LOGO

  JULY 31, 2022

 

  

 

2022 Annual Report

 

 

iShares Trust

·  iShares Core MSCI EAFE ETF | IEFA | Cboe BZX

·  iShares Core MSCI Europe ETF | IEUR | NYSE Arca

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

·  iShares Core MSCI Pacific ETF | IPAC | NYSE Arca

·  iShares Core MSCI Total International Stock ETF | IXUS | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of July 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we believe that we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of July 31, 2022  
     
      6-Month        12-Month     
   

U.S. large cap equities

(S&P 500® Index)

    (7.81)%       (4.64)%  
   

U.S. small cap equities

(Russell 2000® Index)

    (6.42)          (14.29)     
   

International equities

(MSCI Europe, Australasia, Far East Index)

    (11.27)          (14.32)     
   

Emerging market equities

(MSCI Emerging Markets Index)

    (16.24)          (20.09)     
   

3-month Treasury bills

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

    0.21           0.22      
   

U.S. Treasury securities

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

    (6.38)          (10.00)     
   

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

    (6.14)          (9.12)     
   

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

    (3.95)          (6.93)     
   

U.S. high yield bonds

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

    (6.58)          (8.03)     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

      Page

The Markets in Review

   2

Annual Report:

  

Market Overview

   4

Fund Summary

   5

About Fund Performance

   15

Disclosure of Expenses

   15

Schedules of Investments

   16

Financial Statements:

  

Statements of Assets and Liabilities

   133

Statements of Operations

   135

Statements of Changes in Net Assets

   137

Financial Highlights

   140

Notes to Financial Statements

   145

Report of Independent Registered Public Accounting Firm

   157

Important Tax Information

   158

Board Review and Approval of Investment Advisory Contract

   159

Supplemental Information

   163

Trustee and Officer Information

   165

General Information

   168

Glossary of Terms Used in this Report

   169

 

 

  3


Market Overview

 

iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended July 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -10.48% in U.S. dollar terms for the reporting period.

For the first five months of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022, which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to increase.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses.

Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially beginning in the fourth quarter of 2021. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

 

 

4  

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


Fund Summary as of July 31, 2022    iShares® Core MSCI EAFE ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (14.58 )%       2.89      5.44       (14.58 )%       15.33      67.99

Fund Market

    (14.52      2.88        5.46         (14.52      15.25        68.31  

Index

    (15.26      2.56        5.20               (15.26      13.47        64.15  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $        882.70          $         0.33               $        1,000.00          $        1,024.40          $          0.35          0.07

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of July 31, 2022    (continued)    iShares® Core MSCI EAFE ETF

 

Portfolio Management Commentary

Large-, mid-, and small-capitalization stocks in developed markets outside the U.S. and Canada declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine also increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets and constrained companies that had connections to Russia. The combination of resilient consumer demand and persistent supply-chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.

Japanese stocks, particularly in the industrials sector, detracted the most from the Index’s return. Several companies in the industrials sector posted strong earnings during the reporting period, but they detracted from the Index’s performance due primarily to the weakness of the Japanese yen relative to the U.S. dollar. The Japanese yen hit a 24-year low in July 2022 against the U.S. dollar, weakening returns from the country as the Bank of Japan continued its low interest rate policy while other central banks raised interest rates. Japan’s gross domestic product shrank in the first quarter as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s lockdown measures to limit the spread of the coronavirus, which idled factories and warehouses and slowed deliveries of goods.

European stocks, particularly in Germany, France, Sweden, and Switzerland also detracted from the Index’s return. The weakening euro, which reached parity with the U.S. dollar for the first time in 20 years, devalued returns from the continent. In addition, the war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record-high inflation across the Eurozone as commodities and oil prices soared. The ECB raised interest rates in July 2022 for the first time in 11 years to fight growing inflation.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    16.5

Financials

    16.3  

Health Care

    12.5  

Consumer Discretionary

    11.6  

Consumer Staples

    10.2  

Information Technology

    8.4  

Materials

    7.7  

Communication Services

    4.8  

Energy

    4.3  

Real Estate

    4.3  

Utilities

    3.4  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    23.6

United Kingdom

    15.2  

France

    10.0  

Switzerland

    9.8  

Australia

    9.0  

Germany

    7.1  

Netherlands

    4.2  

Sweden

    3.7  

Hong Kong

    2.9  

Denmark

    2.7  
  (a)

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of July 31, 2022    iShares® Core MSCI Europe ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (15.80 )%       2.80      2.20       (15.80 )%       14.83      19.36

Fund Market

    (15.81      2.74        2.20         (15.81      14.49        19.37  

Index

    (16.48      2.50        1.92               (16.48      13.14        16.72  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $        861.80          $        0.42               $    1,000.00          $    1,024.30          $        0.45          0.09

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of July 31, 2022    (continued)    iShares® Core MSCI Europe ETF

 

Portfolio Management Commentary

European equities declined for the reporting period amid soaring inflation, rising interest rates, and investor uncertainty escalated by the war in Ukraine. The euro fell sharply relative to the U.S. dollar, and Eurozone business growth slowed. Inflation in the E.U. rose to an annual rate of 9.6% in June 2022. These inflationary pressures along with ongoing supply chain disruptions deepened fears of a global economic slowdown. To combat inflation, the ECB raised its benchmark interest rate by 0.50% in July 2022, its first increase in 11 years.

German stocks detracted the most from the Index’s return amid recession concerns and disruptions to gas supplies resulting from Russia’s attack on Ukraine. Germany’s economy stalled in the second quarter of 2022, with manufacturers confirming that supply-chain-related shortages in materials and equipment were hurting their businesses. In the consumer discretionary sector, a slowing of automotive production across Europe dealt a blow to the profits of German automobile manufacturers, already weighed down by a semiconductor chip shortage and higher costs for energy and materials. Stocks of apparel makers in the consumer durables and apparel industry were pressured by falling sales in China, as stores in the country closed amid strict measures to combat a resurgence in COVID-19 cases. German industrials stocks also detracted from the Index’s performance as industrial conglomerates lost revenue after ceasing business operations in Russia. In the information technology sector, stocks of software and cloud companies sold off in anticipation of higher interest rates.

French equities also detracted notably from the Index’s return, led by the consumer discretionary sector, as COVID-related lockdowns in major Chinese cities dampened returns for apparel, accessories, and luxury goods companies. French aerospace and defense stocks weighed on the Index’s performance in the industrials sector, as supply chain blockages led airplane manufacturers to cut production.

Industrials stocks in Sweden detracted from the Index’s return as an exodus from Russia affected the stock prices of leading engineering firms. Swiss healthcare stocks also weighed on the Index’s performance, as a failed drug trial for a promising lung cancer treatment pressured pharmaceuticals stocks.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    15.9

Financials

    15.2  

Health Care

    15.0  

Consumer Staples

    12.7  

Consumer Discretionary

    10.4  

Information Technology

    7.6  

Materials

    7.1  

Energy

    5.8  

Utilities

    4.2  

Communication Services

    3.9  

Real Estate

    2.2  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United Kingdom

    24.5

France

    16.0  

Switzerland

    15.8  

Germany

    11.4  

Netherlands

    6.7  

Sweden

    6.0  

Denmark

    4.3  

Spain

    3.7  

Italy

    3.4  

Finland

    2.0  
  (a)

Excludes money market funds.

 

 

 

8  

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


Fund Summary as of July 31, 2022    iShares® Core MSCI International Developed Markets ETF

 

Investment Objective

The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the United States, as represented by the MSCI World ex USA IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (13.57 )%       3.42      4.88       (13.57 )%       18.34      29.15

Fund Market

    (13.50      3.39        4.94         (13.50      18.14        29.54  

Index

    (14.10      3.01        4.49               (14.10      16.00        26.53  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $        886.90          $        0.19               $      1,000.00          $      1,024.60          $        0.20          0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of July 31, 2022    (continued)    iShares® Core MSCI International Developed Markets ETF

 

Portfolio Management Commentary

Developed market stocks outside the U.S. declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent equity markets lower. Russia’s invasion of Ukraine increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies with connections to Russia. The combination of resilient consumer demand and persistent supply-chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.

Japanese stocks, particularly in the industrials sector, detracted the most from the Index’s performance, due in part to the weakness of the Japanese yen. The yen reached a 24-year low against the U.S. dollar in July 2022, as the Bank of Japan continued its low interest rate policy while some other central banks, including the Fed, raised interest rates. Japanese exports to China, the country’s largest export market, slowed as China imposed new lockdown measures to limit the spread of COVID-19, which idled factories and warehouses and slowed deliveries of goods.

German stocks also detracted from the Index’s performance as the war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record high inflation across the Eurozone. Some German companies exited the Russian market due to the war, which led to write-offs and a sudden decline in earnings. In July 2022 the ECB raised interest rates for the first time in 11 years amid deteriorating business confidence and a worsening economic outlook.

French, Swedish, and Swiss stocks also weighed on the Index’s performance. The stocks of French luxury goods manufacturers declined as pandemic-related lockdowns in China dampened consumer spending in the market. The Swedish industrials sector declined as several companies stopped production in Russia after the start of the war. Swiss stocks detracted as the stocks of a major Swiss pharmaceutical company dropped sharply following disappointing test results for a potential lung cancer drug.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    18.2

Industrials

    15.9  

Health Care

    11.1  

Consumer Discretionary

    10.7  

Consumer Staples

    9.5  

Materials

    8.2  

Information Technology

    8.2  

Energy

    6.1  

Communication Services

    4.5  

Real Estate

    4.0  

Utilities

    3.6  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    20.9

United Kingdom

    13.4  

Canada

    11.3  

France

    8.9  

Switzerland

    8.7  

Australia

    8.0  

Germany

    6.3  

Netherlands

    3.7  

Sweden

    3.3  

Hong Kong

    2.6  
  (a)

Excludes money market funds.

 

 

 

10  

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


Fund Summary as of July 31, 2022        iShares® Core MSCI Pacific ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (13.01 )%       2.92      4.03       (13.01 )%       15.45      37.92

Fund Market

    (12.74      2.89        4.07         (12.74      15.33        38.34  

Index

    (13.30      2.56        3.85               (13.30      13.50        35.96  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $        917.30          $        0.43               $    1,000.00          $        1,024.30          $        0.45          0.09

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of July 31, 2022    (continued)    iShares® Core MSCI Pacific ETF

 

Portfolio Management Commentary

Stocks in the Pacific region declined during the reporting period as economic growth showed signs of slowing amid COVID-related restrictions and weakening consumer spending. Supply chain disruptions, rising energy costs, and slowing exports restricted growth.

Japanese stocks detracted the most from the Index’s return. The country’s economic recovery from the pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen, which plumbed multi-decade lows against the U.S. dollar. The Bank of Japan continued its relatively accommodative monetary policy, in contrast to many other central banks. High costs for energy and some commodities strained the country’s import-dependent energy system and drove a widening trade deficit as imports surged. The government sharply revised growth estimates downward, citing expectations for slower export growth and higher wholesale inflation from food. Producer prices rose faster than consumer prices, pressuring profit margins.

Japan’s industrial sector was a significant detractor from the Index’s return. Capital goods stocks declined as factory output slowed and rising costs, lockdowns in China, and supply disruptions weighed on the industry’s outlook. Some commercial and professional services companies that rely heavily on internet technology declined despite strong earnings growth. Within the consumer discretionary sector, automobiles and components stocks declined as cost pressures outweighed strong vehicle sales and the export benefits of a weaker currency. Lockdowns and slowing growth in China weighed on automakers’ production and profit levels. Weakening growth in key markets, together with slowing demand for consumer electronics and concerns around corporate technology spending, worked against stocks in the technology hardware and equipment industry.

Materials stocks in Australia, where the challenging macroeconomic environment drove market declines, also weighed on the Index’s return. Several interest rate increases, inflation, and concerns around a global recession weighed on the Australian market. Rising costs, slowing demand, and easing metal prices weighed on the outlook for metals and mining companies.

Stocks in Hong Kong also broadly declined during the reporting period as economic growth slowed and the outlook for exports weakened. Chinese regulations and pandemic-related lockdowns in mainland China and Hong Kong weighed on equities listed in the city.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    17.9

Industrials

    17.6  

Consumer Discretionary

    14.0  

Information Technology

    9.2  

Materials

    8.8  

Health Care

    8.3  

Real Estate

    7.7  

Communication Services

    6.3  

Consumer Staples

    6.1  

Utilities

    2.2  

Energy

    1.9  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    64.2

Australia

    22.4  

Hong Kong

    7.9  

Singapore

    4.3  

New Zealand

    1.0  

Other (each representing less than 1%)

    0.2  
  (a)

Excludes money market funds.

 

 

 

12  

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Fund Summary as of July 31, 2022    iShares® Core MSCI Total International Stock ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (15.36 )%       2.74      4.62       (15.36 )%       14.49      55.55

Fund Market

    (15.33      2.74        4.65         (15.33      14.48        55.96  

Index

    (15.76      2.52        4.45               (15.76      13.24        53.15  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(02/01/22)

 

 

 

      

Ending

Account Value

(07/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $      870.60          $        0.37               $      1,000.00          $    1,024.40          $        0.40          0.08

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  13


Fund Summary as of July 31, 2022    (continued)    iShares® Core MSCI Total International Stock ETF

 

Portfolio Management Commentary

Global stocks outside the U.S. declined for the reporting period as high inflation, rising interest rates, and weakening global economies weighed on equity markets. Chinese stocks detracted the most from the Index’s performance as economic growth slowed amid the imposition of new lockdowns to quell the spread of COVID-19. The lockdowns, affecting some of China’s largest cities, idled factories and warehouses and slowed deliveries of goods. The measures weighed on consumer spending and led to higher unemployment. In the consumer discretionary sector, a regulatory crackdown on large internet and direct marketing firms weakened investor sentiment. Concerns about delisting from U.S. exchanges, arising from audit requirements, also weighed on Chinese stocks.

Japanese stocks also detracted from the Index’s performance, due partly to the weakness of the Japanese yen. The yen decreased to a 24-year low against the U.S. dollar in July 2022, as the Bank of Japan continued its low interest rate policy while many other central banks, including the Fed, raised interest rates. Several companies in the Japanese industrials sector posted strong earnings during the reporting period, but they detracted from the Index’s return due primarily to the weakness of the Japanese yen. Japan’s gross domestic product shrank in the first quarter of 2022 as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s pandemic-related lockdown measures.

German stocks also detracted from the Index’s performance as the war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record high inflation across the Eurozone as commodities and oil prices increased. Some German companies exited the Russian market due to the war. German automakers declined as international sanctions against Russia disrupted the supply of critical parts manufactured there and in some cases halted vehicle sales and production.

Korean stocks also detracted from the Index’s performance. Foreign ownership of Korean stocks declined to the lowest level in six years as global inflation, rising interest rates, and geopolitical uncertainties precipitated an investor withdrawal. French stocks in the consumer discretionary sector further detracted. Apparel accessories and luxury goods manufacturers declined as pandemic-related lockdowns in China weighed on consumer spending in the market.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    18.7

Industrials

    13.4  

Consumer Discretionary

    11.5  

Information Technology

    11.4  

Health Care

    9.3  

Consumer Staples

    8.6  

Materials

    8.4  

Communication Services

    5.9  

Energy

    5.7  

Real Estate

    3.6  

Utilities

    3.5  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    15.0

United Kingdom

    9.7  

Canada

    8.1  

China

    8.0  

France

    6.4  

Switzerland

    6.3  

Australia

    5.8  

Germany

    4.5  

Taiwan

    4.3  

India

    4.3  
  (a) 

Excludes money market funds.

 

 

 

14  

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About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S

  15


Schedule of Investments

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 8.9%            

29Metals Ltd.(a)

    498,824     $ 530,043  

5E Advanced Materials Inc.(a)(b)

    1,319,351       2,155,371  

Abacus Property Group

    2,623,108       5,418,624  

Accent Group Ltd.

    1,284,743       1,184,902  

Adbri Ltd.

    2,529,823       4,511,466  

AGL Energy Ltd.

    3,391,508       19,974,942  

Alkane Resources Ltd.(a)

    2,149,037       1,191,639  

Allkem Ltd.(a)

    3,051,260       24,612,659  

ALS Ltd.

    2,479,172       20,362,516  

Altium Ltd.

    648,291       14,316,092  

Alumina Ltd.

    12,947,586       14,064,094  

AMP Ltd.(a)

    16,227,627       12,427,274  

Ampol Ltd.

    1,224,378       29,007,352  

Ansell Ltd.

    685,197       12,579,980  

APA Group

    6,112,682       50,120,026  

APM Human Services International Ltd.(a)

    1,438,707       3,344,645  

Appen Ltd.

    620,808       2,545,426  

ARB Corp. Ltd.

    498,545       11,706,835  

Arena REIT

    1,847,411       6,271,327  

Aristocrat Leisure Ltd.

    3,122,053       77,889,135  

ASX Ltd.

    995,580       61,880,036  

Atlas Arteria Ltd.

    4,942,539       26,894,037  

AUB Group Ltd.

    363,936       4,991,690  

Aurizon Holdings Ltd.

    9,489,417       26,857,854  

Aussie Broadband Ltd.(a)

    978,056       2,499,243  

Austal Ltd.

    2,091,717       3,929,425  

Australia & New Zealand Banking Group Ltd.

    14,631,765           236,467,769  

Australia & New Zealand Banking Group Ltd., New

    975,451       15,607,445  

Australian Agricultural Co. Ltd.(a)

    2,483,949       3,221,477  

Australian Clinical Labs Ltd.

    381,430       1,416,055  

Australian Ethical Investment Ltd.

    441,771       2,028,183  

Australian Strategic Materials Ltd.(a)

    301,093       758,518  

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

    12,873,189       6,402,645  

Bank of Queensland Ltd.

    3,399,641       18,005,164  

Bapcor Ltd.

    2,073,541       9,722,121  

Beach Energy Ltd.(b)

    9,373,518       12,079,837  

Bega Cheese Ltd.

    1,682,871       4,117,231  

Bellevue Gold Ltd.(a)

    5,221,639       3,105,637  

Bendigo & Adelaide Bank Ltd.

    2,890,814       20,977,573  

Betmakers Technology Group Ltd.(a)(b)

    3,833,095       1,361,337  

BHP Group Ltd.

    26,419,397       722,976,202  

Blackmores Ltd.

    91,239       4,982,253  

BlueScope Steel Ltd.

    2,549,446       29,946,758  

Boral Ltd.

    1,975,264       4,025,317  

Boss Energy Ltd. (a)

    1,668,367       2,685,703  

BrainChip Holdings Ltd.(a)(b)

    8,265,542       6,348,832  

Brambles Ltd.

    7,432,461       59,821,660  

Breville Group Ltd.

    513,658       7,593,982  

Brickworks Ltd.

    356,724       5,274,275  

BWP Trust

    3,106,053       9,359,632  

Calix Ltd.(a)(b)

    668,004       2,975,309  

Capricorn Metals Ltd.(a)

    1,074,399       2,948,417  

carsales.com Ltd.

    1,810,371       26,391,973  

Centuria Capital Group

    2,219,934       3,265,577  

Centuria Industrial REIT

    2,779,145       6,200,665  

Centuria Office REIT

    721,300       945,137  

Chalice Mining Ltd.(a)(b)

    1,708,698       5,853,438  

Challenger Ltd.

    2,943,457       14,539,976  
Security   Shares     Value  
Australia (continued)            

Champion Iron Ltd.

    1,693,417     $ 5,777,749  

Charter Hall Group

    2,648,133       23,931,438  

Charter Hall Long Wale REIT

    3,348,238       10,739,017  

Charter Hall Retail REIT

    2,572,630       7,615,068  

Charter Hall Social Infrastructure REIT

    440,008       1,168,861  

City Chic Collective Ltd.(a)(b)

    1,154,800       1,889,613  

Cleanaway Waste Management Ltd.

    10,945,569       21,086,527  

Clinuvel Pharmaceuticals Ltd.(b)

    207,899       2,754,858  

Cochlear Ltd.

    344,406       51,911,242  

Codan Ltd./Australia

    564,812       3,460,672  

Coles Group Ltd.

    6,914,057       91,060,460  

Collins Foods Ltd.(b)

    335,591       2,446,225  

Commonwealth Bank of Australia

    8,905,365       632,435,878  

Computershare Ltd.

    2,832,391       50,039,817  

Core Lithium Ltd.(a)(b)

    7,612,440       6,310,389  

Coronado Global Resources Inc.(d)

    3,940,289       3,919,911  

Corporate Travel Management Ltd.(a)(b)

    703,299       9,378,843  

Costa Group Holdings Ltd.

    2,320,320       4,206,544  

Credit Corp. Group Ltd.

    350,708       5,962,310  

Cromwell Property Group

    11,580,873       6,846,138  

CSL Ltd.

    2,513,942           511,881,277  

CSR Ltd.

    2,977,778       9,556,601  

Data#3 Ltd.

    317,295       1,381,967  

De Grey Mining Ltd.(a)(b)

    6,508,552       4,104,493  

Deterra Royalties Ltd.

    2,250,148       6,867,908  

Dexus

    5,718,412       38,427,753  

Dexus Industria REIT

    268,229       566,764  

DGL Group Ltd./Au(a)

    588,052       1,031,693  

Dicker Data Ltd.

    155,461       1,231,626  

Domain Holdings Australia Ltd.

    2,063,574       5,166,530  

Domino’s Pizza Enterprises Ltd.

    318,367       16,278,057  

Downer EDI Ltd.

    3,782,514       14,725,918  

Eagers Automotive Ltd.

    696,404       6,156,517  

Eclipx Group Ltd.(a)(b)

    1,475,337       2,731,933  

Elders Ltd.

    900,440       7,155,078  

EML Payments Ltd.(a)(b)

    2,265,947       1,683,492  

Endeavour Group Ltd./Australia

    6,928,838       38,603,564  

EVENT Hospitality and Entertainment Ltd.(a)

    576,659       5,767,976  

Evolution Mining Ltd.

    9,423,625       17,408,056  

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

    5,815,203       812,617  

Flight Centre Travel Group Ltd.(a)(b)

    822,934       10,007,883  

Fortescue Metals Group Ltd.

    8,791,860       113,138,558  

G8 Education Ltd.

    4,244,888       3,169,033  

Genworth Mortgage Insurance Australia Ltd.

    2,780,047       5,508,643  

Glencore PLC

    51,607,520       292,495,887  

Gold Road Resources Ltd.

    4,555,211       4,452,568  

Goodman Group

    8,782,005       128,525,174  

Goulamina Holdings Pty. Ltd.(a)

    4,210,677       1,279,770  

GPT Group (The)

    10,020,760       32,238,783  

GrainCorp Ltd., Class A

    1,262,022       7,618,487  

Grange Resources Ltd.

    2,693,344       2,129,637  

Growthpoint Properties Australia Ltd.

    435,374       1,157,045  

GUD Holdings Ltd.

    871,751       5,393,332  

GWA Group Ltd.

    1,577,333       2,300,454  

Hansen Technologies Ltd.

    589,005       2,360,564  

Harvey Norman Holdings Ltd.

    3,461,913       10,102,338  

Healius Ltd.

    3,891,656       10,603,357  

Home Consortium Ltd.

    815,446       3,070,801  

HomeCo Daily Needs REIT

    7,492,784       7,273,680  

HUB24 Ltd.

    391,747       6,767,547  

 

 

16  

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Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Australia (continued)            

IDP Education Ltd.

    1,083,320     $ 21,796,261  

IGO Ltd.

    3,587,262       28,109,190  

Iluka Resources Ltd.

    2,203,492       14,955,151  

Imdex Ltd.

    531,760       677,032  

Imugene Ltd.(a)

    26,476,381       4,608,817  

Incitec Pivot Ltd.

    10,045,681       25,594,827  

Ingenia Communities Group

    1,788,885       5,865,757  

Inghams Group Ltd.

    1,874,217       3,885,840  

Insignia Financial Ltd.

    3,010,855       6,550,480  

Insurance Australia Group Ltd.

    12,710,414       39,994,125  

Integral Diagnostics Ltd.

    487,091       1,055,959  

InvoCare Ltd.

    728,972       5,655,085  

ionner Ltd.(a)(b)

    6,443,246       2,556,452  

IPH Ltd.

    1,373,292       8,477,701  

IRESS Ltd.

    1,080,491       8,664,494  

JB Hi-Fi Ltd.

    633,130       18,747,242  

Jervois Global Ltd.(a)

    6,761,304       1,906,524  

Johns Lyng Group Ltd.

    769,433       4,090,502  

Judo Capital Holdings Ltd.(a)(b)

    2,858,567       2,641,021  

Jumbo Interactive Ltd.

    171,095       1,733,924  

Karoon Energy Ltd.(a)(b)

    1,637,085       2,163,131  

Kelsian Group Ltd.

    611,363       2,633,091  

Kogan.com Ltd.(a)(b)

    433,194       1,402,168  

Lake Resources NL(a)(b)

    5,969,927       3,444,839  

Lendlease Corp. Ltd.

    3,561,113       25,798,972  

Lifestyle Communities Ltd.

    280,691       3,343,895  

Link Administration Holdings Ltd.

    2,902,106       8,947,517  

Liontown Resources Ltd.(a)(b)

    8,714,468       8,185,972  

Lottery Corp. Ltd. (The)(a)(b)

    11,536,492       36,594,894  

Lovisa Holdings Ltd.(b)

    235,365       2,956,682  

Lynas Rare Earths Ltd.(a)

    4,754,973       29,239,950  

MA Financial Group Ltd.

    170,809       740,020  

Maas Group Holdings Ltd.(b)

    112,340       328,185  

Macquarie Group Ltd.

    1,894,860           242,510,565  

Magellan Financial Group Ltd.

    717,719       7,374,032  

Mayne Pharma Group Ltd.(a)

    3,421,592       816,470  

McMillan Shakespeare Ltd.

    509,296       4,391,515  

Medibank Pvt Ltd.

    14,360,111       34,529,347  

Megaport Ltd.(a)(b)

    868,828       5,965,316  

Mesoblast Ltd.(a)(b)

    2,995,501       1,965,743  

Metcash Ltd.

    5,377,720       15,675,721  

Mincor Resources NL(a)

    1,878,608       2,547,947  

Mineral Resources Ltd.

    888,700       33,863,102  

Mirvac Group

    20,341,557       30,817,176  

Monadelphous Group Ltd.

    585,447       4,250,178  

Mount Gibson Iron Ltd.(b)

    3,130,242       1,154,260  

Nanosonics Ltd.(a)(b)

    1,433,826       4,770,280  

National Australia Bank Ltd.

    16,876,544       364,474,423  

National Storage REIT

    6,410,052       11,208,720  

Nearmap Ltd.(a)(b)

    2,430,773       2,380,438  

Neometals Ltd.(a)(b)

    2,397,296       1,888,226  

Netwealth Group Ltd.

    606,092       5,506,299  

New Hope Corp. Ltd.(b)

    2,836,153       8,786,629  

Newcrest Mining Ltd.

    4,606,602       62,079,750  

NEXTDC Ltd.(a)

    2,445,103       20,354,364  

nib holdings Ltd.

    2,404,308       12,295,779  

Nick Scali Ltd.(b)

    342,555       2,325,785  

Nickel Mines Ltd.

    5,983,881       4,595,437  

Nine Entertainment Co. Holdings Ltd.

    8,633,730       12,596,346  

Northern Star Resources Ltd.

    6,170,739       33,912,090  
Security   Shares     Value  
Australia (continued)            

Novonix Ltd.(a)

    1,671,612     $ 3,379,670  

NRW Holdings Ltd.

    2,232,582       3,056,356  

Nufarm Ltd./Australia

    1,672,895       6,092,445  

Objective Corp. Ltd.

    7,526       80,816  

Omni Bridgeway Ltd.(a)

    1,270,816       3,687,268  

oOh!media Ltd.(b)

    2,910,765       2,561,023  

Orica Ltd.

    2,107,650       24,980,351  

Origin Energy Ltd.

    9,057,774       38,027,830  

Orora Ltd.

    5,022,596       12,572,263  

OZ Minerals Ltd.

    1,841,128       24,588,714  

Pact Group Holdings Ltd.

    1,495,901       2,127,906  

Paladin Energy Ltd.(a)(b)

    13,869,103       7,253,814  

Pendal Group Ltd.

    1,760,647       5,962,826  

Perenti Global Ltd.

    2,957,424       1,193,081  

Perpetual Ltd.

    293,486       6,264,185  

Perseus Mining Ltd.

    6,730,085       7,987,408  

PEXA Group Ltd.(a)(b)

    272,025       2,780,647  

Pilbara Minerals Ltd.(a)(b)

    12,766,748       25,172,588  

Pinnacle Investment Management Group Ltd.

    597,708       4,244,168  

Platinum Asset Management Ltd.

    2,723,528       3,496,953  

PointsBet Holdings Ltd.(a)(b)

    1,082,025       2,452,103  

PolyNovo Ltd.(a)(b)

    3,607,621       4,169,090  

Premier Investments Ltd.

    591,719       8,801,030  

Pro Medicus Ltd.(b)

    270,907       9,489,565  

PWR Holdings Ltd.

    398,454       2,341,604  

Qantas Airways Ltd.(a)

    4,706,473       15,165,901  

QBE Insurance Group Ltd.

    7,671,669       62,030,995  

Qube Holdings Ltd.

    9,384,410       18,253,914  

Ramelius Resources Ltd.

    4,640,809       3,516,214  

Ramsay Health Care Ltd.

    953,378       47,098,549  

REA Group Ltd.

    275,674       24,321,151  

Red 5 Ltd.(a)

    10,967,338       2,034,181  

Reece Ltd.

    1,168,422       12,619,334  

Regis Resources Ltd.

    4,242,871       5,256,746  

Reliance Worldwide Corp. Ltd.

    4,531,830       14,159,098  

Rio Tinto Ltd.

    1,925,010           133,373,446  

Rio Tinto PLC

    5,846,416       352,945,075  

Rural Funds Group

    508,681       980,011  

Sandfire Resources Ltd.

    2,235,515       7,214,344  

Santos Ltd.

    16,728,886       86,963,104  

Sayona Mining Ltd.(a)(b)

    34,730,432       4,848,670  

Scentre Group

    26,901,407       55,127,501  

SEEK Ltd.

    1,780,155       28,833,412  

Select Harvests Ltd.(b)

    324,072       1,047,257  

Seven Group Holdings Ltd.

    985,523       12,210,470  

Seven West Media Ltd.(a)(b)

    4,933,986       1,649,008  

SG Fleet Group Ltd.

    2,804       5,151  

Shopping Centres Australasia Property Group

    6,319,222       13,188,053  

Sierra Rutile Holdings Ltd.(a)

    2,203,492       492,666  

Sigma Healthcare Ltd.

    952,267       413,610  

Silver Lake Resources Ltd.(a)

    5,461,077       5,521,727  

Sims Ltd.

    980,908       10,200,461  

SiteMinder Ltd.(a)(b)

    1,124,467       3,357,810  

SmartGroup Corp. Ltd.

    440,224       2,132,857  

Sonic Healthcare Ltd.

    2,397,446       57,734,129  

South32 Ltd.

    24,707,467       67,343,021  

Southern Cross Media Group Ltd.(b)

    1,604,306       1,346,840  

St. Barbara Ltd.

    4,448,828       3,507,727  

Star Entertainment Grp Ltd. (The)(a)

    4,617,745       10,005,049  

Steadfast Group Ltd.

    5,156,127       19,330,531  

 

 

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

  17


Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Australia (continued)            

Stockland

    12,391,490     $ 33,577,054  

Suncorp Group Ltd.

    6,505,567       51,376,338  

Super Retail Group Ltd.

    896,293       6,256,846  

Syrah Resources Ltd.(a)

    3,287,418       3,425,233  

Tabcorp Holdings Ltd.

    11,570,241       8,071,155  

Tassal Group Ltd.

    331,037       1,140,009  

Technology One Ltd.

    1,611,621       13,372,051  

Telix Pharmaceuticals Ltd.(a)

    1,183,009       6,179,125  

Telstra Corp. Ltd.

    21,275,892       58,147,208  

Temple & Webster Group Ltd.(a)

    546,899       2,032,999  

Transurban Group

    16,025,184       163,804,428  

Treasury Wine Estates Ltd.

    3,709,178       31,973,244  

Tyro Payments Ltd.(a)(b)

    2,340,404       1,369,465  

United Malt Grp Ltd.

    1,370,570       3,539,535  

Ventia Services Group Pty Ltd.

    1,327,241       2,487,383  

Vicinity Centres

    20,102,798       29,414,312  

Viva Energy Group Ltd.(d)

    5,057,861       9,501,546  

Vulcan Energy Resources Ltd.(a)(b)

    451,969       2,495,901  

Washington H Soul Pattinson & Co. Ltd.

    1,172,736       21,231,983  

Waypoint REIT Ltd.

    3,819,807       7,036,443  

Webjet Ltd.(a)(b)

    2,051,799       7,475,938  

Wesfarmers Ltd.

    5,881,202       192,700,595  

West African Resources Ltd.(a)(b)

    5,282,588       4,917,982  

Westgold Resources Ltd.

    2,429,736       2,217,522  

Westpac Banking Corp.

    18,271,785       276,692,222  

Whitehaven Coal Ltd.

    4,880,548       21,488,465  

WiseTech Global Ltd.

    774,729       27,436,727  

Woodside Energy Group Ltd.

    9,777,476       220,780,089  

Woolworths Group Ltd.

    6,325,091       166,407,337  

Worley Ltd.

    1,694,725       17,103,664  

Zip Co. Ltd.(a)(b)

    3,105,174       2,508,950  
   

 

 

 
          7,936,282,756  
Austria — 0.3%            

ams-OSRAM AG(a)(b)

    1,423,448       11,749,928  

ANDRITZ AG

    347,123       16,241,817  

AT&S Austria Technologie & Systemtechnik AG

    141,391       7,064,493  

BAWAG Group AG(d)

    437,970       20,220,967  

CA Immobilien Anlagen AG

    286,195       9,341,371  

DO & CO AG(a)(b)

    37,278       3,114,620  

Erste Group Bank AG

    1,787,567       45,319,605  

EVN AG

    190,908       4,502,628  

IMMOFINANZ AG(b)

    182,764       2,792,569  

Kontron AG(b)

    301,191       4,487,879  

Lenzing AG

    81,740       6,596,286  

Oesterreichische Post AG(b)

    188,769       5,439,722  

OMV AG

    774,903       33,003,059  

Palfinger AG(b)

    9,539       236,421  

Porr AG

    10,364       128,753  

Raiffeisen Bank International AG

    751,788       9,107,726  

S IMMO AG

    297,952       6,949,727  

Schoeller-Bleckmann Oilfield Equipment AG

    25,051       1,432,395  

Semperit AG Holding(b)

    67,318       1,365,027  

Strabag SE

    79,598       3,290,733  

Telekom Austria AG

    881,948       5,453,438  

UNIQA Insurance Group AG

    773,401       5,298,643  

Verbund AG

    354,529       38,985,955  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    239,318       5,494,338  

voestalpine AG

    601,340       13,540,148  
Security   Shares     Value  
Austria (continued)            

Wienerberger AG

    611,686     $ 14,079,481  
   

 

 

 
          275,237,729  
Belgium — 0.9%            

Ackermans & van Haaren NV

    114,102       16,773,177  

Aedifica SA

    184,543       19,160,249  

Ageas SA/NV

    837,090       36,535,039  

AGFA-Gevaert NV(a)

    1,101,962       3,987,044  

Anheuser-Busch InBev SA/NV

    4,511,157       241,652,727  

Barco NV

    402,042       10,534,043  

Bekaert SA

    232,336       8,228,750  

bpost SA(b)

    502,508       3,153,701  

Cofinimmo SA

    151,952       17,100,523  

D’ieteren Group

    145,706       23,914,157  

Dredging Environmental & Marine Engineering NV(a)

    43,041       4,976,153  

Econocom Group SA/NV

    77,987       265,314  

Elia Group SA/NV

    182,698       27,735,698  

Etablissements Franz Colruyt NV

    274,068       7,571,403  

Euronav NV

    941,082       12,849,324  

Fagron

    443,368       6,762,603  

Galapagos NV(a)(b)

    241,834       12,269,214  

Gimv NV

    154,857       8,360,649  

Groupe Bruxelles Lambert SA

    527,533       46,694,622  

Immobel SA

    2,645       158,907  

Intervest Offices & Warehouses NV(b)

    18,118       512,935  

Ion Beam Applications

    128,465       2,242,563  

KBC Ancora(b)

    254,845       8,925,949  

KBC Group NV

    1,293,444       67,746,668  

Kinepolis Group NV(a)(b)

    93,790       4,619,416  

Melexis NV

    119,265       10,233,273  

Mithra Pharmaceuticals SA(a)(b)

    73,029       493,668  

Montea NV

    49,772       5,033,319  

Ontex Group NV(a)(b)

    379,015       2,478,038  

Orange Belgium SA(a)(b)

    139,048       2,677,436  

Proximus SADP

    781,766       10,832,927  

Recticel SA

    104,883       1,610,077  

Retail Estates NV

    13,970       986,341  

Shurgard Self Storage SA

    30,906       1,594,164  

Sofina SA

    80,088       18,755,746  

Solvay SA

    381,649       33,521,347  

Telenet Group Holding NV

    220,959       3,533,860  

Tessenderlo Group SA(a)

    193,871       6,076,055  

UCB SA

    657,115       51,346,142  

Umicore SA

    1,080,804       39,149,276  

VGP NV

    54,424       9,558,814  

Warehouses De Pauw CVA

    790,315       26,866,124  

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

    153,780       1,026,974  

Xior Student Housing NV

    124,270       5,435,948  
   

 

 

 
          823,940,357  
Denmark — 2.7%            

ALK-Abello A/S(a)

    807,351       16,119,351  

Alm Brand A/S

    4,984,701       7,501,473  

Ambu A/S, Class B(b)

    883,586       10,045,693  

AP Moller - Maersk A/S, Class A

    16,044       42,981,474  

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

    27,661       75,523,745  

Bavarian Nordic A/S(a)(b)

    395,513       19,612,089  

Better Collective A/S(a)(b)

    157,675       2,504,489  

Carlsberg A/S, Class B

    517,787       66,971,549  

cBrain A/S

    47,927       1,374,317  

Chemometec A/S

    86,248       10,302,526  

 

 

18  

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


Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Denmark (continued)            

Chr Hansen Holding A/S

    544,728     $ 35,653,979  

Coloplast A/S, Class B

    617,968       72,326,304  

D/S Norden A/S

    178,057       7,769,984  

Danske Bank A/S

    3,559,460       49,776,549  

Demant A/S(a)

    498,951       19,007,899  

Dfds A/S

    203,783       7,303,291  

Drilling Co. of 1972 A/S (The)(a)

    113,474       5,385,247  

DSV A/S

    995,132       167,680,638  

FLSmidth & Co. A/S

    269,579       7,404,594  

Genmab A/S(a)

    342,182       121,755,167  

GN Store Nord A/S

    691,310       24,074,251  

H Lundbeck A/S

    1,469,756       7,264,432  

H Lundbeck A/S, Class A(a)

    367,453       1,751,854  

ISS A/S(a)

    810,404       14,163,054  

Jyske Bank A/S, Registered(a)

    282,849       14,803,333  

Matas A/S

    288,232       3,092,467  

Netcompany Group A/S(a)(d)

    209,843       11,767,426  

Nilfisk Holding A/S(a)

    91,566       2,164,128  

NKT A/S(a)

    229,926       11,780,295  

Novo Nordisk A/S, Class B

    8,788,172       1,023,591,376  

Novozymes A/S, Class B

    1,063,381       67,929,057  

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

    27,810       1,226,107  

Orsted A/S(d)

    980,041       114,093,070  

Pandora A/S

    499,745       37,126,908  

Per Aarsleff Holding A/S

    133,044       4,091,638  

Ringkjoebing Landbobank A/S

    181,318       20,360,720  

Rockwool A/S, Class B

    44,623       11,057,536  

Royal Unibrew A/S

    265,007       22,600,747  

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

    389,200       7,454,063  

Schouw & Co. A/S

    77,599       5,777,710  

SimCorp A/S

    225,398       16,823,314  

Solar A/S, Class B

    2,824       265,583  

Spar Nord Bank A/S

    553,053       6,336,895  

Sydbank A/S

    373,411       11,467,101  

Topdanmark A/S

    231,242       11,270,651  

Tryg A/S

    1,861,136       42,436,401  

Vestas Wind Systems A/S

    5,235,885       137,618,560  

Zealand Pharma A/S(a)(b)

    200,193       3,610,571  
   

 

 

 
          2,382,999,606  
Finland — 1.2%            

Aktia Bank OYJ(b)

    56,540       541,461  

Anora Group OYJ

    21,405       181,889  

Cargotec OYJ, Class B

    232,942       8,238,423  

Caverion OYJ

    533,702       2,661,685  

Citycon OYJ

    549,701       3,911,045  

Elisa OYJ

    740,916       40,976,418  

Finnair OYJ(a)(b)

    3,879,257       1,594,814  

Fortum OYJ

    2,342,498       26,292,879  

F-Secure OYJ(a)

    54,455       168,915  

Harvia OYJ(b)

    89,711       1,914,272  

Huhtamaki OYJ

    513,607       20,019,662  

Kamux Corp.

    164,059       1,352,788  

Kemira OYJ

    642,964       8,163,845  

Kempower OYJ(a)(b)

    87,782       1,234,778  

Kesko OYJ, Class B

    1,420,299       35,128,489  

Kojamo OYJ(b)

    697,898       12,450,052  

Kone OYJ, Class B

    1,751,890       80,063,881  

Konecranes OYJ

    367,906       9,877,847  

Marimekko OYJ

    20,776       288,823  

Metsa Board OYJ, Class B

    1,108,618       9,883,080  
Security   Shares     Value  
Finland (continued)            

Metso Outotec OYJ

    3,486,004     $ 28,817,720  

Musti Group OYJ

    72,963       1,512,258  

Neste OYJ

    2,194,108       112,823,848  

Nokia OYJ

    28,003,047       145,856,108  

Nokian Renkaat OYJ

    675,839       7,993,672  

Nordea Bank Abp

    17,067,006       168,280,086  

Oriola OYJ, Class B

    763,394       1,549,530  

Orion OYJ, Class B

    551,925       26,347,514  

Outokumpu OYJ

    1,989,362       8,758,769  

Puuilo OYJ

    40,029       203,784  

QT Group OYJ(a)(b)

    89,324       7,222,796  

Remedy Entertainment OYJ(b)

    40,899       1,106,394  

Revenio Group OYJ

    112,278       5,783,379  

Rovio Entertainment OYJ(d)

    73,198       496,466  

Sampo OYJ, Class A

    2,600,585       112,352,376  

Sanoma OYJ

    446,691       6,309,790  

Spinnova OYJ(a)(b)

    7,356       56,416  

Stora Enso OYJ, Class R

    2,850,079       44,078,432  

Talenom OYJ(b)

    156,762       1,796,239  

TietoEVRY Oyj

    455,038       12,376,994  

Tokmanni Group Corp.

    165,822       2,181,264  

UPM-Kymmene OYJ

    2,762,654       87,547,839  

Uponor OYJ

    357,133       5,376,718  

Valmet OYJ

    862,707       24,006,862  

Wartsila OYJ Abp

    2,412,782       21,199,985  

WithSecure OYJ(a)

    54,455       98,845  

YIT OYJ

    1,009,915       3,435,353  
   

 

 

 
          1,102,514,483  
France — 9.9%            

AB Science SA(a)(b)

    129,465       992,452  

ABC arbitrage

    498,501       3,566,450  

Accor SA(a)

    869,269       22,556,578  

Aeroports de Paris(a)

    155,189       21,442,745  

Air France-KLM(a)(b)

    6,430,202       8,866,181  

Air Liquide SA

    2,728,687       375,146,352  

Airbus SE

    3,076,827       331,748,672  

Albioma SA

    215,384       10,975,839  

ALD SA(d)

    592,935       7,023,923  

Alstom SA(b)

    1,650,595       39,227,532  

Altarea SCA(b)

    18,189       2,697,462  

Alten SA

    167,524       22,689,455  

Amundi SA(d)

    315,605       17,135,712  

Antin Infrastructure Partners SA(b)

    180,556       5,421,703  

APERAM SA

    268,400       8,750,986  

ArcelorMittal SA

    3,151,755       77,766,193  

Arkema SA

    305,924       28,981,877  

Atos SE(a)(b)

    515,219       6,351,881  

Aubay

    2,258       120,064  

AXA SA

    10,058,975       231,784,023  

Believe SA(a)(b)

    20,491       189,686  

Beneteau SA

    61,271       704,588  

BioMerieux

    215,561       23,331,749  

BNP Paribas SA

    5,797,589       273,920,363  

Boiron SA

    46,897       2,192,846  

Bollore SE

    4,742,045       23,941,917  

Bonduelle SCA

    112,176       1,508,559  

Bouygues SA(b)

    1,190,796       35,997,443  

Bureau Veritas SA

    1,516,395       41,823,095  

Capgemini SE

    844,637       161,103,382  

Carmila SA

    299,599       4,741,969  

 

 

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

  19


Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
France (continued)            

Carrefour SA

    3,211,771     $ 54,735,140  

Casino Guichard Perrachon SA(a)(b)

    237,167       2,792,407  

CGG SA(a)(b)

    4,132,902       3,691,347  

Chargeurs SA

    71,142       1,219,639  

Cie Generale des Etablissements Michelin SCA

    3,509,861       98,221,930  

Cie. de Saint-Gobain

    2,576,589       120,145,878  

Cie. des Alpes(a)

    4,493       78,883  

Cie. Plastic Omnium SA

    364,224       6,812,224  

Coface SA(a)

    632,537       6,624,458  

Covivio

    246,128       15,566,013  

Credit Agricole SA

    6,381,595       58,798,926  

Danone SA

    3,390,973       186,975,386  

Dassault Aviation SA

    134,938       19,299,187  

Dassault Systemes SE

    3,459,099       148,366,532  

Derichebourg SA

    680,378       4,336,604  

Edenred

    1,284,020       65,909,388  

Eiffage SA(b)

    429,817       40,333,589  

Electricite de France SA(b)

    2,903,562       35,261,580  

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

    658,261       2,139,145  

Elis SA

    1,015,098       15,151,201  

Engie SA

    9,448,163       116,895,864  

Equasens

    23,672       2,062,204  

Eramet SA

    48,710       5,156,265  

Esker SA

    15,585       2,341,043  

EssilorLuxottica SA

    1,493,620       234,173,234  

Etablissements Maurel et Prom SA

    312,281       1,650,324  

Eurazeo SE

    250,441       17,888,377  

Euroapi SA(a)

    256,264       4,323,161  

Eurofins Scientific SE

    696,803       54,321,622  

Eutelsat Communications SA

    864,922       6,581,816  

Faurecia SE(a)(b)

    817,255       14,771,879  

Fnac Darty SA

    103,228       4,140,752  

Gaztransport Et Technigaz SA

    150,560       20,765,837  

Gecina SA

    237,875       24,389,465  

Getlink SE

    2,295,183       45,936,536  

Hermes International

    164,776       226,063,415  

ICADE

    173,567       8,689,916  

ID Logistics Group(a)

    2,170       702,620  

Imerys SA

    203,495       6,895,717  

Interparfums SA

    36,340       1,823,117  

Ipsen SA

    197,595       19,988,145  

IPSOS

    233,015       11,943,345  

JCDecaux SA(a)(b)

    328,106       5,291,202  

Kaufman & Broad SA(b)

    53,064       1,473,254  

Kering SA

    390,451       223,529,669  

Klepierre SA

    1,108,904       24,639,897  

Korian SA

    405,333       5,997,423  

La Francaise des Jeux SAEM(d)

    535,220       19,116,999  

Legrand SA

    1,385,051       113,392,212  

LISI

    113,966       2,685,206  

LNA Sante SA

    3,464       118,603  

L’Oreal SA

    1,257,401       475,369,654  

LVMH Moet Hennessy Louis Vuitton SE

    1,448,833           1,006,002,979  

Maisons du Monde SA(d)

    211,700       2,262,747  

McPhy Energy SA(a)(b)

    111,098       1,709,472  

Mercialys SA

    406,918       3,607,025  

Mersen SA

    131,688       4,632,971  

Metropole Television SA

    213,658       2,814,405  

Neoen SA(b)(d)

    263,634       11,594,905  

Nexans SA

    160,206       15,386,920  
Security   Shares     Value  
France (continued)            

Nexity SA

    246,566     $ 6,059,281  

Orange SA

    10,317,618       105,429,872  

Orpea SA(a)(b)

    288,090       7,173,208  

Pernod Ricard SA

    1,093,351       214,782,618  

Peugeot Invest

    35,388       3,591,604  

Publicis Groupe SA

    1,175,202       62,538,775  

Quadient SA

    221,832       4,318,986  

Remy Cointreau SA

    120,325       23,771,069  

Renault SA(a)

    981,225       29,009,304  

Rexel SA

    1,289,378       22,915,397  

Rubis SCA

    469,847       11,483,632  

Safran SA

    1,769,356       194,479,702  

Sanofi

    5,934,876       589,769,521  

Sartorius Stedim Biotech

    144,889       57,961,303  

Schneider Electric SE

    2,809,195       388,522,424  

SCOR SE(b)

    809,735       14,249,324  

SEB SA

    128,265       10,798,684  

SES SA

    1,966,095       14,837,627  

SES-Imagotag SA(a)

    4,475       434,699  

SMCP SA(a)(d)

    141,508       770,489  

Societe BIC SA

    132,731       7,499,723  

Societe Generale SA

    4,112,165       92,138,775  

Sodexo SA

    458,314       37,239,655  

SOITEC(a)

    144,584       23,143,095  

Solutions 30 SE(a)(b)

    493,396       1,679,037  

Somfy SA

    38,280       4,840,438  

Sopra Steria Group SACA

    88,763       14,790,671  

SPIE SA

    664,313       15,953,428  

Technicolor SA(a)

    1,032,630       3,301,289  

Teleperformance

    305,903       102,294,245  

Television Francaise 1

    378,775       2,609,261  

Thales SA

    549,650       68,354,259  

TotalEnergies SE

    12,938,914       660,885,489  

Trigano SA

    59,641       5,835,613  

Ubisoft Entertainment SA(a)

    484,600       20,631,558  

Unibail-Rodamco-Westfield(a)

    620,058       35,209,830  

Valeo

    1,071,370       23,013,053  

Vallourec SA(a)

    474,750       4,399,043  

Valneva SE(a)(b)

    450,012       4,475,629  

Veolia Environnement SA

    3,436,497       85,949,680  

Verallia SA(d)

    383,993       9,828,939  

Vicat SA

    84,978       2,215,527  

Vinci SA

    2,784,730       266,940,713  

Virbac SA

    28,344       10,469,014  

Vivendi SE

    3,672,365       34,862,981  

Voltalia SA(a)(b)

    147,242       3,122,308  

Waga Energy SA(a)(b)

    26,019       928,086  

Wavestone

    41,778       2,181,552  

Wendel SE

    137,057       12,614,675  

Worldline SA/France(a)(d)

    1,232,246       54,389,028  
   

 

 

 
          8,804,985,444  
Germany — 6.6%            

1&1 AG

    230,699       3,997,391  

Aareal Bank AG(a)

    323,051       10,499,539  

About You Holding SE(a)(b)

    77,972       704,108  

Adesso SE

    16,768       2,905,145  

adidas AG

    902,611       156,144,007  

ADLER Group SA(a)(b)(d)

    396,225       1,405,317  

AIXTRON SE

    641,933       16,595,800  

Allianz SE, Registered

    2,131,672       387,124,608  

 

 

20  

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


Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Germany (continued)            

Amadeus Fire AG

    17,751     $ 1,983,312  

Aroundtown SA(b)

    5,306,426       17,017,892  

Atoss Software AG

    4,986       786,756  

AURELIUS Equity Opportunities SE & Co. KGaA(b)

    109,239       2,605,846  

Aurubis AG

    173,157       12,501,429  

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

    452,564       3,903,534  

BASF SE

    4,768,265       212,498,560  

Basler AG(b)

    14,520       553,231  

Bayer AG, Registered

    5,127,103           299,065,131  

Bayerische Motoren Werke AG

    1,718,880       140,455,401  

BayWa AG

    82,158       3,536,406  

Bechtle AG

    420,351       19,442,856  

Beiersdorf AG

    516,204       53,233,396  

Bertrandt AG

    40,274       1,504,161  

Bike24 Holding AG(a)(b)

    12,977       38,558  

Bilfinger SE

    192,026       5,802,557  

Borussia Dortmund GmbH & Co. KGaA(a)(b)

    540,010       2,106,457  

Brenntag SE

    799,630       56,170,081  

CANCOM SE

    223,832       7,651,660  

Carl Zeiss Meditec AG, Bearer

    212,414       30,999,661  

Ceconomy AG

    689,694       1,390,996  

Cewe Stiftung & Co. KGaA(b)

    47,877       4,111,556  

Commerzbank AG(a)

    5,499,432       37,677,314  

CompuGroup Medical SE & Co. KgaA

    141,131       6,117,788  

Continental AG

    567,542       40,432,344  

Covestro AG(d)

    999,756       33,717,150  

CropEnergies AG

    50,237       740,344  

CTS Eventim AG & Co. KGaA(a)

    321,548       17,711,916  

Daimler Truck Holding AG(a)

    2,404,852       65,712,474  

Datagroup SE

    2,288       174,415  

Delivery Hero SE(a)(d)

    860,527       41,517,289  

Dermapharm Holding SE

    93,582       5,272,268  

Deutsche Bank AG, Registered

    10,695,428       93,552,393  

Deutsche Beteiligungs AG(b)

    145,792       4,207,883  

Deutsche Boerse AG

    984,987       171,944,550  

Deutsche Euroshop(c)

    310,791       6,829,343  

Deutsche Lufthansa AG, Registered(a)(b)

    3,048,934       18,768,788  

Deutsche Pfandbriefbank AG(d)

    819,655       7,576,346  

Deutsche Post AG, Registered

    5,141,102       205,334,907  

Deutsche Telekom AG, Registered

    16,915,257       321,372,543  

Deutz AG

    799,893       3,339,469  

DIC Asset AG

    330,084       3,754,536  

Duerr AG

    302,074       7,510,372  

E.ON SE

    11,633,140       104,571,457  

Eckert & Ziegler Strahlen- und Medizintechnik AG

    74,795       3,316,622  

ElringKlinger AG

    65,638       525,352  

Encavis AG

    650,336       14,231,154  

Energiekontor AG

    10,784       1,058,397  

Evonik Industries AG

    1,085,090       23,144,630  

Evotec SE(a)

    747,430       19,419,128  

Fielmann AG

    38,215       1,544,736  

flatexDEGIRO AG(a)(b)

    354,880       3,609,561  

Fraport AG Frankfurt Airport Services Worldwide(a)

    191,637       8,764,064  

Freenet AG

    640,134       15,073,006  

Fresenius Medical Care AG & Co. KGaA

    1,065,687       39,508,718  

Fresenius SE & Co. KGaA

    2,165,229       55,405,950  

GEA Group AG

    794,803       29,668,078  

Gerresheimer AG(b)

    167,765       10,076,874  

GFT Technologies SE

    56,133       2,536,922  

Global Fashion Group SA(a)(b)

    513,853       762,465  
Security   Shares     Value  
Germany (continued)            

Grand City Properties SA

    512,241     $ 6,986,287  

GRENKE AG(b)

    147,062       3,861,563  

Hamborner REIT AG

    555,375       4,886,411  

Hamburger Hafen und Logistik AG

    162,031       2,258,269  

Hannover Rueck SE

    310,995       44,113,715  

HeidelbergCement AG

    743,854       37,889,691  

Heidelberger Druckmaschinen AG(a)(b)

    907,393       1,392,654  

HelloFresh SE(a)

    866,957       23,962,454  

Henkel AG & Co. KGaA

    535,708       33,778,957  

Hensoldt AG

    189,222       4,851,552  

HOCHTIEF AG

    126,444       6,786,829  

Hornbach Holding AG & Co. KGaA

    53,503       4,199,454  

Hugo Boss AG

    309,456       18,286,490  

Hypoport SE(a)

    24,038       4,996,339  

Indus Holding AG

    129,612       3,107,970  

Infineon Technologies AG

    6,801,818           186,536,223  

Instone Real Estate Group SE(b)(d)

    241,037       2,640,811  

Jenoptik AG

    312,141       7,560,159  

JOST Werke AG(d)

    20,903       869,003  

K+S AG, Registered

    994,135       20,962,553  

KION Group AG

    369,574       16,857,234  

Kloeckner & Co. SE

    459,952       4,507,813  

Knorr-Bremse AG

    374,064       22,285,068  

Krones AG

    89,008       7,755,277  

KWS Saat SE & Co. KGaA

    60,855       3,718,171  

LANXESS AG

    417,525       15,354,810  

LEG Immobilien SE

    382,230       34,723,780  

MBB SE(b)

    694       76,681  

Media and Games Invest SE(a)(b)

    294,370       718,440  

Medios AG(a)

    73,383       2,133,409  

Mercedes-Benz Group AG

    4,164,920       245,621,916  

Merck KGaA

    668,093       127,245,406  

METRO AG(a)

    723,292       5,878,266  

MLP SE

    600,016       3,507,768  

MorphoSys AG(a)(b)

    187,214       4,162,427  

MTU Aero Engines AG

    276,418       53,435,295  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    731,152       165,756,540  

Nagarro SE(a)

    42,278       4,958,259  

Nemetschek SE

    319,542       21,392,238  

Nordex SE(a)(b)

    659,256       6,405,795  

Norma Group SE

    195,185       3,641,366  

Northern Data AG(a)(b)

    25,881       632,820  

PATRIZIA AG(b)

    312,093       4,025,459  

Pfeiffer Vacuum Technology AG

    38,052       6,016,428  

PNE AG

    24,305       386,891  

ProSiebenSat.1 Media SE

    905,208       7,741,988  

Puma SE

    564,796       38,137,150  

PVA TePla AG(a)

    67,814       1,481,313  

QIAGEN NV(a)

    1,201,092       60,194,854  

Rational AG

    26,304       18,335,077  

Rheinmetall AG

    228,428       41,888,456  

RWE AG

    3,349,178       137,778,300  

Salzgitter AG(b)

    156,289       3,979,219  

SAP SE

    5,440,829       507,480,851  

Scout24 SE(d)

    430,745       24,625,037  

Secunet Security Networks AG

    8,569       2,478,689  

SGL Carbon SE(a)

    413,347       3,130,795  

Siemens AG, Registered

    3,978,366       443,762,704  

Siemens Healthineers AG(d)

    1,482,121       75,949,256  

 

 

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

  21


Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Germany (continued)            

Siltronic AG

    91,777     $ 7,451,225  

Sirius Real Estate Ltd.

    5,419,066       6,307,746  

Sixt SE

    80,094       9,778,010  

SMA Solar Technology AG(a)(b)

    79,106       4,316,209  

Software AG(b)

    282,487       7,631,806  

Stabilus SE

    141,646       7,982,882  

Steico SE

    28,476       2,327,212  

Stratec SE

    40,226       3,710,589  

Stroeer SE & Co. KGaA

    203,808       8,914,107  

Suedzucker AG

    409,740       5,780,349  

Symrise AG

    688,575       80,346,789  

Synlab AG

    391,163       7,406,714  

TAG Immobilien AG

    907,502       10,049,917  

Takkt AG

    197,088       2,687,516  

TeamViewer AG(a)(d)

    799,881       8,328,100  

Telefonica Deutschland Holding AG

    5,396,636       14,347,654  

thyssenkrupp AG(a)

    2,417,180       14,928,689  

Tonies SE, Class A(a)(b)

    211,726       1,081,972  

TUI AG(a)(b)

    5,404,989       8,733,592  

Uniper SE(b)

    493,596       3,297,910  

United Internet AG, Registered

    504,886       13,299,288  

Varta AG(b)

    101,310       8,247,081  

VERBIO Vereinigte BioEnergie AG

    116,252       7,214,407  

Vitesco Technologies Group AG(a)

    103,257       5,616,055  

Volkswagen AG

    155,842       30,867,251  

Vonovia SE

    3,635,036       121,118,644  

Vossloh AG(b)

    67,761       2,418,383  

Wacker Neuson SE

    200,336       3,854,635  

Zalando SE(a)(b)(d)

    1,169,470       32,924,227  

Zeal Network SE(b)

    64,623       2,067,300  
   

 

 

 
          5,874,341,787  
Hong Kong — 2.9%            

AIA Group Ltd.

    63,134,000       634,284,792  

Apollo Future Mobility Group Ltd.(a)(b)

    8,772,000       352,199  

ASMPT Ltd.

    1,590,400       12,671,724  

Atlas Corp.

    465,437       5,436,304  

Bank of East Asia Ltd. (The)

    7,105,000       9,030,186  

BOC Hong Kong Holdings Ltd.

    19,485,500       70,485,184  

Brightoil Petroleum Holdings Ltd.(c)

    6,240,000       8  

Budweiser Brewing Co. APAC Ltd.(b)(d)

    9,121,400       25,256,563  

Cafe de Coral Holdings Ltd.

    1,612,000       2,459,862  

Champion REIT

    14,925,000       6,582,596  

Chinese Estates Holdings Ltd.(a)

    567,500       156,197  

Chow Sang Sang Holdings International Ltd.

    1,001,000       1,034,779  

Chow Tai Fook Jewellery Group Ltd.(b)

    10,446,800       20,661,238  

CITIC Telecom International Holdings Ltd.

    12,488,000       4,164,617  

CK Asset Holdings Ltd.

    10,346,516       73,250,510  

CK Hutchison Holdings Ltd.

    13,913,516       92,292,202  

CK Infrastructure Holdings Ltd.

    3,325,000       20,850,321  

CK Life Sciences International Holdings Inc.(b)

    14,682,000       1,499,029  

CLP Holdings Ltd.

    8,492,500       72,012,744  

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

    3,180,000       1,620,417  

Comba Telecom Systems Holdings
Ltd.(a)(b)

    9,912,000       1,791,862  

Cowell e Holdings Inc.(a)

    1,200,000       2,107,897  

Dah Sing Banking Group Ltd.

    3,150,800       2,403,193  

Dah Sing Financial Holdings Ltd.

    812,800       2,134,454  

EC Healthcare(b)

    2,212,000       1,901,495  

E-Commodities Holdings Ltd.(b)

    6,706,000       1,532,463  

ESR Group Ltd.(a)(d)

    10,510,800       27,332,559  

Far East Consortium International Ltd.

    6,976,000       2,250,421  
Security   Shares     Value  
Hong Kong (continued)            

First Pacific Co. Ltd.

    14,170,250     $ 5,654,498  

Fortune REIT

    7,233,000       6,176,554  

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

    1,265,600       1,808,336  

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

    316,115       13,150,384  

Galaxy Entertainment Group Ltd.

    11,381,000       67,706,397  

Guotai Junan International Holdings Ltd.

    24,856,000       2,504,199  

Haitong International Securities Group Ltd.(b)

    18,518,299       2,216,772  

Hang Lung Group Ltd.

    5,390,000       9,721,546  

Hang Lung Properties Ltd.

    10,467,000       19,096,981  

Hang Seng Bank Ltd.(b)

    4,060,400       65,496,750  

Health and Happiness H&H International Holdings Ltd.

    1,074,500       1,292,104  

Henderson Land Development Co. Ltd.

    7,461,570       25,974,811  

HK Electric Investments & HK Electric Investments Ltd., Class SS

    14,437,000       13,057,835  

HKBN Ltd.

    4,960,500       5,510,333  

HKT Trust & HKT Ltd., Class SS

    19,976,200       27,988,957  

Hong Kong & China Gas Co. Ltd.

    58,591,864       61,880,753  

Hong Kong Exchanges & Clearing Ltd.

    6,394,800           293,460,148  

Hong Kong Technology Venture Co. Ltd.(b)

    2,927,000       1,824,674  

Hongkong Land Holdings Ltd.

    5,987,800       31,124,944  

Hsin Chong Group Holdings Ltd.(a)(c)

    7,490,000       10  

Hutchison Telecommunications Hong Kong Holdings Ltd.

    12,936,000       2,338,499  

Hysan Development Co. Ltd.

    2,920,000       8,951,514  

IGG Inc.

    4,249,000       1,704,059  

Jardine Matheson Holdings Ltd.

    1,115,700       58,926,604  

Johnson Electric Holdings Ltd.

    2,065,750       2,641,520  

K Wah International Holdings Ltd.

    299,000       111,170  

Kerry Logistics Network Ltd.

    2,467,387       4,952,860  

Kerry Properties Ltd.

    3,027,000       7,280,346  

Lifestyle International Holdings Ltd.(a)

    3,287,000       1,128,389  

Link REIT

    11,033,500       92,398,160  

LK Technology Holdings Ltd.

    2,717,500       4,747,600  

Luk Fook Holdings International Ltd.

    1,498,000       3,657,562  

Man Wah Holdings Ltd.

    9,266,400       7,253,751  

MECOM Power and Construction Ltd.

    3,726,000       1,082,216  

Melco International Development Ltd.(a)(b)

    4,893,000       3,318,425  

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

    1,122,029       5,778,449  

MGM China Holdings Ltd.(a)

    4,278,800       2,297,121  

MTR Corp. Ltd.

    7,999,000       42,358,740  

New World Development Co. Ltd.

    7,826,000       26,169,337  

Nissin Foods Co. Ltd.

    55,000       39,987  

NWS Holdings Ltd.

    8,054,166       7,988,202  

Pacific Basin Shipping Ltd.

    27,178,000       12,997,492  

Pacific Textiles Holdings Ltd.

    5,169,000       2,055,463  

PAX Global Technology Ltd.

    2,208,000       2,065,837  

PCCW Ltd.

    23,285,000       12,462,312  

Perfect Medical Health Management Ltd.

    1,615,000       758,978  

Power Assets Holdings Ltd.

    7,378,000       48,309,260  

Prosperity REIT

    8,620,000       2,635,448  

Realord Group Holdings Ltd.(a)(b)

    2,398,000       3,009,075  

Sa Sa International Holdings Ltd.(a)(b)

    9,204,000       1,523,795  

Sands China Ltd.(a)

    12,452,000       29,206,663  

Shangri-La Asia Ltd.(a)

    8,958,000       7,306,511  

Shun Tak Holdings Ltd.(a)

    10,386,000       1,947,006  

Sino Land Co. Ltd.

    16,676,000       24,777,818  

SITC International Holdings Co. Ltd.

    7,250,000       24,685,709  

SJM Holdings Ltd.(a)(b)

    10,957,000       4,470,325  

SmarTone Telecommunications Holdings Ltd.

    2,217,000       1,157,401  

 

 

22  

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


Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Hong Kong (continued)            

Stella International Holdings Ltd.

    455,000     $ 443,413  

Sun Hung Kai & Co. Ltd.

    1,041,000       479,989  

Sun Hung Kai Properties Ltd.

    7,507,500       89,618,007  

SUNeVision Holdings Ltd.

    1,797,000       1,175,267  

Sunlight REIT

    2,582,000       1,233,455  

Swire Pacific Ltd., Class A

    2,721,000       15,496,422  

Swire Properties Ltd.

    5,969,000       14,222,514  

Techtronic Industries Co. Ltd.

    7,164,000       79,496,193  

Texhong Textile Group Ltd.

    1,247,500       1,160,995  

Theme International Holdings Ltd.(a)(b)

    24,500,000       3,220,062  

United Energy Group Ltd.

    40,810,000       4,689,300  

United Laboratories International Holdings Ltd. (The)

    4,430,000       2,337,001  

Value Partners Group Ltd.(b)

    7,726,000       2,565,706  

Vesync Co. Ltd.

    785,000       503,129  

Vitasoy International Holdings Ltd.

    4,276,000       6,443,487  

Vobile Group Ltd.(a)(b)

    8,315,000       4,251,157  

VSTECS Holdings Ltd.

    2,100,000       1,603,914  

VTech Holdings Ltd.

    895,800       6,106,707  

WH Group Ltd.(d)

    43,543,000       32,976,721  

Wharf Real Estate Investment Co. Ltd.(b)

    8,694,000       38,698,795  

Wynn Macau Ltd.(a)

    8,241,600       5,419,871  

Xinyi Glass Holdings Ltd.

    9,590,000       18,914,674  

Yue Yuen Industrial Holdings Ltd.

    4,004,000       5,325,133  

Zensun Enterprises Ltd.(b)

    2,745,999       839,552  
   

 

 

 
          2,552,917,870  
Ireland — 0.6%            

AIB Group PLC

    4,220,908       9,601,077  

Bank of Ireland Group PLC

    5,282,731       30,258,208  

C&C Group PLC(a)

    2,230,449       5,390,825  

Cairn Homes PLC(a)

    3,659,046       4,061,343  

CRH PLC

    3,971,260       152,393,690  

Dalata Hotel Group PLC(a)

    1,187,731       4,376,410  

Flutter Entertainment PLC, Class DI(a)

    863,549       86,699,808  

Glanbia PLC

    960,721       11,291,903  

Glenveagh Properties PLC(a)(d)

    1,786,722       1,983,103  

Grafton Group PLC

    1,266,136       13,096,231  

Greencore Group PLC(a)

    2,869,967       3,516,016  

Irish Residential Properties REIT PLC

    1,557,963       2,155,995  

James Hardie Industries PLC

    2,325,852       57,440,885  

Kerry Group PLC, Class A

    823,648       86,936,964  

Kingspan Group PLC

    794,575       51,431,311  

Origin Enterprises PLC

    680,483       2,762,533  

Smurfit Kappa Group PLC

    1,269,058       46,000,050  

Uniphar PLC(a)

    708,275       2,341,791  
   

 

 

 
      571,738,143  
Israel — 1.1%            

AFI Properties Ltd.(b)

    62,884       3,289,408  

Africa Israel Residences Ltd.(b)

    32,678       1,884,150  

Airport City Ltd.(a)

    492,325       9,517,907  

Alony Hetz Properties & Investments Ltd.

    945,622       13,799,664  

Altshuler Shaham Penn Ltd.(b)

    421,184       1,221,044  

Amot Investments Ltd.

    1,033,566       7,085,999  

Arad Investment & Industrial Development Ltd.(b)

    16,675       2,040,800  

Ashtrom Group Ltd.(b)

    110,906       2,584,706  

AudioCodes Ltd.(b)

    126,375       3,098,335  

Azorim-Investment Development & Construction Co. Ltd.

    57,531       219,739  

Azrieli Group Ltd.

    227,016       18,196,909  

Bank Hapoalim BM

    6,286,668       58,591,770  
Security   Shares     Value  
Israel (continued)            

Bank Leumi Le-Israel BM

    8,055,618     $ 78,329,678  

Bezeq The Israeli Telecommunication Corp. Ltd.

    11,308,410       19,361,632  

Big Shopping Centers Ltd.

    36,404       4,849,014  

Blue Square Real Estate Ltd.(b)

    1,909       148,865  

Camtek Ltd./Israel(a)(b)

    146,599       4,326,435  

Cellcom Israel Ltd.(a)(b)

    522,784       2,867,315  

Cellebrite DI Ltd.(a)(b)

    12,133       61,272  

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

    543,891       67,768,819  

Clal Insurance Enterprises Holdings Ltd.(a)

    352,271       6,891,025  

Cognyte Software Ltd.(a)(b)

    331,498       1,495,056  

CyberArk Software Ltd.(a)(b)

    210,715           27,420,343  

Danel Adir Yeoshua Ltd.

    29,549       3,747,698  

Danya Cebus Ltd.

    41,043       1,056,416  

Delek Automotive Systems Ltd.

    271,723       3,419,467  

Delek Group Ltd.(a)

    45,329       6,882,624  

Delta Galil Industries Ltd.

    37,815       1,847,795  

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

    346,957       1,213,512  

Elbit Systems Ltd.

    138,297       31,909,733  

Elco Ltd.

    15,874       1,101,478  

Electra Consumer Products 1970 Ltd.(b)

    69,806       3,284,955  

Electra Ltd./Israel

    9,695       5,810,236  

Electra Real Estate Ltd.

    50,656       836,254  

Electreon Wireless Ltd.(a)(b)

    22,913       554,933  

Energix-Renewable Energies Ltd.

    1,173,081       4,754,730  

Enlight Renewable Energy Ltd.(a)(b)

    4,796,488       10,927,020  

Equital Ltd.(a)

    4,140       146,802  

Fattal Holdings 1998 Ltd.(a)

    28,916       3,381,745  

FIBI Holdings Ltd.

    11,872       552,063  

First International Bank Of Israel Ltd. (The)

    455,651       19,264,953  

Fiverr International Ltd.(a)

    171,290       5,494,983  

Formula Systems 1985 Ltd.

    42,763       4,448,769  

Fox Wizel Ltd.(b)

    45,537       5,789,786  

G City Ltd.

    756,996       4,673,067  

Gav-Yam Lands Corp. Ltd.

          4  

Gilat Satellite Networks Ltd.(a)(b)

    129,301       873,085  

Harel Insurance Investments & Financial Services Ltd.

    951,243       9,726,575  

Hilan Ltd.

    33,462       1,949,712  

ICL Group Ltd.

    3,725,118       33,944,827  

Inmode Ltd.(a)(b)

    390,852       12,991,920  

Isracard Ltd.

    500,179       1,563,610  

Israel Canada T.R Ltd.(b)

    732,273       2,828,327  

Israel Corp. Ltd.(a)

    27,511       12,252,710  

Israel Discount Bank Ltd., Class A

    6,654,886       37,838,740  

Israel Land Development - Urban Renewal Ltd.

    85,025       1,358,801  

Isras Investment Co. Ltd.

    9,475       1,875,171  

Ituran Location and Control Ltd.(b)

    151,151       3,839,235  

Kornit Digital Ltd.(a)(b)

    261,334       7,110,898  

M Yochananof & Sons Ltd.

    2,277       131,217  

Magic Software Enterprises Ltd.

    134,036       2,682,294  

Malam - Team Ltd.(b)

    4,606       103,295  

Matrix IT Ltd.(b)

    174,206       4,427,096  

Maytronics Ltd.(b)

    199,659       2,630,963  

Mega Or Holdings Ltd.

    98,492       3,300,302  

Melisron Ltd.(a)

    154,516       11,691,443  

Menora Mivtachim Holdings Ltd.(a)

    26,826       536,936  

Migdal Insurance & Financial Holdings Ltd.

    3,635,543       5,678,257  

Mivne Real Estate KD Ltd.(b)

    3,241,680       11,009,857  

Mizrahi Tefahot Bank Ltd.

    863,883       32,115,748  

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

    1,302,062       4,283,784  

 

 

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

  23


Schedule of Investments (continued)

July 31, 2022

  

iShares® Core MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Israel (continued)            

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

    203,167     $ 2,446,131  

Nayax Ltd.(a)

    72,183       194,357  

Neto Malinda Trading Ltd.(a)(b)

    59,404       2,241,668  

Nice Ltd.(a)

    332,668       71,023,723  

Nova Ltd.(a)

    139,318       14,796,042  

Oil Refineries Ltd.

    14,733,268       5,552,207  

One Software Technologies Ltd.(b)

    198,300       3,256,877  

OPC Energy Ltd.(a)(b)

    310,499       3,591,038  

OY Nofar Energy Ltd.(a)(b)

    79,502       2,337,032  

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

    767,305       6,124,092  

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

    66,550       8,207,808  

Perion Network Ltd.(a)(b)

    132,177       2,549,722  

Phoenix Holdings Ltd. (The)

    688,504       7,357,087  

Plus500 Ltd.

    570,953       11,587,756  

Prashkovsky Investments and Construction Ltd.

    8,368       270,894  

Property & Building Corp. Ltd.(a)(b)

    7,376       707,990  

RADA Electronic Industries Ltd.(a)(b)

    218,087       2,207,040  

Radware Ltd.(a)

    313,818       7,258,610  

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(b)

    73,475       5,748,447  

Reit 1 Ltd.

    902,345       5,228,760  

Retailors Ltd.(b)

    15,743       355,904  

Sapiens International Corp. NV

    153,870       4,035,729  

Sella Capital Real Estate Ltd.

    1,083,598       3,213,920  

Shapir Engineering and Industry Ltd.

    699,778       6,231,258  

Shikun & Binui Ltd.(a)(b)

    1,660,547       7,827,110  

Shufersal Ltd.(b)

    1,445,497       9,445,162  

SimilarWeb Ltd.(a)(b)

    98,566       821,055  

Sisram Medical Ltd.(b)(d)

    250,000       355,478  

Strauss Group Ltd.

    332,447       8,833,560  

Summit Real Estate Holdings Ltd.(b)

    93,775       1,708,729  

Taboola.com Ltd.(a)

    82,489       216,121  

Tadiran Group Ltd.(b)

    19,338       2,991,927  

Taro Pharmaceutical Industries Ltd.(a)(b)

    48,633       1,735,712  

Teva Pharmaceutical Industries Ltd., ADR(a)

    5,693,988       53,409,607  

Tower Semiconductor Ltd.(a)(b)

    606,998       28,934,348  

Tremor International Ltd.(a)(b)

    467,340       2,455,178  

Wix.com Ltd.(a)(b)

    300,922       17,853,702  

YH Dimri Construction & Development
Ltd.(b)

    4,220       352,069  

ZIM Integrated Shipping Services Ltd.

    431,756       21,510,084  
   

 

 

 
          997,867,645  
Italy — 2.1%            

A2A SpA

    8,035,575       10,357,034  

ACEA SpA

    321,461       4,642,098  

Amplifon SpA

    645,433       21,343,263  

Anima Holding SpA(d)

    1,843,058       6,470,680  

Antares Vision SpA(a)

    142,978       1,529,752  

Ascopiave SpA

    309,593       879,804  

Assicurazioni Generali SpA

    5,737,286       85,770,387  

Atlantia SpA

    2,572,548       59,453,220  

Autogrill SpA(a)

    1,135,804       7,410,246  

Azimut Holding SpA

    604,803       10,579,894  

Banca Generali SpA(b)

    389,872       11,342,775  

Banca IFIS SpA

    173,417       2,333,266  

Banca Mediolanum SpA

    1,167,945       7,734,599  

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

    705,325       299,120  

Banca Popolare di Sondrio SPA

    2,703,716       8,972,473  

Banco BPM SpA

    7,620,635       19,738,003  

BFF Bank SpA(d)

    783,851       5,507,281  

Biesse SpA(b)

    32,573       464,506