LOGO

  JANUARY 31, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

·  iShares MSCI ACWI ETF | ACWI | NASDAQ

·  iShares MSCI ACWI Low Carbon Target ETF | CRBN | NYSE Arca

·  iShares MSCI All Country Asia ex Japan ETF | AAXJ | NASDAQ

·  iShares MSCI Europe Financials ETF | EUFN | NASDAQ

·  iShares MSCI Europe Small-Cap ETF | IEUS | NASDAQ

·  iShares MSCI Kokusai ETF | TOK | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, 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 significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, 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 January 31, 2022
     
      6-Month     12-Month 
 

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

  3.44%   23.29%
 

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

  (8.41)     (1.21)  
 

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

  (3.43)     7.03  
 

Emerging market equities (MSCI Emerging Markets Index)

  (4.59)     (7.23)  
 

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

  0.01     0.04  
 

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

  (3.87)     (4.43)  
 

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

  (3.17)     (2.97)  
 

Tax-exempt municipal bonds (S&P Municipal Bond Index)

  (2.56)     (1.22)  
 

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

  (1.55)     2.05  
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  

Fund Summary

     4  

About Fund Performance

     10  

Shareholder Expenses

     10  

Schedules of Investments

     11  

Financial Statements:

  

Statements of Assets and Liabilities

     89  

Statements of Operations

     91  

Statements of Changes in Net Assets

     93  

Financial Highlights

     96  

Notes to Financial Statements

     102  

Statement Regarding Liquidity Risk Management Program

     114  

Supplemental Information

     115  

General Information

     116  

Glossary of Terms Used in this Report

     117  

 

 

  3


Fund Summary as of January 31,  2022    iShares® MSCI ACWI ETF

 

Investment Objective

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

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
     6 Months     1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    0.08     13.60     12.90     10.87     13.60     83.45     180.65

Fund Market

    (0.08     13.63       12.86       10.87       13.63       83.14       180.71  

Index

    (0.32     13.23       12.64       10.66       13.23       81.34       175.42  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Annualized

Expense

Ratio

 

 

 

  $      1,000.00       $      1,000.80        $        1.61       $      1,000.00        $      1,023.60        $        1.63       0.32

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    22.8

Financials

    14.7  

Consumer Discretionary

    12.1  

Health Care

    11.4  

Industrials

    9.4  

Communication Services

    8.5  

Consumer Staples

    6.9  

Materials

    4.8  

Energy

    4.0  

Utilities

    2.7  

Real Estate

    2.7  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    60.0

Japan

    5.5  

China

    3.8  

United Kingdom

    3.7  

Canada

    3.1  

France

    2.9  

Switzerland

    2.5  

Germany

    2.2  

Australia

    1.9  

Taiwan

    1.8  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of January 31, 2022    iShares® MSCI ACWI Low Carbon Target ETF

 

Investment Objective

The iShares MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market, as represented by the MSCI ACWI Low Carbon Target Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
     6 Months     1 Year     5 Years    

Since

Inception

    1 Year     5 Years    

Since

Inception

 

Fund NAV

    (0.09 )%      13.54     12.98     10.10     13.54     84.05     99.03

Fund Market

    (0.14     13.47       12.93       10.11       13.47       83.70       99.16  

Index

    (0.58     12.89       12.67       9.77       12.89       81.54       94.69  

The inception date of the Fund was 12/8/14. The first day of secondary market trading was 12/9/14.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Annualized

Expense

Ratio

 

 

 

  $      1,000.00       $       999.10        $        1.01       $      1,000.00        $      1,024.20        $        1.02       0.20

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    23.0

Financials

    16.2  

Consumer Discretionary

    11.9  

Health Care

    11.4  

Industrials

    10.2  

Communication Services

    8.6  

Consumer Staples

    7.5  

Materials

    3.6  

Real Estate

    2.8  

Energy

    2.8  

Utilities

    2.0  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    59.8

Japan

    5.6  

China

    3.9  

United Kingdom

    3.7  

Canada

    3.6  

France

    2.6  

Switzerland

    2.5  

Germany

    2.0  

Taiwan

    1.9  

Australia

    1.6  

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of January 31, 2022    iShares® MSCI All Country Asia ex Japan ETF

 

Investment Objective

The iShares MSCI All Country Asia ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities, excluding Japan, as represented by the MSCI AC Asia ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns         Cumulative Total Returns  
     6 Months     1 Year     5 Years     10 Years          1 Year     5 Years     10 Years  

Fund NAV

    (5.19 )%      (10.74 )%      8.78     5.97       (10.74 )%      52.31     78.61

Fund Market

    (5.26     (10.80     8.72       6.00         (10.80     51.92       79.02  

Index

    (6.20     (11.29     9.28       6.58           (11.29     55.86       89.18  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Annualized

Expense

Ratio

 

 

 

  $      1,000.00       $       948.10        $        3.39       $      1,000.00        $      1,021.70        $        3.52       0.69

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    25.1

Financials

    19.7  

Consumer Discretionary

    14.7  

Communication Services

    10.6  

Industrials

    6.1  

Materials

    5.1  

Consumer Staples

    5.0  

Real Estate

    3.9  

Health Care

    3.9  

Energy

    3.1  

Utilities

    2.8  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

China

    37.3

Taiwan

    18.3  

India

    14.3  

South Korea

    13.6  

Hong Kong

    7.3  

Singapore

    3.0  

Thailand

    2.0  

Indonesia

    1.7  

Malaysia

    1.6  

Philippines

    0.9  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of January 31, 2022    iShares® MSCI Europe Financials ETF

 

Investment Objective

The iShares MSCI Europe Financials ETF (the “Fund”) seeks to track the investment results of an index composed of developed market European equities in the financials sector, as represented by the MSCI Europe Financials Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns         Cumulative Total Returns  
     6 Months     1 Year     5 Years     10 Years          1 Year     5 Years     10 Years  

Fund NAV

    8.15     27.95     5.19     5.87       27.95     28.82     76.88

Fund Market

    7.87       28.78       5.09       5.78         28.78       28.17       75.46  

Index

    7.09       26.80       5.11       5.94           26.80       28.33       78.03  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a)  

   

Annualized

Expense

Ratio

 

 

 

  $      1,000.00       $      1,081.50        $        2.52       $      1,000.00        $      1,022.80        $        2.45       0.48

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Banks

    46.8

Insurance

    30.7  

Capital Markets

    16.4  

Diversified Financial Services

    6.1  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United Kingdom

    25.5

Switzerland

    14.5  

Germany

    12.6  

France

    11.1  

Sweden

    7.4  

Italy

    7.0  

Spain

    6.3  

Netherlands

    5.8  

Finland

    3.4  

Belgium

    2.6  
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of January 31, 2022    iShares® MSCI Europe Small-Cap ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (8.12 )%       6.83      10.40     9.76       6.83      63.99      153.77

Fund Market

    (8.17      7.17        10.31       9.78         7.17        63.36        154.12  

Index

    (8.82      6.11        10.32       9.65               6.11        63.42        151.25  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(08/01/21)

 

 

 

      

Ending

Account Value

(01/31/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

           

Beginning

Account Value

(08/01/21)

 

 

 

      

Ending

Account Value

(01/31/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $       1,000.00          $         918.80          $        1.93               $       1,000.00          $        1,023.20          $         2.04          0.40

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   
Sector    
Percent of
Total Investments
 
(a) 

Industrials

    25.7

Financials

    13.9  

Consumer Discretionary

    11.4  

Real Estate

    10.7  

Information Technology

    9.2  

Health Care

    7.3  

Materials

    7.0  

Communication Services

    5.2  

Consumer Staples

    4.4  

Utilities

    3.1  

Energy

    2.1  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United Kingdom

    31.1

Sweden

    12.2  

Germany

    9.6  

Switzerland

    8.9  

France

    6.3  

Italy

    5.2  

Netherlands

    4.9  

Norway

    4.3  

Spain

    3.7  

Belgium

    3.4  

 

 

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Fund Summary as of January 31, 2022    iShares® MSCI Kokusai ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    0.81      18.55      14.07     12.17        18.55      93.14      215.29

Fund Market

    0.49        18.83        13.98       12.06          18.83        92.38        212.12  

Index

    0.52        18.11        13.81       11.91                18.11        90.93        208.02  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 (a) 

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period

 

 

 (a) 

   

Annualized

Expense

Ratio

 

 

 

  $      1,000.00       $      1,008.10        $        1.27       $      1,000.00        $      1,023.90        $        1.28       0.25

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    23.5

Financials

    14.3  

Health Care

    12.5  

Consumer Discretionary

    11.3  

Industrials

    9.3  

Communication Services

    8.2  

Consumer Staples

    7.1  

Materials

    4.2  

Energy

    4.0  

Utilities

    2.9  

Real Estate

    2.7  

 

  (a) 

Excludes money market funds.

 
TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    72.4

United Kingdom

    4.5  

Canada

    3.7  

France

    3.4  

Switzerland

    3.1  

Germany

    2.7  

Australia

    2.3  

Netherlands

    1.7  

Sweden

    1.0  

Hong Kong

    0.9  

 

 

F U N D   S U M M A R Y

  9


About Fund Performance   

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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.

 

 

10  

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


Schedule of Investments (unaudited) 

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 1.9%            

Ampol Ltd.

    85,079     $ 1,802,229  

APA Group

    350,535       2,377,274  

Aristocrat Leisure Ltd.

    190,107       5,510,777  

ASX Ltd.

    60,930       3,613,668  

Aurizon Holdings Ltd.

    607,889       1,520,850  

AusNet Services Ltd.

    594,946       1,094,759  

Australia & New Zealand Banking Group Ltd.

    770,128       14,554,523  

BHP Group Ltd.(a)

    810,570       25,995,428  

BHP Group Ltd.

    605,378       19,108,630  

BlueScope Steel Ltd.

    194,129       2,544,419  

Brambles Ltd.

    470,650       3,233,388  

Cochlear Ltd.

    14,002       1,920,135  

Coles Group Ltd.

    385,506       4,428,963  

Commonwealth Bank of Australia

    487,219       32,492,506  

Computershare Ltd.

    126,397       1,752,065  

Crown Resorts Ltd.(b)

    104,194       897,746  

CSL Ltd.

    131,880           24,429,792  

Dexus

    356,367       2,594,320  

Domino’s Pizza Enterprises Ltd.

    17,400       1,283,480  

Endeavour Group Ltd./Australia

    361,574       1,615,011  

Evolution Mining Ltd.

    485,218       1,219,077  

Fortescue Metals Group Ltd.

    477,416       6,703,924  

Glencore PLC

    2,875,608       14,980,806  

Goodman Group

    465,397       7,684,507  

GPT Group (The)

    716,803       2,540,102  

IDP Education Ltd.

    60,374       1,261,959  

Insurance Australia Group Ltd.

    503,431       1,518,536  

James Hardie Industries PLC

    148,524       4,998,609  

Lendlease Corp. Ltd.

    198,683       1,405,989  

Macquarie Group Ltd.

    95,704       12,509,613  

Magellan Financial Group Ltd.

    33,052       439,787  

Medibank Pvt Ltd.

    950,705       2,083,252  

Mirvac Group

    1,444,266       2,676,462  

National Australia Bank Ltd.

    878,057       16,942,499  

Newcrest Mining Ltd.

    232,967       3,613,635  

Northern Star Resources Ltd.

    368,362       2,195,409  

Orica Ltd.

    151,869       1,504,648  

Origin Energy Ltd.

    552,351       2,210,232  

Qantas Airways Ltd.(b)

    259,589       888,481  

QBE Insurance Group Ltd.

    460,715       3,657,911  

Ramsay Health Care Ltd.

    34,742       1,550,049  

REA Group Ltd.

    10,307       1,067,772  

Reece Ltd.

    74,810       1,154,946  

Rio Tinto Ltd.

    79,405       6,313,148  

Rio Tinto PLC

    340,588       24,006,453  

Santos Ltd.

    981,998       5,002,034  

Scentre Group

    1,576,303       3,272,635  

SEEK Ltd.

    126,333       2,618,024  

Sonic Healthcare Ltd.

    105,317       2,836,219  

South32 Ltd.

    1,468,937       4,041,481  

Stockland

    791,837       2,282,413  

Suncorp Group Ltd.

    451,905       3,549,214  

Sydney Airport(b)

    404,047       2,483,321  

Tabcorp Holdings Ltd.

    467,836       1,643,779  

Telstra Corp. Ltd.

    1,229,318       3,417,406  

Transurban Group

    864,807       7,639,900  

Treasury Wine Estates Ltd.

    231,955       1,743,428  

Vicinity Centres

    1,245,890       1,444,371  

Security   Shares     Value  
Australia (continued)            

Washington H Soul Pattinson & Co. Ltd.

    58,281     $ 1,131,462  

Wesfarmers Ltd.

    305,275       11,390,577  

Westpac Banking Corp.

    979,533       14,127,736  

WiseTech Global Ltd.

    47,005       1,530,922  

Woodside Petroleum Ltd.

    222,511       3,976,050  

Woolworths Group Ltd.

    361,548       8,819,769  
   

 

 

 
      360,848,510  
Austria — 0.1%            

Erste Group Bank AG

    84,150       3,933,220  

OMV AG

    61,561       3,767,802  

Raiffeisen Bank International AG

    16,529       464,585  

Verbund AG

    14,232       1,507,313  

voestalpine AG

    38,209       1,270,263  
   

 

 

 
      10,943,183  
Belgium — 0.2%            

Ageas SA/NV

    52,735       2,538,375  

Anheuser-Busch InBev SA/NV

    205,641       12,963,835  

Elia Group SA/NV

    7,053       951,765  

Etablissements Franz Colruyt NV

    12,446       505,553  

Groupe Bruxelles Lambert SA

    46,157       4,952,780  

KBC Group NV

    68,907       5,992,797  

Proximus SADP

    27,221       555,868  

Sofina SA

    2,793       1,112,027  

Solvay SA

    11,314       1,363,215  

UCB SA

    35,965       3,578,705  

Umicore SA

    59,638       2,257,635  
   

 

 

 
          36,772,555  
Brazil — 0.4%            

Ambev SA

    1,287,185       3,628,775  

Americanas SA(b)

    157,546       940,808  

Atacadao SA

    94,443       296,485  

B3 SA - Brasil, Bolsa, Balcao

    1,801,896       4,961,059  

Banco Bradesco SA

    82,643       292,591  

Banco BTG Pactual SA

    407,368       1,854,218  

Banco do Brasil SA

    231,684       1,424,983  

Banco Inter SA

    109,136       533,955  

Banco Santander Brasil SA

    29,400       181,989  

BB Seguridade Participacoes SA

    152,100       662,811  

BRF SA(b)

    192,922       811,274  

CCR SA

    475,456       1,163,995  

Centrais Eletricas Brasileiras SA

    149,332       992,435  

Cia. de Saneamento Basico do Estado de Sao Paulo

    110,000       773,921  

Cia. Siderurgica Nacional SA

    191,583       921,457  

Cosan SA

    334,304       1,496,470  

Energisa SA

    10,000       82,202  

Engie Brasil Energia SA

    25,800       197,748  

Equatorial Energia SA

    266,300       1,151,438  

Hapvida Participacoes e Investimentos SA(c)

    370,090       882,345  

Hypera SA

    187,063       1,095,936  

JBS SA

    290,961       1,922,717  

Klabin SA

    218,081       1,021,799  

Localiza Rent a Car SA

    152,985       1,688,277  

Lojas Renner SA

    214,375       1,135,238  

Magazine Luiza SA

    796,400       1,049,848  

Natura & Co. Holding SA(b)

    293,123       1,253,063  

Notre Dame Intermedica Participacoes SA

    142,894       1,915,981  

Petroleo Brasileiro SA

    766,796       5,093,105  

Raia Drogasil SA

    298,903       1,303,665  

Rumo SA(b)

    406,988       1,197,181  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Brazil (continued)            

Suzano SA

    206,795     $ 2,305,468  

Telefonica Brasil SA

    176,398       1,650,337  

TIM SA

    335,031       837,246  

Ultrapar Participacoes SA

    234,821       668,188  

Vale SA

    1,101,000       16,767,645  

Vibra Energia SA

    296,382       1,278,158  

WEG SA

    445,454       2,697,840  
   

 

 

 
          68,132,651  
Canada — 3.1%            

Agnico Eagle Mines Ltd.

    69,513       3,319,934  

Air Canada(a)(b)

    52,213       938,984  

Algonquin Power & Utilities Corp.

    79,222       1,131,164  

Alimentation Couche-Tard Inc.

    243,726       9,830,336  

AltaGas Ltd.

    67,237       1,381,079  

Ballard Power Systems Inc.(a)(b)

    83,724       873,367  

Bank of Montreal

    185,997       21,052,786  

Bank of Nova Scotia (The)

    330,737       23,822,743  

Barrick Gold Corp.

    476,694       9,123,994  

Bausch Health Cos Inc.(b)

    96,036       2,360,953  

BCE Inc.

    53,571       2,798,344  

BlackBerry Ltd.(a)(b)

    137,460       1,131,127  

Brookfield Asset Management Inc., Class A

    392,153       21,595,178  

Brookfield Renewable Corp., Class A

    31,800       1,087,977  

CAE Inc.(b)

    68,870       1,739,155  

Cameco Corp.

    124,419       2,418,592  

Canadian Apartment Properties REIT

    29,934       1,316,611  

Canadian Imperial Bank of Commerce

    128,002       16,073,382  

Canadian National Railway Co.

    195,292       23,802,533  

Canadian Natural Resources Ltd.

    345,548       17,577,102  

Canadian Pacific Railway Ltd.

    261,451       18,704,601  

Canadian Tire Corp. Ltd., Class A, NVS

    18,326       2,645,927  

Canadian Utilities Ltd., Class A, NVS

    91,400       2,655,392  

Canopy Growth Corp.(a)(b)

    76,420       614,414  

CCL Industries Inc., Class B, NVS

    60,996       3,189,076  

Cenovus Energy Inc.

    367,279       5,342,398  

CGI Inc.(b)

    52,567       4,488,138  

Constellation Software Inc.

    6,237       10,742,222  

Dollarama Inc.

    89,128       4,598,911  

Emera Inc.

    39,917       1,891,359  

Empire Co. Ltd., Class A, NVS

    33,415       1,030,985  

Enbridge Inc.

    566,866       23,965,212  

Fairfax Financial Holdings Ltd.

    8,611       4,157,992  

First Quantum Minerals Ltd.

    177,117       4,362,611  

FirstService Corp.

    9,801       1,562,809  

Fortis Inc.

    108,002       5,130,127  

Franco-Nevada Corp.

    54,321       7,182,260  

George Weston Ltd.

    15,637       1,705,228  

GFL Environmental Inc.

    50,650       1,663,961  

Gildan Activewear Inc.

    65,879       2,622,411  

Great-West Lifeco Inc.

    50,422       1,575,154  

Hydro One Ltd.(c)

    58,036       1,499,353  

iA Financial Corp. Inc.

    21,307       1,386,384  

Imperial Oil Ltd.

    84,898       3,473,662  

Intact Financial Corp.

    33,299       4,511,731  

Ivanhoe Mines Ltd., Class A(b)

    163,764       1,402,974  

Keyera Corp.

    53,345       1,255,201  

Kinross Gold Corp.

    433,327       2,341,940  

Kirkland Lake Gold Ltd.

    65,596       2,470,783  

Lightspeed Commerce Inc.(b)

    33,620       1,091,265  

Loblaw Companies Ltd.

    40,839       3,150,754  

Security   Shares     Value  
Canada (continued)            

Lundin Mining Corp.

    117,912     $ 982,329  

Magna International Inc.

    83,132       6,697,516  

Manulife Financial Corp.

    550,315       11,459,574  

Metro Inc.

    55,150       2,949,808  

National Bank of Canada

    77,654       6,212,809  

Nutrien Ltd.

    163,360       11,409,433  

Nuvei Corp.(b)(c)

    17,998       1,096,885  

Onex Corp.

    17,206       1,235,952  

Open Text Corp.

    98,404       4,709,829  

Pan American Silver Corp.

    64,885       1,404,229  

Parkland Corp.

    46,850       1,245,746  

Pembina Pipeline Corp.

    167,885       5,330,479  

Power Corp. of Canada

    198,832       6,391,280  

Quebecor Inc., Class B

    33,521       792,700  

Restaurant Brands International Inc.

    79,700       4,457,908  

RioCan REIT

    19,664       342,339  

Ritchie Bros Auctioneers Inc.

    31,110       1,896,238  

Rogers Communications Inc., Class B, NVS

    107,741       5,464,392  

Royal Bank of Canada

    396,119       45,163,456  

Saputo Inc.

    107,198       2,402,605  

Shaw Communications Inc., Class B, NVS

    133,719       3,985,850  

Shopify Inc., Class A(b)

    31,703       30,600,634  

Sun Life Financial Inc.

    164,372       9,309,004  

Suncor Energy Inc.

    432,463       12,356,572  

TC Energy Corp.

    263,646       13,614,226  

Teck Resources Ltd., Class B

    141,733       4,377,483  

TELUS Corp.

    199,435       4,692,680  

TFI International Inc.

    22,204       2,137,167  

Thomson Reuters Corp.

    54,600       5,861,398  

TMX Group Ltd.

    15,578       1,584,700  

Toronto-Dominion Bank (The)

    509,838       40,834,368  

Tourmaline Oil Corp.

    84,341       3,006,989  

Waste Connections Inc.

    72,884       9,088,635  

West Fraser Timber Co. Ltd.

    24,111       2,231,759  

Wheaton Precious Metals Corp.

    133,163       5,368,842  

WSP Global Inc.

    25,825       3,443,604  
   

 

 

 
          569,929,994  
Chile — 0.0%            

Banco de Chile

    10,926,568       1,092,624  

Banco de Credito e Inversiones SA

    27,269       987,674  

Banco Santander Chile

    20,117,998       999,561  

Cia. Cervecerias Unidas SA

    107,516       891,062  

Empresas CMPC SA

    347,634       638,069  

Empresas COPEC SA

    142,808       1,198,501  

Enel Americas SA

    8,787,673       1,036,117  

Enel Chile SA

    9,195,982       360,271  

Falabella SA

    183,898       654,544  
   

 

 

 
      7,858,423  
China — 3.7%            

Yankuang Energy Group Co. Ltd., Class H(a)

    576,000       1,220,341  

360 DigiTech Inc.

    26,857       531,500  

3SBio Inc.(b)(c)

    358,500       283,858  

51job Inc., ADR(b)

    11,886       599,054  

AAC Technologies Holdings Inc.(a)

    193,000       586,020  

Agile Group Holdings Ltd.

    228,000       120,862  

Agora Inc., ADR(b)

    17,308       197,830  

Agricultural Bank of China Ltd., Class A

    5,287,900       2,464,949  

Agricultural Bank of China Ltd., Class H

    3,839,000       1,460,642  

Aier Eye Hospital Group Co. Ltd., Class A

    391,748       2,005,795  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Air China Ltd., Class H(b)

    700,000     $ 527,722  

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

    77,000       209,155  

Alibaba Group Holding Ltd.(b)

    4,214,176       66,051,147  

Alibaba Health Information Technology
Ltd.(a)(b)

    1,134,000       854,751  

Alibaba Pictures Group Ltd.(b)

    3,820,000       432,590  

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

    151,750       295,435  

Aluminum Corp. of China Ltd., Class H(a)(b)

    1,462,000       769,401  

Anhui Conch Cement Co. Ltd., Class A

    417,992       2,582,064  

Anhui Conch Cement Co. Ltd., Class H

    71,500       378,201  

ANTA Sports Products Ltd.(a)

    272,000       4,084,153  

Autohome Inc., ADR

    20,435       680,894  

AviChina Industry & Technology Co. Ltd., Class H

    856,000       483,085  

Baidu Inc., ADR(b)

    77,786       12,425,536  

Bank of China Ltd., Class H

    21,206,000       8,265,941  

Bank of Communications Co. Ltd., Class A

    3,975,800       2,969,077  

Bank of Communications Co. Ltd., Class H

    1,058,000       709,645  

Bank of Ningbo Co. Ltd., Class A

    400,115       2,474,042  

Bank of Shanghai Co. Ltd., Class A

    2,570,351       2,846,570  

BeiGene Ltd., ADR(a)(b)

    14,264       3,460,161  

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

    552,000       368,530  

Beijing Enterprises Holdings Ltd.

    67,500       230,106  

Beijing Enterprises Water Group Ltd.

    1,114,000       434,504  

Bilibili Inc., ADR(a)(b)

    46,863       1,653,795  

BOC Aviation Ltd.(c)

    70,100       589,344  

Bosideng International Holdings Ltd.(a)

    1,128,000       549,828  

BYD Co. Ltd., Class A

    59,500       2,218,601  

BYD Co. Ltd., Class H

    193,500       5,723,160  

BYD Electronic International Co. Ltd.(a)

    194,500       588,261  

CanSino Biologics Inc., Class H(b)(c)

    26,000       435,541  

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

    6,123,000       1,691,780  

China Bohai Bank Co. Ltd., Class H(c)

    817,500       204,452  

China Cinda Asset Management Co. Ltd., Class H

    554,000       101,320  

China CITIC Bank Corp. Ltd., Class H

    2,139,000       1,020,504  

China Communications Services Corp. Ltd., Class H

    582,000       309,798  

China Conch Venture Holdings Ltd.

    553,000       2,628,784  

China Construction Bank Corp., Class H

    26,618,260           20,425,476  

China Education Group Holdings Ltd.

    351,000       307,215  

China Everbright Bank Co. Ltd., Class A

    5,073,400       2,675,561  

China Everbright Environment Group Ltd.

    1,206,000       895,873  

China Evergrande Group(a)(b)

    740,000       158,136  

China Feihe Ltd.(c)

    1,054,000       1,461,647  

China Galaxy Securities Co. Ltd., Class H

    1,295,500       768,199  

China Gas Holdings Ltd.

    819,800       1,392,825  

China Hongqiao Group Ltd.

    568,500       642,364  

China Huishan Dairy Holdings Co. Ltd.(b)(d)

    813,015       1  

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

    458,800       1,249,779  

China Jinmao Holdings Group Ltd.

    1,386,000       503,492  

China Lesso Group Holdings Ltd.

    391,000       679,756  

China Life Insurance Co. Ltd., Class H

    2,093,000       3,679,280  

China Literature Ltd.(b)(c)

    111,000       672,257  

China Longyuan Power Group Corp. Ltd., Class H

    996,000       2,032,127  

China Medical System Holdings Ltd.

    431,000       721,722  

China Meidong Auto Holdings Ltd.

    214,000       1,004,737  

China Mengniu Dairy Co. Ltd.

    770,000       4,551,180  

China Merchants Bank Co. Ltd., Class A

    655,800       5,098,488  

China Merchants Bank Co. Ltd., Class H

    954,288       7,976,054  

China Merchants Port Holdings Co. Ltd.

    426,000       787,320  

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

    760,922       1,624,639  
Security   Shares     Value  
China (continued)            

China Minsheng Banking Corp. Ltd., Class A

    3,927,200     $ 2,400,737  

China Minsheng Banking Corp. Ltd., Class H

    13,500       5,381  

China Molybdenum Co. Ltd., Class H

    1,377,000       707,604  

China National Building Material Co. Ltd.,
Class H

    1,014,000       1,317,036  

China Oilfield Services Ltd., Class H

    670,000       658,918  

China Overseas Land & Investment Ltd.

    1,075,000       3,172,838  

China Overseas Property Holdings Ltd.

    515,000       598,090  

China Pacific Insurance Group Co. Ltd., Class A

    634,697       2,641,508  

China Pacific Insurance Group Co. Ltd., Class H

    404,600       1,231,682  

China Petroleum & Chemical Corp., Class H

    7,051,200       3,691,937  

China Power International Development Ltd.

    1,853,000       917,074  

China Railway Group Ltd., Class H

    1,193,000       736,418  

China Resources Beer Holdings Co. Ltd.

    396,000       2,956,489  

China Resources Cement Holdings Ltd.

    506,000       436,034  

China Resources Gas Group Ltd.

    258,000       1,290,488  

China Resources Land Ltd.

    762,000       3,683,217  

China Resources Mixc Lifestyle Services Ltd.(c)

    155,000       911,043  

China Resources Power Holdings Co. Ltd.

    576,000       1,402,723  

China Shenhua Energy Co. Ltd., Class H

    1,124,000       2,764,644  

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

    732,000       468,660  

China State Construction Engineering Corp. Ltd., Class A

    4,854,677           3,976,207  

China State Construction International Holdings Ltd.

    686,000       812,065  

China Taiping Insurance Holdings Co. Ltd.

    685,600       969,958  

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

    48,592       1,592,344  

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

    11,666,000       1,409,238  

China Traditional Chinese Medicine Holdings Co. Ltd.

    1,174,000       684,651  

China Vanke Co. Ltd., Class A

    674,896       2,162,157  

China Vanke Co. Ltd., Class H

    147,200       380,548  

China Yangtze Power Co. Ltd., Class A

    948,210       3,270,136  

China Yuhua Education Corp. Ltd.(c)

    604,000       131,424  

Chinasoft International Ltd.

    896,000       896,601  

Chindata Group Holdings Ltd., ADR(a)(b)

    33,952       173,834  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    58,100       975,596  

CIFI Ever Sunshine Services Group Ltd.

    214,000       386,189  

CIFI Holdings Group Co. Ltd.

    866,900       565,922  

CITIC Ltd.

    1,415,000       1,589,194  

CITIC Securities Co. Ltd., Class A

    1,060,083       4,147,398  

CITIC Securities Co. Ltd., Class H

    619,500       1,658,909  

Contemporary Amperex Technology Co. Ltd., Class A

    49,000       4,728,093  

COSCO SHIPPING Holdings Co. Ltd.,
Class H(b)

    1,229,800       2,237,288  

COSCO SHIPPING Ports Ltd.

    490,000       390,335  

Country Garden Holdings Co. Ltd.

    2,122,866       1,743,629  

Country Garden Services Holdings Co. Ltd.

    460,000       2,717,316  

CSPC Pharmaceutical Group Ltd.

    2,587,120       3,144,358  

Dada Nexus Ltd., ADR(b)

    21,602       235,894  

Dali Foods Group Co. Ltd.(c)

    1,218,000       703,972  

Daqo New Energy Corp., ADR(b)

    19,865       796,984  

DiDi Global Inc.(a)(b)

    86,854       313,543  

Dongfeng Motor Group Co. Ltd., Class H

    670,000       590,836  

Dongyue Group Ltd.

    508,000       621,748  

ENN Energy Holdings Ltd.

    216,100       3,440,369  

Far East Horizon Ltd.

    462,000       395,219  

Flat Glass Group Co. Ltd., Class H(a)

    195,000       782,854  

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

    99,292       1,519,569  

Fosun International Ltd.

    673,000       763,616  

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

    219,600       1,189,179  

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

    107,200       1,703,443  

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

    32,810       1,439,703  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Geely Automobile Holdings Ltd.

    1,559,000     $ 3,374,856  

Genscript Biotech Corp.(b)

    368,000       1,172,233  

GF Securities Co. Ltd., Class H

    457,400       792,825  

GOME Retail Holdings Ltd.(a)(b)

    3,502,000       239,875  

Great Wall Motor Co. Ltd., Class H

    983,000       2,666,965  

Greentown China Holdings Ltd.

    237,000       391,300  

Greentown Service Group Co. Ltd.

    488,000       535,751  

Guangdong Investment Ltd.

    986,000       1,408,436  

Guangzhou Automobile Group Co. Ltd., Class H

    836,000       821,189  

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

    370,800       165,045  

Haidilao International Holding Ltd.(a)(c)

    291,000       630,707  

Haier Smart Home Co. Ltd., Class H

    701,600       2,812,743  

Haitian International Holdings Ltd.

    196,000       509,926  

Haitong Securities Co. Ltd., Class H

    892,800       803,443  

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

    46,800       490,269  

Hansoh Pharmaceutical Group Co. Ltd.(c)

    394,000       812,196  

Hello Group Inc., ADR

    44,747       435,388  

Hengan International Group Co. Ltd.(a)

    161,500       789,462  

HengTen Networks Group Ltd.(a)(b)

    1,196,000       369,210  

Hopson Development Holdings Ltd.

    189,290       394,417  

Hua Hong Semiconductor Ltd.(b)(c)

    182,000       885,973  

Huaneng Power International Inc., Class H

    1,298,000       683,273  

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

    604,200       1,074,034  

Huazhu Group Ltd., ADR(b)

    62,487       2,469,486  

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

    108,200       490,538  

I-Mab, ADR(b)

    18,449       465,837  

Industrial & Commercial Bank of China Ltd., Class A

    3,848,391       2,825,064  

Industrial & Commercial Bank of China Ltd., Class H

    13,567,260       8,219,659  

Industrial Bank Co. Ltd., Class A

    855,000       2,828,674  

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

    369,200       2,225,051  

Innovent Biologics Inc.(a)(b)(c)

    334,000       1,414,425  

iQIYI Inc., ADR(a)(b)

    80,052       326,612  

JD Health International Inc.(b)(c)

    96,950       783,081  

JD.com Inc., Class A(b)

    571,040           21,643,209  

Jiangsu Expressway Co. Ltd., Class H

    280,000       292,559  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    258,518       1,667,398  

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

    58,600       1,454,050  

Jiangxi Copper Co. Ltd., Class H

    310,000       508,325  

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

    425,500       426,219  

Jiumaojiu International Holdings Ltd.(c)

    307,000       662,993  

JOYY Inc., ADR

    17,846       902,294  

Kanzhun Ltd.(a)(b)

    19,191       581,295  

KE Holdings Inc., ADR(b)

    95,078       2,071,750  

Kingboard Holdings Ltd.

    266,500       1,286,588  

Kingboard Laminates Holdings Ltd.

    494,000       847,237  

Kingdee International Software Group Co. Ltd.(b)

    798,000       1,828,490  

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

    17,291       146,109  

Kingsoft Corp. Ltd.

    278,600       1,251,992  

Kuaishou Technology(b)(c)

    138,400       1,582,016  

Kunlun Energy Co. Ltd.

    1,192,000       1,236,160  

Kweichow Moutai Co. Ltd., Class A

    22,532       6,729,345  

KWG Group Holdings Ltd.

    378,000       206,685  

Lenovo Group Ltd.

    2,190,000       2,373,320  

Li Auto Inc., ADR(a)(b)

    153,171       3,996,231  

Li Ning Co. Ltd.

    569,500       5,557,181  

Logan Group Co. Ltd.

    214,000       133,114  

Longfor Group Holdings Ltd.(c)

    498,000       2,987,415  

LONGi Green Energy Technology Co. Ltd., Class A

    151,800       1,700,004  

Luxshare Precision Industry Co. Ltd., Class A

    262,140       1,963,951  
Security   Shares     Value  
China (continued)            

Meituan, Class B(b)(c)

    1,139,300     $ 33,990,267  

Microport Scientific Corp.

    220,200       634,676  

Ming Yuan Cloud Group Holdings Ltd.

    208,000       428,876  

Minth Group Ltd.

    222,000       1,026,631  

MMG Ltd.(b)

    828,000       268,839  

Muyuan Foods Co. Ltd., Class A

    325,312       2,829,150  

NetEase Inc.

    530,990       11,086,798  

New China Life Insurance Co. Ltd., Class H

    231,500       660,292  

New Oriental Education & Technology Group Inc., ADR(b)

    433,173       619,437  

Nine Dragons Paper Holdings Ltd.

    366,000       365,587  

NIO Inc., ADR(a)(b)

    342,088       8,384,577  

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

    10,686       335,434  

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

    495,200       2,998,238  

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

    1,986,000       628,469  

PetroChina Co. Ltd., Class H

    5,782,000       2,867,246  

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

    67,600       860,000  

PICC Property & Casualty Co. Ltd., Class H

    1,492,000       1,390,175  

Pinduoduo Inc., ADR(b)

    127,174       7,610,092  

Ping An Bank Co. Ltd., Class A

    883,100       2,213,415  

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

    158,100       504,455  

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

    530,600       4,192,114  

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

    1,541,000           12,229,098  

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

    745,799       1,837,679  

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

    2,574,200       2,291,352  

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

    1,333,000       1,110,589  

Powerlong Real Estate Holdings Ltd.

    316,000       176,383  

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

    176,612       591,650  

SAIC Motor Corp. Ltd., Class A

    607,913       1,805,936  

Sany Heavy Equipment International Holdings Co. Ltd.

    555,000       582,003  

Seazen Group Ltd.

    534,000       361,253  

Shandong Gold Mining Co. Ltd., Class H(a)(c)

    262,000       442,164  

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

    796,000       980,984  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    187,500       751,859  

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

    277,000       254,784  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    213,700       417,243  

Shanghai Pudong Development Bank Co. Ltd., Class A

    2,650,752       3,515,746  

Shenzhen International Holdings Ltd.

    296,500       300,866  

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

    31,800       1,613,445  

Shenzhou International Group Holdings Ltd.

    207,100       3,842,729  

Shimao Group Holdings Ltd.(a)

    279,000       205,622  

Shimao Services Holdings Ltd.(c)

    146,000       116,700  

Silergy Corp.

    22,000       2,973,618  

Sinopharm Group Co. Ltd., Class H

    373,600       835,666  

Sinotruk Hong Kong Ltd.

    188,000       279,642  

Smoore International Holdings Ltd.(c)

    479,000       2,061,052  

Sun Art Retail Group Ltd.(a)

    593,500       216,735  

Sunac China Holdings Ltd.

    673,000       829,352  

Sunac Services Holdings Ltd.(b)(c)

    294,000       334,469  

Sunny Optical Technology Group Co. Ltd.

    207,100       5,346,816  

TAL Education Group, ADR(b)

    113,584       324,850  

Tencent Holdings Ltd.

    1,586,300       99,401,166  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Tencent Music Entertainment Group, ADR(b)

    178,321     $ 1,102,024  

Tingyi Cayman Islands Holding Corp.

    622,000       1,288,651  

Tongcheng Travel Holdings Ltd.(b)

    396,800       816,521  

Topsports International Holdings Ltd.(c)

    412,000       372,266  

TravelSky Technology Ltd., Class H

    374,000       699,357  

Trip.com Group Ltd., ADR(b)

    143,256       3,812,042  

Tsingtao Brewery Co. Ltd., Class H

    178,000       1,601,992  

Uni-President China Holdings Ltd.

    421,000       397,899  

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

    93,000       360,152  

Vinda International Holdings Ltd.(a)

    129,000       347,154  

Vipshop Holdings Ltd., ADR(b)

    119,864       1,115,934  

Vnet Group Inc., ADR(a)(b)

    25,245       250,430  

Wanhua Chemical Group Co. Ltd., Class A

    141,853       2,045,850  

Want Want China Holdings Ltd.(a)

    1,625,000       1,594,314  

Weibo Corp., ADR(a)(b)

    17,521       607,103  

Weichai Power Co. Ltd., Class H

    607,000       1,101,481  

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

    659,000       497,813  

Wens Foodstuffs Group Co. Ltd., Class A(b)

    689,316       2,192,987  

Wharf Holdings Ltd. (The)

    373,200       1,275,434  

Wuliangye Yibin Co. Ltd., Class A

    94,400       2,968,845  

WuXi AppTec Co. Ltd., Class A

    142,659       2,370,425  

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

    91,712       1,315,449  

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

    997,000       9,992,696  

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

    4,103,200       8,704,399  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)

    296,400       516,737  

Xinyi Solar Holdings Ltd.

    1,402,000       2,249,180  

XPeng Inc., ADR(b)

    109,121       3,829,056  

Yadea Group Holdings Ltd.(c)

    446,000       635,100  

Yihai International Holding Ltd.(a)

    156,000       665,960  

Yum China Holdings Inc.

    118,813       5,723,222  

Zai Lab Ltd., ADR(a)(b)

    22,700       1,127,509  

Zhejiang Expressway Co. Ltd., Class H

    448,000       383,817  

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

    137,100       472,143  

Zhongsheng Group Holdings Ltd.

    187,000       1,436,556  

Zhuzhou CRRC Times Electric Co. Ltd.

    152,900       807,570  

Zijin Mining Group Co. Ltd., Class H

    1,926,000       2,500,352  

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

    505,000       330,754  

ZTE Corp., Class H

    205,200       554,500  

ZTO Express Cayman Inc., ADR

    108,382       3,255,795  
   

 

 

 
          694,849,258  
Colombia — 0.0%            

Ecopetrol SA

    2,469,114       1,816,912  

Grupo de Inversiones Suramericana SA

    143,390       989,764  

Interconexion Electrica SA ESP

    26,649       159,309  
   

 

 

 
      2,965,985  
Czech Republic — 0.0%            

CEZ AS

    75,967       2,818,634  

Komercni Banka AS

    43,859       1,944,853  
   

 

 

 
      4,763,487  
Denmark — 0.6%            

Ambu A/S, Class B(a)

    49,865       1,056,588  

AP Moller - Maersk A/S, Class A

    1,975       6,616,751  

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

    538       1,932,573  

Carlsberg A/S, Class B

    33,011       5,345,491  

Chr Hansen Holding A/S

    31,583       2,532,812  

Coloplast A/S, Class B

    26,596       3,867,650  
Security   Shares     Value  
Denmark (continued)            

Danske Bank A/S

    187,441     $ 3,638,461  

Demant A/S(b)

    24,815       1,097,898  

DSV A/S

    60,179       12,227,208  

Genmab A/S(b)

    19,237       6,550,766  

GN Store Nord A/S

    33,848       2,048,277  

Novo Nordisk A/S, Class B

    474,308       47,178,585  

Novozymes A/S, Class B

    60,568       4,157,837  

Orsted A/S(c)

    43,220       4,604,875  

Pandora A/S

    31,423       3,416,929  

Tryg A/S

    114,211       2,706,322  

Vestas Wind Systems A/S

    289,083       7,822,699  
   

 

 

 
      116,801,722  
Egypt — 0.0%            

Commercial International Bank Egypt SAE(b)

    423,208       1,387,171  
   

 

 

 
Finland — 0.3%            

Elisa OYJ

    32,204       1,891,721  

Fortum OYJ

    140,066       3,812,559  

Kesko OYJ, Class B

    78,582       2,481,870  

Kone OYJ, Class B

    76,639       4,963,460  

Neste OYJ

    122,523       5,525,728  

Nokia OYJ(b)

    1,536,805       9,164,927  

Nordea Bank Abp

    886,572       10,530,420  

Orion OYJ, Class B

    23,974       974,848  

Sampo OYJ, Class A

    139,012       6,899,558  

Stora Enso OYJ, Class R

    184,976       3,765,565  

UPM-Kymmene OYJ

    154,734       5,639,511  

Wartsila OYJ Abp

    158,146       1,952,535  
   

 

 

 
          57,602,702  
France — 2.9%            

Accor SA(b)

    70,728       2,599,349  

Aeroports de Paris(b)

    5,652       766,981  

Air Liquide SA

    134,599       23,024,402  

Airbus SE(b)

    169,008       21,581,176  

Alstom SA

    83,901       2,720,047  

Amundi SA(c)

    12,544       975,124  

ArcelorMittal SA

    189,781       5,637,260  

Arkema SA

    24,295       3,592,455  

AXA SA

    497,581       15,758,886  

BioMerieux

    10,445       1,224,811  

BNP Paribas SA

    309,266       22,078,309  

Bollore SA

    77,745       419,062  

Bouygues SA

    74,330       2,621,400  

Bureau Veritas SA

    30,201       864,121  

Capgemini SE

    49,080       11,033,987  

Carrefour SA

    179,078       3,408,139  

Cie. de Saint-Gobain

    153,000       10,353,122  

Cie. Generale des Etablissements Michelin SCA

    53,087       8,882,719  

CNP Assurances

    39,111       962,724  

Covivio

    9,045       755,331  

Credit Agricole SA

    320,695       4,824,678  

Danone SA

    171,319       10,681,922  

Dassault Systemes SE

    147,373       7,126,718  

Edenred

    86,354       3,709,108  

Eiffage SA

    15,205       1,597,638  

Electricite de France SA

    120,895       1,162,793  

Engie SA

    521,569       8,022,671  

EssilorLuxottica SA

    81,813       15,477,827  

Eurazeo SE

    3,235       257,048  

Eurofins Scientific SE

    31,663       3,179,056  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
France (continued)            

Faurecia SE

    20,898     $ 926,368  

Gecina SA

    5,927       804,248  

Getlink SE

    192,299       3,033,490  

Hermes International

    9,013       13,532,289  

Ipsen SA

    10,773       1,048,221  

Kering SA

    21,248       15,867,258  

Klepierre SA

    37,921       1,008,632  

La Francaise des Jeux SAEM(c)

    26,670       1,104,234  

Legrand SA

    80,814       8,224,686  

L’Oreal SA

    71,547       30,561,060  

LVMH Moet Hennessy Louis Vuitton SE

    77,733       63,848,115  

Orange SA

    390,725       4,590,024  

Orpea SA

    12,481       547,968  

Pernod Ricard SA

    62,142       13,292,133  

Publicis Groupe SA

    76,960       5,214,877  

Remy Cointreau SA

    4,015       837,261  

Renault SA(b)

    63,603       2,527,737  

Safran SA

    92,753       11,229,533  

Sanofi

    318,957       33,350,785  

Sartorius Stedim Biotech

    6,775       2,970,913  

Schneider Electric SE

    157,882       26,744,471  

SEB SA

    5,107       775,089  

Societe Generale SA

    208,165       7,727,154  

Sodexo SA

    14,360       1,335,532  

Teleperformance

    12,517       4,713,767  

Thales SA

    20,704       1,909,891  

TotalEnergies SE

    703,325       39,996,279  

Ubisoft Entertainment SA(b)

    29,361       1,684,866  

Unibail-Rodamco-Westfield(a)(b)

    35,999       2,743,023  

Valeo

    77,184       2,160,272  

Veolia Environnement SA

    201,063       7,263,355  

Vinci SA

    144,298       15,816,003  

Vivendi SE

    226,722       2,971,275  

Wendel SE

    14,952       1,624,031  

Worldline SA/France(b)(c)

    69,087       3,348,659  
   

 

 

 
          530,632,363  
Germany — 2.1%            

adidas AG

    53,939       14,801,789  

Allianz SE, Registered

    112,642       28,921,117  

Aroundtown SA

    279,398       1,725,711  

BASF SE

    253,199       19,392,230  

Bayer AG, Registered

    279,978       17,009,743  

Bayerische Motoren Werke AG

    98,187       10,392,397  

Bechtle AG

    24,411       1,465,695  

Beiersdorf AG

    25,708       2,557,008  

Brenntag SE

    30,873       2,645,083  

Carl Zeiss Meditec AG, Bearer

    10,635       1,710,323  

Commerzbank AG(b)

    302,251       2,610,029  

Continental AG(b)

    30,649       2,971,424  

Covestro AG(c)

    60,002       3,599,699  

Daimler AG, Registered

    242,863       19,378,944  

Daimler Truck Holding AG(b)

    123,846       4,366,051  

Delivery Hero SE(b)(c)

    39,609       3,057,417  

Deutsche Bank AG, Registered(b)

    573,352       7,983,079  

Deutsche Boerse AG

    54,147       9,624,759  

Deutsche Lufthansa AG, Registered(b)

    138,276       1,075,209  

Deutsche Post AG, Registered

    284,677       17,132,029  

Deutsche Telekom AG, Registered

    956,925       18,065,763  

E.ON SE

    638,790       8,810,492  

Evonik Industries AG

    44,116       1,439,226  
Security   Shares     Value  
Germany (continued)            

Fresenius Medical Care AG & Co. KGaA

    53,052     $ 3,607,184  

Fresenius SE & Co. KGaA

    116,520       4,809,987  

GEA Group AG

    55,600       2,626,830  

Hannover Rueck SE

    12,410       2,503,620  

HeidelbergCement AG

    40,349       2,807,829  

HelloFresh SE(b)

    49,403       3,289,287  

Henkel AG & Co. KGaA

    32,090       2,535,462  

Infineon Technologies AG

    378,698       15,726,473  

KION Group AG

    15,807       1,461,409  

Knorr-Bremse AG

    12,265       1,243,544  

LANXESS AG

    28,758       1,750,937  

LEG Immobilien SE

    16,406       2,176,399  

Merck KGaA

    38,872       8,524,562  

MTU Aero Engines AG

    16,283       3,464,846  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    39,501       12,505,420  

Nemetschek SE

    19,720       1,822,762  

Puma SE

    31,369       3,354,993  

Rational AG

    946       793,047  

RWE AG

    180,119       7,597,827  

SAP SE

    291,590       36,583,232  

Scout24 SE(c)

    25,909       1,547,918  

Siemens AG, Registered

    213,301       33,866,035  

Siemens Healthineers AG(c)

    61,156       3,930,022  

Symrise AG

    26,945       3,219,911  

Telefonica Deutschland Holding AG

    210,293       603,703  

Uniper SE

    41,367       1,871,848  

United Internet AG, Registered(e)

    24,593       964,455  

Volkswagen AG

    2,514       727,999  

Vonovia SE

    201,035       11,450,105  

Zalando SE(b)(c)

    62,055       4,925,175  
   

 

 

 
          383,028,038  
Greece — 0.0%            

Hellenic Telecommunications Organization SA

    33,207       645,456  

JUMBO SA

    65,225       970,174  

OPAP SA

    28,613       424,988  
   

 

 

 
      2,040,618  
Hong Kong — 0.7%            

AIA Group Ltd.

    3,403,600       35,532,938  

BOC Hong Kong Holdings Ltd.

    755,500       2,917,240  

Budweiser Brewing Co. APAC Ltd.(c)

    482,700       1,275,069  

China Youzan Ltd.(a)(b)

    5,272,000       204,617  

CK Asset Holdings Ltd.

    610,516       4,075,443  

CK Hutchison Holdings Ltd.

    647,016       4,598,552  

CK Infrastructure Holdings Ltd.

    207,500       1,278,691  

CLP Holdings Ltd.

    470,500       4,708,530  

ESR Cayman Ltd.(b)(c)

    644,400       2,184,967  

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

    17,111       740,051  

Galaxy Entertainment Group Ltd.(b)

    522,000       3,023,039  

Hang Lung Properties Ltd.

    610,000       1,303,390  

Hang Seng Bank Ltd.

    211,500       4,187,236  

Henderson Land Development Co. Ltd.

    299,003       1,307,598  

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

    1,073,000       1,067,901  

HKT Trust & HKT Ltd., Class SS

    1,215,000       1,657,983  

Hong Kong & China Gas Co. Ltd.

    3,372,040       5,197,185  

Hong Kong Exchanges & Clearing Ltd.

    295,000       16,837,329  

Hongkong Land Holdings Ltd.(a)

    335,100       1,814,872  

Huabao International Holdings Ltd.(a)

    233,000       143,762  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Hong Kong (continued)            

Hutchmed China Ltd., ADR(b)

    29,391     $ 800,611  

Jardine Matheson Holdings Ltd.

    54,100       3,195,305  

Link REIT

    589,800       5,063,733  

Melco Resorts & Entertainment Ltd., ADR(b)

    77,103       814,208  

MTR Corp. Ltd.(a)

    354,000       1,916,140  

New World Development Co. Ltd.

    483,916       1,975,495  

Power Assets Holdings Ltd.

    415,500       2,553,084  

Sands China Ltd.(b)

    680,800       1,898,378  

Sino Biopharmaceutical Ltd.

    3,093,000       2,133,097  

Sino Land Co. Ltd.

    550,000       712,632  

SITC International Holdings Co. Ltd.(a)

    413,000       1,574,182  

Sun Hung Kai Properties Ltd.

    291,000       3,550,347  

Swire Pacific Ltd., Class A

    136,000       823,899  

Swire Properties Ltd.

    195,800       521,948  

Techtronic Industries Co. Ltd.

    371,500       6,129,784  

WH Group Ltd.(c)

    3,129,500       2,093,666  

Wharf Real Estate Investment Co. Ltd.

    476,200       2,264,822  

Xinyi Glass Holdings Ltd.

    547,000       1,450,078  

Yuexiu Property Co. Ltd.

    381,000       387,132  
   

 

 

 
          133,914,934  
Hungary — 0.0%            

MOL Hungarian Oil & Gas PLC

    52,196       455,174  

OTP Bank Nyrt(b)

    75,510       4,381,629  

Richter Gedeon Nyrt

    14,254       375,690  
   

 

 

 
      5,212,493  
India — 1.4%            

Adani Enterprises Ltd.

    79,307       1,838,005  

Adani Green Energy Ltd.(b)

    122,132       3,100,527  

Adani Ports & Special Economic Zone Ltd.

    172,321       1,667,885  

Adani Total Gas Ltd.

    77,919       1,901,705  

Adani Transmission Ltd.(b)

    79,307       2,118,743  

Ambuja Cements Ltd.

    110,208       542,550  

Apollo Hospitals Enterprise Ltd.

    32,722       1,966,097  

Asian Paints Ltd.

    124,877       5,291,791  

Aurobindo Pharma Ltd.

    104,792       894,716  

Avenue Supermarts Ltd.(b)(c)

    45,049       2,497,880  

Axis Bank Ltd.(b)

    577,306       6,045,896  

Bajaj Auto Ltd.

    20,243       970,967  

Bajaj Finance Ltd.

    82,028       7,768,946  

Bajaj Finserv Ltd.

    12,935       2,742,586  

Bandhan Bank Ltd.(c)

    184,727       786,780  

Bharat Electronics Ltd.

    296,192       838,486  

Bharat Forge Ltd.

    59,083       585,441  

Bharat Petroleum Corp. Ltd.

    207,567       1,111,495  

Bharti Airtel Ltd.(b)

    714,659       7,019,310  

Biocon Ltd.(b)

    133,312       658,445  

Britannia Industries Ltd.

    33,132       1,575,376  

Cholamandalam Investment and Finance Co. Ltd.

    127,637       1,084,646  

Cipla Ltd.

    147,549       1,873,110  

Colgate-Palmolive India Ltd.

    32,670       625,503  

Container Corp. of India Ltd.

    90,484       789,498  

Dabur India Ltd.

    160,902       1,161,259  

Divi’s Laboratories Ltd.

    42,055       2,283,664  

DLF Ltd.

    194,177       1,028,282  

Dr. Reddy’s Laboratories Ltd.

    37,186       2,149,721  

Eicher Motors Ltd.

    43,508       1,553,729  

GAIL India Ltd.

    451,947       881,284  

Godrej Consumer Products Ltd.(b)

    94,801       1,134,227  

Godrej Properties Ltd.(b)

    33,400       772,657  
Security   Shares     Value  
India (continued)            

Grasim Industries Ltd.

    83,399     $ 1,942,021  

Havells India Ltd.

    78,137       1,248,966  

HCL Technologies Ltd.

    325,151       4,825,491  

HDFC Asset Management Co. Ltd.(c)

    17,205       511,493  

HDFC Life Insurance Co. Ltd.(c)

    273,772       2,295,037  

Hero MotoCorp Ltd.

    35,403       1,300,764  

Hindalco Industries Ltd.

    411,971       2,731,056  

Hindustan Unilever Ltd.

    240,357       7,349,458  

Housing Development Finance Corp. Ltd.

    496,726       16,948,657  

ICICI Bank Ltd.

    1,290,087       13,859,591  

ICICI Lombard General Insurance Co. Ltd.(c)

    50,179       927,552  

Indian Railway Catering & Tourism Corp.

    75,418       885,499  

Indraprastha Gas Ltd.

    104,676       553,916  

Info Edge India Ltd.

    25,353       1,678,121  

Infosys Ltd.

    981,220       23,085,850  

InterGlobe Aviation Ltd.(b)(c)

    39,590       991,632  

ITC Ltd.

    943,988       2,803,573  

JSW Steel Ltd.

    263,197       2,242,300  

Jubilant Foodworks Ltd.

    25,841       1,178,996  

Kotak Mahindra Bank Ltd.

    179,557       4,500,586  

Larsen & Toubro Infotech Ltd.(c)

    14,120       1,195,030  

Larsen & Toubro Ltd.

    191,320       4,930,470  

Lupin Ltd.

    84,591       1,033,788  

Mahindra & Mahindra Ltd.

    233,488       2,792,713  

Marico Ltd.

    148,901       966,163  

Maruti Suzuki India Ltd.

    39,320       4,555,375  

Mindtree Ltd.

    20,341       1,101,762  

Motherson Sumi Systems Ltd.

    340,369       825,478  

Motherson Sumi Wiring India Ltd., NVS

    340,369       211,959  

Nestle India Ltd.

    8,674       2,162,965  

NTPC Ltd.

    1,112,071       2,132,617  

Oil & Natural Gas Corp. Ltd.

    689,900       1,613,190  

Page Industries Ltd.

    1,783       1,018,436  

PI Industries Ltd.

    20,687       678,929  

Pidilite Industries Ltd.

    44,530       1,470,500  

Piramal Enterprises Ltd.

    34,329       1,108,116  

Power Grid Corp. of India Ltd.

    697,444       2,021,400  

Reliance Industries Ltd.

    821,767       26,483,223  

SBI Life Insurance Co. Ltd.(c)

    134,576       2,236,779  

Shree Cement Ltd.

    3,026       989,398  

Shriram Transport Finance Co. Ltd.

    61,881       1,027,512  

Siemens Ltd.

    19,968       625,969  

SRF Ltd.

    44,006       1,423,399  

State Bank of India

    552,019       4,020,132  

Sun Pharmaceutical Industries Ltd.

    274,902       3,088,401  

Tata Consultancy Services Ltd.

    264,866       13,337,545  

Tata Consumer Products Ltd.

    189,405       1,854,501  

Tata Motors Ltd.(b)

    494,412       3,410,948  

Tata Power Co. Ltd. (The)

    436,976       1,454,655  

Tata Steel Ltd.

    215,676       3,180,254  

Tech Mahindra Ltd.

    193,550       3,863,589  

Titan Co. Ltd.

    104,512       3,332,484  

UltraTech Cement Ltd.

    29,524       2,869,395  

UPL Ltd.

    159,126       1,667,173  

Vedanta Ltd.

    221,160       964,721  

Wipro Ltd.

    393,589       3,038,850  

Zomato Ltd.(b)

    502,453       612,381  
   

 

 

 
          268,421,966  
Indonesia — 0.2%            

Adaro Energy Tbk PT

    4,121,700       645,383  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Indonesia (continued)            

Astra International Tbk PT

    7,471,000     $ 2,859,353  

Bank Central Asia Tbk PT

    12,955,300       6,890,886  

Bank Mandiri Persero Tbk PT

    4,873,814       2,553,919  

Bank Negara Indonesia Persero Tbk PT

    3,139,888       1,611,532  

Bank Rakyat Indonesia Persero Tbk PT

    18,693,530       5,320,840  

Barito Pacific Tbk PT

    7,598,500       472,118  

Charoen Pokphand Indonesia Tbk PT

    2,570,245       1,129,373  

Gudang Garam Tbk PT

    125,300       267,415  

Indah Kiat Pulp & Paper Tbk PT

    682,500       362,957  

Indocement Tunggal Prakarsa Tbk PT

    800,000       612,859  

Indofood Sukses Makmur Tbk PT

    2,751,900       1,213,582  

Kalbe Farma Tbk PT

    8,902,700       1,015,188  

Merdeka Copper Gold Tbk PT(b)

    3,997,300       1,021,881  

Semen Indonesia Persero Tbk PT

    1,422,700       670,051  

Telkom Indonesia Persero Tbk PT

    12,255,100       3,589,219  

Unilever Indonesia Tbk PT

    3,045,400       856,523  

United Tractors Tbk PT

    773,706       1,250,959  
   

 

 

 
      32,344,038  
Ireland — 0.6%            

CRH PLC

    250,774       12,586,444  

Flutter Entertainment PLC, Class DI(b)

    42,499       6,465,957  

Horizon Therapeutics PLC(b)

    60,754       5,670,171  

Kerry Group PLC, Class A

    57,766       7,278,375  

Kingspan Group PLC

    28,810       2,773,165  

Linde PLC

    143,369       45,688,833  

Seagate Technology Holdings PLC

    60,611       6,494,469  

Smurfit Kappa Group PLC

    93,269       4,915,801  

STERIS PLC

    22,769       5,109,364  

Trane Technologies PLC

    68,365       11,833,981  
   

 

 

 
          108,816,560  
Israel — 0.2%            

Azrieli Group Ltd

    10,219       923,953  

Bank Hapoalim BM

    207,863       2,157,147  

Bank Leumi Le-Israel BM

    221,435       2,374,888  

Check Point Software Technologies Ltd.(b)

    25,229       3,052,961  

CyberArk Software Ltd.(a)(b)

    11,340       1,555,281  

Elbit Systems Ltd

    7,103       1,183,238  

Fiverr International Ltd.(a)(b)

    8,554       729,742  

ICL Group Ltd.

    308,172       2,786,959  

Inmode Ltd.(a)(b)

    18,333       884,201  

Isracard Ltd

    1       5  

Israel Discount Bank Ltd., Class A

    219,728       1,473,462  

Kornit Digital Ltd.(a)(b)

    13,483       1,416,524  

Mizrahi Tefahot Bank Ltd

    67,788       2,620,512  

Nice Ltd.(b)

    19,086       4,885,589  

Teva Pharmaceutical Industries Ltd.,
ADR(a)(b)

    321,697       2,711,906  

Wix.com Ltd.(a)(b)

    15,680       2,059,882  
   

 

 

 
      30,816,250  
Italy — 0.5%            

Amplifon SpA

    29,563       1,256,607  

Assicurazioni Generali SpA

    276,540       5,819,714  

Atlantia SpA(b)

    159,258       2,955,076  

DiaSorin SpA

    7,204       1,110,578  

Enel SpA

    2,246,275       17,288,675  

Eni SpA

    676,260       10,158,230  

Ferrari NV

    36,552       8,424,234  

FinecoBank Banca Fineco SpA

    153,952       2,588,282  

Infrastrutture Wireless Italiane SpA(c)

    45,609       491,775  

Intesa Sanpaolo SpA

    4,212,544       12,519,000  
Security   Shares     Value  
Italy (continued)            

Mediobanca Banca di Credito Finanziario SpA

    231,621     $ 2,653,592  

Moncler SpA

    42,539       2,730,134  

Nexi SpA(b)(c)

    145,991       2,135,478  

Poste Italiane SpA(c)

    103,000       1,382,528  

Prysmian SpA

    53,729       1,811,824  

Recordati Industria Chimica e Farmaceutica SpA

    52,011       2,913,682  

Snam SpA

    660,604       3,701,813  

Telecom Italia SpA

    2,848,268       1,342,331  

Tenaris SA

    160,669       1,961,272  

Terna - Rete Elettrica Nazionale

    602,548       4,734,468  

UniCredit SpA

    584,996       9,297,584  
   

 

 

 
          97,276,877  
Japan — 5.5%            

Advantest Corp.

    50,300       4,281,161  

Aeon Co. Ltd.

    171,000       3,896,602  

AGC Inc.

    46,400       2,129,546  

Aisin Corp.

    44,000       1,597,771  

Ajinomoto Co. Inc.

    130,000       3,627,193  

Asahi Group Holdings Ltd.

    124,900       5,098,506  

Asahi Intecc Co. Ltd.

    65,200       1,112,376  

Asahi Kasei Corp.

    392,800       3,880,047  

Astellas Pharma Inc.

    516,900       8,343,057  

Bandai Namco Holdings Inc.

    49,000       3,444,119  

Benefit One Inc.

    32,500       988,433  

Bridgestone Corp.

    152,100       6,660,645  

Brother Industries Ltd.

    70,500       1,298,332  

Canon Inc.

    264,400       6,253,252  

Capcom Co. Ltd.

    53,100       1,281,873  

Central Japan Railway Co.

    35,200       4,618,613  

Chubu Electric Power Co. Inc.

    142,000       1,422,258  

Chugai Pharmaceutical Co. Ltd.

    189,700       6,161,411  

Concordia Financial Group Ltd.

    617,400       2,537,115  

Cosmos Pharmaceutical Corp.

    7,400       924,147  

CyberAgent Inc.

    111,800       1,303,611  

Dai Nippon Printing Co. Ltd.

    83,800       2,011,629  

Daifuku Co. Ltd.

    24,600       1,707,849  

Dai-ichi Life Holdings Inc.

    295,700       6,656,045  

Daiichi Sankyo Co. Ltd.

    488,900       10,985,575  

Daikin Industries Ltd.

    68,900       14,465,145  

Daito Trust Construction Co. Ltd.

    17,000       1,949,331  

Daiwa House Industry Co. Ltd.

    143,800       4,196,539  

Daiwa House REIT Investment Corp.

    851       2,535,100  

Daiwa Securities Group Inc.

    402,800       2,427,151  

Denso Corp.

    118,000       8,806,774  

Dentsu Group Inc.

    59,400       2,057,127  

Disco Corp.

    8,600       2,364,602  

East Japan Railway Co.

    73,500       4,197,062  

Eisai Co. Ltd.

    59,500       2,980,059  

ENEOS Holdings Inc.

    881,980       3,512,595  

FANUC Corp.

    50,100       9,907,191  

Fast Retailing Co. Ltd.

    15,200       8,944,665  

Fuji Electric Co. Ltd.

    35,800       1,913,376  

FUJIFILM Holdings Corp.

    102,700       6,884,597  

Fujitsu Ltd.

    48,800       6,451,278  

GLP J-REIT

    1,544       2,485,241  

GMO Payment Gateway Inc.

    13,700       1,202,200  

Hakuhodo DY Holdings Inc.

    59,100       905,278  

Hamamatsu Photonics KK

    53,100       2,716,664  

Hankyu Hanshin Holdings Inc.

    58,700       1,709,429  

Hikari Tsushin Inc.

    6,500       780,421  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Hirose Electric Co. Ltd.

    11,700     $ 1,743,976  

Hitachi Ltd.

    263,900       13,716,467  

Hitachi Metals Ltd.(b)

    60,100       1,083,764  

Honda Motor Co. Ltd.

    441,400       13,000,453  

Hoshizaki Corp.

    14,200       1,049,300  

Hoya Corp.

    101,800       13,200,238  

Hulic Co. Ltd.

    124,800       1,206,274  

Ibiden Co. Ltd.

    34,800       1,944,637  

Idemitsu Kosan Co. Ltd.

    65,400       1,675,655  

Iida Group Holdings Co. Ltd.

    36,200       753,127  

Inpex Corp.

    319,800       3,233,015  

Isuzu Motors Ltd.

    150,500       1,843,625  

Ito En Ltd.

    18,300       985,713  

ITOCHU Corp.

    317,900       10,213,003  

Itochu Techno-Solutions Corp.

    33,500       913,884  

Japan Exchange Group Inc.

    131,800       2,711,237  

Japan Metropolitan Fund Invest

    1,956       1,648,346  

Japan Post Bank Co. Ltd.

    252,700       2,486,001  

Japan Post Holdings Co. Ltd.

    835,800       7,133,996  

Japan Post Insurance Co. Ltd.

    50,200       880,190  

Japan Real Estate Investment Corp.

    342       1,880,639  

Japan Tobacco Inc.

    317,000       6,328,866  

JFE Holdings Inc.

    139,800       1,795,989  

JSR Corp.

    58,300       1,932,539  

Kajima Corp.

    224,400       2,710,214  

Kakaku.com Inc.

    46,200       956,874  

Kansai Electric Power Co. Inc. (The)

    220,300       2,079,439  

Kansai Paint Co. Ltd.

    49,500       1,027,511  

Kao Corp.

    150,100       7,500,730  

KDDI Corp.

    432,300       13,811,425  

Keio Corp.

    26,500       1,191,986  

Keisei Electric Railway Co. Ltd.

    35,800       1,010,317  

Keyence Corp.

    51,200           26,261,627  

Kikkoman Corp.

    39,900       3,015,958  

Kintetsu Group Holdings Co. Ltd.(b)

    48,700       1,415,004  

Kirin Holdings Co. Ltd.

    228,300       3,659,225  

Kobayashi Pharmaceutical Co. Ltd.

    14,600       1,136,945  

Kobe Bussan Co. Ltd.

    40,900       1,273,192  

Koito Manufacturing Co. Ltd.

    23,600       1,184,968  

Komatsu Ltd.

    246,100       6,184,232  

Konami Holdings Corp.

    28,100       1,514,865  

Kose Corp.

    8,800       804,580  

Kubota Corp.

    296,200       6,352,165  

Kyocera Corp.

    83,800       5,168,055  

Kyowa Kirin Co. Ltd.

    77,700       1,936,656  

Lasertec Corp.

    19,300       4,329,711  

Lawson Inc.

    13,200       578,544  

Lion Corp.

    62,700       819,234  

Lixil Corp.

    61,300       1,403,166  

M3 Inc.

    119,200       4,582,833  

Makita Corp.

    57,200       2,140,620  

Marubeni Corp.

    510,300       5,250,956  

Mazda Motor Corp.(b)

    221,500       1,706,381  

McDonald’s Holdings Co. Japan Ltd.

    37,300       1,628,907  

Medipal Holdings Corp.

    32,000       575,842  

MEIJI Holdings Co. Ltd.

    27,900       1,740,446  

Mercari Inc.(b)

    36,000       1,359,567  

MinebeaMitsumi Inc.

    110,600       2,706,446  

Misumi Group Inc.

    92,000       2,984,653  

Mitsubishi Chemical Holdings Corp.

    323,000       2,533,671  

Security   Shares     Value  
Japan (continued)            

Mitsubishi Corp.

    351,300     $     11,927,485  

Mitsubishi Electric Corp.

    499,200       6,251,680  

Mitsubishi Estate Co. Ltd.

    300,900       4,333,689  

Mitsubishi Gas Chemical Co. Inc.

    41,400       793,030  

Mitsubishi Heavy Industries Ltd.

    80,400       2,183,615  

Mitsubishi UFJ Financial Group Inc.

    3,504,100       21,239,330  

Mitsui & Co. Ltd.

    407,800       10,168,644  

Mitsui Chemicals Inc.

    44,100       1,179,438  

Mitsui Fudosan Co. Ltd.

    231,300       4,958,455  

Miura Co. Ltd.

    23,800       702,698  

Mizuho Financial Group Inc.

    663,590       8,988,991  

MonotaRO Co. Ltd.

    83,900       1,378,544  

MS&AD Insurance Group Holdings Inc.

    125,800       4,314,879  

Murata Manufacturing Co. Ltd.

    150,600       11,322,600  

NEC Corp.

    63,900       2,492,949  

Nexon Co. Ltd.

    133,800       2,522,346  

NGK Insulators Ltd.

    59,700       1,008,794  

Nidec Corp.

    120,200       10,653,301  

Nihon M&A Center Holdings Inc.

    105,200       1,656,186  

Nintendo Co. Ltd.

    29,200       14,309,208  

Nippon Building Fund Inc.

    478       2,768,164  

Nippon Express Holdings Co., NVS

    16,900       1,001,557  

Nippon Paint Holdings Co. Ltd.

    208,200       1,665,062  

Nippon Prologis REIT Inc.

    746