rose, while lockdowns in China and supply disruptions weighed on Japanese producers.

Stocks in Europe, including Germany, France, the Netherlands, and Switzerland also declined, as economic growth slowed and inflation rose. The war in Ukraine weighed on European stocks, as sanctions against Russia created uncertainty surrounding energy supplies, exacerbated supply chain issues, and led many companies to suspend or exit their Russian operations.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the MSCI EAFE Index, while tracking it relatively closely. Relative to the broader market, the ESG security selection process leads to overweight positions in stocks with higher ESG ratings and underweight positions in stocks with lower ESG characteristics. Due to the ESG selection process, the Index held overweights to Information Technology, Industrials, and Financials which detracted from relative performance. Conversely, modest underweights to Health Care and Communication Services contributed positively to relative performance.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector   Percent of   
Total Investments(a)

Financials

  17.8%

Industrials

  15.1   

Health Care

  12.7   

Consumer Discretionary

  11.2   

Consumer Staples

  10.8   

Information Technology

  8.6   

Materials

  7.5   

Energy

  5.7   

Communication Services

  4.6   

Utilities

  3.0   

Real Estate

  3.0   

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region   Percent of   
Total Investments(a)

Japan

  22.8%

United Kingdom

  15.0   

Switzerland

  11.0   

France

  10.6   

Australia

  8.4   

Germany

  7.2   

Netherlands

  4.4   

Sweden

  3.2   

Hong Kong

  2.9   

Denmark

  2.9   

Spain

  2.4   

Italy

  1.8   

Singapore

  1.7   

Finland

  1.3   

Norway

  1.2   

Other (each representing less than 1%)

  3.2   
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


Table of Contents
Fund Summary  as of August 31, 2022    iShares® ESG MSCI EM Leaders ETF

 

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped 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      Since
Inception
         1 Year      Since
Inception
 

Fund NAV(a)

    (25.25 )%       (2.12 )%        (25.25 )%       (5.37 )% 

Fund Market

    (25.93      (2.48       (25.93      (6.26

Index

    (24.48      (1.33         (24.48      (3.37

 

  (a) 

Includes payments received from an affiliate, which impacted the Fund’s total returns. Excluding the payments, the Fund at the NAV’s 1 Year and Since Inception annual total returns would have been -26.07% and -2.55% respectively.

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was February 5, 2020. The first day of secondary market trading was February 7, 2020.

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
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/22
 
 
)  
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
                 
        $        1,000.00          $        852.30          $        0.75           $      1,000.00          $      1,024.40          $        0.82          0.16

 

  (a) 

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

 

 

 

8  

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Table of Contents
Fund Summary  as of August 31, 2022   (continued)    iShares® ESG MSCI EM Leaders ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Globally, fund flows to ESG-focused investments slowed in the second quarter of 2022 while remaining net positive. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandated disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. India released a proposal for regulating ESG impact ratings that would require ratings providers to be accredited by Indian authorities.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary sector detracted substantially from the Index’s return amid the government’s campaign to rein in large online companies, which included billions of dollars in antitrust fines. The internet and direct marketing retail industry weakened as competitive advantages eroded. Automobiles stocks, including those of electric car makers, declined along with vehicle sales as pandemic-related restrictions slowed production. The communication services sector was also negatively impacted by government fines.

South Korean stocks also declined, as sales in the communication services sector decreased amid business normalization following strong pandemic-related growth. Russian stocks further detracted from the Index’s performance. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market the ESG selection process favors stocks with higher ESG ratings, resulting in an overweight to consumer discretionary and financials which was a drag on performance, and an underweight to information technology, which contributed positively. Security selection in the energy sector detracted from the Index’s relative performance.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector   Percent of   
Total Investments(a)

Financials

  23.5%

Consumer Discretionary

  14.9   

Communication Services

  13.2   

Information Technology

  12.7   

Materials

  8.3   

Consumer Staples

  6.5   

Industrials

  6.0   

Energy

  5.7   

Health Care

  4.4   

Utilities

  2.9   

Real Estate

  1.9   

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region   Percent of   
Total Investments(a)

China

  31.5%

India

  15.7   

Taiwan

  14.5   

South Korea

  7.8   

South Africa

  6.2   

Brazil

  4.8   

Thailand

  3.0   

Malaysia

  2.3   

United Arab Emirates

  2.3   

Saudi Arabia

  2.3   

Indonesia

  2.1   

Mexico

  1.9   

Qatar

  1.2   

Other (each representing less than 1%)

  4.4   
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  9


Table of Contents
Fund Summary  as of August 31, 2022    iShares® MSCI Global Sustainable Development Goals ETF

 

Investment Objective

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCI ACWI Sustainable Impact 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      Since
Inception
         1 Year      5 Years      Since
Inception
 

Fund NAV

    (19.93 )%       8.92      9.75       (19.93 )%       53.27      80.87

Fund Market

    (19.91      8.84        9.79         (19.91      52.71        81.28  

Index

    (20.23      8.97        9.90           (20.23      53.65        82.26  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was April 20, 2016. The first day of secondary market trading was April 22, 2016.

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
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/22
 
 
)  
      

Ending
Account Value
(08/31/22
 
 
)  
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
                 
        $        1,000.00          $        909.70          $        2.36           $      1,000.00          $      1,022.70          $        2.50          0.49

 

  (a) 

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

 

 

 

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Table of Contents
Fund Summary  as of August 31, 2022  (continued)    iShares® MSCI Global Sustainable Development Goals ETF

 

Portfolio Management Commentary

The coronavirus pandemic reversed years of progress toward achieving the U.N. sustainable development goals (“SDGs”), lowering global life expectancy and disrupting essential health services. Furthermore, the war in Ukraine exacerbated food, energy, humanitarian, and refugee crises, delaying the transition to a more sustainable global economy. Despite these ongoing challenges, many countries continued to monitor their SDG implementation, with 44 nations presenting voluntary progress reviews to the U.N. in 2022, including 11 countries that presented for the first time.

With a negative global macro backdrop, the Index, which includes stocks oriented toward social and environmental challenges, declined significantly for the reporting period. Within China, the real estate sector detracted substantially from the Index’s return. Tighter credit and investor concerns about the sector’s level of indebtedness amid slowing economic growth drove steep declines. The real estate management and development industry was also negatively affected by multiple credit downgrades and the resignation of financial auditors covering several subsidiaries.

Japanese stocks also detracted from the Index’s return amid slowing industrial production and a steep decline in the value of the Japanese yen relative to the U.S. dollar. In the industrials sector, the unprofitable operation of some local routes weighed on the earnings of the railroads industry.

Stocks in several European countries, including Belgium and Denmark, also detracted from the Index’ return. The declining value of the euro relative to the U.S. dollar diminished the value of Eurozone stocks in U.S. dollar terms. The Belgian materials sector was also pressured by falling demand for cathode materials due to semiconductor shortages curtailing customer orders. Supply chain disruptions and higher costs negatively impacted a Danish manufacturer of wind turbines in the industrials sector.

In terms of relative performance, the Index significantly underperformed the broader market, as represented by the MSCI ACWI Index. The positive-impact security selection process leads to overweight and underweight positions in stocks with higher or lower sustainable impact attributes, respectively. For example, significant overweights to real estate detracted from performance, while an underweight to information technology was beneficial.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector   Percent of   
Total Investments(a)

Consumer Staples

  20.0%

Health Care

  19.9   

Real Estate

  16.3   

Industrials

  16.0   

Materials

  13.9   

Consumer Discretionary

  4.9   

Utilities

  3.9   

Information Technology

  3.8   

Communication Services

  1.3   

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region   Percent of   
Total Investments(a)

United States

  25.7%

Japan

  15.2   

China

  11.2   

Denmark

  7.9   

United Kingdom

  6.2   

Canada

  5.6   

Hong Kong

  5.5   

Switzerland

  4.7   

Belgium

  4.2   

Sweden

  2.5   

Germany

  2.0   

Taiwan

  1.8   

Chile

  1.5   

France

  1.4   

Australia

  1.1   

Other (each representing less than 1%)

  3.5   

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  11


Table of Contents

About Fund Performance

 

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

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

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Table of Contents

Schedule of Investments  

August 31, 2022

  

iShares® Emergent Food and AgTech Multisector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Australia — 0.4%            

Nufarm Ltd./Australia

    6,361     $ 22,967  
   

 

 

 
Canada — 5.5%            

Nutrien Ltd.

    3,125       286,886  
   

 

 

 
Denmark — 1.9%            

Chr Hansen Holding A/S

    1,735       101,093  
   

 

 

 
France — 3.7%            

Danone SA

    3,671       193,169  
   

 

 

 
Germany — 9.0%            

BASF SE

    3,420       144,662  

Bayer AG, Registered

    4,410       233,236  

GEA Group AG

    2,772       96,429  
   

 

 

 
      474,327  
Japan — 3.0%            

Kubota Corp.

    10,000       155,302  
   

 

 

 
Netherlands — 0.5%            

Corbion NV

    1,002       28,451  
   

 

 

 
Norway — 5.6%            

Austevoll Seafood ASA

    1,493       16,003  

Bakkafrost P/F

    841       49,212  

Grieg Seafood ASA

    945       11,434  

Mowi ASA

    7,588       155,567  

Salmar ASA

    952       62,953  
   

 

 

 
      295,169  
Philippines — 0.6%            

Monde Nissin Corp.(a)(b)

    100,000       29,349  
   

 

 

 
United Kingdom — 6.1%            

CNH Industrial NV

    12,748       155,208  

Croda International PLC

    1,735       135,234  

Genus PLC

    1,112       32,502  
   

 

 

 
          322,944  
United States — 63.2%            

AGCO Corp.

    1,033       112,297  

Archer-Daniels-Midland Co.

    3,545       311,570  

Beyond Meat Inc.(b)(c)

    1,025       25,010  

Corteva Inc.

    4,949       304,017  

Deere & Co.

    671       245,083  
Security   Shares     Value  

 

 

United States (continued)

   

Diversey Holdings Ltd.(b)

    860     $ 5,272  

Ecolab Inc.

    1,024       167,762  

Exponent Inc.

    873       81,940  

FMC Corp.

    2,125       229,670  

Hain Celestial Group Inc. (The)(b)

    1,511       30,613  

Ingredion Inc.

    1,118       97,344  

International Flavors & Fragrances Inc.

    1,594       176,105  

International Paper Co.

    4,764       198,278  

Kellogg Co.

    3,507       255,099  

Mosaic Co. (The)

    6,111       329,200  

Neogen Corp.(b)(c)

    1,825       38,142  

Packaging Corp. of America

    1,581       216,471  

Sealed Air Corp.

    2,465       132,642  

Sotera Health Co.(b)

    1,673       28,290  

Trimble Inc.(b)

    2,669       168,814  

Westrock Co.

    4,300       174,537  
   

 

 

 
          3,328,156  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $6,015,974)

      5,237,813  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 1.2%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)

    65,128       65,147  
   

 

 

 

Total Short-Term Securities — 1.2%
(Cost: $65,141)

 

    65,147  
   

 

 

 

Total Investments in Securities — 100.7%
(Cost: $6,081,115)

 

    5,302,960  

Liabilities in Excess of Other Assets — (0.7)%

 

    (37,711
   

 

 

 

Net Assets — 100.0%

    $   5,265,249  
   

 

 

 

 

(a) 

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.

(b) 

Non-income producing security.

(c) 

All or a portion of this security is on loan.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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 period ended August 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   
04/25/22(a)
     Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
08/31/22
     Shares
Held at
08/31/22
     Income    

Capital

Gain
Distributions
from
Underlying
Funds

          
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $             —         $ 65,132 (b)    $             —     $ 9      $ 6      $ 65,147        65,128      $ 900 (c)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares(d)

     —                 0 (b)                                  9          
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   
            $             9      $             6      $ 65,147         $         909     $             —    
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   

 

  (a) 

Commencement of operations.

 

 

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

  13


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® Emergent Food and AgTech Multisector ETF

 

Affiliates (continued)

 

  (b) 

Represents net amount purchased (sold).

 
  (c) 

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

 
  (d) 

As of period end, the entity is no longer held.

 

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

           

Micro E-Mini S&P 500 Index

     1        09/16/22      $ 20      $ 278  
           

 

 

 

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)

   $      $      $ 278      $      $      $      $ 278  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 August 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

   $      $      $ (1,941    $      $      $      $ (1,941
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 278      $      $      $      $ 278  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts

  

Average notional value of contracts — long

   $ 20,219      

 

 

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.

 

 

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Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® Emergent Food and AgTech Multisector 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

   $ 3,647,544      $ 1,590,269      $      $ 5,237,813  

Money Market Funds

     65,147                      65,147  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   3,712,691      $ 1,590,269      $             —      $ 5,302,960  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $ 278      $      $      $ 278  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

  15


Table of Contents

Schedule of Investments  

August 31, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 8.4%            

APA Group

    1,421,195     $ 10,716,979  

Aristocrat Leisure Ltd.

    332,727       8,030,841  

ASX Ltd.

    214,984       11,444,086  

Australia & New Zealand Banking Group Ltd.

    1,374,464       21,247,212  

BlueScope Steel Ltd.

    596,083       6,687,945  

Brambles Ltd.

    1,727,006       14,534,872  

Cochlear Ltd.

    75,261       10,956,268  

Coles Group Ltd.

    983,017       11,765,899  

Commonwealth Bank of Australia

    736,949       48,699,215  

Computershare Ltd.

    570,560       9,515,627  

CSL Ltd.

    215,048       43,013,385  

Dexus

    1,731,077       10,239,276  

Evolution Mining Ltd.

    3,824,257       6,145,781  

Fortescue Metals Group Ltd.

    1,094,990       13,608,065  

Goodman Group

    651,048       8,657,626  

GPT Group (The)

    2,271,546       6,543,626  

James Hardie Industries PLC

    268,479       6,085,177  

Lendlease Corp. Ltd.

    930,324       6,482,976  

Lottery Corp. Ltd. (The)(a)

    2,167,926       6,516,116  

Macquarie Group Ltd.

    185,773       22,228,341  

Mineral Resources Ltd.

    161,093       6,863,757  

Mirvac Group

    5,260,050       7,491,004  

National Australia Bank Ltd.

    1,199,921       24,881,719  

Newcrest Mining Ltd.

    539,632       6,487,271  

Orica Ltd.

    619,819       6,483,396  

QBE Insurance Group Ltd.

    799,617       6,555,865  

Ramsay Health Care Ltd.

    131,817       6,424,217  

REA Group Ltd.

    80,806       6,968,586  

Rio Tinto Ltd.

    213,103       13,534,890  

Rio Tinto PLC

    556,093       30,702,060  

Santos Ltd.

    1,767,220       9,433,920  

SEEK Ltd.

    421,585       5,948,009  

South32 Ltd.

    3,147,020       8,665,971  

Stockland

    2,919,805       7,182,323  

Transurban Group

    2,937,849       27,872,732  

Vicinity Centres

    4,956,519       6,489,120  

Wesfarmers Ltd.

    446,498       14,282,997  

Westpac Banking Corp.

    930,291       13,654,363  

Woodside Energy Group Ltd.

    1,232,465       28,628,327  

Woolworths Group Ltd.

    488,849       12,051,461  
   

 

 

 
          533,721,301  
Austria — 0.4%            

Erste Group Bank AG

    286,372       6,439,861  

OMV AG

    275,007       11,080,655  

Verbund AG

    61,578       5,884,249  
   

 

 

 
      23,404,765  
Belgium — 0.7%            

Anheuser-Busch InBev SA/NV

    456,993       22,070,258  

KBC Group NV

    259,979       12,399,047  

UCB SA

    90,189       6,337,294  

Umicore SA

    216,794       6,891,026  
   

 

 

 
      47,697,625  
Denmark — 2.9%            

AP Moller - Maersk A/S, Class A

    5,175       12,089,355  

Carlsberg A/S, Class B

    83,783       10,879,234  

Coloplast A/S, Class B

    56,974       6,508,196  

DSV A/S

    66,369       9,807,217  

Genmab A/S(a)

    31,353       11,160,606  
Security   Shares     Value  
Denmark (continued)            

Novo Nordisk A/S, Class B

    872,430     $ 93,274,806  

Novozymes A/S, Class B

    114,108       6,549,068  

Orsted A/S(b)

    119,628       11,675,988  

Pandora A/S

    101,375       6,090,265  

Vestas Wind Systems A/S

    568,946       14,235,654  
   

 

 

 
          182,270,389  
Finland — 1.3%            

Kesko OYJ, Class B

    296,704       6,241,946  

Neste OYJ

    300,615       14,831,386  

Nokia OYJ

    2,778,237       14,000,550  

Nordea Bank Abp

    904,535       8,386,709  

Orion OYJ, Class B

    140,158       6,354,776  

Sampo OYJ, Class A

    156,857       7,096,261  

Stora Enso OYJ, Class R

    426,010       6,341,573  

UPM-Kymmene OYJ

    326,085       11,078,507  

Wartsila OYJ Abp

    841,769       6,940,592  
   

 

 

 
              81,272,300  
France — 10.5%            

Air Liquide SA

    178,204       22,331,253  

Airbus SE

    87,620       8,586,155  

Alstom SA(c)

    302,195       6,192,955  

AXA SA

    1,140,717       26,865,734  

BNP Paribas SA

    513,149       23,846,132  

Capgemini SE

    74,043       12,793,000  

Cie. de Saint-Gobain

    168,536       6,788,249  

Cie. Generale des Etablissements Michelin SCA

    857,197       20,848,117  

Covivio

    120,225       6,711,872  

Danone SA

    464,813       24,458,594  

Dassault Systemes SE

    367,171       14,159,280  

Edenred

    143,287       7,247,367  

Eiffage SA(c)

    72,742       6,398,016  

Engie SA

    836,282       9,932,605  

EssilorLuxottica SA

    155,877       23,215,919  

Gecina SA

    100,569       8,950,431  

Hermes International

    13,681       17,522,149  

Kering SA

    45,409       22,784,077  

Klepierre SA

    306,688       6,290,863  

Legrand SA

    83,477       6,039,951  

L’Oreal SA

    130,624       44,862,056  

LVMH Moet Hennessy Louis Vuitton SE

    121,288       78,263,117  

Orange SA

    752,770       7,623,586  

Pernod Ricard SA

    123,299       22,623,935  

Publicis Groupe SA

    130,072       6,350,804  

Remy Cointreau SA(c)

    34,632       6,422,946  

Safran SA

    103,351       10,537,097  

Sanofi

    451,033       36,871,859  

Schneider Electric SE

    367,152       43,638,714  

Societe Generale SA

    686,701       15,138,603  

Teleperformance

    21,514       6,127,341  

Thales SA

    52,982       6,387,551  

TotalEnergies SE

    1,304,452       66,043,995  

Unibail-Rodamco-Westfield(a)(c)

    117,948       6,063,642  

Valeo

    350,694       6,698,853  

Vinci SA

    115,001       10,609,237  

Vivendi SE

    747,901       6,779,314  

Worldline SA/France(a)(b)

    172,895       7,407,285  
   

 

 

 
      670,412,654  
Germany — 6.9%            

adidas AG

    104,100       15,436,274  

 

 

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Germany (continued)            

Allianz SE, Registered

    261,617     $ 44,222,797  

BASF SE

    331,512       14,022,577  

Bayer AG, Registered

    121,670       6,431,524  

Bayerische Motoren Werke AG

    167,542       12,344,269  

Beiersdorf AG

    69,661       7,031,581  

Brenntag SE

    94,869       6,220,320  

Carl Zeiss Meditec AG, Bearer

    50,505       6,285,801  

Commerzbank AG(a)

    986,299       6,562,760  

Deutsche Bank AG, Registered

    898,680       7,497,580  

Deutsche Boerse AG

    133,072       22,499,080  

Deutsche Post AG, Registered

    361,780       13,204,655  

Deutsche Telekom AG, Registered

    493,225       9,295,925  

E.ON SE

    1,386,956       11,830,170  

GEA Group AG

    179,706       6,251,399  

HeidelbergCement AG

    135,922       6,137,894  

HelloFresh SE(a)

    235,184       5,639,269  

Henkel AG & Co. KGaA

    145,557       9,103,040  

Infineon Technologies AG

    803,273       19,655,179  

LEG Immobilien SE

    81,846       6,185,407  

Mercedes-Benz Group AG

    424,799       23,816,648  

Merck KGaA

    116,432       20,000,687  

MTU Aero Engines AG

    44,801       7,901,209  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    85,069       20,324,751  

Puma SE

    142,032       8,681,503  

Rheinmetall AG

    39,358       6,247,884  

SAP SE

    653,016       55,616,957  

Siemens AG, Registered

    373,494       37,832,750  

Symrise AG

    58,707       6,142,759  

Telefonica Deutschland Holding AG

    2,478,676       6,434,503  

Vonovia SE

    304,912       8,254,433  

Zalando SE(a)(b)

    248,706       5,758,252  
   

 

 

 
          442,869,837  
Hong Kong — 2.9%            

AIA Group Ltd.

    6,318,200       60,788,896  

BOC Hong Kong Holdings Ltd.

    4,103,500       14,123,428  

Galaxy Entertainment Group Ltd.

    1,136,000       6,349,879  

Hang Lung Properties Ltd.

    3,944,000       6,558,911  

Hang Seng Bank Ltd.

    560,800       8,780,234  

Hong Kong Exchanges & Clearing Ltd.

    598,900       24,132,390  

MTR Corp. Ltd.

    3,715,500       19,028,263  

Sands China Ltd.(a)

    3,115,200       6,965,888  

Sun Hung Kai Properties Ltd.

    659,500       7,747,951  

Swire Pacific Ltd., Class A

    1,401,500       9,693,864  

Swire Properties Ltd.

    5,385,000       12,410,922  

Techtronic Industries Co. Ltd.

    504,500       5,950,191  
   

 

 

 
      182,530,817  
Ireland — 0.8%            

CRH PLC

    507,127       18,726,983  

Flutter Entertainment PLC, Class DI(a)

    67,644       8,475,723  

Kerry Group PLC, Class A

    157,870       16,279,827  

Kingspan Group PLC

    108,493       6,142,740  
   

 

 

 
      49,625,273  
Israel — 0.7%            

Bank Hapoalim BM

    1,027,420       10,651,725  

Bank Leumi Le-Israel BM

    764,472       8,081,402  

CyberArk Software Ltd.(a)(c)

    45,379       6,547,282  

Elbit Systems Ltd.

    32,473       6,932,539  

Isracard Ltd.

    1       4  
Security   Shares     Value  
Israel (continued)            

Nice Ltd.(a)

    35,779     $ 7,644,608  

Wix.com Ltd.(a)

    95,821       6,064,511  
   

 

 

 
      45,922,071  
Italy — 1.7%            

Amplifon SpA

    230,514       6,007,406  

Assicurazioni Generali SpA

    629,456       9,232,072  

Enel SpA

    5,308,765       24,946,267  

Eni SpA

    933,124       11,022,923  

Ferrari NV

    32,285       6,232,372  

Intesa Sanpaolo SpA

    15,676,972       26,987,752  

Moncler SpA

    135,571       6,031,789  

Prysmian SpA

    210,200       6,449,514  

Terna - Rete Elettrica Nazionale

    948,663       6,744,245  

UniCredit SpA

    824,168       8,065,216  
   

 

 

 
          111,719,556  
Japan — 22.7%            

Aeon Co. Ltd.

    382,700       7,464,847  

Ajinomoto Co. Inc.

    454,400       12,559,544  

Asahi Group Holdings Ltd.

    355,400       11,915,937  

Asahi Kasei Corp.

    1,454,500       10,629,177  

Astellas Pharma Inc.

    1,158,500       16,424,957  

Azbil Corp.

    339,500       9,673,503  

Bridgestone Corp.

    359,500       13,795,518  

Central Japan Railway Co.

    57,900       6,816,566  

Chugai Pharmaceutical Co. Ltd.

    431,300       11,131,021  

Dai Nippon Printing Co. Ltd.

    306,200       6,445,153  

Daifuku Co. Ltd.

    106,300       6,201,333  

Dai-ichi Life Holdings Inc.

    500,500       8,647,642  

Daiichi Sankyo Co. Ltd.

    898,000       26,986,506  

Daikin Industries Ltd.

    142,000       24,788,525  

Denso Corp.

    246,600       13,459,599  

East Japan Railway Co.

    146,800       7,603,747  

Eisai Co. Ltd.

    168,000       6,849,893  

ENEOS Holdings Inc.

    3,669,800       13,867,895  

FANUC Corp.

    121,300       19,541,330  

Fast Retailing Co. Ltd.

    29,800       17,425,002  

FUJIFILM Holdings Corp.

    246,000       12,488,628  

Fujitsu Ltd.

    145,700       17,144,986  

Hankyu Hanshin Holdings Inc.

    518,100       15,537,051  

Hitachi Construction Machinery Co. Ltd.

    301,700       6,252,253  

Hitachi Ltd.

    491,100       24,536,358  

Honda Motor Co. Ltd.

    977,400       26,020,601  

Hoya Corp.

    186,500       19,018,667  

Hulic Co. Ltd.

    843,700       6,393,522  

Ibiden Co. Ltd.

    274,000       8,696,497  

Idemitsu Kosan Co. Ltd.

    341,900       9,014,964  

Inpex Corp.

    1,155,300       13,279,743  

ITOCHU Corp.

    1,195,700       32,906,526  

Japan Post Holdings Co. Ltd.

    945,200       6,520,728  

JFE Holdings Inc.

    612,100       6,576,128  

JSR Corp.

    282,100       6,292,755  

Kao Corp.

    248,700       10,768,779  

KDDI Corp.

    1,262,400       38,630,858  

Keio Corp.

    166,900       6,391,276  

Keyence Corp.

    70,900       26,621,092  

Kikkoman Corp.

    100,300       6,133,195  

Kirin Holdings Co. Ltd.

    747,500       12,305,171  

Komatsu Ltd.

    588,100       12,302,308  

Kubota Corp.

    604,900       9,394,235  

 

 

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

  17


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Kyocera Corp.

    169,500     $ 9,421,449  

Kyowa Kirin Co. Ltd.

    312,100       6,995,632  

Lixil Corp.

    347,300       6,097,281  

M3 Inc.

    187,300       5,999,566  

Marubeni Corp.

    1,329,400       13,855,382  

Mazda Motor Corp.

    774,900       6,862,594  

Mitsubishi Chemical Group Corp.

    1,476,500       7,751,563  

Mitsubishi Corp.

    653,400       21,392,725  

Mitsubishi Estate Co. Ltd.

    476,900       6,422,347  

Mitsubishi Heavy Industries Ltd.

    214,400       8,265,249  

Mitsubishi UFJ Financial Group Inc.

    5,680,200       29,445,857  

Mizuho Financial Group Inc.

    905,600       10,369,459  

MS&AD Insurance Group Holdings Inc.

    368,600       10,997,520  

Murata Manufacturing Co. Ltd.

    276,400       14,883,148  

Nidec Corp.

    93,000       6,178,174  

Nintendo Co. Ltd.

    59,608       24,400,341  

Nippon Express Holdings Inc.

    117,100       6,443,159  

Nippon Paint Holdings Co. Ltd.

    834,900       6,439,032  

Nippon Steel Corp.

    514,800       8,131,835  

Nippon Telegraph & Telephone Corp.

    313,400       8,494,479  

Nippon Yusen KK

    98,600       7,520,632  

Nitto Denko Corp.

    139,600       8,603,934  

Nomura Holdings Inc.

    2,770,500       10,031,677  

Nomura Research Institute Ltd.

    343,400       9,242,195  

NTT Data Corp.

    444,500       6,255,163  

Obayashi Corp.

    922,800       6,382,627  

Olympus Corp.

    297,300       6,331,669  

Omron Corp.

    294,700       15,508,961  

Ono Pharmaceutical Co. Ltd.

    276,700       6,604,874  

Oriental Land Co. Ltd./Japan

    105,400       15,713,817  

ORIX Corp.

    728,700       11,977,916  

Panasonic Holdings Corp.

    1,225,600       9,944,989  

Recruit Holdings Co. Ltd.

    725,200       23,054,538  

Renesas Electronics Corp.(a)

    661,700       6,265,337  

Resona Holdings Inc.

    2,064,600       7,600,296  

SCSK Corp.

    395,500       6,490,840  

Secom Co. Ltd.

    98,800       6,294,470  

Sekisui Chemical Co. Ltd.

    500,200       6,819,381  

Sekisui House Ltd.

    692,600       11,777,403  

Seven & i Holdings Co. Ltd.

    212,600       8,445,638  

SG Holdings Co. Ltd.

    450,600       7,473,981  

Shin-Etsu Chemical Co. Ltd.

    121,200       14,075,288  

Shionogi & Co. Ltd.

    194,100       9,476,909  

SoftBank Corp.

    1,785,400       19,573,753  

SoftBank Group Corp.

    535,600       21,215,935  

Sompo Holdings Inc.

    292,200       12,528,434  

Sony Group Corp.

    733,000       58,275,918  

Sumitomo Chemical Co. Ltd.

    3,862,800       15,205,238  

Sumitomo Metal Mining Co. Ltd.

    271,100       8,530,600  

Sumitomo Mitsui Financial Group Inc.

    336,800       10,158,986  

Sumitomo Mitsui Trust Holdings Inc.

    313,100       9,738,408  

Suntory Beverage & Food Ltd.

    213,700       7,805,744  

Sysmex Corp.

    182,900       11,180,123  

Takeda Pharmaceutical Co. Ltd.

    642,194       17,750,273  

TDK Corp.

    235,800       8,244,091  

Terumo Corp.

    451,400       14,490,690  

TIS Inc.

    224,800       6,401,568  

Tokio Marine Holdings Inc.

    297,000       16,459,551  

Tokyo Electron Ltd.

    87,700       27,505,958  

Tokyo Gas Co. Ltd.

    359,300       6,740,900  
Security   Shares     Value  
Japan (continued)            

Tokyu Corp.

    655,100     $ 7,787,660  

Toray Industries Inc.

    2,461,500       14,046,396  

TOTO Ltd.

    201,800       6,955,805  

Toyota Motor Corp.

    5,132,300       76,805,151  

West Japan Railway Co.

    182,400       7,098,712  

Yamaha Corp.

    168,900       6,588,597  

Yamaha Motor Co. Ltd.

    659,100       13,659,378  

Yaskawa Electric Corp.

    200,200       6,519,090  

Yokogawa Electric Corp.

    396,800       6,925,475  
   

 

 

 
      1,444,385,777  
Netherlands — 4.4%            

Adyen NV(a)(b)

    9,800       15,122,817  

Akzo Nobel NV

    180,144       11,349,316  

Argenx SE(a)

    26,161       9,851,231  

ASM International NV

    23,131       6,289,071  

ASML Holding NV

    217,148       105,993,273  

Heineken NV

    151,456       13,612,723  

ING Groep NV

    1,814,499       15,903,069  

Koninklijke Ahold Delhaize NV

    605,123       16,645,004  

Koninklijke DSM NV

    123,331       15,726,643  

Koninklijke KPN NV

    3,962,307       12,608,441  

NN Group NV

    157,535       6,474,368  

Prosus NV

    429,595       26,553,030  

Stellantis NV

    518,527       6,907,054  

Wolters Kluwer NV

    174,285       17,043,821  
   

 

 

 
      280,079,861  
New Zealand — 0.3%            

Meridian Energy Ltd.

    2,196,159       6,700,029  

Spark New Zealand Ltd.

    2,230,294       7,377,623  

Xero Ltd.(a)

    111,360       6,551,210  
   

 

 

 
      20,628,862  
Norway — 1.2%            

DNB Bank ASA

    389,299       7,442,939  

Equinor ASA

    730,368       28,346,044  

Kongsberg Gruppen ASA

    186,391       6,370,964  

Mowi ASA

    294,900       6,045,959  

Norsk Hydro ASA

    1,015,698       6,978,962  

Orkla ASA

    1,248,682       10,456,346  

Telenor ASA

    918,572       10,051,929  
   

 

 

 
      75,693,143  
Portugal — 0.2%            

Galp Energia SGPS SA

    1,489,139       16,081,183  
   

 

 

 
Singapore — 1.7%            

Capitaland Investment Ltd./Singapore

    4,357,900       11,473,375  

City Developments Ltd.

    1,918,800       11,140,942  

DBS Group Holdings Ltd.

    934,900       21,767,729  

Keppel Corp. Ltd.

    3,332,400       17,306,885  

Oversea-Chinese Banking Corp. Ltd.

    1,543,200       13,301,059  

Sea Ltd., ADR(a)(c)

    98,355       6,098,010  

Singapore Exchange Ltd.

    813,100       5,517,705  

Singapore Telecommunications Ltd.

    3,495,800       6,562,866  

United Overseas Bank Ltd.

    630,400       12,292,456  
   

 

 

 
      105,461,027  
South Korea — 0.1%            

Delivery Hero SE(a)(b)

    130,585       5,446,105  
   

 

 

 
Spain — 2.3%            

Amadeus IT Group SA(a)

    210,273       11,100,180  

 

 

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Spain (continued)            

Banco Bilbao Vizcaya Argentaria SA

    4,147,831     $ 18,612,118  

Banco Santander SA

    7,406,323       17,928,459  

CaixaBank SA

    2,217,850       6,696,800  

Cellnex Telecom SA(b)

    197,503       7,691,304  

Endesa SA

    399,047       6,844,461  

Iberdrola SA

    3,458,010       36,003,749  

Industria de Diseno Textil SA

    691,696       14,934,705  

Naturgy Energy Group SA

    314,699       8,677,712  

Red Electrica Corp. SA

    248,322       4,540,015  

Repsol SA

    783,650       10,178,108  

Telefonica SA

    1,623,812       6,701,496  
   

 

 

 
          149,909,107  
Sweden — 3.2%            

Alfa Laval AB

    229,336       6,115,798  

Alleima AB, NVS

    91,808       368,610  

Assa Abloy AB, Class B

    431,705       8,743,740  

Atlas Copco AB, Class A

    974,034       9,887,440  

Atlas Copco AB, Class B

    818,596       7,453,962  

Boliden AB

    632,323       20,248,340  

Epiroc AB, Class A

    505,935       7,741,218  

EQT AB

    277,313       6,211,210  

Essity AB, Class B

    522,205       11,584,211  

Evolution AB(b)

    80,205       6,416,662  

H & M Hennes & Mauritz AB, Class B

    556,608       5,780,557  

Holmen AB, Class B

    152,468       6,541,567  

Investor AB, Class A

    559,314       9,296,189  

Nibe Industrier AB, Class B

    843,817       7,902,128  

Sandvik AB

    459,040       7,156,663  

Skandinaviska Enskilda Banken AB, Class A

    631,189       6,292,130  

SKF AB, Class B

    436,920       6,550,553  

Svenska Cellulosa AB SCA, Class B

    603,788       9,046,860  

Svenska Handelsbanken AB, Class A

    930,080       7,617,511  

Swedbank AB, Class A

    497,068       6,424,554  

Tele2 AB, Class B

    863,460       9,195,646  

Telefonaktiebolaget LM Ericsson, Class B

    1,611,789       12,053,639  

Telia Co. AB

    4,036,976       14,209,080  

Volvo AB, Class A

    778,344       12,953,651  
   

 

 

 
      205,791,919  
Switzerland — 10.9%            

ABB Ltd., Registered

    1,010,023       27,839,885  

Alcon Inc.

    209,350       13,784,220  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    948       10,026,394  

Coca-Cola HBC AG, Class DI

    269,043       6,139,383  

Credit Suisse Group AG, Registered

    1,371,698       7,078,130  

Geberit AG, Registered

    23,769       10,982,350  

Givaudan SA, Registered

    6,058       19,328,503  

Holcim AG

    178,702       7,921,056  

Julius Baer Group Ltd.

    132,064       6,410,677  

Kuehne + Nagel International AG, Registered

    53,624       12,393,094  

Logitech International SA, Registered

    121,934       6,066,939  

Lonza Group AG, Registered

    55,686       29,698,441  

Nestle SA, Registered

    1,357,372       158,843,644  

Novartis AG, Registered

    975,702       78,922,604  

Partners Group Holding AG

    6,998       6,754,844  

Roche Holding AG, Bearer

    16,618       6,347,386  

Roche Holding AG, NVS

    327,199       105,437,050  

SGS SA, Registered

    7,105       15,646,515  

Sika AG, Registered

    61,910       13,929,421  
Security   Shares     Value  
Switzerland (continued)            

Sonova Holding AG, Registered

    39,028     $ 10,282,847  

STMicroelectronics NV

    401,391       13,988,545  

Straumann Holding AG, Registered

    58,126       6,369,606  

Swiss Life Holding AG, Registered

    20,231       10,574,275  

Swiss Re AG

    220,690       17,159,896  

Swisscom AG, Registered

    16,976       8,777,098  

Temenos AG, Registered

    79,984       6,550,217  

UBS Group AG, Registered

    1,915,731       30,358,045  

VAT Group AG(b)

    24,960       5,968,098  

Zurich Insurance Group AG

    91,356       40,552,868  
   

 

 

 
          694,132,031  
United Kingdom — 14.9%            

3i Group PLC

    519,771       7,316,446  

Anglo American PLC

    707,666       22,740,468  

Antofagasta PLC

    520,158       6,618,434  

Ashtead Group PLC

    208,900       10,262,804  

Associated British Foods PLC

    349,279       6,168,615  

AstraZeneca PLC

    743,835       92,006,691  

BAE Systems PLC

    1,884,546       16,972,410  

Barclays PLC

    8,516,202       16,237,766  

Barratt Developments PLC

    1,329,396       6,581,556  

Berkeley Group Holdings PLC

    146,015       6,181,264  

BP PLC

    7,744,086       39,571,706  

British Land Co. PLC (The)

    1,300,731       6,488,319  

BT Group PLC

    3,875,083       6,778,684  

Bunzl PLC

    196,453       6,515,199  

Burberry Group PLC

    355,010       7,181,388  

CNH Industrial NV

    712,110       8,669,987  

Coca-Cola Europacific Partners PLC

    164,535       8,090,186  

Compass Group PLC

    493,909       10,624,503  

Croda International PLC

    147,042       11,461,180  

DCC PLC

    108,694       6,255,814  

Diageo PLC

    1,365,358       59,319,870  

Entain PLC

    426,867       6,280,335  

Experian PLC

    196,759       5,970,744  

Ferguson PLC

    160,539       18,591,720  

GSK PLC

    1,831,421       29,275,288  

HSBC Holdings PLC

    9,923,577       60,800,194  

Informa PLC

    1,036,858       6,559,830  

InterContinental Hotels Group PLC

    116,729       6,336,770  

Intertek Group PLC

    137,438       6,308,211  

J Sainsbury PLC

    3,395,794       8,015,291  

Johnson Matthey PLC

    260,304       6,073,103  

Kingfisher PLC

    2,583,372       6,939,629  

Legal & General Group PLC

    5,315,169       15,568,502  

Lloyds Banking Group PLC

    36,978,239       18,738,940  

London Stock Exchange Group PLC

    161,704       15,168,083  

Melrose Industries PLC

    3,882,191       6,126,298  

Mondi PLC

    502,997       8,538,585  

National Grid PLC

    2,323,316       28,929,583  

NatWest Group PLC, NVS

    2,749,062       7,844,903  

Next PLC

    91,343       6,151,203  

Pearson PLC

    641,365       6,418,766  

Prudential PLC

    1,280,326       13,437,230  

Reckitt Benckiser Group PLC

    355,077       27,398,304  

RELX PLC

    1,140,927       29,920,938  

Rentokil Initial PLC

    1,043,465       6,301,977  

Sage Group PLC (The)

    1,088,575       9,022,862  

Schroders PLC

    227,935       7,090,176  

Segro PLC

    1,478,466       16,134,466  

 

 

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

  19


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
United Kingdom (continued)            

Shell PLC

    3,272,287     $ 87,052,466  

Smiths Group PLC

    354,090       6,117,200  

SSE PLC

    678,054       12,993,359  

St. James’s Place PLC

    557,785       7,139,616  

Standard Chartered PLC

    1,348,488       9,339,831  

Tesco PLC

    3,086,274       8,913,993  

Unilever PLC

    1,188,888       53,930,720  

Vodafone Group PLC

    11,879,660       15,905,104  

WPP PLC

    690,504       5,947,343  
   

 

 

 
      953,324,853  
   

 

 

 

Total Common Stocks — 99.1%
(Cost: $6,736,789,085)

      6,322,380,456  
   

 

 

 

Preferred Stocks

   
Germany — 0.2%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    92,950       6,462,268  

Sartorius AG, Preference Shares, NVS

    14,755       6,147,304  
   

 

 

 
    12,609,572  
   

 

 

 

Total Preferred Stocks — 0.2%
(Cost: $11,367,337)

 

    12,609,572  
   

 

 

 

Total Long-Term Investments — 99.3%
(Cost: $6,748,156,422)

 

    6,334,990,028  
   

 

 

 
Security   Shares     Value  

 

 

Short-Term Securities

 

Money Market Funds — 0.2%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)

    9,534,953     $ 9,537,814  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)

    1,370,000       1,370,000  
   

 

 

 

Total Short-Term Securities — 0.2%
(Cost: $10,904,181)

 

    10,907,814  
   

 

 

 

Total Investments in Securities — 99.5%
(Cost: $6,759,060,603)

 

    6,345,897,842  

Other Assets Less Liabilities — 0.5%

 

    30,363,862  
   

 

 

 

Net Assets — 100.0%

    $   6,376,261,704  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

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.

(c) 

All or a portion of this security is on loan.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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 August 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
08/31/21
     Purchases
at Cost
    Proceeds
from Sale
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
08/31/22
     Shares
Held at
08/31/22
     Income    

Capital

Gain
Distributions
from
Underlying
Funds

          
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 11,009,959      $     $ (1,472,804 )(a)    $ (2,974   $ 3,633      $ 9,537,814        9,534,953      $ 163,802 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,190,000        180,000 (a)                         1,370,000        1,370,000        12,309          
           

 

 

   

 

 

    

 

 

       

 

 

   

 

 

   
            $ (2,974   $ 3,633      $ 10,907,814         $ 176,111     $             —    
           

 

 

   

 

 

    

 

 

       

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

           

TOPIX Index

     89        09/08/22      $ 12,481      $ (1,237

SPI 200 Index

     43        09/15/22        5,028        68,564  

 

20  

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Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EAFE ETF

 

Futures Contracts (continued)

 

 

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

 

 

Euro STOXX 50 Index

     373          09/16/22        $ 13,146        $ (411,347

FTSE 100 Index

     107          09/16/22          9,030          (105,501
                 

 

 

 
                  $ (449,521
                 

 

 

 

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)

   $      $      $ 68,564      $      $      $      $ 68,564  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 518,085      $      $      $      $ 518,085  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 August 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

   $      $      $ (2,160,109    $      $      $      $ (2,160,109
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (911,649    $      $      $      $ (911,649
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts

  

Average notional value of contracts — long

   $ 46,108,683      

 

 

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

  21


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware 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

   $ 27,168,599      $ 6,295,211,857      $      $ 6,322,380,456  

Preferred Stocks

            12,609,572               12,609,572  

Money Market Funds

     10,907,814                      10,907,814  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 38,076,413      $ 6,307,821,429      $      $ 6,345,897,842  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $      $ 68,564      $      $ 68,564  

Liabilities

           

Futures Contracts

            (518,085             (518,085
  

 

 

    

 

 

    

 

 

    

 

 

 
   $      $ (449,521    $      $ (449,521
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

22  

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Table of Contents

Schedule of Investments

August 31, 2022

  

iShares® ESG MSCI EM Leaders ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 3.0%            

Americanas SA

    11,000     $ 34,549  

Atacadao SA

    9,263       35,165  

Banco Bradesco SA

    29,895       91,023  

Banco Santander Brasil SA

    7,807       44,074  

CCR SA

    26,313       69,748  

Cia. de Saneamento Basico do Estado de Sao Paulo

    6,857       64,782  

Cosan SA

    25,710       98,740  

Energisa SA

    3,246       26,387  

Equatorial Energia SA

    21,416       99,538  

Hapvida Participacoes e Investimentos SA(a)

    89,899       125,801  

Hypera SA

    8,429       69,783  

Klabin SA

    15,596       56,449  

Localiza Rent a Car SA

    14,882       173,982  

Lojas Renner SA

    18,529       94,276  

Natura & Co. Holding SA

    11,737       32,533  

Petro Rio SA(b)

    14,379       75,483  

Raia Drogasil SA

    22,717       95,018  

Rede D’Or Sao Luiz SA(a)

    7,084       45,385  

Rumo SA

    27,330       106,170  

Telefonica Brasil SA

    9,537       75,417  

Tim SA

    17,433       39,642  

TOTVS SA

    11,434       62,748  

Ultrapar Participacoes SA

    12,183       31,685  

WEG SA

    34,442       187,291  
   

 

 

 
          1,835,669  
Chile — 0.4%            

Cencosud SA

    30,869       43,156  

Empresas CMPC SA

    23,507       44,588  

Empresas COPEC SA

    8,472       73,079  

Enel Americas SA

    416,186       45,090  

Falabella SA

    12,313       29,015  
   

 

 

 
      234,928  
China — 31.3%            

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

    4,500       13,182  

3SBio Inc.(a)

    38,000       25,265  

AAC Technologies Holdings Inc.

    15,000       27,789  

Air China Ltd., Class A(b)

    8,000       11,892  

Air China Ltd., Class H(b)

    36,000       28,838  

Alibaba Group Holding Ltd.(b)

    267,416       3,190,418  

Alibaba Health Information Technology Ltd.(b)

    104,000       59,599  

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

    12,500       12,876  

Angel Yeast Co. Ltd., Class A

    1,700       11,918  

Anjoy Foods Group Co. Ltd., Class A

    400       8,955  

Baidu Inc.(b)

    10,250       182,968  

Baidu Inc., ADR(b)

    4,300       619,071  

Baoshan Iron & Steel Co. Ltd., Class A

    23,000       17,699  

BBMG Corp., Class A

    25,400       9,612  

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

    38,000       23,851  

Beijing Enterprises Water Group Ltd.

    92,000       23,633  

BOC Aviation Ltd.(a)

    4,300       34,419  

BYD Co. Ltd., Class A

    2,200       91,006  

BYD Co. Ltd., Class H

    16,500       508,453  

By-health Co. Ltd., Class A

    4,000       10,767  

CanSino Biologics Inc., Class H(a)

    1,200       7,530  

CECEP Wind Power Corp, Class A

    13,700       9,863  

China Communications Services Corp. Ltd., Class H

    40,000       17,176  

China Conch Venture Holdings Ltd.

    30,000       61,386  
Security   Shares     Value  
China (continued)            

China Construction Bank Corp., Class H

    1,902,000     $     1,175,784  

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

    9,800       6,945  

China Everbright Environment Group Ltd.

    77,000       38,058  

China Feihe Ltd.(a)

    73,000       60,419  

China Gas Holdings Ltd.

    62,600       88,585  

China Jushi Co. Ltd., Class A

    4,078       8,484  

China Lesso Group Holdings Ltd.

    22,000       26,149  

China Medical System Holdings Ltd.

    28,000       41,439  

China Mengniu Dairy Co. Ltd.

    64,000       289,810  

China Merchants Bank Co. Ltd., Class A

    23,900       120,709  

China Merchants Bank Co. Ltd., Class H

    78,500       401,458  

China Overseas Land & Investment Ltd.

    77,000       206,935  

China Resources Cement Holdings Ltd.

    58,000       35,752  

China Resources Gas Group Ltd.

    18,700       72,807  

China Resources Mixc Lifestyle Services Ltd.(a)

    13,600       61,673  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

    1,100       6,272  

China Ruyi Holdings Ltd.(b)

    108,000       27,407  

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

    14,500       13,474  

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

    46,000       24,829  

China Suntien Green Energy Corp. Ltd., Class H

    35,000       15,741  

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

    35,300       31,073  

China Vanke Co. Ltd., Class H

    30,800       60,276  

CIFI Holdings Group Co. Ltd.

    63,400       16,046  

CITIC Ltd.

    111,000       114,427  

CMOC Group Ltd., Class A

    27,200       19,298  

CMOC Group Ltd., Class H

    75,000       33,444  

Contemporary Amperex Technology Co. Ltd., Class A(b)

    2,800       194,080  

Country Garden Services Holdings Co. Ltd.

    38,000       74,676  

CSPC Pharmaceutical Group Ltd.

    179,360       181,947  

Dali Foods Group Co. Ltd.(a)

    43,500       19,886  

ENN Energy Holdings Ltd.

    16,100       233,891  

ENN Natural Gas Co. Ltd., Class A

    4,700       13,925  

Eve Energy Co. Ltd., Class A

    1,900       25,849  

Far East Horizon Ltd.

    23,000       17,436  

Fosun International Ltd.

    42,000       30,983  

Ganfeng Lithium Co. Ltd., Class A

    2,120       26,133  

Ganfeng Lithium Co. Ltd., Class H(a)

    7,840       68,878  

Genscript Biotech Corp.(b)

    24,000       77,093  

Gotion High-tech Co. Ltd., Class A

    3,600       17,775  

Greentown Service Group Co. Ltd.

    30,000       21,674  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    1,600       6,292  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    1,100       10,593  

Hansoh Pharmaceutical Group Co. Ltd.(a)

    24,000       47,883  

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

    2,600       10,091  

Hopson Development Holdings Ltd.

    15,530       21,354  

Huadong Medicine Co. Ltd., Class A

    1,100       6,715  

Huatai Securities Co. Ltd., Class A

    11,800       22,356  

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

    35,200       47,049  

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

    8,200       42,352  

Jafron Biomedical Co. Ltd., Class A

    1,100       7,456  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    4,500       12,476  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    3,600       11,541  

Jinxin Fertility Group Ltd.(a)

    39,000       25,396  

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A

    1,200       5,958  

Kingdee International Software Group Co. Ltd.(b)

    54,000       104,809  

Kingfa Sci & Tech Co. Ltd., Class A

    9,000       13,956  

 

 

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

  23


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG MSCI EM Leaders ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Kunlun Energy Co. Ltd.

    82,000     $ 71,400  

Lenovo Group Ltd.

    148,000       121,895  

Li Auto Inc., ADR(b)

    10,952       315,089  

Longfor Group Holdings Ltd.(a)

    34,500       111,979  

Meituan, Class B(a)(b)

    87,300           2,096,702  

Microport Scientific Corp.(b)

    10,700       21,262  

Ming Yang Smart Energy Group Ltd., Class A

    3,800       14,684  

NetEase Inc.

    41,300       737,510  

Orient Securities Co. Ltd., Class A

    8,900       11,158  

Ovctek China Inc., Class A

    1,960       12,052  

Pharmaron Beijing Co. Ltd., Class H(a)

    4,200       27,782  

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

    12,200       33,027  

Pop Mart International Group Ltd.(a)

    13,400       34,630  

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

    31,700       20,697  

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

    165,000       98,500  

SF Holding Co. Ltd., Class A

    6,300       44,888  

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

    54,000       73,255  

Shanghai Electric Group Co. Ltd., Class A(b)

    17,000       10,408  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    2,500       14,607  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    11,000       35,387  

Shanghai M&G Stationery Inc., Class A

    1,900       12,186  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    6,000       14,979  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    19,200       27,913  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    1,100       10,093  

Shenzhen Inovance Technology Co. Ltd., Class A

    3,750       32,417  

Shenzhen International Holdings Ltd.

    26,500       22,843  

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

    1,500       64,561  

Sino Biopharmaceutical Ltd.

    216,000       113,447  

Sinopharm Group Co. Ltd., Class H

    24,400       54,358  

Sinotrans Ltd., Class A

    12,100       6,585  

Skshu Paint Co. Ltd., Class A(b)

    600       8,072  

Sungrow Power Supply Co. Ltd., Class A

    1,900       30,402  

Tencent Holdings Ltd.

    76,100       3,145,270  

Tongcheng Travel Holdings Ltd.(b)

    26,800       54,891  

Topchoice Medical Corp., Class A(b)

    700       11,739  

Uni-President China Holdings Ltd.

    28,000       24,107  

Unisplendour Corp. Ltd., Class A

    4,100       10,221  

Vinda International Holdings Ltd.

    7,000       19,576  

Vipshop Holdings Ltd., ADR(b)(c)

    9,170       106,464  

Want Want China Holdings Ltd.

    95,000       66,920  

Wharf Holdings Ltd. (The)

    24,000       90,383  

WuXi AppTec Co. Ltd., Class A

    3,392       43,798  

WuXi AppTec Co. Ltd., Class H(a)

    7,460       84,216  

Wuxi Biologics Cayman Inc., New(a)(b)

    71,000       626,369  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

    8,100       14,958  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

    17,000       25,333  

Xinyi Solar Holdings Ltd.

    100,000       137,522  

XPeng Inc., ADR(b)(c)

    8,169       151,290  

Yadea Group Holdings Ltd.(a)

    22,000       41,963  

Yihai International Holding Ltd.

    11,000       27,702  

Yum China Holdings Inc.

    8,219       411,854  

Yunnan Baiyao Group Co. Ltd., Class A

    2,240       16,940  

Yunnan Energy New Material Co. Ltd., Class A

    900       25,054  

Zhejiang Chint Electrics Co. Ltd., Class A

    3,900       17,778  

Zhejiang Expressway Co. Ltd., Class H

    20,000       15,238  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    2,210       23,785  

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A

    900       5,335  

Zhejiang Weixing New Building Materials Co. Ltd., Class A

    1,800       5,424  
Security   Shares     Value  
China (continued)            

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    12,900     $ 10,728  
   

 

 

 
          18,925,589  
Colombia — 0.1%            

Bancolombia SA

    4,353       33,613  

Interconexion Electrica SA ESP

    10,143       43,902  
   

 

 

 
      77,515  
Czech Republic — 0.1%            

Komercni Banka AS

    1,617       37,872  

Moneta Money Bank AS(a)

    7,349       23,293  
   

 

 

 
      61,165  
Egypt — 0.1%            

Commercial International Bank Egypt SAE

    30,572       60,282  
   

 

 

 
Greece — 0.2%            

Alpha Services and Holdings SA(b)

    62,141       57,387  

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

    52,838       49,024  
   

 

 

 
      106,411  
Hungary — 0.3%            

MOL Hungarian Oil & Gas PLC

    8,627       59,443  

OTP Bank Nyrt

    4,518       96,084  
   

 

 

 
      155,527  
India — 15.6%            

Adani Green Energy Ltd.(b)

    6,502       196,463  

Adani Total Gas Ltd.

    5,531       257,952  

Asian Paints Ltd.

    7,563       318,393  

Axis Bank Ltd.

    45,763       426,488  

Berger Paints India Ltd.

    5,098       42,636  

Britannia Industries Ltd.

    2,130       99,666  

Colgate-Palmolive India Ltd.

    2,121       44,535  

Dabur India Ltd.

    12,061       87,941  

Eicher Motors Ltd.

    2,757       115,064  

GAIL India Ltd.

    31,116       52,854  

Grasim Industries Ltd.

    5,122       106,750  

Havells India Ltd.

    5,214       90,263  

HCL Technologies Ltd.

    22,048       256,459  

Hero MotoCorp Ltd.

    2,263       79,715  

Hindalco Industries Ltd.

    26,790       145,298  

Hindustan Unilever Ltd.

    16,507       546,480  

Housing Development Finance Corp. Ltd.

    34,344       1,039,779  

ICICI Prudential Life Insurance Co. Ltd.(a)

    6,924       51,116  

Indraprastha Gas Ltd.

    5,991       31,323  

Info Edge India Ltd.

    1,681       90,426  

Infosys Ltd.

    67,210       1,238,754  

Kotak Mahindra Bank Ltd.

    10,771       255,533  

Lupin Ltd.

    4,515       37,729  

Mahindra & Mahindra Ltd.

    16,923       274,671  

Marico Ltd.

    9,416       61,815  

Nestle India Ltd.

    646       160,840  

PI Industries Ltd.

    1,580       67,560  

Piramal Pharma Ltd., NVS

    9,872       26,522  

Reliance Industries Ltd.

    60,311       1,975,791  

Shree Cement Ltd.

    218       59,845  

Shriram Transport Finance Co. Ltd.

    3,784       63,512  

Siemens Ltd.

    1,423       51,092  

State Bank of India

    34,747       228,773  

Tata Consultancy Services Ltd.

    18,330       731,029  

UPL Ltd.

    9,868       94,516  

 

 

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG MSCI EM Leaders ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Zomato Ltd.(b)

    43,898     $ 31,379  
   

 

 

 
          9,438,962  
Indonesia — 2.1%            

Aneka Tambang Tbk

    160,600       21,475  

Bank Central Asia Tbk PT

    1,091,700       602,861  

Bank Negara Indonesia Persero Tbk PT

    148,900       85,404  

Barito Pacific Tbk PT

    596,000       32,901  

Indah Kiat Pulp & Paper Tbk PT

    59,800       33,497  

Kalbe Farma Tbk PT

    416,300       47,075  

Merdeka Copper Gold Tbk PT(b)

    247,057       71,046  

Telkom Indonesia Persero Tbk PT

    968,000       296,431  

Tower Bersama Infrastructure Tbk PT

    97,000       18,416  

Unilever Indonesia Tbk PT

    151,400       46,787  
   

 

 

 
      1,255,893  
Kuwait — 0.5%            

Kuwait Finance House KSCP

    102,965       300,553  
   

 

 

 
Malaysia — 2.3%            

AMMB Holdings Bhd

    37,500       34,854  

Axiata Group Bhd

    55,600       37,704  

CIMB Group Holdings Bhd

    138,600       165,747  

DiGi.Com Bhd

    63,500       52,999  

HAP Seng Consolidated Bhd

    12,300       19,101  

Hartalega Holdings Bhd

    18,500       6,862  

IHH Healthcare Bhd

    36,400       50,238  

Kuala Lumpur Kepong Bhd

    8,700       44,982  

Malayan Banking Bhd

    94,200       188,447  

Malaysia Airports Holdings Bhd(b)

    17,663       23,080  

Maxis Bhd

    39,700       34,032  

MISC Bhd

    27,000       42,721  

Nestle Malaysia Bhd

    1,500       44,510  

Petronas Dagangan Bhd

    6,000       31,505  

Petronas Gas Bhd

    16,200       62,605  

PPB Group Bhd

    13,100       51,516  

Press Metal Aluminium Holdings Bhd

    70,700       74,935  

Public Bank Bhd

    295,200       309,972  

QL Resources Bhd

    26,900       30,654  

RHB Bank Bhd

    28,900       36,928  

Sime Darby Bhd

    55,000       28,022  

Telekom Malaysia Bhd

    22,700       30,177  

Top Glove Corp. Bhd

    73,500       13,160  
   

 

 

 
      1,414,751  
Mexico — 1.9%            

Arca Continental SAB de CV

    9,600       65,353  

Cemex SAB de CV, NVS(b)

    279,069       103,474  

Coca-Cola Femsa SAB de CV

    10,100       61,754  

Fomento Economico Mexicano SAB de CV

    37,800       236,915  

Gruma SAB de CV, Class B

    4,325       47,128  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    3,945       83,557  

Grupo Bimbo SAB de CV, Series A

    28,100       92,363  

Grupo Financiero Banorte SAB de CV, Class O

    52,500       310,051  

Grupo Televisa SAB, CPO

    49,000       61,753  

Industrias Penoles SAB de CV

    3,030       24,904  

Kimberly-Clark de Mexico SAB de CV, Class A

    31,900       43,211  
   

 

 

 
      1,130,463  
Peru — 0.3%            

Credicorp Ltd.

    1,433       184,699  
   

 

 

 
Philippines — 0.7%            

Globe Telecom Inc.

    560       20,894  
Security   Shares     Value  
Philippines (continued)            

GT Capital Holdings Inc.

    2,400     $ 20,556  

JG Summit Holdings Inc.

    53,238       48,412  

Monde Nissin Corp.(a)(b)

    131,000       38,447  

SM Investments Corp.

    4,400       64,948  

SM Prime Holdings Inc.

    238,800       160,527  

Universal Robina Corp.

    18,150       39,394  
   

 

 

 
      393,178  
Poland — 0.7%            

Bank Polska Kasa Opieki SA

    2,897       40,077  

CD Projekt SA

    750       13,423  

KGHM Polska Miedz SA

    3,067       57,474  

Polski Koncern Naftowy ORLEN SA

    8,495       110,029  

Polskie Gornictwo Naftowe i Gazownictwo SA(b)

    39,067       46,409  

Powszechna Kasa Oszczednosci Bank Polski SA

    16,199       80,809  

Powszechny Zaklad Ubezpieczen SA

    11,010       65,904  

Santander Bank Polska SA

    586       26,707  
   

 

 

 
      440,832  
Qatar — 1.2%            

Commercial Bank PSQC (The)

    61,417       122,030  

Qatar Fuel QSC

    9,092       46,956  

Qatar Gas Transport Co. Ltd.

    48,581       52,705  

Qatar National Bank QPSC

    92,000       515,078  
   

 

 

 
      736,769  
Romania — 0.1%            

NEPI Rockcastle SA

    10,585       56,403  
   

 

 

 
Russia — 0.0%            

Gazprom PJSC(b)(d)

    244,340       40  

LUKOIL PJSC(d)

    8,544       2  

Mobile TeleSystems PJSC(d)

    18,946       3  

Moscow Exchange MICEX-RTS PJSC(b)(d)

    30,360       5  

Novatek PJSC(d)

    18,630       3<