LOGO

 

  JULY 31, 2022

 

 

2022 Annual Report

 

 

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 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.

 

 

 

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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

     17  

Disclosure of Expenses

     17  

Schedules of Investments

     18  

Financial Statements:

  

Statements of Assets and Liabilities

     96  

Statements of Operations

     98  

Statements of Changes in Net Assets

     100  

Financial Highlights

     103  

Notes to Financial Statements

     109  

Report of Independent Registered Public Accounting Firm

     122  

Important Tax Information

     123  

Board Review and Approval of Investment Advisory Contract

     124  

Supplemental Information

     132  

Trustee and Officer Information

     134  

General Information

     137  

Glossary of Terms Used in this Report

     138  

 

 

  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.

 

 

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Fund Summary as of July 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  
     1 Year      5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    (10.30 )%       8.04      9.54       (10.30 )%      47.23      148.83

Fund Market

    (10.27      8.05        9.60         (10.27     47.27        150.19  

Index

    (10.48      7.86        9.35               (10.48     45.99        144.37  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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          $       896.30          $        1.50           $      1,000.00       $      1,023.20          $       1.61          0.32

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  5


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

 

Portfolio Management Commentary

Global stocks declined substantially during the reporting period, as global growth cooled in an environment of high inflation, rising interest rates, and volatility in commodities markets. U.S. stocks were the largest detractors from the Index’s return, as the recovery slowed and the economy contracted in the first half of 2022.

Among U.S. stocks, the communication services sector declined the most, driven primarily by weakness in the interactive media and services industry. A change to the data-tracking policies of a popular mobile platform impeded the ability of social media companies to target specific customer demographics, reducing the value of the advertising they sell. Consequently, revenues decreased, weighing heavily on stocks in this growth-oriented industry. The information technology sector also declined, as payment platforms in the IT services industry experienced slowing user growth. Consumers reoriented their spending back toward physical retail, negatively impacting growth in e-commerce transactions. Uncertainty around the sustainability of recent growth also pressured software providers amid a normalization of work and leisure activities.

Chinese stocks also detracted from the Index’s performance, as strict lockdowns to prevent the spread of COVID-19 weighed on economic activity. The consumer discretionary sector led the decline, particularly the internet and direct marketing retail industry. Stiff competition, both domestically and internationally, led to slower revenue growth and declining earnings. Increased regulatory scrutiny from the Chinese government also drove investor uncertainty surrounding the industry. The communication services sector was another source of weakness, constrained by new regulations that dampened revenue growth.

Stocks in Japan, which endured two quarters of economic contraction during the reporting period, also restrained the Index’s performance. The Japanese yen declined significantly relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars. The industrials sector declined the most amid a notable slowdown in industrial production.

German stocks further detracted from the Index’s return, as weakness in the automobiles industry weighed on the consumer discretionary sector. Supply chain problems, exacerbated by a global semiconductor shortage and Russia’s invasion of Ukraine, led to production difficulties that pressured the industry.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Information Technology

    21.9%  

Financials

    14.1     

Health Care

    12.5     

Consumer Discretionary

    11.6     

Industrials

    9.5     

Communication Services

    7.5     

Consumer Staples

    7.4     

Energy

    5.0     

Materials

    4.6     

Utilities

    3.1     

Real Estate

    2.8     

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of   

Total Investments(a)

 

 

 

United States

    61.2%  

Japan

    5.4     

United Kingdom

    3.7     

China

    3.4     

Canada

    3.2     

France

    2.7     

Switzerland

    2.7     

Australia

    2.1     

Germany

    1.8     

Taiwan

    1.6     

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of July 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  
 

 

 

           
     1 Year      5 Years     

Since   

Inception   

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (10.78 )%       8.00      7.81%         (10.78 )%       46.94      77.73

Fund Market

    (10.87      7.91        7.81            (10.87      46.30        77.76  

Index

    (11.08      7.76        7.52                  (11.08      45.32        74.13  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was December 8, 2014. The first day of secondary market trading was December 9, 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          $          893.00          $          0.94               $       1,000.00          $        1,023.80          $          1.00          0.20

 

  (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® MSCI ACWI Low Carbon Target ETF

 

Portfolio Management Commentary

As the global economy recovered from the initial disruptions of the COVID-19 pandemic, rising economic activity drove higher energy use and global carbon emissions increased by 6% in 2021. This rise marked the largest single-year emissions increase on record, and more than reversed 2020’s decline. While increased fossil fuel use drove higher emissions, renewable energy generation reached an all-time high in 2021. Investor interest in lower-carbon investments appeared relatively strong as governments budgeted record amounts toward climate goals and Russia’s invasion of Ukraine led some countries to seek alternatives to Russian fossil fuels. However, as interest rates increased later in the reporting period, investors moved away from future-oriented growth stocks.

U.S. stocks were the largest detractors from the Index’s return as the reopening-led recovery cooled and the economy contracted in the first half of 2022. The communication services sector led the decline, driven primarily by weakness in the interactive media and services industry. A change to the tracking data policies of a popular mobile platform impeded the ability of social media companies to target specific customer demographics, reducing the value of the advertising they sell. The information technology sector also declined as payment platforms in the information technology services industry experienced slowing user growth.

Chinese stocks further detracted from the Index’s performance as strict lockdowns to prevent the spread of COVID-19 weighed on economic activity. The U.S. consumer discretionary sector stocks detracted, as the lockdowns significantly dampened consumer sentiment. Japanese industrials stocks also declined amid a notable slowdown in industrial production.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the MSCI ACWI Index, while tracking it fairly closely. The low-carbon investment process leads to underweight and overweight positions in industries with higher or lower carbon emissions, respectively. For the reporting period, the Index had underweight positions in the energy and materials sectors and overweight positions in the financials and industrials sectors. Stock selection and the underweight position in the energy sector, which performed well due to rising oil and gas prices, detracted from relative performance. However, stock selection in the information technology and financials sectors benefited the Index’s relative return.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Information Technology

    21.7%  

Financials

    15.1     

Health Care

    12.6     

Consumer Discretionary

    11.7     

Industrials

    10.0     

Communication Services

    7.8     

Consumer Staples

    7.7     

Materials

    3.9     

Energy

    3.9     

Real Estate

    2.9     

Utilities

    2.7     

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of   

Total Investments(a)

 

 

 

United States

    60.9%  

Japan

    5.4     

United Kingdom

    3.8     

China

    3.7     

Canada

    3.5     

Switzerland

    2.6     

France

    2.5     

Australia

    1.8     

Germany

    1.7     

Taiwan

    1.6     

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of July 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  
 

 

 

           
     1 Year      5 Years      10 Years               1 Year      5 Years      10 Years  

Fund NAV

    (20.51 )%       1.04      4.36%         (20.51 )%       5.29      53.27

Fund Market

    (20.73      1.06        4.42            (20.73      5.39        54.17  

Index

    (19.93      1.78        5.10                  (19.93      9.20        64.50  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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          $          838.50          $          3.15               $      1,000.00          $      1,021.40          $         3.46          0.69

 

  (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® MSCI All Country Asia ex Japan ETF

 

Portfolio Management Commentary

Stocks in Asia excluding Japan declined sharply for the reporting period as economic growth slowed and inflationary pressures rose. Chinese equities drove the majority of detraction from the Index’s return amid pandemic-related restrictions, a far-reaching regulatory crackdown, mounting stress in the property market, rising unemployment, weakness in consumer spending, and supply chain disruptions. Concerns about delisting from U.S. exchanges arising from audit requirements also weighed on Chinese stocks.

Within China, technology-related stocks drove the majority of detraction from the Index’s return, due to concerns surrounding slowing sales, lockdowns, and regulatory restrictions. The government’s campaign to rein in large internet firms by lessening their market advantages included billions of dollars in antitrust fines and restrictions on stock listings. While investor sentiment periodically shifted toward signs of an easing crackdown, further government statements repeatedly reignited uncertainty. In the information technology sector, stocks in the internet and direct marketing industry detracted the most from the Index’s return as regulations weakened companies’ competitive advantages, while concerns surrounding new customer growth and slowing consumption pressured profit margins and earnings. Growth in cloud businesses stagnated amid competition from government-backed rivals.

In the communication services sector, COVID-related restrictions and regulatory issues weighed on earnings and forward guidance. The media and entertainment industry declined amid rules limiting video game use and restrictions on key advertisers. Revenue growth slowed for media and video gaming firms, constraining earnings and raising concerns about future growth. While China resumed the approval of video games in April 2022 after a months-long suspension, titles from two of the country’s largest gaming companies were not included.

South Korean stocks also detracted significantly from the Index’s performance, led by the technology hardware and equipment industry in the information technology sector. Budgetary reductions from major chip customers amid global economic uncertainty slowed sales growth, reduced profits, and affected capacity expansion plans for chip producers. Memory prices weakened along with demand for personal computers and smartphones.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Information Technology

    22.7%  

Financials

    20.4     

Consumer Discretionary

    14.7     

Communication Services

    9.9     

Industrials

    6.8     

Consumer Staples

    5.4     

Materials

    5.2     

Health Care

    4.1     

Real Estate

    3.9     

Energy

    3.7     

Utilities

    3.2     

 

 
GEOGRAPHIC ALLOCATION

 

 

 
Country/Geographic Region  

Percent of  

Total Investments(a)

 

 

 

China

    35.7%  

Taiwan

    16.8     

India

    15.8     

South Korea

    13.5     

Hong Kong

    7.8     

Singapore

    3.7     

Indonesia

    2.1     

Thailand

    2.1     

Malaysia

    1.7     

Philippines

    0.8     

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of July 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  
     1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    (13.92 )%      (3.29 )%      4.33        (13.92 )%      (15.39 )%      52.77

Fund Market

    (14.21     (3.38     4.29          (14.21     (15.80     52.24  

Index

    (14.62     (3.33     4.43            (14.62     (15.59     54.29  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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          $         795.90          $        2.18          $      1,000.00          $      1,022.40          $         2.46          0.49

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  11


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

 

Portfolio Management Commentary

European financials equities declined for the reporting period, as soaring inflation and rising interest rates squeezed borrowers, the euro fell sharply against the U.S. dollar, and Eurozone business growth slowed. While higher interest rates often benefit banks, which constituted approximately 46% of the Index on average during the reporting period, sharply rising prices limit customers’ ability to repay higher-interest loans. To combat inflation, the ECB raised its benchmark interest rate by 0.50% in July 2022, its first increase in 11 years, leading to concerns that European banks could face rising short-term financing costs and declining demand for loans.

Financials stocks in Sweden detracted the most from the Index’s return, namely venture capital firms in the diversified financial services industry, as the substantial decline in global markets lowered the valuations of many of their portfolio companies. In this difficult environment for capital, Swedish entrepreneurial investors sold some underlying assets to shore up finances, leading to stock price declines for the parent companies. The sharp sell-off in information technology and growth-oriented companies during the reporting period led to a slowdown in new investment deals undertaken by leading private investor conglomerates.

German financials stocks detracted notably from the Index’s performance, as rising interest rates and recession fears drove stocks of insurers lower. In addition, a leading German insurer settled lawsuits from investors for nearly $4 billion in the wake of a hedge fund collapse, with potential regulatory fines expected to increase those costs.

Banking stocks in Italy, Spain, and France also detracted from the Index’s return. As nations worldwide tightened sanctions against Russia for its war in Ukraine, uncertainty arose about the exposures of European lenders to Russian assets, including major financial institutions in all three countries. Among Eurozone nations, Italy and France had the highest exposure to Russian assets, according to data published in September 2021. Amid investor concerns about credit contagion, Italy’s two largest banks sought to reassure investors that they maintained sufficient capital to weather even a worst-case scenario of pulling entirely out of Russia.

Portfolio Information

 

INDUSTRY ALLOCATION

 

 

   

Sector

   

Percent of

Total Investments


(a) 

Banks

    45.4

Insurance

    30.6  

Capital Markets

    17.5  

Diversified Financial Services

    6.5  

GEOGRAPHIC ALLOCATION

 

 

   

Country/Geographic Region

   

Percent of

Total Investments


(a) 

United Kingdom

    27.3

Switzerland

    15.7  

Germany

    12.3  

France

    9.6  

Sweden

    7.9  

Spain

    6.2  

Italy

    5.9  

Netherlands

    5.5  

Finland

    3.8  

Belgium

    2.3  

 

  (a) 

Excludes money market funds.

 

 

 

12  

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Fund Summary as of July 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  
     1 Year     5 Years     10 Years                1 Year     5 Years     10 Years  

Fund NAV

    (24.65 )%      2.20     7.95%          (24.65 )%      11.47     114.96

Fund Market

    (24.83     2.09       7.93             (24.83     10.90       114.57  

Index

    (25.04     2.16       7.93               (25.04     11.29       114.44  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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          $         820.20          $        1.85          $      1,000.00          $      1,022.80          $         2.06          0.41

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  13


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

 

Portfolio Management Commentary

Small-capitalization European equities declined sharply 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 raise interest rates.

Stocks in the U.K., particularly in the consumer discretionary sector, detracted the most from the Index’s performance. Stocks of several consumer discretionary companies dropped on diminished sales outlooks due to falling levels of consumer confidence, inflation rates at 40-year highs, and the slowing growth in the economy. In particular, internet and direct marketing retail companies experienced declining sales due to a reduction in online spending by consumers. British industrials stocks also weighed on the Index’s performance, particularly sellers of building supplies in the trading companies and distributors industry, as the costs of materials rose and the U.K. housing market cooled after the Bank of England raised interest rates to the highest levels in 13 years.

Stocks in Sweden further detracted from the Index’s return amid slowing economic growth and the depreciation of Swedish krona against the U.S. dollar. Swedish industrials stocks declined as war-related supply-chain constraints and higher costs for materials and energy dampened the revenues of industrial machinery manufacturers. Consumer discretionary stocks in Sweden also declined, led by the leisure products industry, as steep inflation and weak consumer confidence across regions pressured the stocks of outdoor gear brands.

Stocks in Germany weighed on the Index’s performance amid recession fears as the country’s economy stalled in the second quarter of 2022. German healthcare stocks detracted, largely due to the decision of a major pharmaceutical conglomerate to discontinue the development of a potential treatment for chronic cough and endometriosis, which pressured the stock of its project partner, a life sciences tools and services company.

Portfolio Information

 

SECTOR ALLOCATION

 

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Industrials

    25.4

Financials

    14.1  

Real Estate

    10.1  

Consumer Discretionary

    9.8  

Information Technology

    9.1  

Health Care

    8.3  

Materials

    7.0  

Communication Services

    5.0  

Consumer Staples

    4.7  

Utilities

    3.4  

Energy

    3.1  

GEOGRAPHIC ALLOCATION

 

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United Kingdom

    32.2

Sweden

    11.6  

Switzerland

    9.2  

Germany

    8.7  

France

    6.9  

Italy

    5.3  

Norway

    4.5  

Netherlands

    4.3  

Denmark

    3.7  

Spain

    3.4  

 

  (a)

Excludes money market funds.

 

 

 

14  

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Fund Summary as of July 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  
     1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

    (8.46 )%       9.57      10.77       (8.46 )%       57.93      178.21

Fund Market

    (8.97      9.45        10.80         (8.97      57.03        178.96  

Index

    (8.81      9.33        10.52               (8.81      56.22        172.02  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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          $         908.00          $        1.23          $      1,000.00          $      1,023.50          $         1.30          0.26

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  15


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

 

Portfolio Management Commentary

Developed market stocks outside of Japan declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent 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.

U.S. stocks detracted the most from the Index’s return, driven by companies in the communication services sector, which reported slowing revenue growth as advertisers reduced spending, citing inflationary pressures and slowing cooling U.S. economic growth. The U.S economy contracted slightly in the first two quarters of 2022 as business inventories and private investment declined. In addition, a change to the data tracking policies of a major technology platform reduced the effectiveness of targeted advertising. Some communications services companies declined due to falling subscriptions, as the deteriorating economic outlook led consumers to curb discretionary spending. Competition from newer entrants to the sector also drove the stocks of communication services companies lower, leading firms to suspend hiring and downgrade predictions for future growth. Despite high spending levels, robust job growth, and low unemployment, rising inflation rates precipitated a notable decrease in consumer confidence. In this environment, information technology stocks declined sharply during the first half of 2022. As pandemic-related restrictions continued to ease and consumers returned to shopping in stores, online shopping declined, further weakening the growth outlook for some information technology companies. Additionally, several companies suspended business in Russia following the invasion of Ukraine.

German stocks, particularly automobile manufacturers, also detracted from the Index’s performance as the economy slowed, prices climbed, and consumer confidence waned. The war in Ukraine disrupted supply chains and contributed to record-high inflation across the Eurozone as commodities and oil prices soared.

Portfolio Information

 

SECTOR ALLOCATION

 

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Information Technology

    22.6

Health Care

    13.7  

Financials

    13.4  

Consumer Discretionary

    10.9  

Industrials

    9.3  

Consumer Staples

    7.6  

Communication Services

    7.1  

Energy

    5.2  

Materials

    4.1  

Utilities

    3.2  

Real Estate

    2.9  

GEOGRAPHIC ALLOCATION

 

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    73.1

United Kingdom

    4.4  

Canada

    3.8  

France

    3.2  

Switzerland

    3.2  

Australia

    2.5  

Germany

    2.2  

Netherlands

    1.4  

Sweden

    1.0  

Hong Kong

    0.9  

 

  (a)

Excludes money market funds.

 

 

 

16  

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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.

 

 

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

  17


Schedule of Investments

July 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 2.1%

 

Ampol Ltd.

    94,602     $ 2,241,263  

APA Group

    390,005       3,197,788  

Aristocrat Leisure Ltd.

    201,160       5,018,550  

ASX Ltd.

    67,717       4,208,934  

Aurizon Holdings Ltd.

    648,234       1,834,694  

Australia & New Zealand Banking Group Ltd.

    837,752       13,539,128  

Australia & New Zealand Banking Group Ltd., New

    55,850       893,613  

BHP Group Ltd.

    1,535,618       42,022,733  

BlueScope Steel Ltd.

    148,947       1,749,588  

Brambles Ltd.

    504,952       4,064,208  

Cochlear Ltd.

    16,264       2,451,422  

Coles Group Ltd.

    428,394       5,642,093  

Commonwealth Bank of Australia

    515,745       36,626,870  

Computershare Ltd.

    150,098       2,651,780  

CSL Ltd.

    145,540       29,634,415  

Dexus

    396,552       2,664,831  

Domino’s Pizza Enterprises Ltd.

    19,219       982,665  

Endeavour Group Ltd./Australia

    402,359       2,241,717  

Evolution Mining Ltd.

    539,934       997,408  

Fortescue Metals Group Ltd.

    514,733       6,623,871  

Glencore PLC

    3,102,619       17,584,710  

Goodman Group

    516,700       7,561,936  

GPT Group (The)

    797,759       2,566,550  

IDP Education Ltd.

    67,145       1,350,949  

Insurance Australia Group Ltd.

    503,431       1,584,078  

Lendlease Corp. Ltd.

    221,065       1,601,536  

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

    536,783       1,702,729  

Macquarie Group Ltd.

    105,991       13,565,085  

Medibank Pvt Ltd.

    1,058,110       2,544,259  

Mineral Resources Ltd.

    50,156       1,911,149  

Mirvac Group

    1,607,428       2,435,231  

National Australia Bank Ltd.

    971,469       20,980,338  

Newcrest Mining Ltd.

    258,952       3,489,704  

Northern Star Resources Ltd.

    409,889       2,252,598  

Orica Ltd.

    168,967       2,002,636  

Origin Energy Ltd.

    614,685       2,580,671  

Qantas Airways Ltd.(a)

    288,817       930,669  

QBE Insurance Group Ltd.

    495,337       4,005,158  

Ramsay Health Care Ltd.

    50,830       2,511,091  

REA Group Ltd.

    10,307       909,328  

Reece Ltd.(b)

    83,193       898,511  

Rio Tinto Ltd.

    88,097       6,103,761  

Rio Tinto PLC

    372,431           22,483,465  

Santos Ltd.

    1,091,077       5,671,833  

Scentre Group

    1,710,546       3,505,323  

SEEK Ltd.

    140,514       2,275,924  

Sonic Healthcare Ltd.

    109,134       2,628,112  

South32 Ltd.

    1,583,809       4,316,852  

Stockland

    845,121       2,290,013  

Suncorp Group Ltd.

    383,658       3,029,858  

Telstra Corp. Ltd.

    1,328,445       3,630,652  

Transurban Group

    954,011       9,751,603  

Treasury Wine Estates Ltd.

    258,043       2,224,340  

Vicinity Centres

    1,386,685       2,028,990  

Washington H Soul Pattinson & Co. Ltd.

    67,452       1,221,195  

Wesfarmers Ltd.

    338,542       11,092,502  

Westpac Banking Corp.

    1,057,068       16,007,330  

WiseTech Global Ltd.

    52,251       1,850,449  
Security   Shares     Value  

Australia (continued)

   

Woodside Energy Group Ltd.

    561,539     $     12,679,819  

Woolworths Group Ltd.

    379,579       9,986,375  
   

 

 

 
      387,034,883  
Austria — 0.0%            

Erste Group Bank AG

    92,762       2,351,765  

OMV AG

    64,203       2,734,401  

Verbund AG

    18,266       2,008,629  

voestalpine AG

    42,400       954,705  
   

 

 

 
      8,049,500  
Belgium — 0.2%  

Ageas SA/NV

    58,253       2,542,469  

Anheuser-Busch InBev SA/NV

    225,420       12,075,252  

D’ieteren Group

    6,336       1,039,903  

Elia Group SA/NV

    9,522       1,445,551  

Groupe Bruxelles Lambert SA

    50,792       4,495,858  

KBC Group NV

    73,208       3,834,413  

Proximus SADP

    27,221       377,201  

Sofina SA

    3,697       865,798  

Solvay SA

    12,556       1,102,830  

UCB SA

    39,627       3,096,404  

Umicore SA

    65,968       2,389,517  

Warehouses De Pauw CVA

    21,332       725,164  
   

 

 

 
      33,990,360  
Brazil — 0.4%            

Ambev SA

    1,415,906       4,085,634  

Americanas SA

    175,838       475,780  

Atacadao SA

    94,443       340,054  

B3 SA - Brasil, Bolsa, Balcao

    1,982,099       4,248,367  

Banco Bradesco SA

    90,907       254,232  

Banco BTG Pactual SA

    407,368       1,773,835  

Banco do Brasil SA

    257,252       1,788,399  

Banco Santander Brasil SA

    29,400       160,748  

BB Seguridade Participacoes SA

    164,375       920,978  

BRF SA(a)

    214,643       662,087  

CCR SA

    528,965       1,328,010  

Centrais Eletricas Brasileiras SA

    345,931       3,062,774  

Cia. de Saneamento Basico do Estado de Sao Paulo

    110,000       949,672  

Cia. Siderurgica Nacional SA

    191,583       544,672  

Cosan SA

    360,842       1,302,047  

Energisa SA

    20,142       171,441  

Engie Brasil Energia SA

    54,547       467,235  

Equatorial Energia SA

    316,235       1,516,358  

Hapvida Participacoes e Investimentos SA(c)

    1,278,550       1,522,172  

Hypera SA

    207,941       1,711,642  

JBS SA

    314,013       1,938,419  

Klabin SA

    242,578       934,381  

Localiza Rent a Car SA

    180,993       2,015,231  

Lojas Renner SA

    277,063       1,354,230  

Magazine Luiza SA(a)

    796,400       397,115  

Natura & Co. Holding SA

    326,041       981,759  

Petro Rio SA(a)

    219,085       1,025,539  

Petroleo Brasileiro SA

    843,173       6,023,014  

Raia Drogasil SA

    353,267       1,432,431  

Rede D’Or Sao Luiz SA(c)

    73,525       460,268  

Rumo SA

    452,467       1,533,846  

Suzano SA

    227,206       2,120,519  

Telefonica Brasil SA

    195,671       1,686,656  

Tim SA

    335,031       815,222  

TOTVS SA

    108,544       553,199  

 

 

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® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Brazil (continued)

 

Ultrapar Participacoes SA

    234,821     $ 575,922  

Vale SA

    1,205,638           16,252,730  

Vibra Energia SA

    347,089       1,116,915  

WEG SA

    498,042       2,699,039  
   

 

 

 
      71,202,572  
Canada — 3.2%  

Agnico Eagle Mines Ltd.

    132,757       5,708,173  

Air Canada(a)(b)

    52,213       709,058  

Algonquin Power & Utilities Corp.

    96,091       1,343,946  

Alimentation Couche-Tard Inc.

    269,927       12,059,290  

AltaGas Ltd.

    71,908       1,602,074  

ARC Resources Ltd.

    186,574       2,616,742  

Bank of Montreal

    203,504       20,287,627  

Bank of Nova Scotia (The)

    366,073       22,300,851  

Barrick Gold Corp.

    530,520       8,360,387  

Bausch Health Companies Inc.(a)

    97,933       451,216  

BCE Inc.

    59,505       3,006,500  

BlackBerry Ltd.(a)(b)

    147,846       908,631  

Brookfield Asset Management Inc., Class A

    436,369       21,652,326  

Brookfield Renewable Corp., Class A

    36,954       1,445,781  

BRP Inc.

    8,521       648,116  

CAE Inc.(a)

    75,414       1,995,257  

Cameco Corp.

    137,355       3,537,517  

Canadian Apartment Properties REIT

    33,189       1,257,271  

Canadian Imperial Bank of Commerce

    280,325       14,180,980  

Canadian National Railway Co.

    183,892       23,296,864  

Canadian Natural Resources Ltd.

    377,993       20,872,192  

Canadian Pacific Railway Ltd.

    290,842       22,932,581  

Canadian Tire Corp. Ltd., Class A, NVS

    20,344       2,613,558  

Canadian Utilities Ltd., Class A, NVS

    101,674       3,291,076  

CCL Industries Inc., Class B, NVS

    67,219       3,376,829  

Cenovus Energy Inc.

    425,295       8,103,704  

CGI Inc.(a)

    52,567       4,507,326  

Constellation Software Inc.

    6,839       11,633,910  

Dollarama Inc.

    99,097       6,005,949  

Emera Inc.

    39,917       1,892,438  

Empire Co. Ltd., Class A, NVS

    33,415       1,014,023  

Enbridge Inc.

    629,519       28,271,944  

Fairfax Financial Holdings Ltd.

    9,195       4,953,115  

First Quantum Minerals Ltd.

    197,032       3,600,444  

FirstService Corp.

    10,833       1,449,222  

Fortis Inc.

    120,102       5,673,320  

Franco-Nevada Corp.

    60,341       7,726,456  

George Weston Ltd.

    15,637       1,866,354  

GFL Environmental Inc.

    56,326       1,558,856  

Gildan Activewear Inc.

    73,252       2,146,849  

Great-West Lifeco Inc.

    50,422       1,225,358  

Hydro One Ltd.(c)

    58,036       1,620,231  

iA Financial Corp. Inc.

    21,307       1,172,380  

Imperial Oil Ltd.

    94,416       4,524,860  

Intact Financial Corp.

    39,240       5,840,572  

Ivanhoe Mines Ltd., Class A(a)

    182,151       1,132,265  

Keyera Corp.

    58,279       1,510,507  

Kinross Gold Corp.

    482,231       1,653,191  

Lightspeed Commerce Inc.(a)

    43,323       929,691  

Loblaw Companies Ltd.

    40,839       3,717,623  

Lundin Mining Corp.

    128,554       724,813  

Magna International Inc.

    91,808       5,862,434  

Manulife Financial Corp.

    601,209       11,004,911  

Metro Inc.

    55,150       3,053,912  
Security   Shares     Value  

Canada (continued)

 

National Bank of Canada

    86,363     $ 6,059,674  

Northland Power Inc.

    68,729       2,253,128  

Nutrien Ltd.

    171,755       14,702,888  

Nuvei Corp.(a)(c)

    22,352       781,286  

Onex Corp.

    17,206       919,588  

Open Text Corp.

    109,445       4,476,771  

Pan American Silver Corp.

    72,172       1,468,746  

Parkland Corp.

    52,096       1,461,723  

Pembina Pipeline Corp.

    186,702       7,128,078  

Power Corp. of Canada

    204,833       5,566,505  

Quebecor Inc., Class B

    33,521       744,737  

Restaurant Brands International Inc.

    88,614       4,750,577  

RioCan REIT

    21,814       350,067  

Ritchie Bros Auctioneers Inc.

    34,521       2,488,219  

Rogers Communications Inc., Class B, NVS

    119,806       5,507,773  

Royal Bank of Canada

    427,140       41,648,276  

Saputo Inc.

    117,287       2,897,027  

Shaw Communications Inc., Class B, NVS

    148,760       4,024,088  

Shopify Inc., Class A(a)

    346,690       12,077,499  

Sun Life Financial Inc.

    182,875       8,491,467  

Suncor Energy Inc.

    477,408       16,202,532  

TC Energy Corp.

    293,255       15,634,313  

Teck Resources Ltd., Class B

    157,661       4,635,459  

TELUS Corp.

    218,599       5,032,446  

TFI International Inc.

    24,612       2,458,221  

Thomson Reuters Corp.

    60,634       6,808,452  

TMX Group Ltd.

    17,282       1,773,208  

Toromont Industries Ltd.

    7,611       641,011  

Toronto-Dominion Bank (The)

    552,139       35,864,997  

Tourmaline Oil Corp.

    95,901       6,008,463  

Waste Connections Inc.

    81,022       10,805,904  

West Fraser Timber Co. Ltd.

    25,783       2,413,903  

Wheaton Precious Metals Corp.

    148,163       5,083,973  

WSP Global Inc.

    25,825       3,115,819  
   

 

 

 
      579,108,319  
Chile — 0.0%            

Banco de Chile

    12,157,479       1,153,550  

Banco de Credito e Inversiones SA

    30,188       910,833  

Banco Santander Chile

    22,386,961       886,684  

Cia. Cervecerias Unidas SA

    119,581       690,069  

Cia. Sud Americana de Vapores SA

    3,698,352       400,166  

Empresas CMPC SA

    386,851       657,273  

Empresas COPEC SA

    158,813       1,300,677  

Enel Americas SA

    9,778,746       989,703  

Enel Chile SA

    9,195,982       263,296  

Falabella SA

    204,581       456,340  
   

 

 

 
      7,708,591  
China — 3.4%            

360 DigiTech Inc.(b)

    29,781       432,420  

3SBio Inc.(c)

    472,000       314,176  

AAC Technologies Holdings Inc.

    220,500       427,512  

Agricultural Bank of China Ltd., Class A

    5,876,000       2,481,936  

Agricultural Bank of China Ltd., Class H

    4,183,000       1,379,646  

Aier Eye Hospital Group Co. Ltd., Class A

    325,502       1,468,050  

Air China Ltd., Class H(a)

    700,000       549,419  

Alibaba Group Holding Ltd.(a)

    4,628,476           52,040,124  

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

    1,652,000       992,023  

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

    180,750       220,472  

Aluminum Corp. of China Ltd., Class H

    1,516,000       555,238  

 

 

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® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

 

Anhui Conch Cement Co. Ltd., Class A

    452,392     $ 2,179,459  

Anhui Conch Cement Co. Ltd., Class H

    71,500       282,903  

ANTA Sports Products Ltd.

    344,800       3,796,543  

Autohome Inc., ADR

    22,671       809,128  

AviChina Industry & Technology Co. Ltd., Class H

    971,000       518,073  

Baidu Inc.(a)

    674,960       11,666,277  

Bank of China Ltd., Class H

    23,492,000       8,353,407  

Bank of Communications Co. Ltd., Class A

    4,414,400       3,022,917  

Bank of Communications Co. Ltd., Class H

    736,000       438,077  

Bank of Ningbo Co. Ltd., Class A

    434,515       2,011,920  

Bank of Shanghai Co. Ltd., Class A

    2,851,951       2,519,953  

BeiGene Ltd., ADR(a)

    16,154       2,715,164  

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

    552,000       324,495  

Beijing Enterprises Holdings Ltd.

    82,000       262,808  

Beijing Enterprises Water Group Ltd.

    1,340,000       406,262  

Bilibili Inc., ADR(a)

    10,166       248,457  

Bilibili Inc., Class Z(a)

    44,742       1,093,638  

Bosideng International Holdings Ltd.

    1,128,000       658,356  

BYD Co. Ltd., Class A

    65,700       3,133,582  

BYD Co. Ltd., Class H

    206,500       7,555,003  

BYD Electronic International Co. Ltd.(b)

    220,000       565,223  

CanSino Biologics Inc., Class H(c)

    39,200       328,114  

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

    6,382,000       1,471,584  

China Cinda Asset Management Co. Ltd., Class H

    554,000       76,314  

China CITIC Bank Corp. Ltd., Class H

    2,139,000       894,059  

China Coal Energy Co. Ltd., Class H

    641,000       498,651  

China Communications Services Corp. Ltd., Class H

    582,000       236,622  

China Conch Venture Holdings Ltd.

    585,500       1,135,101  

China Construction Bank Corp., Class H

    29,508,260           18,844,275  

China Everbright Bank Co. Ltd., Class A

    5,641,000       2,425,432  

China Everbright Environment Group Ltd.

    1,206,000       641,883  

China Evergrande Group(b)(d)

    740,000       107,748  

China Feihe Ltd.(c)

    1,237,000       1,086,178  

China Galaxy Securities Co. Ltd., Class H

    1,473,500       728,687  

China Gas Holdings Ltd.

    888,600       1,365,907  

China Hongqiao Group Ltd.

    680,500       709,132  

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

    562,800       1,034,835  

China Jinmao Holdings Group Ltd.(a)

    1,386,000       321,644  

China Lesso Group Holdings Ltd.

    391,000       479,194  

China Life Insurance Co. Ltd., Class H

    2,265,000       3,373,536  

China Literature Ltd.(a)(c)

    121,000       476,871  

China Longyuan Power Group Corp. Ltd., Class H

    1,059,000       1,701,347  

China Medical System Holdings Ltd.

    460,000       731,265  

China Meidong Auto Holdings Ltd.

    214,000       520,072  

China Mengniu Dairy Co. Ltd.

    947,000       4,399,755  

China Merchants Bank Co. Ltd., Class A

    724,600       3,769,429  

China Merchants Bank Co. Ltd., Class H

    1,040,288       5,620,986  

China Merchants Port Holdings Co. Ltd.

    444,000       716,105  

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

    838,322       1,702,233  

China Minsheng Banking Corp. Ltd., Class A

    4,360,000       2,351,999  

China Minsheng Banking Corp. Ltd., Class H

    13,500       4,403  

China National Building Material Co. Ltd., Class H

    1,060,000       1,063,947  

China Oilfield Services Ltd., Class H

    670,000       617,188  

China Overseas Land & Investment Ltd.

    1,161,000       3,208,330  

China Overseas Property Holdings Ltd.

    515,000       538,247  

China Pacific Insurance Group Co. Ltd., Class A

    694,897       2,082,050  

China Pacific Insurance Group Co. Ltd., Class H

    439,000       937,715  

China Petroleum & Chemical Corp., Class H

    7,775,200       3,665,666  
Security   Shares     Value  

China (continued)

   

China Power International Development Ltd.

    2,025,000     $     1,147,118  

China Railway Group Ltd., Class H

    1,302,000       775,074  

China Resources Beer Holdings Co. Ltd.

    452,000       3,117,765  

China Resources Cement Holdings Ltd.(b)

    506,000       311,240  

China Resources Gas Group Ltd.

    284,000       1,191,786  

China Resources Land Ltd.

    838,000       3,499,722  

China Resources Mixc Lifestyle Services Ltd.(c)

    207,000       877,015  

China Resources Power Holdings Co. Ltd.

    612,000       1,152,238  

China Ruyi Holdings Ltd.(a)(b)

    1,608,000       465,430  

China Shenhua Energy Co. Ltd., Class A

    363,700       1,514,190  

China Shenhua Energy Co. Ltd., Class H

    1,210,000       3,419,871  

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

    732,000       396,431  

China State Construction Engineering Corp. Ltd., Class A

    5,394,877       4,027,834  

China State Construction International Holdings Ltd.

    686,000       711,322  

China Suntien Green Energy Corp. Ltd.,
Class H(b)

    664,000       325,691  

China Taiping Insurance Holdings Co. Ltd.

    737,200       777,360  

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

    48,592       1,514,579  

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

    12,870,000       1,655,759  

China Traditional Chinese Medicine Holdings Co. Ltd.

    1,174,000       498,385  

China Vanke Co. Ltd., Class A

    743,696       1,894,503  

China Vanke Co. Ltd., Class H

    136,900       260,394  

China Yangtze Power Co. Ltd., Class A

    1,051,410       3,722,848  

Chinasoft International Ltd.

    896,000       767,076  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    58,100       856,730  

CIFI Ever Sunshine Services Group Ltd.

    232,000       167,277  

CIFI Holdings Group Co. Ltd.

    901,576       244,861  

CITIC Ltd.

    1,441,000       1,558,561  

CITIC Securities Co. Ltd., Class A

    1,171,883       3,410,277  

CITIC Securities Co. Ltd., Class H

    600,525       1,234,790  

CMOC Group Ltd., Class H

    1,476,000       724,624  

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

    49,000       3,715,294  

COSCO SHIPPING Holdings Co. Ltd., Class H

    1,315,800       1,974,071  

COSCO SHIPPING Ports Ltd.

    542,000       404,615  

Country Garden Holdings Co. Ltd.(b)

    2,294,866       887,469  

Country Garden Services Holdings Co. Ltd.

    594,000       1,324,646  

CSPC Pharmaceutical Group Ltd.

    2,791,120       3,056,149  

Dali Foods Group Co. Ltd.(c)

    1,218,000       579,932  

Daqo New Energy Corp., ADR(a)

    22,015       1,424,371  

Dongfeng Motor Group Co. Ltd., Class H

    670,000       462,966  

Dongyue Group Ltd.

    508,000       552,519  

East Money Information Co. Ltd., Class A

    372,200       1,230,198  

ENN Energy Holdings Ltd.

    237,000       3,866,084  

Far East Horizon Ltd.(b)

    462,000       380,798  

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

    195,000       706,808  

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

    118,401       1,451,804  

Fosun International Ltd.

    716,000       564,110  

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

    237,200       1,150,650  

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

    161,840       1,463,400  

GDS Holdings Ltd., ADR(a)

    35,561       984,328  

Geely Automobile Holdings Ltd.(b)

    1,809,000       3,587,055  

Genscript Biotech Corp.(a)

    404,000       1,462,739  

GF Securities Co. Ltd., Class H

    497,800       658,980  

Great Wall Motor Co. Ltd., Class H

    1,093,000       1,732,749  

Greentown China Holdings Ltd.

    259,000       511,955  

Greentown Service Group Co. Ltd.

    488,000       436,787  

Guangdong Investment Ltd.

    986,000       960,488  

Guangzhou Automobile Group Co. Ltd., Class H

    1,068,000       1,002,480  

 

 

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® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

H World Group Ltd., ADR

    69,453     $ 2,663,523  

Haidilao International Holding Ltd.(a)(b)(c)

    344,000       687,305  

Haier Smart Home Co. Ltd., Class H

    833,400       2,667,304  

Haitian International Holdings Ltd.

    196,000       469,052  

Haitong Securities Co. Ltd., Class H

    892,800       597,953  

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

    50,600       525,560  

Hansoh Pharmaceutical Group Co. Ltd.(c)

    394,000       767,943  

Hengan International Group Co. Ltd.

    197,500       955,942  

Hopson Development Holdings Ltd.

    227,139       300,209  

Hua Hong Semiconductor Ltd.(a)(b)(c)

    182,000       545,126  

Huaneng Power International Inc., Class H(a)

    1,614,000       771,672  

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

    645,400       851,354  

Hutchmed China Ltd., ADR(a)(b)

    38,728       506,175  

Hygeia Healthcare Holdings Co. Ltd.(c)

    121,800       700,413  

Industrial & Commercial Bank of China Ltd., Class A

    4,276,791       2,775,943  

Industrial & Commercial Bank of China Ltd., Class H

    14,933,260       7,895,030  

Industrial Bank Co. Ltd., Class A

    936,000       2,467,436  

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

    401,500       2,131,510  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    387,100       610,368  

Innovent Biologics Inc.(a)(c)

    376,500       1,573,789  

iQIYI Inc., ADR(a)(b)

    103,714       396,187  

JD Health International Inc.(a)(b)(c)

    339,650       2,576,255  

JD.com Inc., Class A

    630,226           18,801,246  

Jiangsu Expressway Co. Ltd., Class H

    350,000       305,432  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    275,718       1,443,199  

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

    58,600       1,435,458  

Jiangxi Copper Co. Ltd., Class H

    375,000       459,376  

Jinxin Fertility Group Ltd.(c)

    528,500       410,642  

Jiumaojiu International Holdings Ltd.(c)

    307,000       667,995  

JOYY Inc., ADR

    19,738       511,017  

Kanzhun Ltd., ADR(a)(b)

    43,192       1,015,444  

KE Holdings Inc., ADR(a)(b)

    107,759       1,520,479  

Kingboard Holdings Ltd.

    282,000       825,049  

Kingdee International Software Group Co. Ltd.(a)(b)

    864,000       1,865,481  

Kingsoft Corp. Ltd.

    303,600       1,013,708  

Kuaishou Technology(a)(c)

    529,300       5,321,817  

Kunlun Energy Co. Ltd.

    1,192,000       877,511  

Kweichow Moutai Co. Ltd., Class A

    23,232       6,531,876  

Legend Biotech Corp., ADR(a)

    18,891       892,411  

Lenovo Group Ltd.(b)

    2,362,000       2,290,655  

Li Auto Inc., ADR(a)

    173,387       5,694,029  

Li Ning Co. Ltd.

    698,000       5,661,919  

Logan Group Co. Ltd.(b)(d)

    214,000       40,892  

Longfor Group Holdings Ltd.(c)

    506,000       1,690,732  

LONGi Green Energy Technology Co. Ltd., Class A

    225,820       2,064,678  

Lufax Holding Ltd., ADR

    245,688       1,125,251  

Luxshare Precision Industry Co. Ltd., Class A

    279,340       1,405,957  

Luzhou Laojiao Co. Ltd., Class A

    35,100       1,156,374  

Meituan, Class B(a)(c)

    1,254,800       28,149,366  

Microport Scientific Corp.(a)

    289,000       681,415  

Ming Yuan Cloud Group Holdings Ltd.

    323,000       296,538  

Minth Group Ltd.

    244,000       652,270  

MMG Ltd.(a)(b)

    904,000       267,405  

Muyuan Foods Co. Ltd., Class A

    171,412       1,517,287  

NetEase Inc.

    623,090       11,655,995  

New China Life Insurance Co. Ltd., Class H

    231,500       551,671  

New Oriental Education & Technology Group Inc.(a)

    470,030       1,288,516  

NIO Inc., ADR(a)

    401,562       7,922,818  

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

    541,200       3,243,513  
Security   Shares     Value  

China (continued)

   

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

    1,986,000     $ 594,622  

PetroChina Co. Ltd., Class H

    6,376,000       2,977,333  

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

    103,500       842,031  

PICC Property & Casualty Co. Ltd., Class H

    1,780,000       1,827,155  

Pinduoduo Inc., ADR(a)(b)

    139,671       6,845,276  

Ping An Bank Co. Ltd., Class A

    969,100       1,823,369  

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

    197,200       515,046  

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

    582,200       3,636,599  

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

    1,670,000       9,814,654  

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

    823,199       2,031,815  

Pop Mart International Group Ltd.(c)

    153,600       351,204  

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

    2,856,200       1,986,515  

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

    1,333,000       881,945  

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

    196,489       318,312  

SAIC Motor Corp. Ltd., Class A

    668,113       1,605,839  

Sany Heavy Equipment International Holdings Co. Ltd.(b)

    555,000       603,950  

Seazen Group Ltd.(a)

    534,000       183,003  

SF Holding Co. Ltd., Class A

    235,600       1,741,602  

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

    298,500       519,772  

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

    835,600       1,045,219  

Shanghai Baosight Software Co. Ltd., Class B

    132,380       444,076  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    210,000       761,028  

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

    330,800       290,912  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    258,500       389,279  

Shanghai Pudong Development Bank Co. Ltd., Class A

    2,937,765       3,161,500  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    32,100       1,303,655  

Shenzhen International Holdings Ltd.

    296,500       273,104  

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

    31,800       1,365,950  

Shenzhou International Group Holdings Ltd.

    225,700       2,373,949  

Shimao Group Holdings Ltd.(b)(d)

    279,000       79,969  

Sino Biopharmaceutical Ltd.

    3,351,000       1,942,718  

Sinopharm Group Co. Ltd., Class H

    373,600       855,987  

Sinotruk Hong Kong Ltd.

    188,000       222,144  

Smoore International Holdings Ltd.(b)(c)

    536,000       1,237,851  

Sunac China Holdings Ltd.(d)

    673,000       171,467  

Sunny Optical Technology Group Co. Ltd.

    228,000       3,084,520  

TAL Education Group, ADR(a)

    126,310       621,445  

Tencent Holdings Ltd.

    1,877,600           72,567,008  

Tencent Music Entertainment Group, ADR(a)(b)

    210,271       885,241  

Tingyi Cayman Islands Holding Corp.

    750,000       1,234,640  

Tongcheng Travel Holdings Ltd.(a)

    431,200       824,287  

Topsports International Holdings Ltd.(c)

    512,000       427,064  

TravelSky Technology Ltd., Class H

    374,000       619,842  

Trip.com Group Ltd., ADR(a)(b)

    164,600       4,243,388  

Tsingtao Brewery Co. Ltd., Class H

    206,000       2,012,226  

Uni-President China Holdings Ltd.

    586,000       536,051  

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

    137,835       1,262,569  

Wanhua Chemical Group Co. Ltd., Class A

    150,453       1,868,302  

Want Want China Holdings Ltd.(b)

    1,672,000       1,360,740  

Weibo Corp., ADR(a)(b)

    20,779       399,372  

Weichai Power Co. Ltd., Class H

    649,000       927,868  

 

 

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® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

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

    712,016     $ 2,538,554  

Wharf Holdings Ltd. (The)

    404,200       1,478,117  

Wuliangye Yibin Co. Ltd., Class A

    103,000       2,725,658  

WuXi AppTec Co. Ltd., Class A

    138,659       1,918,293  

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

    57,212       693,076  

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

    1,095,500       10,486,251  

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

    4,564,600       7,179,136  

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

    319,600       570,965  

Xinyi Solar Holdings Ltd.

    1,524,000       2,588,987  

XPeng Inc., ADR(a)(b)

    134,024       3,274,206  

Xtep International Holdings Ltd.

    379,500       617,171  

Yadea Group Holdings Ltd.(c)

    446,000       961,858  

Yankuang Energy Group Co. Ltd., Class H

    576,000       1,799,891  

Yihai International Holding Ltd.

    194,000       568,278  

Yuexiu Property Co. Ltd.

    381,000       475,988  

Yum China Holdings Inc.(b)

    137,505       6,697,869  

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

    32,234       1,306,444  

Zhejiang Expressway Co. Ltd., Class H

    528,000       424,972  

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

    208,900       530,442  

Zhongsheng Group Holdings Ltd.

    187,000       1,070,562  

Zhuzhou CRRC Times Electric Co. Ltd.

    182,400       783,290  

Zijin Mining Group Co. Ltd., Class H

    2,048,000       2,399,869  

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

    637,800       331,595  

ZTE Corp., Class H

    229,200       493,225  

ZTO Express Cayman Inc., ADR(b)

    126,930       3,248,139  
   

 

 

 
      619,791,081  
Colombia — 0.0%            

Ecopetrol SA

    2,735,222       1,454,702  

Interconexion Electrica SA ESP

    26,649       128,054  
   

 

 

 
      1,582,756  
Czech Republic — 0.0%            

CEZ AS

    80,814       3,672,446  

Komercni Banka AS

    47,505       1,200,281  
   

 

 

 
      4,872,727  
Denmark — 0.7%            

AP Moller - Maersk A/S, Class A

    2,102       5,631,205  

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

    588       1,605,436  

Carlsberg A/S, Class B

    34,249       4,429,830  

Chr Hansen Holding A/S

    34,978       2,289,409  

Coloplast A/S, Class B

    30,865       3,612,406  

Danske Bank A/S

    208,578       2,916,817  

Demant A/S(a)

    24,815       945,345  

DSV A/S

    64,217       10,820,622  

Genmab A/S(a)

    21,348       7,596,043  

GN Store Nord A/S

    37,562       1,308,063  

Novo Nordisk A/S, Class B

    519,181       60,470,960  

Novozymes A/S, Class B

    67,346       4,302,080  

Orsted A/S(c)

    51,707       6,019,555  

Pandora A/S

    34,863       2,590,032  

Tryg A/S

    127,055       2,897,025  

Vestas Wind Systems A/S

    318,016       8,358,645  
   

 

 

 
          125,793,473  
Egypt — 0.0%            

Commercial International Bank Egypt SAE

    423,208       848,814  
   

 

 

 
Security   Shares     Value  

Finland — 0.3%

   

Elisa OYJ

    32,204     $ 1,781,045  

Fortum OYJ

    154,616       1,735,455  

Kesko OYJ, Class B

    86,900       2,149,312  

Kone OYJ, Class B

    76,639       3,502,512  

Neste OYJ

    134,700       6,926,447  

Nokia OYJ

    1,686,399       8,783,744  

Nordea Bank Abp

    972,471       9,588,530  

Orion OYJ, Class B

    27,418       1,308,867  

Sampo OYJ, Class A

    152,650       6,594,897  

Stora Enso OYJ, Class R

    201,732       3,119,924  

UPM-Kymmene OYJ

    170,155       5,392,171  

Wartsila OYJ Abp

    175,448       1,541,579  
   

 

 

 
      52,424,483  
France — 2.7%            

Accor SA(a)

    71,958       1,867,231  

Aeroports de Paris(a)

    5,652       780,947  

Air Liquide SA

    164,605       22,630,285  

Airbus SE

    182,889       19,719,400  

Alstom SA(b)

    93,316       2,217,719  

Amundi SA(c)

    12,544       681,074  

ArcelorMittal SA

    186,516       4,602,083  

Arkema SA

    26,955       2,553,597  

AXA SA

    553,747       12,759,720  

BioMerieux

    10,445       1,130,539  

BNP Paribas SA

    338,194       15,978,750  

Bollore SE

    77,745       392,524  

Bouygues SA(b)

    82,656       2,498,669  

Bureau Veritas SA

    30,201       832,962  

Capgemini SE

    54,505       10,396,111  

Carrefour SA

    199,272       3,396,002  

Cie Generale des Etablissements Michelin SCA

    236,048       6,605,700  

Cie. de Saint-Gobain

    166,937       7,784,242  

Covivio

    9,045       572,038  

Credit Agricole SA

    352,094       3,244,134  

Danone SA

    190,587       10,508,806  

Dassault Systemes SE

    164,019       7,035,049  

Edenred

    92,551       4,750,689  

Eiffage SA(b)

    15,205       1,426,822  

Electricite de France SA

    147,922       1,796,402  

Engie SA

    574,822       7,111,892  

EssilorLuxottica SA

    90,943       14,258,256  

Eurazeo SE

    3,235       231,068  

Eurofins Scientific SE

    31,663       2,468,396  

Gecina SA

    5,927       607,699  

Getlink SE

    204,214       4,087,205  

Hermes International

    9,873       13,545,201  

Ipsen SA

    10,773       1,089,766  

Kering SA

    23,450       13,424,913  

Klepierre SA

    40,707       904,511  

La Francaise des Jeux SAEM(c)

    29,576       1,056,396  

Legrand SA

    89,851       7,355,977  

L’Oreal SA

    75,914       28,699,843  

LVMH Moet Hennessy Louis Vuitton SE

    84,581           58,729,155  

Orange SA

    434,726       4,442,218  

Pernod Ricard SA

    68,150       13,387,682  

Publicis Groupe SA

    85,528       4,551,402  

Remy Cointreau SA

    4,015       793,192  

Renault SA(a)

    68,412       2,022,558  

Safran SA

    103,166       11,339,546  

Sanofi

    350,317       34,812,234  

 

 

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® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

France (continued)

   

Sartorius Stedim Biotech

    7,176     $ 2,870,682  

Schneider Electric SE

    174,389       24,118,666  

SEB SA

    5,107       429,960  

Societe Generale SA

    231,568       5,188,603  

Sodexo SA

    14,360       1,166,801  

Teleperformance

    12,730       4,256,924  

Thales SA

    26,854       3,339,553  

TotalEnergies SE

    772,179       39,440,860  

Ubisoft Entertainment SA(a)

    32,599       1,387,883  

Unibail-Rodamco-Westfield(a)(b)

    39,422       2,238,568  

Valeo

    79,102       1,699,113  

Veolia Environnement SA

    223,668       5,594,125  

Vinci SA

    160,531       15,388,300  

Vivendi SE

    240,478       2,282,938  

Wendel SE

    16,579       1,525,925  

Worldline SA/France(a)(c)

    76,834       3,391,309  
   

 

 

 
          485,400,815  
Germany — 1.7%            

adidas AG

    53,921       9,327,873  

Allianz SE, Registered

    121,672       22,096,376  

Aroundtown SA(b)

    279,398       896,039  

BASF SE

    281,107       12,527,582  

Bayer AG, Registered

    303,464       17,701,127  

Bayerische Motoren Werke AG

    109,179       8,921,379  

Bechtle AG

    27,051       1,251,213  

Beiersdorf AG

    28,546       2,943,798  

Brenntag SE

    30,873       2,168,677  

Carl Zeiss Meditec AG, Bearer

    10,635       1,552,070  

Commerzbank AG(a)

    336,310       2,304,103  

Continental AG

    33,989       2,421,415  

Covestro AG(c)

    66,717       2,250,056  

Daimler Truck Holding AG(a)

    137,773       3,764,641  

Delivery Hero SE(a)(c)

    49,807       2,403,006  

Deutsche Bank AG, Registered

    638,104       5,581,465  

Deutsche Boerse AG

    60,151       10,500,277  

Deutsche Lufthansa AG, Registered(a)(b)

    138,276       851,207  

Deutsche Post AG, Registered

    304,343       12,155,418  

Deutsche Telekom AG, Registered

    1,009,012       19,170,194  

E.ON SE

    710,927       6,390,594  

Evonik Industries AG

    44,116       940,980  

Fresenius Medical Care AG & Co. KGaA

    58,963       2,185,963  

Fresenius SE & Co. KGaA

    127,580       3,264,639  

GEA Group AG

    61,825       2,307,778  

Hannover Rueck SE

    12,410       1,760,322  

HeidelbergCement AG

    43,873       2,234,759  

HelloFresh SE(a)

    54,884       1,516,979  

Henkel AG & Co. KGaA

    35,670       2,249,164  

Infineon Technologies AG

    421,403       11,556,752  

KION Group AG

    15,807       720,998  

Knorr-Bremse AG

    14,044       836,679  

LEG Immobilien SE

    18,126       1,646,661  

Mercedes-Benz Group AG

    247,875       14,618,176  

Merck KGaA

    43,138       8,216,090  

MTU Aero Engines AG

    18,003       3,480,221  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    42,949       9,736,796  

Nemetschek SE

    21,863       1,463,653  

Puma SE

    34,809       2,350,435  

QIAGEN NV(a)

    55,502       2,781,581  

Rational AG

    1,032       719,351  
Security   Shares     Value  

Germany (continued)

   

Rheinmetall AG

    13,203     $ 2,421,127  

RWE AG

    200,379       8,243,180  

SAP SE

    319,755       29,824,415  

Scout24 SE(c)

    28,719       1,641,822  

Siemens AG, Registered

    232,932       25,982,158  

Siemens Healthineers AG(c)

    64,719       3,316,436  

Symrise AG

    33,493       3,908,151  

Telefonica Deutschland Holding AG

    210,293       559,091  

Uniper SE(b)

    39,844       266,213  

United Internet AG, Registered

    24,593       647,808  

Volkswagen AG

    2,686       532,010  

Vonovia SE

    223,654       7,452,105  

Zalando SE(a)(c)

    68,976       1,941,889  
   

 

 

 
          308,502,892  
Greece — 0.0%            

Hellenic Telecommunications Organization SA

    56,482       972,504  

JUMBO SA

    65,225       1,011,300  

OPAP SA

    37,262       516,239  
   

 

 

 
      2,500,043  
Hong Kong — 0.8%            

AIA Group Ltd.

    3,747,600       37,650,801  

Alibaba Pictures Group Ltd.(a)

    3,820,000       325,949  

BOC Hong Kong Holdings Ltd.

    1,096,500       3,966,385  

Budweiser Brewing Co. APAC Ltd.(c)

    567,000       1,569,986  

Chow Tai Fook Jewellery Group Ltd.

    555,800       1,099,238  

CK Asset Holdings Ltd.

    653,516       4,626,715  

CK Hutchison Holdings Ltd.

    804,516       5,336,577  

CK Infrastructure Holdings Ltd.

    215,000       1,348,216  

CLP Holdings Ltd.

    513,500       4,354,259  

ESR Group Ltd.(a)(c)

    745,400       1,938,358  

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

    22,276       926,682  

Galaxy Entertainment Group Ltd.

    586,000       3,486,157  

Hang Lung Properties Ltd.

    610,000       1,112,941  

Hang Seng Bank Ltd.

    228,700       3,689,072  

Henderson Land Development Co. Ltd.

    299,003       1,040,873  

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

    1,345,500       1,216,965  

HKT Trust & HKT Ltd., Class SS

    1,215,000       1,702,355  

Hong Kong & China Gas Co. Ltd.

    3,778,040       3,990,110  

Hong Kong Exchanges & Clearing Ltd.

    357,000       16,382,885  

Hongkong Land Holdings Ltd.(b)

    365,600       1,900,411  

Jardine Matheson Holdings Ltd.

    58,100       3,068,599  

Kingboard Laminates Holdings Ltd.

    494,000       452,743  

Link REIT

    650,000       5,443,314  

MTR Corp. Ltd.

    432,500       2,290,306  

New World Development Co. Ltd.

    483,916       1,618,165  

Nine Dragons Paper Holdings Ltd.

    366,000       301,856  

Orient Overseas International Ltd.

    40,000       1,394,029  

Power Assets Holdings Ltd.

    450,000       2,946,485  

Sands China Ltd.(a)

    715,200       1,677,530  

Sino Land Co. Ltd.

    550,000       817,210  

SITC International Holdings Co. Ltd.

    441,000       1,501,572  

Sun Hung Kai Properties Ltd.

    429,500       5,126,998  

Swire Pacific Ltd., Class A

    136,000       774,536  

Swire Properties Ltd.

    195,800       466,538  

Techtronic Industries Co. Ltd.

    407,500       4,521,873  

Vinda International Holdings Ltd.

    204,000       541,841  

WH Group Ltd.(c)

    3,430,500       2,598,044  

Wharf Real Estate Investment Co. Ltd.

    476,200       2,119,665  

 

 

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® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Hong Kong (continued)

   

Xinyi Glass Holdings Ltd.

    547,000     $ 1,078,866  
   

 

 

 
          136,405,105  
Hungary — 0.0%            

MOL Hungarian Oil & Gas PLC

    58,719       432,314  

OTP Bank Nyrt

    82,440       1,701,923  

Richter Gedeon Nyrt

    14,254       291,569  
   

 

 

 
      2,425,806  
India — 1.5%            

Adani Enterprises Ltd.

    88,206       2,869,934  

Adani Green Energy Ltd.(a)

    113,060       3,116,220  

Adani Ports & Special Economic Zone Ltd.

    191,696       1,852,882  

Adani Power Ltd.(a)

    228,935       913,174  

Adani Total Gas Ltd.

    86,659       3,428,110  

Adani Transmission Ltd.(a)

    88,206       3,476,396  

Ambuja Cements Ltd.

    124,367       589,911  

Apollo Hospitals Enterprise Ltd.

    36,341       1,939,571  

Asian Paints Ltd.

    138,671       5,858,134  

Aurobindo Pharma Ltd.

    116,547       806,121  

Avenue Supermarts Ltd.(a)(c)

    50,019       2,690,312  

Axis Bank Ltd.

    577,306       5,304,169  

Bajaj Auto Ltd.

    20,243       1,002,298  

Bajaj Finance Ltd.

    90,928       8,322,228  

Bajaj Finserv Ltd.

    14,311       2,732,808  

Bandhan Bank Ltd.(c)

    184,727       647,128  

Bharat Electronics Ltd.

    359,504       1,250,583  

Bharat Forge Ltd.

    59,083       547,640  

Bharat Petroleum Corp. Ltd.

    230,953       965,012  

Bharti Airtel Ltd.(a)

    785,662       6,737,240  

Biocon Ltd.

    133,312       518,111  

Britannia Industries Ltd.

    36,816       1,816,013  

Cholamandalam Investment and Finance Co. Ltd.

    150,203       1,334,389  

Cipla Ltd.

    164,158       2,029,279  

Coal India Ltd.

    251,707       672,403  

Colgate-Palmolive India Ltd.

    32,670       655,194  

Container Corp. of India Ltd.

    90,484       816,085  

Dabur India Ltd.

    179,025       1,322,446  

Divi’s Laboratories Ltd.

    46,737       2,267,202  

DLF Ltd.

    194,177       950,214  

Dr. Reddy’s Laboratories Ltd.

    41,253       2,134,600  

Eicher Motors Ltd.

    48,307       1,892,521  

GAIL India Ltd.

    451,947       837,858  

Godrej Consumer Products Ltd.(a)

    94,801       1,023,770  

Godrej Properties Ltd.(a)

    37,086       708,487  

Grasim Industries Ltd.

    92,757       1,849,211  

Havells India Ltd.

    78,137       1,236,382  

HCL Technologies Ltd.

    361,228       4,344,129  

HDFC Life Insurance Co. Ltd.(c)

    304,612       2,141,055  

Hero MotoCorp Ltd.

    39,259       1,401,661  

Hindalco Industries Ltd.

    458,430       2,412,822  

Hindustan Unilever Ltd.

    266,711       8,909,971  

Housing Development Finance Corp. Ltd.

    548,302       16,546,556  

ICICI Bank Ltd.

    1,412,389       14,689,912  

ICICI Lombard General Insurance Co. Ltd.(c)

    50,179       774,639  

Indian Railway Catering & Tourism Corp. Ltd.

    83,845       678,219  

Indraprastha Gas Ltd.

    104,676       458,779  

Info Edge India Ltd.

    28,092       1,543,540  

Infosys Ltd.

    1,053,183       20,659,471  

InterGlobe Aviation Ltd.(a)(c)

    39,590       938,769  

ITC Ltd.

    1,050,326       4,027,906  
Security   Shares     Value  

India (continued)

   

JSW Steel Ltd.

    292,778     $ 2,332,048  

Jubilant Foodworks Ltd.

    133,601       932,666  

Kotak Mahindra Bank Ltd.

    198,495       4,558,614  

Larsen & Toubro Infotech Ltd.(c)

    14,120       847,529  

Larsen & Toubro Ltd.

    212,581       4,872,098  

Lupin Ltd.

    94,058       766,157  

Mahindra & Mahindra Ltd.

    259,766       3,832,849  

Marico Ltd.

    148,901       976,032  

Maruti Suzuki India Ltd.

    43,637       4,855,891  

Mindtree Ltd.

    22,539       976,418  

Nestle India Ltd.

    9,534       2,334,835  

NTPC Ltd.

    1,237,756       2,393,789  

Oil & Natural Gas Corp. Ltd.

    689,900       1,171,166  

Page Industries Ltd.

    1,783       1,102,668  

PI Industries Ltd.

    20,687       808,939  

Pidilite Industries Ltd.

    44,530       1,381,424  

Piramal Enterprises Ltd.

    34,329       770,396  

Power Grid Corp. of India Ltd.

    776,182       2,101,948  

Reliance Industries Ltd.

    904,758       28,775,216  

Samvardhana Motherson International Ltd.

    340,369       549,367  

SBI Life Insurance Co. Ltd.(c)

    149,703       2,452,376  

Shree Cement Ltd.

    3,284       852,360  

Shriram Transport Finance Co. Ltd.

    68,768       1,203,725  

Siemens Ltd.

    19,968       680,604  

SRF Ltd.

    48,864       1,504,346  

State Bank of India

    613,932       4,114,003  

Sun Pharmaceutical Industries Ltd.

    305,818       3,647,556  

Tata Consultancy Services Ltd.

    293,445       12,274,447  

Tata Consumer Products Ltd.

    210,744       2,163,977  

Tata Elxsi Ltd.

    11,103       1,223,897  

Tata Motors Ltd.(a)

    550,244       3,139,524  

Tata Power Co. Ltd. (The)

    486,301       1,369,025  

Tata Steel Ltd.

    2,398,680       3,264,764  

Tech Mahindra Ltd.

    213,352       2,837,030  

Titan Co. Ltd.

    116,192       3,460,394  

Trent Ltd.

    37,257       598,698  

UltraTech Cement Ltd.

    32,785       2,717,489  

UPL Ltd.

    177,005       1,660,579  

Vedanta Ltd.

    221,160       712,324  

Wipro Ltd.

    437,985       2,337,005  

Yes Bank Ltd.(a)

    1,743,745       329,836  

Zomato Ltd.(a)

    559,172       332,366  
   

 

 

 
          275,857,840  
Indonesia — 0.2%            

Adaro Energy Indonesia Tbk PT

    4,744,900       1,041,877  

Adaro Minerals Indonesia Tbk PT(a)

    3,210,500       400,309  

Aneka Tambang Tbk

    2,576,500       340,359  

Astra International Tbk PT

    7,726,300       3,299,887  

Bank Central Asia Tbk PT

    14,226,800       7,074,417  

Bank Jago Tbk PT(a)

    1,396,700       998,093  

Bank Mandiri Persero Tbk PT

    5,381,014       3,012,067  

Bank Negara Indonesia Persero Tbk PT

    3,474,288       1,843,859  

Bank Rakyat Indonesia Persero Tbk PT

    20,544,730       6,064,656  

Barito Pacific Tbk PT

    7,598,500       461,577  

Charoen Pokphand Indonesia Tbk PT

    2,851,145       1,076,448  

Gudang Garam Tbk PT

    125,300       235,274  

Indah Kiat Pulp & Paper Tbk PT

    682,500       349,987  

Indofood Sukses Makmur Tbk PT

    3,049,600       1,398,700  

Kalbe Farma Tbk PT

    8,902,700       972,822  

Merdeka Copper Gold Tbk PT(a)

    4,764,832       1,307,700  

 

 

24  

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


Schedule of Investments  (continued)

July 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Indonesia (continued)

   

Semen Indonesia Persero Tbk PT

    1,576,000     $ 694,456  

Sumber Alfaria Trijaya Tbk PT

    5,609,700       710,168  

Telkom Indonesia Persero Tbk PT

    13,508,500       3,858,298  

Unilever Indonesia Tbk PT

    3,064,100       933,014  

United Tractors Tbk PT

    851,106       1,860,017  
   

 

 

 
      37,933,985  
Ireland — 0.6%            

CRH PLC

    267,370       10,260,094  

Flutter Entertainment PLC, Class DI(a)

    47,140       4,732,828  

James Hardie Industries PLC

    135,303       3,341,538  

Kerry Group PLC, Class A

    64,041       6,759,599  

Kingspan Group PLC

    28,810       1,864,816  

Linde PLC

    157,825       47,663,150  

Seagate Technology Holdings PLC

    66,450       5,314,671  

Smurfit Kappa Group PLC

    103,642       3,756,753  

STERIS PLC

    25,289       5,706,463  

Trane Technologies PLC

    75,616       11,114,796  
   

 

 

 
      100,514,708  
Israel — 0.2%            

Azrieli Group Ltd.

    10,219       819,124  

Bank Hapoalim BM

    207,863       1,937,284  

Bank Leumi Le-Israel BM

    273,349       2,657,939  

Check Point Software Technologies Ltd.(a)

    29,582       3,685,917  

CyberArk Software Ltd.(a)(b)

    11,340       1,475,674  

Elbit Systems Ltd.(b)

    9,213       2,125,747  

ICL Group Ltd.

    316,677       2,885,693  

Isracard Ltd.

    2       6  

Israel Discount Bank Ltd., Class A

    254,417       1,446,579  

Kornit Digital Ltd.(a)

    16,093       437,890  

Mizrahi Tefahot Bank Ltd.

    75,033       2,789,430  

Nice Ltd.(a)

    21,030       4,489,848  

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

    357,998       3,358,021  

Tower Semiconductor Ltd.(a)

    35,339       1,684,537  

Wix.com Ltd.(a)(b)

    17,393       1,031,927  

ZIM Integrated Shipping Services Ltd.

    25,155       1,253,222  
   

 

 

 
          32,078,838  
Italy — 0.5%            

Amplifon SpA

    32,817       1,085,197  

Assicurazioni Generali SpA

    304,638       4,554,230  

Atlantia SpA

    161,534       3,733,154  

DiaSorin SpA

    7,892       1,097,323  

Enel SpA

    2,433,240       12,266,606  

Eni SpA

    743,379       8,935,846  

Ferrari NV

    40,150       8,526,344  

FinecoBank Banca Fineco SpA

    157,701       1,959,902  

Infrastrutture Wireless Italiane SpA(c)

    45,609       479,276  

Intesa Sanpaolo SpA

    4,629,842       8,221,712  

Mediobanca Banca di Credito Finanziario SpA

    256,574       2,200,561  

Moncler SpA

    42,539       2,132,432  

Nexi SpA(a)(c)

    162,117       1,472,353  

Poste Italiane SpA(c)

    103,000       865,232  

Prysmian SpA

    53,729       1,708,415  

Recordati Industria Chimica e Farmaceutica SpA

    57,548       2,552,213  

Snam SpA

    730,054       3,663,070  

Stellantis NV

    638,587       9,170,270  

Telecom Italia SpA/Milano(a)(b)

    3,170,292       703,359  

Tenaris SA

    177,613       2,485,522  

Terna - Rete Elettrica Nazionale

    656,508       5,026,096  
Security   Shares     Value  

Italy (continued)

   

UniCredit SpA

    643,808     $ 6,367,059  
   

 

 

 
      89,206,172  
Japan — 5.4%            

Advantest Corp.

    53,500       3,182,018  

Aeon Co. Ltd.

    185,200       3,734,912  

AGC Inc.

    58,300       2,125,223  

Aisin Corp.

    44,000       1,306,738  

Ajinomoto Co. Inc.

    138,600       3,647,394  

Asahi Group Holdings Ltd.

    135,500       4,710,839  

Asahi Intecc Co. Ltd.

    69,100       1,278,352  

Asahi Kasei Corp.

    427,200       3,427,171  

Astellas Pharma Inc.

    568,500       8,903,497  

Azbil Corp.

    28,300       851,919  

Bandai Namco Holdings Inc.

    57,300       4,476,414  

Bridgestone Corp.

    162,200       6,326,750  

Brother Industries Ltd.

    80,500       1,507,880  

Canon Inc.

    281,600       6,662,042  

Capcom Co. Ltd.

    56,900       1,581,679  

Central Japan Railway Co.

    38,500       4,508,230  

Chubu Electric Power Co. Inc.

    166,400       1,775,057  

Chugai Pharmaceutical Co. Ltd.

    206,900       5,812,397  

Concordia Financial Group Ltd.

    677,600       2,305,194  

CyberAgent Inc.

    119,900       1,196,410  

Dai Nippon Printing Co. Ltd.

    92,000       2,030,194  

Daifuku Co. Ltd.

    28,300       1,804,593  

Dai-ichi Life Holdings Inc.

    321,500       5,592,453  

Daiichi Sankyo Co. Ltd.

    540,500       14,331,197  

Daikin Industries Ltd.

    73,400       12,872,762  

Daito Trust Construction Co. Ltd.

    17,400       1,649,565  

Daiwa House Industry Co. Ltd.

    152,400       3,765,510  

Daiwa House REIT Investment Corp.

    903       2,173,336  

Daiwa Securities Group Inc.

    446,200       2,059,759  

Denso Corp.

    126,600       6,924,395  

Dentsu Group Inc.

    66,500       2,322,948  

Disco Corp.

    9,000       2,198,967  

East Japan Railway Co.

    77,600       4,051,260  

Eisai Co. Ltd.

    71,000       3,251,433  

ENEOS Holdings Inc.

    967,980       3,744,536  

FANUC Corp.

    59,800       10,313,136  

Fast Retailing Co. Ltd.

    16,800       10,173,917  

Fuji Electric Co. Ltd.

    40,700       1,838,251  

FUJIFILM Holdings Corp.

    111,300       6,357,681  

Fujitsu Ltd.

    57,900       7,762,210  

GLP J-Reit

    1,710       2,248,913  

GMO Payment Gateway Inc.

    14,200       1,180,061  

Hakuhodo DY Holdings Inc.

    66,300       681,938  

Hamamatsu Photonics KK

    53,700       2,440,175  

Hankyu Hanshin Holdings Inc.

    66,400       1,926,047  

Hikari Tsushin Inc.

    6,500       716,223  

Hirose Electric Co. Ltd.

    12,800       1,838,918  

Hitachi Ltd.

    281,100       14,231,543  

Hitachi Metals Ltd.(a)

    78,900       1,213,234  

Honda Motor Co. Ltd.

    475,800           12,193,411  

Hoshizaki Corp.

    31,200       930,759  

Hoya Corp.

    112,400       11,261,540  

Hulic Co. Ltd.

    124,800       1,000,907  

Ibiden Co. Ltd.

    36,500       1,077,171  

Idemitsu Kosan Co. Ltd.

    65,400       1,700,714  

Iida Group Holdings Co. Ltd.

    36,200       592,681  

Inpex Corp.

    319,800       3,665,475  

 

 

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

  25


Schedule of Investments  (continued)

July 31, 2022

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Isuzu Motors Ltd.

    173,100     $ 1,898,665  

Ito En Ltd.

    22,300       1,050,805  

ITOCHU Corp.

    341,900       9,952,593  

Itochu Techno-Solutions Corp.

    33,500       897,790  

Japan Exchange Group Inc.

    144,500       2,297,656  

Japan Metropolitan Fund Invest

    2,328       1,897,066  

Japan Post Bank Co. Ltd.(b)

    245,700       1,965,516  

Japan Post Holdings Co. Ltd.

    856,800       6,168,815  

Japan Post Insurance Co. Ltd.

    50,200       811,626